Blackrock Authorised Contractual Scheme I

Annual report BlackRock Authorised Contractual Scheme I

• ACS Continental European Equity Tracker Fund • ACS Japan Equity Tracker Fund • ACS UK Equity Tracker Fund • ACS US Equity Tracker Fund • ACS World ex UK Equity Tracker Fund • ACS World Low Carbon Equity Tracker Fund • ACS World Multifactor Equity Tracker Fund • ACS 30:70 Global Equity Tracker Fund • ACS 50:50 Global Equity Tracker Fund • ACS 60:40 Global Equity Tracker Fund

For the year ended 31 December 2017 Contents General Information

Manager & Registrar General Information 2 BlackRock Fund Managers Limited About the Scheme 3 12 Throgmorton Avenue, London EC2N 2DL

Fund Manager 3 Member of The Investment Association and authorised and regulated by the Financial Conduct Authority.

Significant Events 4 Registrar and Transfer Agent Northern Trust Global Services Limited Subsequent Events 4 50 Bank Street, Canary Wharf, London E14 5NT Report on Remuneration 5 Fund Services Team: 0333 300 0356

Accounting and Distribution Policies 10 Directors of the Manager G D Bamping* C L Carter (appointed 7 September 2017) W I Cullen* (appointed 14 December 2017) Financial Instruments and Risks 12 R A Damm N C D Hall* (resigned 31 May 2017) R A R Hayes A M Lawrence E E Tracey M T Zemek* ACS Continental European Equity Tracker Fund 31 * Non-executive Director.

ACS Japan Equity Tracker Fund 60 Depositary and Administrator ACS UK Equity Tracker Fund 92 Northern Trust Global Services Limited 50 Bank Street, Canary Wharf, London E14 5NT ACS US Equity Tracker Fund 128 Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority ACS World ex UK Equity Tracker Fund 166 and the Prudential Regulation Authority.

ACS World Low Carbon Equity Tracker Fund 233 Investment Manager ACS World Multifactor Equity Tracker Fund 280 BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL ACS 30:70 Global Equity Tracker Fund 309 Authorised and regulated by the Financial Conduct Authority. ACS 50:50 Global Equity Tracker Fund 386 Auditor ACS 60:40 Global Equity Tracker Fund 465 Ernst & Young LLP Statement of Manager’s Responsibilities 543 1 More London Place, London SE1 2AF

Statement of the Depositary’s Responsibilities and Report of the Depositary to the Unitholders 544 Custodian The Northern Trust Company, London Branch Independent Auditor’s Report 545 50 Bank Street, Canary Wharf, London E14 5NT

Supplementary Information 549 Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

BlackRock’s proxy voting agent is ISS (Institutional Shareholder Services).

This Report relates to the packaged products of and is issued by: BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: 020 7743 3000 Fund Services Team: 0333 300 0356 blackrock.co.uk

For your protection, telephone calls are usually recorded.

1 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 2 About the Scheme Significant Events

BlackRock Authorised Contractual Scheme I (the “Scheme”) is constituted as an umbrella Co-Ownership Potential Implication of Brexit Scheme comprising of separate sub-funds with segregated liability (each referred to as a “Fund” and In a referendum held on 23 June 2016, the electorate of the United Kingdom (“UK”) resolved to leave the collectively the “Funds”). European Union (“EU”). The result has led to political instability and economic uncertainty, volatility in the financial markets of the UK and more broadly across the EU and a decline in the value of Sterling. The Scheme is constituted as a UCITS scheme under the Financial Conduct Authority’s Collective Investment Schemes Sourcebook the “COLL Sourcebook” and was authorised by the Financial Conduct Authority (“FCA”) The longer term process to implement the political, economic and legal framework between the UK and the on 13 June 2014. EU is likely to lead to continuing uncertainty and periods of exacerbated volatility in both the UK and in wider European markets. In particular, the decision made in the British referendum may lead to a call for similar Changes to the Scheme referendums in other European jurisdictions which may also cause increased economic volatility in wider European and global markets. The potential currency volatility resulting from this uncertainty may mean that Fund Name Launch Date the returns of a Fund and its investments are adversely affected by market movements. This may also make ACS World ex UK Equity Tracker Fund 24 April 2017 it more difficult, or more expensive, for a Fund to execute prudent currency hedging policies. ACS Continental European Equity Tracker Fund 15 May 2017 ACS Japan Equity Tracker Fund 15 May 2017 This mid to long term uncertainty may have an adverse effect on the economy generally and on the ability of a Fund and its investments to execute their respective strategies and to receive attractive returns, and may also ACS UK Equity Tracker Fund 7 June 2017 result in increased costs to a Fund. ACS 50:50 Global Equity Tracker Fund 7 June 2017 ACS 60:40 Global Equity Tracker Fund 7 June 2017 Changes in the Directors of the Manager ACS 30:70 Global Equity Tracker Fund 24 July 2017 On 18 May 2017, N C D Hall resigned as a Director effective 31 May 2017. C L Carter was appointed as a ACS World Multifactor Equity Tracker Fund 14 November 2017 Director effective 7 September 2017. W I Cullen was appointed as a Director effective 14 December 2017. ACS World Low Carbon Equity Tracker Fund 5 December 2017

As a result, this is the first annual report and accounts produced for these Funds as at 31 December 2017. Subsequent Events

A new Prospectus was issued on 21 December 2017, which includes the details of these Funds. There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 31 December 2017. Cross sub-fund holdings within the Scheme: As at 31 December 2017, there were no cross sub-fund holdings within the Scheme.

Fund Manager

As at 31 December 2017, the Fund Manager is Kieran Doyle.

3 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 4 Report on Remuneration

The below disclosures are made in respect of the remuneration policies of the BlackRock group (b) EMEA Compensation Committee (“BlackRock”), as they apply to BlackRock Fund Managers Limited (the “Manager”). The disclosures are The Committee is established for the purpose of reviewing compensation policies, practices, and principles made in accordance with the Directive 2009/65/EC on the coordination of laws, regulations and administrative as required by local/regional rules set by regulatory bodies. Specifically, the Committee’s primary purposes provisions relating to undertakings for collective investment in transferable securities (“UCITS”), as amended, are to review and make recommendations concerning: including in particular by Directive 2014/91/EU of the European Parliament and of the council of 23 July 2014, (the “Directive”), the “Guidelines on sound remuneration policies under the UCITS Directive and AIFMD” • executive compensation programmes; issued by the European Securities and Markets Authority, the Financial Conduct Authority Handbook SYSC • employee benefit plans; 19E: The UCITS Remuneration Code (the “UCITS Remuneration Code”), and COLL 4.5.7 R(7). • such other compensation plans as may be established from time to time; and BlackRock’s UCITS Remuneration Policy (the “UCITS Remuneration Policy”) applies to the EEA entities • other local/regional compensation policies, practices, and principles as required to comply with local/ within the BlackRock group authorised as a manager of alternative investment funds in accordance with the regional rules as set by regulators. Directive, and will ensure compliance with the requirements of Article 14b of the Directive and the UCITS Remuneration Code. The Committee consists of a minimum of three members and is constituted in a way that enables it to exercise its judgment and demonstrate its ability to make decisions which are consistent with the current The Manager has adopted the UCITS Remuneration Policy, a summary of which is set out below. and future financial status of the business. The current members are: David Blumer, Head of the EMEA Region; Dan Dunay, Global Head of Reward; and Karen Dennehy, EMEA Head of Human Resources. Only Role of the Compensation Committees members of the Committee have the right to attend Committee meetings and the Committee may request the Remuneration governance is a tiered structure including the Management Development and Compensation attendance of any executive or other person as deemed appropriate to facilitate the review of remuneration Committee (“MDCC”) of BlackRock, Inc.’s board of directors (the “BlackRock, Inc. Board”) (BlackRock recommendations and policy design to ensure that the remuneration practices are consistent with effective Inc.’s independent remuneration committee), complemented by the EMEA Compensation Committee (the risk management and do not encourage excessive risk taking. “Committee”) and the Manager’s board of directors (the “Manager’s Board”). These bodies are responsible for the determination of the Manager’s remuneration policies. Examples of additional attendees may include individuals from the Enterprise Risk and Regulatory Compliance functions. (a) MDCC The MDCC’s primary purposes include: Decision-making process Compensation decisions for employees are made once annually in January following the end of the BlackRock • to provide oversight of: performance year. This timing allows full-year financial results to be considered along with other non- – BlackRock’s executive compensation programmes; financial goals and objectives. Although the framework for compensation decision-making is tied to financial performance, significant discretion is used to determine individual compensation based on achievement of – BlackRock’s employee benefit plans; strategic and operating results and other considerations such as management and leadership capabilities. – such other compensation plans as may be established by BlackRock from time to time for which the MDCC is deemed as administrator; and No set formulas are established and no fixed benchmarks are used in determining annual incentive awards. In determining specific individual compensation amounts, a number of factors are considered including non- • review and discuss the compensation discussion and analysis included in the BlackRock, Inc. annual financial goals and objectives and overall financial and investment performance. These results are viewed proxy statement with management and approval of the MDCC report for inclusion in the proxy statement. in the aggregate without any specific weighting, and there is no direct correlation between any particular performance measure and the resulting annual incentive award. The MDCC directly retains its own independent compensation consultant, Semler Brossy Consulting Group LLC, who has no relationship with BlackRock, Inc. or the BlackRock, Inc. Board that would interfere with its Annual incentive awards are generated from a bonus pool. ability to provide independent advice to the MDCC on compensation matters. The size of the projected bonus pool, including cash and equity awards, is reviewed throughout the year by The MDCC is currently composed of Messrs. Gerber (Chairman), Komansky, Grosfeld, Maughan, Mills and the MDCC and the final total bonus pool is approved after year-end. As part of this review, the MDCC receives Nixon. The BlackRock, Inc. Board has determined that all of the members of the MDCC are “independent” actual and projected financial information over the course of the year as well as final year-end information. within the meaning of the listing standards of the New York Stock Exchange (NYSE), which requires each The financial information that the MDCC receives and considers includes the current year projected income meet a “non-employee director” standard. statement and other financial measures compared with prior year results and the current year budget. The MDCC additionally reviews other metrics of Blackrock’s financial performance (e.g., net inflows of AUM and The MDCC held 8 meetings during 2016. The MDCC charter is available on BlackRock, Inc.’s website investment performance) as well as information regarding market conditions and competitive compensation (www.blackrock.com). levels.

5 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 6 Report on Remuneration continued

The MDCC regularly considers management’s recommendation as to the percentage of pre-incentive In keeping with the pay-for-performance philosophy, ratings are used to differentiate and reward individual operating income that will be accrued and reflected as a compensation expense throughout the year for the performance – but don’t pre-determine compensation outcomes. Compensation decisions remain cash portion of the total annual bonus pool (the “accrual rate”). The accrual rate of the cash portion of the discretionary and are made as part of the year-end compensation process. total annual bonus pool may be modified by the MDCC during the year based on its review of the financial information described above. The MDCC does not apply any particular weighting or formula to the information When setting remuneration levels other factors are considered, as well as individual performance, which it considers when determining the size of the total bonus pool or the accruals made for the cash portion of the may include: total bonus pool. • the performance of the Manager, the funds managed by the Manager and/or the relevant functional Following the end of the BlackRock performance year, the MDCC approves the final bonus pool amount. department; • factors relevant to an employee individually (e.g. relevant working arrangements (including part-time status As part of the year-end review process the Enterprise Risk and Regulatory Compliance departments report if applicable); relationships with clients and colleagues; teamwork; skills; any conduct issues; and, subject to the Committee on any activities, incidents or events that warrant consideration in making compensation to any applicable policy, the impact that any relevant leave of absence may have on contribution to the decisions. business); • the management of risk within the risk profiles appropriate for BlackRock’s clients; Individuals are not involved in setting their own remuneration. • strategic business needs, including intentions regarding retention; Control functions • market intelligence; and Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) has its own • criticality to business. organisational structure which is independent of the business units. The head of each control function is either a member of the Global Executive Committee, BlackRock’s global management committee, or has a reporting A primary product tool is risk management and, while employees are compensated for strong performance in obligation to the Manager’s Board. their management of client assets, they are required to manage risk within the risk profiles appropriate for their clients. Therefore, employees are not rewarded for engaging in high-risk transactions outside of established Functional bonus pools are determined with reference to the performance of each individual function. parameters. Compensation practices do not provide undue incentives for short-term planning or short-term The remuneration of the senior members of control functions is directly overseen by the Committee. financial rewards, do not reward unreasonable risk and provide a reasonable balance between the many and substantial risks inherent within the business of investment management, risk management and advisory Link between pay and performance services. There is a clear and well defined pay-for-performance philosophy and compensation programmes which are designed to meet five key objectives as detailed below: The compensation model includes a basic salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to be considered for a bonus, there is no contractual obligation to • attracting, retaining and motivating employees capable of making significant contributions to the long-term make any award to an employee under its discretionary bonus scheme. In exercising discretion to award a success of the business; discretionary bonus, the factors listed above (under the heading “Link between pay and performance”) may • aligning the interests of senior employees with those of shareholders by awarding BlackRock, Inc. stock as be taken into account in addition to any other matters which become relevant to the exercise of discretion in a significant part of both annual and long-term incentive awards; the course of the BlackRock performance year. • controlling fixed costs by ensuring that compensation expense varies with profitability; Discretionary bonus awards for all employees, including executive officers, are subject to a guideline that • linking a significant portion of an employee’s total compensation to the financial and operational determines the portion paid in cash and the portion paid in stock and subject to additional vesting/clawback performance of the business as well as its common stock performance; and conditions. As annual compensation increases, a greater portion is paid in stock. The MDCC adopted this • discouraging excessive risk-taking. approach in 2006 to substantially increase the retention value and shareholder alignment of the compensation package for eligible employees, including the executive officers. The portion deferred into stock vests in equal Driving a high-performance culture is dependent on the ability to measure performance against objectives, instalments over the three years following grant. values and behaviours in a clear and consistent way. Managers use a 5-point rating scale to provide an overall assessment of an employee’s performance, and employees also provide a self-evaluation. The overall, Supplementary to the annual discretionary bonus as described above, equity awards from the “Partner Plan” final rating is reconciled during each employee’s performance appraisal. Employees are assessed on the and “Enterprise Leadership Acceleration at BlackRock Plan” are made to select senior leaders to provide manner in which performance is attained as well as the absolute performance itself. greater linkage with future business results. These long-term incentive awards have been established individually to provide meaningful incentives for continued performance over a multi-year period recognizing the scope of the individual’s role, business expertise and leadership skills. These awards usually vest fully three years after they are granted.

7 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 8 Report on Remuneration continued Accounting and Distribution Policies* for the year ended 31 December 2017

Selected senior leaders are eligible to receive performance-adjusted equity-based awards from the Accounting Policies “BlackRock Performance Incentive Plan” (“BPIP”). Awards made from the BPIP have a three-year performance (a) The financial statements have been prepared in accordance with the Statement of Recommended 1 2 period based on a measurement of As Adjusted Operating Margin and Organic Revenue Growth . Practice for Authorised Funds (the “SORP”) and in accordance with FRS102 The Financial Reporting Determination of pay-out will be made based on BlackRock’s achievement relative to target financial results Standard applicable in the UK and Republic of Ireland including early application of Amendment to at the conclusion of the performance period. The maximum number of shares that can be earned is 165% FRS 102 – Fair value hierarchy disclosures, issued in March 2016, and the Statement of Recommended of the award in those situations where both metrics achieve pre-determined financial targets. No shares will Practice (`SORP’) for UK Authorised Funds issued by the Investment Management Association (now be earned where BlackRock’s financial performance in both of the above metrics is below a pre-determined known as the Investment Association) in May 2014. performance threshold. These metrics have been selected as key measures of shareholder value which (b) Dividends on quoted ordinary shares and preference shares are recognised when the securities are endure across market cycles. quoted ex-dividend. Where such securities are not quoted, dividends are recognised when they are declared. A limited number of investment professionals have a portion of their annual discretionary bonus (as described above) awarded as deferred cash that notionally tracks investment in selected products managed by the US REIT dividend revenue is accounted for partly as revenue and partly as capital, depending on the relevant employee. The intention of these awards is to align investment professionals with the investment underlying REIT distribution. All REIT dividends are recognised on an accruals basis. returns of the products they manage through the deferral of compensation into those products. Clients and All revenue is recognised as a gross amount that takes account of any withholding taxes but excludes external evaluators have increasingly viewed more favourably those products where key investors have “skin any other taxes such as attributable tax credits. in the game” through significant personal investments. These awards vest in equal instalments over the three Revenue from securities lending is accounted for net of associated costs and is recognised on an years following grant. accruals basis.

Identified Staff Bank interest is recognised on an accruals basis. The UCITS Remuneration Policy sets out the process that will be applied to identify staff as Identified Staff, (c) Ordinary stock dividends are recognised wholly as revenue and are based on the market value of the being categories of staff of the Manager, including senior management, risk takers, control functions and shares on the date they are quoted ex-dividend. Where an enhancement is offered, the amount by which any employee receiving total remuneration that takes them into the same remuneration bracket as senior the market value of the shares (on the date they are quoted ex-dividend) exceeds the cash dividend is management and risk takers, whose professional activities have a material impact on the risk profiles of the taken to capital. Manager or of the funds it manages. (d) The underlying circumstances behind both special dividends and share buy backs are reviewed on a case by case basis in determining whether the amount is revenue or capital in nature. Amounts The list of Identified Staff will be subject to regular review, being formally reviewed in the event of, but not recognised as revenue form part of the distribution. Any tax treatment will follow the accounting limited to: treatment of the principal amount. (e) Underwriting commission is wholly recognised as revenue when the issue takes place, except where • Organisational changes the Funds is required to take up some or all of the shares underwritten, in which case an appropriate • New business initiatives proportion of the commission received is deducted from the cost of those shares. • Changes in significant influence function lists (f) All expenses, except those relating to the purchase and sale of investments are charged against revenue. • Changes in role responsibilities All expenses are recognised on an accruals basis. • Revised regulatory direction (g) No provision for corporation tax is made due to the tax transparent nature of the Funds, in accordance with section 1121 of Corporation Tax Act 2010. Instead, the unitholders of the Funds are treated as if Quantitative Remuneration Disclosure they owned the underlying assets directly, and are taxed on their share of the income derived from the underlying assets. Appropriate disclosures will be made in due course in accordance with Article 69(3) of the Directive once a full BlackRock performance year has been completed. (h) The investments of the Funds have been valued at market values, defined as fair value, which is usually bid value at close of business on the last business day of the accounting period. In the case of an investment which is not quoted, listed or dealt in on a recognised market, or in respect of which a listed, traded or dealt price or quotation is not available at the time of valuation, the fair value of such investments shall be estimated with care and in good faith by a competent professional person, body, firm or corporation including the Manager’s pricing committee, and such fair value shall be determined on the basis of the probable realisation value of the investment. The Manager shall be entitled to adopt an

1 As Adjusted Operating Margin: As reported in BlackRock, Inc.’s external filings, reflects adjusted Operating Income divided by Total alternative method of valuing any particular asset or liability if it considers that the methods of valuation Revenue net of distribution and servicing expenses and amortisation of deferred sales commission. set out above do not provide a fair valuation of a particular asset or liability. 2 Organic Revenue Growth: Equal to net new base fees plus net new Aladdin revenue generated in the year (in dollars).

* The information relating to Financial Instruments and Risks is an integral part of the notes to financial statements.

9 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 10 Accounting and Distribution Policies continued Financial Instruments and Risks*

(i) Any transactions in foreign currencies are translated into Sterling at the rates of exchange ruling on the Introduction and overview date of any such transaction. Assets and liabilities in foreign currencies are translated into Sterling at the The Funds' investment activities expose it to the various types of risk which are associated with the exchange rates ruling at the close of business on the last business day of the accounting period. Revenue financial instruments and markets in which it invests. The following information is not intended to be a items in foreign currencies are translated into Sterling at the exchange rate when the revenue comprehensive summary of all risks and investors should refer to the Prospectus for a more detailed is received. discussion of the risks inherent in investing in the Funds. (j) Where appropriate, certain permitted financial instruments such as derivatives or forward currency contracts are used for efficient portfolio management. Where such financial instruments are used to Risk management framework protect or enhance revenue, the revenue and expenses derived therefrom are included in “Revenue” in the The Manager has delegated the day-to-day administration of the investment programme to the Investment Statement of Total Return. Where such financial instruments are used to protect or enhance capital, the Manager. The Investment Manager is also responsible for ensuring that the Funds are managed within the gains and losses derived therefrom are included in “Net capital gains” in the Statement of Total Return. terms of its investment guidelines and limits set out in the Prospectus. The Manager reserves to itself the investment performance, product risk monitoring and oversight and the responsibility for the monitoring Distribution Policies and oversight of regulatory and operational risk for the Funds. (k) The ordinary element of stock dividends is treated as revenue but does not form part of the distribution. The Manager has appointed a risk manager who has responsibility for the daily risk management process (l) All of the net revenue available for distribution at the final accounting period end will be retained within with assistance from key risk management personnel of the Investment Manager, including members of the Funds, as all unitholders are accumulation unitholders. Although the income is accumulated it is still the Risk and Quantitative Analysis Group (“RQA Group”) which is a centralised group which performs an deemed to arise directly to the investor. Should expenses and taxation together exceed revenue, there independent risk management function. The RQA Group independently identifies, measures and monitors will be no distribution and the shortfall will be met from capital. investment risk. The RQA Group tracks the actual risk management practices being deployed across the different funds. By breaking down the components of the process, the RQA Group has the ability to determine if the appropriate risk management processes are in place for the Funds. This captures the risk management tools employed, how the levels of risk are controlled, ensuring risk/return is considered in portfolio construction and reviewing outcomes.

The risk profile of the Funds are set out as follows:

a) Market risk Market risk arises mainly from uncertainty about future values of financial instruments influenced by other price, currency and interest rate movements. It represents the potential loss the Funds may suffer through holding market positions in the face of market movements. The Funds are potentially exposed to market risk by virtue of its investments in equities and futures contracts.

A key metric the RQA Group uses to measure market risk is VaR which encompasses price, currency and interest rate risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market moves in an ordinary market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis.

The VaR calculations are based on an adjusted historical simulation model with a confidence level of 99%, a holding period of one day and a historical observation period of not less than one year (250 days). A VaR number is defined at a specified probability and a specified time horizon. A 99% one day VaR means that the expectation is that 99% of the time over a one day period the Funds will lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk.

* The information relating to Financial Instruments and Risks is an integral part of the notes to financial statements.

11 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 12 Financial Instruments and Risks continued

It is noted that the use of the VaR methodology has limitations, namely assumptions that the use of 31 December 2017 historical market data as a basis for estimating future events does not encompass all possible scenarios, particularly those that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) Gross Net does not take into account losses that occur beyond this level. There is some probability that the loss Foreign Forward Foreign could be greater than the VaR amounts. These limitations and the nature of the VaR measure mean that Currency Currency Currency Exposure Contracts Exposure % of the Fund can neither guarantee that losses will not exceed the VaR amounts indicated, nor that losses in Foreign currency exposure £000’s £000’s £000’s Net Assets excess of the VaR amounts, will not occur more frequently. ACS Continental European Equity The table below details one day VaR based on a 99% confidence level. Tracker Fund Danish kroner 24,835 – 24,835 3.90 31 December 2017 31 December 2016 Fund % % Euro 448,220 – 448,220 70.43 ACS Continental European Equity Tracker Fund 1.45 N/A Norwegian krone 9,148 – 9,148 1.44 ACS Japan Equity Tracker Fund 2.01 N/A Swedish krona 38,762 – 38,762 6.09 ACS UK Equity Tracker Fund 1.37 N/A Swiss franc 114,842 – 114,842 18.05 ACS US Equity Tracker Fund 1.81 2.32 US dollar 21 – 21 0.00 ACS World ex UK Equity Tracker Fund 1.58 N/A Total exposure to foreign currencies 635,828 – 635,828 99.91 ACS World Low Carbon Equity Tracker Fund 1.57 N/A ACS Japan Equity Tracker Fund ACS World Multifactor Equity Tracker Fund 1.49 N/A Japanese yen 277,666 – 277,666 99.83 ACS 30:70 Global Equity Tracker Fund 0.98 N/A Total exposure to foreign currencies 277,666 – 277,666 99.83 ACS 50:50 Global Equity Tracker Fund 1.27 N/A ACS 60:40 Global Equity Tracker Fund 1.28 N/A ACS UK Equity Tracker Fund Euro 56 – 56 0.00 i) Market risk arising from foreign currency risk US dollar 55 – 55 0.00 Exposure to foreign currency risk Total exposure to foreign currencies 111 – 111 0.00 Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. ACS US Equity Tracker Fund The Funds are accounted for in Sterling and holds financial assets and financial liabilities denominated in US dollar 1,654,159 – 1,654,159 100.00 Sterling and other international currencies, with the effect that the Balance Sheet and Statement of Total Total exposure to foreign currencies 1,654,159 – 1,654,159 100.00 Return can be affected by currency movements.

The tables in the following pages outline the Funds' exposure to foreign currency risk as at the Balance Sheet date.

13 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 14 Financial Instruments and Risks continued

Gross Net Gross Net Foreign Forward Foreign Foreign Forward Foreign Currency Currency Currency Currency Currency Currency Exposure Contracts Exposure % of Exposure Contracts Exposure % of Foreign currency exposure £000’s £000’s £000’s Net Assets Foreign currency exposure £000’s £000’s £000’s Net Assets ACS World ex UK Equity Tracker Fund ACS World Multifactor Equity Tracker Fund Australian dollar 150,936 – 150,936 2.85 Australian dollar 1,457 – 1,457 2.08 Canadian dollar 184,005 – 184,005 3.47 Canadian dollar 1,429 – 1,429 2.04 Danish kroner 36,817 – 36,817 0.69 Danish kroner 539 – 539 0.77 Euro 664,123 – 664,123 12.53 Euro 6,821 – 6,821 9.72 Hong Kong dollar 77,712 – 77,712 1.47 Hong Kong dollar 1,930 – 1,930 2.75 Israeli new shekel 9,996 – 9,996 0.19 Israeli New shekel 89 – 89 0.13 Japanese yen 541,236 – 541,236 10.21 Japanese yen 9,943 – 9,943 14.17 New Zealand dollar 4,257 – 4,257 0.08 New Zealand dollar 29 – 29 0.04 Norwegian krone 14,143 – 14,143 0.27 Singapore dollar 434 – 434 0.62 Singapore dollar 29,085 – 29,085 0.55 Swedish krona 256 – 256 0.36 South-Korean won 113,385 – 113,385 2.14 Swiss franc 2,157 – 2,157 3.07 Swedish krona 57,786 – 57,786 1.09 US dollar 41,019 – 41,019 58.44 Swiss franc 170,943 – 170,943 3.23 Total exposure to foreign currencies 66,103 – 66,103 94.19 US dollar 3,252,427 – 3,252,427 61.36

Total exposure to foreign currencies 5,306,851 – 5,306,851 100.13 ACS 30:70 Global Equity Tracker Fund

ACS World Low Carbon Equity Australian dollar 120,196 (118,082) 2,114 0.06 Tracker Fund Danish kroner 29,203 (28,082) 1,121 0.03 Australian dollar 4,242 – 4,242 2.50 Euro 537,926 (525,301) 12,625 0.36 Canadian dollar 6,470 – 6,470 3.81 Hong Kong dollar 62,287 (60,861) 1,426 0.04 Danish kroner 970 – 970 0.57 Japanese yen 432,013 (421,211) 10,802 0.31 Euro 20,256 – 20,256 11.93 New Zealand dollar 3,958 (3,798) 160 0.00 Hong Kong dollar 2,101 – 2,101 1.24 Norwegian krone 10,543 (9,947) 596 0.02 Israeli New shekel 206 – 206 0.12 Singapore dollar 22,333 (21,898) 435 0.01 Japanese yen 15,335 – 15,335 9.03 Swedish krona 47,336 (46,646) 690 0.02 New Zealand dollar 105 – 105 0.06 Swiss franc 137,396 (133,725) 3,671 0.11 Norwegian krone 646 – 646 0.38 US dollar 2,614,515 (2,552,380) 62,135 1.79 Singapore dollar 895 – 895 0.53 Total exposure to foreign currencies 4,017,706 (3,921,931) 95,775 2.75 Swedish krona 1,803 – 1,803 1.06 Swiss franc 4,823 – 4,823 2.84 US dollar 101,140 – 101,140 59.57 Total exposure to foreign currencies 158,992 – 158,992 93.64

15 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 16 Financial Instruments and Risks continued

31 December 2016 Gross Net Foreign Forward Foreign Gross Net Currency Currency Currency Foreign Forward Foreign Exposure Contracts Exposure % of Currency Currency Currency Foreign currency exposure £000’s £000’s £000’s Net Assets Exposure Contracts Exposure % of ACS 50:50 Global Equity Tracker Fund Foreign currency exposure £000’s £000’s £000’s Net Assets Australian dollar 298,132 – 298,132 3.34 ACS US Equity Tracker Fund Danish kroner 55,866 – 55,866 0.63 US dollar 761,703 – 761,703 100.03 Euro 1,022,688 – 1,022,688 11.45 Total exposure to foreign currencies 761,703 – 761,703 100.03 Hong Kong dollar 156,213 – 156,213 1.75 Japanese yen 732,613 – 732,613 8.20 Management of foreign currency risk New Zealand dollar 9,897 – 9,897 0.11 Foreign currency exposures are managed within parameters utilising forward currency contracts. The Norwegian krone 21,665 – 21,665 0.24 details of the contracts in place at the year-end are disclosed in the portfolio statement of each Fund.

Singapore dollar 54,890 – 54,890 0.61 ii) Market risk arising from other price risk South Korean won 225,017 – 225,017 2.52 Exposure to other price risk Swedish krona 88,481 – 88,481 0.99 Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate Swiss franc 261,364 – 261,364 2.93 because of changes in market prices (other than those arising from interest rate risk or currency risk), US dollar 1,474,392 – 1,474,392 16.51 whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. Total exposure to foreign currencies 4,401,218 – 4,401,218 49.28 The Funds are exposed to market price risk arising from its investments. The exposure of the Funds to ACS 60:40 Global Equity Tracker Fund other price risk is the market value of the investments held as shown in the portfolio statement of each Australian dollar 80,184 – 80,184 2.68 Fund.

Danish kroner 14,993 – 14,993 0.50 Management of other price risk Euro 271,780 – 271,780 9.10 The Investment Manager manages the Funds' other price risk on a daily basis in accordance with their Hong Kong dollar 42,206 – 42,206 1.41 investment objective.

Japanese yen 197,437 – 197,437 6.61 By diversifying the portfolio, where this is appropriate and consistent with the Funds' objectives, the New Zealand dollar 2,753 – 2,753 0.09 risk that a price change of a particular investment will have a material impact on the net asset value of Norwegian krone 5,668 – 5,668 0.19 the Funds is minimised. The investment concentrations within the portfolio are disclosed in the portfolio Singapore dollar 15,206 – 15,206 0.51 statement of each Fund by investment type. South-Korean won 59,997 – 59,997 2.01 Swedish krona 23,500 – 23,500 0.79 Swiss franc 69,190 – 69,190 2.32 US dollar 392,666 – 392,666 13.15 Total exposure to foreign currencies 1,175,580 – 1,175,580 39.36

17 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 18 Financial Instruments and Risks continued iii) Market risk arising from interest rate risk i) Exchange Traded Financial Derivative Instruments Exposure to interest rate risk The Funds' holdings in futures contracts expose the Funds to counterparty credit risk. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate Management of counterparty credit risk related to futures contracts because of changes in market interest rates. The exposure is limited by trading the contracts through a clearing house. The Funds' exposure to The Funds are exposed to interest rate risk on its cash and bank balances held at The Northern Trust counterparty credit risk on contracts in which they currently have gained position is reduced by such Company and margin cash held at Hongkong and Shanghai Banking Corporation (“HSBC”) Bank and gains received in cash from the counterparty under the daily mark-to-market mechanism on exchange Goldman Sachs International. Cash held on deposit at The Northern Trust Company receives/incurs traded futures contracts (variation margin). The Funds' exposure to credit risk on contracts in which they interest at the prevailing daily rate which may be negative depending on the currency in which the cash currently have a loss position is equal to the amount of margin posted to the counterparty which has not is held. been transferred to the exchange under the daily mark-to-market mechanism. The counterparties for futures contracts are HSBC Bank and Goldman Sachs International. Each Fund also has indirect exposure to interest rate risk through its investments into futures contracts, whereby the value of the underlying asset may fluctuate as a result of a change in interest rates. The market value of the exchange traded derivatives held by the Funds is shown in the portfolio statement.

At 31 December 2017 and 31 December 2016, no interest bearing investments were held by the Funds. Margin is paid or received on futures to cover any exposure by the counterparty or the Funds to each other. Margin receivable from a Fund’s clearing brokers and various counterparties is included in “Cash b) Counterparty credit risk and bank balances” on the Balance Sheet. Margin payable to each Fund’s clearing brokers and various Exposure to counterparty credit risk counterparties is included in “Amounts held at futures clearing houses and brokers” on the Balance Sheet. Counterparty credit risk is the risk that one party to a financial instrument will cause a financial loss for the Counterparty exposure has not been disclosed for exchange traded derivatives as the exchange other party by failing to discharge an obligation. requirements in respect of collateral mean that, in the opinion of the Manager, the counterparty risk is The Funds are exposed to counterparty credit risk from the parties with which they trade and will bear the mitigated. risk of settlement default. ii) Over-the-Counter (“OTC”) Financial Derivative Instruments (“FDIs”) Management of counterparty credit risk The Funds’ holdings in OTC FDIs also expose the Funds to counterparty credit risk. Counterparty credit risk is monitored and managed by BlackRock’s RQA Counterparty & Concentration Risk Team. The team is headed by BlackRock’s Chief Counterparty Credit Officer who reports directly to Counterparty credit risk arises from the failure of the counterparty to perform according to the terms of the Global Head of RQA Group. Credit authority resides with the Chief Counterparty Credit Officer and the contract. The Fund’s exposure to counterparty credit risk is limited to the contracts in which it currently selected team members to whom specific credit authority has been delegated. As such, counterparty has a gain position reduced by the cash collateral received from the counterparty or to counterparties approvals may be granted by the Chief Counterparty Credit Officer or by identified RQA Credit Risk who have received collateral from the Funds. Officers who have been formally delegated authority by the Chief Counterparty Credit Officer as deemed All OTC FDIs are entered into by the Funds under an International Swaps and Derivatives Associations, appropriate. Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is BlackRock’s RQA Counterparty & Concentration Risk Team completes a formal review of each new a bilateral agreement between the Funds and a counterparty that governs OTC FDIs entered into by the counterparty, monitors and reviews all approved counterparties on an ongoing basis and maintains an parties. The parties’ exposures under the ISDA Master Agreement are netted and collateralised together, active oversight of counterparty exposures. therefore any collateral disclosures provided are in respect of all OTC FDIs entered into by the Funds under the ISDA Master Agreement. All collateral received/posted by the Funds under the ISDA Master The Manager maintains a list of approved counterparties. This list is regularly monitored and revised for Agreement is transferred bilaterally under a title transfer arrangement. changes based on the counterparty’s creditworthiness, market reputation and expectations of future financial performance. Transactions will only be opened with financial intermediaries on the approved The carrying value of financial assets together with cash best represents the Fund’s gross maximum counterparties list. exposure to counterparty credit risk at the reporting date, before including the effect of ISDA master agreements and close-out netting, which would reduce the overall counterparty credit risk exposure. Cash held as security by the counterparty to derivative contracts is subject to the credit risk of the counterparty.

The Funds’ maximum exposure to counterparty credit risk from holding forward currency contracts will be equal to the notional amount of the currency and any net unrealised gains or losses as disclosed in the portfolio statement of each Fund.

Cash held as security by the counterparty to derivative contracts is subject to the credit risk of the counterparty.

19 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 20 Financial Instruments and Risks continued

Management of counterparty credit risk related to OTC FDIs iv) Counterparties Forward currency contracts do not require variation margins and thus the counterparty credit risk All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of is monitored through the BlackRock RQA Counterparty & Concentration Risk Team who monitor the default is considered minimal, as delivery of securities sold is only made once the broker has received creditworthiness of the counterparty. The counterparties for forward currency contracts are disclosed in payment. Payment is made on a purchase once the securities have been received by the broker. The the portfolio statement of each Fund. trade will fail if either party fails to meet its obligation.

The lowest credit rating of any one counterparty as at 31 December 2017 is BBB- (Standard & Poor’s Counterparty credit risk arising on transactions with brokers relates to transactions awaiting settlement. rating). Risk relating to unsettled transactions is considered small due to the short settlement period involved and the high credit quality of the brokers used. The following table details the counterparties the ACS 30:70 Global Equity Tracker Fundis exposed to by OTC FDIs and the maximum exposure (which is calculated on a net basis) to each counterparty. Management of counterparty credit risk related to Counterparties The Manager monitors the credit rating and financial position of the brokers used to further mitigate this risk. Forwards Total Exposure Counterparty £000’s £000’s v) Securities lending Barclays Bank 1 1 The Funds engage in securities lending activities which expose the Funds to counterparty credit risk. The maximum exposure to the Funds is equal to the value of the securities loaned. CitiGroup Global Markets (2,045) (2,045) Goldman Sachs International (8,628) (8,628) Securities lending transactions entered into by the Funds is subject to a written legal agreement between HSBC Bank 6 6 the Funds and the Securities Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Trust, and separately between the Securities Lending Agent and the approved borrowing counterparty. Morgan Stanley & Co. International (155) (155) Collateral received in exchange for securities lent is transferred under a title transfer arrangement and State Street Bank and Trust (9) (9) is delivered to and held in an account with a tri-party collateral manager in the name of Northern Trust Global Services Limited (“the Depositary”) on behalf of the Funds. Collateral received is segregated from iii) Depositary and Custodian the assets belonging to the Funds’ Depositary or the Lending Agent. The Funds' Depositary is Northern Trust Global Services Limited (the “Depositary”). The Depositary has The following tables detail the value of securities on loan and associated collateral received, analysed by delegated the function of custodian of the property of the Funds to The Northern Trust Company (the borrowing counterparty as at the Balance Sheet date. “Custodian”).

Substantially all of the investments other than financial derivative instruments of the Funds are held by the 31 December 2017 Custodian at year end. Investments are segregated from the assets of the Custodian’s, with ownership Counterparty’s country Securities on loan Collateral received rights remaining with the Funds. Bankruptcy or insolvency of the Custodian may cause the Funds' rights Counterparty of establishment £000’s £000’s with respect to its investments held by the Custodian to be delayed or limited. The maximum exposure to ACS Continental European Equity Tracker Fund this risk is the amount of long investments disclosed in the portfolio statement of each Fund. Barclays Capital Securities UK 1,592 1,754 The Funds will be exposed to the credit risk of the Custodian, or any depositary used by the Depositary Citigroup Global Markets UK 6,605 7,289 regarding cash balances held in accounts with same. In the event of insolvency or bankruptcy of the J.P.Morgan Securities UK 1,005 1,107 Custodian or any depositary used by the Depositary, the Funds will be treated as a general creditor of Merrill Lynch International UK 21,871 24,071 the Depositary. UBS UK 4,260 4,705 Management of counterparty credit risk related to the Depositary and Custodian Total 35,333 38,926 To mitigate the Funds' credit risk with respect to the Depositary, the Investment Manager of the Funds employs specific procedures to ensure that the Depositary employed is a reputable institution and that the associated credit risk is acceptable to the Funds. The Funds transact with counterparties that are regulated entities subject to prudential supervision, or with high credit-ratings assigned by international credit-rating agencies.

The long term credit rating of the parent company of the Depositary and Custodian, Northern Trust Corporation as at 31 December 2017 was AA- (31 December 2016: AA-) (Standard & Poor's rating).

21 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 22 Financial Instruments and Risks continued

At 31 December 2017, collateral received from these borrowing counterparties comprised of 0.01% in 31 December 2017 debt securities and 99.99% in equity securities. Counterparty’s country Securities on loan Collateral received Counterparty of establishment £000’s £000’s 31 December 2017 ACS World ex UK Equity Tracker Fund Counterparty’s country Securities on loan Collateral received Barclays Capital Securities UK Counterparty of establishment £000’s £000’s 8,421 9,279 Citigroup Global Markets UK 37,747 41,653 ACS Japan Equity Tracker Fund HSBC Bank UK 197 220 Barclays Capital Securities UK 154 170 J.P.Morgan Securities UK 2,633 2,901 Citigroup Global Markets UK 14,490 15,990 Merrill Lynch International UK 49,936 54,957 J.P.Morgan Securities UK 45 50 UBS Switzerland 24,867 27,467 Merrill Lynch International UK 66 72 Total 123,801 136,477 Total 14,755 16,282

At 31 December 2017, collateral received from these borrowing counterparties comprised of 0.01% in At 31 December 2017, collateral received from these borrowing counterparties comprised of 0.00% in debt securities and 99.99% in equity securities. debt securities and 100.00% in equity securities.

31 December 2017 31 December 2017 Counterparty’s country Securities on loan Collateral received Counterparty’s country Securities on loan Collateral received Counterparty of establishment £000’s £000’s Counterparty of establishment £000’s £000’s ACS 30:70 Global Equity Tracker Fund ACS UK Equity Tracker Fund Barclays Capital Securities UK 1,710 1,884 Barclays Capital Securities UK 4,991 5,500 Citigroup Global Markets UK 47,323 52,221 Citigroup Global Markets UK 12,436 13,723 Total 49,033 54,105 J.P.Morgan Securities UK 21,366 23,537

Merrill Lynch International UK 8,648 9,518 At 31 December 2017, collateral received from these borrowing counterparties comprised of 100.00% in UBS Switzerland 41,874 46,251 equity securities. Total 89,315 98,529

31 December 2017 At 31 December 2017, collateral received from these borrowing counterparties comprised of 0.10% in Counterparty’s country Securities on loan Collateral received debt securities and 99.90% in equity securities. Counterparty of establishment £000’s £000’s

ACS 50:50 Global Equity Tracker Fund 31 December 2017 31 December 2016 Barclays Capital Securities UK 19,464 21,449 Counterparty’s Securities Collateral Securities Collateral Citigroup Global Markets UK country of on loan received on loan received 112,147 123,754 Counterparty establishment £000’s £000’s £000’s £000’s J.P.Morgan Securities UK 21,575 23,767 ACS US Equity Tracker Fund Merrill Lynch International UK 87,938 96,780 Citigroup Global Markets Limited UK – – 410 452 UBS Switzerland 87,729 96,900 Merrill Lynch International UK 3,007 3,309 – – Total 328,853 362,650 UBS Switzerland 19,477 21,513 – – Total 22,484 24,822 410 452 At 31 December 2017, collateral received from these borrowing counterparties comprised of 0.03% in debt securities and 99.97% in equity securities. At 31 December 2017, collateral received from these borrowing counterparties comprised of 0.00% in debt securities and 100.00% in equity securities (31 December 2016: 0.00% in debt securities and 110.20% in equity securities).

23 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 24 Financial Instruments and Risks continued

Management of liquidity risk 31 December 2017 Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet Counterparty’s country Securities on loan Collateral received Counterparty of establishment £000’s £000’s liquidity demands. ACS 60:40 Global Equity Tracker Fund To manage this risk, at times of excessive redemptions the Manager may decide to defer redemptions Barclays Capital Securities UK 8,198 9,033 at any valuation point to the next valuation point where the requested aggregate redemptions exceed 10 Citigroup Global Markets UK 75,590 83,413 per cent of the Fund’s value. This allows the Manager to protect the interests of continuing unitholders by allowing the Manager to match the sale of Funds' investments to the level of redemptions. J.P.Morgan Securities UK 4,649 5,122 Merrill Lynch International UK 41,128 45,264 All unitholders who have sought to redeem units at any valuation point at which redemptions are deferred UBS Switzerland 24,553 27,119 will be treated consistently and any redemption requests received in the meantime will not be processed Total 154,118 169,951 until the redemption requests that have been deferred to subsequent valuation points have been processed.

At 31 December 2017, collateral received from these borrowing counterparties comprised of 0.01% in The Funds' liquidity risk is managed on a daily basis by the Investment Manager in accordance with debt securities and 99.99% in equity securities. established policies and procedures in place. The portfolio managers review daily forward looking cash There are no securities on loan or associated collateral held by the ACS World Multifactor Equity Tracker reports which project cash obligations. These reports allow them to manage their cash obligations. Fund and ACS World Low Carbon Equity Tracker Fund at 31 December 2017. d) Valuation of financial instruments Collateral accepted is non-cash in the form of sovereign debt rated AA or better from approved The Funds classify financial instruments measured at fair value using a fair value hierarchy. The fair value governments only, supranational debt obligations rated AAA or better, equity securities and exchange hierarchy has the following categories: traded funds listed on a recognised exchange. Level 1 – Quoted prices for identical instruments in active markets Management of counterparty credit risk related to securities lending A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly To mitigate this risk, the Funds receive either cash or securities as collateral equal to a certain percentage available and those prices represent actual and regularly occurring market transactions on an arm’s in excess of the fair value of the securities loaned. The Investment Manager monitors the fair value of length basis. Funds do not adjust the quoted price for these instruments. the securities loaned and additional collateral is obtained, if necessary. As at 31 December 2017 and Level 2 – Valuation techniques using observable inputs 31 December 2016, all non-cash collateral received consists of securities admitted to or dealt on a regulated market. This category includes instruments valued using quoted prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation The Funds also benefit from a borrower default indemnity provided by BlackRock Inc. The indemnity techniques where all significant inputs are directly or indirectly observable from market data. allows for full replacement of securities lent. BlackRock Inc. bears the cost of indemnification against borrower default. Valuation techniques used for non-standardised financial instruments such as OTC derivatives, include the use of comparable recent arm’s length transactions, reference to other instruments that are substantially c) Liquidity risk the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly Exposure to liquidity risk used by market participants making the maximum use of market inputs and relying as little as possible on Liquidity risk is the risk that the Funds will encounter difficulties in meeting its obligations associated with entity determined inputs. financial liabilities. Level 3 – Valuation techniques using significant unobservable inputs Liquidity risk to the Funds arises from the redemption requests of investors and the liquidity of the This category includes all instruments where the valuation techniques used include inputs not based on underlying investments the Funds are invested in. The Funds' unitholders may redeem their units on the market data and these inputs could have a significant impact on the instrument’s valuation. close of any daily dealing deadline for cash equal to a proportionate share of the Funds' Net Asset Value. This category also includes instruments that are valued based on quoted prices for similar instruments The Funds are therefore potentially exposed to the liquidity risk of meeting the unitholders’ redemptions where significant entity determined adjustments or assumptions are required to reflect differences and may need to sell assets at prevailing market prices to meet liquidity demands. between the instruments and instruments for which there is no active market.

The Funds are also exposed to the liquidity risk of daily margin calls on derivatives. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety All financial liabilities held by the Funds as at 31 December 2017 and 31 December 2016, based on is determined on the basis of the lowest level input that is significant to the fair value measurement in its contractual maturities, fall due within one year. entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement.

25 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 26 Financial Instruments and Risks continued

Assessing the significance of a particular input to the fair value measurement in its entirety requires Level 1 Level 2 Level 3 Total judgement, considering factors specific to the asset or liability. The determination of what constitutes £000’s £000’s £000’s £000’s ‘observable’ inputs requires significant judgement by the Investment Manager. The Investment Manager ACS US Equity Tracker Fund considers observable inputs to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively 31 December 2017 involved in the relevant market. Investment assets The tables below is an analysis of each Fund’s investment assets and investment liabilities measured at Equities 1,640,635 – – 1,640,635 fair value at the Balance Sheet date. Derivatives 71 – – 71

Level 1 Level 2 Level 3 Total 31 December 2016 £000’s £000’s £000’s £000’s Investment assets ACS Continental European Equity Equities 760,371 – – 760,371 Tracker Fund

31 December 2017 Level 1 Level 2 Level 3 Total Investment assets £000’s £000’s £000’s £000’s Equities 627,731 – – 627,731 ACS World ex UK Equity Tracker Fund Investment liabilities 31 December 2017 Derivatives (136) – – (136) Investment assets Level 1 Level 2 Level 3 Total Equities 5,209,958 – – 5,209,958 £000’s £000’s £000’s £000’s Derivatives 552 – – 552 ACS Japan Equity Tracker Fund Investment liabilities 31 December 2017 Derivatives (250) – – (250) Investment assets Equities 273,313 – – 273,313 Level 1 Level 2 Level 3 Total £000’s £000’s £000’s £000’s Derivatives 62 – – 62 ACS World Low Carbon Equity Tracker Fund Level 1 Level 2 Level 3 Total £000’s £000’s £000’s £000’s 31 December 2017 ACS UK Equity Tracker Fund Investment assets

31 December 2017 Equities 168,061 – – 168,061 Investment assets Derivatives 14 – – 14 Equities 5,547,071 – – 5,547,071 Investment liabilities Derivatives 2,685 – – 2,685 Derivatives (6) – – (6)

27 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 28 Financial Instruments and Risks continued

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total £000’s £000’s £000’s £000’s £000’s £000’s £000’s £000’s ACS World Multifactor Equity ACS 60:40 Global Equity Tracker Fund Tracker Fund

31 December 2017 31 December 2017 Investment assets Investment assets Equities 69,517 – – 69,517 Equities 2,967,505 – – 2,967,505 Derivatives 7 – – 7 Derivatives 415 – – 415 Investment liabilities Investment liabilities Derivatives (2) – – (2) Derivatives (5) – – (5)

Level 1 Level 2 Level 3 Total Securities with a value less than £500 are not disclosed in the tables above. These securities are identified £000’s £000’s £000’s £000’s on the portfolio statement of each Fund. ACS 30:70 Global Equity Tracker Fund e) Global exposure 31 December 2017 The Manager is required by the COLL Sourcebook to employ a risk management process in respect of the Funds which enables it to accurately monitor and manage the global exposure from Financial Investment assets Derivative Instruments (“FDIs”). Equities 3,449,761 – – 3,449,761 The Manager uses a methodology known as the Commitment Approach in order to measure the global Derivatives 383 929 – 1,312 exposure of the Funds and manage the potential loss to them due to market risk. The Commitment Investment liabilities Approach is a methodology that aggregates the underlying market or notional values of FDI’s to Derivatives (68) (11,759) – (11,827) determine the degree of global exposure of the Funds to derivative instruments. In accordance with the COLL Sourcebook, global exposure for a fund utilising the Commitment Approach Level 1 Level 2 Level 3 Total must not exceed 100% of the Fund’s NAV. The calculation of global exposure represents only one element £000’s £000’s £000’s £000’s of the Fund’s risk management process and in that respect the Manager will continue to report VaR as a ACS 50:50 Global Equity market risk measure to the Board of Directors. Tracker Fund The exposures to FDIs at year end are marked on the portfolio statement of each Fund. 31 December 2017 Investment assets f) Leverage The use of derivatives may expose Funds to a higher degree of risk. In particular, derivative contracts can Equities 8,842,663 – – 8,842,663 be highly volatile and the amount of initial margin is generally small relative to the size of the contract so Derivatives 1,958 – – 1,958 that transactions may be leveraged in terms of market exposure. A relatively small market movement may Investment liabilities have a potentially larger impact on derivatives than on standard bonds or equities. Leveraged derivative positions can therefore increase a Fund’s volatility. Derivatives (159) – – (159) The leverage is calculated on a gross exposure basis, by taking the sum of the notional values of the derivatives used by a Fund, without netting, and is expressed as a percentage of the net asset value.

29 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 30 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

About the Fund Performance Table

All financial investments involve an element of risk. Therefore, the value of your investment and the income Risk and Reward Profile from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance Lower risk Higher risk and should not be the sole factor of consideration when selecting a product. Typically lower rewards Typically higher rewards Unit Class X1 Accumulation 1 2 3 4 5 6 7

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which are available at www.blackrock.com.

31 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 32 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Tracking Difference Tracking Error

Tracking difference is defined as the difference in returns between a fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the index over a defined period of time. constituents of the benchmark index by holding all the securities comprising the benchmark index in similar proportions to their weightings in the benchmark index. Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, these impacts can be either This Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the positive or negative depending on the underlying circumstances. constituents of the benchmark index by holding all the securities comprising the benchmark index in similar proportions to their weightings in the benchmark index. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered by the Fund on any income received from its investments. The level and quantum of tracking difference arising due Cash management, efficient portfolio management techniques including securities lending and transaction to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various costs from rebalancing can have an impact on tracking error as well as the return differential between the tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on out by the Fund. the underlying circumstances.

The table below compares the realised Fund performance against the performance of the relevant benchmark In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the index during the period ended 31 December 2017. An explanation for the difference is provided: Fund 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 Fund with various tax Fund return Benchmark return authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out for the period for the period by the Fund. from 15.5.2017 from 15.5.2017 Tracking to 31.12.2017 to 31.12.2017 difference Explanation of the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex-ante Before costs, the tracking difference is basis) against the realised tracking error of the Fund as at 31 December 2017. The realised tracking error is a result of (a) the dividend withholding annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not tax advantage of the Fund versus the been trading for 36 months, the annualised tracking error since inception has been presented. benchmark and (b) the difference in the valuation point of the Fund and the pricing Anticipated Realised +4.3%* +4.5% -0.2% point of the benchmark index. Tracking Error Tracking Error

* Performance is calculated gross of fees and reported for the Fund’s class X1 Accumulation Units. ACS Continental European Equity Tracker Fund Up to 0.60%* N/A*

* The Fund recently launched on 15 May 2017 and there is insufficient data available to present a meaningful annualised realised tracking error for the period. Figures represent the anticipated tracking error & realised tracking error for the Fund’s class X1 Accumulation Units.

33 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 34 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Classification of Investments Investment Report

The following chart provides an analysis of the portfolio weightings as at 31 December 2017 by its respective Summary of Performance over the Period geographical locations. The Fund launched on 15 May 2017, therefore no comparatives have been presented. The Fund returned 4.3%* during the period from 15 May 2017 (launch date) to 31 December 2017, underperforming the FTSE Developed Europe ex UK Index, which returned 4.5%. Before costs, the tracking difference is a result of (a) the dividend withholding tax advantage of the Fund versus the benchmark and 31 December 2017 (b) the difference in the valuation point of the Fund and the pricing point of the benchmark index.

 Belgium 2.51% Fund Manager’s Commentary Denmark 3.88%  The FTSE Developed Europe ex UK Index ended the review period higher. Overall, both French and German  Finland 2.16% markets (measured by the Continuous Assisted Quotation 40 index and German Stock Index, respectively)  France 21.89% gained ground over the period. European equities started the period on a strong note, taking heart from  Germany 20.92% Emmanuel Macron’s victory in the French presidential election. Mr Macron’s win reassured investors who  Italy 4.97% were concerned about the rise of anti-EU parties in Europe.  Netherlands 7.48%  Norway 1.43% On the economic front, the eurozone economy grew by 0.6% in the third quarter of the period 2017, having  Spain 7.16% expanded by 0.7% in the previous quarter of 2017. Household expenditure, exports, and fixed investments  Sweden 6.08% were key drivers of higher third-quarter of 2017 growth. Meanwhile, unemployment in the euro area dropped to 8.9%. The European Central Bank (“ECB”) kept interest rates on hold throughout the review period,  Switzerland 18.06% although policymakers did make some changes to the asset-purchase scheme in October 2017. The amount  Other 2.08% of asset purchases is to drop to €30 billion from January 2018, although the end date of the scheme was  Net Other Assets 1.38% extended for a further nine months.

Political risks translated into market volatility over the period. In Spain, stocks were roiled by the region of Catalonia declaring independence in October 2017. Financial stocks felt the brunt of negative sentiment, although broader markets fell. Spanish markets recovered, but were subject to more volatility in December 2017, following regional elections in Catalonia. Although the anti-independence Citizens party gained the most votes, it fell short of a majority. Three independence parties held on to a majority, a result welcomed by secessionists. Germany was also a source of political uncertainty, after Chancellor Angela Merkel failed to win an absolute majority in federal elections. Following the disintegration of coalition talks with the Free Democrats and the Green party, the Chancellor sought a renewal of the ‘grand coalition’ with the Christian Democratic Union party.

January 2018

35 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 36 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Performance Record Distribution Table for the period from 15 May 2017 to 31 December 2017 Comparative Table

X1 Accumulation Units Final Distribution in Pence per Unit For the period from 15.5.2017^ to 31.12.2017 X1 Accumulation Units† Pence per unit Net revenue 0.7924 Change in net assets per unit Distribution payable 28.2.2018 0.7924 Opening net asset value per unit 100.0 † The Fund launched on 15 May 2017, therefore no comparatives have been presented. Return before operating charges 4.21 Operating charges (0.01) Return after operating charges 4.20 Distributions (0.79) Retained distributions on accumulation units 0.79 Closing net asset value per unit 104.20 After direct transaction costs of 0.01

Performance Return after charges1 4.20%

Other information Closing net asset value (£000’s) 636,388 Closing number of units 610,731,767 Operating charges2 0.02% Direct transaction costs3 0.01%

Prices Pence per unit Highest offer unit price 107.50 Lowest bid unit price 98.25

^ The date of commencement of operations. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of debt instruments. See note 14 for further details.

37 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 38 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Portfolio Statement Portfolio Statement continued at 31 December 2017

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

EQUITIES – 98.64% 26,301 Novozymes class ‘B’ shares 1,113 0.17 13,285 Pandora 1,066 0.17 Austria – 0.63% 93,767 TDC 427 0.07 7,815 AMS 524 0.08 11,963 Tryg 222 0.03 8,342 Andritz 350 0.05 24,985 Vestas Wind Systems 1,277 0.20 34,169 Erste Bank 1,097 0.17 15,320 William Demant 316 0.05 16,568 OMV 781 0.12 19,116 Raiffeisen International Bank 511 0.08 24,719 3.88 20,162 Telekom Austria 139 0.02 Finland – 2.16% 4,645 Vienna Insurance 106 0.02 18,088 Elisa 525 0.08 13,407 Voestalpine 594 0.09 53,741 Fortum 783 0.12 4,102 0.63 12,005 Huhtamaki 372 0.06 7,700 Kesko 308 0.05 Belgium – 2.51% 45,715 KONE class ‘B’ shares 1,811 0.28 2,660 Ackermans & van Haaren 342 0.05 12,897 Metso 326 0.05 22,822 Ageas 823 0.13 17,096 Neste 808 0.13 93,844 Anheuser-Busch InBev 7,754 1.22 704,679 Nokia 2,431 0.38 11,846 Bpost 267 0.04 16,787 Nokian Renkaat 561 0.09 7,630 Colruyt 294 0.05 11,850 Orion series ‘B’ shares 325 0.05 8,743 Groupe Bruxelles Lambert 698 0.11 59,452 Sampo series ‘A’ shares 2,411 0.38 35,192 KBC 2,220 0.35 59,260 Stora Enso series ‘R’ shares 692 0.11 16,754 Proximus 407 0.06 64,038 UPM-Kymmene 1,472 0.23 1,854 Sofina 215 0.03 20,467 Wartsila 952 0.15 9,280 Solvay 954 0.15 5,364 Telenet 276 0.04 13,777 2.16 14,796 UCB 869 0.14 France – 21.89% 25,281 Umicore 883 0.14 21,837 Accor 833 0.13 16,002 2.51 3,267 Aeroports de Paris 459 0.07 50,980 Air Liquide 4,752 0.75 Denmark – 3.88% 66,229 Airbus 4,877 0.77 547 AP Moeller-Maersk series ‘A’ shares 673 0.11 10,136 ALD 116 0.02 857 AP Moeller-Maersk series ‘B’ shares 1,104 0.17 18,897 Alstom 580 0.09 12,526 Carlsberg series ‘B’ shares 1,115 0.18 5,728 Amundi 358 0.06 11,982 Christian Hansen 833 0.13 9,693 Arkema 872 0.14 16,430 Coloplast ‘B’ shares 968 0.15 11,842 Atos 1,275 0.20 89,338 Danske Bank 2,569 0.40 229,272 AXA 5,032 0.79 19,457 DONG Energy 785 0.12 3,189 Bic 259 0.04 22,621 DSV 1,317 0.21 4,770 Biomerieux 315 0.05 7,164 Genmab 881 0.14 133,203 BNP Paribas 7,356 1.16 25,764 ISS 740 0.12 119,099 Bollore 477 0.07 8,055 Jyske Bank 339 0.05 24,589 Bouygues 944 0.15 6,907 Lundbeck 258 0.04 30,360 Bureau Veritas 614 0.10 218,776 Novo Nordisk class ‘B’ shares 8,716 1.37

39 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 40 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

18,870 Capgemini 1,655 0.26 2,862 Remy Cointreau 293 0.05 67,646 Carrefour 1,082 0.17 23,814 Renault 1,771 0.28 7,517 Casino Guichard Perrachon 337 0.05 34,739 Rexel 466 0.07 18,317 CNP Assurances 313 0.05 8,777 Rubis SCA 458 0.07 144,634 Crédit Agricole 1,770 0.28 35,835 Safran 2,732 0.43 70,971 Danone 4,405 0.69 61,490 Saint-Gobain 2,508 0.39 273 Dassault Aviation 314 0.05 134,428 Sanofi 8,571 1.36 15,522 Dassault Systemes 1,219 0.19 2,561 Sartorius Stedim Biotech 137 0.02 28,263 Edenred 606 0.10 64,384 Schneider Electric 4,048 0.64 55,520 EDF 513 0.08 17,947 SCOR 534 0.08 8,891 Eiffage 720 0.11 3,938 SEB 538 0.08 15,057 Elior 229 0.04 89,679 Société Générale 3,425 0.54 203,920 ENGIE 2,594 0.41 11,495 Sodexo 1,142 0.18 24,240 Essilor International 2,472 0.39 45,016 Suez Environnement 584 0.09 1,584 Euler Hermes 171 0.03 59,310 TechnipFMC 1,360 0.21 5,108 Eurazeo 349 0.05 7,216 Teleperformance 764 0.12 57,114 Eurotunnel 542 0.09 11,969 Thales 953 0.15 20,137 Eutelsat Communications 345 0.05 270,415 Total 11,049 1.75 8,875 Faurecia 512 0.08 10,791 Ubisoft Entertainment 614 0.10 4,441 Foncière des Régions 372 0.06 11,822 Unibail-Rodamco 2,203 0.35 6,224 Gecina 849 0.13 30,367 Valeo 1,675 0.26 3,703 Hermes International 1,466 0.23 64,946 Veolia Environnement 1,225 0.19 4,275 Icade 310 0.05 56,275 Vinci 4,251 0.67 2,736 Iliad 485 0.08 132,443 Vivendi 2,635 0.41 4,981 Imerys 347 0.05 3,387 Wendel Investissement 433 0.07 7,261 Ingenico 571 0.09 22,545 Zodiac Aerospace 499 0.08 4,437 Ipsen 392 0.06 139,044 21.89 8,250 JC Decaux 246 0.04 9,290 Kering 3,239 0.51 Germany – 20.92% 25,962 Klepierre 844 0.13 24,188 Adidas 3,586 0.56 15,644 Lagardere 371 0.06 54,970 Allianz 9,350 1.47 33,585 Legrand 1,911 0.30 5,450 Axel Springer 316 0.05 29,198 L’Oréal 4,791 0.75 111,218 BASF 9,054 1.42 30,750 LVMH Moet Hennessy 6,695 1.05 100,571 Bayer 9,258 1.45 22,430 Michelin 2,378 0.37 12,273 Beiersdorf 1,067 0.17 106,085 Natixis 621 0.10 39,594 BMW 3,054 0.48 235,787 Orange 3,028 0.48 6,315 BMW non-voting preference shares 419 0.07 5,534 ORPEA 482 0.08 19,296 Brenntag 904 0.14 26,565 Pernod-Ricard 3,107 0.49 18,757 Ceconomy 209 0.03 54,720 Peugeot 823 0.13 126,655 Commerzbank 1,401 0.22 6,881 Plastic Omnium 231 0.04 13,656 Continental 2,731 0.43 26,886 Publicis 1,350 0.21 16,043 Covestro 1,225 0.19

41 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 42 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

117,009 Daimler 7,341 1.15 6,250 RWE non-voting preference shares 79 0.01 4,555 Delivery Hero 133 0.02 111,685 SAP 9,246 1.46 228,350 Deutsche Bank 3,210 0.50 4,382 Sartorius preference shares 308 0.05 24,025 Deutsche Boerse 2,066 0.32 93,370 Siemens (Registered) 9,615 1.52 32,292 Deutsche Lufthansa 881 0.14 8,957 Suedzucker 144 0.02 116,244 Deutsche Post 4,104 0.64 16,051 Symrise 1,017 0.16 400,803 Deutsche Telekom 5,251 0.83 4,408 Talanx 133 0.02 43,037 Deutsche Wohnen 1,388 0.22 75,404 Telefonica Deutschland 280 0.04 257,584 E.ON 2,074 0.33 60,261 ThyssenKrupp 1,294 0.20 18,064 Evonik Industries 503 0.08 23,146 Uniper 531 0.08 3,146 Fielmann 206 0.03 16,010 United Internet 816 0.13 4,210 Fraport 343 0.05 3,452 Volkswagen 518 0.08 49,902 Fresenius 2,866 0.45 22,469 Volkswagen non-voting preference shares 3,324 0.52 27,238 Fresenius Medical Care 2,121 0.33 61,925 Vonovia 2,269 0.36 4,090 Fuchs Petrolub 146 0.02 1,815 Wacker Chemie 262 0.04 8,244 Fuchs Petrolub non-voting preference shares 325 0.05 13,590 Wirecard 1,122 0.18 22,390 GEA 793 0.12 12,501 Zalando 490 0.08 7,445 Hannover Rueckversicherung 693 0.11 133,300 20.92 18,092 HeidelbergCement 1,450 0.23 5,496 Hella Hueck 252 0.04 Ireland – 0.56% 14,081 Henkel 1,249 0.20 76,130 AIB Group 366 0.06 22,314 Henkel non-voting preference shares 2,186 0.34 106,288 Bank of Ireland 672 0.11 2,335 Hochtief 306 0.05 30,920 Glanbia 409 0.06 7,596 Hugo Boss 478 0.08 17,490 Kerry class ‘A’ shares 1,449 0.23 141,640 Infineon Technologies 2,873 0.45 19,584 Kingspan 632 0.10 14,840 Innogy 431 0.07 3,528 0.56 21,162 K & S 390 0.06 Italy – 4.97% 8,175 Kion 523 0.08 177,286 A2A 242 0.04 11,187 Lanxess 656 0.10 166,662 Assicurazioni Generali 2,246 0.35 8,069 LEG Immobilien 683 0.11 67,858 Atlantia 1,585 0.25 23,109 Linde 3,988 0.63 27,524 Banca Mediolanum 176 0.03 4,110 MAN 347 0.05 174,109 Banco BPM 404 0.06 15,762 Merck 1,254 0.20 7,239 Buzzi Unicem 144 0.02 18,757 Metro 273 0.04 11,586 Buzzi Unicem non-voting participating cumulative shares 131 0.02 6,428 MTU Aero Engines 851 0.13 67,708 Campari 387 0.06 17,126 Muenchener Rueckversicherung 2,747 0.43 944,828 Enel 4,301 0.68 11,503 Osram Licht 764 0.12 305,684 Eni 3,743 0.59 18,421 Porsche non-voting preference shares 1,143 0.18 16,324 Ferrari 1,267 0.20 31,786 ProSiebenSat.1 Media 808 0.13 48,147 FinecoBank 365 0.06 292 Puma 94 0.01 41,588 Finmeccanica 366 0.06 439 Rational 210 0.03 1,658,971 Intesa Sanpaolo 4,074 0.64 58,193 RWE 878 0.14

43 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 44 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

116,957 Intesa Sanpaolo (Part Certified) 276 0.04 9,486 Gemalto 416 0.07 58,840 Italgas 266 0.04 5,948 GrandVision 112 0.02 19,130 Luxottica 868 0.14 29,971 Heineken 2,308 0.36 32,734 Mediaset 94 0.01 14,087 Heineken Holding 1,029 0.16 73,806 Mediobanca 619 0.10 472,341 ING 6,423 1.01 20,590 Moncler 476 0.07 151,710 Koninklijke Ahold Delhaize 2,467 0.39 20,332 Parmalat 56 0.01 21,411 Koninklijke DSM 1,514 0.24 47,078 Pirelli & C 303 0.05 115,093 Koninklijke Philips 3,221 0.51 55,244 Poste Italiane 308 0.05 383,194 KPN 987 0.16 26,548 Prysmian 640 0.10 44,582 NN 1,428 0.22 12,224 Recordati 402 0.06 13,691 OCI 255 0.04 65,083 Saipem 220 0.03 14,089 Philips Lighting 381 0.06 5,793 Salvatore Ferragamo 114 0.02 30,768 QIAGEN 712 0.11 316,425 Snam 1,145 0.18 15,387 Randstad 699 0.11 1,407,896 Telecom Italia 900 0.14 112,785 RELX 1,917 0.30 707,875 Telecom Italia preference shares 374 0.06 185,828 Unilever 7,742 1.22 176,823 Terna 760 0.12 7,738 Vopak 251 0.04 277,120 UniCredit 3,831 0.60 34,794 Wolters Kluwer 1,342 0.21 120,531 Unione di Banche Italiane 390 0.06 47,540 7.48 109,443 UnipolSai 189 0.03 Norway – 1.43% 31,662 4.97 13,994 Aker BP 255 0.04 Luxembourg – 0.60% 135,810 DNB 1,865 0.29 72,231 ArcelorMittal 1,737 0.27 20,271 Gjensidige Forsikring 283 0.04 1,343 Eurofins Scientific 605 0.10 48,504 Marine Harvest 608 0.10 4,650 RTL 275 0.04 165,318 Norsk Hydro 930 0.15 40,959 SES Global FDR (each representing 1 class ‘A’ share) 472 0.07 98,837 Orkla 777 0.12 63,524 Tenaris 741 0.12 9,659 Schibsted class ‘A’ shares 204 0.03 3,830 0.60 10,447 Schibsted class ‘B’ shares 205 0.03 124,370 Statoil 1,967 0.31 Netherlands – 7.48% 82,190 Telenor 1,305 0.21 51,047 ABN AMRO 1,217 0.19 20,231 Yara International 688 0.11 214,698 Aegon 1,012 0.16 9,087 1.43 32,199 Akzo Nobel 2,086 0.33 11,235 Altice series ‘B’ shares 87 0.01 Portugal – 0.31% 73,774 Altice series ‘A’ shares 572 0.09 306,587 EDP Energias 784 0.12 37,977 ASML 4,889 0.77 62,811 Galp Energia 854 0.13 20,930 ASR Nederland 636 0.10 28,410 Jeronimo Martins 408 0.06 9,641 Boskalis Westminster 268 0.04 2,046 0.31 118,098 CNH Industrial 1,169 0.18 12,755 EXOR 578 0.09 137,741 Fiat Chrysler Automobiles 1,822 0.29

45 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 46 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Spain – 7.16% 36,984 Boliden 934 0.15 76,321 Abertis Infraestructuras 1,256 0.20 30,875 Electrolux series ‘B’ shares 734 0.12 3,104 Acciona 187 0.03 358,067 Ericsson series ‘B’ shares 1,734 0.27 17,485 Acerinox 185 0.03 76,770 Essity 1,609 0.25 30,101 ACS Actividades 871 0.14 10,325 Fastighets Balder 204 0.03 7,717 Aena 1,157 0.18 25,155 Getinge 270 0.04 51,432 Amadeus IT 2,743 0.43 118,307 Hennes & Mauritz series ‘B’ shares 1,810 0.28 827,360 Banco Bilbao Vizcaya Argentaria 5,220 0.82 30,163 Hexagon series ‘B’ shares 1,113 0.17 694,599 Banco Sabadell 1,019 0.16 44,704 Husqvarna series ‘B’ shares 314 0.05 1,957,505 Banco Santander 9,515 1.50 11,430 ICA Gruppen 307 0.05 171,178 Bankia 606 0.10 23,966 Industrivarden series ‘A’ shares 456 0.07 81,044 Bankinter 568 0.09 19,699 Industrivarden series ‘C’ shares 359 0.06 433,869 CaixaBank 1,497 0.24 13,292 Investment Latour 121 0.02 17,557 Cellnex Telecom 332 0.05 54,986 Investor series ‘B’ shares 1,852 0.29 2,078 Corporacion Financiera Alba 88 0.01 31,897 Kinnevik 796 0.13 71,588 Distribuidora 273 0.04 4,233 L E Lundbergforetagen 234 0.04 23,905 EDP Renovaveis 147 0.02 21,104 Lundin Petroleum 355 0.06 24,664 Enagas 522 0.08 396,200 Nordea Bank 3,542 0.56 40,232 Endesa 637 0.10 4,806 SAAB class ‘B’ shares 172 0.03 60,382 Ferrovial 1,013 0.16 129,899 Sandvik 1,681 0.26 26,343 Gamesa 267 0.04 41,810 Securitas series ‘B’ shares 540 0.08 38,838 Gas Natural 663 0.10 183,160 Skandinaviska Enskilda Banken series ‘A’ shares 1,583 0.25 39,696 Grifols class ‘A’ shares 860 0.14 42,007 Skanska series ‘B’ shares 645 0.10 30,104 Grifols preference shares 508 0.08 48,126 SKF series ‘B’ shares 789 0.12 5,071 Grupo Financiero Banorte 166 0.03 67,392 Svenska Cellulosa series ‘B’ shares 513 0.08 679,933 Iberdrola 3,897 0.61 5,241 Svenska Handelsbanken 53 0.01 128,678 Inditex 3,314 0.52 178,616 Svenska Handelsbanken series ‘A’ shares 1,799 0.28 119,172 Mapfre 283 0.04 133,044 Swedbank series ‘A’ shares 2,366 0.37 21,626 Mediaset Espana 180 0.03 21,665 Swedish Match 631 0.10 41,786 Merlin Properties 419 0.07 39,365 Tele2 series ‘B’ shares 358 0.06 58,002 Red Electrica 962 0.15 346,994 Telia 1,145 0.18 148,317 Repsol 1,940 0.30 28,167 Trelleborg class ‘B’ shares 481 0.08 148,317 Repsol rights 5/1/18 50 0.01 197,918 Volvo series ‘B’ shares 2,718 0.43 556,137 Telefonica 4,009 0.63 38,640 6.08 23,058 Zardoya Otis 186 0.03 Switzerland – 18.06% 45,540 7.16 244,055 ABB (Registered) 4,837 0.76 Sweden – 6.08% 21,349 Adecco 1,207 0.19 38,088 Alfa Laval 666 0.10 9,714 Aryzta 285 0.04 25,155 Arjo AB 53 0.01 5,966 Baloise 686 0.11 120,871 Assa Abloy 1,858 0.29 307 Banque Cantonale Vaudoise (Registered) 171 0.03 79,323 Atlas Copco class ‘A’ shares 2,530 0.40 230 Barry Callebaut 354 0.06 46,385 Atlas Copco class ‘B’ shares 1,315 0.21 27,725 Clariant 573 0.09

47 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 48 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure Value Total Net Value Investment £000’s Assets Value Investment £000’s £000’s Assets

62,626 Compagnie Financiere Richemont 4,196 0.66 DERIVATIVES – (0.02)% 314,405 Credit Suisse 4,148 0.65 Futures – (0.02)% 3,826 DKSH 247 0.04 224 EURO Stoxx March 2018 6,942 (130) (0.02) 3,916 Dufry 431 0.07 12 Swiss Market Index March 2018 844 (6) 0.00 925 EMS-Chemie 457 0.07 2,192 Flughafen Zuerich 370 0.06 7,786 (136) (0.02) 4,751 Geberit 1,546 0.24 Portfolio of investments 627,595 98.62 1,113 Givaudan 1,900 0.30 Net other assets 8,793 1.38 719 Helvetia 299 0.05 25,702 Julius Baer (Registered) 1,161 0.18 Total net assets 636,388 100.00 6,809 Kuehne + Nagel 891 0.14 Note: The Fund launched on 15 May 2017, therefore no comparatives have been presented. 60,229 LafargeHolcim 2,509 0.39 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. 12 Lindt & Spruengli (Registered) 636 0.10 Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market 118 Lindt & Spruengli (Part Certified) 532 0.08 value of an equivalent position in the assets underlying each financial derivative instrument. 16,365 Logitech International 408 0.06 9,473 Lonza 1,892 0.30 386,474 Nestlé 24,559 3.87 276,675 Novartis 17,288 2.73 3,107 Pargesa 199 0.03 2,232 Partners 1,131 0.18 4,723 PSP Swiss Property 331 0.05 3,110 Roche (Bearer) 581 0.09 86,487 Roche Holding 16,170 2.54 2,408 Schindler (Registered) 403 0.06 5,395 Schindler (Part Certified) 918 0.14 594 SGS (Registered) 1,143 0.18 253 Sika 1,486 0.23 5,931 Sonova 685 0.11 76,616 STMicroelectronics 1,237 0.19 1,221 Straumann 638 0.10 1,338 Sulzer 120 0.02 3,679 Swatch class ‘I’ shares 1,109 0.17 5,424 Swatch class ‘N’ shares 307 0.05 4,327 Swiss Life 1,133 0.18 7,271 Swiss Prime Site 496 0.08 38,701 Swiss Re 2,678 0.42 2,766 Swisscom 1,088 0.17 7,297 Temenos 692 0.11 436,482 UBS 5,938 0.93 7,294 Vifor Pharma 691 0.11 18,478 Zurich Insurance 4,157 0.65 114,914 18.06

49 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 50 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Statement of Total Return Balance Sheet for the period from 15 May 2017 to 31 December 2017 at 31 December 2017

For the period 31.12.2017 from 15.5.2017 Notes £000’s to 31.12.2017 Assets: Notes £000’s £000’s Fixed assets Income – Investment assets 627,731 Net capital gains 3 14,933 Current assets Revenue 4 5,021 – Debtors 9 2,906 Expenses 5 (55) – Cash and bank balances 10 5,966 Interest payable and similar charges 6 (32) Total assets 636,603 Net revenue before taxation 4,934 Liabilities: Taxation 7 (263) Investment liabilities (136) Net revenue after taxation 4,671 Creditors Total return before distributions 19,604 – Amounts held at futures clearing houses and brokers (3) Distributions 8 (3,806) – Other creditors 11 (76) Change in net assets attributable to unitholders from Total liabilities (215) investment activities 15,798 Net assets attributable to unitholders 636,388

Note: The Fund launched on 15 May 2017, therefore no comparatives have been presented. Statement of Change in Net Assets Attributable to Unitholders for the period from 15 May 2017 to 31 December 2017 R A R Hayes (Director) A M Lawrence (Director) For the period from 15.5.2017 BlackRock Fund Managers Limited to 31.12.2017 23 February 2018 £000’s £000’s Opening net assets attributable to unitholders – Amounts receivable on issue of units 74,522 In-specie from Connect Continental European Equity Tracker Fund* 557,287 Amounts payable on cancellation of units (16,058) 615,751 Change in net assets attributable to unitholders from investment activities 15,798 Retained distributions on accumulation units 4,839 Closing net assets attributable to unitholders 636,388

Note: The Fund launched on 15 May 2017, therefore no comparatives have been presented. * The Connect Continental European Equity Tracker Fund was part of BlackRock Life Limited, a related party to BlackRock Fund Managers Limited.

51 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 52 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Notes to Financial Statements Notes to Financial Statements continued for the period from 15 May 2017 to 31 December 2017

1. Accounting and Distribution Policies 5. Expenses The accounting and distribution policies are set out on pages 10 to 11. For the period 2. Financial Instruments and Risks from 15.5.2017 to 31.12.2017 The financial instruments and risks are set out on pages 12 to 30. £000’s

3. Net Capital Gains Payable to the Depositary or associates of the Depositary: – Depositary fee 25 For the period from 15.5.2017 25 to 31.12.2017 Other expenses: £000’s – Audit fees 7 The net capital gains comprise: – Safe custody fees 23 Gains on non-derivative securities 15,022 30 Gains on derivative securities 84 Total expenses 55 Currency losses (171) Forward currency contracts 4 6. Interest Payable and Similar Charges Custodian transaction costs (6) For the period Net capital gains 14,933 from 15.5.2017 to 31.12.2017 4. Revenue £000’s Interest on bank overdrafts 32 For the period from 15.5.2017 Total interest payable and similar charges 32 to 31.12.2017 £000’s 7. Taxation Interest from UK bank deposits 1 (a) Analysis of tax charge Overseas dividends 4,138 For the period Securities lending revenue 12 from 15.5.2017 to 31.12.2017 Stock dividends 865 £000’s UK dividends 5 Overseas tax 263 Total revenue 5,021 Total tax charge 263

(b) Factors affecting the tax charge As the Fund is an Authorised Contractual Scheme, it is exempt from United Kingdom (UK) tax on capital gains realised on the disposal of investments held within the Fund and any UK corporation tax.

53 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 54 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

8. Distributions 11. Other Creditors The distributions take account of revenue received on the issue of units and revenue deducted on the 31.12.2017 redemption of units and comprise: £000’s For the period Accrued Audit fee 7 from 15.5.2017 to 31.12.2017 Accrued Depositary's fee 12 £000’s Accrued Safe custody fees 12 Final accumulation 4,839 Custodian transaction costs 4 4,839 Purchases awaiting settlement 41 Add: Amounts deducted on cancellations of units 93 Total other creditors 76 Deduct: Amounts received on issue of units (540) 12. Contingent Assets and Liabilities Deduct: Amounts received on in-specie transactions (586) There were no contingent assets or liabilities at the Balance Sheet date. Distributions 3,806 13. Related Parties The distributable amount has been calculated as follows: Parties are considered to be related if one party has the ability to control the other party or exercise Net revenue after taxation 4,671 significant influence over the other party in making financial or operational decisions.

Deduct: Non-distributable stock dividends (865) The following entities were related parties of the Fund during the period ended 31 December 2017: Distributions 3,806 Manager/Registrar: BlackRock Fund Managers Limited Details of the final distribution per unit are set out in the table on page 38. Investment Manager: BlackRock Investment Management (UK) Limited Stock lending agent: BlackRock Advisors (UK) Limited 9. Debtors The ultimate holding company of the Manager, Investment Manager and stock lending agent is BlackRock 31.12.2017 Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. £000’s (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund Accrued revenue 216 during the period ended 31 December 2017.

Amounts receivable on issue of units 2,357 The Manager acts as either principal or agent for the Depositary in respect of all transactions of units Overseas tax recoverable 331 of the Fund. The aggregate monies received through issue and paid through cancellation of units are Currency deals awaiting settlement 2 disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts due to or from the Manager at the period end are disclosed in notes 9 and 11. Securities lending revenue Total debtors 2,906 earned by the Fund is disclosed in note 4. 10. Cash and Bank Balances

31.12.2017 £000’s Amounts held at futures clearing houses and brokers 572 Cash and bank balances 5,394 Total cash and bank balances 5,966

55 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 56 ACS Continental European Equity Tracker Fund ACS Continental European Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

13. Related Parties continued 14. Portfolio Transaction Costs The Investment Manager, in accordance with the Contractual Scheme Deed, may enter into commission For the period from 15 May 2017 to 31 December 2017 sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Direct Transaction Costs Investment Manager believes are useful in the investment decision-making or trade execution process. Transaction Value Commissions Taxes Such research or execution services may include, without limitation and to the extent permitted by Purchases (excluding derivatives) £000’s £000’s % £000’s % applicable law: research reports on companies, industries and securities; and the provision of economic Equity instruments 65,808 10 0.02 51 0.08 and financial information and analysis. Due to the bundled nature of these services and the application Corporate actions 13,957 – – – – of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit In-specie transactions 557,287 – – – – to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group. Total purchases 637,052 10 51 Total purchases including The following investor(s) transaction costs 637,113 (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or Direct Transaction Costs

(ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue Transaction Value Commissions Taxes in the Fund and are as a result, considered to be related parties to the Fund. Sales (excluding derivatives) £000’s £000’s % £000’s %

As at 31 December 2017: Equity instruments 10,257 1 0.01 – 0.00 Corporate actions 13,072 – – – – Total % of units Number of investors held by unitholders Total sales 23,329 1 – holding 51% or more holding 51% or more Total sales net of transaction of the voting units of the voting units costs 23,328 in issue who are not in issue who are not Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds Total transaction costs 11 51 Nil 1 96%

The Fund launched on 15 May 2017, therefore no comparatives have been presented. Total transaction costs as a % of average net assets 0.00% 0.01%

All related party transactions were carried out at arm’s length in the ordinary course of business. The above analysis covers direct transaction costs incurred by the Fund during the period. However it is The terms and returns received by the related parties in making the investments above were no more important to understand the nature of other transaction costs associated with different investment asset favourable than those received by other investors investing into the same unit class. classes and instruments types.

Separately identifiable direct transaction costs (such as commissions and taxes) are attributable to the Fund’s purchase and sale of equity instruments. Additionally for equity shares there is a dealing spread cost (the difference between the buying and selling prices) which will be incurred on purchase and sale transactions.

During the period, the Fund utilised derivative instruments including futures contracts. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either suffered as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above.

57 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 58 ACS Continental European Equity Tracker Fund ACS Japan Equity Tracker Fund

Notes to Financial Statements continued About the Fund

The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted

14. Portfolio Transaction Costs continued as a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 23 June 2016 and launched on 15 May 2017. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.07%. Investment Objective & Policy

15. Units in Issue The aim of the Fund is to seek to achieve a total return for investors by tracking closely the performance of the FTSE Japan Index by investing in companies in the benchmark index. Investments will be made directly into Revenue is allocated each day pro rata to the capital value of assets attributable to each class and constituent companies and via other transferable securities giving exposure to such companies. The Fund taxation is computed by reference to the net revenue after expenses attributable to each class. The may also invest in permitted money-market instruments, derivatives, permitted deposits and units in collective distribution per unit class is given in the distribution table. All unit classes have the same rights on investment schemes (which may be Associated Funds). winding up.

The movement in units in issue for the period ended 31 December 2017 is as follows:

For the period from Risk and Reward Profile 15.5.2017 to 31.12.2017 Lower risk Higher risk X1 Accumulation Units Typically lower rewards Typically higher rewards

Balance at the beginning of the period – Unit Class Issued during the period 626,383,289 X1 Accumulation 1 2 3 4 5 6 7 Cancelled during the period (15,651,522) • The risk indicator was calculated incorporating simulated historical data and may not be a reliable Balance at the end of the period 610,731,767 indication of the future risk profile of the Fund.

16. Post Balance Sheet Events • The risk category shown is not guaranteed and may change over time. There have been no significant events subsequent to the period end, which, in the opinion of the Manager, • The lowest category does not mean risk free. may have had an impact on the financial statements for the period ended 31 December 2017. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which are available at www.blackrock.com.

59 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 60 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Performance Table Tracking Difference

Since Launch Tracking difference is defined as the difference in returns between a fund and its benchmark index. 15.5.2017§ to 31.12.2017 The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the constituents of the benchmark index by holding all the securities comprising the benchmark index in similar TOTAL RETURN (with net income reinvested) proportions to their weightings in the benchmark index. Class X1 Accumulation Units ACS Japan Equity Tracker Fund +11.6% Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, these impacts can be either FTSE Japan Index* +11.5% positive or negative depending on the underlying circumstances. All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. § Three and five year performance data does not exist as the Fund launched in May 2017. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered by the * Figures from Index Vendor. Fund on any income received from its investments. The level and quantum of tracking difference arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried All financial investments involve an element of risk. Therefore, the value of your investment and the income out by the Fund. from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance The table below compares the realised Fund performance against the performance of the relevant benchmark and should not be the sole factor of consideration when selecting a product. index during the period ended 31 December 2017. An explanation for the difference is provided:

Fund return Benchmark return for the period for the period from 15.5.2017 from 15.5.2017 Tracking to 31.12.2017 to 31.12.2017 difference Explanation of the tracking difference Before costs, the tracking difference of the Fund was principally due to the dividend withholding tax advantages of the Fund +11.6%* +11.5% +0.1% versus the benchmark.

* Performance is calculated gross of fees and reported for the Fund’s class X1 Accumulation Units.

61 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 62 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Tracking Error Classification of Investments

Realised tracking error is the annualised standard deviation of the difference in monthly returns between a The following chart provides an analysis of the portfolio weightings as at 31 December 2017 by its fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark respective equity sector allocations. The Fund launched on 15 May 2017, therefore no comparatives have index over a defined period of time. been presented.

Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. 31 December 2017

This Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the  Automobiles & Parts 11.42% constituents of the benchmark index by holding all the securities comprising the benchmark index in similar  Banks 7.62% proportions to their weightings in the benchmark index.  Beverages 1.45%  Chemicals 4.95% Cash management, efficient portfolio management techniques including securities lending and transaction  Construction & Materials 2.94% costs from rebalancing can have an impact on tracking error as well as the return differential between the  Electricity 1.19% Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on  Electronic & Electrical Equipment 6.64% the underlying circumstances.  Financial Services 2.28%  Food Producers 1.97% In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the General Retailers 3.79% Fund on any income received from its investments. The level and quantum of tracking error arising due to  Health Care Equipment and Services 1.13% withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various tax  authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out  Household Goods & Home Construction 1.52% by the Fund.  Industrial Engineering 7.00%  Industrial Metals & Mining 1.48% The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex-ante  Leisure Goods 4.59% basis) against the realised tracking error of the Fund as at 31 December 2017. The realised tracking error is  Life Insurance 1.33% annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not  Mobile Telecommunications 3.66% been trading for 36 months, the annualised tracking error since inception has been presented.  Non-life Insurance 1.58%  Personal Goods 2.25% Anticipated Realised  Pharmaceuticals & Biotechnology 5.44% Tracking Error Tracking Error  Real Estate Investment & Services 2.38% ACS Japan Equity Tracker Fund Up to 2.80%* N/A*  Software & Computer Services 1.37% Support Services 4.58% * The Fund recently launched on 15 May 2017 and there is insufficient data available to present a meaningful annualised realised tracking error for the period.  Figures represent the anticipated tracking error & realised tracking error for the Fund’s class X1 Accumulation Units.  Technology Hardware & Equipment 3.98%  Travel & Leisure 4.77%  Other 6.97%  Net other assets 1.72%

63 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 64 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Investment Report Performance Record

Summary of Performance over the Period Comparative Table

The Fund returned 11.6%* during the period from 15 May 2017 (launch date) to 31 December 2017, X1 Accumulation Units outperforming the FTSE Japan Index, which returned 11.5%. Before costs, the tracking difference of the Fund was principally due to the dividend withholding tax advantages of the Fund versus the benchmark. For the period from 15.5.2017^ to 31.12.2017 Fund Manager’s Commentary Pence per unit Japanese stocks fared very well in the review period, with the Topix Index moving from around 1,580 in Change in net assets per unit mid-May to end December 2017 above 1,819. On the economic front, by the end of June 2017, the Japanese Opening net asset value per unit 100.00 economy had posted six consecutive quarters of Gross Domestic Product (“GDP”) growth as a result of economic policies advocated by Prime Minister Shinzo¯ Abe (‘Abenomics’). This strength continued in the third Return before operating charges 11.46 quarter of 2017, when the Japanese economy grew by 0.6% (annualised). Inflation remained stubbornly low, Operating charges (0.01) however. Consumer prices grew by 0.7% in August and September 2017, a high for the review period. The Return after operating charges 11.45 pace of growth subsequently dipped to 0.2% in October 2017, then 0.6% in November 2017. Distributions (1.10) Throughout the period, the Bank of Japan voted to keep its benchmark interest rate negative at (0.1%). It also Retained distributions on accumulation units 1.10 opted to keep stimulative monetary policies unchanged, as low inflation persisted and other economic data Closing net asset value per unit 111.45 remained mixed. After direct transaction costs of 0.00 At the end of August 2017, Prime Minister Shinzo¯ Abe (the “Prime Minister”) met with UK Prime Minister Theresa May to discuss how Brexit could affect Japan’s significant investment in Britain in its capacity as a Performance gateway to the European Union (“EU”). Japan did not rule out a new trade deal with the UK, but did reiterate Return after charges1 11.45% its primary commitment was to the new agreement with the EU, which was announced in July 2017. Other information The Prime Minister’s party suffered a setback in July’s metropolitan elections. However, the Prime Minister’s Closing net asset value (£000’s) 278,161 subsequent handling of North Korean aggression restored his popularity, to the extent that he called a snap general election for October. The Prime Minister secured a two-thirds majority, a sign of confidence in Closing number of units 249,584,881 ‘Abenomics’. Investors viewed the victory positively, hoping that it would pave the way for more fiscal stimulus Operating charges2 0.02% measures. Direct transaction costs3 0.00%

In the last three months of the period 2017, Japanese equities notched up solid gains. Economic data Prices Pence per unit improved, while the Yen moved lower, bolstering sentiment towards Japan’s export-reliant industries. Earnings reports from Japanese companies exceeded estimates by 16.0% on average, lending further support to Highest offer unit price 114.10 share-price performance. At the same time, the Prime Minister announced an $18 billion economic stimulus Lowest bid unit price 98.83 package. Less positively, the corporate sector was hit by labour shortages, with companies in various ^ The date of commencement of operations. industries reporting business difficulties relating to being short-staffed. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paid to an underlying January 2018 collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of debt instruments. * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial See note 14 for further details. statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s X1 Accumulation Units.

65 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 66 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Distribution Table Portfolio Statement for the period from 15 May 2017 to 31 December 2017 at 31 December 2017

Final Distribution in Pence per Unit Holding or Market % of Nominal Value Total Net X1 Accumulation Value Investment £000’s Assets Units† EQUITIES – 98.26% Net revenue 1.0994 JAPAN – 98.26% Distribution payable 28.2.2018 1.0994 Automobiles & Parts – 11.42% † The Fund launched on 15 May 2017, therefore no comparatives have been presented. 16,500 Aisin Seiki 686 0.25 59,300 Bridgestone 2,043 0.73 45,400 Denso 2,019 0.73 2,800 Exedy 64 0.02 34,000 GS Yuasa 125 0.05 167,500 Honda Motor 4,251 1.53 20,500 JTEKT 261 0.09 10,700 Koito Manufacturing 556 0.20 52,500 Mazda Motor 521 0.19 63,800 Mitsubishi Motors 341 0.12 17,900 NGK Spark Plug 322 0.12 15,200 NHK Spring 124 0.04 3,900 Nifco 197 0.07 184,400 Nissan Motor 1,362 0.49 7,300 Nissan Shatai 55 0.02 10,400 NOK 180 0.06 42,100 NSK 491 0.18 13,800 Stanley Electric 415 0.15 57,300 Subaru 1,350 0.49 69,900 Sumitomo Electric 876 0.31 16,300 Sumitomo Rubber Industries 225 0.08 38,900 Suzuki Motor 1,671 0.60 4,800 Tokai Rika 75 0.03 8,900 Toyo Tire & Rubber 136 0.05 7,100 Toyoda Gosei 134 0.05 5,500 Toyota Boshoku 85 0.03 14,800 Toyota Industries 705 0.25 243,600 Toyota Motor 11,555 4.15 4,500 TS Tech 137 0.05 26,200 Yamaha Motor 636 0.23 9,300 Yokohama Rubber 169 0.06 31,767 11.42

67 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 68 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Banks – 7.62% Beverages – 1.45% 6,600 77th Bank 123 0.04 35,400 Asahi Breweries 1,301 0.47 10,600 Aozora 305 0.11 11,000 Coca-Cola Bottlers 298 0.11 18,000 Awa Bank 85 0.03 5,300 ITO EN 154 0.05 6,900 Bank of Kyoto 267 0.10 6,900 Kagome 190 0.07 59,000 Chiba Bank 364 0.13 77,700 Kirin 1,450 0.52 16,000 Chugoku Bank 159 0.06 5,900 Sapporo 134 0.05 107,900 Concordia Financial 482 0.17 11,400 Suntory Beverage & Food 376 0.13 3,000 Daishi 101 0.04 15,900 Takara 137 0.05 67,000 Fukuoka Financial 279 0.10 4,040 1.45 38,700 Gunma Bank 173 0.06 37,500 Hachijuni Bank 159 0.06 Chemicals – 4.95% 26,000 Hiroshima Bank 168 0.06 14,000 Air Water 219 0.08 11,600 Hokuhoku Financial 134 0.05 118,300 Asahi Kasei 1,131 0.41 24,300 Iyo Bank 144 0.05 29,000 Daicel Chemical 244 0.09 37,900 Japan Post Bank 366 0.13 7,800 Denka 231 0.08 3,400 Juroku Bank 74 0.03 7,300 DIC 204 0.07 21,000 Keiyo Bank 71 0.03 9,500 Hitachi Chemical 181 0.07 35,100 Kyushu Financial 157 0.06 16,900 JSR 247 0.09 94,500 Mebuki Financial 296 0.11 26,000 Kaneka 176 0.06 1,208,100 Mitsubishi UFJ Financial 6,562 2.36 17,400 Kansai Paint 335 0.12 2,389,300 Mizuho Financial 3,214 1.15 34,800 Kuraray 486 0.18 14,400 Nishi-Nippon Financial 128 0.05 120,300 Mitsubishi Chemical 978 0.35 26,800 North Pacific Bank 67 0.02 17,600 Mitsubishi Gas Chemical 374 0.13 202,000 Resona 894 0.32 16,600 Mitsui Chemicals 396 0.14 15,000 San-In Godo Bank 107 0.04 10,300 Nagase 138 0.05 23,400 Senshu Ikeda 64 0.02 16,000 Nippon Kayaku 176 0.06 59,600 Seven Bank 151 0.05 14,800 Nippon Paint 347 0.13 23,000 Shiga Bank 87 0.03 3,000 Nippon Shokubai 150 0.05 15,200 Shinsei Bank 195 0.07 14,000 Nissan Chemical Industries 413 0.15 49,000 Shizuoka Bank 375 0.13 14,800 Nitto Denko 974 0.35 125,400 Sumitomo Mitsui Financial 4,012 1.44 6,500 NOF 129 0.05 34,600 Sumitomo Mitsui Trust 1,018 0.37 38,500 Shin-Etsu Chemical 2,898 1.04 15,600 Suruga Bank 248 0.09 12,100 Showa Denko 383 0.14 20,000 Yamaguchi Financial 176 0.06 140,000 Sumitomo Chemical 746 0.27 13,200 Taiyo Nippon Sanso 137 0.05 21,205 7.62 16,400 Teijin 271 0.10 144,500 Toray Industries 1,009 0.36 26,600 Tosoh 447 0.16 9,500 UBE 207 0.07 14,000 Zeon 150 0.05 13,777 4.95

69 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 70 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Construction & Materials – 2.94% Electronic & Electrical Equipment – 6.64% 4,800 Aica Kogyo 132 0.05 18,900 Alps Electric 400 0.14 18,800 Asahi Glass 603 0.22 6,300 Azbil 202 0.07 9,900 Comsys 212 0.08 59,000 Fuji Electric 329 0.12 24,900 Daikin 2,183 0.78 25,100 Fujikura 164 0.06 25,400 Haseko 292 0.11 5,500 Furukawa Electric 201 0.07 84,000 Kajima 598 0.22 12,400 Hamamatsu Photonics 309 0.11 10,000 Kandenko 78 0.03 3,000 Hirose Electric 325 0.12 12,000 Kinden 145 0.05 438,000 Hitachi 2,525 0.91 24,700 LIXIL 496 0.18 3,400 Horiba 152 0.05 12,000 Maeda 123 0.04 34,900 Hoya 1,290 0.46 6,000 Maeda Road Construction 102 0.04 9,000 Ibiden 100 0.04 5,000 Nippo 87 0.03 4,000 Japan Aviation Electronics 50 0.02 63,100 Obayashi 566 0.20 35,900 Japan Display 54 0.02 18,200 Sanwa Holdings 186 0.07 8,500 Keyence 3,528 1.27 53,000 Shimizu 405 0.15 29,000 Kyocera 1,406 0.50 34,000 Sumitomo Osaka Cement 121 0.04 4,800 Mabuchi Motor 193 0.07 11,700 Taiheiyo Cement 374 0.13 39,100 Minebea 607 0.22 19,400 Taisei 716 0.26 17,700 Murata Manufacturing 1,760 0.63 21,000 Toda 125 0.04 24,300 NGK Insulators 340 0.12 14,200 Toto 620 0.22 22,200 Nidec 2,308 0.83 8,164 2.94 7,600 Nippon Electric Glass 215 0.08 18,300 Omron 808 0.29 Electricity – 1.19% 9,700 Taiyo Yuden 112 0.04 65,500 Chubu Electric Power 603 0.22 11,200 TDK 661 0.24 25,300 Chugoku Electric Power 202 0.07 10,500 Ushio 111 0.04 17,000 Electric Power Development 339 0.12 22,700 Yokogawa Electric 322 0.12 17,100 Hokkaido Electric Power 83 0.03 18,472 6.64 16,300 Hokuriku Electric Power 97 0.04 70,300 Kansai Electric Power 638 0.23 Financial Services – 2.28% 41,700 Kyushu Electric Power 324 0.12 35,300 Acom 110 0.04 15,000 Shikoku Electric Power 121 0.04 11,200 AEON Financial Service 193 0.07 46,500 Tohoku Electric Power 440 0.16 28,600 Aiful 73 0.03 153,600 Tokyo Electric Power 450 0.16 12,300 Aplus Financial 9 0.00 3,297 1.19 15,600 Credit Saison 210 0.08 156,000 Daiwa Securities 725 0.26 4,000 Hitachi Capital 75 0.03 18,000 Ichigo 50 0.02 3,100 JAFCO 133 0.05 50,400 Japan Exchange 650 0.23 8,700 Matsui Securities 54 0.02

71 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 72 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

39,500 Mitsubishi UFJ Lease & Finance 174 0.06 6,900 Nissin Food Products 373 0.13 5,700 Nihon M&A Center 201 0.07 8,300 Toyo Suisan Kaisha 263 0.09 310,600 Nomura 1,359 0.49 9,600 Yakult Honsha 536 0.19 49,100 Orient 58 0.02 11,600 Yamazaki Baking 168 0.06 121,200 Orix 1,518 0.55 5,482 1.97 22,500 SBI 349 0.12 20,200 Tokai Tokyo Financial 97 0.03 Forestry & Paper – 0.18% 4,700 Tokyo Century 169 0.06 8,300 Nippon Paper Industries 117 0.04 4,400 Zenkoku Hosho 140 0.05 80,000 Oji 394 0.14 6,347 2.28 511 0.18 Fixed Line Telecommunications – 0.79% Gas, Water & Multiutilities – 0.50% 62,900 Nippon Telegraph & Telephone 2,193 0.79 38,700 Osaka Gas 552 0.20 8,600 Toho Gas 175 0.06 Food & Drug Retailers – 0.70% 39,000 Tokyo Gas 661 0.24 3,200 Ain Pharmaciez 142 0.05 1,388 0.50 800 Cosmos Pharmaceutical 124 0.04 7,500 FamilyMart 389 0.14 General Industrials – 0.95% 1,400 Kusuri no Aoki 55 0.02 2,000 FP 79 0.03 4,700 Lawson 231 0.08 11,900 IHI 294 0.11 7,200 Matsumotokiyoshi Holdings 220 0.08 4,400 Lintec 91 0.03 3,000 Sugi 113 0.04 11,300 Mitsubishi Materials 298 0.11 6,100 Sundrug 210 0.08 18,600 Rengo 101 0.04 3,300 Tsuruha 332 0.12 113,200 Sojitz 257 0.09 4,500 Welcia 144 0.05 354,000 Toshiba 731 0.26 1,960 0.70 15,000 Toyo Seikan 178 0.06 20,800 Toyota Tsusho 620 0.22 Food Producers – 1.97% 2,649 0.95 47,400 Ajinomoto 661 0.24 1,600 Ariake Japan 101 0.04 General Retailers – 3.79% 6,900 Calbee 166 0.06 2,400 Adastria 36 0.01 4,900 Ezaki Glico 180 0.06 64,400 AEON 806 0.29 4,100 Fuji Oil Holdings 89 0.03 4,400 Aoyama Trading 122 0.04 7,000 House Foods 172 0.06 6,300 Autobacs Seven 89 0.03 14,600 Itoham Yonekyu 99 0.04 6,300 Benesse 164 0.06 10,500 Kewpie 208 0.08 13,000 Bic Camera 139 0.05 16,000 Kikkoman 479 0.17 9,700 Dena 148 0.05 4,400 Megmilk Snow Brand 96 0.03 11,300 Don Quijote 438 0.16 12,600 Meiji Holdings 795 0.29 4,900 Fast Retailing 1,446 0.52 1,200 Mitsubishi Shokuhin 26 0.01 8,300 GREE 39 0.02 3,700 Morinaga 139 0.05 7,500 H2O Retailing 116 0.04 20,000 NH Foods 361 0.13 33,200 Isetan Mitsukoshi 305 0.11 10,200 Nichirei 209 0.08 3,500 Izumi 161 0.06 24,100 Nisshin Seifun 361 0.13 22,700 J Front Retailing 317 0.12

73 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 74 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

11,800 Kakaku.com 148 0.05 Industrial Engineering – 7.00% 2,800 Komeri 60 0.02 30,200 Amada 305 0.11 7,300 K's 138 0.05 15,000 Chiyoda 82 0.03 18,900 Marui 256 0.09 8,900 Daifuku 359 0.13 7,100 Nitori 749 0.27 2,600 Disco 428 0.15 9,300 Park 24 165 0.06 10,400 DMG Mori Seiki 159 0.06 75,100 Rakuten 509 0.18 9,400 Ebara 265 0.10 2,200 Ryohin Keikaku 508 0.18 18,300 Fanuc 3,257 1.17 73,000 Seven & I 2,248 0.81 24,300 Hino Motors 233 0.08 4,500 Shimachu 96 0.04 10,200 Hitachi Construction Machinery 274 0.10 2,000 Shimamura 163 0.06 4,700 Hoshizaki Electric 309 0.11 16,500 Start Today 372 0.13 51,600 Isuzu Motors 640 0.23 27,000 Takashimaya 211 0.08 5,800 Japan Steel Works 138 0.05 19,900 USS 312 0.11 19,900 JGC 285 0.10 70,700 Yamada Denki 289 0.10 13,500 Kawasaki Heavy Industries 351 0.13 10,550 3.79 85,100 Komatsu 2,280 0.82 104,500 Kubota 1,518 0.55 Health Care Equipment and Services – 1.13% 10,200 Kurita Water Industries 246 0.09 9,200 Asahi Intecc 234 0.08 4,400 Kyudenko 158 0.06 6,700 Nihon Kohden 115 0.04 25,700 Misumi 555 0.20 10,700 Nipro 118 0.04 187,400 Mitsubishi Electric 2,306 0.83 26,400 Olympus 750 0.27 26,300 Mitsubishi Heavy Industries 728 0.26 13,200 Sysmex 769 0.28 6,300 Mitsui Engineering & Shipbuilding 70 0.02 28,400 Terumo 996 0.36 8,600 Miura 171 0.06 9,500 Topcon 152 0.06 10,500 Nabtesco 298 0.11 3,134 1.13 39,000 NTN 143 0.05 2,600 Okuma 128 0.05 Household Goods & Home Construction – 1.52% 6,900 OSG 111 0.04 60,300 Daiwa House 1,716 0.62 24,600 Shimadzu 414 0.15 4,800 Fujitsu General 78 0.03 5,400 SMC 1,647 0.59 22,900 Makita 712 0.25 10,400 Sumitomo Heavy Industries 326 0.12 2,100 Pilot 75 0.03 10,100 TADANO 124 0.04 3,400 Rinnai 228 0.08 10,200 THK 284 0.10 5,300 Sanrio 66 0.02 4,400 ULVAC 206 0.07 32,800 Sekisui Chemical 488 0.17 20,700 Yaskawa Electric 675 0.24 53,400 Sekisui House 715 0.26 11,800 Sumitomo Forestry 156 0.06 19,473 7.00 4,234 1.52

75 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 76 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Industrial Metals & Mining – 1.48% 7,300 Shimano 760 0.27 3,200 Daido Steel 146 0.05 118,600 Sony 3,965 1.43 4,000 Dowa Mining 121 0.04 16,600 Yamaha 454 0.16 17,200 Hitachi Metals 183 0.07 12,754 4.59 48,000 JFE 854 0.31 27,300 Kobe Steel 188 0.07 Life Insurance – 1.33% 5,500 Maruichi Steel Tube 119 0.04 105,400 Dai-ichi Life 1,610 0.58 5,000 Mitsui Mining and Smelting 216 0.08 125,700 Japan Post 1,067 0.38 72,400 Nippon Steel & Sumitomo Metal 1,376 0.49 5,700 Japan Post Insurance 99 0.04 4,100 Nisshin Steel 50 0.02 15,800 Sony Financial 207 0.07 23,000 Sumitomo Metal Mining 783 0.28 56,000 T&D 709 0.26 3,600 Yamato Kogyo 77 0.03 3,692 1.33 4,113 1.48 Media – 0.87% Industrial Transportation – 0.89% 27,500 Dai Nippon Printing 454 0.16 2,800 Fukuyama Transporting 78 0.03 20,400 Dentsu 640 0.23 3,700 Hitachi Transport System 72 0.03 4,000 Fuji Media Holdings 47 0.02 4,200 Japan Airport Terminal 115 0.04 21,300 Hakuhodo 205 0.07 10,000 Kamigumi 164 0.06 18,400 M3 480 0.17 7,500 Kawasaki Kisen Kaisha 142 0.05 4,500 Nippon Television Network 57 0.02 6,000 Mitsubishi Logistics 115 0.04 1,000 Shochiku 126 0.05 10,000 Mitsui O.S.K. Lines 247 0.09 12,800 SKY Perfect JSAT 43 0.02 7,000 Nippon Express 345 0.12 10,600 Toho 272 0.10 15,000 Nippon Yusen KK 271 0.10 3,400 Tokyo Broadcasting System 63 0.02 4,600 Sankyu 147 0.05 2,600 TV Asahi 39 0.01 16,500 Seino 194 0.07 2,426 0.87 7,400 SG Holdings 111 0.04 Mobile Telecommunications – 3.66% 32,400 Yamato 483 0.17 2,000 Hikari Tsushin 213 0.08 2,484 0.89 169,500 KDDI 3,126 1.12 Leisure Goods – 4.59% 123,000 NTT Docomo 2,153 0.77 19,900 Casio Computer 212 0.08 80,000 SoftBank 4,693 1.69 4,700 COLOPL 38 0.01 10,185 3.66 3,700 Daiichikosho 137 0.05 Nonlife Insurance – 1.58% 39,700 GungHo Online Entertainment 81 0.03 47,500 MS&AD Insurance 1,191 0.43 8,900 Konami 363 0.13 33,900 Sompo Japan Nipponkoa 973 0.35 18,000 Namco Bandai 436 0.16 65,600 Tokio Marine 2,217 0.80 18,700 Nexon 403 0.15 31,800 Nikon 475 0.17 4,381 1.58 10,000 Nintendo 2,709 0.97 Oil Equipment, Services & Distribution – 0.16% 201,800 Panasonic 2,188 0.79 14,600 Idemitsu Kosan 434 0.16 18,400 Sega Sammy 169 0.06

14,300 Sharp 364 0.13

77 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 78 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Oil & Gas Producers – 0.94% 38,800 Otsuka Holdings 1,261 0.45 6,000 Cosmo Energy 167 0.06 9,100 PeptiDream 231 0.08 85,600 Inpex 793 0.29 8,900 Rohto Pharmaceutical 176 0.06 2,800 Japan Petroleum Exploration 55 0.02 35,900 Santen Pharmaceutical 418 0.15 297,600 JXTG 1,423 0.51 4,500 Sawai Pharmaceutical 149 0.05 17,500 Showa Shell Sekiyu 176 0.06 26,600 Shionogi 1,066 0.38 2,614 0.94 14,500 Sumitomo Dainippon 160 0.06 7,500 Suzuken 228 0.08 Personal Goods – 2.25% 4,200 Taisho Pharmaceutical 249 0.09 2,200 ABC-Mart 93 0.03 72,000 Takeda Pharmaceutical 3,030 1.09 16,100 ASICS 190 0.07 6,100 Tsumura 150 0.06 26,800 Citizen 145 0.05 15,139 5.44 45,700 Kao 2,289 0.82 2,600 Kose 301 0.11 Real Estate Investment & Services – 2.38% 22,700 Lion 319 0.12 10,700 AEON Mall 155 0.06 12,200 Nisshinbo Industries 122 0.04 2,700 Daikyo 39 0.01 2,900 Paltac 98 0.04 6,700 Daito Trust Construction 1,012 0.36 9,800 Pigeon 276 0.10 32,000 Hulic 267 0.10 6,800 Pola Orbis 177 0.06 13,900 Iida 194 0.07 36,900 Shiseido 1,322 0.48 21,500 Leopalace21 124 0.04 8,100 Toyobo 109 0.04 111,700 Mitsubishi Estate 1,440 0.52 35,200 Uni-Charm 678 0.24 89,600 Mitsui Fudosan 1,487 0.54 5,500 Wacoal 129 0.05 10,900 Nomura Real Estate 181 0.07 6,248 2.25 10,800 NTT Urban Development 93 0.03 8,900 Relo 179 0.06 Pharmaceuticals & Biotechnology – 5.44% 40,000 Sumitomo Realty & Development 974 0.35 16,400 Alfresa 285 0.10 19,200 Tokyo Tatemono 192 0.07 192,200 Astellas Pharma 1,814 0.65 50,500 Tokyu Fudosan 270 0.10 20,900 Chugai Pharmaceutical 792 0.29 6,607 2.38 62,300 Daiichi Sankyo 1,203 0.43 24,800 Eisai 1,046 0.38 Software & Computer Services – 1.37% 6,700 Hisamitsu Pharmaceutical 301 0.11 4,500 Capcom 106 0.04 3,100 Kaken Pharmaceutical 119 0.04 8,900 CyberAgent 257 0.09 3,100 Kissei Pharmaceutical 65 0.02 4,300 Itochu Techno-Solutions 138 0.05 5,700 Kobayashi Pharmaceutical 274 0.10 4,200 Koei Tecmo 63 0.02 3,900 Kyorin 54 0.02 3,100 LINE 94 0.03 23,300 Kyowa Hakko Kogyo 334 0.12 10,000 Nomura Research Institute 344 0.12 15,000 MediPal 218 0.08 3,000 NS Solutions 61 0.02 5,100 Miraca 161 0.06 57,500 NTT Data 506 0.18 20,600 Mitsubishi Tanabe Pharma 316 0.11 6,100 OBIC 331 0.12 1,200 Mochida Pharmaceutical 68 0.03 600 OBIC Business Consultants 26 0.01 4,700 Nippon Shinyaku 260 0.09 3,200 Oracle Japan 197 0.07 41,200 Ono Pharmaceutical 711 0.26 4,600 Otsuka 261 0.10 3,700 SCSK 126 0.05

79 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 80 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure Value Total Net Value Investment £000’s Assets Value Investment £000’s £000’s Assets

7,300 Square-Enix 256 0.09 Tobacco – 0.97% 7,500 TIS 194 0.07 112,900 Japan Tobacco 2,693 0.97 10,600 Trend Micro 444 0.16 Travel & Leisure – 4.77% 123,400 Yahoo Japan 419 0.15 10,500 ANA 325 0.12 3,823 1.37 16,900 Central Japan Railway 2,243 0.81 35,200 East Japan Railway 2,543 0.91 Support Services – 4.58% 3,200 H.I.S. 86 0.03 2,000 ASKUL 42 0.02 20,900 Hankyu 622 0.22 5,300 GLORY 148 0.05 4,900 Heiwa 68 0.02 1,400 GMO Payment Gateway 86 0.03 10,900 Japan Airlines 316 0.11 132,000 ITOCHU 1,826 0.66 9,000 Keihan 196 0.07 150,300 Marubeni 807 0.29 22,500 Keikyu 320 0.12 121,400 Mitsubishi 2,485 0.89 10,600 Keio 346 0.12 159,500 Mitsui 1,921 0.69 12,700 Keisei Electric Railway 302 0.11 5,200 Monotaro 123 0.04 16,400 Kintetsu 466 0.17 113,200 Recruit 2,084 0.75 14,600 Kyushu Railway 335 0.12 18,100 Secom 1,013 0.36 17,000 Nagoya Railroad 317 0.11 6,200 Sohgo Security Services 250 0.09 9,800 Nankai Electric Railway 180 0.06 103,900 Sumitomo 1,307 0.47 6,600 Nishi-Nippon Railroad 132 0.05 16,100 Temp 299 0.11 27,600 Odakyu Electric Railway 437 0.16 4,900 Toppan Forms 41 0.01 18,100 Oriental Land 1,222 0.44 48,000 Toppan Printing 321 0.12 5,800 Resorttrust 98 0.04 12,753 4.58 4,700 Sankyo 110 0.04 Technology Hardware & Equipment – 3.98% 19,800 Seibu 277 0.10 17,300 Advantest 238 0.09 15,900 Skylark 168 0.06 21,700 Brother Industries 397 0.14 7,200 Sotetsu 140 0.05 97,000 Canon 2,680 0.96 18,600 Tobu Railway 445 0.16 4,300 Canon Marketing Japan 86 0.03 46,500 Tokyu 550 0.20 36,800 Fujifilm 1,114 0.40 17,000 West Japan Railway 919 0.33 181,000 Fujitsu 956 0.34 8,100 Zensho 103 0.04 5,900 Hitachi High-Technologies 184 0.07 13,266 4.77 4,500 Hitachi Kokusai Electric 92 0.03 DERIVATIVES – 0.02% 41,500 Konica Minolta 296 0.11 Futures – 0.02% 23,300 NEC 466 0.17 40 TOPIX March 2018 4,781 62 0.02 44,400 Renesas Electronics 384 0.14 63,700 Ricoh 438 0.16 Portfolio of investments 273,375 98.28 8,100 ROHM 664 0.24 Net other assets 4,786 1.72 3,800 SCREEN 230 0.08 25,600 Seiko Epson 447 0.16 Total net assets 278,161 100.00 21,800 SUMCO 414 0.15 Note: The Fund launched on 15 May 2017, therefore no comparatives have been presented. 14,700 Tokyo Electron 1,972 0.71 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market 11,058 3.98 value of an equivalent position in the assets underlying each financial derivative instrument.

81 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 82 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Statement of Total Return Balance Sheet for the period from 15 May 2017 to 31 December 2017 at 31 December 2017

For the period 31.12.2017 from 15.5.2017 Notes £000’s to 31.12.2017 Assets: Notes £000’s £000’s Fixed assets Income – Investment assets 273,375 Net capital gains 3 24,505 Current assets Revenue 4 2,738 – Debtors 9 794 Expenses 5 (21) – Cash and bank balances 10 4,010 Interest payable and similar charges 6 (7) Total assets 278,179 Net revenue before taxation 2,710 Liabilities: Taxation 7 – Creditors Net revenue after taxation 2,710 – Other creditors 11 (18) Total return before distributions 27,215 Total liabilities (18) Distributions 8 (2,710) Net assets attributable to unitholders 278,161 Change in net assets attributable to unitholders from investment activities 24,505 Note: The Fund launched on 15 May 2017, therefore no comparatives have been presented.

R A R Hayes (Director) Statement of Change in Net Assets Attributable to Unitholders A M Lawrence (Director) for the period from 15 May 2017 to 31 December 2017 BlackRock Fund Managers Limited 23 February 2018 For the period from 15.5.2017 to 31.12.2017 £000’s £000’s

Opening net assets attributable to unitholders – Amounts receivable on issue of units 16,898 In-specie from Connect Japan Equity Tracker Fund* 242,259 Amounts payable on cancellation of units (8,245) 250,912 Change in net assets attributable to unitholders from investment activities 24,505 Retained distributions on accumulation units 2,744 Closing net assets attributable to unitholders 278,161

Note: The Fund launched on 15 May 2017, therefore no comparatives have been presented. * The Connect Japan Equity Tracker Fund was part of BlackRock Life Limited, a related party to BlackRock Fund Managers Limited.

83 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 84 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Notes to Financial Statements Notes to Financial Statements continued for the period from 15 May 2017 to 31 December 2017

3. Net Capital Gains Payable to the Depositary or associates of the Depositary: – Depositary fee 11 For the period from 15.5.2017 11 to 31.12.2017 Other expenses: £000’s – Audit fees 7 The net capital gains comprise: – Safe custody fees 3 Gains on non-derivative securities 23,840 10 Gains on derivative securities 819 Total expenses 21 Forward currency contracts (8) Currency losses (141) 6. Interest Payable and Similar Charges Custodian transaction costs (5) For the period Net capital gains 24,505 from 15.5.2017 to 31.12.2017 4. Revenue £000’s Interest on bank overdrafts 7 For the period from 15.5.2017 Total interest payable and similar charges 7 to 31.12.2017 £000’s 7. Taxation Overseas dividends 2,720 (a) Analysis of tax charge Securities lending revenue 18 As the Fund is an Authorised Contractual Scheme, it is exempt from United Kingdom (UK) tax on capital gains realised on the disposal of investments held within the Fund and any UK corporation tax. Total revenue 2,738

85 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 86 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

The distributable amount has been calculated as follows: 13. Related Parties Net revenue after taxation 2,710 Parties are considered to be related if one party has the ability to control the other party or exercise Distributions 2,710 significant influence over the other party in making financial or operational decisions.

Details of the final distribution per unit are set out in the table on page 67. The following entities were related parties of the Fund during the period ended 31 December 2017:

Manager/Registrar: BlackRock Fund Managers Limited 9. Debtors Investment Manager: BlackRock Investment Management (UK) Limited 31.12.2017 Stock lending agent: BlackRock Advisors (UK) Limited £000’s The ultimate holding company of the Manager, Investment Manager and stock lending agent is BlackRock Accrued revenue 350 Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. Amounts receivable on issue of units 444 (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund Total debtors 794 during the period ended 31 December 2017.

The Manager acts as either principal or agent for the Depositary in respect of all transactions of units 10. Cash and Bank Balances of the Fund. The aggregate monies received through issue and paid through cancellation of units are 31.12.2017 disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts £000’s due to or from the Manager at the period end are disclosed in notes 9 and 11. Securities lending revenue Amounts held at futures clearing houses and brokers 21 earned by the Fund is disclosed in note 4. Cash and bank balances 3,989 The Investment Manager, in accordance with the Contractual Scheme Deed, may enter into commission Total cash and bank balances 4,010 sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group.

87 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 88 ACS Japan Equity Tracker Fund ACS Japan Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

13. Related Parties continued 14. Portfolio Transaction Costs The following investor(s) For the period from 15 May 2017 to 31 December 2017

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or Direct Transaction Costs (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue Transaction Value Commissions Taxes in the Fund and are as a result, considered to be related parties to the Fund. Purchases (excluding derivatives) £000’s £000’s % £000’s % Equity instruments 10,925 2 0.02 – – As at 31 December 2017: In-specie transactions 242,259 – – – – Total % of units Total purchases 253,184 2 – Number of investors held by unitholders holding 51% or more holding 51% or more Total purchases including of the voting units of the voting units transaction costs 253,186 in issue who are not in issue who are not Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds Direct Transaction Costs Nil 1 99% Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % The Fund launched on 15 May 2017, therefore no comparatives have been presented. Equity instruments 3,712 1 0.03 – –

All related party transactions were carried out at arm’s length in the ordinary course of business. Total sales 3,712 1 – The terms and returns received by the related parties in making the investments above were no more Total sales net of transaction favourable than those received by other investors investing into the same unit class. costs 3,711

Total transaction costs 3 –

Total transaction costs as a % of average net assets 0.00% 0.00%

The above analysis covers direct transaction costs incurred by the Fund during the period. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types.

Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.16%.

89 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 90 ACS Japan Equity Tracker Fund ACS UK Equity Tracker Fund

Notes to Financial Statements continued About the Fund

The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted 15. Units in Issue as a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 14 February 2017 and launched on 7 June 2017. Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution table. All unit classes have the same rights on winding up. Investment Objective & Policy

The movement in units in issue for the period ended 31 December 2017 is as follows: The aim of the Fund is to seek to achieve a total return for investors by tracking closely the performance of the FTSE All Share Index (the “Benchmark Index”) by investing in companies in the benchmark index. Investment For the period from will be made directly into constituent companies and via other transferable securities giving exposure to such 15.5.2017 to 31.12.2017 companies. The Fund may also invest in permitted money-market instruments, derivatives, permitted deposits, and units in collective investment schemes (which may be Associated Funds). X1 Accumulation Units

Balance at the beginning of the period – Issued during the period 257,379,360 Risk and Reward Profile Cancelled during the period (7,794,479) Balance at the end of the period 249,584,881 Lower risk Higher risk Typically lower rewards Typically higher rewards 16. Post Balance Sheet Events Unit Class There have been no significant events subsequent to the period end, which, in the opinion of the Manager, X1 Accumulation 1 2 3 4 5 6 7 may have had an impact on the financial statements for the period ended 31 December 2017. • The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which are available at www.blackrock.com.

91 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 92 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Performance Table Tracking Difference

Since Launch Tracking difference is defined as the difference in returns between a fund and its benchmark index. 7.6.2017§ to 31.12.2017 The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the constituents of the benchmark index by holding all the securities comprising the benchmark index in similar TOTAL RETURN (with net income reinvested) proportions to their weightings in the benchmark index. Class X1 Accumulation Units ACS UK Equity Tracker Fund +4.0% Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, these impacts can be either FTSE All-Share Index* +4.0% positive or negative depending on the underlying circumstances. All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. § Three and five year performance data does not exist as the Fund launched in June 2017. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered by the * Figures from Index Vendor. Fund on any income received from its investments. The level and quantum of tracking difference arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried All financial investments involve an element of risk. Therefore, the value of your investment and the income out by the Fund. from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance The table below compares the realised Fund performance against the performance of the relevant benchmark and should not be the sole factor of consideration when selecting a product. index during the period ended 31 December 2017. An explanation for the difference is provided:

Fund return Benchmark return for the period for the period from 7.6.2017 from 7.6.2017 Tracking to 31.12.2017 to 31.12.2017 difference Explanation of the tracking difference Before costs, the Fund performed in line +4.0%* +4.0% +0.0% with the index.

* Performance is calculated gross of fees and reported for the Fund’s class X1 Accumulation Units.

93 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 94 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Tracking Error Classification of Investments

Realised tracking error is the annualised standard deviation of the difference in monthly returns between a The following chart provides an analysis of the portfolio weightings as at 31 December 2017 by its respective fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark equity sector allocations. The Fund launched on 7 June 2017, therefore no comparatives have been presented. index over a defined period of time.

Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and 31 December 2017 the returns of its benchmark index.  Aerospace & Defence 1.71% This Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the  Banks 10.97% constituents of the benchmark index by holding all the securities comprising the benchmark index in similar  Beverages 2.98% proportions to their weightings in the benchmark index.  Collective Investment Schemes 4.06%  Construction & Materials 1.24% Cash management, efficient portfolio management techniques including securities lending and transaction  Financial Services 3.70 % costs from rebalancing can have an impact on tracking error as well as the return differential between the  Food & Drug Retailers 1.44% Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on  Food Producers 2.64% the underlying circumstances.  Gas, Water & Multiutilities 2.06% General Retailers 1.78% In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the  Health Care Equipment & Services 1.01% Fund 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 Fund with various tax  Household Goods & Home Construction 3.29% authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out  Life Insurance 4.27% by the Fund.  Media 3.27%  Mining 6.45% The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex-ante  Mobile Telecommunications 2.58 % basis) against the realised tracking error of the Fund as at 31 December 2017. The realised tracking error is  Oil & Gas Producers 12.40% annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not  Pharmaceuticals & Biotechnology 6.84% been trading for 36 months, the annualised tracking error since inception has been presented.  Real Estate Investment Trusts 1.98%  Software & Computer Services 1.12% Anticipated Realised  Support Services 4.50% Tracking Error Tracking Error  Tobacco 5.75% ACS UK Equity Tracker Fund Up to 0.20%* N/A*  Travel & Leisure 4.43%

* The Fund recently launched on 7 June 2017 and there is insufficient data available to present a meaningful annualised realised tracking error for the period.  Other 7.80% Figures represent the anticipated tracking error & realised tracking error for the Fund’s class X1 Accumulation Units.  Net other assets 1.73%

95 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 96 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Investment Report Performance Record

Summary of Performance over the Period Comparative Table

The Fund returned 4.0%* during the period from 7 June 2017 (launch date) to 31 December 2017, in line with X1 Accumulation Units the FTSE All Share Index, which also returned 4.0%. For the period from 7.6.2017^ to 31.12.2017 Fund Manager’s Commentary UK equities moved higher from 7 June to 31 December 2017. The period began with the general election, Pence per unit called by Prime Minister Theresa May in a bid to strengthen her Conservative Party’s (“the Tories”) majority Change in net assets per unit and secure support for a smooth Brexit process. Instead, the Tories lost seats and made a controversial Opening net asset value per unit 100.0 agreement with Northern Ireland’s Democratic Unionist Party, and talks with representatives from the European Union (“EU”) remained unproductive overall. Return before operating charges 4.45 Operating charges (0.01) The UK’s Brexit negotiations with the EU continued. Although the UK was keen to progress to trade talks, EU Return after operating charges 4.44 negotiators first required clarity on two key points – the notion of a ‘hard border’ in Ireland, and the ‘divorce bill’ (to honour financial commitments made the UK). In November, Prime Minister May agreed to a bill of Distributions (1.85) around €55 billion, although the final figure has yet to be fleshed out. UK equities responded well to the news, Retained distributions on accumulation units 1.85 which helped propel the FTSE 100 Index to a new high in December 2017. However, the ultimate effects of Closing net asset value per unit 104.44 Brexit were a source of concern for rating agency Moody’s, which downgraded the UK’s rating to Aa2. The agency cited both Brexit risks and stressed public finances. After direct transaction costs of 0.05

Economic data was mixed through the period 2017. Unemployment was a bright spot, at 4.3% over the Performance three months to end of October 2017 – a 42-year low. Inflation was a cause for concern though; consumer Return after charges1 4.44% prices were above target for all of the review period, finally peaking at 3.1% in November 2017. Retailers had reason to feel gloomy, after suffering their worst October for 10 years (according to a survey by accountancy Other information firm Binder Dijker Otte). However, manufacturers saw a growth in orders according to the Confederation for Closing net asset value (£000’s) 5,647,474 British Industry, which reported its monthly factory index rising to 17 in November from -2 in October 2017. Meanwhile, the National Institute of Economic and Social Research noted that economic growth had improved Closing number of units 5,407,307,247 over the past three months, and growth in the fourth quarter of 2017 was on track to be 0.5%. Operating charges2 0.01% Direct transaction costs3 0.05% Throughout the period, the Bank of England prepared investors for a normalisation of monetary policy. And in early November 2017, policymakers raised interest rates by 25 basis points to 0.5%, the first rise in a decade. Prices Pence per unit Sterling fell in response, perhaps because investors had already ‘priced in’ the rate hike. This moved buoyed the FTSE 100, whose performance is linked to the strength of Sterling. Highest offer unit price 104.02 Lowest bid unit price 97.24 January 2018 ^ The date of commencement of operations. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in * Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s X1 Accumulation Units. 2 Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of debt instruments. See note 14 for further details.

97 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 98 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Distribution Table Portfolio Statement for the period from 7 June 2017 to 31 December 2017 at 31 December 2017

Final Distribution in Pence per Unit Holding or Market % of Nominal Value Total Net X1 Accumulation Value Investment £000’s Assets Units† EQUITIES – 94.16% Net revenue 1.8460 UNITED KINGDOM – 94.16% Distribution payable 28.2.2018 1.8460 Aerospace & Defense – 1.71% † The Fund launched on 7 June 2017, therefore no comparatives have been presented. 56,882 Avon Rubber 680 0.01 7,196,969 BAE Systems 41,202 0.73 575,208 Chemring 1,056 0.02 5,421,984 Cobham 6,837 0.12 1,733,230 Meggitt 8,358 0.15 1,170,499 QinetiQ 2,705 0.05 3,672,663 Rolls-Royce 31,107 0.55 952,968 Senior 2,483 0.04 179,498 Ultra Electronics 2,418 0.04 96,846 1.71 Automobiles & Parts – 0.23% 3,734,163 GKN 11,897 0.21 368,975 TI Fluid Systems 920 0.02 12,817 0.23 Banks – 10.97% 619,982 Aldermore 1,923 0.03 74,845 Bank of Georgia 2,656 0.05 38,126,161 Barclays 77,434 1.37 2,034,621 CYBG 6,885 0.12 44,948,458 HSBC 344,350 6.10 160,205,089 Lloyds Banking Group 108,635 1.92 179,279 Metro Bank 6,425 0.11 396,150 OneSavings Bank 1,629 0.03 7,161,156 Royal Bank of Scotland Group 19,894 0.35 6,050,613 Standard Chartered 47,195 0.84 63,791 TBC Bank 1,100 0.02 581,610 Virgin Money 1,651 0.03 619,777 10.97 Beverages – 2.98% 174,809 A.G. Barr 1,156 0.02 619,350 Britvic 5,048 0.09 435,547 Coca-Cola HBC 10,540 0.19 5,536,242 Diageo 150,614 2.66 381,218 Stock Spirits 1,017 0.02 168,375 2.98

99 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 100 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Chemicals – 0.67% 325,205 TT Electronics 720 0.01 73,392 Carclo 89 0.00 154,047 Xaar 566 0.01 292,262 Croda International 12,927 0.23 29,288 XP Power 1,004 0.02 952,519 Elementis 2,738 0.05 27,357 0.48 427,527 Johnson Matthey 13,134 0.23 606,949 Synthomer 2,973 0.05 Equity Investment Instruments – 0.05% 98,677 Treatt 448 0.01 507,398 Aberforth Split Level Income Trust 497 0.01 185,457 Victrex 4,892 0.09 479,604 Funding Circle SME Income Fund 490 0.01 87,695 Zotefoams 392 0.01 705,917 GCP Asset Backed Income Fund (Registered) 731 0.01 193,035 JPMorgan US Smaller Companies Investment Trust 580 0.01 37,593 0.67 599 Lindsell Train Investment Trust 494 0.01 Construction & Materials – 1.24% 2,792 0.05 1,571,793 Balfour Beatty 4,645 0.08 226,731 Costain 1,059 0.02 Financial Services – 3.70% 1,870,723 CRH 49,705 0.88 2,128,506 3i Group 19,412 0.34 449,442 Forterra 1,337 0.02 1,422,583 3i Infrastructure 2,949 0.05 196,601 Henry Boot 609 0.01 297,258 Arrow Global 1,179 0.02 770,370 Ibstock 2,052 0.04 876,740 Ashmore 3,552 0.06 146,410 Keller 1,422 0.03 558,684 Brewin Dolphin 2,175 0.04 216,970 Kier 2,360 0.04 124,685 Charles Taylor Consulting 337 0.01 656,492 Low & Bonar 349 0.01 275,193 Charter Court Financial Services 777 0.01 408,875 Marshalls 1,853 0.03 42,590 City of London Investment 172 0.00 80,578 Morgan Sindall 1,150 0.02 326,631 Close Brothers 4,730 0.08 138,058 Norcros 246 0.01 319,511 CMC Markets 478 0.01 387,717 Polypipe 1,518 0.03 828,103 Foresight Solar Fund 888 0.02 365,580 Tyman 1,321 0.02 47,319 Fundsmith Emerging Equities Trust 618 0.01 66,414 Volution 134 0.00 598,447 Hargreaves Lansdown 10,784 0.19 77,260 Henderson Alternative Strategies 230 0.00 69,760 1.24 817,860 IG 5,868 0.10 Electricity – 0.57% 705,697 Intermediate Capital 8,080 0.14 929,747 Drax 2,505 0.04 444,808 International Personal Finance 878 0.02 2,268,794 SSE 29,903 0.53 1,594,382 Investec 8,530 0.15 32,408 0.57 2,235,469 IP 3,179 0.06 759,729 John Laing 2,232 0.04 Electronic & Electrical Equipment – 0.48% 934,018 Jupiter Fund Management 5,870 0.10 59,238 Dialight 326 0.01 78,043 Liontrust 367 0.01 885,839 Halma 11,162 0.20 711,679 London Stock Exchange Group 26,944 0.48 148,272 Luceco 165 0.00 3,647,558 Man 7,540 0.13 584,337 Morgan Advanced Materials 1,961 0.03 712,274 NEX 4,320 0.08 109,017 Oxford Instruments 924 0.02 564,382 Paragon 2,766 0.05 72,940 Renishaw 3,811 0.07 430,182 Provident Financial 3,863 0.07 270,325 Spectris 6,718 0.11 103,963 Rathbone Brothers 2,653 0.05 177,735 Real Estate Credit Investment 297 0.01

101 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 102 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

2,360,614 RSA Insurance Group 14,907 0.26 Forestry & Paper – 0.28% 7,674 S&U 171 0.00 812,185 Mondi 15,683 0.28 262,103 Schroders 9,216 0.17 Gas, Water & Multiutilities – 2.06% 871,024 SQN Asset Finance Income 771 0.01 12,856,568 Centrica 17,652 0.31 6,118,739 Standard Life Aberdeen 26,702 0.48 7,593,604 National Grid 66,406 1.18 1,207,821 TP ICAP 6,426 0.11 994,143 Pennon 7,744 0.14 765,252 VPC Specialty Lending Investments 589 0.01 514,880 Severn Trent 11,122 0.20 4,138,409 Worldpay Group 17,630 0.32 1,588,583 United Utilities Group 13,169 0.23 10,043 Xafinity 2 0.00 418,169 Xafinity 801 0.01 116,093 2.06 208,883 3.70 General Industrials – 0.94% 3,359,655 Coats 2,982 0.05 Fixed Line Telecommunications – 0.97% 2,194,440 DS Smith 11,356 0.20 18,655,340 BT Group 50,631 0.89 571,307 Gocompare.Com 601 0.01 1,050,290 KCOM 953 0.02 904,826 RPC 7,976 0.14 1,198,732 Talktalk Telecom 1,808 0.03 917,857 Smiths Group 13,676 0.24 122,059 Telecom Plus 1,462 0.03 551,008 Smurfit Kappa 13,803 0.25 54,854 0.97 487,011 Vesuvius 2,844 0.05 Food & Drug Retailers – 1.44% 53,238 0.94 3,736,329 Booker 8,556 0.15 General Retailers – 1.78% 227,701 Greggs 3,176 0.06 1,255,214 AA 2,132 0.04 3,625,701 J Sainsbury 8,753 0.15 1,782,569 B&M European Value Retail 7,542 0.14 154,709 McColl’s Retail 401 0.01 652,896 Card Factory 1,926 0.03 982,265 Ocado 3,896 0.07 100,716 Carpetright 171 0.00 1,049,171 SSP 7,155 0.13 2,433,625 Debenhams 839 0.01 18,487,450 Tesco 38,685 0.68 412,917 DFS Furniture 803 0.01 4,838,517 Wm Morrison Supermarkets 10,640 0.19 113,627 Dignity 2,068 0.04 81,262 1.44 2,201,897 Dixons Carphone 4,382 0.08 Food Producers – 2.64% 202,528 Dunelm 1,402 0.02 773,811 Associated British Foods 21,821 0.39 119,236 Findel 238 0.00 152,190 Carr’s Milling 186 0.00 409,153 Halfords 1,431 0.03 112,678 Cranswick 3,744 0.07 939,803 Inchcape 7,340 0.13 285,255 Dairy Crest 1,644 0.03 755,365 JD Sports Fashion 2,540 0.04 333,740 Devro 758 0.01 1,254,964 Just Eat 9,801 0.18 1,594,988 Greencore 3,664 0.06 4,881,162 Kingfisher 16,484 0.30 143,278 Hilton Food Group 1,237 0.02 645,521 Lookers 662 0.01 1,400,383 Premier Foods 588 0.01 3,657,943 Marks & Spencer Group 11,508 0.21 262,338 PureCircle Limited 1,214 0.02 171,513 Moss Bros 146 0.00 1,054,656 Tate & Lyle 7,414 0.13 295,425 Mothercare 192 0.00 2,594,324 Unilever (Registered) 106,990 1.90 113,839 Motorpoint 245 0.00 313,522 N Brown 846 0.01 149,260 2.64 315,481 Next 14,260 0.26

103 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 104 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

2,761,695 Pendragon 753 0.01 Industrial Engineering – 0.88% 968,119 Pets at Home 1,700 0.03 419,618 Bodycote 3,823 0.07 2,500,167 Saga 3,145 0.06 398,224 Fenner 1,591 0.03 493,142 Sports Direct International 1,859 0.03 5,613 Goodwin 110 0.00 293,842 Topps Tiles 233 0.00 161,621 Hill & Smith 2,164 0.04 242,126 WH Smith 5,654 0.11 639,855 IMI 8,529 0.15 100,302 1.78 4,467,914 Melrose Industries 9,463 0.17 75,320 Porvair 335 0.01 Health Care Equipment & Services –1.01% 402,425 Renold 187 0.00 143,038 Cambian 280 0.00 54,522 RHI Magnesita 2,129 0.04 100,708 Consort Medical 1,167 0.02 598,440 Severfield 458 0.01 2,854,711 ConvaTec Group 5,861 0.10 172,637 Spirax-Sarco Engineering 9,702 0.17 1,626,080 Indivior 6,626 0.13 237,963 Trifast 581 0.01 91,567 Medica 186 0.00 494,459 Weir Group 10,497 0.18 865,301 Mediclinic International 5,586 0.10 49,569 0.88 176,694 NMC Health 5,098 0.09 1,992,828 Smith & Nephew 25,608 0.46 Industrial Metals & Mining – 0.11% 723,073 Spire Healthcare 1,834 0.03 1,186,152 Evraz 4,032 0.07 560,171 UDG Healthcare 4,733 0.08 703,299 Ferrexpo 2,060 0.04 56,979 1.01 6,092 0.11 Household Goods & Home Construction – 3.29% Industrial Transportation – 0.41% 2,242,177 Barratt Developments 14,518 0.26 2,264,707 BBA Aviation 7,920 0.14 274,274 Bellway 9,772 0.17 50,861 Clarkson 1,454 0.03 283,916 Berkeley Group 11,916 0.21 113,096 Clipper Logistics 475 0.01 301,194 Bovis Homes 3,527 0.06 84,180 James Fisher & Sons 1,316 0.02 836,517 Countryside Properties 2,953 0.05 2,107,368 Royal Mail 9,536 0.17 556,694 Crest Nicholson 3,029 0.05 633,139 Stobart 1,780 0.03 168,202 Galliford Try 2,163 0.04 221,418 Wincanton 516 0.01 169,803 Headlam 979 0.02 22,997 0.41 366,327 McBride 817 0.01 1,095,854 McCarthy & Stone 1,729 0.03 Leisure Goods – 0.14% 92,695 MJ Gleeson 695 0.01 66,877 Games Workshop 1,761 0.03 683,232 Persimmon 18,686 0.33 553,396 Photo-Me 1,012 0.02 1,397,666 Reckitt Benckiser Group 96,691 1.72 1,953,487 Rotork 5,214 0.09 537,621 Redrow 3,519 0.06 7,987 0.14 7,292,294 Taylor Wimpey 15,051 0.27 186,045 3.29

105 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 106 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Life Insurance – 4.27% 450,989 Fresnillo 6,422 0.11 8,962,115 Aviva 45,259 0.80 2,669,370 GAM 105,173 1.86 307,873 Chesnara 1,198 0.02 219,138 Gem Diamonds 156 0.00 7,882 Hansard Global 81 0.00 26,205,962 Glencore 101,902 1.80 1,481,742 Just Group 2,525 0.04 495,053 Hochschild Mining 1,305 0.02 13,281,415 Legal & General Group 36,298 0.64 507,746 KAZ Minerals 4,529 0.08 10,511,348 Old Mutual 24,323 0.43 155,696 Kenmare Resources 420 0.01 881,528 Phoenix 6,893 0.12 568,213 Lonmin 472 0.01 5,805,577 Prudential 110,480 1.97 1,042,422 Petra Diamonds 813 0.01 1,165,435 St James’s Place 14,277 0.25 6,506,017 Petropavlovsk 501 0.01 241,334 4.27 584,102 Polymetal International 5,377 0.10 206,355 Randgold Resources 15,281 0.27 Media – 3.27% 9,703,489 Sirius Minerals 2,280 0.04 57,378 4imprint 1,038 0.02 255,772 Vedanta Resources 2,058 0.04 883,052 Ascential 3,386 0.06 364,498 6.45 2,073,992 Auto Trader Group 7,317 0.13 145,017 Bloomsbury Publishing 265 0.00 Mobile Telecommunications – 2.58% 680,770 Entertainment One 2,215 0.04 1,014,392 Inmarsat 4,971 0.09 109,763 Euromoney Institutional Investor 1,424 0.03 59,829,981 Vodafone Group 140,511 2.49 728,967 Huntsworth 587 0.01 145,482 2.58 1,872,060 Informa 13,507 0.24 512,725 ITE 931 0.02 Non-life Insurance – 0.82% 8,386,317 ITV 13,863 0.25 472,833 Admiral 9,457 0.17 1,245,683 Moneysupermarket.com 4,435 0.08 1,163,241 Beazley 6,212 0.11 1,828,485 Pearson 13,458 0.24 2,979,789 Direct Line Insurance Group 11,371 0.19 2,398,772 RELX (Registered) 41,691 0.73 584,637 esure 1,452 0.03 212,615 Rightmove 9,559 0.17 659,605 Hastings 2,107 0.04 2,362,426 Sky 23,908 0.42 611,514 Hiscox 8,897 0.16 68,881 STV 217 0.00 273,627 Jardine Lloyd Thompson 3,795 0.07 206,467 Tarsus 654 0.01 450,472 Lancashire 3,068 0.05 537,403 Trinity Mirror 416 0.01 46,359 0.82 901,832 UBM 6,732 0.12 Oil & Gas Producers – 12.40% 2,748,802 WPP 36,861 0.65 43,166,987 BP 225,375 3.99 598,108 ZPG 1,977 0.04 1,319,159 Cairn Energy 2,820 0.05 184,441 3.27 2,092,253 Enquest 596 0.01 Mining – 6.45% 171,897 Nostrum Oil & Gas 559 0.01 301,471 Acacia Mining 598 0.01 1,406,218 Ophir Energy 942 0.02 2,216,389 Anglo American 34,299 0.61 1,018,857 Premier Oil 777 0.01 19,663 Anglo-Eastern Plantations 147 0.00 8,386,776 Royal Dutch Shell 210,005 3.72 779,180 Antofagasta 7,807 0.14 10,189,114 Royal Dutch Shell class ‘A’ shares 252,486 4.47 4,674,284 BHP Billiton (Registered) 71,143 1.26 440,152 SOCO International 486 0.01 2,411,840 Centamin 3,815 0.07 3,094,410 Tullow Oil 6,362 0.11 700,408 12.40

107 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 108 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Oil Equipment, Services & Distribution – 0.26% 170,894 Phoenix Spree Deutschland 661 0.01 396,919 Gulf Marine Services 178 0.00 1,083,080 Picton Property Income Fund 891 0.02 285,919 Hunting 1,730 0.03 823,291 Raven Russia 403 0.01 1,437,357 John Wood Group 9,336 0.17 2,424,713 Redefine International 886 0.02 485,464 Lamprell 370 0.01 294,867 Savills 2,927 0.05 595,782 Petrofac 3,032 0.05 1,038,323 Schroder Real Estate 623 0.01 14,646 0.26 1,764,726 Sirius Real Estate 1,152 0.02 179,893 SQN Asset Finance Income Fund 161 0.00 Personal Goods – 0.39% 363,186 St Modwen Properties 1,470 0.03 950,342 Burberry Group 17,030 0.30 934,388 Standard Life Investment Property Trust 864 0.02 388,224 PZ Cussons 1,256 0.02 250,403 U & I Group 481 0.01 103,205 SuperGroup 2,040 0.04 1,354,597 UK Commercial Property Trust 1,197 0.02 58,785 Ted Baker 1,589 0.03 28,125 0.50 21,915 0.39 Real Estate Investment Trusts – 1.98% Pharmaceuticals & Biotechnology – 6.84% 5,044,837 Assura 3,224 0.06 2,843,964 AstraZeneca 145,554 2.57 326,390 Big Yellow 2,838 0.05 879,689 BTG 6,686 0.12 2,312,325 British Land 15,990 0.28 346,889 Circassia Pharmaceuticals 356 0.01 704,446 Civitas Social Housing 792 0.01 201,498 Dechra Pharmaceuticals 4,213 0.07 743,820 Custodian REIT 868 0.02 137,466 Genus 3,478 0.06 225,142 Derwent London 7,018 0.12 10,811,642 GlaxoSmithKline 142,497 2.52 684,849 Ediston Property Investment 750 0.01 310,220 Hikma Pharmaceuticals 3,509 0.06 694,143 GCP Student Living 996 0.02 5,021,595 Oxford Biomedica 444 0.01 791,844 Great Portland Estates 5,440 0.10 260,712 PureTech Health 386 0.01 1,836,376 Hammerson 10,027 0.18 1,998,390 Shire 77,747 1.38 905,523 Hansteen 1,295 0.02 1,392,118 Vectura 1,636 0.03 1,996,875 Intu Properties 5,052 0.09 1,585,202 Land Securities Group 15,979 0.29 386,506 6.84 1,320,717 LondonMetric Property 2,457 0.04 Real Estate Investment & Services – 0.50% 442,650 LXI REIT 460 0.01 1,759,890 Capital & Counties Properties 5,611 0.09 194,283 MCKAY Securities 447 0.01 1,408,812 Capital & Regional 817 0.01 670,805 NewRiver REIT Voting 2,243 0.04 316,781 CLS 777 0.01 1,171,884 Primary Health Properties 1,365 0.02 318,827 Countrywide 383 0.01 622,662 Regional REIT 632 0.01 9,477 Daejan 573 0.01 422,607 Safestore 2,098 0.04 1,164,559 Empiric Student Property 1,080 0.02 2,319,956 Segro 13,618 0.24 1,085,570 F&C Commercial Property Trust 1,474 0.03 549,762 Shaftesbury 5,734 0.10 481,511 F&C UK Real Estate Investment Trust 497 0.01 134,108 Strategic Equity Capital 320 0.01 509,599 Foxtons 414 0.01 478,712 Target Healthcare REIT 539 0.01 941,329 Grainger Trust 2,719 0.05 48,946 Town Centre Securities 139 0.00 198,729 Helical Bar 669 0.01 3,098,267 Tritax Big Box 4,607 0.08 166,884 LSL Property Services 459 0.01 550,431 United Group 4,423 0.08 135,654 Macau Property Opportunities Fund 242 0.00 244,943 Workspace 2,447 0.04 836,139 MedicX Fund 694 0.01 111,798 1.98

109 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 110 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Software & Computer Services – 1.12% 1,349,162 Howden Joinery 6,298 0.11 198,511 Alfa Financial Software Holdings 1,055 0.02 292,737 Interserve 280 0.00 463,549 Allied Minds 758 0.01 370,214 Intertek Group 19,214 0.34 454,970 AO World 499 0.01 1,469,445 IWG 3,763 0.07 142,650 AVEVA 3,944 0.07 139,669 John Menzies 941 0.02 172,094 Computacenter 1,983 0.04 210,716 Mears 849 0.02 174,151 FDM 1,626 0.03 737,756 MITIE 1,420 0.03 78,118 Fidessa 1,977 0.04 273,150 Northgate 1,041 0.02 45,921 Kainos 156 0.00 718,546 Pagegroup 3,359 0.06 960,844 Micro Focus 24,184 0.42 133,967 PayPoint 1,223 0.02 539,035 NCC 1,260 0.02 1,262,296 Renewi 1,300 0.02 2,426,425 Sage Group 19,278 0.34 4,196,817 Rentokil Initial 13,346 0.24 162,696 SDL 692 0.01 106,798 Ricardo 929 0.02 136,809 Servelec 428 0.01 135,165 Robert Walters 781 0.01 212,587 Softcat 1,104 0.02 458,599 RPS 1,243 0.02 790,464 Sophos 4,498 0.08 243,522 Sanne 1,970 0.03 63,442 1.12 2,483,474 Serco 2,454 0.04 1,338,233 SIG 2,358 0.04 Support Services – 4.50% 1,037,760 Speedy Hire 633 0.01 141,262 Acal 523 0.01 252,723 SThree 930 0.02 541,704 Aggreko 4,317 0.08 561,737 Travis Perkins 8,802 0.16 1,135,935 Ashtead Group 22,537 0.39 32,878 Vp 284 0.01 1,132,158 Babcock International 7,987 0.14 254,033 4.50 1,668,094 BCA Marketplace 3,393 0.06 295,126 Biffa 769 0.01 Technology Hardware & Equipment – 0.05% 747,556 Bunzl 15,437 0.27 1,002,058 Laird 1,378 0.03 1,462,487 Capita 5,863 0.10 442,534 Nanoco 115 0.00 865,536 Carillion 149 0.00 1,252,128 Spirent Communications 1,271 0.02 210,340 Communisis 135 0.00 2,764 0.05 493,514 Connect 538 0.01 197,327 DCC 14,731 0.26 Tobacco – 5.75% 209,634 De La Rue 1,344 0.02 5,123,190 British American Tobacco 256,569 4.55 231,318 Diploma 2,882 0.05 2,143,503 Imperial Brands 67,863 1.20 1,043,707 Electrocomponents 6,528 0.12 324,432 5.75 755,471 Equiniti 2,155 0.04 Travel & Leisure – 4.43% 588,000 Essentra 3,105 0.05 583,602 888 Holdings 1,641 0.03 2,104,679 Experian 34,412 0.61 395,883 Carnival (Registered) 19,367 0.34 568,254 Ferguson 30,288 0.54 536,732 Cineworld 3,218 0.06 3,350,449 G4S 8,919 0.16 3,558,642 Compass Group 56,938 1.02 479,481 Grafton 3,836 0.07 1,182,458 Domino’s Pizza 4,088 0.07 2,992,307 Hays 5,473 0.10 166,656 DP Eurasia 350 0.01 494,086 Hogg Robinson 397 0.01 546,078 easyJet 7,989 0.14 605,254 HomeServe 4,897 0.09 981,652 EI Group 1,384 0.02

111 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 112 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

2,493,419 FirstGroup 2,745 0.05 116,582 F&C Global Small Companies 1,614 0.03 62,606 Fuller Smith & Turner class ‘A’ shares 575 0.01 365,207 Henderson Diversified Income 347 0.01 88,245 Go-Ahead 1,313 0.02 42,633 Henderson Eurotrust 506 0.01 685,090 Greene King 3,802 0.07 232,192 Henderson Far East Income Fund 868 0.02 658,688 GVC 6,093 0.11 4,511,246 HICL Infrastructure 7,128 0.13 283,089 Hollywood Bowl 574 0.01 75,673 International Biotechnology Trust 469 0.01 192,388 Hostelworld 731 0.01 3,101,128 International Public Partnership 4,856 0.09 435,719 InterContinental Hotels 20,557 0.36 754,896 John Laing Environmental Assets 821 0.01 3,603,431 International Consolidated Airlines 23,422 0.41 1,751,778 John Laing Infrastructure Fund 2,155 0.04 151,398 JD Wetherspoon 1,903 0.03 53,712 Lowland Investment Company 829 0.01 3,977,961 Ladbrokes 7,232 0.13 33,444 Montanaro European Smaller Companies 269 0.00 1,298,682 Marston’s 1,458 0.03 31,190 Ranger Direct Lending 217 0.00 1,549,177 Merlin Entertainments 5,616 0.11 321,510 Ruffer Investment Red preference shares 751 0.01 245,878 Millennium & Copthorne Hotels 1,436 0.03 345,389 Schroder Asia Pacific Fund 1,593 0.03 466,641 Mitchells & Butlers 1,320 0.02 138,059 Schroder Income Growth Fund 404 0.01 950,825 National Express 3,622 0.06 251,605 Schroder Japan Growth 557 0.01 223,948 On the beach 1,049 0.02 496,899 Schroder Oriental Income Fund 1,271 0.02 185,466 Paddy Power Betfair 16,349 0.29 315,722 Schroder UK Growth Fund 557 0.01 660,697 Playtech 5,685 0.10 72,820 Schroder UK Mid & Small Cap Fund 406 0.01 344,035 Rank 831 0.01 1,503,401 Sequoia Economic Infrastructure Income 1,684 0.03 404,618 Restaurant 1,218 0.02 795,546 TwentyFour Income Fund 951 0.02 151,224 Sportech 120 0.00 314,935 TwentyFour Select Monthly Income Fund 313 0.01 872,969 Stagecoach 1,438 0.03 337,354 Utilico Emerging Markets 752 0.01 2,901,672 Thomas Cook 3,566 0.06 406,999 VinaCapital Vietnam Opportunity Fund 1,345 0.02 974,092 TUI 15,001 0.27 39,232 0.69 411,403 Whitbread 16,448 0.29 1,932,152 William Hill 6,206 0.11 Fixed Income Funds – 0.08% 127,566 Wizz Air 4,693 0.08 276,456 Alcentra European Floating Rate Income Fund 272 0.00 185,425 City Merchants High Yield Trust 368 0.01 249,978 4.43 197,553 ICG-Longbow Senior Secured UK Property Debt Investments 201 0.00 COLLECTIVE INVESTMENT SCHEMES – 4.06% 241,699 Law Debenture 1,505 0.03 2,091,686 NB Global Floating Rate Income Fund 1,981 0.03 Equity Funds – 0.69% 718,644 New City High Yield Fund 446 0.01 373,631 Aberdeen Asian Income Fund 812 0.01 386,506 Apax Global Alpha Limited 568 0.01 4,773 0.08 150,473 Asian Total Return Investment 537 0.01 Investment Trusts – 3.29% 82,280 Baillie Gifford Shin Nippon 732 0.01 118,310 Aberdeem New India 546 0.01 28,678 Baring Emerging Europe 222 0.00 70,334 Aberdeen Asian Smaller Companies Investment Trust 742 0.01 44,879 BH Global – GBP shares 604 0.01 967,798 Aberdeen Diversified Income And Growth Trust 1,183 0.02 978,663 Bilfinger Berger Global 1,375 0.02 235,940 Aberdeen New Dawn Investment Trust 564 0.01 744,263 Bluefield Solar Income Fund 869 0.02 195,112 Aberforth Smaller Companies Investment Trust 2,581 0.05 67,129 Caledonia Investments 1,890 0.03 792,055 Alliance Trust 5,901 0.10 853,753 CVC Credit Partners 960 0.02 52,298 Allianz Technology Trust 602 0.01

113 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 114 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

71,126 Artemis Alpha Trust 208 0.00 164,582 HarbourVest Global Private Equity Fund 2,041 0.04 210,510 Baillie Gifford Japan Investment Trust 1,729 0.03 41,570 Henderson Europe Focus Trust 567 0.01 253,250 Bankers Investment Trust 2,229 0.04 224,703 Henderson High Income Invesment Trust 422 0.01 630,640 BB Healthcare 735 0.01 462,991 Henderson International Income Trust 770 0.01 40,587 BH Macro Hedge Fund 801 0.01 154,382 Henderson Smaller Companies Investment Trust 1,365 0.02 114,659 Biotech Growth Trust 884 0.02 148,066 Herald Investment Trust 1,723 0.03 341,020 BlackRock Frontiers Investment Trust* 547 0.01 70,886 HG Capital Investment Trust 1,252 0.02 191,766 BlackRock Greater Europe Investment Trust* 641 0.01 200,150 Highbridge Multi-Strategy Fund 436 0.01 79,174 BlackRock Latin American Investment Trust* 363 0.01 143,694 ICG Enterprise Trust 1,139 0.02 139,357 BlackRock North American Income Trust* 224 0.00 371,508 Impax Environmental Markets 944 0.02 98,434 BlackRock Smaller Cos Trust* 1,280 0.02 79,872 Independent Investment Trust 521 0.01 147,088 BlackRock Throgmorton Trust* 694 0.01 168,594 Invesco Asia Investment Trust 502 0.01 363,570 BlackRock World Mining Trust* 1,442 0.03 117,815 Invesco Income & Growth Investment Trust 343 0.01 248,892 British Empire Securities & General Investment Trust 1,797 0.03 107,282 Invesco Perpetual UK Smaller Companies Investment Trust 555 0.01 60,093 Brunner Investment Trust 465 0.01 513,728 JP Morgan American Investment Trust 2,075 0.04 6,017 Capital Gearing Trust 238 0.00 190,941 JP Morgan Asian Investment Trust 684 0.01 793,010 City of London Investment Trust 3,477 0.06 147,656 JP Morgan Chinese Investment Trust 449 0.01 696,811 Diverse Income Trust 720 0.01 110,188 JP Morgan Claverhouse Investment Trust 796 0.01 395,037 Dragon Capital – Vietnam Enterprise Investments 1,734 0.03 257,398 JP Morgan Emerging Markets Investment Trust 2,270 0.04 303,252 Dunedin Income Growth Investment Trust 788 0.01 329,688 JP Morgan Euro Smaller Companies Trust 1,383 0.02 96,534 Dunedin Smaller Companies Investment Trust 258 0.00 155,998 JP Morgan European Investment Trust – Growth 502 0.01 184,941 Ecofin Global Utilities and Infrastructure 241 0.00 188,857 JP Morgan European Investment Trust – Income 306 0.01 388,652 Edinburgh Dragon Investment Trust 1,458 0.03 391,224 JP Morgan Global Convertibles Income Fund 376 0.01 459,130 Edinburgh Investment Trust 3,223 0.06 589,882 JP Morgan Global Emerging Markets Income Trust 801 0.01 98,119 Edinburgh Worldwide Investment Trust 743 0.01 249,904 JP Morgan Global Growth & Income 823 0.01 53,678 Electra Private Equity 500 0.01 217,332 JP Morgan Indian Investment Trust 1,646 0.03 86,110 EP Global Opportunities Trust 273 0.00 110,859 JP Morgan Japan Smaller Companies Trust 481 0.01 84,585 Euro Investment Trust 792 0.01 332,705 JP Morgan Japanese Investment Trust 1,458 0.03 196,965 F&C Capital & Income Investment Trust 650 0.01 48,136 JP Morgan Mid Cap Investment Trust 572 0.01 148,057 F&C Private Equity Trust 497 0.01 105,707 JP Morgan Russian Securities 529 0.01 41,394 F&C US Smaller Companies 366 0.01 33,544 JP Morgan Smaller Companies Investment Trust 363 0.01 136,017 Fidelity Asian Values Investment Trust 529 0.01 217,984 Jupiter European Opportunities Trust 1,564 0.03 767,717 Fidelity China Special Situations Investment Trust 1,800 0.03 27,180 Keystone Investment Trust 482 0.01 858,233 Fidelity European Values Investment Trust 1,941 0.03 57,855 Majedie Investment Trust 169 0.00 541,907 Fidelity Japanese Values Investment Trust 810 0.01 72,925 Martin Currie Asia Unconstrain 291 0.01 367,320 Fidelity Special Values Investment Trust 936 0.02 193,830 Martin Currie Global Portfolio Investment 473 0.01 373,456 Finsbury Growth & Income Trust 2,889 0.05 177,094 Mercantile Investment Trust 3,859 0.07 1,213,944 Foreign & Colonial Investment Trust 7,830 0.14 224,033 Merchants Investment Trust 1,108 0.02 352,958 GCP Asset Backed Income Fund 357 0.01 214,355 Middlefield Canadian Income Trust 213 0.00 1,941,875 GCP Infrastructure Investments Fund 2,489 0.04 477,626 Monks Investment Trust 3,635 0.06 278,059 Genesis Emerging Markets Fund 2,003 0.04 63,775 Montanaro UK Smaller Company Investment Trust 371 0.01 2,254,462 Greencoat UK Wind 2,764 0.05 138,511 Murray Income Trust 1,101 0.02

115 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 116 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Underlying Market % of Nominal Value Total Net Nominal Exposure Value Total Net Value Investment £000’s Assets Value Investment £000’s £000’s Assets

259,278 Murray International Trust 3,283 0.06 DERIVATIVES – 0.05% 127,217 NB Private Equity 1,323 0.02 Futures – 0.05% 1,363,851 NextEnergy Solar Fund 1,538 0.03 1,105 FTSE 100 March 2018 84,400 2,103 0.04 57,754 North American Income Trust 758 0.01 420 FTSE 250 March 2018 17,346 582 0.01 20,594 North Atlantic Smaller Companies Investment Trust 554 0.01 171,425 P2P Global Investments 1,394 0.02 101,746 2,685 0.05 240,482 Pacific Assets Investment Trust 621 0.01 Portfolio of investments 5,549,756 98.27 108,192 Pacific Horizon Investment Trust 338 0.01 Net other assets 97,718 1.73 121,155 Pantheon International Participations Fund 2,253 0.04 494,325 Perpetual Income and Growth Investment Trust 1,879 0.03 Total net assets 5,647,474 100.00 520,021 Pershing Square Holdings 5,257 0.09 Note: The Fund launched on 7 June 2017, therefore no comparative have been presented. 4,979 Personal Assets Trust 2,033 0.04 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. 346,522 Polar Capital Global Financials Trust 497 0.01 Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market 241,313 Polar Capital Global Healthcare Trust 485 0.01 value of an equivalent position in the assets underlying each financial derivative instrument. * Managed by a related party. 289,831 Polar Capital Technology Trust 3,284 0.06 155,782 Princess Private Equity 1,464 0.03 1,939,672 Renewables Infrastructure 2,103 0.04 272,901 RIT Capital Partners 5,349 0.09 114,833 Riverstone Energy 1,418 0.03 273,980 Scottish American Investment Trust 1,003 0.02 172,464 Scottish Investment Trust 1,503 0.03 3,140,504 Scottish Mortgage Investment Trust 14,057 0.25 62,201 Scottish Oriental Smaller Companies Trust 653 0.01 225,681 Securities Trust of Scotland 387 0.01 98,789 Standard Life Equity Income Trust 462 0.01 153,745 Standard Life Private Equity Trust 539 0.01 136,374 Standard Life UK Smaller Trust 663 0.01 754,857 Starwood European Real Estate Finance 821 0.01 786,480 Syncona 1,581 0.03 137,711 Temple Bar Investment Trust 1,803 0.03 650,311 Templeton Emerging Markets Investment Trust 5,056 0.09 102,821 TR European Growth Investment 1,234 0.02 656,001 TR Property Investment Trust 2,606 0.05 575,460 Troy Income & Growth Trust 455 0.01 77,844 Value & Income Investment Trust 218 0.00 409,677 Witan Investment Trust 4,416 0.08 129,615 Witan Pacific Investment Trust 430 0.01 1,703,722 Woodford Patient Capital Trust 1,432 0.03 117,311 Worldwide Healthcare Trust 2,962 0.05 185,936 3.29

117 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 118 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Statement of Total Return Balance Sheet for the period from 7 June 2017 to 31 December 2017 at 31 December 2017

For the period 31.12.2017 from 7.6.2017 Notes £000’s to 31.12.2017 Assets: Notes £000’s £000’s Fixed assets Income – Investment assets 5,549,756 Net capital gains 3 167,881 Current assets Revenue 4 91,886 – Debtors 9 24,200 Expenses 5 (186) – Cash and bank balances 10 78,679 Interest payable and similar charges 6 (1) Total assets 5,652,635 Net revenue before taxation 91,699 Liabilities: Taxation 7 (21) Creditors Net revenue after taxation 91,678 – Other creditors 11 (5,161) Total return before distributions 259,559 Total liabilities (5,161) Distributions 8 (88,377) Net assets attributable to unitholders 5,647,474

Change in net assets attributable to unitholders from Note: The Fund launched on 7 June 2017, therefore no comparatives have been presented. investment activities 171,182

R A R Hayes (Director) Statement of Change in Net Assets Attributable to Unitholders A M Lawrence (Director) for the period from 7 June 2017 to 31 December 2017 BlackRock Fund Managers Limited 23 February 2018 For the period from 7.6.2017 to 31.12.2017 £000’s £000’s

Opening net assets attributable to unitholders – Amounts receivable on issue of units 692,382 In-specie from Connect UK Equity Tracker Fund* 4,904,544 Amounts payable on cancellation of units (220,453) 5,376,473 Change in net assets attributable to unitholders from investment activities 171,182 Retained distributions on accumulation units 99,819 Closing net assets attributable to unitholders 5,647,474

Note: The Fund launched on 7 June 2017, therefore no comparatives have been presented. * The Connect UK Equity Tracker Fund was part of BlackRock Life Limited, a related party to BlackRock Fund Managers Limited.

119 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 120 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Notes to Financial Statements Notes to Financial Statements continued for the period from 7 June 2017 to 31 December 2017

1. Accounting and Distribution Policies 5. Expenses The accounting and distribution policies are set out on pages 10 to 11. For the period 2. Financial Instruments and Risks from 7.6.2017 to 31.12.2017 The financial instruments and risks are set out on pages 12 to 30. £000’s

3. Net Capital Gains Payable to the Depositary or associates of the Depositary: – Depositary fee 105 For the period from 7.6.2017 105 to 31.12.2017 Other expenses: £000’s – Audit fees 7 The net capital gains comprise: – Safe custody fees 74 Gains on non-derivative securities 165,473 81 Gains on derivative securities 2,698 Total expenses 186 Currency losses (284) Custodian transaction costs (6) 6. Interest Payable and Similar Charges Net capital gains 167,881 For the period from 7.6.2017 4. Revenue to 31.12.2017 £000’s For the period from 7.6.2017 Interest on bank overdrafts 1 to 31.12.2017 Total interest payable and similar charges 1 £000’s Overseas dividends 5,781 7. Taxation Securities lending revenue 671 (a) Analysis of tax charge Stock dividends 3,299 For the period UK dividends 80,283 from 7.6.2017 to 31.12.2017 UK REIT dividends 1,852 £000’s Total revenue 91,886 Overseas tax 21 Total tax charge 21

121 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 122 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

8. Distributions 11. Other Creditors The distributions take account of revenue received on the issue of units and revenue deducted on the 31.12.2017 redemption of units and comprise: £000’s For the period Accrued Audit fee 7 from 7.6.2017 to 31.12.2017 Accrued Depositary's fee 62 £000’s Accrued Safe custody fees 42 Final distribution 99,819 Amounts payable for cancellations of units 5,047 99,819 Custodian transaction costs 3 Add: Amounts deducted on cancellations of units 2,829 Total other creditors 5,161 Deduct: Amounts received on issue of units (7,556) 12. Contingent Assets and Liabilities Deduct: Amounts received on in-specie transactions (6,715) There were no contingent assets or liabilities at the Balance Sheet date. Distributions 88,377 13. Related Parties The distributable amount has been calculated as follows: Parties are considered to be related if one party has the ability to control the other party or exercise Net revenue after taxation 91,678 significant influence over the other party in making financial or operational decisions.

Deduct: Revenue carried forward (2) The following entities were related parties of the Fund during the period ended 31 December 2017: Deduct: Non-distributable stock dividends (3,299) Manager/Registrar: BlackRock Fund Managers Limited Distributions 88,377 Investment Manager: BlackRock Investment Management (UK) Limited Details of the final distribution per unit are set out in the table on page 99. Stock lending agent: BlackRock Advisors (UK) Limited

The ultimate holding company of the Manager, Investment Manager and stock lending agent is BlackRock 9. Debtors Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. 31.12.2017 (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund £000’s during the period ended 31 December 2017.

Accrued revenue 13,056 The Manager acts as either principal or agent for the Depositary in respect of all transactions of units Amounts receivable on issue of units 4,552 of the Fund. The aggregate monies received through issue and paid through cancellation of units are Overseas tax recoverable 264 disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts due to or from the Manager at the period end are disclosed in notes 9 and 11. Securities lending revenue Sales awaiting settlement 6,328 earned by the Fund is disclosed in note 4. Total debtors 24,200 The Investment Manager, in accordance with the Contractual Scheme Deed, may enter into commission 10. Cash and Bank Balances sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the 31.12.2017 Investment Manager believes are useful in the investment decision-making or trade execution process. £000’s Such research or execution services may include, without limitation and to the extent permitted by Amounts held at futures clearing houses and brokers 2,574 applicable law: research reports on companies, industries and securities; and the provision of economic Cash and bank balances 75,994 and financial information and analysis. Due to the bundled nature of these services and the application Overseas balances 111 of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not Total cash and bank balances 78,679 affiliated to the BlackRock Group.

123 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 124 ACS UK Equity Tracker Fund ACS UK Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

13. Related Parties continued 14. Portfolio Transaction Costs The Fund’s investments in other BlackRock related party entities are individually identified on the portfolio For the period from 7 June 2017 to 31 December 2017 statement. Direct Transaction Costs The following investor(s) Transaction Value Commissions Taxes (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or Purchases (excluding derivatives) £000’s £000’s % £000’s % Equity instruments 540,836 111 0.02 2,420 0.45 (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Fund. Corporate actions 89,081 – – – – In-specie transactions 4,904,544 – – 33 0.00 As at 31 December 2017: Total purchases 5,534,461 111 2,453

Total % of units Total purchases including Number of investors held by unitholders transaction costs 5,537,025 holding 51% or more holding 51% or more of the voting units of the voting units Direct Transaction Costs in issue who are not in issue who are not Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Nil 1 82% Equity instruments 68,359 7 0.01 – – The Fund launched on 7 June 2017, therefore no comparatives have been presented. Corporate actions 87,237 – – – – Total sales 155,596 7 – All related party transactions were carried out at arm’s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no more Total sales net of transaction favourable than those received by other investors investing into the same unit class. costs 155,589

Total transaction costs 118 2,453

Total transaction costs as a % of average net assets 0.00% 0.05%

125 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 126 ACS UK Equity Tracker Fund ACS US Equity Tracker Fund

Notes to Financial Statements continued About the Fund

The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted

14. Portfolio Transaction Costs continued as a UCITS scheme under the COLL Sourcebook. From the date of launch, 27 June 2014, until 20 July 2015, this Fund was known as the BlackRock ACS US Equity Tracker Fund. On 21 July 2015 the Fund’s name Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types changed to ACS US Equity Tracker Fund. The Fund was authorised by the FCA on 13 June 2014. depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.19%. Investment Objective & Policy 15. Units in Issue The aim of the Fund is to seek to achieve capital growth for investors by tracking closely the performance of Revenue is allocated each day pro rata to the capital value of assets attributable to each class and the FTSE USA Index by investing in companies in the benchmark index. Investment will be made directly into taxation is computed by reference to the net revenue after expenses attributable to each class. The constituent companies and via other transferable securities giving exposure to such companies. The Fund distribution per unit class is given in the distribution table. All unit classes have the same rights on may also invest in permitted money-market instruments, permitted deposits and units in collective investment winding up. schemes (which may be Associated Funds). Derivatives and forward transactions may be used |for the The movement in units in issue for the period ended 31 December 2017 is as follows: purposes of efficient portfolio management.

For the period from 7.6.2017 to 31.12.2017 Risk and Reward Profile X1 Accumulation Units Lower risk Higher risk Balance at the beginning of the period – Typically lower rewards Typically higher rewards Issued during the period 5,631,595,727 Unit Class Cancelled during the period (224,288,480) X1 Accumulation* 1 2 3 4 5 6 7 Balance at the end of the period 5,407,307,247 T1 Accumulation 1 2 3 4 5 6 7

16. Post Balance Sheet Events * Share class X1 Accumulation launched 24 April 2017. There have been no significant events subsequent to the period end, which, in the opinion of the Manager, may have had an impact on the financial statements for the period ended 31 December 2017. • The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Documents (“KIIDs”), which are available at www.blackrock.com.

127 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 128 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Performance Table Tracking Difference

For the year For the three years§ Tracking difference is defined as the difference in returns between a fund and its benchmark index. to 31.12.2017 to 31.12.2017 The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the TOTAL RETURN (with net income reinvested) constituents of the benchmark index by holding all the securities comprising the benchmark index in similar Class T1 Accumulation Units proportions to their weightings in the benchmark index. ACS US Equity Tracker Fund +10.9% +57.5% Cash management, efficient portfolio management techniques including securities lending and transaction FTSE USA Index* +10.9% +57.1% costs from rebalancing can have an impact on tracking difference. Importantly, these impacts can be either All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. positive or negative depending on the underlying circumstances. All returns are in Sterling. § Five year performance data does not exist as the Fund launched in June 2014. * Figures from Index Vendor. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered by the Fund on any income received from its investments. The level and quantum of tracking difference arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various All financial investments involve an element of risk. Therefore, the value of your investment and the income tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange out by the Fund. rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. The table below compares the realised Fund performance against the performance of the relevant benchmark index during the year ended 31 December 2017. An explanation for the difference is provided:

Fund return Benchmark return for the year for the year Tracking to 31.12.2017 to 31.12.2017 difference Explanation of the tracking difference Before costs, the tracking difference is a result of the dividend withholding tax advantage of the Fund versus the +11.1%* +10.9% +0.2% benchmark.

* Performance is calculated gross of fees and reported for the Fund’s class T1 Accumulation Units.

129 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 130 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Tracking Error Classification of Investments

Realised tracking error is the annualised standard deviation of the difference in monthly returns between a The following chart provides an analysis of the portfolio weightings as at 31 December 2017 by its respective fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark equity sector allocations. index over a defined period of time.

Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and 31 December 2017 the returns of its benchmark index.  Aerospace & Defence 2.40% This Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the  Banks 6.43% constituents of the benchmark index by holding all the securities comprising the benchmark index in similar  Beverages 1.96% proportions to their weightings in the benchmark index.  Chemicals 2.11%  Electricity 2.13% Cash management, efficient portfolio management techniques including securities lending and transaction  Financial Services 5.73% costs from rebalancing can have an impact on tracking error as well as the return differential between the  Fixed Line Telecommunications 1.98% Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on  Food Producers 1.33% the underlying circumstances.  General Industrials 2.32% General Retailers 6.44% In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the  Healthcare Equipment & Services 4.75% Fund 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 Fund with various tax  Household Goods & Home Construction 1.90% authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out  Industrial Engineering 1.45% by the Fund.  Industrial Transportation 1.61%  Media 3.01% The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex-ante  Non-life Insurance 3.26% basis) against the realised tracking error of the Fund as at 31 December 2017. The realised tracking error is  Oil & Gas Producers 5.06% annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not  Pharmaceuticals & Biotechnology 8.19% been trading for 36 months, the annualised tracking error since inception has been presented.  Real Estate Investment Trusts 2.84%  Software & Computer Services 12.26% Anticipated Realised  Support Services 1.81% Tracking Error Tracking Error  Technology Hardware & Equipment 9.71% ACS US Equity Tracker Fund Up to 2.50%* 1.70%*  Travel & Leisure 1.49%

* Figures represent the anticipated tracking error & realised tracking error for the Fund’s class T1 Accumulation Units.  Other 9.01%  Net other assets 0.82%

131 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 132 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Classification of Investmentscontinued Investment Report

The following chart provides an analysis of the portfolio weightings as at 31 December 2016 by its respective Summary of Performance over the Year equity sector allocations. The Fund returned 10.9%* during the year from 1 January 2017 to 31 December 2017, in line with the FTSE USA Index, which also returned 10.9%. Over the six-month period to 31 December 2017 the Fund returned 7.6%*, in line with its benchmark, which also returned 7.6%. Before costs, the tracking difference is a result of 31 December 2016 the dividend withholding tax advantage of the Fund versus the benchmark.

Aerospace & Defence 2.20%  Fund Manager’s Commentary Banks 6.70%  US equity markets ended the year 2017 notably higher. Investors reacted positively to the inauguration of  Beverages 2.06% President Donald Trump in January 2017, hoping for looser regulations and corporate tax cuts. President  Chemicals 2.04% Trump began a series of executive orders, many of which were intended to strengthen American industry.  Electricity 2.30% He also announced his intentions to overturn the Obama-era healthcare plan, introduce taxation changes  Financial Services 5.17% and increase infrastructure spending. In the second quarter of 2017, the pace of gains slowed, and sector  Fixed Line Telecommunications 2.57% leadership rotated as the initial enthusiasm about the new administration’s pro-business policies morphed into  Food Producers 1.66% scepticism about whether it would be successful in enacting proposed legislation, from tax reform to a new  General Industrials 2.92% healthcare bill. However, markets subsequently recovered.  General Retailers 6.57% As the year 2017 progressed, setbacks for President Trump’s administration fuelled a reversal of the so-called  Healthcare Equipment & Services 4.32% 'Trump trade', as his party failed to repeal the Affordable Care Act, investigations into his administration  Household Goods & Home Construction 2.04% intensified and talks with China to resolve the trade imbalance were largely ineffectual. However, strong  Industrial Transportation 1.57% corporate earnings and improving economic data drove US equities higher, and, at the end of the third Media 3.47%  quarter of 2017, renewed hopes for a sweeping reform of the corporate tax structure in the US encouraged  Non-Life Insurance 3.26% investors. The pro-business stance boosted markets, with US indices setting a series of new highs. The Dow  Oil & Gas Producers 5.98% Jones reached 24,000 in November 2017, while the National Association of Securities Dealers Automated  Pharmaceuticals & Biotechnology 8.64% Quotations had touched the 7,000 mark in December 2017, the same month in which the plans passed  Real Estate Investment Trusts 2.86% through the Senate.  Software & Computer Services 10.36%  Support Services 1.78% Early in the year 2017, the US Federal Reserve’s policymakers indicated their intention to raise interest rates  Technology Hardware & Equipment 8.76% three times in 2017. They were true to their word, with rate hikes taking place in March, June and December  Tobacco 1.59% 2017. December’s move (25 basis points higher) took rates to a target range of 1.3–1.5%. Improvements in the US economy gave policymakers the impetus to tighten policy; the pace of GDP growth was 3.2% (annualised)  Other 11.04% in the third quarter of 2017. Meanwhile, inflation increased to 2.1% year on year in December 2017.  Net other assets 0.14%

January 2018

133 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 134 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Performance Record Performance Record continued

Comparative Tables Comparative Tables

X1 Accumulation Units§ T1 Accumulation Units T1A Accumulation Units T1B Accumulation Units

For the period For the period For the period For the period For the period from 24.4.2017^ For the year from 6.8.16 from 1.1.2016 For the year from 1.1.2016 from 20.3.2015^ to 31.12.2017 to 31.12.2017 to 31.12.2016 to 5.8.2016† to 31.12.2015 to 5.8.2016† to 31.12.2015

Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit

Change in net assets per unit Change in net assets per unit

Opening net asset value per unit 100.00 165.42 149.80 123.00 115.50 Opening net asset value per unit 99.09 100.00

Return before operating charges 8.23 17.65 15.88 24.72 7.70 Return before operating charges 19.91 (0.78)

Operating charges (0.01) (0.28) (0.26) (0.12) (0.20) Operating charges (0.10) (0.13)

Return after operating charges 8.22 17.37 15.62 24.60 7.50 Return after operating charges 19.81 (0.91)

Distributions (1.39) (3.09) (2.83) 0.00 (2.31) Distributions 0.00 (1.47)

Retained distributions on Retained distributions on accumulation units 0.00 1.47 accumulation units 1.39 3.09 2.83 0.00 2.31 Closing net asset value per unit 118.90* 99.09 Closing net asset value per unit 108.22 182.79 165.42 147.60* 123.00 After direct transaction costs of 0.00 0.00 After direct transaction costs of 0.00 0.00 (0.01) 0.00 (0.01) Performance Performance Return after charges1 19.99% (0.91)% Return after charges1 8.22% 10.50% 10.43% 20.00% 6.49% Other information Other information Closing net asset value (£000’s) 293,172* 276,329 Closing net asset value (£000’s) 981,814 672,374 761,440 444,361* 426,541 Closing number of units 246,498,245* 278,852,790 Closing number of units 907,276,517 367,841,942 460,293,697 300,999,019* 346,775,403 Operating charges2 0.16% 0.17% Operating charges2 0.01% 0.16% 0.17% 0.16% 0.17% Direct transaction costs3 0.00% 0.01% Direct transaction costs3 0.00% 0.00% (0.01)% 0.00% 0.01% Prices Pence per unit Pence per unit Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 119.6 102.2 Highest offer unit price 110.0 185.7 167.7 148.4 126.9 Lowest bid unit price 89.79 87.62 Lowest bid unit price 99.0 163.2 143.2 111.5 108.8 † On 6 August 2016 T1B Accumulation Units were merged with T1A Accumulation Units to form T1 Accumulation Units. † On 6 August 2016 T1B Accumulation Units were merged with T1A Accumulation Units to form T1 Accumulation Units. ^ The date of commencement of operations. ^ The date of commencement of operations. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paid to an underlying 2 Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paid to an underlying collective investment scheme (if any). collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of debt instruments. 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of debt instruments. See note 14 for further details. See note 14 for further details. * Balances immediately prior to the merger of T1A Accumulation and T1B Accumulation Units to form T1 Accumulation Units. * Balances immediately prior to the merger of T1A Accumulation and T1B Accumulation Units to form T1 Accumulation Units. § Share Class X1 Accumulation launched 24 April 2017.

135 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 136 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Distribution Table Portfolio Statement for the year ended 31 December 2017 at 31 December 2017

Final Distribution in Pence per Unit Holding or Market % of Nominal Value Total Net X1 Accumulation T1 Accumulation Value Investment £000’s Assets Units† Units UNITED STATES – 99.18%; 31.12.16 99.86% Net revenue 1.3895 3.0900 Aerospace & Defence – 2.40%; 31.12.16 2.20% Distribution payable 28.2.2018 1.3895 3.0900 35,718 Arconic 720 0.04 Distribution paid 28.2.2017 N/A 2.8342 52,441 Boeing 11,450 0.69 † Share Class X1 Accumulation launched on 24 April 2017, therefore no comparatives have been presented. 24,281 General Dynamics 3,658 0.22 6,866 L3 Technologies 1,005 0.06 23,272 Lockheed Martin 5,532 0.34 14,816 Northrop Grumman 3,368 0.20 27,213 Raytheon 3,784 0.23 15,812 Rockwell Collins 1,588 0.10 24,778 Textron 1,038 0.06 4,398 TransDigm 895 0.06 70,636 United Technologies 6,675 0.40 39,713 2.40 Automobiles & Parts – 1.11%; 31.12.16 1.19% 24,877 Aptiv 1,562 0.09 8,486 Autoliv 798 0.05 20,387 BorgWarner 771 0.05 8,292 Delphi Technologies 322 0.02 358,244 Ford Motor 3,312 0.20 126,205 General Motors 3,830 0.23 24,491 Gentex 380 0.02 20,722 Goodyear Tire & Rubber 495 0.03 86,957 Johnson Controls International 2,453 0.15 5,945 Lear 777 0.05 26,388 LKQ 794 0.05 12,673 Tesla 2,920 0.17 18,414 1.11 Banks – 6.43%; 31.12.16 6.70% 915,349 Bank of America 20,005 1.21 74,690 BB&T 2,749 0.17 248,485 Citigroup 13,686 0.83 45,833 Citizens Financial 1,425 0.08 15,179 Comerica 975 0.06 9,729 Commerce Bancshares 402 0.02 71,921 Fifth Third Bancorp 1,615 0.10 15,011 First Republic Bank 962 0.06 101,762 Huntington Bancshares 1,097 0.07 325,042 JPMorgan Chase & Co. 25,786 1.56 98,368 KeyCorp 1,468 0.09 13,916 M&T Bank 1,761 0.11

137 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 138 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

42,329 New York Community Bancorp 408 0.02 Construction & Materials – 0.52%; 31.12.16 0.58% 25,496 People’s United Financial 353 0.02 4,137 Acuity Brands 539 0.03 45,306 PNC Financial Services* 4,841 0.29 9,209 Adient 536 0.03 112,469 Regions Financial 1,439 0.09 12,090 Fluor 462 0.03 45,029 SunTrust Banks 2,153 0.13 13,622 Fortune Brands Home & Security 690 0.04 146,460 US Bancorp 5,811 0.35 10,578 Jacobs Engineering 516 0.03 416,542 Wells Fargo 18,725 1.13 6,129 Martin Marietta Materials 1,003 0.06 19,716 Zions Bancorporation 742 0.04 30,044 Masco 977 0.06 106,403 6.43 19,148 MDU Resources 381 0.03 7,539 Sherwin-Williams 2,288 0.14 Beverages – 1.96%; 31.12.16 2.06% 12,817 Vulcan Materials 1,218 0.07 17,060 Brown-Forman class ‘B’ shares 867 0.05 8,610 0.52 360,915 Coca-Cola 12,271 0.74 22,182 Coca-Cola European Partners 654 0.04 Electricity – 2.13%; 31.12.16 2.30% 15,100 Constellation Brands class ‘A’ shares 2,555 0.16 61,776 AES 495 0.03 17,488 Dr Pepper Snapple 1,256 0.08 22,230 Alliant Energy 701 0.04 15,776 Molson Coors Brewing class ‘B’ shares 958 0.06 45,289 American Electric Power 2,466 0.15 39,950 Monster Beverage 1,872 0.11 3,090 Avangrid 116 0.01 134,178 PepsiCo 11,910 0.72 30,029 Calpine 336 0.02 32,343 1.96 24,289 CMS Energy 850 0.05 29,925 Consolidated Edison 1,882 0.11 Chemicals – 2.11%; 31.12.16 2.04% 60,225 Dominion Energy 3,613 0.22 19,849 Air Products & Chemicals 2,411 0.15 16,929 DTE Energy 1,372 0.08 10,933 Albemarle 1,035 0.06 30,779 Edison International 1,441 0.09 6,134 Ashland Global 323 0.02 16,510 Entergy 995 0.06 8,328 Avery Dennison 708 0.04 28,698 Eversource Energy 1,342 0.08 12,033 Celanese 954 0.06 90,709 Exelon 2,647 0.16 21,982 CF Industries 692 0.04 38,630 FirstEnergy 875 0.05 219,171 DowDuPont 11,569 0.70 44,452 NextEra Energy 5,139 0.31 13,552 Eastman Chemical 929 0.06 26,854 NRG Energy 566 0.03 23,817 Ecolab 2,365 0.14 50,350 PG&E 1,670 0.10 12,913 FMC 905 0.05 9,351 Pinnacle West Capital 590 0.04 7,032 International Flavors & Fragrances 794 0.05 62,781 PPL 1,438 0.09 31,464 Lyondellbasell Industries class ‘A’ shares 2,569 0.16 45,798 Public Service Enterprise 1,746 0.11 40,508 Monsanto 3,503 0.21 93,795 Southern 3,339 0.20 33,454 Mosaic 636 0.04 47,557 Xcel Energy 1,693 0.10 24,798 PPG Industries 2,144 0.13 35,312 2.13 26,207 Praxair 3,004 0.18 4,287 Westlake Chemical 338 0.02 34,879 2.11

139 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 140 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Electronic & Electrical Equipment – 0.92%; 31.12.16 0.84% 122,659 Morgan Stanley 4,763 0.29 30,967 Agilent Technologies 1,534 0.09 11,237 Nasdaq 639 0.04 8,278 Allegion 488 0.03 33,085 Navient 326 0.02 21,991 AMETEK 1,180 0.07 19,180 Northern Trust 1,418 0.09 28,467 Amphenol class ‘A’ shares 1,850 0.11 12,598 Raymond James Financial 833 0.05 8,560 Arrow Electronics 509 0.03 24,429 S&P Global 3,064 0.19 11,521 Avnet 338 0.02 17,797 Santander Consumer USA 245 0.01 60,577 Emerson Electric 3,125 0.19 12,762 SEI Investments 679 0.04 53,784 Flex 716 0.04 35,072 State Street 2,534 0.15 14,312 Jabil 278 0.02 77,127 Synchrony Financial 2,204 0.13 15,825 Keysight Technologies 487 0.03 23,209 T Rowe Price 1,802 0.11 2,340 Mettler-Toledo International 1,073 0.06 24,307 TD Ameritrade 920 0.06 16,601 Sensata Technologies 628 0.04 15,280 Vantiv 832 0.05 33,463 TE Connectivity 2,354 0.14 170,590 Visa 14,426 0.87 24,537 Trimble 738 0.05 45,551 Western Union 641 0.04 15,298 0.92 94,722 5.73 Financial Services – 5.73%; 31.12.16 5.17% Fixed Line Telecommunications – 1.98%; 31.12.16 2.57% 12,897 AerCap 502 0.03 577,906 AT&T 16,638 1.00 5,355 Affiliated Managers 814 0.05 90,798 CenturyLink 1,121 0.07 42,405 Ally Financial 915 0.06 383,631 Verizon Communications 15,054 0.91 68,193 American Express 5,013 0.30 32,813 1.98 14,123 Ameriprise Financial 1,772 0.11 92,613 Bank of New York Mellon 3,692 0.22 Food & Drug Retailers – 0.37%; 31.12.16 0.52% 11,674 BlackRock* 4,442 0.27 14,622 AmerisourceBergen 994 0.06 44,455 Capital One Financial 3,276 0.20 29,023 Cardinal Health 1,316 0.08 9,346 Cboe Global Markets 862 0.05 84,699 Kroger 1,721 0.11 109,063 Charles Schwab 4,147 0.25 45,062 Sysco 2,026 0.12 13,323 CIT 485 0.03 6,057 0.37 31,457 CME 3,401 0.21 Food Producers – 1.33%; 31.12.16 1.66% 35,164 Discover Financial Services 2,002 0.12 53,617 Archer Daniels Midland 1,591 0.10 24,931 E*TRADE Financial 915 0.06 13,040 Bunge 648 0.04 10,406 Equifax 908 0.05 16,201 Campbell Soup 577 0.03 24,079 FNF 699 0.04 39,580 Conagra Brands 1,104 0.06 32,231 Franklin Resources 1,034 0.06 52,776 General Mills 2,316 0.14 13,380 Global Payments 993 0.06 5,787 Herbalife 290 0.02 34,278 Goldman Sachs 6,469 0.39 13,592 Hershey 1,142 0.07 34,685 IHS Markit 1,159 0.07 23,791 Hormel Foods 641 0.04 54,804 Intercontinental Exchange 2,862 0.17 6,343 Ingredion 656 0.04 35,356 Invesco 956 0.06 10,657 JM Smucker 980 0.06 16,588 Janus Henderson 470 0.03 22,296 Kellogg 1,122 0.07 88,470 MasterCard class ‘A’ shares 9,941 0.60 54,845 Kraft Heinz 3,157 0.19 15,255 Moody’s 1,667 0.10 14,178 Lamb Weston 592 0.03

141 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 142 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

30,987 Leucadia National 608 0.04 25,664 Dollar General 1,767 0.11 10,227 McCormick & Co 771 0.05 22,174 Dollar Tree 1,761 0.11 134,746 Mondelez International 4,268 0.26 90,098 eBay 2,517 0.15 25,750 Tyson Foods 1,545 0.09 12,513 Foot Locker 434 0.03 22,008 1.33 23,293 Gap 587 0.04 13,870 Genuine Parts 975 0.06 Forestry & Paper – 0.10%; 31.12.16 0.11% 20,822 H&R Block 404 0.02 37,802 International Paper 1,622 0.10 110,265 Home Depot 15,483 0.94 Gas, Water & Multiutilities – 0.76%; 31.12.16 0.97% 13,631 Kohl’s 547 0.03 21,367 Ameren 933 0.06 20,835 L Brands 928 0.06 16,598 American Water Works 1,124 0.07 77,480 Lowe’s 5,329 0.32 39,380 CenterPoint Energy 827 0.05 10,176 Lululemon Athletica 592 0.04 66,323 Duke Energy 4,128 0.25 29,904 Macy’s 557 0.03 31,535 NiSource 599 0.04 74,613 McDonald’s 9,512 0.57 34,555 ONEOK 1,367 0.08 3,504 MercadoLibre 816 0.05 11,109 SCANA 327 0.02 38,517 Netflix 5,473 0.33 22,813 Sempra Energy 1,806 0.11 14,249 Nordstrom 500 0.03 28,891 WEC Energy 1,420 0.08 8,949 O’Reilly Automotive 1,593 0.10 12,531 0.76 107,230 PayPal 5,843 0.35 7,432 PVH 755 0.05 General Industrials – 2.32%; 31.12.16 2.92% 36,965 Ross Stores 2,196 0.13 54,464 3M 9,504 0.57 4,935 Signet Jewelers 207 0.01 32,790 Ball 918 0.06 132,565 Starbucks 5,635 0.34 9,821 Bemis 347 0.02 52,822 Target 2,551 0.15 57,539 Danaher 3,953 0.24 10,609 Tiffany 816 0.05 41,219 Eaton 2,411 0.15 59,512 TJX 3,367 0.20 816,492 General Electric 10,557 0.64 12,684 Tractor Supply 702 0.04 71,506 Honeywell International 8,133 0.49 5,445 Ulta Beauty 901 0.05 7,766 Packaging Corporation of America 693 0.04 86,233 Walgreens Boots Alliance 4,634 0.28 17,371 Sealed Air 634 0.04 134,960 Wal-Mart Stores 9,876 0.60 24,551 WestRock 1,149 0.07 34,382 Yum China 1,018 0.06 38,299 2.32 31,225 Yum! Brands 1,886 0.11 General Retailers – 6.44%; 31.12.16 6.57% 106,486 6.44 6,219 Advance Auto Parts 459 0.03 Healthcare Equipment & Services – 4.75%; 31.12.16 4.32% 6,998 AutoNation 266 0.02 29,769 Aetna 3,980 0.24 2,693 AutoZone 1,418 0.09 7,516 Align Technology 1,236 0.07 14,436 Bed Bath & Beyond 235 0.01 24,357 Anthem 4,057 0.24 23,787 Best Buy 1,205 0.07 45,508 Baxter International 2,177 0.13 16,290 CarMax 773 0.05 21,099 Becton Dickinson 3,343 0.20 2,771 Chipotle Mexican Grill 593 0.04 125,165 Boston Scientific 2,296 0.14 40,313 Costco Wholesale 5,555 0.34 15,062 Centene 1,125 0.07 93,793 CVS Health 5,036 0.30 23,681 Cigna 3,561 0.21 11,028 Darden Restaurants 784 0.05 4,074 Cooper Companies 657 0.04

143 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 144 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

6,660 CR Bard 1,635 0.10 Industrial Engineering – 1.45%; 31.12.16 1.22% 16,382 DaVita 876 0.05 53,721 Caterpillar 6,267 0.38 21,435 DENTSPLY SIRONA 1,044 0.06 15,312 Cummins 2,002 0.12 19,753 Edwards Lifesciences 1,648 0.10 29,870 Deere 3,461 0.21 56,268 Express Scripts 3,109 0.19 14,074 Dover 1,052 0.06 26,217 HCA Healthcare 1,705 0.10 12,775 Flowserve 398 0.03 15,500 Henry Schein 802 0.05 23,386 Ingersoll-Rand 1,544 0.09 23,759 Hologic 752 0.05 31,866 PACCAR 1,676 0.10 13,533 Humana 2,486 0.15 12,408 Parker-Hannifin 1,833 0.11 8,265 IDEXX Laboratories 957 0.06 16,596 Pentair 867 0.05 10,483 Intuitive Surgical 2,831 0.17 12,063 Rockwell Automation 1,754 0.11 9,576 Laboratory Corp of America 1,131 0.07 9,646 Roper Technologies 1,850 0.11 126,357 Medtronic 7,554 0.46 6,878 Wabtec 415 0.03 8,749 Patterson 234 0.01 17,206 Xylem 869 0.05 12,600 Quest Diagnostics 919 0.06 23,988 1.45 13,357 ResMed 837 0.05 31,910 Stryker 3,659 0.22 Industrial Metals – 0.25%; 31.12.16 0.22% 37,444 Thermo Fisher Scientific 5,265 0.32 16,610 Alcoa 662 0.04 90,049 UnitedHealth 14,713 0.89 121,759 Freeport-McMoRan 1,710 0.10 8,107 Universal Health Services class ‘B’ shares 680 0.04 29,989 Nucor 1,411 0.09 7,821 Varian Medical Systems 644 0.04 8,297 Southern Copper 291 0.02 7,601 Waters 1,087 0.07 4,074 0.25 18,019 Zimmer Biomet 1,609 0.10 Industrial Transportation – 1.61%; 31.12.16 1.57% 78,609 4.75 13,659 CH Robinson Worldwide 901 0.05 Household Goods & Home Construction – 1.90%; 31.12.16 2.04% 80,840 CSX 3,292 0.20 24,167 Church & Dwight 898 0.05 15,736 Expeditors International of Washington 753 0.05 12,282 Clorox 1,352 0.08 23,100 FedEx 4,266 0.26 30,246 DR Horton 1,143 0.07 8,620 JB Hunt Transport Services 733 0.04 5,346 Edgewell Personal Care 235 0.01 9,579 Kansas City Southern 746 0.04 32,385 Kimberly-Clark 2,893 0.18 26,265 Norfolk Southern 2,819 0.17 11,990 Leggett & Platt 424 0.03 74,728 Union Pacific 7,424 0.45 17,493 Lennar class ‘A’ shares 819 0.05 65,213 United Parcel Service class ‘B’ shares 5,752 0.35 5,672 Mohawk Industries 1,158 0.07 26,686 1.61 43,636 Newell Brands 998 0.06 Leisure Goods – 0.39%; 31.12.16 0.33% 315 NVR 818 0.05 69,438 Activision Blizzard 3,254 0.20 240,503 Procter & Gamble 16,379 0.99 27,015 Electronic Arts 2,101 0.13 23,663 Pulte Homes 582 0.04 10,577 Hasbro 712 0.04 4,623 Snap-on 596 0.04 30,012 Mattel 342 0.02 13,726 Stanley Black & Decker 1,724 0.10 14,125 Toll Brothers 502 0.03 6,409 0.39 6,944 Whirlpool 867 0.05 31,388 1.90

145 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 146 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Life Insurance – 1.17%; 31.12.16 1.21% Mining – 0.08%; 31.12.16 0.10% 37,329 Aflac 2,426 0.15 47,978 Newmont Mining 1,332 0.08 5,334 Assurant 398 0.02 Mobile Telecommunications – 0.16%; 31.12.16 0.24% 7,475 Brighthouse Financial 324 0.02 16,221 Motorola Solutions 1,085 0.06 44,149 Chubb 4,778 0.29 70,241 Sprint 306 0.02 20,249 Lincoln National 1,152 0.07 27,459 T-Mobile 1,291 0.08 86,400 MetLife 3,233 0.20 27,008 Principal Financial 1,410 0.09 2,682 0.16 39,774 Prudential Financial 3,385 0.20 Non-life Insurance – 3.26%; 31.12.16 3.26% 10,955 Torchmark 736 0.04 1,446 Alleghany 638 0.04 21,197 Unum 861 0.05 33,005 Allstate 2,558 0.15 19,705 Voya Financial 722 0.04 86,981 American International 3,836 0.23 19,425 1.17 24,331 Aon class ‘A’ shares 2,413 0.15 10,126 Arch Capital 680 0.04 Media – 3.01%; 31.12.16 3.47% 17,552 Arthur J Gallagher 822 0.05 97,262 21st Century Fox America class ‘A’ shares 2,486 0.15 7,656 Axis Capital 285 0.02 38,444 21st Century Fox America class ‘B’ shares 971 0.06 41 Berkshire Hathaway convertible class ‘B’ shares 9,037 0.55 31,816 CBS class ‘B’ shares 1,389 0.08 118,730 Berkshire Hathaway convertible class ‘B’ shares 17,458 1.05 18,196 Charter Communications 4,527 0.27 12,610 Brown & Brown 480 0.03 432,860 Comcast class ‘A’ shares 12,837 0.78 12,820 Cincinnati Financial 711 0.04 14,555 Discovery Communications class ‘A’ shares 241 0.01 2,926 CNA Financial 115 0.01 22,802 Discovery Communications class ‘C’ shares 357 0.02 3,609 Everest Re 591 0.03 20,879 DISH Network class ‘A’ shares 738 0.04 34,567 Hartford Financial Services 1,440 0.09 3,386 Dun & Bradstreet 297 0.02 25,573 Loews 947 0.06 37,127 Interpublic 554 0.03 1,304 Markel 1,098 0.07 2,066 Liberty Broadband class ‘A’ shares 130 0.01 47,066 Marsh & McLennan 2,835 0.17 12,669 Liberty Broadband class ‘C’ shares 798 0.05 19,548 Old Republic International 309 0.02 21,513 Liberty Global class ‘A’ shares 570 0.04 53,382 Progressive 2,225 0.13 59,330 Liberty Global class ‘C’ shares 1,486 0.09 3,449 RenaissanceRe 321 0.02 37,942 Liberty Interactive class ‘A’ shares 686 0.04 26,253 Travelers 2,636 0.16 10,068 Liberty SiriusXM class ‘A’ shares 296 0.02 12,368 Willis Towers Watson 1,379 0.08 17,802 Liberty SiriusXM class ‘C’ shares 523 0.03 8,950 WR Berkley 475 0.03 35,369 News class ‘A’ shares 425 0.03 23,968 XL 624 0.04 11,027 News class ‘B’ shares 135 0.01 30,387 Nielsen 819 0.05 53,913 3.26 21,946 Omnicom 1,183 0.07 Oil & Gas Producers – 5.06%; 31.12.16 5.98% 8,882 Scripps Networks Interactive 561 0.03 50,496 Anadarko Petroleum 2,005 0.12 149,487 Sirius XM 592 0.04 14,103 Andeavor 1,194 0.07 71,337 Time Warner 4,835 0.29 19,617 Antero Resources 276 0.02 32,601 Viacom class ‘B’ non-voting shares 743 0.05 34,313 Apache 1,072 0.06 144,845 Walt Disney 11,555 0.70 42,981 Cabot Oil & Gas 910 0.05 49,734 3.01 20,933 Cheniere Energy 834 0.05 177,555 Chevron 16,477 1.00

147 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 148 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

8,467 Cimarex Energy 765 0.05 5,234 Ralph Lauren class ‘A’ shares 402 0.02 13,098 Concho Resources 1,457 0.09 24,756 Tapestry 810 0.05 113,236 ConocoPhillips 4,601 0.28 19,351 Under Armour class ‘A’ shares 207 0.01 9,858 Continental Resources 386 0.02 19,415 Under Armour class ‘C’ shares 191 0.01 49,034 Devon Energy 1,502 0.09 30,719 VF 1,682 0.10 53,112 EOG Resources 4,243 0.26 17,264 1.04 22,048 EQT 929 0.06 398,271 Exxon Mobil 24,698 1.49 Pharmaceuticals & Biotechnology – 8.19%; 31.12.16 8.64% 10,283 Helmerich & Payne 492 0.03 157,721 Abbott Laboratories 6,668 0.40 26,891 Hess 945 0.06 149,593 AbbVie 10,724 0.65 16,305 HollyFrontier 618 0.04 20,639 Alexion Pharmaceuticals 1,827 0.11 174,679 Kinder Morgan 2,336 0.14 12,672 Alkermes 513 0.03 76,275 Marathon Oil 956 0.06 31,935 Allergan 3,868 0.23 50,180 Marathon Petroleum 2,450 0.15 69,510 Amgen 8,946 0.54 15,264 Murphy Oil 351 0.02 19,735 Biogen 4,653 0.28 20,260 Newfield Exploration 473 0.03 15,810 BioMarin Pharmaceutical 1,043 0.06 47,987 Noble Energy 1,035 0.06 10,528 Bioverativ 420 0.03 70,465 Occidental Petroleum 3,844 0.23 152,932 Bristol-Myers Squibb 6,939 0.42 40,764 Phillips 66 3,054 0.18 71,723 Celgene 5,540 0.33 16,021 Pioneer Natural Resources 2,049 0.12 90,232 Eli Lilly 5,644 0.34 20,222 Range Resources 255 0.01 120,818 Gilead Sciences 6,407 0.39 21,194 Targa Resources 759 0.05 29,429 Illinois Tool Works 3,635 0.22 41,181 Valero Energy 2,802 0.17 13,341 Illumina 2,158 0.13 15,472 Incyte 1,085 0.07 83,768 5.06 15,059 IQVIA Holdings 1,091 0.07 Oil Equipment, Services & Distribution – 0.82%; 31.12.16 1.21% 5,106 Jazz Pharmaceuticals 509 0.03 38,876 Baker Hughes 911 0.06 253,324 Johnson & Johnson 26,218 1.58 4,516 Core Laboratories 366 0.02 10,183 Mallinckrodt Pharmaceuticals 170 0.01 79,628 Halliburton 2,880 0.17 19,476 McKesson 2,248 0.14 33,371 National Oilwell Varco 890 0.05 257,700 Merck & Co 10,744 0.65 130,854 Schlumberger 6,535 0.40 49,061 Mylan 1,537 0.09 94,931 Weatherford International 292 0.02 12,256 Perrigo 791 0.05 76,341 Williams Companies 1,723 0.10 555,646 Pfizer 14,907 0.90 13,597 0.82 7,475 Regeneron Pharmaceuticals 2,080 0.13 24,339 Vertex Pharmaceuticals 2,700 0.16 Personal Goods – 1.04%; 31.12.16 0.89% 46,517 Zoetis 2,482 0.15 81,774 Colgate-Palmolive 4,570 0.28 135,547 8.19 41,653 Coty ‘A’ 613 0.04 20,232 Estee Lauder class ‘A’ shares 1,906 0.12 Real Estate Investment & Services – 0.06%; 31.12.16 0.05% 35,747 Hanesbrands 553 0.03 29,903 CBRE class ‘A’ shares 959 0.06 14,917 Michael Kors 695 0.04 121,672 NIKE 5,635 0.34

149 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 150 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Real Estate Investment Trusts – 2.84%; 31.12.16 2.86% Software & Computer Services – 12.26%; 31.12.16 10.36% 33,135 AGNC 495 0.03 46,194 Adobe Systems 5,993 0.36 7,990 Alexandria Real Estate Equities 772 0.05 16,280 Akamai Technologies 784 0.05 38,929 American Tower class ‘A’ shares 4,111 0.25 27,959 Alphabet class ‘A’ shares 21,798 1.32 115,396 Annaly Capital Management 1,015 0.06 28,402 Alphabet class ‘C’ shares 21,996 1.33 12,859 AvalonBay Communities 1,698 0.10 37,322 Amazon.com 32,303 1.95 14,574 Boston Properties 1,403 0.08 12,489 Amdocs 605 0.04 36,990 Crown Castle International 3,041 0.18 8,618 Ansys 941 0.06 20,221 Digital Realty Trust 1,705 0.10 5,097 Arista Networks 889 0.05 30,824 Duke Realty 621 0.04 18,851 Autodesk 1,462 0.09 7,148 Equinix 2,399 0.15 30,167 CA 743 0.04 34,112 Equity Residential 1,610 0.10 11,872 CDK Global 626 0.04 6,112 Essex Property Trust 1,093 0.07 12,832 CDW 660 0.04 10,167 Extra Space Storage 658 0.04 25,914 Cerner 1,293 0.08 7,172 Federal Realty Investment Trust 705 0.04 11,408 Check Point Software Technologies 875 0.05 57,522 GGP 995 0.06 15,101 Citrix Systems 983 0.06 42,516 HCP 821 0.05 56,002 Cognizant Technology 2,944 0.18 12,901 Hospitality Properties 285 0.02 16,104 CSRA 357 0.02 69,816 Host Hotels & Resorts 1,026 0.06 4,018 DST Systems 184 0.01 23,218 Iron Mountain 648 0.04 26,349 DXC Technology 1,851 0.11 37,154 Kimco Realty 499 0.03 219,242 Facebook 28,643 1.73 12,754 Liberty Property Trust 406 0.03 29,133 Fortive 1,561 0.09 13,098 Macerich 637 0.04 7,292 Gartner 665 0.04 10,146 Mid-America Apartment Communities 755 0.05 157,140 Hewlett Packard Enterprise 1,670 0.10 11,104 Park Hotels & Resorts 236 0.01 7,165 IAC InterActive 648 0.04 48,234 Prologis 2,303 0.14 22,467 Intuit 2,625 0.16 14,246 Public Storage 2,204 0.13 704,594 Microsoft 44,633 2.70 27,735 Realty Income 1,171 0.07 19,320 Nuance Communications 234 0.01 13,956 Regency Centers 714 0.04 273,919 Oracle 9,587 0.58 11,000 SBA Communications 1,330 0.08 8,540 Palo Alto Networks 916 0.06 28,943 Simon Property 3,681 0.22 16,065 Red Hat 1,428 0.09 9,331 SL Green Realty 697 0.04 62,368 salesforce.com 4,720 0.29 23,635 UDR 674 0.04 15,783 ServiceNow 1,523 0.09 33,758 Ventas 1,499 0.09 13,856 Splunk 849 0.05 95,800 VEREIT 552 0.03 55,858 Symantec 1,160 0.07 15,379 Vornado Realty Trust 890 0.05 13,249 Synopsys 836 0.05 12,042 Weingarten Realty Investors 293 0.02 59,182 Twitter 1,052 0.06 33,809 Welltower 1,596 0.10 8,671 VeriSign 735 0.04 68,308 Weyerhaeuser 1,783 0.11 5,744 VMware 533 0.03 47,021 2.84 12,946 Workday 975 0.06 24,793 Yandex 601 0.04 202,881 12.26

151 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 152 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Support Services – 1.81%; 31.12.16 1.78% 21,763 Microchip Technology 1,415 0.09 58,427 Accenture 6,621 0.40 102,392 Micron Technology 3,116 0.19 4,452 Alliance Data Systems 835 0.05 11,798 NCR 297 0.02 40,847 Automatic Data Processing 3,543 0.21 25,491 NetApp 1,044 0.06 11,150 Broadridge Financial Solutions 748 0.05 53,388 NVIDIA 7,647 0.46 7,935 Cintas 915 0.06 32,104 NXP Semiconductors 2,781 0.17 24,809 Fastenal 1,004 0.06 12,512 Qorvo 617 0.04 31,142 Fidelity National Information Services 2,170 0.13 138,812 Qualcomm 6,581 0.40 19,874 Fiserv 1,929 0.12 26,803 Seagate Technology 830 0.05 8,440 FleetCor Technologies 1,202 0.07 16,238 Skyworks Solutions 1,141 0.07 5,952 Manpower 556 0.03 92,125 Texas Instruments 7,122 0.43 28,850 Paychex 1,454 0.09 27,077 Western Digital 1,594 0.10 20,189 Republic Services 1,010 0.06 22,858 Xilinx 1,141 0.07 11,991 Robert Half International 493 0.03 160,505 9.71 8,124 Stericycle 409 0.03 17,132 Total System Services 1,003 0.06 Tobacco – 1.26%; 31.12.16 1.59% 8,279 United Rentals 1,053 0.06 179,649 Altria 9,499 0.57 15,022 Verisk Analytics 1,068 0.06 145,776 Philip Morris International 11,398 0.69 40,540 Waste Management 2,589 0.16 20,897 1.26 4,651 WW Grainger 813 0.05 Travel & Leisure – 1.49%; 31.12.16 1.36% 21,134 Xerox 456 0.03 2,926 Alaska Air 159 0.01 29,871 1.81 11,923 American Airlines 459 0.03 Technology Hardware & Equipment – 9.71%; 31.12.16 8.76% 19,959 Aramark 631 0.04 69,839 Advanced Micro Devices 531 0.03 37,745 Carnival 1,854 0.11 33,506 Analog Devices 2,209 0.13 17,757 Delta Air Lines 736 0.04 482,646 Apple 60,472 3.66 3,769 Domino’s Pizza 527 0.03 97,722 Applied Materials 3,698 0.22 10,448 Expedia 926 0.06 37,954 Broadcom 7,228 0.44 16,623 Harley-Davidson 626 0.04 466,822 Cisco Systems 13,240 0.80 21,403 Hilton Worldwide 1,265 0.08 85,859 Corning 2,033 0.12 33,140 Las Vegas Sands 1,704 0.10 20,261 Dell Technologies 1,219 0.07 29,036 Marriott International class ‘A’ shares 2,917 0.18 5,987 F5 Networks 581 0.04 47,427 MGM Resorts International 1,172 0.07 10,642 Garmin 469 0.03 18,274 Norwegian Cruise Line 720 0.04 12,064 Harris 1,265 0.08 5,344 Polaris Industries 490 0.03 154,232 HP 2,398 0.14 4,570 Priceline 5,878 0.36 442,776 Intel 15,133 0.91 15,790 Royal Caribbean Cruises 1,394 0.08 79,799 International Business Machines 9,066 0.55 15,335 Southwest Airlines 743 0.05 33,461 Juniper Networks 706 0.04 10,452 TripAdvisor 266 0.02 14,422 KLA-Tencor 1,122 0.07 7,414 United Continental 370 0.02 15,413 Lam Research 2,100 0.13 8,539 Wyndham Worldwide 733 0.04 39,858 Marvell Technology 633 0.04 8,053 Wynn Resorts 1,005 0.06 27,821 Maxim Integrated Products 1,076 0.06 24,575 1.49

153 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 154 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Portfolio Statement continued Statement of Total Return for the year ended 31 December 2017

Holding or Underlying Market % of For the year For the year Nominal Exposure Value Total Net to 31.12.2017 to 31.12.2016 Value Investment £000’s £000’s Assets Notes £000’s £000’s £000’s £000’s

DERIVATIVES – 0.00%; 31.12.16 0.00% Income Futures – 0.00%; 31.12.16 0.00% Net capital gains 3 120,915 200,290 138 S&P 500 E-Mini March 2018 13,760 71 0.00 Revenue 4 25,581 15,188 Expenses 5 (1,144) (1,166) Portfolio of investments 1,640,706 99.18 Net other assets 13,482 0.82 Interest payable and similar charges 6 (2) (6) Total net assets 1,654,188 100.00 Net revenue before taxation 24,435 14,016 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market Taxation 7 (3) (35) value of an equivalent position in the assets underlying each financial derivative instrument. Net revenue after taxation 24,432 13,981 * Related party to the Fund. Total return before distributions 145,347 214,271 Distributions 8 (24,429) (13,981) Change in net assets attributable to unitholders from investment activities 120,918 200,290

Statement of Change in Net Assets Attributable to Unitholders for the year ended 31 December 2017

For the year For the year to 31.12.2017 to 31.12.2016 £000’s £000’s £000’s £000’s

Opening net assets attributable to unitholders 761,440 702,870 Amounts receivable on issue of units 132,121 12,433 In-specie from Connect US Equity Tracker Fund* 859,560 – Amounts payable on cancellation of units (243,824) (167,253) 747,857 (154,820) Dilution levy/adjustment – 54 Change in net assets attributable to unitholders from investment activities 120,918 200,290 Retained distribution on accumulation units 23,973 13,046 Closing net assets attributable to unitholders 1,654,188 761,440

* The Connect US Equity Tracker Fund was part of BlackRock Life Limited, a related party to BlackRock Fund Managers Limited.

155 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 156 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Balance Sheet Notes to Financial Statements at 31 December 2017 for the year ended 31 December 2017

1. Accounting and Distribution Policies 31.12.2017 31.12.2016 Notes £000’s £000’s The accounting and distribution policies are set out on pages 10 to 11. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 12 to 30. – Investment assets 1,640,706 760,371 3. Net Capital Gains Current assets – Debtors 9 3,320 5,580 For the year For the year to 31.12.2017 to 31.12.2016 – Cash and bank balances 10 10,878 428 £000’s £000’s Total assets 1,654,904 766,379 The net capital gains comprise: Liabilities: Gains on non-derivative securities 119,523 200,072 Creditors Gains on derivative securities 2,765 235 – Amounts held at futures clearing houses and brokers (118) (6) Forward currency contracts 3 – – Other creditors 11 (598) (4,933) Currency losses (1,671) (239) Total liabilities (716) (4,939) Custodian transaction costs (11) (5) Net assets attributable to unitholders 1,654,188 761,440 Derivative charges – (2) US REIT dividends 306 229

R A R Hayes (Director) Net capital gains 120,915 200,290 A M Lawrence (Director) BlackRock Fund Managers Limited 4. Revenue 23 February 2018 For the year For the year to 31.12.2017 to 31.12.2016 £000’s £000’s Interest from UK bank deposits 16 – Overseas dividends 24,306 14,840 Securities lending revenue 18 7 Stock dividends 3 – UK dividends 68 37 US REIT dividends 1,170 304 Total revenue 25,581 15,188

157 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 158 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

5. Expenses 8. Distributions The distributions take account of revenue received on the issue of units and revenue deducted on the For the year For the year redemption of units and comprise: to 31.12.2017 to 31.12.2016 £000’s £000’s For the year For the year Payable to the Manager or associates of the Manager: to 31.12.2017 to 31.12.2016 £000’s £000’s – Manager’s charge 1,050 1,071 Final distribution 23,973 13,046 1,050 1,071 23,973 13,046 Payable to the Depositary or associates of the Depositary: Add: Amounts deducted on cancellations of units 1,615 1,033 – Depositary fee 88 60 Deduct: Amounts received on issue of units (986) (98) 88 60 Deduct: Revenue received on in-specie transactions (173) – Other expenses: Distributions 24,429 13,981 – Audit fees 7 7 – Safe custody fees (2) 28 The distributable amount has been calculated as follows: – FCA fees 1 – Net revenue after taxation 24,432 13,981 6 35 Deduct: Non-distributable stock dividends (3) – Total expenses 1,144 1,166 Distributions 24,429 13,981

6. Interest Payable and Similar Charges Details of the final distribution per unit are set out in the table on page 137.

For the year For the year to 31.12.2017 to 31.12.2016 9. Debtors £000’s £000’s 31.12.2017 31.12.2016 Interest on bank overdrafts 2 6 £000’s £000’s Total interest payable and similar charges 2 6 Accrued revenue 1,636 968 Amounts receivable on issue of units 1,646 – 7. Taxation Overseas tax recoverable 38 9 (a) Analysis of tax charge Sales awaiting settlement – 4,603 For the year For the year Total debtors 3,320 5,580 to 31.12.2017 to 31.12.2016 £000’s £000’s 10. Cash and Bank Balances Overseas tax 3 35 31.12.2017 31.12.2016 Total tax charge 3 35 £000’s £000’s Cash and bank balances 10,878 428 (b) Factors affecting the tax charge Total cash and bank balances 10,878 428 As the Fund is an Authorised Contractual Scheme, it is exempt from United Kingdom (UK) tax on capital gains realised on the disposal of investments held within the Fund and any UK corporation tax.

159 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 160 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

11. Other Creditors 13. Related Parties continued The Investment Manager, in accordance with the Contractual Scheme Deed, may enter into commission 31.12.2017 31.12.2016 £000’s £000’s sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Accrued Audit fee 14 7 Investment Manager believes are useful in the investment decision-making or trade execution process. Accrued Depositary's fee 31 33 Such research or execution services may include, without limitation and to the extent permitted by Accrued FCA fee 1 1 applicable law: research reports on companies, industries and securities; and the provision of economic Accrued Manager's charge 87 100 and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit Accrued Safe custody fees 4 17 to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not Amounts payable for cancellations of units 446 4,770 affiliated to the BlackRock Group. Currency deals awaiting settlement 11 – The Fund’s investments in other BlackRock related party entities are individually identified on the portfolio Custodian transaction costs 4 5 statement. Total other creditors 598 4,933 The following investor(s)

12. Contingent Assets and Liabilities (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or There were no contingent assets or liabilities at the Balance Sheet date. (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue 13. Related Parties in the Fund and are as a result, considered to be related parties to the Fund. Parties are considered to be related if one party has the ability to control the other party or exercise As at 31 December 2017: significant influence over the other party in making financial or operational decisions. Total % of units The following entities were related parties of the Fund during the year ended 31 December 2017: Number of investors held by unitholders holding 51% or more holding 51% or more Manager/Registrar: BlackRock Fund Managers Limited of the voting units of the voting units Investment Manager: BlackRock Investment Management (UK) Limited in issue who are not in issue who are not Stock lending agent: BlackRock Advisors (UK) Limited Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds The ultimate holding company of the Manager, Investment Manager and stock lending agent is BlackRock Nil 1 67% Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund As at 31 December 2016: during the years ended 31 December 2017 and 31 December 2016. Total % of units The Manager acts as either principal or agent for the Depositary in respect of all transactions of units Number of investors held by unitholders of the Fund. The aggregate monies received through issue and paid through cancellation of units are holding 51% or more holding 51% or more disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts of the voting units of the voting units due to or from the Manager at the year end are disclosed in notes 9 and 11. Management fees and in issue who are not in issue who are not Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds registration fees paid to the Manager are shown in note 5. The balances due at the year end in respect of these fees are shown in note 11. Securities lending revenue earned by the Fund is disclosed in note 4. Nil 1 61%

All related party transactions were carried out at arm’s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no more favourable than those received by other investors investing into the same unit class.

161 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 162 ACS US Equity Tracker Fund ACS US Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

14. Portfolio Transaction Costs 14. Portfolio Transaction Costs continued For the year ended 31 December 2017 For the year ended 31 December 2016

Direct Transaction Costs Direct Transaction Costs

Transaction Value Commissions Taxes Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % Purchases (excluding derivatives) £000’s £000’s % £000’s %

Equity instruments 46,185 2 0.00 – – Equity instruments 24,642 – – – – Corporate actions 20,522 – – – – Corporate actions – – – – – In-specie transactions 859,560 – – – – Total purchases 24,642 – –

Total purchases 926,267 2 – Total purchases including transaction costs 24,642 Total purchases including transaction costs 926,269 Direct Transaction Costs

Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % Equity instruments 164,462 12 0.00 1 0.00 Equity instruments 146,614 10 0.01 3 0.00 Corporate actions – – – – – Corporate actions 20,597 – – – – Total sales 164,462 12 1

Total sales 167,211 10 3 Total sales net of transaction costs 164,449 Total sales net of transaction costs 167,198 Total transaction costs 12 1 Total transaction costs 12 3 Total transaction costs as a % of average net assets 0.00% 0.00% Total transaction costs as a % of average net assets 0.00% 0.00% The above analysis covers direct transaction costs incurred by the Fund during the year. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types.

For the Fund’s investment transactions in money market instruments any applicable transaction charges form part of the dealing spread for these instruments. Transactions in money market instruments to manage the Fund’s daily liquidity position are excluded from the analysis.

During the year, the Fund utilised derivative instruments including futures contracts. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either suffered as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above.

163 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 164 ACS US Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Notes to Financial Statements continued About the Fund

The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted

14. Portfolio Transaction Costs continued as a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 23 June 2016 and launched on 24 April 2017. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.02% (31 December 2016: 0.02%). Investment Objective & Policy

15. Units in Issue The aim of the Fund is to achieve a total return for investors by tracking closely the performance of the FTSE Developed ex UK Index by investing in companies in the benchmark index. Investments will be made directly Revenue is allocated each day pro rata to the capital value of assets attributable to each class and into constituent companies and via other transferable securities giving exposure to such companies. The Fund taxation is computed by reference to the net revenue after expenses attributable to each class. The may also invest in permitted money-market instruments, derivatives, permitted deposits and units in collective distribution per unit class is given in the distribution table. All unit classes have the same rights on investment schemes (which may be Associated Funds). winding up.

The movement in units in issue for the year ended 31 December 2017 is as follows:

For the period from For the year ended Risk and Reward Profile 24.4.2017 to 31.12.2017 31.12.2017 Lower risk Higher risk X1 Accumulation Units§ T1 Accumulation Units Typically lower rewards Typically higher rewards Balance at the beginning of the year – 460,293,697 Unit Class Issued during the year 964,782,696 14,184,818 X1 Accumulation 1 2 3 4 5 6 7 Cancelled during the year (57,506,179) (106,636,573)

Balance at the end of the year 907,276,517 367,841,942 • The risk indicator was calculated incorporating simulated historical data and may not be a reliable § Share Class X1 Accumulation launched 24 April 2017. indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. 16. Credit Facility • The lowest category does not mean risk free. The Fund entered into a credit facility with The Northern Trust Company, London Branch whereby • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of Northern Trust, will make a GBP 50 million credit facility available to the Fund. This credit facility will be risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can utilised by the Fund for temporary funding purposes, including, without limitation, the funding of late increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact subscriptions. The commitment fees are paid by the Manager. The credit facility was not utilised during to the Fund can be greater where derivatives are used in an extensive or complex way. the year and as such at 31 December 2017, the Fund did not have any outstanding amounts from the credit facility. For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which are available at www.blackrock.com. 17. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 31 December 2017.

165 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 166 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Performance Table Tracking Difference

Since Launch Tracking difference is defined as the difference in returns between a fund and its benchmark index. 24.4.2017§ to 31.12.2017 The Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the constituents of the benchmark index by holding all the securities comprising the benchmark index in similar TOTAL RETURN (with net income reinvested) proportions to their weightings in the benchmark index. Class X1 Accumulation Units ACS World ex UK Equity Tracker Fund +9.9% Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, these impacts can be either FTSE Developed ex UK Index* +9.8% positive or negative depending on the underlying circumstances. All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. § Three and five year performance data does not exist as the Fund launched in April 2017. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered by the * Figures from Index Vendor. Fund on any income received from its investments. The level and quantum of tracking difference arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried All financial investments involve an element of risk. Therefore, the value of your investment and the income out by the Fund. from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance The table below compares the realised Fund performance against the performance of the relevant benchmark and should not be the sole factor of consideration when selecting a product. index during the period ended 31 December 2017. An explanation for the difference is provided:

Fund return Benchmark return for the period for the period from 24.4.2017 from 24.4.2017 Tracking to 31.12.2017 to 31.12.2017 difference Explanation of the tracking difference Before costs, the tracking difference is a +9.9%* +9.8% +0.1% result of rounding.

* Performance is calculated gross of fees and reported for the Fund’s class X1 Accumulation Units.

167 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 168 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Tracking Error Classification of Investments

Realised tracking error is the annualised standard deviation of the difference in monthly returns between a The following chart provides an analysis of the portfolio weightings as at 31 December 2017 by its respective fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark geographical locations. The Fund launched on 24 April 2017, therefore no comparatives have been presented. index over a defined period of time.

Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and 31 December 2017 the returns of its benchmark index.  Australia 2.72% This Fund is categorised as a replicating fund. Replicating funds seek to replicate as closely as possible the  Canada 3.41% constituents of the benchmark index by holding all the securities comprising the benchmark index in similar  France 3.87% proportions to their weightings in the benchmark index.  Germany 3.72%  Hong Kong 1.31% Cash management, efficient portfolio management techniques including securities lending and transaction  Japan 9.92% costs from rebalancing can have an impact on tracking error as well as the return differential between the  Netherlands 1.32% Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on  South Korea 2.10% the underlying circumstances.  Spain 1.28% Sweden 1.08% In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the  Switzerland 3.25% Fund 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 Fund with various tax  United States 60.25% authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out  Other 4.07% by the Fund.  Net other assets 1.70%

The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex-ante basis) against the realised tracking error of the Fund as at 31 December 2017. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not been trading for 36 months, the annualised tracking error since inception has been presented.

Anticipated Realised Tracking Error Tracking Error ACS World ex UK Equity Tracker Fund Up to 1.70%* N/A*

* The Fund recently launched on 24 April 2017 and there is insufficient data available to present a meaningful annualised realised tracking error for the period. Figures represent the anticipated tracking error & realised tracking error for the Fund’s class X1 Accumulation Units.

169 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 170 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Investment Report Performance Record

Summary of Performance over the Period Comparative Table

The Fund returned 9.9%* during the period from 24 April 2017 (launch date) to 31 December 2017, X1 Accumulation Units outperforming the FTSE Developed ex UK Index, which returned 9.8%. Before costs, the tracking difference is a result of rounding. For the period from 24.4.2017^ to 31.12.2017 Fund Manager’s Commentary Pence per unit Global equities gained over the review period. In May 2017, a new centrist president – Emmanuel Macron Change in net assets per unit – was elected in France, quelling fears that the country would swing to the right by electing Marine Le Opening net asset value per unit 100.00 Pen. French stocks and the euro rose strongly on the result, with indicators pointing to the highest levels of consumer confidence in the Eurozone for a decade. In June 2017, Index provider MSCI included certain Return before operating charges 9.56 Chinese shares in its emerging market index, marking an important development for China, whose markets Operating charges (0.01) are now more open to significant investment inflows. South Korean markets also outperformed at this time, as Return after operating charges 9.55 political tensions eased. Distributions (1.48) In the third quarter of 2017, global equities recorded solid gains, with emerging market equities outperforming Retained distributions on accumulation units 1.48 developed markets. China and Latin America enjoyed especially strong performance during this time. Japan Closing net asset value per unit 109.55 and the European Union (“EU”) announced a major trade agreement that would lower tariffs on most products between the two regions. In August 2017, investors become less risk tolerant, as geopolitical concerns After direct transaction costs of 0.00 took centre stage − particularly an escalation in North Korea-US tensions. In September 2017, President Trump’s announcement that a long-awaited tax reform bill would be introduced helped US stocks, as well as Performance international companies with US exposure. Return after charges1 9.55%

Global equities continued to rise in the final three months of 2017, to end the period at record levels. Improving Other information global growth propelled stocks higher, while the successful passage of a new tax bill in the US was also Closing net asset value (£000’s) 5,300,371 positive. The first major overhaul of the US tax code in decades is expected to give corporations a significant tax cut, from 35% to 21%, and marks President Trump’s first successful piece of legislation in his inaugural Closing number of units 4,838,113,210 year. Asian stocks also recorded strong performance. In Japan, the Nikkei reached 25-year highs, owing to Operating charges2 0.01% positive economic and corporate data, and the solid victory of Prime Minister Shinzo¯ Abe in October’s 2017 Direct transaction costs3 0.00% election. Elsewhere in the region, China reconfirmed President Xi Jinping’s leadership and raised the amount of access allowed to foreign financial firms, while strength in the technology sector helped drive China and Prices Pence per unit other Asian markets higher. Highest offer unit price 110.90 Throughout the period, Central Banks sought a return to more ‘normal’ monetary policy. In aggregate, the Lowest bid unit price 100.00 US Federal Reserve raised rates three times in 2017: in March, June and December. By the end of December ^ The date of commencement of operations. 2017, policymakers were targeting a range of 1.25% to 1.5%. Meanwhile, the European Central Bank opted to 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in cut its asset purchase programme in half, starting in January 2018 and continuing through September 2018. the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paid to an underlying collective investment scheme (if any). January 2018 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of debt instruments. See note 14 for further details.

171 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 172 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Distribution Table Portfolio Statement for the period from 24 April 2017 to 31 December 2017 at 31 December 2017

Final Distribution in Pence per Unit Holding or Market % of Nominal Value Total Net X1 Accumulation Value Investment £000’s Assets Units† EQUITIES – 98.29% Net revenue 1.4831 ASIA – 14.11% Distribution payable 28.2.2018 1.4831 Hong Kong – 1.31% † The Fund launched on 24 April 2017, therefore no comparatives have been presented. 136,213 AAC Technologies 1,798 0.03 2,224,785 AIA 14,031 0.26 178,000 Bank of East Asia 570 0.01 736,000 BOC Hong Kong 2,760 0.05 467,000 Brightoil Petroleum 63 0.00 50,000 Café de Coral 102 0.00 148,000 Cathay Pacific Airways 170 0.00 299,000 Champion Real Estate Investment Trust 162 0.00 312,000 China Travel International 86 0.00 172,600 Chow Tai Fook Jewellery 134 0.00 485,173 CK Hutchison 4,505 0.10 96,500 CK Infrastructures 614 0.01 306,492 CLP 2,320 0.04 57,200 Dah Sing Banking 92 0.00 21,200 Dah Sing Financial 100 0.00 74,700 Dairy Farm International 435 0.01 393,000 FIH Mobile 89 0.00 332,000 First Pacific 166 0.00 475,853 Galaxy Entertainment 2,825 0.05 930,000 Global Brands 56 0.00 315,000 Guotai Junan International 73 0.00 323,955 Haitong International Securities 137 0.00 132,000 Hang Lung 359 0.01 330,083 Hang Lung Properties 595 0.01 121,053 Hang Seng Bank 2,224 0.04 183,600 Henderson Land Development 893 0.02 1,295,422 Hong Kong & China Gas 1,877 0.04 228,494 Hong Kong Exchanges & Clearing 5,189 0.10 89,000 Hopewell Holdings 242 0.00 78,000 Huabao International 38 0.00 206,000 Hutchison Telecommunications 61 0.00 91,000 Hysan Development 356 0.01 56,000 Johnson Electric 172 0.00 89,000 Kerry Logistics Network 93 0.00 548,000 Kingston Financial 389 0.01 76,000 Lifestyle International 75 0.00 441,599 Link Real Estate Investment Trust 3,028 0.06

173 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 174 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

71,750 L’Occitane International 97 0.00 Israel – 0.22% 262,000 Macau Legend Development 29 0.00 10,628 Airport City 99 0.00 117,000 Melco International Development 254 0.00 13,788 Alony Hetz Properties & Investments 110 0.00 190,000 Minth 845 0.02 16,540 Amot Investments 74 0.00 219,697 MTR 952 0.02 6,427 Azrieli 266 0.01 1,238,378 New World Development 1,374 0.03 215,418 Bank Hapoalim 1,174 0.02 442,000 Nexteer Automotive 775 0.01 328,340 Bank Leumi 1,467 0.03 215,000 NWS 287 0.01 300,438 Bezeq 337 0.01 625,000 PCCW 269 0.01 24,572 Check Point Software Technologies 1,885 0.04 208,885 Power Assets 1,304 0.02 705 Delek 84 0.00 86,441 Prada 231 0.00 4,217 Delek Automotive Systems 23 0.00 249,000 Rusal 129 0.00 3,536 Elbit Systems 351 0.01 158,000 SA SA International 45 0.00 6,298 First International Bank of Israel 97 0.00 198,000 Samsonite International 669 0.01 5,404 Frutarom Industries 375 0.01 531,299 Sands China 2,028 0.05 14,051 Gazit-Globe 110 0.00 530,000 Shougang Fushan 84 0.00 16,600 Harel Insurance Investments & Financial Services 90 0.00 526,000 Shui On Land 107 0.00 345 Israel 43 0.00 296,000 Shun Tak 85 0.00 65,223 Israel Chemicals 196 0.00 462,000 Sino Land 605 0.01 166,051 Israel Discount Bank 357 0.01 275,000 SJM 182 0.00 2,039 Melisron 71 0.00 365,247 Sun Art Retail 286 0.01 16,955 Mizrahi Tefahot Bank 231 0.00 259,885 Sun Hung Kai Properties 3,202 0.07 17,151 Nice 1,147 0.02 428,389 Swire Pacific class ‘B’ shares 491 0.01 157,230 Oil Refineries 56 0.00 76,500 Swire Pacific class ‘A’ shares 524 0.01 700 Paz Oil 89 0.00 176,800 Swire Properties 421 0.01 29,035 Shikun & Binui 48 0.00 202,123 Techtronic Industries 970 0.02 4,805 Strauss 76 0.00 23,900 Television Broadcasts 63 0.00 190,578 Teva Pharmaceutical 2,666 0.05 159,000 Towngas China 94 0.00 12,417 Tower Semiconductor 316 0.01 202,000 Uni-President 125 0.00 11,838 0.22 23,100 Vtech 224 0.00 860,000 Want Want China 532 0.01 Japan – 9.92% 1,930,436 WH 1,610 0.03 10,600 77th Bank 198 0.00 241,885 Wharf 618 0.01 3,500 ABC-Mart 149 0.00 241,885 Wharf Real Estate Investment 1,191 0.05 58,200 Acom 182 0.00 122,000 Wheelock 645 0.01 4,000 Adastria 60 0.00 239,502 Wynn Macau 561 0.01 25,600 Advantest 352 0.01 300,000 Xinyi Glass 289 0.01 146,200 AEON 1,829 0.03 459,600 Xinyi Solar 131 0.00 15,700 AEON Financial Service 271 0.01 17,600 AEON Mall 255 0.00 69,207 1.31 18,100 Aica Kogyo 498 0.01 47,100 Aiful 120 0.00

175 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 176 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

3,700 Ain Pharmaciez 164 0.00 178,300 Concordia Financial 796 0.03 22,900 Air Water 358 0.01 9,800 Cosmo Energy 274 0.01 28,800 Aisin Seiki 1,197 0.02 1,200 Cosmos Pharmaceutical 186 0.00 105,300 Ajinomoto 1,468 0.03 25,800 Credit Saison 348 0.01 27,000 Alfresa 470 0.01 14,600 CyberAgent 422 0.01 29,300 Alps Electric 620 0.01 44,500 Dai Nippon Printing 735 0.01 49,200 Amada 496 0.01 47,700 Daicel Chemical 402 0.01 17,300 ANA 535 0.01 5,300 Daido Steel 242 0.00 7,200 Aoyama Trading 199 0.00 16,100 Daifuku 649 0.01 17,400 Aozora 501 0.01 199,100 Dai-ichi Life 3,040 0.06 20,200 Aplus Financial 15 0.00 121,000 Daiichi Sankyo 2,336 0.04 2,500 Ariake Japan 158 0.00 6,000 Daiichikosho 221 0.00 71,800 Asahi Breweries 2,639 0.05 47,100 Daikin 4,130 0.09 41,700 Asahi Glass 1,337 0.03 4,500 Daikyo 65 0.00 15,200 Asahi Intecc 387 0.01 5,000 Daishi 169 0.00 245,800 Asahi Kasei 2,350 0.04 14,400 Daito Trust Construction 2,176 0.04 26,400 ASICS 312 0.01 117,400 Daiwa House 3,341 0.06 3,300 ASKUL 69 0.00 254,000 Daiwa Securities 1,181 0.02 367,200 Astellas Pharma 3,466 0.07 15,900 Dena 243 0.00 10,300 Autobacs Seven 146 0.00 12,800 Denka 380 0.01 29,000 Awa Bank 137 0.00 90,500 Denso 4,025 0.08 10,600 Azbil 341 0.01 46,900 Dentsu 1,472 0.03 11,000 Bank of Kyoto 425 0.01 11,900 DIC 333 0.01 10,300 Benesse 269 0.01 4,100 Disco 675 0.01 21,500 Bic Camera 230 0.00 14,100 DMG Mori Seiki 216 0.00 114,500 Bridgestone 3,944 0.07 23,800 Don Quijote 922 0.02 35,800 Brother Industries 654 0.01 6,600 Dowa Mining 199 0.00 11,300 Calbee 272 0.01 68,900 East Japan Railway 4,979 0.09 191,900 Canon 5,302 0.10 13,600 Ebara 384 0.01 7,100 Canon Marketing Japan 142 0.00 55,000 Eisai 2,320 0.04 7,400 Capcom 174 0.00 26,800 Electric Power Development 534 0.01 36,400 Casio Computer 388 0.01 4,600 Exedy 105 0.00 31,700 Central Japan Railway 4,207 0.08 7,800 Ezaki Glico 287 0.01 98,000 Chiba Bank 604 0.01 12,200 FamilyMart 633 0.01 25,000 Chiyoda 136 0.00 34,200 Fanuc 6,086 0.11 108,300 Chubu Electric Power 997 0.02 9,900 Fast Retailing 2,921 0.06 49,100 Chugai Pharmaceutical 1,860 0.04 3,300 FP 131 0.00 26,400 Chugoku Bank 262 0.00 86,000 Fuji Electric 480 0.01 47,200 Chugoku Electric Power 376 0.01 22,300 Fuji Oil 483 0.01 44,100 Citizen 240 0.00 76,100 Fujifilm 2,305 0.04 18,200 Coca-Cola Bottlers 493 0.01 41,100 Fujikura 268 0.01 7,600 COLOPL 61 0.00 317,000 Fujitsu 1,674 0.03 21,500 Comsys 461 0.01 8,000 Fujitsu General 130 0.00

177 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 178 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

109,000 Fukuoka Financial 453 0.01 24,200 Iida 338 0.01 4,400 Fukuyama Transporting 123 0.00 186,100 Inpex 1,724 0.03 9,100 Furukawa Electric 332 0.01 54,700 Isetan Mitsukoshi 502 0.01 8,800 GLORY 246 0.00 117,000 Isuzu Motors 1,452 0.03 2,300 GMO Payment Gateway 141 0.00 8,800 ITO EN 257 0.00 13,600 GREE 63 0.00 269,400 ITOCHU 3,726 0.07 55,000 GS Yuasa 203 0.00 7,000 Itochu Techno-Solutions 225 0.00 65,400 GungHo Online Entertainment 133 0.00 24,000 Itoham Yonekyu 163 0.00 63,900 Gunma Bank 286 0.01 39,900 Iyo Bank 237 0.00 5,200 H.I.S. 139 0.00 5,700 Izumi 263 0.00 12,300 H2O Retailing 191 0.00 37,400 J Front Retailing 522 0.01 61,900 Hachijuni Bank 263 0.00 5,000 JAFCO 215 0.00 35,100 Hakuhodo 338 0.01 28,400 Japan Airlines 823 0.02 20,500 Hamamatsu Photonics 510 0.01 7,000 Japan Airport Terminal 192 0.00 48,000 Hankyu 1,429 0.03 6,000 Japan Aviation Electronics 75 0.00 40,900 Haseko 471 0.01 59,200 Japan Display 89 0.00 8,100 Heiwa 113 0.00 114,900 Japan Exchange 1,481 0.03 3,300 Hikari Tsushin 351 0.01 4,700 Japan Petroleum Exploration 92 0.00 40,100 Hino Motors 385 0.01 226,300 Japan Post 1,920 0.04 4,800 Hirose Electric 520 0.01 62,300 Japan Post Bank 601 0.01 42,500 Hiroshima Bank 274 0.01 9,300 Japan Post Insurance 162 0.00 10,900 Hisamitsu Pharmaceutical 489 0.01 9,500 Japan Steel Works 226 0.00 871,000 Hitachi 5,021 0.09 222,300 Japan Tobacco 5,304 0.10 6,600 Hitachi Capital 123 0.00 112,900 JFE 2,008 0.04 15,700 Hitachi Chemical 299 0.01 32,800 JGC 470 0.01 15,100 Hitachi Construction Machinery 406 0.01 27,800 JSR 406 0.01 9,500 Hitachi High-Technologies 297 0.01 33,900 JTEKT 431 0.01 7,400 Hitachi Kokusai Electric 151 0.00 5,500 Juroku Bank 120 0.00 28,500 Hitachi Metals 303 0.01 634,500 JXTG 3,033 0.06 6,000 Hitachi Transport System 116 0.00 11,500 Kagome 316 0.01 28,100 Hokkaido Electric Power 137 0.00 194,000 Kajima 1,382 0.03 19,200 Hokuhoku Financial 222 0.00 19,400 Kakaku.com 243 0.00 26,800 Hokuriku Electric Power 160 0.00 5,100 Kaken Pharmaceutical 195 0.00 328,100 Honda Motor 8,326 0.16 16,500 Kamigumi 270 0.01 5,500 Horiba 245 0.00 17,000 Kandenko 133 0.00 7,800 Hoshizaki Electric 513 0.01 43,000 Kaneka 291 0.01 11,500 House Foods 283 0.01 154,500 Kansai Electric Power 1,402 0.03 76,800 Hoya 2,840 0.05 28,700 Kansai Paint 552 0.01 71,000 Hulic 591 0.01 91,200 Kao 4,568 0.09 14,900 Ibiden 165 0.00 21,900 Kawasaki Heavy Industries 569 0.01 29,800 Ichigo 84 0.00 12,200 Kawasaki Kisen Kaisha 230 0.00 39,700 Idemitsu Kosan 1,182 0.02 326,100 KDDI 6,015 0.11 19,600 IHI 483 0.01 14,400 Keihan 314 0.01

179 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 180 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

36,500 Keikyu 519 0.01 321,500 Marubeni 1,726 0.03 17,400 Keio 567 0.01 34,700 Marui 470 0.01 20,900 Keisei Electric Railway 497 0.01 9,100 Maruichi Steel Tube 197 0.00 35,000 Keiyo Bank 119 0.00 14,400 Matsui Securities 90 0.00 17,300 Kewpie 342 0.01 11,600 Matsumotokiyoshi Holdings 354 0.01 15,900 Keyence 6,600 0.12 114,600 Mazda Motor 1,138 0.02 40,100 Kikkoman 1,201 0.02 155,900 Mebuki Financial 488 0.01 19,800 Kinden 239 0.00 25,600 MediPal 371 0.01 41,200 Kintetsu 1,169 0.02 7,600 Megmilk Snow Brand 166 0.00 153,700 Kirin 2,869 0.05 27,300 Meiji Holdings 1,722 0.03 5,000 Kissei Pharmaceutical 105 0.00 90,700 Minebea 1,408 0.03 9,400 Kobayashi Pharmaceutical 452 0.01 8,400 Miraca 266 0.01 45,100 Kobe Steel 310 0.01 67,200 Misumi 1,450 0.03 7,000 Koei Tecmo 105 0.00 226,300 Mitsubishi 4,632 0.09 18,500 Koito Manufacturing 961 0.02 280,500 Mitsubishi Chemical 2,281 0.04 169,700 Komatsu 4,547 0.10 344,500 Mitsubishi Electric 4,239 0.09 4,700 Komeri 101 0.00 221,500 Mitsubishi Estate 2,856 0.05 14,400 Konami 587 0.01 29,100 Mitsubishi Gas Chemical 619 0.01 68,300 Konica Minolta 487 0.01 58,400 Mitsubishi Heavy Industries 1,617 0.03 4,300 Kose 497 0.01 10,000 Mitsubishi Logistics 192 0.00 11,900 K’s 226 0.00 18,600 Mitsubishi Materials 490 0.01 212,400 Kubota 3,086 0.06 92,600 Mitsubishi Motors 496 0.01 82,300 Kuraray 1,150 0.02 2,000 Mitsubishi Shokuhin 43 0.00 16,800 Kurita Water Industries 404 0.01 33,900 Mitsubishi Tanabe Pharma 520 0.01 2,200 Kusuri no Aoki 86 0.00 2,329,100 Mitsubishi UFJ Financial 12,652 0.24 57,200 Kyocera 2,773 0.05 65,100 Mitsubishi UFJ Lease & Finance 287 0.01 6,400 Kyorin 89 0.00 300,300 Mitsui 3,617 0.07 38,400 Kyowa Hakko Kogyo 550 0.01 27,600 Mitsui Chemicals 658 0.01 5,200 Kyudenko 186 0.00 10,300 Mitsui Engineering & Shipbuilding 114 0.00 68,600 Kyushu Electric Power 532 0.01 177,400 Mitsui Fudosan 2,944 0.06 57,700 Kyushu Financial 258 0.00 15,400 Mitsui Mining & SM 667 0.01 29,000 Kyushu Railway 666 0.01 16,500 Mitsui O.S.K. Lines 408 0.01 8,000 Lawson 394 0.01 14,000 Miura 279 0.01 35,400 Leopalace21 204 0.00 4,492,200 Mizuho Financial 6,043 0.11 5,100 LINE 154 0.00 1,900 Mochida Pharmaceutical 108 0.00 7,200 Lintec 149 0.00 8,400 Monotaro 199 0.00 37,400 Lion 525 0.01 6,100 Morinaga 229 0.00 38,200 LIXIL 766 0.01 97,600 MS&AD Insurance 2,448 0.05 30,200 M3 788 0.01 32,600 Murata Manufacturing 3,242 0.06 11,000 Mabuchi Motor 442 0.01 17,400 Nabtesco 494 0.01 50,000 Maeda 511 0.01 17,000 Nagase 227 0.00 8,000 Maeda Road Construction 136 0.00 27,600 Nagoya Railroad 515 0.01 51,100 Makita 1,590 0.03 29,600 Namco Bandai 717 0.01

181 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 182 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

16,000 Nankai Electric Railway 294 0.01 4,900 NS Solutions 99 0.00 42,200 NEC 844 0.02 68,200 NSK 795 0.01 52,300 Nexon 1,128 0.02 63,000 NTN 231 0.00 39,400 NGK Insulators 551 0.01 140,900 NTT Data 1,240 0.02 29,300 NGK Spark Plug 528 0.01 241,800 NTT Docomo 4,232 0.08 29,000 NH Foods 524 0.01 17,800 NTT Urban Development 153 0.00 25,200 NHK Spring 205 0.00 165,400 Obayashi 1,483 0.03 16,800 Nichirei 344 0.01 9,900 OBIC 538 0.01 44,200 Nidec 4,595 0.09 1,100 OBIC Business Consultants 47 0.00 6,400 Nifco 323 0.01 45,600 Odakyu Electric Railway 723 0.01 11,100 Nihon Kohden 191 0.00 131,000 Oji 645 0.01 9,200 Nihon M&A Center 325 0.01 4,200 Okuma 207 0.00 52,300 Nikon 781 0.01 64,500 Olympus 1,833 0.03 20,100 Nintendo 5,446 0.10 34,000 Omron 1,501 0.03 8,000 Nippo 139 0.00 93,600 Ono Pharmaceutical 1,616 0.03 12,800 Nippon Electric Glass 362 0.01 5,200 Oracle Japan 319 0.01 11,700 Nippon Express 576 0.01 80,800 Orient 95 0.00 26,000 Nippon Kayaku 286 0.01 33,200 Oriental Land 2,242 0.04 24,200 Nippon Paint 567 0.01 239,400 Orix 2,998 0.06 13,500 Nippon Paper Industries 190 0.00 87,700 Osaka Gas 1,251 0.02 7,600 Nippon Shinyaku 420 0.01 11,100 OSG 178 0.00 4,900 Nippon Shokubai 245 0.00 79,700 Otsuka 2,591 0.05 143,700 Nippon Steel & Sumitomo Metal 2,732 0.05 7,600 Otsuka Pharmaceutical 432 0.01 118,000 Nippon Telegraph & Telephone 4,114 0.08 15,600 Paltac 526 0.01 24,200 Nippon Yusen KK 438 0.01 386,400 Panasonic 4,190 0.08 17,600 Nipro 193 0.00 15,300 Park 24 271 0.01 23,600 Nishi-Nippon Financial 209 0.00 11,200 PeptiDream 284 0.01 10,800 Nishi-Nippon Railroad 216 0.00 16,100 Pigeon 454 0.01 20,800 Nissan Chemical Industries 614 0.01 10,300 Pilot 368 0.01 365,500 Nissan Motor 2,700 0.05 11,100 Pola Orbis 288 0.01 12,100 Nissan Shatai 92 0.00 126,600 Rakuten 858 0.02 39,700 Nisshin Seifun 594 0.01 223,800 Recruit 4,121 0.08 6,800 Nisshin Steel 83 0.00 14,600 Relo 294 0.01 47,000 Nisshinbo 472 0.01 78,800 Renesas Electronics 681 0.01 11,200 Nissin Food 606 0.01 30,600 Rengo 166 0.00 14,800 Nitori 1,561 0.03 492,100 Resona 2,178 0.04 28,500 Nitto Denko 1,875 0.04 9,500 Resorttrust 160 0.00 30,600 NOF 608 0.01 104,000 Ricoh 716 0.01 17,100 NOK 296 0.01 5,500 Rinnai 368 0.01 637,600 Nomura 2,789 0.05 14,200 ROHM 1,165 0.02 18,000 Nomura Real Estate 299 0.01 14,900 Rohto Pharmaceutical 295 0.01 16,700 Nomura Research Institute 575 0.01 5,400 Ryohin Keikaku 1,247 0.02 44,000 North Pacific Bank 109 0.00 24,700 San-In Godo Bank 176 0.00

183 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 184 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

7,800 Sankyo 182 0.00 233,100 Sony 7,794 0.15 15,000 Sankyu 480 0.01 25,800 Sony Financial 338 0.01 8,700 Sanrio 108 0.00 11,800 Sotetsu 230 0.00 53,700 Santen Pharmaceutical 625 0.01 11,900 Square-Enix 418 0.01 30,000 Sanwa Holdings 306 0.01 22,700 Stanley Electric 682 0.01 9,700 Sapporo 220 0.00 39,600 Start Today 892 0.02 4,800 Sawai Pharmaceutical 159 0.00 109,800 Subaru 2,586 0.05 29,300 SBI 454 0.01 5,800 Sugi 219 0.00 6,200 SCREEN 376 0.01 32,700 SUMCO 620 0.01 6,100 SCSK 208 0.00 224,800 Sumitomo 2,829 0.05 40,000 Secom 2,238 0.04 345,000 Sumitomo Chemical 1,838 0.03 30,400 Sega Sammy 279 0.01 23,800 Sumitomo Dainippon Pharma 262 0.00 37,600 Seibu 527 0.01 149,400 Sumitomo Electric 1,872 0.04 41,600 Seiko Epson 727 0.01 19,400 Sumitomo Forestry 257 0.00 26,600 Seino 313 0.01 17,200 Sumitomo Heavy Industries 539 0.01 54,100 Sekisui Chemical 805 0.02 50,600 Sumitomo Metal Mining 1,722 0.03 118,500 Sekisui House 1,586 0.03 241,700 Sumitomo Mitsui Financial 7,733 0.16 38,600 Senshu Ikeda 105 0.00 74,400 Sumitomo Mitsui Trust 2,188 0.04 143,500 Seven & I 4,419 0.08 55,000 Sumitomo Osaka Cement 196 0.00 98,400 Seven Bank 250 0.00 91,000 Sumitomo Realty & Development 2,216 0.05 21,200 Sharp 540 0.01 26,800 Sumitomo Rubber Industries 369 0.01 37,000 Shiga Bank 140 0.00 10,100 Sundrug 347 0.01 24,600 Shikoku Electric Power 199 0.00 23,000 Suntory Beverage & Food 758 0.01 7,400 Shimachu 158 0.00 25,700 Suruga Bank 408 0.01 46,900 Shimadzu 790 0.01 12,200 Suzuken 372 0.01 3,300 Shimamura 269 0.01 76,300 Suzuki Motor 3,277 0.07 16,100 Shimano 1,676 0.03 33,400 Sysmex 1,947 0.04 86,500 Shimizu 662 0.01 93,600 T&D 1,185 0.02 75,900 Shin-Etsu Chemical 5,714 0.11 16,700 TADANO 205 0.00 25,000 Shinsei Bank 321 0.01 18,800 Taiheiyo Cement 602 0.01 56,300 Shionogi 2,256 0.04 42,800 Taisei 1,579 0.03 78,300 Shiseido 2,804 0.06 8,400 Taisho Pharmaceutical 497 0.01 97,000 Shizuoka Bank 742 0.01 21,700 Taiyo Nippon Sanso 225 0.00 1,700 Shochiku 215 0.00 15,900 Taiyo Yuden 184 0.00 19,900 Showa Denko 630 0.01 26,200 Takara 227 0.00 28,700 Showa Shell Sekiyu 289 0.01 45,000 Takashimaya 351 0.01 21,000 SKY Perfect JSAT 71 0.00 144,200 Takeda Pharmaceutical 6,069 0.12 15,800 Skylark 166 0.00 21,500 TDK 1,270 0.02 10,400 SMC 3,172 0.06 27,100 Teijin 447 0.01 154,400 SoftBank 9,057 0.17 35,100 Temp 651 0.01 10,200 Sohgo Security Services 411 0.01 65,800 Terumo 2,307 0.05 186,900 Sojitz 424 0.01 18,200 THK 506 0.01 77,000 Sompo Japan Nipponkoa 2,210 0.04 12,300 TIS 318 0.01

185 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 186 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

31,000 Tobu Railway 742 0.01 7,200 Welcia 230 0.00 35,000 Toda 208 0.00 40,600 West Japan Railway 2,196 0.05 17,400 Toho 446 0.01 191,300 Yahoo Japan 649 0.01 13,800 Toho Gas 280 0.01 23,000 Yakult Honsha 1,284 0.02 69,600 Tohoku Electric Power 659 0.01 116,800 Yamada Denki 477 0.01 7,800 Tokai Rika 122 0.00 33,000 Yamaguchi Financial 290 0.01 33,300 Tokai Tokyo Financial 159 0.00 24,800 Yamaha 678 0.01 122,100 Tokio Marine 4,127 0.09 59,100 Yamaha Motor 1,434 0.04 5,500 Tokyo Broadcasting System 102 0.00 58,200 Yamato 868 0.03 7,500 Tokyo Century 270 0.01 6,000 Yamato Kogyo 129 0.00 231,000 Tokyo Electric Power 676 0.01 19,200 Yamazaki Baking 277 0.01 29,300 Tokyo Electron 3,931 0.08 34,900 Yaskawa Electric 1,139 0.03 75,800 Tokyo Gas 1,285 0.02 37,200 Yokogawa Electric 528 0.01 30,700 Tokyo Tatemono 307 0.01 15,300 Yokohama Rubber 278 0.01 109,600 Tokyu 1,296 0.02 7,200 Zenkoku Hosho 230 0.00 78,900 Tokyu Fudosan 422 0.01 13,200 Zensho 168 0.00 15,700 Topcon 251 0.00 22,000 Zeon 236 0.00 6,800 Toppan Forms 57 0.00 526,015 9.92 78,000 Toppan Printing 522 0.01 292,300 Toray Industries 2,042 0.05 Singapore – 0.56% 794,000 Toshiba 1,640 0.04 387,740 Ascendas Real Estate Investment Trust 582 0.01 44,500 Tosoh 747 0.01 30,000 BOC Aviation 118 0.00 31,400 Toto 1,371 0.04 350,966 CapitaCommercial 375 0.01 24,600 Toyo Seikan 293 0.01 388,200 CapitaLand 757 0.01 13,600 Toyo Suisan Kaisha 430 0.01 347,900 CapitaMall Trust 409 0.01 14,900 Toyo Tire & Rubber 228 0.00 88,300 City Developments 610 0.01 13,200 Toyobo 178 0.00 304,600 ComfortDelGro 332 0.01 11,700 Toyoda Gosei 221 0.00 320,744 DBS 4,416 0.08 9,000 Toyota Boshoku 140 0.00 128,994 Flex 1,718 0.03 33,200 Toyota Industries 1,581 0.05 980,246 Genting Singapore 711 0.01 470,100 Toyota Motor 22,298 0.45 480,093 Global Logistic Properties 894 0.02 49,100 Toyota Tsusho 1,463 0.03 940,100 Golden Agri-Resources 193 0.00 17,400 Trend Micro 729 0.01 838,165 Hutchison Port 254 0.00 7,400 TS Tech 225 0.00 16,400 Jardine Cycle & Carriage 369 0.01 9,900 Tsumura 244 0.00 39,480 Jardine Matheson 1,775 0.03 5,300 Tsuruha 534 0.01 34,972 Jardine Strategic 1,023 0.02 3,700 TV Asahi 55 0.00 226,623 Keppel 923 0.02 15,700 UBE 342 0.01 46,900 M1 46 0.00 10,900 Ulvac 509 0.01 587,276 Oversea-Chinese Banking 4,031 0.08 80,200 Uni-Charm 1,544 0.04 92,800 SATS 267 0.01 17,400 Ushio 184 0.00 125,400 SembCorp Industries 210 0.00 32,900 USS 516 0.01 130,700 SembCorp Marine 133 0.00 9,000 Wacoal 210 0.00 36,800 SIA Engineering 64 0.00

187 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 188 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

76,500 Singapore Airlines 452 0.01 1,054 Hanmi Pharm 426 0.01 124,900 Singapore Exchange 514 0.01 2,049 Hanmi Science 157 0.00 228,300 Singapore Post 156 0.00 25,510 Hanon Systems 244 0.00 237,200 Singapore Press 348 0.01 1,493 Hanssem 186 0.00 230,400 Singapore Technologies Engineering 415 0.01 7,442 Hanwha 214 0.00 1,290,944 Singapore Telecommunications 2,553 0.05 12,276 Hanwha Chemical 268 0.01 73,900 StarHub 117 0.00 35,930 Hanwha Life Insurance 171 0.00 364,000 Suntec Real Estate Investment Trust 432 0.01 5,457 Hanwha Techwin 134 0.00 228,834 United Overseas Bank 3,347 0.06 4,148 Hite Jinro 69 0.00 70,819 UOL 347 0.01 4,820 Hotel Shilla 283 0.01 35,800 Venture 405 0.01 3,458 Hyosung 332 0.01 323,481 Wilmar International 554 0.01 2,288 Hyundai Department Store 165 0.00 63,500 Wing Tai 80 0.00 9,113 Hyundai Development 243 0.00 29,930 0.56 10,619 Hyundai Engineering & Construction 266 0.01 2,756 Hyundai Glovis 258 0.00 South Korea – 2.10% 9,091 Hyundai Heavy Industries 632 0.01 7,610 Amorepacific 1,599 0.03 8,808 Hyundai Marine & Fire Insurance 286 0.01 4,314 Amorepacific (New) 419 0.01 1,677 Hyundai Mipo Dockyard 91 0.00 1,584 Amorepacific preference shares 181 0.00 13,743 Hyundai Mobis 2,499 0.05 2,889 BGF Retail 166 0.00 26,511 Hyundai Motor 2,850 0.06 42,475 BNK Financial 277 0.01 5,459 Hyundai Motor cumulative preference shares 383 0.01 18,008 Celltrion 2,753 0.05 3,206 Hyundai Motor non-cumulative preference shares 206 0.00 11,238 Celltrion Healthcare 843 0.02 2,056 Hyundai Robotics 541 0.01 10,099 Cheil Worldwide 148 0.00 11,050 Hyundai Steel 447 0.01 1,891 CJ 237 0.00 2,226 Hyundai Wia 100 0.00 1,103 CJ CheilJedang 279 0.01 38,435 Industrial Bank of Korea 436 0.01 218 CJ CheilJedang preference shares 23 0.00 4,721 Kakao 447 0.01 1,071 CJ Korea Express 104 0.00 16,188 Kangwon Land 389 0.01 7,939 Coway 536 0.01 72,239 KB Financial 3,156 0.07 3,755 Daelim Industrial 214 0.00 800 KCC 210 0.00 107,571 Daewoo Engineering & Construction 440 0.01 3,001 KEPCO Plant Service & Engineering 84 0.00 22,877 DGB Financial 167 0.00 57,498 Kia Motors 1,329 0.03 7,050 Dongbu Insurance 347 0.01 9,682 Korea Aerospace Industries 317 0.01 5,056 Dongsuh 101 0.00 38,010 Korea Electric Power 1,001 0.02 1,453 Doosan 114 0.00 3,829 Korea Gas 113 0.00 9,571 Doosan Heavy Industry 102 0.00 5,427 Korea Investment 258 0.00 18,407 Doosan Infracore 111 0.00 1,474 Korea Zinc 502 0.01 3,132 E-Mart 585 0.01 7,021 Korean Air Lines 164 0.00 7,580 GS 325 0.01 22,915 KT&G 1,822 0.03 7,073 GS Engineering & Construction 138 0.00 2,519 Kumho Petro Chemical 173 0.00 2,424 GS Retail 68 0.00 23,719 LG 1,489 0.03 53,503 Hana Financial 1,840 0.03 9,054 LG Chemical 2,535 0.05 11,128 Hankook Tire 419 0.01 1,152 LG Chemical preference shares 198 0.00

189 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 190 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

33,761 LG Display 698 0.01 7,246 Samsung Securities 183 0.00 19,715 LG Electronics 1,438 0.03 77,878 Shinhan Financial 2,657 0.07 2,502 LG Electronics preference shares 81 0.00 997 Shinsegae 206 0.00 936 LG Hausys 63 0.00 7,082 SK C&C 1,383 0.03 2,102 LG Household & Health Care 1,726 0.03 96,213 SK Hynix 5,082 0.12 283 LG Household & Health Care preference shares 136 0.00 13,680 SK Innovation 1,929 0.04 31,154 LG Telecom 302 0.01 23,992 SK Networks 110 0.00 2,202 Lotte Chemical 560 0.01 3,296 SK Telecom 608 0.01 62 Lotte Chilsung Beverage 57 0.00 3,387 SKC 110 0.00 4,130 Lotte Confectionery 186 0.00 6,198 S-Oil 499 0.01 256 Lotte Confectionery (Registered) 26 0.00 123,379 Woori Bank 1,342 0.03 2,011 Lotte Fine Chemical 90 0.00 1,176 Yuhan 178 0.00 1,420 Lotte Shopping 195 0.00 111,296 2.10 2,481 LS Cable 124 0.00 930 Mando 198 0.00 EUROPE – 17.55% 55,507 Mirae Asset Daewoo 352 0.01 Austria – 0.10% 5,037 NAVER 3,026 0.07 8,892 AMS 597 0.01 2,575 NCSoft 796 0.02 11,109 Andritz 466 0.01 5,111 Netmarble Games 664 0.01 53,727 Erste Bank 1,725 0.04 62,397 NH Investment & Securities 597 0.01 22,062 OMV 1,039 0.02 2,560 NHN Entertainment 121 0.00 19,162 Raiffeisen International Bank 512 0.01 503 NongShim 123 0.00 12,822 Telekom Austria 88 0.00 2,828 OCI 265 0.00 6,186 Vienna Insurance 142 0.00 3,960 Orion 286 0.01 17,851 Voestalpine 791 0.01 204 Ottogi 113 0.00 5,360 0.10 7,753 Paradise 119 0.00 12,374 POSCO 2,840 0.05 Belgium – 0.45% 6,693 Posco Daewoo 84 0.00 3,541 Ackermans & van Haaren 456 0.01 2,909 S1 215 0.00 30,389 Ageas 1,096 0.02 2,107 Samsung Biologics 540 0.01 138,603 Anheuser-Busch InBev 11,452 0.22 13,243 Samsung C&T 1,153 0.02 15,778 Bpost 355 0.01 4,836 Samsung Card 132 0.00 10,165 Colruyt 391 0.01 8,046 Samsung Electro Mechanics 555 0.01 12,162 Groupe Bruxelles Lambert 971 0.02 17,583 Samsung Electronics 30,973 0.61 51,851 KBC 3,271 0.05 3,108 Samsung Electronics preference shares 4,480 0.08 22,314 Proximus 542 0.01 23,352 Samsung Engineering 199 0.00 2,469 Sofina 287 0.01 6,951 Samsung Fire & Marine 1,281 0.02 15,854 Solvay 1,630 0.03 440 Samsung Fire & Marine Insurance preference shares 54 0.00 7,145 Telenet 368 0.01 37,888 Samsung Heavy Industries 192 0.00 29,810 UCB 1,750 0.03 10,929 Samsung Life 937 0.02 37,684 Umicore 1,316 0.02 12,291 Samsung SDI 1,738 0.03 23,885 0.45 4,963 Samsung SDS 684 0.01

191 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 192 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Denmark – 0.69% France – 3.87% 673 AP Moeller-Maersk series ‘A’ shares 828 0.02 38,594 Accor 1,472 0.03 1,149 AP Moeller-Maersk series ‘B’ shares 1,480 0.03 4,353 Aeroports de Paris 611 0.01 20,788 Carlsberg series ‘B’ shares 1,851 0.03 75,624 Air Liquide 7,049 0.13 13,382 Christian Hansen 930 0.02 98,222 Airbus 7,233 0.14 23,197 Coloplast ‘B’ shares 1,367 0.03 21,901 Alstom 672 0.01 131,179 Danske Bank 3,772 0.06 7,629 Amundi 477 0.01 32,043 DONG Energy 1,292 0.02 15,719 Arkema 1,414 0.03 35,514 DSV 2,068 0.03 17,077 Atos 1,839 0.03 12,689 Genmab 1,561 0.03 341,457 AXA 7,494 0.14 28,217 ISS 810 0.02 4,245 BIC 345 0.01 10,729 Jyske Bank 452 0.01 6,348 Biomerieux 419 0.01 9,201 Lundbeck 344 0.01 195,216 BNP Paribas 10,781 0.20 329,428 Novo Nordisk class ‘B’ shares 13,125 0.24 158,553 Bollore 635 0.01 47,304 Novozymes class ‘B’ shares 2,003 0.04 40,668 Bouygues 1,561 0.03 23,914 Pandora 1,918 0.04 40,422 Bureau Veritas 817 0.02 124,893 TDC 568 0.01 29,528 Capgemini 2,589 0.05 15,934 Tryg 296 0.01 129,173 Carrefour 2,065 0.04 34,015 Vestas Wind Systems 1,739 0.03 7,670 Casino Guichard Perrachon 344 0.01 17,596 William Demant 363 0.01 24,396 CNP Assurances 417 0.01 36,767 0.69 199,473 Crédit Agricole 2,442 0.05 104,039 Danone 6,457 0.12 Finland – 0.39% 592 Dassault Aviation 680 0.01 24,075 Elisa 699 0.01 24,397 Dassault Systemes 1,916 0.04 106,220 Fortum 1,547 0.03 51,429 Edenred 1,102 0.02 15,988 Huhtamaki 495 0.01 111,630 EDF 1,032 0.02 10,254 Kesko 411 0.01 17,804 Eiffage 1,443 0.03 63,029 Kone class ‘B’ shares 2,497 0.05 21,689 Elior 330 0.01 20,495 Metso 518 0.01 305,616 ENGIE 3,887 0.07 34,557 Neste 1,633 0.03 34,823 Essilor International 3,552 0.07 1,047,236 Nokia 3,613 0.07 2,109 Euler Hermes 228 0.00 20,294 Nokian Renkaat 679 0.01 6,804 Eurazeo 465 0.01 15,782 Orion series ‘B’ shares 433 0.01 65,666 Eurotunnel 623 0.01 79,835 Sampo series ‘A’ shares 3,237 0.06 26,821 Eutelsat Communications 459 0.01 88,969 Stora Enso series ‘R’ shares 1,040 0.02 22,352 Faurecia 1,290 0.02 99,478 UPM-Kymmene 2,286 0.04 5,914 Foncière des Régions 496 0.01 34,905 Wartsila 1,624 0.03 10,244 Gecina 1,397 0.03 20,712 0.39 5,248 Hermes International 2,078 0.04 5,695 Icade 412 0.01 3,646 Iliad 646 0.01 5,218 Imerys 363 0.01 8,396 Ingenico 661 0.01

193 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 194 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

4,835 Ipsen 427 0.01 Germany – 3.72% 10,988 JC Decaux 328 0.01 34,129 Adidas 5,060 0.10 14,676 Kering 5,117 0.10 80,455 Allianz 13,685 0.26 31,294 Klepierre 1,018 0.02 7,259 Axel Springer 421 0.01 16,859 Lagardere 400 0.01 164,989 BASF 13,431 0.25 47,478 Legrand 2,701 0.05 149,196 Bayer 13,734 0.26 42,065 L’Oréal 6,903 0.13 22,197 Beiersdorf 1,930 0.04 43,843 LVMH Moet Hennessy 9,546 0.18 56,645 BMW 4,370 0.08 33,722 Michelin 3,576 0.07 8,414 BMW non-voting preference shares 558 0.01 141,199 Natixis 826 0.02 36,435 Brenntag 1,708 0.03 355,897 Orange 4,571 0.09 24,984 Ceconomy 278 0.01 6,272 ORPEA 546 0.01 196,858 Commerzbank 2,178 0.04 40,964 Pernod-Ricard 4,790 0.09 20,566 Continental 4,113 0.08 81,258 Peugeot 1,222 0.02 23,160 Covestro 1,768 0.03 9,166 Plastic Omnium 308 0.01 173,565 Daimler 10,889 0.21 43,767 Publicis 2,198 0.04 338,761 Deutsche Bank 4,763 0.09 3,813 Remy Cointreau 390 0.01 36,525 Deutsche Boerse 3,141 0.06 35,309 Renault 2,626 0.05 36,785 Deutsche Lufthansa 1,004 0.02 46,270 Rexel 621 0.01 174,596 Deutsche Post 6,164 0.12 12,593 Rubis SCA 657 0.01 581,868 Deutsche Telekom 7,623 0.14 51,637 Safran 3,936 0.07 68,763 Deutsche Wohnen 2,218 0.04 83,442 Saint-Gobain 3,404 0.06 346,596 E.ON 2,791 0.05 196,527 Sanofi 12,529 0.24 24,050 Evonik Industries 669 0.01 3,411 Sartorius Stedim Biotech 182 0.00 4,189 Fielmann 274 0.01 97,341 Schneider Electric 6,120 0.12 5,606 Fraport 457 0.01 23,906 SCOR 711 0.01 68,450 Fresenius 3,931 0.07 4,032 SEB 551 0.01 41,554 Fresenius Medical Care 3,236 0.06 131,728 Société Générale 5,031 0.09 5,446 Fuchs Petrolub 195 0.00 20,193 Sodexo 2,006 0.04 10,978 Fuchs Petrolub non-voting preference shares 432 0.01 54,714 Suez Environnement 710 0.01 44,733 GEA 1,584 0.03 98,549 TechnipFMC 2,259 0.04 9,187 Hannover Rueckversicherung 856 0.02 12,713 Teleperformance 1,346 0.03 30,175 HeidelbergCement 2,418 0.05 16,110 Thales 1,282 0.02 5,201 Hella Hueck 238 0.00 396,509 Total 16,199 0.31 22,615 Henkel 2,007 0.04 12,476 Ubisoft Entertainment 710 0.01 29,872 Henkel non-voting preference shares 2,926 0.06 17,610 Unibail-Rodamco 3,281 0.05 3,109 Hochtief 407 0.01 42,794 Valeo 2,360 0.04 10,115 Hugo Boss 637 0.01 103,502 Veolia Environnement 1,953 0.04 210,221 Infineon Technologies 4,264 0.08 83,259 Vinci 6,290 0.12 19,768 Innogy 574 0.01 192,197 Vivendi 3,823 0.07 30,197 K & S 557 0.01 4,509 Wendel Investissement 577 0.01 17,398 Kion 1,113 0.02 30,028 Zodiac Aerospace 664 0.01 13,832 Lanxess 811 0.02 204,888 3.87 9,456 LEG Immobilien 800 0.02

195 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 196 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

35,050 Linde 6,049 0.11 Italy – 0.89% 5,473 MAN 463 0.01 340,012 A2A 464 0.01 23,858 Merck 1,899 0.04 220,863 Assicurazioni Generali 2,977 0.06 24,930 Metro 363 0.01 104,159 Atlantia 2,432 0.05 9,177 MTU Aero Engines 1,215 0.02 123,289 Banca Mediolanum 789 0.01 24,626 Muenchener Rueckversicherung 3,949 0.07 249,795 Banco BPM 580 0.01 22,585 Osram Licht 1,501 0.03 9,643 Buzzi Unicem 192 0.00 30,971 Porsche non-voting preference shares 1,922 0.04 90,457 Campari 517 0.01 35,573 ProSiebenSat.1 Media 904 0.02 1,374,041 Enel 6,254 0.12 1,464 Puma 469 0.01 458,895 Eni 5,619 0.11 582 Rational 278 0.01 19,933 Ferrari 1,547 0.03 107,318 RWE 1,618 0.03 105,633 FinecoBank 800 0.02 163,404 SAP 13,526 0.25 2,498,207 Intesa Sanpaolo 6,136 0.12 4,536 Sartorius non-voting preference shares 319 0.01 155,780 Intesa Sanpaolo (Part Certified) 368 0.01 136,632 Siemens (Registered) 14,069 0.26 78,371 Italgas 354 0.01 11,929 Suedzucker 192 0.00 55,393 Leonardo 487 0.01 28,740 Symrise 1,821 0.03 31,340 Luxottica 1,422 0.03 5,870 Talanx 177 0.00 43,600 Mediaset 125 0.00 103,997 Telefonica Deutschland 386 0.01 86,677 Mediobanca 727 0.01 80,884 ThyssenKrupp 1,738 0.02 22,738 Moncler 526 0.01 46,769 Uniper 1,072 0.02 38,038 Parmalat 105 0.00 29,591 United Internet 1,507 0.03 101,556 Pirelli & C 653 0.01 4,594 Volkswagen 689 0.01 73,581 Poste Italiane 410 0.01 32,368 Volkswagen non-voting preference shares 4,789 0.09 53,961 Prysmian 1,302 0.02 83,269 Vonovia 3,052 0.05 16,259 Recordati 534 0.01 2,418 Wacker Chemie 349 0.01 86,685 Saipem 293 0.01 26,101 Wirecard 2,155 0.04 7,717 Salvatore Ferragamo 152 0.00 16,650 Zalando 653 0.01 546,876 Snam 1,980 0.03 197,337 3.72 2,730,324 Telecom Italia 1,745 0.03 942,825 Telecom Italia (Part Certified) 499 0.01 Ireland – 0.09% 218,597 Terna 939 0.02 98,185 AIB Group 472 0.01 400,223 UniCredit 5,533 0.10 141,528 Bank of Ireland 895 0.02 160,418 Unione di Banche Italiane 519 0.01 27,783 Glanbia 367 0.01 145,770 UnipolSai 252 0.00 27,513 Kerry class ‘A’ shares 2,280 0.03 47,232 0.89 26,064 Kingspan 842 0.02 4,856 0.09

197 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 198 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Luxembourg – 0.10% Norway – 0.26% 106,964 ArcelorMittal 2,573 0.05 13,324 Aker BP 243 0.00 1,418 Eurofins Scientific 639 0.01 189,262 DNB 2,599 0.04 6,193 RTL 367 0.01 26,982 Gjensidige Forsikring 377 0.01 54,542 SES Global FDR 628 0.01 105,239 Marine Harvest 1,320 0.02 73,047 Tenaris 852 0.02 305,271 Norsk Hydro 1,718 0.03 5,059 0.10 118,263 Orkla 929 0.02 12,866 Schibsted class ‘A’ shares 273 0.01 Netherlands – 1.32% 13,914 Schibsted class ‘B’ shares 273 0.01 85,121 ABN AMRO 2,030 0.04 173,496 Statoil 2,744 0.05 407,869 Aegon 1,923 0.04 128,000 Telenor 2,032 0.04 42,204 Akzo Nobel 2,734 0.05 45,045 Yara International 1,531 0.03 101,797 Altice series ‘A’ shares 790 0.01 14,039 0.26 19,513 Altice series ‘B’ shares 151 0.00 56,302 ASML 7,249 0.14 Portugal – 0.06% 38,301 ASR Nederland 1,164 0.02 418,328 EDP Energias 1,070 0.02 13,261 Boskalis Westminster 369 0.01 120,946 Galp Energia 1,644 0.03 197,165 CNH Industrial 1,952 0.04 37,841 Jeronimo Martins 543 0.01 17,836 EXOR 809 0.02 3,257 0.06 189,481 Fiat Chrysler Automobiles 2,507 0.05 12,634 Gemalto 554 0.01 Spain – 1.28% 7,922 GrandVision 150 0.00 117,892 Abertis Infraestructuras 1,940 0.04 23,505 Heineken Holding 1,716 0.03 4,134 Acciona 250 0.00 40,268 Heineken N.V 3,101 0.06 23,290 Acerinox 246 0.00 702,017 ING 9,546 0.18 46,586 ACS Actividades 1,348 0.03 712,077 Koninklijke 1,834 0.03 12,054 Aena 1,807 0.03 223,204 Koninklijke Ahold Delhaize 3,630 0.08 71,760 Amadeus IT 3,827 0.07 33,629 Koninklijke DSM 2,377 0.04 1,200,908 Banco Bilbao Vizcaya Argentaria 7,577 0.14 154,513 Koninklijke Philips 4,324 0.08 1,547,814 Banco de Sabadell 2,272 0.04 71,494 NN 2,290 0.04 2,866,018 Banco Santander 13,930 0.26 12,560 OCI 234 0.00 298,060 Bankia 1,054 0.02 15,274 Philips Lighting 414 0.01 107,910 Bankinter 756 0.01 33,908 QIAGEN 785 0.01 637,601 CaixaBank 2,200 0.05 16,770 Randstad 762 0.01 25,894 Cellnex Telecom 490 0.01 158,101 RELX 2,688 0.05 2,766 Corporacion Financiera Alba 117 0.00 275,652 Unilever 11,484 0.22 95,353 Distribuidora 363 0.01 10,307 Vopak 334 0.01 31,840 EDP Renovaveis 196 0.00 55,335 Wolters Kluwer 2,135 0.04 32,849 Enagas 696 0.01 47,748 Endesa 757 0.01 70,036 1.32 96,521 Ferrovial 1,620 0.03 35,088 Gamesa 356 0.01

199 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 200 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

75,788 Gas Natural 1,294 0.02 212,048 Sandvik 2,744 0.05 49,946 Grifols class ‘A’ shares 1,082 0.02 48,111 Securitas series ‘B’ shares 621 0.01 40,097 Grifols class ‘B’ shares non-voting preference shares 677 0.01 254,210 Skandinaviska Enskilda Banken series ‘A’ shares 2,198 0.04 14,259 Grupo Financiero Banorte 467 0.01 55,949 Skanska series ‘B’ shares 859 0.02 1,027,662 Iberdrola 5,890 0.12 58,206 SKF series ‘B’ shares 954 0.02 194,309 Inditex 5,005 0.10 89,343 Svenska Cellulosa series ‘B’ shares 680 0.01 358,849 Mapfre 852 0.02 276,324 Svenska Handelsbanken series ‘A’ shares 2,783 0.05 28,803 Mediaset Espana 239 0.00 178,672 Swedbank series ‘A’ shares 3,178 0.06 46,373 Merlin Properties 465 0.01 28,846 Swedish Match 840 0.02 67,740 Red Electrica 1,123 0.03 52,432 Tele2 series ‘B’ shares 476 0.01 215,604 Repsol 2,821 0.06 486,463 Telia 1,605 0.03 215,604 Repsol Rights 72 0.00 37,513 Trelleborg class ‘B’ shares 641 0.01 779,676 Telefonica 5,620 0.11 273,083 Volvo series ‘B’ shares 3,751 0.07 30,685 Zardoya Otis 247 0.00 57,506 1.08 67,656 1.28 Switzerland – 3.25% Sweden – 1.08% 355,830 ABB (Registered) 7,052 0.13 80,591 Alfa Laval 1,409 0.03 32,087 Adecco 1,814 0.03 33,458 Arjo 70 0.00 12,939 Aryzta 379 0.01 165,391 Assa Abloy 2,542 0.05 7,113 Baloise 818 0.02 120,712 Atlas Copco class ‘A’ shares 3,850 0.07 408 Banque Cantonale Vaudoise (Registered) 228 0.00 81,473 Atlas Copco class ‘B’ shares 2,309 0.04 306 Barry Callebaut 472 0.01 42,306 Boliden 1,068 0.02 43,123 Clariant 892 0.02 34,310 Electrolux series ‘B’ shares 816 0.02 90,895 Compagnie Financiere Richemont 6,090 0.11 591,959 Ericsson series ‘B’ shares 2,866 0.05 475,827 Credit Suisse 6,278 0.12 107,474 Essity 2,253 0.04 4,011 DKSH 259 0.00 25,480 Fastighets Balder 503 0.01 7,207 Dufry 792 0.01 33,458 Getinge 359 0.01 1,031 EMS-Chemie 509 0.01 198,778 Hennes & Mauritz series ‘B’ shares 3,041 0.06 4,264 Flughafen Zuerich 720 0.01 47,756 Hexagon series ‘B’ shares 1,762 0.03 7,457 Geberit 2,427 0.05 59,543 Husqvarna series ‘B’ shares 419 0.01 1,611 Givaudan 2,750 0.05 15,200 ICA Gruppen 409 0.01 956 Helvetia 397 0.01 30,853 Industrivarden series ‘A’ shares 587 0.01 46,307 Julius Baer (Registered) 2,092 0.04 26,237 Industrivarden series ‘C’ shares 478 0.01 7,758 Kuehne + Nagel 1,015 0.02 17,715 Investment Latour 161 0.00 85,570 LafargeHolcim 3,564 0.07 85,146 Investor series ‘B’ shares 2,868 0.05 16 Lindt & Spruengli (Registered) 848 0.02 62,623 Kinnevik 1,562 0.03 158 Lindt & Spruengli (Part Certified) 713 0.01 12,345 L E Lundbergforetagen 681 0.01 23,479 Logitech International 586 0.01 28,108 Lundin Petroleum 472 0.01 16,665 Lonza 3,328 0.06 585,209 Nordea Bank 5,231 0.10 568,440 Nestlé 36,121 0.68 12,821 SAAB class ‘B’ shares 460 0.01 408,760 Novartis 25,540 0.48

201 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 202 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

4,139 Pargesa 265 0.00 Canada – 3.41% 2,912 Partners 1,476 0.03 48,058 Agnico Eagle Mines 1,646 0.03 11,467 PSP Swiss Property 804 0.02 21,545 Agrium 1,835 0.03 4,143 Roche (Bearer) 774 0.01 75,288 Alimentation Couche-Tard class ‘B’ shares 2,911 0.06 127,804 Roche Holding 23,893 0.45 52,051 ARC Resources 453 0.01 3,205 Schindler (Registered) 536 0.01 120,564 Bank of Montreal 7,160 0.14 9,703 Schindler (Part Certified) 1,651 0.03 219,504 Bank of Nova Scotia 10,512 0.20 1,343 SGS (Registered) 2,584 0.05 224,684 Barrick Gold 2,408 0.05 323 Sika 1,897 0.04 59,755 BCE 2,129 0.04 7,899 Sonova 912 0.02 73,848 BlackBerry 612 0.01 137,015 STMicroelectronics 2,213 0.07 156,743 Brookfield Asset Management class ‘A’ shares 5,063 0.10 1,625 Straumann 849 0.02 77,211 Canadian Imperial Bank of Commerce 5,582 0.11 1,782 Sulzer 160 0.00 137,166 Canadian National Railway 8,393 0.16 5,491 Swatch class ‘I’ shares 1,656 0.03 216,775 Canadian Natural Resources 5,748 0.11 7,222 Swatch class ‘N’ shares 408 0.01 27,299 Canadian Pacific Railway 3,701 0.07 6,451 Swiss Life 1,689 0.03 10,106 Canadian Tire class ‘A’ shares 978 0.02 10,246 Swiss Prime Site 699 0.01 29,251 Canadian Utilities class ‘A’ shares 643 0.01 54,654 Swiss Re 3,782 0.08 229,938 Cenovus Energy 1,557 0.03 4,546 Swisscom 1,788 0.03 51,378 CGI class ‘A’ shares 2,071 0.04 15,008 Temenos 1,422 0.03 67,124 CI Financial 1,178 0.02 628,688 UBS 8,553 0.16 3,676 Constellation Software 1,651 0.03 12,395 Vifor Pharma 1,175 0.02 80,448 Crescent Point Energy 455 0.01 27,494 Zurich Insurance 6,185 0.12 17,397 Dollarama 1,613 0.03 171,055 3.25 292,484 Enbridge 8,490 0.16 220,656 Encana 2,184 0.04 NORTH AMERICA – 63.83% 4,710 Fairfax Financial 1,860 0.04 Bermuda – 0.05% 78,831 Fortis 2,146 0.04 708,000 China Oceanwide 38 0.00 36,639 Franco-Nevada 2,173 0.04 281,300 Esprit 111 0.00 7,562 George Weston 487 0.01 41,000 Great Eagle 158 0.00 177,993 Goldcorp 1,684 0.03 189,410 Hongkong Land 987 0.02 44,846 Great-West Lifeco 926 0.02 92,000 Kerry Properties 306 0.00 44,613 Husky Energy 467 0.01 868,000 Li & Fung 353 0.01 63,562 Hydro One 840 0.02 29,500 Orient Overseas 211 0.00 14,358 IGM Financial 372 0.01 168,000 Shangri-La Asia 281 0.01 39,043 Imperial Oil 904 0.02 102,000 Texwinca 42 0.00 29,464 Intact Financial 1,820 0.03 114,500 Yue Yuen Industrial 333 0.01 54,835 Inter Pipeline 843 0.02 35,379 Loblaw 1,425 0.03 2,820 0.05 58,037 Magna International class ‘A’ shares 2,441 0.05

203 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 204 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

360,812 Manulife Financial 5,586 0.11 United States – 60.25% 34,764 Metro class ‘A’ voting shares 826 0.02 191,735 21st Century Fox America class ‘A’ shares 4,900 0.09 53,104 National Bank of Canada 1,965 0.04 82,370 21st Century Fox America class ‘B’ shares 2,080 0.04 79,616 Pembina Pipeline 2,139 0.04 104,619 3M 18,256 0.34 159,459 Potash Corporation of Saskatchewan 2,427 0.05 310,871 Abbott Laboratories 13,142 0.25 86,495 Power Corporation of Canada 1,652 0.03 291,379 AbbVie 20,888 0.39 55,389 Power Financial 1,127 0.02 114,551 Accenture 12,982 0.24 49,400 Restaurant Brands International 2,253 0.04 131,369 Activision Blizzard 6,156 0.12 49,287 RioCan Real Estate Investment 709 0.01 6,206 Acuity Brands 808 0.02 67,560 Rogers Communications class ‘B’ shares 2,554 0.05 23,376 Adient 1,362 0.03 266,519 Royal Bank of Canada 16,130 0.30 90,468 Adobe Systems 11,737 0.22 37,838 Saputo 1,009 0.02 10,585 Advance Auto Parts 781 0.01 100,088 Shaw Communications class ‘B’ shares 1,695 0.03 165,458 Advanced Micro Devices 1,259 0.02 35,749 SNC-Lavalin 1,204 0.02 26,904 AerCap 1,048 0.02 113,839 Sun Life Financial 3,487 0.07 99,811 AES 800 0.02 305,196 Suncor Energy 8,314 0.15 58,914 Aetna 7,876 0.15 75,203 Teck Resources class ‘B’ shares 1,459 0.02 12,058 Affiliated Managers 1,832 0.03 28,601 TELUS (Non-Canadian) 804 0.02 71,254 Aflac 4,631 0.09 51,361 Thomson Reuters 1,659 0.03 60,080 Agilent Technologies 2,977 0.06 339,548 Toronto-Dominion Bank 14,765 0.25 73,462 AGNC Investment 1,097 0.02 37,912 Tourmaline Oil 509 0.01 38,620 Air Products & Chemicals 4,691 0.09 156,498 TransCanada 5,650 0.10 25,885 Akamai Technologies 1,246 0.02 270,941 Turquoise Hill Resources 683 0.01 4,612 Alaska Air 251 0.00 100,647 Valeant Pharmaceuticals 1,553 0.03 18,185 Albemarle 1,721 0.03 42,296 Waste Connections 2,226 0.04 45,689 Alcoa 1,822 0.03 65,798 Wheaton Precious Metals 1,080 0.02 15,204 Alexandria Real Estate Equities 1,469 0.03 180,826 3.41 40,453 Alexion Pharmaceuticals 3,581 0.07 13,529 Align Technology 2,225 0.04 Cayman Islands – 0.12% 28,749 Alkermes 1,164 0.02 91,023 ASM Pacific Technology 938 0.02 2,240 Alleghany 988 0.02 425,984 China Mengniu Dairy 938 0.02 14,801 Allegion 872 0.02 519,206 CK Asset Holdings 3,358 0.06 61,454 Allergan 7,443 0.14 151,500 Hopewell Highway 71 0.00 8,902 Alliance Data Systems 1,670 0.03 112,800 MGM China 252 0.00 36,619 Alliant Energy 1,155 0.02 412,500 Semiconductor Manufacturing 528 0.01 63,894 Allstate 4,951 0.09 282,000 Tingyi 406 0.01 79,303 Ally Financial 1,711 0.03 6,491 0.12 54,459 Alphabet class ‘A’ shares 42,458 0.80 55,323 Alphabet class ‘C’ shares 42,845 0.81 347,921 Altria 18,396 0.35 72,695 Amazon.com 62,920 1.19

205 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 206 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

31,657 Amdocs 1,534 0.03 20,630 Avnet 605 0.01 39,099 Ameren 1,707 0.03 12,959 Axis Capital 482 0.01 21,003 American Airlines 809 0.02 93,752 Baker Hughes 2,196 0.04 91,735 American Electric Power 4,995 0.09 74,286 Ball 2,081 0.04 129,912 American Express 9,550 0.18 1,757,544 Bank of America 38,412 0.72 159,283 American International 7,025 0.13 174,320 Bank of New York Mellon 6,950 0.13 78,186 American Tower class ‘A’ shares 8,258 0.16 85,324 Baxter International 4,082 0.08 33,654 American Water Works 2,279 0.04 139,263 BB&T 5,126 0.10 27,148 Ameriprise Financial 3,405 0.06 40,411 Becton Dickinson 6,403 0.12 26,300 AmerisourceBergen 1,787 0.03 23,465 Bed Bath & Beyond 381 0.01 43,452 AMETEK 2,331 0.04 14,618 Bemis 517 0.01 132,271 Amgen 17,024 0.32 229,969 Berkshire Hathaway convertible class ‘A’ shares 33,814 0.64 55,009 Amphenol class ‘A’ shares 3,575 0.07 81 Berkshire Hathaway convertible class ‘B’ shares 17,853 0.34 103,646 Anadarko Petroleum 4,115 0.08 46,323 Best Buy 2,347 0.04 67,404 Analog Devices 4,443 0.08 38,778 Biogen 9,143 0.17 24,943 Andeavor 2,113 0.04 32,739 BioMarin Pharmaceutical 2,160 0.04 213,893 Annaly Capital Management 1,882 0.04 16,149 Bioverativ 644 0.01 16,068 Ansys 1,755 0.03 22,740 BlackRock* 8,653 0.16 56,398 Antero Resources 793 0.01 100,796 Boeing 22,007 0.42 47,000 Anthem 7,829 0.15 33,335 BorgWarner 1,260 0.02 46,237 Aon class ‘A’ shares 4,586 0.09 30,142 Boston Properties 2,901 0.06 59,992 Apache 1,875 0.04 250,374 Boston Scientific 4,594 0.09 940,064 Apple 117,784 2.22 12,244 Brighthouse Financial 531 0.01 195,823 Applied Materials 7,410 0.14 301,362 Bristol-Myers Squibb 13,675 0.26 48,550 Aptiv 3,048 0.06 73,923 Broadcom 14,078 0.27 39,876 Aramark 1,261 0.02 24,686 Broadridge Financial Solutions 1,656 0.03 23,213 Arch Capital 1,560 0.03 18,547 Brown & Brown 707 0.01 102,480 Archer Daniels Midland 3,040 0.06 29,527 Brown-Forman class ‘B’ shares 1,501 0.03 88,899 Arconic 1,793 0.03 23,157 Bunge 1,150 0.02 8,691 Arista Networks 1,516 0.03 65,601 CA 1,616 0.03 14,271 Arrow Electronics 849 0.02 93,409 Cabot Oil & Gas 1,977 0.04 29,008 Arthur J Gallagher 1,359 0.03 81,151 Calpine 909 0.02 9,338 Ashland Global 492 0.01 29,529 Campbell Soup 1,051 0.02 8,769 Assurant 654 0.01 88,497 Capital One Financial 6,522 0.12 1,125,692 AT&T 32,409 0.61 59,465 Cardinal Health 2,697 0.05 34,852 Autodesk 2,704 0.05 33,568 CarMax 1,593 0.03 20,775 Autoliv 1,954 0.04 74,712 Carnival 3,670 0.07 81,864 Automatic Data Processing 7,100 0.13 101,587 Caterpillar 11,851 0.22 9,384 AutoNation 356 0.01 18,126 Cboe Global Markets 1,672 0.03 4,565 AutoZone 2,403 0.05 65,989 CBRE class ‘A’ shares 2,116 0.04 25,500 AvalonBay Communities 3,367 0.06 61,938 CBS class ‘B’ shares 2,705 0.05 8,988 Avangrid 336 0.01 27,132 CDK Global 1,431 0.03 20,842 Avery Dennison 1,772 0.03 25,186 CDW 1,296 0.02

207 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 208 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

25,312 Celanese 2,006 0.04 164,785 Corning 3,901 0.08 141,694 Celgene 10,945 0.21 79,207 Costco Wholesale 10,915 0.21 33,583 Centene 2,509 0.05 88,874 Coty 1,308 0.02 94,404 CenterPoint Energy 1,982 0.04 13,320 CR Bard 3,271 0.06 157,191 CenturyLink 1,941 0.04 71,060 Crown Castle International 5,841 0.11 55,220 Cerner 2,755 0.05 25,221 CSRA 558 0.01 35,878 CF Industries 1,129 0.02 162,164 CSX 6,603 0.12 28,433 CH Robinson Worldwide 1,875 0.04 29,693 Cummins 3,882 0.07 208,244 Charles Schwab 7,917 0.15 187,464 CVS Health 10,066 0.19 34,719 Charter Communications 8,638 0.16 113,665 Danaher 7,809 0.15 36,985 Cheniere Energy 1,473 0.03 29,183 Darden Restaurants 2,075 0.04 345,839 Chevron 32,095 0.61 26,780 DaVita 1,432 0.03 4,380 Chipotle Mexican Grill 937 0.02 57,693 Deere 6,685 0.13 84,900 Chubb 9,188 0.17 34,759 Dell Technologies 2,090 0.04 54,640 Church & Dwight 2,029 0.04 16,183 Delphi Technologies 629 0.01 43,991 Cigna 6,615 0.12 30,375 Delta Air Lines 1,259 0.02 14,787 Cimarex Energy 1,335 0.03 36,827 Dentsply Sirona 1,794 0.03 28,600 Cincinnati Financial 1,587 0.03 97,541 Devon Energy 2,989 0.06 14,399 Cintas 1,661 0.03 34,233 Digital Realty Trust 2,886 0.05 906,784 Cisco Systems 25,717 0.49 71,413 Discover Financial Services 4,065 0.08 31,330 CIT 1,142 0.02 21,392 Discovery Communications class ‘A’ shares 354 0.01 490,254 Citigroup 27,003 0.51 35,000 Discovery Communications class ‘C’ shares 548 0.01 80,701 Citizens Financial 2,507 0.05 49,241 DISH Network class ‘A’ shares 1,740 0.03 24,931 Citrix Systems 1,624 0.03 49,790 Dollar General 3,428 0.06 24,350 Clorox 2,681 0.05 44,288 Dollar Tree 3,518 0.07 60,839 CME 6,578 0.12 112,623 Dominion Energy 6,757 0.13 52,833 CMS Energy 1,850 0.03 7,877 Domino’s Pizza 1,101 0.02 5,392 CNA Financial 212 0.00 25,285 Dover 1,890 0.04 703,012 Coca-Cola 23,903 0.45 426,909 Dowdupont 22,534 0.43 35,776 Coca-Cola European Partners 1,055 0.02 55,526 DR Horton 2,099 0.04 105,601 Cognizant Technology 5,551 0.10 29,116 Dr Pepper Snapple 2,092 0.04 157,914 Colgate-Palmolive 8,824 0.17 7,989 DST Systems 367 0.01 849,645 Comcast class ‘A’ shares 25,197 0.48 33,431 DTE Energy 2,709 0.05 38,973 Comerica 2,504 0.05 128,165 Duke Energy 7,978 0.15 15,775 Commerce Bancshares 652 0.01 58,941 Duke Realty 1,187 0.02 69,438 Conagra Brands 1,936 0.04 5,546 Dun & Bradstreet 486 0.01 27,128 Concho Resources 3,017 0.06 50,373 DXC Technology 3,538 0.07 217,179 ConocoPhillips 8,824 0.17 44,572 E*TRADE Financial 1,635 0.03 54,555 Consolidated Edison 3,431 0.06 23,756 Eastman Chemical 1,629 0.03 28,085 Constellation Brands class ‘A’ shares 4,751 0.09 78,072 Eaton 4,566 0.09 14,285 Continental Resources 560 0.01 188,442 eBay 5,264 0.10 7,942 Cooper 1,281 0.02 45,030 Ecolab 4,473 0.08 6,639 Core Laboratories 538 0.01 9,395 Edgewell Personal Care 413 0.01

209 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 210 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

59,457 Edison International 2,783 0.05 30,529 Garmin 1,346 0.03 40,743 Edwards Lifesciences 3,399 0.06 14,390 Gartner 1,312 0.02 51,801 Electronic Arts 4,029 0.08 47,794 General Dynamics 7,201 0.14 175,267 Eli Lilly 10,962 0.21 1,590,462 General Electric 20,564 0.39 118,245 Emerson Electric 6,101 0.12 106,394 General Mills 4,669 0.09 37,122 Entergy 2,236 0.04 244,566 General Motors 7,421 0.14 106,261 EOG Resources 8,490 0.16 45,250 Gentex 702 0.01 41,377 EQT 1,743 0.03 23,132 Genuine Parts 1,626 0.03 23,629 Equifax 2,062 0.04 108,508 GGP 1,878 0.04 14,437 Equinix 4,845 0.09 237,924 Gilead Sciences 12,617 0.24 65,110 Equity Residential 3,073 0.06 25,283 Global Payments 1,877 0.04 10,356 Essex Property Trust 1,851 0.03 66,465 Goldman Sachs 12,543 0.24 40,714 Estee Lauder class ‘A’ shares 3,834 0.07 46,249 Goodyear Tire & Rubber 1,106 0.02 9,432 Everest Re 1,545 0.03 31,720 H&R Block 616 0.01 62,822 Eversource Energy 2,938 0.06 158,271 Halliburton 5,725 0.11 175,476 Exelon 5,121 0.10 56,507 Hanesbrands 874 0.02 23,634 Expedia 2,095 0.04 27,263 Harley-Davidson 1,027 0.02 36,666 Expeditors International of Washington 1,755 0.03 19,873 Harris 2,084 0.04 107,924 Express Scripts 5,964 0.11 59,849 Hartford Financial Services 2,493 0.05 27,891 Extra Space Storage 1,805 0.03 25,772 Hasbro 1,734 0.03 775,772 Exxon Mobil 48,109 0.91 51,646 HCA Healthcare 3,358 0.06 10,245 F5 Networks 995 0.02 94,934 HCP 1,832 0.03 426,976 Facebook 55,782 1.05 15,621 Helmerich & Payne 747 0.01 55,854 Fastenal 2,261 0.04 30,052 Henderson 851 0.02 11,159 Federal Realty Investment Trust 1,097 0.02 35,109 Henry Schein 1,816 0.03 45,425 FedEx 8,389 0.16 13,762 Herbalife 690 0.01 57,601 Fidelity National Information Services 4,013 0.08 24,162 Hershey 2,030 0.04 144,163 Fifth Third Bancorp 3,237 0.06 58,661 Hess 2,061 0.04 30,719 First Republic Bank 1,969 0.04 314,784 Hewlett Packard Enterprise 3,346 0.06 91,533 FirstEnergy 2,074 0.04 40,813 Hilton Worldwide 2,412 0.05 39,914 Fiserv 3,874 0.07 28,203 HollyFrontier 1,069 0.02 15,858 FleetCor Technologies 2,259 0.04 56,643 Hologic 1,792 0.03 19,398 Flowserve 605 0.01 215,968 Home Depot 30,325 0.57 22,080 Fluor 844 0.02 137,376 Honeywell International 15,624 0.29 28,763 FMC 2,015 0.04 42,750 Hormel Foods 1,151 0.02 42,514 FNF 1,235 0.02 22,979 Hospitality Properties 508 0.01 19,250 Foot Locker 668 0.01 159,206 Host Hotels & Resorts 2,339 0.04 721,358 Ford Motor 6,668 0.13 320,577 HP 4,985 0.09 53,408 Fortive 2,861 0.05 25,928 Humana 4,762 0.09 24,341 Fortune Brands Home & Security 1,233 0.02 232,399 Huntington Bancshares 2,504 0.05 75,307 Franklin Resources 2,415 0.05 17,025 IAC InterActive 1,540 0.03 249,976 Freeport-McMoRan 3,510 0.07 15,857 IDEXX Laboratories 1,835 0.03 35,609 Gap 898 0.02 66,879 IHS Markit 2,235 0.04

211 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 212 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

54,422 Illinois Tool Works 6,722 0.13 20,638 Leggett & Platt 729 0.01 26,656 Illumina 4,311 0.08 32,317 Lennar class ‘A’ shares 1,513 0.03 29,399 Incyte 2,061 0.04 48,476 Leucadia National 950 0.02 48,719 Ingersoll-Rand 3,216 0.06 3,520 Liberty Broadband class ‘A’ shares 221 0.00 13,973 Ingredion 1,446 0.03 22,391 Liberty Broadband class ‘C’ shares 1,411 0.03 862,485 Intel 29,478 0.56 46,175 Liberty Global class ‘A’ shares 1,224 0.02 103,573 Intercontinental Exchange 5,410 0.10 99,785 Liberty Global class ‘C’ shares 2,498 0.05 154,582 International Business Machines 17,563 0.33 71,750 Liberty Interactive class ‘A’ shares 1,297 0.02 13,019 International Flavors & Fragrances 1,470 0.03 22,785 Liberty Property Trust 725 0.01 76,853 International Paper 3,298 0.06 14,800 Liberty SiriusXM class ‘A’ shares 434 0.01 61,126 Interpublic 912 0.02 27,468 Liberty SiriusXM class ‘C’ shares 806 0.02 45,430 Intuit 5,307 0.10 36,336 Lincoln National 2,067 0.04 19,957 Intuitive Surgical 5,390 0.10 59,350 LKQ 1,786 0.03 76,875 Invesco 2,079 0.04 46,308 Lockheed Martin 11,008 0.21 29,517 IQVIA 2,139 0.04 50,345 Loews 1,864 0.04 51,719 Iron Mountain 1,444 0.03 153,486 Lowe’s 10,558 0.20 26,533 Jabil 515 0.01 15,292 Lululemon Athletica 889 0.02 18,097 Jacobs Engineering 883 0.02 58,266 Lyondellbasell Industries class ‘A’ shares 4,757 0.09 10,942 Jazz Pharmaceuticals 1,090 0.02 28,066 M&T Bank 3,552 0.07 18,337 JB Hunt Transport Services 1,560 0.03 21,803 Macerich 1,060 0.02 18,300 JM Smucker 1,683 0.03 47,450 Macy’s 885 0.02 493,460 Johnson & Johnson 51,072 0.96 16,693 Mallinckrodt Pharmaceuticals 279 0.01 161,340 Johnson Controls International 4,552 0.09 16,401 Manpower 1,531 0.03 633,149 JPMorgan Chase & Co. 50,229 0.95 138,297 Marathon Oil 1,733 0.03 62,466 Juniper Networks 1,318 0.02 83,538 Marathon Petroleum 4,079 0.08 17,760 Kansas City Southern 1,383 0.03 2,645 Markel 2,227 0.04 48,943 Kellogg 2,463 0.05 54,066 Marriott International class ‘A’ shares 5,431 0.10 208,196 KeyCorp 3,108 0.06 94,068 Marsh & McLennan 5,667 0.11 37,965 Keysight Technologies 1,169 0.02 13,954 Martin Marietta Materials 2,283 0.04 62,535 Kimberly-Clark 5,585 0.11 101,419 Marvell Technology 1,612 0.03 65,432 Kimco Realty 879 0.02 70,660 Masco 2,298 0.04 351,838 Kinder Morgan 4,705 0.09 172,420 MasterCard class ‘A’ shares 19,374 0.37 25,104 KLA-Tencor 1,952 0.04 50,311 Mattel 573 0.01 25,664 Kohl’s 1,030 0.02 62,756 Maxim Integrated Products 2,428 0.05 106,891 Kraft Heinz 6,153 0.12 24,824 McCormick & Co 1,872 0.04 173,940 Kroger 3,535 0.07 146,600 McDonald’s 18,689 0.35 46,966 L Brands 2,093 0.04 39,519 McKesson 4,562 0.09 13,977 L3 Technologies 2,047 0.04 29,472 MDU Resources 586 0.01 16,490 Laboratory Corp of America 1,947 0.04 249,132 Medtronic 14,895 0.28 29,841 Lam Research 4,066 0.08 6,595 Mercadolibre 1,536 0.03 37,705 Lamb Weston 1,575 0.03 500,950 Merck & Co 20,885 0.39 63,306 Las Vegas Sands 3,255 0.06 163,635 MetLife 6,123 0.12 14,301 Lear 1,870 0.04 5,000 Mettler-Toledo International 2,293 0.04

213 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 214 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

88,597 MGM Resorts International 2,189 0.04 535 NVR 1,389 0.03 23,648 Michael Kors 1,102 0.02 60,149 NXP Semiconductors 5,210 0.10 40,942 Microchip Technology 2,663 0.05 134,624 Occidental Petroleum 7,343 0.14 201,755 Micron Technology 6,140 0.12 37,901 Old Republic International 600 0.01 1,372,041 Microsoft 86,913 1.64 37,357 Omnicom 2,014 0.04 22,040 Mid-America Apartment Communities 1,641 0.03 61,258 ONEOK 2,423 0.05 11,595 Mohawk Industries 2,368 0.04 533,346 Oracle 18,667 0.35 35,998 Molson Coors Brewing class ‘B’ shares 2,187 0.04 14,882 O’Reilly Automotive 2,649 0.05 271,552 Mondelez International 8,602 0.16 63,643 PACCAR 3,348 0.06 78,437 Monsanto 6,783 0.13 15,342 Packaging of America 1,369 0.03 79,909 Monster Beverage 3,744 0.07 19,642 Palo Alto Networks 2,107 0.04 30,127 Moody’s 3,292 0.06 44,246 Park Hotels & Resorts 942 0.02 237,260 Morgan Stanley 9,214 0.17 25,503 Parker-Hannifin 3,767 0.07 52,618 Mosaic 1,000 0.02 12,325 Patterson 330 0.01 26,947 Motorola Solutions 1,802 0.03 62,470 Paychex 3,148 0.06 25,724 Murphy Oil 591 0.01 202,112 PayPal 11,012 0.21 90,188 Mylan 2,825 0.05 29,555 Pentair 1,545 0.03 20,007 Nasdaq 1,138 0.02 92,942 People’s United Financial 1,286 0.02 82,205 National Oilwell Varco 2,191 0.04 262,820 PepsiCo 23,328 0.44 48,174 Navient 475 0.01 28,461 Perrigo 1,836 0.03 18,745 NCR 472 0.01 1,082,207 Pfizer 29,035 0.55 45,272 NetApp 1,854 0.03 88,210 PG&E 2,926 0.06 76,028 Netflix 10,803 0.20 283,947 Philip Morris International 22,203 0.42 72,378 New York Community Bancorp 697 0.01 81,141 Phillips 66 6,079 0.11 104,092 Newell Brands 2,381 0.04 24,915 Pinnacle West Capital 1,571 0.03 31,126 Newfield Exploration 726 0.01 32,038 Pioneer Natural Resources 4,097 0.08 84,446 Newmont Mining 2,345 0.04 88,500 PNC Financial Services* 9,456 0.18 60,503 News class ‘A’ shares 727 0.01 8,817 Polaris Industries 809 0.02 19,157 News class ‘B’ shares 235 0.00 47,682 PPG Industries 4,123 0.08 85,100 NextEra Energy 9,839 0.19 126,441 PPL 2,896 0.05 73,173 Nielsen 1,971 0.04 52,473 Praxair 6,015 0.11 235,471 NIKE 10,906 0.21 8,977 Priceline 11,545 0.22 75,354 NiSource 1,432 0.03 45,364 Principal Financial 2,369 0.04 93,307 Noble Energy 2,012 0.04 468,481 Procter & Gamble 31,906 0.60 21,636 Nordstrom 759 0.01 98,935 Progressive 4,124 0.08 52,217 Norfolk Southern 5,604 0.11 91,150 Prologis 4,353 0.08 40,172 Northern Trust 2,970 0.06 78,434 Prudential Financial 6,675 0.13 29,470 Northrop Grumman 6,698 0.13 92,876 Public Service Enterprise 3,540 0.07 33,681 Norwegian Cruise Line 1,327 0.03 27,525 Public Storage 4,258 0.08 73,160 NRG Energy 1,542 0.03 58,798 Pulte Homes 1,447 0.03 64,663 Nuance Communications 782 0.01 12,500 PVH 1,269 0.02 59,212 Nucor 2,786 0.05 19,902 Qorvo 981 0.02 103,929 NVIDIA 14,885 0.28 270,383 Qualcomm 12,819 0.24

215 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 216 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

22,574 Quest Diagnostics 1,645 0.03 119,084 Sprint 519 0.01 8,892 Ralph Lauren class ‘A’ shares 682 0.01 28,728 Stanley Black & Decker 3,609 0.07 69,952 Range Resources 883 0.02 253,605 Starbucks 10,779 0.20 24,096 Raymond James Financial 1,593 0.03 69,472 State Street 5,019 0.09 53,538 Raytheon 7,445 0.14 12,505 Stericycle 629 0.01 48,814 Realty Income 2,060 0.04 60,968 Stryker 6,991 0.13 28,703 Red Hat 2,551 0.05 90,613 SunTrust Banks 4,332 0.08 29,863 Regency Centers 1,529 0.03 98,104 Symantec 2,037 0.04 14,335 Regeneron Pharmaceuticals 3,990 0.08 131,067 Synchrony Financial 3,745 0.07 196,030 Regions Financial 2,507 0.05 24,370 Synopsys 1,537 0.03 5,700 RenaissanceRe 530 0.01 91,430 Sysco 4,109 0.08 49,239 Republic Services 2,464 0.05 42,006 T Rowe Price 3,262 0.06 22,111 ResMed 1,386 0.03 45,762 Tapestry 1,498 0.03 18,867 Robert Half International 776 0.01 40,868 Targa Resources 1,465 0.03 24,641 Rockwell Automation 3,583 0.07 100,105 Target 4,834 0.09 27,178 Rockwell Collins 2,730 0.05 48,745 TD Ameritrade 1,845 0.03 18,976 Roper Technologies 3,639 0.07 65,139 TE Connectivity 4,583 0.09 73,081 Ross Stores 4,341 0.08 24,850 Tesla 5,726 0.11 29,532 Royal Caribbean Cruises 2,607 0.05 181,796 Texas Instruments 14,055 0.27 47,460 S&P Global 5,953 0.11 43,438 Textron 1,820 0.03 124,284 salesforce.com 9,406 0.18 73,411 Thermo Fisher Scientific 10,323 0.19 16,728 Santander Consumer USA 231 0.00 18,076 Tiffany 1,391 0.03 22,125 SBA Communications 2,675 0.05 138,010 Time Warner 9,354 0.18 19,542 SCANA 576 0.01 116,580 TJX 6,596 0.12 254,601 Schlumberger 12,716 0.24 52,567 T-Mobile 2,471 0.05 18,210 Scripps Networks Interactive 1,151 0.02 23,247 Toll Brothers 826 0.02 68,036 Seagate Technology 2,107 0.04 24,285 Torchmark 1,631 0.03 29,707 Sealed Air 1,084 0.02 34,667 Total System Services 2,029 0.04 22,948 SEI Investments 1,220 0.02 27,355 Tractor Supply 1,514 0.03 44,326 Sempra Energy 3,509 0.07 10,601 TransDigm 2,156 0.04 35,759 Sensata Technologies 1,353 0.03 50,521 Travelers 5,073 0.10 28,825 ServiceNow 2,782 0.05 41,714 Trimble 1,255 0.02 15,612 Sherwin-Williams 4,737 0.09 16,468 TripAdvisor 420 0.01 16,066 Signet Jewelers 672 0.01 148,294 Twitter 2,635 0.05 57,688 Simon Property 7,337 0.14 54,147 Tyson Foods 3,249 0.06 302,862 Sirius XM 1,199 0.02 41,673 UDR 1,188 0.02 31,785 Skyworks Solutions 2,234 0.04 9,665 Ulta Beauty 1,600 0.03 16,680 SL Green Realty 1,246 0.02 27,715 Under Armour class ‘A’ shares 296 0.01 11,076 Snap-on 1,429 0.03 27,698 Under Armour class ‘C’ shares 273 0.01 176,716 Southern 6,291 0.12 143,026 Union Pacific 14,209 0.27 12,596 Southern Copper 443 0.01 11,396 United Continental 568 0.01 23,207 Southwest Airlines 1,125 0.02 127,284 United Parcel Service class ‘B’ shares 11,226 0.21 27,699 Splunk 1,698 0.03 17,086 United Rentals 2,174 0.04

217 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 218 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

136,512 United Technologies 12,900 0.24 17,349 Wyndham Worldwide 1,489 0.03 175,385 UnitedHealth 28,656 0.54 13,199 Wynn Resorts 1,647 0.03 13,399 Universal Health Services class ‘B’ shares 1,124 0.02 96,076 Xcel Energy 3,420 0.05 36,860 Unum 1,498 0.03 38,145 Xerox 823 0.01 286,709 US Bancorp 11,376 0.21 42,852 Xilinx 2,138 0.04 80,958 Valero Energy 5,508 0.10 46,046 XL 1,198 0.02 30,714 Vantiv 1,671 0.03 40,204 Xylem 2,029 0.04 21,075 Varian Medical Systems 1,734 0.03 64,034 Yandex 1,552 0.03 66,850 Ventas 2,969 0.06 80,344 Yum China 2,379 0.04 150,078 VEREIT 865 0.02 57,833 Yum! Brands 3,493 0.06 14,835 VeriSign 1,257 0.02 37,873 Zimmer Biomet 3,383 0.05 25,304 Verisk Analytics 1,798 0.03 33,814 Zions Bancorporation 1,272 0.02 747,261 Verizon Communications 29,323 0.55 86,558 Zoetis 4,618 0.08 47,047 Vertex Pharmaceuticals 5,218 0.10 3,193,614 60.25 60,055 VF 3,289 0.06 73,413 Viacom class ‘B’ non-voting shares 1,674 0.03 OCEANIA – 2.80% 332,777 Visa 28,141 0.53 Australia – 2.72% 15,742 VMware 1,460 0.03 65,674 Adelaide Brighton 248 0.00 37,355 Vornado Realty Trust 2,162 0.04 105,867 AGL Energy 1,493 0.03 34,804 Voya Financial 1,274 0.02 77,476 ALS 313 0.01 20,543 Vulcan Materials 1,952 0.04 377,408 Alumina 529 0.01 16,159 Wabtec 974 0.02 231,746 Amcor 2,067 0.04 171,717 Walgreens Boots Alliance 9,228 0.17 657,254 AMP 1,974 0.04 263,379 Wal-Mart Stores 19,273 0.36 22,586 Ansell 318 0.01 282,451 Walt Disney 22,533 0.43 175,410 APA 844 0.02 78,038 Waste Management 4,985 0.09 136,542 Aristocrat Leisure 1,872 0.04 13,041 Waters 1,865 0.04 30,167 ASX 957 0.02 152,545 Weatherford International 470 0.01 312,306 Aurizon 897 0.02 58,448 WEC Energy 2,874 0.05 264,913 AusNet Services 277 0.01 17,987 Weingarten Realty Investors 438 0.01 526,467 Australia & New Zealand Banking 8,751 0.17 802,533 Wells Fargo 36,077 0.68 56,106 Bank of Queensland 413 0.01 64,920 Welltower 3,064 0.06 70,466 Bendigo & Adelaide Bank 476 0.01 49,914 Western Digital 2,938 0.05 575,926 BHP Billiton 9,856 0.19 77,154 Western Union 1,086 0.02 85,607 Bluescope Steel 762 0.01 6,176 Westlake Chemical 487 0.01 176,337 Boral 794 0.01 42,191 WestRock 1,974 0.04 319,244 Brambles 1,861 0.04 130,360 Weyerhaeuser 3,402 0.06 39,491 Caltex Australia 778 0.01 12,144 Whirlpool 1,516 0.03 85,974 Challenger Financial Services 698 0.01 147,683 Williams Companies 3,334 0.06 14,837 CIMIC 442 0.01 21,727 Willis Towers Watson 2,423 0.05 81,024 Coca-Cola Amatil 399 0.01 24,454 Workday 1,841 0.03 9,091 Cochlear 901 0.02 15,581 WR Berkley 826 0.02 313,637 Commonwealth Bank of Australia 14,580 0.28 11,120 WW Grainger 1,944 0.04 73,584 Computershare 694 0.01

219 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 220 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

56,964 Crown 428 0.01 985,906 Scentre 2,391 0.05 81,295 CSL 6,646 0.13 56,117 Seek 617 0.01 71,130 CSR 196 0.00 142,356 Seven West News 51 0.00 216,587 Dexus Property 1,222 0.02 111,116 Shopping Centres Australasia 150 0.00 33,695 Domain Holdings Australia 67 0.00 24,461 Sims 223 0.00 9,297 Domino’s Pizza Enterprises 251 0.00 65,727 Sonic Healthcare 870 0.02 89,608 Downer EDI 359 0.01 830,777 South32 1,673 0.02 56,737 DuluxGroup 252 0.00 122,623 Star Entertainment 431 0.01 336,953 Fairfax Media 152 0.00 433,496 Stockland Trust 1,121 0.02 8,375 Flight Centre 214 0.00 278,934 Suncorp 2,238 0.04 261,721 Fortescue Metals 739 0.01 162,794 Sydney Airport 664 0.01 362,645 Goodman 1,765 0.03 494,152 Tabcorp 1,593 0.03 272,261 GPT 805 0.02 845,885 Telstra 1,777 0.03 76,572 Harvey Norman 185 0.00 52,896 TPG Telecom 201 0.00 260,139 Healthscope 316 0.01 411,973 Transurban 2,961 0.05 62,506 Iluka Resources 368 0.01 117,239 Treasury Wine Estates 1,083 0.02 251,766 Incitec Pivot 568 0.01 516,560 Vicinity Centres 810 0.02 471,779 Insurance Australia 1,974 0.04 90,698 Vocus 159 0.00 44,695 IOOF 277 0.01 207,378 Wesfarmers 5,330 0.10 75,613 James Hardie 989 0.02 377,759 Westfield 2,071 0.04 87,425 Lend Lease 827 0.02 608,528 Westpac Banking 11,038 0.20 56,926 Macquarie 3,282 0.06 104,082 Whitehaven Coal 269 0.01 80,301 Macquarie Atlas 292 0.01 142,001 Woodside Petroleum 2,719 0.05 18,772 Magellan Financial 293 0.01 240,433 Woolworths 3,795 0.06 447,597 Medibank 850 0.02 29,838 WorleyParsons 248 0.00 144,190 Metcash 260 0.00 144,186 2.72 572,958 Mirvac 779 0.01 490,761 National Australia Bank 8,399 0.16 New Zealand – 0.08% 146,360 Newcrest Mining 1,932 0.04 83,122 Air New Zealand 139 0.00 34,369 Nufarm 174 0.00 134,584 Auckland International Airport 459 0.01 184,326 Oil Search 831 0.02 106,986 Contact Energy 313 0.01 58,880 Orica 617 0.01 91,847 Fisher & Paykel Healthcare 681 0.01 276,107 Origin Energy 1,505 0.03 102,749 Fletcher Building 409 0.01 176,565 Orora 344 0.01 226,793 Kiwi Property 166 0.00 46,478 Oz Minerals 246 0.00 108,905 Mercury NZ 193 0.00 6,561 Perpetual Trustees Australia 184 0.00 207,872 Meridian Energy 319 0.01 36,018 Platinum Asset Management 161 0.00 62,088 Ryman Healthcare 344 0.01 136,489 Qantas Airways 398 0.01 54,961 Sky Network Television 81 0.00 283,339 QBE Insurance 1,751 0.03 98,197 SKYCITY Entertainment 212 0.00 19,830 Ramsay Health Care 804 0.02 293,788 Spark New Zealand 561 0.02 7,808 REA 346 0.01 12,805 Xero 213 0.00 79,650 Rio Tinto 3,494 0.07 4,090 0.08 306,998 Santos 967 0.02

221 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 222 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Portfolio Statement continued Statement of Total Return for the period from 24 April 2017 to 31 December 2017

Holding or Underlying Market % of For the period Nominal Exposure Value Total Net from 24.4.2017 Value Investment £000’s £000’s Assets to 31.12.2017 Notes £000’s £000’s DERIVATIVES – 0.01% Income Futures – 0.01% 361 EURO Stoxx 50 March 2018 11,188 (246) 0.00 Net capital gains 3 330,260 6 Hang Seng Index January 2018 851 8 0.00 Revenue 4 66,533 27 Kospi 200 Index March 2018 1,522 25 0.00 Expenses 5 (296) 136 MSCI Singapore Index ETS January 2018 2,924 10 0.00 Interest payable and similar charges 6 (152) 512 S&P 500 E-mini Index March 2018 50,702 188 0.00 20 S&P Canada 60 Index March 2018 2,261 8 0.00 Net revenue before taxation 66,085 80 SPI 200 March 2018 6,968 21 0.00 Taxation 7 (2,467) 34 Swiss Market Index March 2018 2,391 (4) 0.00 Net revenue after taxation 63,618 127 TOPIX March 2018 15,179 292 0.01 Total return before distributions 393,878 93,986 302 0.01 Distributions 8 (61,967) Portfolio of investments 5,210,260 98.30 Change in net assets attributable to unitholders from Net other assets 90,111 1.70 investment activities 331,911 Total net assets 5,300,371 100.00

Note: The Fund launched on 24 April 2017, therefore no comparatives have been presented. Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market Statement of Change in Net Assets Attributable to Unitholders value of an equivalent position in the assets underlying each financial derivative instrument. for the period from 24 April 2017 to 31 December 2017 * Related party to the Fund.

For the period from 24.4.2017 to 31.12.2017 £000’s £000’s

Opening net assets attributable to unitholders – Amounts receivable on issue of units 839,248 In-specie from Connect World ex UK Equity Tracker Fund* 4,169,738 Amounts payable on cancellation of units (112,280) 4,896,706 Change in net assets attributable to unitholders from investment activities 331,911 Retained distributions on accumulation units 71,754 Closing net assets attributable to unitholders 5,300,371

Note: The Fund launched on 24 April 2017, therefore no comparatives have been presented. * The Connect World ex UK Equity Tracker Fund was part of BlackRock Life Limited, a related party to BlackRock Fund Managers Limited.

223 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 224 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Balance Sheet Notes to Financial Statements at 31 December 2017 for the period from 24 April 2017 to 31 December 2017

1. Accounting and Distribution Policies 31.12.2017 Notes £000’s The accounting and distribution policies are set out on pages 10 to 11. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 12 to 30. – Investment assets 5,210,510 3. Net Capital Gains Current assets – Debtors 9 14,809 For the period from 24.4.2017 – Cash and bank balances 10 83,965 to 31.12.2017 Total assets 5,309,284 £000’s Liabilities: The net capital gains comprise: Investment liabilities (250) Gains on non-derivative securities 322,755 Creditors Gains on derivative securities 14,605 – Amounts held at futures clearing houses and brokers (50) Forward currency contracts (183) – Other creditors 11 (8,613) Currency losses (7,378) Total liabilities (8,913) Custodian transaction costs (24) Net assets attributable to unitholders 5,300,371 US REIT dividends 485 Note: The Fund launched on 24 April 2017, therefore no comparatives have been presented. Net capital gains 330,260

4. Revenue

R A R Hayes (Director) For the period A M Lawrence (Director) from 24.4.2017 BlackRock Fund Managers Limited to 31.12.2017 23 February 2018 £000’s Interest from UK bank deposits 70 Overseas dividends 62,830 Securities lending revenue 86 Stock dividends 1,651 UK dividends 109 US REIT dividends 1,787 Total revenue 66,533

225 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 226 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

6. Interest Payable and Similar Charges The distributable amount has been calculated as follows: Net revenue after taxation 63,618 For the period from 24.4.2017 Deduct: Non-distributable stock dividends (1,651) to 31.12.2017 Distributions 61,967 £000’s Details of the final distribution per unit are set out in the table on page 173. Interest on bank overdrafts 152 Total interest payable and similar charges 152 9. Debtors

7. Taxation 31.12.2017 £000’s (a) Analysis of tax charge Accrued revenue 5,856 For the period Amounts receivable on issue of units 7,801 from 24.4.2017 to 31.12.2017 Overseas tax recoverable 1,131 £000’s Sales awaiting settlement 21 Overseas tax 2,467 Total debtors 14,809 Total tax charge 2,467 10. Cash and Bank Balances (b) Factors affecting the tax charge 31.12.2017 As the Fund is an Authorised Contractual Scheme, it is exempt from United Kingdom (UK) tax on capital gains £000’s realised on the disposal of investments held within the Fund and any UK corporation tax. Amounts held at futures clearing houses and brokers 3,686 Cash and bank balances 80,279 Total cash and bank balances 83,965

227 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 228 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

11. Other Creditors 13. Related Parties continued The Investment Manager, in accordance with the Contractual Scheme Deed, may enter into commission 31.12.2017 £000’s sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Accrued Audit fee 7 Investment Manager believes are useful in the investment decision-making or trade execution process. Accrued Depositary's fee 96 Such research or execution services may include, without limitation and to the extent permitted by Accrued Safe custody fees 40 applicable law: research reports on companies, industries and securities; and the provision of economic Amounts payable for cancellations of units 8,365 and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit Custodian transaction costs 9 to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not Purchases awaiting settlement 60 affiliated to the BlackRock Group. Currency deals awaiting settlement 36 The Fund’s investments in other BlackRock related party entities are individually identified on the portfolio Total other creditors 8,613 statement.

12. Contingent Assets and Liabilities The following investor(s)

There were no contingent assets or liabilities at the Balance Sheet date. (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or

13. Related Parties (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue Parties are considered to be related if one party has the ability to control the other party or exercise in the Fund and are as a result, considered to be related parties to the Fund. significant influence over the other party in making financial or operational decisions. As at 31 December 2017: The following entities were related parties of the Fund during the period ended 31 December 2017: Total % of units Manager/Registrar: BlackRock Fund Managers Limited Number of investors held by unitholders holding 51% or more holding 51% or more Investment Manager: BlackRock Investment Management (UK) Limited of the voting units of the voting units Stock lending agent: BlackRock Advisors (UK) Limited in issue who are not in issue who are not Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds The ultimate holding company of the Manager, Investment Manager and stock lending agent is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. Nil 1 82% (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund The Fund launched on 24 April 2017, therefore no comparatives have been presented. during the period ended 31 December 2017.

The Manager acts as either principal or agent for the Depositary in respect of all transactions of units All related party transactions were carried out at arm’s length in the ordinary course of business. of the Fund. The aggregate monies received through issue and paid through cancellation of units are The terms and returns received by the related parties in making the investments above were no more disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts favourable than those received by other investors investing into the same unit class. due to or from the Manager at the period end are disclosed in notes 9 and 11. Securities lending revenue earned by the Fund is disclosed in note 4.

229 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 230 ACS World ex UK Equity Tracker Fund ACS World ex UK Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

14. Portfolio Transaction Costs 14. Portfolio Transaction Costs continued For the period from 24 April 2017 to 31 December 2017 Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Direct Transaction Costs Sheet date the average portfolio dealing spread (difference between bid and offer prices of all Transaction Value Commissions Taxes investments expressed as a percentage of the offer price value) was 0.06%. Purchases (excluding derivatives) £000’s £000’s % £000’s %

Equity instruments 768,329 77 0.01 119 0.02 15. Units in Issue Corporate actions 61,424 – – – – Revenue is allocated each day pro rata to the capital value of assets attributable to each class and In-specie transactions 4,169,738 – – 54 0.00 taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution table. All unit classes have the same rights on Total purchases 4,999,491 77 173 winding up. Total purchases including transaction costs 4,999,741 The movement in units in issue for the period ended 31 December 2017 is as follows:

Direct Transaction Costs For the period from Transaction Value Commissions Taxes 24.4.2017 to 31.12.2017 Sales (excluding derivatives) £000’s £000’s % £000’s % X1 Accumulation Units Equity instruments 50,603 4 0.01 5 0.01 Balance at the beginning of the period – Corporate actions 60,326 – – – – Issued during the period 4,943,921,846 Total sales 110,929 4 5 Cancelled during the period (105,808,636) Total sales net of transaction costs 110,920 Balance at the end of the period 4,838,113,210

Total transaction costs 81 178 16. Post Balance Sheet Events There have been no significant events subsequent to the period end, which, in the opinion of the Manager, Total transaction costs may have had an impact on the financial statements for the period ended 31 December 2017. as a % of average net assets 0.00% 0.00%

231 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 232 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

About the Fund Performance Table

For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which are available at www.blackrock.com.

233 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 234 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Tracking Difference Tracking Error

Tracking difference is defined as the difference in returns between a fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every security index over a defined period of time. or the exact concentration of a security in the benchmark index, but will aim to track the benchmark index as closely as possible and may use optimisation techniques to achieve their investment objective. Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, these impacts can be either The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every security positive or negative depending on the underlying circumstances. or the exact concentration of a security in the benchmark index, but will aim to track the benchmark index as closely as possible and may use optimisation techniques to achieve their investment objective. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered by the Fund on any income received from its investments. The level and quantum of tracking difference arising due Cash management, efficient portfolio management techniques including securities lending and transaction to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various costs from rebalancing can have an impact on tracking error as well as the return differential between the tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on out by the Fund. the underlying circumstances.

The table below compares the realised Fund performance against the performance of the relevant benchmark In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the index during the period ended 31 December 2017. An explanation for the difference is provided: Fund 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 Fund with various tax Fund return Benchmark return authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out for the period for the period by the Fund. from 5.12.2017 from 5.12.2017 Tracking to 31.12.2017 to 31.12.2017 difference Explanation of the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex-ante Before costs, the tracking difference is a basis) against the realised tracking error of the Fund as at 31 December 2017. The realised tracking error is +1.3%* +1.2% +0.1% result of NAV rounding. annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not been trading for 36 months, the annualised tracking error since inception has been presented. * Performance is calculated gross of fees and reported for the Fund’s class X2 Accumulation Units.

Anticipated Realised Tracking Error Tracking Error ACS World Low Carbon Equity Tracker Fund Up to 1.70%* N/A*

* The Fund recently launched on 5 December 2017 and there is insufficient data available to present a meaningful annualised realised tracking error for the period. Figures represent the anticipated tracking error & realised tracking error for the Fund’s class X2 Accumulation Units.

235 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 236 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Classification of Investments Investment Report

The following chart provides an analysis of the portfolio weightings as at 31 December 2017 by its Summary of Performance over the Period respective geographical locations. The Fund launched on 5 December 2017, therefore no comparatives The Fund returned 1.3%* during the period from 5 December 2017 (launch date) to 31 December 2017, have been presented. outperforming the MSCI World Low Carbon Target Index, which returned 1.2%. Before costs, the tracking difference is a result of NAV rounding.

31 December 2017 Fund Manager’s Commentary December 2017 was a strong month for equities across the globe, with many indices ending the period at new Australia 2.47%  highs; the MSCI All Countries World Index reached a new record level. The sectors boosting equity gains over Canada 3.79%  the month included energy, as pipeline shutdowns bolstered oil prices, and materials, as metal prices moved  France 3.92% upwards. Iron ore benefited from higher steel prices; both iron ore and copper were also buoyed by strong  Germany 3.58% demand from China.  Hong Kong 1.31%  Japan 8.94% For the US, headline news included the approval in Congress of the Trump administration’s tax bill, which will  Netherlands 1.10% bring about a significant tax break to corporations. US equities gained in anticipation of the approval of the  Spain 1.29% bill. Also, amid economic news that was generally positive, the US Federal Reserve made the interest-rate  Sweden 1.07% rise that has been expected for some months. The key rate was upped by 25 basis points to a target range of  Switzerland 2.91% 1.25–1.5%, and policymakers said a further three rate rises were likely in 2018.  United Kingdom 6.30% In China, the People’s Bank took differing measures and tightened lending rates, though only slightly to ensure  United States 58.47% no market upset. For Asian equities overall, December 2017 was a positive month, rounding off an extremely  Other 3.85% strong period.  Net other assets 1.00% European equities ended the month in negative territory, as measured by the MSCI Europe (ex UK) index, owing partly to the strength of the euro during much of the period and partly to political worries. Ireland and Norway led performance in the region, with single-digit increases for December 2017, while Spain and Italy were among the biggest fallers, on the back of political risk. Economic growth of 0.6% was reported for the third quarter of 2017, as expected, as France and Spain saw modest slowdowns, and while Germany and Italy accelerated.

Towards the end of December 2017, the euro fell in the wake of the Spanish election, which saw pro-Catalan independence political parties win enough votes collectively to form a coalition government. Political uncertainty was also a factor in Germany, as Chancellor Angela Merkel ended the period without having formed a government, and in Italy, where the parliament was dissolved – an election in March 2018 will be a gauge of the level of anti European Union sentiment in the country.

January 2018

237 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 238 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Performance Record Distribution Table for the period from 5 December 2017 to 31 December 2017 Comparative Table

X2 Accumulation Units Final Distribution in Pence per Unit For the period from 5.12.2017^ to 31.12.2017 X2 Accumulation Units† Pence per unit Net revenue 0.1107 Change in net assets per unit Distribution payable 28.2.2018 0.1107 Opening net asset value per unit 100.00 † The Fund launched on 5 December 2017, therefore no comparatives have been presented. Return before operating charges 0.89 Operating charges 0.00 Return after operating charges 0.89 Distributions (0.11) Retained distributions on accumulation units 0.11 Closing net asset value per unit 100.89 After direct transaction costs of 0.05

Performance Return after charges1 0.89%

Other information Closing net asset value (£000’s) 169,771 Closing number of units 168,276,984 Operating charges2 0.01% Direct transaction costs3 0.05%

Prices Pence per unit Highest offer unit price 102.10 Lowest bid unit price 99.39

239 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 240 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement Portfolio Statement continued at 31 December 2017

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

EQUITIES – 99.00% Israel – 0.20% 419 Azrieli 17 0.01 ASIA – 11.00% 4,322 Bank Hapoalim 24 0.01 Hong Kong – 1.31% 5,376 Bank Leumi Le-Israel 24 0.02 74,000 AIA 467 0.28 14,976 Bezeq 17 0.01 5,200 Bank of East Asia 17 0.01 1,048 Check Point Software Technologies 80 0.05 9,000 BOC Hong Kong 34 0.02 163 Elbit Systems 16 0.01 15,000 CK Asset 97 0.06 784 Frutarom Industries 54 0.03 6,000 CK Hutchison 56 0.03 281 Nice 19 0.01 6,500 CK Infrastructures 41 0.02 6,522 Teva Pharmaceutical Industries ADR 91 0.05 12,000 Galaxy Entertainment 71 0.04 342 0.20 23,000 Hang Lung Properties 41 0.02 2,000 Hang Seng Bank 37 0.02 Japan – 8.94% 7,000 Henderson Land Development 34 0.02 1,000 AEON Financial Service 17 0.01 152,000 Hong Kong & China Gas 220 0.13 600 Aisin Seiki 25 0.02 5,800 Hong Kong Exchanges & Clearing 132 0.08 1,200 Alfresa 21 0.01 8,200 Hongkong Land 43 0.03 1,700 Amada 17 0.01 163,300 Hutchison Port 50 0.03 2,300 Asahi Breweries 85 0.05 1,100 Jardine Matheson 49 0.03 1,600 Asics 19 0.01 600 Jardine Strategic 18 0.01 12,300 Astellas Pharma 116 0.07 24,000 Kingston Financial 17 0.01 900 Bandai Namco 22 0.01 74,000 Li & Fung 30 0.02 700 Bank of Kyoto 27 0.02 13,000 Link Real Estate Investment Trust 89 0.05 900 Benesse 23 0.01 2,061 Melco Resorts & Entertainment ADR 44 0.03 2,000 Bridgestone 69 0.04 4,000 Minth 18 0.01 900 Brother Industries 16 0.01 16,500 MTR 71 0.04 7,500 Canon 207 0.12 16,000 New World Development 18 0.01 1,600 Casio Computer 17 0.01 33,000 Power Assets 206 0.12 1,100 Central Japan Railway 146 0.09 18,400 Sands China 70 0.04 5,000 Chiba Bank 31 0.02 18,000 Sino Land 24 0.01 1,100 Chugai Pharmaceutical 42 0.03 10,000 Sun Hung Kai Properties 123 0.07 600 Coca-Cola Bottlers Japan 16 0.01 8,200 Swire Properties 20 0.01 9,400 Concordia Financial 42 0.03 6,500 Techtronic Industries 31 0.02 600 Daifuku 24 0.01 12,000 Wharf 31 0.02 5,500 Dai-ichi Life 84 0.05 6,000 Wheelock 32 0.02 2,900 Daiichi Sankyo 56 0.03 2,000 Daikin Industries 175 0.10 2,231 1.31 300 Daito Trust Construction 45 0.03 4,200 Daiwa House 119 0.07 16,000 Daiwa Securities 74 0.04 1,000 DeNA 15 0.01 3,200 Denso 142 0.08

241 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 242 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

1,400 Dentsu 44 0.03 1,800 Kyocera 87 0.05 600 Don Quijote 23 0.01 1,200 Kyowa Hakko Kirin 17 0.01 1,800 East Japan Railway 130 0.08 3,800 Kyushu Financial 17 0.01 1,500 Eisai 63 0.04 800 Lawson 39 0.02 1,200 FANUC 214 0.13 600 LINE 18 0.01 400 Fast Retailing 118 0.07 1,300 LIXIL 26 0.02 1,700 Fujifilm 51 0.03 1,100 M3 29 0.02 10,000 Fujitsu 53 0.03 800 Makita 25 0.02 10,000 Fukuoka Financial 42 0.03 86,600 Marubeni 465 0.27 4,600 Hachijuni Bank 20 0.01 1,300 Marui 18 0.01 700 Hankyu Hanshin 21 0.01 2,000 Mazda Motor 20 0.01 23,000 Hitachi 133 0.08 600 McDonald’s 20 0.01 1,500 Hitachi Chemical 29 0.02 8,600 Mebuki Financial 27 0.02 10,000 Honda Motor 254 0.15 1,700 Medipal 25 0.02 300 Hoshizaki 20 0.01 1,800 Minebea Mitsumi 28 0.02 2,400 Hoya 89 0.05 1,200 Misumi 26 0.02 800 IHI 20 0.01 18,900 Mitsubishi 386 0.23 2,500 Isetan Mitsukoshi 23 0.01 11,400 Mitsubishi Electric 140 0.08 4,500 Isuzu Motors 56 0.03 9,000 Mitsubishi Estate 116 0.07 10,400 ITOCHU 144 0.09 2,000 Mitsubishi Heavy Industries 55 0.03 600 Japan Airport Terminal 16 0.01 5,700 Mitsubishi Motors 31 0.02 1,300 Japan Exchange 17 0.01 73,100 Mitsubishi UFJ Financial 397 0.23 13,200 Japan Post 112 0.07 58,600 Mitsui 706 0.42 7,200 Japan Post Bank 69 0.04 6,200 Mitsui Fudosan 103 0.06 7,700 Japan Tobacco 184 0.11 172,000 Mizuho Financial 231 0.14 2,800 JGC 40 0.02 2,800 MS&AD Insurance 70 0.04 1,200 JSR 17 0.01 900 Murata Manufacturing 89 0.05 9,000 Kajima 64 0.04 1,200 NEC 24 0.01 2,200 Kamigumi 36 0.02 1,300 Nexon 28 0.02 4,000 Kansai Paint 77 0.05 1,000 NGK Spark Plug 18 0.01 2,500 Kao 125 0.07 1,500 Nidec 156 0.09 10,700 KDDI 197 0.12 2,900 Nikon 43 0.03 2,600 Keikyu 37 0.02 700 Nintendo 190 0.11 1,000 Keio 33 0.02 5 Nippon Building 18 0.01 1,600 Keisei Electric Railway 38 0.02 2,700 Nippon Paint 63 0.04 500 Keyence 208 0.12 3,900 Nippon Telegraph & Telephone 136 0.08 700 Kikkoman 21 0.01 700 Nissan Chemical Industries 21 0.01 3,600 Kirin 67 0.04 12,300 Nissan Motor 91 0.05 700 Koito Manufacturing 36 0.02 400 Nitori 42 0.03 5,000 Komatsu 134 0.08 1,100 Nitto Denko 72 0.04 600 Konami 24 0.01 26,500 Nomura 116 0.07 200 Kose 23 0.01 1,000 Nomura Real Estate 17 0.01 6,200 Kubota 90 0.05 18 Nomura Real Estate Master 16 0.01

243 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 244 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

1,200 Nomura Research Institute 41 0.02 900 Start Today 20 0.01 3,900 NTT Data 34 0.02 4,200 Subaru 99 0.06 9,000 NTT Docomo 158 0.09 5,500 Sumitomo 69 0.04 5,900 Obayashi 53 0.03 600 Sumitomo Heavy Industries 19 0.01 1,400 Odakyu Electric Railway 22 0.01 3,000 Sumitomo Metal Mining 102 0.06 1,900 Olympus 54 0.03 9,100 Sumitomo Mitsui Financial 291 0.17 900 Omron 40 0.02 2,200 Sumitomo Mitsui Trust 65 0.04 2,100 Ono Pharmaceutical 36 0.02 2,000 Sumitomo Realty & Development 49 0.03 1,600 Oriental Land 108 0.06 600 Suntory Beverage & Food 20 0.01 8,600 ORIX 108 0.06 1,100 Suruga Bank 17 0.01 1,900 Otsuka 62 0.04 2,400 Suzuki Motor 103 0.06 13,100 Panasonic 142 0.08 800 Sysmex 47 0.03 900 Park24 16 0.01 1,900 T&D 24 0.01 1,000 Persol 19 0.01 2,000 Taisei 74 0.04 700 Pola Orbis 18 0.01 4,900 Takeda Pharmaceutical 206 0.12 7,800 Rakuten 53 0.03 1,400 Terumo 49 0.03 6,800 Recruit 125 0.07 700 Tobu Railway 17 0.01 4,200 Renesas Electronics 36 0.02 5,100 Toho Gas 103 0.06 17,700 Resona 78 0.05 4,500 Tokio Marine 152 0.09 2,500 Ricoh 17 0.01 900 Tokyo Electron 121 0.07 600 Rohm 49 0.03 2,300 Tokyu 27 0.02 100 Ryohin Keikaku 23 0.01 16,000 Toshiba 33 0.02 1,300 Sankyo 30 0.02 1,400 Toto 61 0.04 1,900 SBI 29 0.02 1,300 Toyota Industries 62 0.04 2,100 Secom 117 0.07 16,100 Toyota Motor 764 0.45 1,000 Seiko Epson 17 0.01 3,300 Toyota Tsusho 98 0.06 5,000 Sekisui House 67 0.04 800 Trend Micro 33 0.02 4,100 Seven & I 126 0.07 2,000 Unicharm 38 0.02 9,800 Seven Bank 25 0.02 1,500 USS 24 0.01 1,000 Sharp 25 0.02 9,200 Yahoo Japan 31 0.02 1,000 Shimadzu 17 0.01 700 Yakult Honsha 39 0.02 500 Shimano 52 0.03 2,000 Yamaguchi Financial 18 0.01 8,100 Shimizu 62 0.04 700 Yamaha 19 0.01 2,900 Shin-Etsu Chemical 218 0.13 1,100 Yamaha Motor 27 0.02 1,900 Shinsei Bank 24 0.01 1,100 Yamato 16 0.01 1,200 Shionogi 48 0.03 900 Yaskawa Electric 29 0.02 2,400 Shiseido 86 0.05 1,300 Yokogawa Electric 18 0.01 5,000 Shizuoka Bank 38 0.02 15,178 8.94 400 SMC 122 0.07 5,000 SoftBank 293 0.17 Macau – 0.03% 500 Sohgo Security Services 20 0.01 8,800 MGM China 20 0.02 2,300 Sompo Japan Nipponkoa 66 0.04 8,000 Wynn Macau 19 0.01 7,600 Sony 254 0.15 39 0.03

245 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 246 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Singapore – 0.52% 2,823 Danske Bank 81 0.05 11,500 Ascendas Real Estate Investment Trust 17 0.01 166 Genmab 20 0.01 16,100 CapitaCommercial 17 0.01 1,115 ISS 32 0.02 4,200 City Developments 29 0.02 445 Lundbeck 17 0.01 15,200 ComfortDelGro 17 0.01 10,811 Novo Nordisk class ‘B’ shares 431 0.25 10,800 DBS 149 0.09 2,467 Novozymes class ‘B’ shares 104 0.06 63,900 Genting Singapore 46 0.03 522 Pandora 42 0.03 14,700 Global Logistic Properties 27 0.02 5,144 TDC 23 0.01 1,000 Jardine Cycle & Carriage 23 0.01 1,392 Vestas Wind Systems 71 0.04 5,500 Keppel 22 0.01 952 0.56 19,400 Oversea-Chinese Banking 133 0.08 6,300 SATS 18 0.01 Finland – 0.29% 17,300 Singapore Press 25 0.01 2,540 Kone class ‘B’ shares 101 0.06 21,100 Singapore Technologies Engineering 38 0.02 1,291 Neste 61 0.03 68,800 Singapore Telecommunications 136 0.08 38,364 Nokia 132 0.08 14,900 Suntec Real Estate Investment Trust 18 0.01 860 Nokian Renkaat 29 0.02 6,800 United Overseas Bank 99 0.06 3,008 Sampo series ‘A’ shares 122 0.07 7,600 UOL 37 0.02 1,149 Wartsila 53 0.03 33,800 Yangzijiang Shipbuilding 27 0.02 498 0.29 878 0.52 France – 3.92% EUROPE – 22.96% 447 Accor 17 0.01 731 Aeroports de Paris 103 0.06 Austria – 0.07% 3,885 Airbus 286 0.17 566 Andritz 24 0.01 1,615 Alstom 50 0.03 1,784 Erste Bank 57 0.03 695 Amundi 43 0.03 1,538 Raiffeisen International Bank 41 0.03 498 Atos 54 0.03 122 0.07 12,960 AXA 284 0.17 405 BIC 33 0.02 Belgium – 0.40% 269 bioMérieux 18 0.01 712 Ageas 26 0.01 6,388 BNP Paribas 353 0.21 4,907 Anheuser-Busch InBev 405 0.24 19,840 Bollore 79 0.05 745 Colruyt 29 0.02 434 Bouygues 17 0.01 1,052 Groupe Bruxelles Lambert 84 0.05 2,443 Bureau Veritas 49 0.03 1,400 Proximus 34 0.02 1,033 Capgemini 91 0.05 322 Telenet 17 0.01 1,134 Carrefour 18 0.01 367 UCB 22 0.01 2,004 CNP Assurances 34 0.02 1,859 Umicore 65 0.04 7,320 Crédit Agricole 90 0.05 682 0.40 3,928 Danone 244 0.14 Denmark – 0.56% 30 Dassault Aviation 34 0.02 404 Carlsberg series ‘B’ shares 36 0.02 790 Dassault Systemes 62 0.04 872 Christian Hansen 61 0.04 2,461 Edenred 53 0.03 585 Coloplast ‘B’ shares 34 0.02 673 Eiffage 55 0.03

247 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 248 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

1,361 Essilor International 139 0.08 Germany – 3.58% 836 Eurazeo 57 0.03 1,069 Adidas 158 0.09 6,909 Eurotunnel 66 0.04 2,935 Allianz 499 0.29 1,552 Eutelsat Communications 27 0.02 6,799 BASF 553 0.32 464 Foncière des Régions 39 0.02 4,475 Bayer 412 0.24 453 Gecina 62 0.04 938 Beiersdorf 82 0.05 194 Hermes International 77 0.05 2,566 BMW 198 0.12 511 Icade 37 0.02 788 BMW non-voting preference shares 52 0.03 273 Iliad 48 0.03 1,417 Brenntag 66 0.04 485 Ingenico 38 0.02 4,118 Commerzbank 46 0.03 518 Kering 181 0.11 588 Continental 118 0.07 1,941 Klepierre 63 0.04 6,664 Daimler 418 0.25 2,255 L’Oréal 370 0.22 13,994 Deutsche Bank 197 0.12 685 Lagardere 16 0.01 892 Deutsche Boerse 77 0.04 2,155 Legrand 123 0.07 4,895 Deutsche Post 173 0.10 1,861 LVMH Moet Hennessy 405 0.24 20,704 Deutsche Telekom 271 0.16 6,857 Natixis 40 0.02 936 Deutsche Wohnen 30 0.02 13,139 Orange 169 0.10 475 Drillisch 29 0.02 1,652 Pernod-Ricard 193 0.11 636 Fraport 52 0.03 5,001 Peugeot 75 0.04 2,825 Fresenius 162 0.09 1,314 Publicis 66 0.04 1,529 Fresenius Medical Care 119 0.07 238 Remy Cointreau 24 0.01 818 Fuchs Petrolub non-voting preference shares 32 0.02 1,631 Renault 121 0.07 1,292 GEA 46 0.03 3,107 Rexel 42 0.03 916 Henkel 81 0.05 2,727 Safran 208 0.12 1,180 Henkel non-voting preference shares 116 0.07 6,813 Sanofi 434 0.26 440 Hugo Boss 28 0.02 4,483 Schneider Electric 282 0.17 6,910 Infineon Technologies 140 0.08 1,376 SCOR 41 0.02 387 Kion 25 0.01 4,680 Société Générale 179 0.11 555 Merck 44 0.03 923 Sodexo 92 0.05 387 MTU Aero Engines 51 0.03 265 Teleperformance 28 0.02 1,257 Muenchener Rueckversicherung 202 0.12 723 Thales 58 0.03 362 Osram Licht 24 0.01 350 Ubisoft Entertainment 20 0.01 1,212 ProSiebenSat.1 Media 31 0.02 840 Unibail-Rodamco 157 0.09 6,169 SAP 511 0.30 1,264 Valeo 70 0.04 4,901 Siemens (Registered) 505 0.30 4,560 Vinci 344 0.20 1,433 Symrise 91 0.05 8,546 Vivendi 170 0.10 16,562 Telefonica Deutschland 61 0.04 1,499 Zodiac Aerospace 33 0.02 619 United Internet 32 0.02 6,661 3.92 1,241 Volkswagen non-voting preference shares 184 0.11 1,794 Vonovia 66 0.04 649 Wirecard 54 0.03 862 Zalando 34 0.02 6,070 3.58

249 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 250 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Ireland – 0.13% 5,420 Koninklijke Ahold Delhaize 88 0.05 886 AerCap 34 0.02 1,570 Koninklijke DSM 111 0.07 7,764 AIB Group 37 0.02 6,427 Koninklijke Philips 180 0.11 2,198 James Hardie 29 0.02 2,220 NN 71 0.04 940 Kerry class ‘A’ shares 78 0.05 1,769 NXP Semiconductors 153 0.09 410 Paddy Power Betfair 36 0.02 1,111 Randstad 51 0.03 214 0.13 9,206 RELX 160 0.09 7,548 Royal Dutch Shell class ‘B’ shares 189 0.11 Italy – 0.74% 531 Vopak 17 0.01 10,477 Assicurazioni Generali 141 0.08 1,980 Wolters Kluwer 76 0.04 5,742 Atlantia 134 0.08 1,872 1.10 3,524 Campari 20 0.01 1,173 Ferrari 91 0.05 Norway – 0.38% 86,851 Intesa Sanpaolo 213 0.13 10,835 DNB 149 0.09 1,304 Luxottica 59 0.03 5,894 Gjensidige Forsikring 82 0.05 4,922 Mediobanca 41 0.03 7,395 Marine Harvest 93 0.06 7,796 Poste Italiane 43 0.03 15,776 Orkla 124 0.07 15,900 Snam 58 0.03 2,026 Schibsted class ‘B’ shares 40 0.02 203,113 Telecom Italia preference shares 107 0.06 9,482 Telenor 151 0.09 31,168 Terna 134 0.08 639 0.38 13,213 UniCredit 183 0.11 23,409 UnipolSai 40 0.02 Portugal – 0.12% 15,595 Galp Energia 212 0.12 1,264 0.74 Spain – 1.29% Jersey – 0.03% 8,851 Abertis Infraestructuras 146 0.09 586 Randgold Resources 43 0.03 842 Aena 126 0.07 Luxembourg – 0.07% 2,527 Amadeus IT 135 0.08 37 Eurofins Scientific 17 0.01 40,097 Banco Bilbao Vizcaya Argentaria 253 0.15 2,610 SES Global FDR (each representing 1 class ‘A’ share) 30 0.02 21,271 Banco de Sabadell 31 0.02 6,358 Tenaris 74 0.04 95,697 Banco Santander 465 0.27 121 0.07 4,668 Bankia 17 0.01 12,153 CaixaBank 42 0.03 Netherlands – 1.10% 6,734 Ferrovial 113 0.07 913 ABN AMRO 22 0.01 4,154 Gamesa 42 0.02 8,659 Aegon 41 0.03 873 Grifols class ‘A’ shares 19 0.01 595 Akzo Nobel 39 0.02 9,047 Inditex 233 0.14 2,840 Altice series ‘A’ shares 22 0.01 14,245 Mapfre 34 0.02 2,124 ASML 273 0.16 16,560 Red Electrica 275 0.16 1,419 Heineken 109 0.07 35,715 Telefonica 257 0.15 17,104 ING 233 0.14 2,188 1.29 14,462 Koninklijke 37 0.02

251 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 252 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Sweden – 1.07% 25 SGS (Registered) 48 0.03 1,851 Alfa Laval 32 0.02 20 Sika 117 0.07 8,836 Assa Abloy 136 0.08 3,707 STMicroelectronics 60 0.04 1,807 Atlas Copco class ‘A’ shares 58 0.03 318 Swatch class ‘I’ shares 18 0.01 4,847 Atlas Copco class ‘B’ shares 137 0.08 199 Swatch class ‘N’ shares 60 0.04 563 Autoliv 53 0.03 68 Swiss Life 18 0.01 8,430 Boliden 213 0.13 2,198 Swiss Re 152 0.09 1,002 Electrolux series ‘B’ shares 24 0.01 160 Swisscom 63 0.04 18,292 Ericsson series ‘B’ shares 89 0.05 20,324 UBS 276 0.16 1,243 Getinge 13 0.01 276 Vifor Pharma 26 0.02 6,269 Hennes & Mauritz series ‘B’ shares 96 0.06 1,709 Wolseley 91 0.05 1,603 Hexagon series ‘B’ shares 59 0.03 944 Zurich Insurance 212 0.12 3,554 Industrivarden series ‘C’ shares 65 0.04 4,946 2.91 4,877 Investor series ‘C’ shares 164 0.10 2,643 Kinnevik 66 0.04 United Kingdom – 6.30% 15,876 Nordea Bank 142 0.08 8,806 3i 80 0.05 5,742 Sandvik 74 0.04 2,642 Ashtead 52 0.03 3,489 Skandinaviska Enskilda Banken series ‘A’ shares 30 0.02 1,734 Associated British Foods 49 0.03 3,757 Skanska series ‘B’ shares 58 0.03 7,287 AstraZeneca 373 0.22 2,228 Svenska Handelsbanken 22 0.01 6,565 Auto Trader 23 0.01 2,573 Swedbank series ‘A’ shares 46 0.03 30,793 Aviva 156 0.09 2,830 Tele2 series ‘B’ shares 26 0.02 16,283 BAE Systems 93 0.05 24,366 Telia 80 0.05 100,764 Barclays 205 0.12 10,356 Volvo series ‘B’ shares 142 0.08 8,186 Barratt Developments 53 0.03 904 Berkeley 38 0.02 1,825 1.07 14,096 British American Tobacco 706 0.42 Switzerland – 2.91% 14,968 British Land 104 0.06 9,149 ABB (Registered) 181 0.11 57,849 BT 157 0.09 1,352 Adecco 76 0.03 2,724 Bunzl 56 0.03 701 Coca-Cola HBC 17 0.01 3,329 Burberry 60 0.04 3,031 Compagnie Financiere Richemont 203 0.12 5,880 Capita 24 0.01 14,379 Credit Suisse 190 0.11 6,791 CNH Industrial 67 0.04 78 EMS-Chemie 38 0.02 13,065 Cobham 16 0.01 247 Geberit 80 0.05 900 Coca-Cola European Partners 27 0.02 94 Givaudan 160 0.09 12,819 Compass 205 0.12 558 Kuehne + Nagel 73 0.04 15,632 ConvaTec 32 0.02 5 Lindt & Spruengli (Part Certified) 23 0.01 897 Croda International 40 0.02 299 Lonza 60 0.04 617 DCC 46 0.03 18,396 Nestlé 1,169 0.69 16,810 Diageo 457 0.27 12,400 Novartis 775 0.46 8,125 Direct Line 31 0.02 3,972 Roche Holding 743 0.44 8,300 Experian 136 0.08 100 Schindler (Part Certified) 17 0.01 5,522 Fiat Chrysler Automobiles 73 0.04 6,467 G4S 17 0.01

253 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 254 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

28,799 GlaxoSmithKline 380 0.22 2,410 St. James’s Place Capital 30 0.02 12,041 Hammerson 66 0.04 22,285 Standard Chartered 174 0.10 1,373 Hargreaves Lansdown 25 0.02 23,121 Standard Life 101 0.06 121,898 HSBC 934 0.55 25,101 Taylor Wimpey 52 0.03 2,247 IMI 30 0.02 10,100 TechnipFMC 234 0.14 7,383 Imperial Brands 234 0.14 34,367 Tesco 72 0.04 1,238 Intertek 64 0.04 2,234 Travis Perkins 35 0.02 9,635 Investec 52 0.03 7,381 Unilever 304 0.18 21,579 ITV 36 0.02 9,169 Unilever 382 0.23 15,863 John Wood 103 0.06 28,358 United Utilities 235 0.14 2,423 Johnson Matthey 74 0.04 207,603 Vodafone 488 0.29 17,187 Kingfisher 58 0.04 1,591 Weir 34 0.02 11,049 Land Securities Group 111 0.07 1,725 Whitbread 69 0.04 37,635 Legal & General 103 0.06 15,255 Worldpay 65 0.04 1,381 Liberty Global class ‘A’ shares 37 0.02 9,891 WPP 133 0.08 2,466 Liberty Global class ‘C’ shares 62 0.04 10,670 6.30 452,509 Lloyds Banking 307 0.18 1,784 London Stock Exchange 68 0.04 NORTH AMERICA – 62.34% 12,877 Marks & Spencer 41 0.02 Bermuda – 0.05% 3,244 Mediclinic International 21 0.01 2,702 Marvell Technology 43 0.03 7,426 Meggitt 36 0.02 1,444 XL 38 0.02 10,279 Merlin Entertainments 37 0.02 81 0.05 2,527 Micro Focus 64 0.04 21,131 National Grid 185 0.11 Canada – 3.79% 908 Next 41 0.02 2,421 Agnico Eagle Mines 83 0.05 38,931 Old Mutual 90 0.05 2,927 Alimentation Couche-Tard 113 0.07 8,246 Pearson 61 0.04 4,175 Bank of Montreal 248 0.15 1,149 Pentair 60 0.04 7,905 Bank of Nova Scotia 379 0.22 2,244 Persimmon 61 0.04 2,701 Barrick Gold 29 0.02 15,335 Prudential 292 0.17 3,276 BCE 117 0.07 4,521 Reckitt Benckiser 313 0.18 5,215 BlackBerry 43 0.03 7,197 RELX (Registered) 122 0.07 15,977 Bombardier 29 0.02 11,853 Rolls-Royce 100 0.06 6,025 Brookfield Asset Management 195 0.12 20,483 Royal Bank of Scotland 57 0.03 1,624 CAE 22 0.01 5,349 Royal Mail 24 0.01 4,010 Cameco 27 0.02 5,741 RSA Insurance 36 0.02 3,108 Canadian Imperial Bank of Commerce 225 0.13 5,285 Sage 42 0.03 4,219 Canadian National Railway 258 0.15 1,323 Schroders 47 0.03 540 Canadian Pacific Railway 73 0.04 10,547 Segro 62 0.04 433 Canadian Tire class ‘A’ shares 42 0.02 8,008 Severn Trent 173 0.10 1,623 CCL Industries 56 0.03 7,754 Sky 78 0.05 885 CGI 36 0.02 5,609 Smith & Nephew 72 0.04 2,344 CI Financial 41 0.02 1,833 Smiths 27 0.02 90 Constellation Software 40 0.02

255 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 256 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

681 Dollarama 63 0.04 United States – 58.47% 4,375 Element Fleet Management 24 0.01 4,831 21st Century Fox America class ‘A’ shares 123 0.07 10,563 Enbridge 307 0.18 2,465 21st Century Fox America class ‘B’ shares 62 0.04 204 Fairfax Financial 81 0.05 3,580 3M 625 0.37 937 Finning International 17 0.01 11,010 Abbott Laboratories 465 0.27 14,502 First Quantum Minerals 151 0.09 9,011 AbbVie 646 0.38 2,008 Franco-Nevada 119 0.07 3,798 Accenture 430 0.25 1,231 George Weston 79 0.05 4,114 Activision Blizzard 193 0.11 6,922 Goldcorp 65 0.04 302 Acuity Brands 39 0.02 2,041 Great-West Lifeco 42 0.02 2,769 Adobe Systems 359 0.21 17,119 Hydro One 226 0.13 365 Advance Auto Parts 27 0.02 658 Intact Financial 41 0.02 5,731 Advanced Micro Devices 44 0.03 3,856 Inter Pipeline 59 0.04 2,093 Aetna 280 0.16 1,178 Jean Coutu 17 0.01 288 Affiliated Managers 44 0.03 5,369 Kinross Gold 17 0.01 2,988 Aflac 194 0.11 1,479 Loblaw Cos 60 0.04 318 AGCO 17 0.01 34,224 Lundin Mining 169 0.10 2,195 Agilent Technologies 109 0.06 1,259 Magna International class ‘A’ shares 53 0.03 3,954 AGNC Investment 59 0.03 9,388 Manulife Financial 145 0.09 1,148 Akamai Technologies 55 0.03 1,327 Metro class ‘A’ voting shares 32 0.02 1,045 Albemarle 99 0.06 1,743 National Bank of Canada 65 0.04 361 Alexandria Real Estate Equities 35 0.02 1,075 Open Text 28 0.02 1,186 Alexion Pharmaceuticals 105 0.06 11,074 Pembina Pipeline 298 0.18 470 Align Technology 77 0.05 2,578 Power Corporation of Canada 49 0.03 744 Alkermes 30 0.02 1,763 Power Financial 36 0.02 759 Allegion 45 0.03 18,361 PrairieSky Royalty 347 0.20 1,878 Allergan 227 0.13 1,586 Restaurant Brands International 72 0.04 296 Alliance Data Systems 56 0.03 2,623 Rogers Communications 99 0.06 2,016 Allstate 156 0.09 9,352 Royal Bank of Canada 566 0.33 3,844 Ally Financial 83 0.05 662 Saputo 18 0.01 446 Alnylam Pharmaceuticals 42 0.02 2,722 Shaw Communications 46 0.03 1,485 Alphabet class ‘A’ shares 1,158 0.68 453 Shopify 34 0.02 1,948 Alphabet class ‘C’ shares 1,509 0.89 2,487 SNC-Lavalin 84 0.05 11,887 Altria 629 0.37 2,982 Sun Life Financial 91 0.05 2,363 Amazon.com 2,045 1.20 2,509 TELUS (Non-Canadian) 71 0.04 171 Amerco 48 0.03 1,766 Thomson Reuters 57 0.03 4,881 American Express 359 0.21 11,762 Toronto-Dominion Bank 511 0.30 7,636 American International 337 0.20 8,010 Wheaton Precious Metals 131 0.08 2,550 American Tower class ‘A’ shares 269 0.16 6,426 3.79 6,279 American Water Works 425 0.25 852 Ameriprise Financial 107 0.06 Mexico – 0.03% 1,249 AmerisourceBergen 85 0.05 3,776 Fresnillo 54 0.03 1,465 Ametek 79 0.05 4,204 Amgen 541 0.32

257 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 258 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

938 Amphenol class ‘A’ shares 61 0.04 2,757 CA 68 0.04 2,597 Analog Devices 171 0.10 620 Cadence Design Systems 19 0.01 3,273 Andeavor 277 0.16 839 Campbell Soup 30 0.02 8,959 Annaly Capital Management 79 0.05 3,094 Capital One Financial 228 0.13 420 Ansys 46 0.03 2,109 Cardinal Health 96 0.06 1,681 Anthem 280 0.16 1,123 CarMax 53 0.03 1,439 AO Smith 65 0.04 3,606 Caterpillar 421 0.25 1,869 Aon class ‘A’ shares 185 0.11 238 Cboe Global Markets 22 0.01 29,207 Apple 3,659 2.16 2,627 CBRE class ‘A’ shares 84 0.05 5,875 Applied Materials 222 0.13 402 CBS class ‘B’ shares 18 0.01 1,713 Aptiv 108 0.06 326 CDK Global 17 0.01 120 Arista Networks 21 0.01 423 CDW 22 0.01 509 Arthur J Gallagher 24 0.01 227 Celanese 18 0.01 35,988 AT&T 1,036 0.61 4,258 Celgene 329 0.19 497 Athene Holding 19 0.01 879 Centene 66 0.04 4,546 Atmos Energy 289 0.17 750 CenterPoint Energy 16 0.01 1,271 Autodesk 99 0.06 4,642 CenturyLink 57 0.03 2,861 Automatic Data Processing 248 0.15 2,083 Cerner 104 0.06 139 AutoZone 73 0.04 791 CH Robinson Worldwide 52 0.03 739 AvalonBay Communities 98 0.06 5,601 Charles Schwab 213 0.13 839 Avery Dennison 71 0.04 1,024 Charter Communications 255 0.15 1,203 Avnet 35 0.02 6,627 Cheniere Energy 264 0.16 4,208 Axalta Coating Systems 101 0.06 227 Chipotle Mexican Grill 49 0.03 7,561 Baker Hughes 177 0.10 2,989 Chubb 323 0.19 1,951 Ball 55 0.03 1,369 Church & Dwight 51 0.03 58,072 Bank of America 1,269 0.75 1,640 Cigna 247 0.15 6,025 Bank of New York Mellon 240 0.14 649 Cincinnati Financial 36 0.02 1,991 Baxter International 95 0.06 751 Cintas 87 0.05 5,698 BB&T 210 0.12 29,105 Cisco Systems 825 0.49 1,251 Becton Dickinson 198 0.12 2,055 CIT 75 0.04 5,429 Berkshire Hathaway convertible class ‘B’ shares 798 0.47 16,641 Citigroup 917 0.54 1,455 Best Buy 74 0.04 3,463 Citizens Financial 108 0.06 1,114 Biogen 263 0.15 712 Citrix Systems 46 0.03 645 BioMarin Pharmaceutical 43 0.03 421 Clorox 46 0.03 874 BlackRock 333 0.20 1,577 CME 170 0.10 3,509 Boeing 766 0.45 27,876 Coca-Cola 948 0.56 1,553 BorgWarner 59 0.03 645 Cognex 29 0.02 736 Boston Properties 71 0.04 3,398 Cognizant Technology 179 0.11 7,779 Boston Scientific 143 0.08 5,194 Colgate-Palmolive 290 0.17 1,152 Brighthouse 50 0.03 7,387 Colony NorthStar 62 0.04 9,197 Bristol-Myers Squibb 417 0.25 26,861 Comcast class ‘A’ shares 797 0.47 2,450 Broadcom 467 0.27 640 Comerica 41 0.02 1,454 Brown-Forman class ‘B’ shares 74 0.04 7,645 Consolidated Edison 481 0.28

259 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 260 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

1,080 Constellation Brands class ‘A’ shares 183 0.11 327 Essex Property Trust 58 0.03 183 Cooper 30 0.02 1,666 Estee Lauder class ‘A’ shares 157 0.09 4,053 Corning 96 0.06 238 Everest Re 39 0.02 97 CoStar Group 21 0.01 14,539 Eversource Energy 680 0.40 2,979 Costco Wholesale 411 0.24 2,831 Exelon 83 0.05 4,475 Coty 66 0.04 961 Expedia 85 0.05 316 CR Bard 78 0.05 2,312 Expeditors International of Washington 111 0.07 2,760 Crown Castle International 227 0.13 4,103 Express Scripts 227 0.13 5,318 CSX 217 0.13 366 Extra Space Storage 24 0.01 784 Cummins 103 0.06 13,100 Facebook 1,711 1.01 6,913 CVS Health 371 0.22 1,779 Fastenal 72 0.04 3,881 Danaher 267 0.16 316 FedEx 58 0.03 364 Darden Restaurants 26 0.02 2,140 Fidelity National Information Services 149 0.09 1,155 DaVita 62 0.04 4,476 Fifth Third Bancorp 101 0.06 1,574 Deere 182 0.11 2,448 First Data 30 0.02 1,024 Dell Technologies 62 0.04 557 First Republic Bank 36 0.02 58 Delphi Technologies 2 0.00 1,269 Fiserv 123 0.07 1,529 Dentsply Serona 74 0.04 599 FleetCor Technologies 85 0.05 2,547 Diamondback Energy 238 0.14 526 FLIR Systems 18 0.01 1,224 Digital Realty Trust 103 0.06 928 Flowserve 29 0.02 1,797 Discover Financial Services 102 0.06 2,299 Fluor 88 0.05 1,341 DISH Network class ‘A’ shares 47 0.03 1,495 FMC 105 0.06 1,407 Dollar General 97 0.06 2,110 FNF 61 0.04 1,137 Dollar Tree 90 0.05 23,553 Ford Motor 218 0.13 268 Domino’s Pizza 37 0.02 534 Fortinet 17 0.01 928 Dover 69 0.04 1,855 Fortive 99 0.06 12,736 Dowdupont 672 0.40 398 Fortune Brands Home & Security 20 0.01 1,781 DR Horton 67 0.04 2,955 Franklin Resources 95 0.06 493 Dr Pepper Snapple 35 0.02 12,390 Freeport-McMoRan 174 0.10 919 Duke Realty 19 0.01 1,144 Gap 29 0.02 1,903 DXC Technology 134 0.08 1,161 Garmin 51 0.03 489 E*TRADE Financial 18 0.01 417 Gartner 38 0.02 2,727 Eaton 159 0.09 1,749 General Dynamics 264 0.16 5,502 eBay 154 0.09 55,745 General Electric 721 0.42 3,439 Ecolab 342 0.20 3,634 General Mills 159 0.09 6,533 Edison International 306 0.18 7,116 General Motors 216 0.13 1,088 Edwards Lifesciences 91 0.05 848 Genuine Parts 60 0.04 1,724 Electronic Arts 134 0.08 3,605 GGP 62 0.04 5,265 Eli Lilly 329 0.19 7,519 Gilead Sciences 399 0.23 4,329 Emerson Electric 223 0.13 685 Global Payments 51 0.03 969 Equifax 85 0.05 2,262 Goldman Sachs 427 0.25 499 Equinix 167 0.10 1,047 H&R Block 20 0.01 1,926 Equity Residential 91 0.05 11,875 Halliburton 430 0.25

261 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 262 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

1,075 Hanesbrands 17 0.01 333 Jack Henry & Associates 29 0.02 1,584 Harley-Davidson 60 0.04 2,444 Jacobs Engineering 119 0.07 683 Harris 72 0.04 826 JM Smucker 76 0.04 2,247 Hartford Financial Services 94 0.06 15,825 Johnson & Johnson 1,638 0.96 804 Hasbro 54 0.03 5,995 Johnson Controls International 169 0.10 507 HCA Healthcare 33 0.02 367 Jones Lang LaSalle 40 0.02 1,839 HCP 35 0.02 20,104 JPMorgan Chase 1,595 0.94 1,285 HD Supply 38 0.02 1,366 Juniper Networks 29 0.02 3,593 Helmerich & Payne 172 0.10 200 Kansas City Southern 16 0.01 528 Henry Schein 27 0.02 1,168 Kellogg 59 0.03 932 Hershey 78 0.05 5,230 KeyCorp 78 0.05 10,195 Hewlett Packard Enterprise 108 0.06 711 Kimberly-Clark 64 0.04 338 Hilton Worldwide 20 0.01 3,327 Kimco Realty 45 0.03 6,975 HollyFrontier 264 0.16 10,750 Kinder Morgan 144 0.08 1,246 Hologic 39 0.02 499 KLA-Tencor 39 0.02 7,046 Home Depot 989 0.58 877 Knight-Swift Transportation 28 0.02 4,541 Honeywell International 516 0.30 534 Kohl’s 21 0.01 1,113 Hormel Foods 30 0.02 4,645 Kraft Heinz 267 0.16 5,783 Host Hotels & Resorts 85 0.05 933 Kroger 19 0.01 9,512 HP 148 0.09 1,679 L Brands 75 0.04 903 Humana 166 0.10 535 L3 Technologies 78 0.05 5,527 Huntington Bancshares 60 0.04 495 Laboratory Corp of America 58 0.03 128 Huntington Ingalls Industries 22 0.01 773 Lam Research 105 0.06 254 IAC InterActive 23 0.01 2,929 Las Vegas Sands 151 0.09 166 IDEX 16 0.01 930 Leidos 44 0.03 369 IDEXX Laboratories 43 0.03 574 Lennar class ‘A’ shares 27 0.02 3,540 IHS Markit 118 0.07 364 Lennox International 56 0.03 2,109 Illinois Tool Works 260 0.15 3,115 Liberty Interactive class ‘A’ shares 56 0.03 788 Illumina 127 0.07 1,374 Liberty Media 35 0.02 791 Incyte 55 0.03 839 Liberty SiriusXM class ‘C’ shares 25 0.01 1,498 Ingersoll-Rand 99 0.06 1,032 Lincoln National 59 0.03 28,213 Intel 964 0.57 1,426 LKQ 43 0.03 2,722 Intercontinental Exchange 142 0.08 1,592 Lockheed Martin 378 0.22 5,703 International Business Machines 648 0.38 2,052 Loews 76 0.04 891 International Flavors & Fragrances 101 0.06 4,898 Lowe’s 337 0.20 1,413 Interpublic 21 0.01 534 Lululemon Athletica 31 0.02 1,441 Intuit 168 0.10 765 M&T Bank 97 0.06 610 Intuitive Surgical 165 0.10 1,004 Macerich 49 0.03 1,706 Invesco 46 0.03 4,489 Macquarie Infrastructure 213 0.13 1,548 Invitation Homes 27 0.02 747 Manpower 70 0.04 100 IPG Photonics 16 0.01 5,474 Marathon Petroleum 267 0.16 753 IQVIA Holdings 55 0.03 31 Markel 26 0.02 1,003 Iron Mountain 28 0.02 1,611 Marriott International class ‘A’ shares 162 0.10

263 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 264 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

4,132 Marsh & McLennan 249 0.15 17 NVR 44 0.03 2,611 Masco 85 0.05 645 Old Dominion Freight Line 63 0.04 5,564 MasterCard class ‘A’ shares 625 0.37 1,188 Omnicom 64 0.04 3,666 Mattel 42 0.02 15,631 ONEOK 618 0.36 1,137 Maxim Integrated Products 44 0.03 18,937 Oracle 663 0.39 868 McCormick 65 0.04 513 O’Reilly Automotive 91 0.05 5,197 McDonald’s 663 0.39 1,986 PACCAR 104 0.06 1,367 McKesson 158 0.09 190 Packaging of America 17 0.01 8,032 Medtronic 480 0.28 460 Palo Alto Networks 49 0.03 200 MercadoLibre 47 0.03 576 Parker-Hannifin 85 0.05 16,219 Merck 676 0.40 2,935 Parsley Energy 64 0.04 6,021 MetLife 225 0.13 2,403 Paychex 121 0.07 103 Mettler-Toledo International 47 0.03 6,701 PayPal 365 0.21 3,024 MGM Resorts International 75 0.04 2,593 People’s United Financial 36 0.02 977 Michael Kors 46 0.03 9,026 PepsiCo 801 0.47 1,247 Microchip Technology 81 0.05 726 Perrigo 47 0.03 6,081 Micron Technology 185 0.11 34,338 Pfizer 921 0.54 41,970 Microsoft 2,659 1.57 5,356 PG&E 178 0.10 342 Mid-America Apartment Communities 25 0.01 9,490 Philip Morris International 742 0.44 1,359 Molson Coors Brewing class ‘B’ shares 83 0.05 11,274 Phillips 66 845 0.50 9,968 Mondelez International 316 0.19 776 Pioneer Natural Resources 99 0.06 3,493 Monsanto 302 0.18 3,172 PNC Financial Services* 339 0.20 2,399 Monster Beverage 112 0.07 441 Polaris Industries 40 0.02 1,256 Moody’s 137 0.08 2,591 PPG Industries 224 0.13 8,289 Morgan Stanley 322 0.19 306 Priceline 394 0.23 747 Motorola Solutions 50 0.03 2,029 Principal Financial 106 0.06 399 MSCI 37 0.02 15,450 Procter & Gamble 1,052 0.62 2,435 Mylan 76 0.04 2,702 Progressive 113 0.07 391 Nasdaq 22 0.01 3,181 Prologis 152 0.09 7,410 National Oilwell Varco 198 0.12 2,753 Prudential Financial 234 0.14 1,374 NetApp 56 0.03 962 Public Storage 149 0.09 2,621 Netflix 372 0.22 660 Pulte Homes 16 0.01 4,111 New York Community Bancorp 40 0.02 314 PVH 32 0.02 3,645 Newell Brands 83 0.05 710 Qiagen 16 0.01 608 Newmont Mining 17 0.01 558 Qorvo 28 0.02 3,067 News class ‘A’ shares 37 0.02 9,130 Qualcomm 433 0.25 3,128 Nielsen 84 0.05 758 Quest Diagnostics 55 0.03 7,970 NIKE 369 0.22 482 Ralph Lauren class ‘A’ shares 37 0.02 668 Nordstrom 23 0.01 1,795 Raytheon 250 0.15 1,386 Norfolk Southern 149 0.09 472 Realty Income 20 0.01 936 Northern Trust 69 0.04 811 Red Hat 72 0.04 959 Northrop Grumman 218 0.13 529 Regency Centers 27 0.02 3,445 NVIDIA 493 0.29 384 Regeneron Pharmaceuticals 107 0.06

265 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 266 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

6,797 Regions Financial 87 0.05 459 Synopsys 29 0.02 814 ResMed 51 0.03 3,575 Sysco 161 0.09 1,439 Robert Half International 59 0.03 1,225 T Rowe Price 95 0.06 591 Rockwell Automation 86 0.05 673 Take-Two Interactive Software 55 0.03 1,135 Rockwell Collins 114 0.07 1,859 Tapestry 61 0.04 1,020 Rollins 35 0.02 2,721 Target 131 0.08 686 Roper Technologies 132 0.08 1,388 TD Ameritrade 53 0.03 1,857 Ross Stores 110 0.06 1,948 TE Connectivity 137 0.08 546 Royal Caribbean Cruises 48 0.03 191 Teleflex 35 0.02 1,369 S&P Global 172 0.10 920 Tesla 212 0.12 2,268 Sabre 34 0.02 5,960 Texas Instruments 461 0.27 3,733 salesforce.com 283 0.17 1,196 Textron 50 0.03 776 SBA Communications 94 0.06 1,771 The Chemours 66 0.04 13,931 Schlumberger 696 0.41 400 The Middleby 40 0.02 1,319 Seagate Technology 41 0.02 2,430 Thermo Fisher Scientific 342 0.20 1,633 Sealed Air 60 0.04 961 Tiffany 74 0.04 369 Seattle Genetics 15 0.01 4,155 Time Warner 282 0.17 320 SEI Investments 17 0.01 3,635 TJX 206 0.12 1,578 Sempra Energy 125 0.07 910 T-Mobile 43 0.03 1,700 Sensata Technologies 64 0.04 876 Toll Brothers 31 0.02 819 ServiceNow 79 0.05 832 Total System Services 49 0.03 810 Sherwin-Williams 246 0.14 630 Tractor Supply 35 0.02 4,765 Shire 185 0.11 343 TransDigm 70 0.04 269 Signature Bank 27 0.02 1,046 TransUnion 43 0.03 2,023 Simon Property 257 0.15 1,842 Travelers 185 0.11 7,892 Sirius XM 31 0.02 1,646 Trimble 50 0.03 937 Skyworks Solutions 66 0.04 1,045 TripAdvisor 27 0.02 710 SL Green Realty 53 0.03 3,605 Twitter 64 0.04 519 Snap-on 67 0.04 841 UDR 24 0.01 196 Spectrum Brands 16 0.01 353 Ulta Beauty 58 0.03 817 Spirit AeroSystems 53 0.03 2,304 Under Armour class ‘C’ shares 23 0.01 697 Splunk 43 0.03 4,579 Union Pacific 455 0.27 6,388 Sprint 28 0.02 2,996 United Parcel Service class ‘B’ shares 264 0.16 1,626 Square 42 0.02 558 United Rentals 71 0.04 544 SS&C Technologies 16 0.01 5,272 United Technologies 498 0.29 1,095 Stanley Black & Decker 138 0.08 173 United Therapeutics 19 0.01 9,692 Starbucks 412 0.24 5,739 UnitedHealth 938 0.55 1,902 State Street 137 0.08 398 Unum 16 0.01 2,065 Stryker 237 0.14 10,113 US Bancorp 401 0.24 3,475 SunTrust Banks 166 0.10 280 Vail Resorts 44 0.03 266 SVB Financial Group 46 0.03 6,549 Valero Energy 446 0.26 3,817 Symantec 79 0.05 822 Vantiv 45 0.03 4,608 Synchrony Financial 132 0.08 201 Varian Medical Systems 17 0.01

267 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 268 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

767 Veeva Systems 31 0.02 OCEANIA – 2.52% 1,421 Ventas 63 0.04 Australia – 2.47% 5,031 VEREIT 29 0.02 3,822 Amcor 34 0.02 1,173 Verisk Analytics 83 0.05 26,227 AMP 79 0.05 23,604 Verizon Communications 926 0.55 18,623 APA 90 0.05 1,370 Vertex Pharmaceuticals 152 0.09 3,357 Aristocrat Leisure 46 0.03 1,871 VF 102 0.06 830 ASX 26 0.01 1,328 Viacom class ‘B’ non-voting shares 30 0.02 7,590 Aurizon 22 0.01 11,006 Visa 931 0.55 18,273 Australia & New Zealand Banking 304 0.18 452 VMware 42 0.02 5,850 Bank of Queensland 43 0.03 862 Vornado Realty Trust 50 0.03 4,812 Bendigo & Adelaide Bank 32 0.02 1,531 Voya Financial 56 0.03 16,370 Brambles 95 0.06 945 Vulcan Materials 90 0.05 1,076 Caltex Australia 21 0.01 1,023 W.R. Grace 53 0.03 3,008 Challenger Financial Services 24 0.01 263 Wabco Holdings 28 0.02 6,748 Coca-Cola Amatil 33 0.02 603 Wabtec 36 0.02 11,188 Commonwealth Bank of Australia 520 0.31 6,048 Walgreens Boots Alliance 325 0.19 4,638 Computershare 44 0.03 8,767 Wal-Mart Stores 642 0.38 3,149 Crown 24 0.01 9,391 Walt Disney 749 0.44 2,586 CSL 211 0.12 327 Waste Connections 17 0.01 3,893 Dexus Property 22 0.01 453 Waters 65 0.04 633 Domino’s Pizza Enterprises 17 0.01 26,764 Wells Fargo 1,203 0.71 666 Flight Centre 17 0.01 2,140 Welltower 101 0.06 41,154 Fortescue Metals 116 0.07 1,635 Western Digital 96 0.06 10,979 Goodman 53 0.03 4,399 Western Union 62 0.04 5,469 GPT 16 0.01 1,757 WestRock 82 0.05 7,378 Harvey Norman 18 0.01 4,508 Weyerhaeuser 118 0.07 19,028 Healthscope 23 0.01 301 Whirlpool 38 0.02 18,586 Insurance Australia 78 0.05 834 Willis Towers Watson 93 0.05 3,312 Lend Lease 31 0.02 623 Workday 47 0.03 2,274 Macquarie 131 0.08 392 WW Grainger 69 0.04 15,293 Medibank 29 0.02 587 Wyndham Worldwide 50 0.03 21,327 Mirvac 29 0.02 583 Wynn Resorts 73 0.04 18,352 National Australia Bank 314 0.18 1,942 Xerox 42 0.02 5,172 Newcrest Mining 68 0.04 1,582 Xilinx 79 0.05 9,716 QBE Insurance 60 0.04 2,399 Xylem 121 0.07 841 Ramsay Health Care 34 0.02 1,376 Zayo Group 37 0.02 34,018 Scentre 82 0.05 653 Zillow Group 20 0.01 2,277 Seek 25 0.01 1,097 Zimmer Biomet 98 0.06 3,368 Sonic Healthcare 45 0.03 881 Zions Bancorporation 33 0.02 15,951 Stockland Trust 41 0.02 2,292 Zoetis 122 0.07 12,544 Suncorp 101 0.06 99,278 58.47 17,098 Sydney Airport 70 0.04

269 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 270 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Portfolio Statement continued Statement of Total Return for the period from 5 December 2017 to 31 December 2017

Holding or Underlying Market % of For the period Nominal Exposure Value Total Net from 5.12.2017 Value Investment £000’s £000’s Assets to 31.12.2017 Notes £000’s £000’s 26,022 Tabcorp 84 0.05 39,544 Telstra 83 0.05 Income 23,765 Transurban 171 0.10 Net capital gains 3 1,308 5,888 Treasury Wine Estates 54 0.03 Revenue 4 194 10,566 Vicinity Centres 17 0.01 5,720 Wesfarmers 147 0.09 Expenses 5 (6) 16,277 Westfield 89 0.05 Interest payable and similar charges – 21,061 Westpac Banking 382 0.23 Net revenue before taxation 188 5,549 Woolworths 88 0.05 Taxation 6 (2) 4,183 2.47 Net revenue after taxation 186 New Zealand – 0.05% Total return before distributions 1,494 57,338 Meridian Energy 88 0.05 Distributions 7 (186) SOUTH AMERICA – 0.18% Change in net assets attributable to unitholders from Chile – 0.16% investment activities 1,308 27,609 Antofagasta 277 0.16 Colombia – 0.02% 548 Millicom International Cellular SDR 27 0.02 Statement of Change in Net Assets Attributable to Unitholders DERIVATIVES – 0.00% for the period from 5 December 2017 to 31 December 2017 Futures – 0.00% 8 EURO Stoxx 50 March 2018 248 (6) 0.00 For the period 2 FTSE 100 Index March 2018 153 4 0.00 from 5.12.2017 10 S&P 500 E-Mini March 2018 990 7 0.00 to 31.12.2017 1 Swiss Market Index March 2018 70 1 0.00 £000’s £000’s 1 TOPIX March 2018 120 2 0.00 Opening net assets attributable to unitholders – 1,581 8 0.00 Amounts receivable on issue of units 168,277 Portfolio of investments 168,069 99.00 168,277 Net other assets 1,702 1.00 Change in net assets attributable to unitholders from investment activities 1,308 Total net assets 169,771 100.00 Retained distributions on accumulation units 186

Note: The Fund launched on 5 December 2017, therefore no comparatives have been presented. Closing net assets attributable to unitholders 169,771 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market Note: The Fund launched on 5 December 2017, therefore no comparatives have been presented. value of an equivalent position in the assets underlying each financial derivative instrument. * Related party to the Fund.

271 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 272 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Balance Sheet Notes to Financial Statements at 31 December 2017 for the period from 5 December 2017 to 31 December 2017

1. Accounting and Distribution Policies 31.12.2017 Notes £000’s The accounting and distribution policies are set out on pages 10 to 11. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 12 to 30. – Investment assets 168,075 3. Net Capital Gains Current assets – Debtors 8 153 For the period from 5.12.2017 – Cash and bank balances 9 1,569 to 31.12.2017 Total assets 169,797 £000’s Liabilities: The net capital gains comprise: Investment liabilities (6) Gains on non-derivative securities 2,040 Creditors Gains on derivative securities 8 – Amounts held at futures clearing houses and brokers (14) Currency losses (741) – Other creditors 10 (6) US REIT dividends 1 Total liabilities (26) Net capital gains 1,308 Net assets attributable to unitholders 169,771 4. Revenue Note: The Fund launched on 5 December 2017, therefore no comparatives have been presented. For the period from 5.12.2017 to 31.12.2017 R A R Hayes (Director) £000’s A M Lawrence (Director) BlackRock Fund Managers Limited Overseas dividends 161 23 February 2018 UK dividends 16 US REIT dividends 17 Total revenue 194

273 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 274 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

5. Expenses 8. Debtors

For the period 31.12.2017 from 5.12.2017 £000’s to 31.12.2017 Accrued revenue 150 £000’s Overseas tax recoverable 2 Payable to the Depositary or associates of the Depositary: Sales awaiting settlement 1 – Depositary fee 1 Total debtors 153 1 Other expenses: 9. Cash and Bank Balances – Audit fees 5 31.12.2017 5 £000’s Total expenses 6 Amounts held at futures clearing houses and brokers 9 Cash and bank balances 1,560 6. Taxation Total cash and bank balances 1,569 (a) Analysis of tax charge

For the period 10. Other Creditors from 5.12.2017 to 31.12.2017 31.12.2017 £000’s £000’s Overseas tax 2 Accrued Audit fee 5 Total tax charge 2 Accrued Depositary's fee 1 Total other creditors 6 (b) Factors affecting the tax charge As the Fund is an Authorised Contractual Scheme, it is exempt from United Kingdom (UK) tax on capital gains 11. Contingent Assets and Liabilities realised on the disposal of investments held within the Fund and any UK corporation tax. There were no contingent assets or liabilities at the Balance Sheet date.

7. Distributions 12. Related Parties The distributions take account of revenue received on the issue of units and revenue deducted on the Parties are considered to be related if one party has the ability to control the other party or exercise redemption of units and comprise. significant influence over the other party in making financial or operational decisions.

For the period The following entities were related parties of the Fund during the period ended 31 December 2017: from 5.12.2017 to 31.12.2017 Manager/Registrar: BlackRock Fund Managers Limited £000’s Investment Manager: BlackRock Investment Management (UK) Limited

Final distribution 186 The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. (“BlackRock”), 186 a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial The distributable amount has been calculated as follows: shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the period ended 31 December 2017. Net revenue after taxation 186 Distributions 186

Details of the final distribution per unit are set out in the table on page 240.

275 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 276 ACS World Low Carbon Equity Tracker Fund ACS World Low Carbon Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

12. Related Parties continued 13. Portfolio Transaction Costs The Manager acts as either principal or agent for the Depositary in respect of all transactions of units For the period from 5 December 2017 to 31 December 2017 of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any amounts Direct Transaction Costs due to or from the Manager at the period end are disclosed in notes 8 and 10. Transaction Value Commissions Taxes Purchases (excluding derivatives) £000’s £000’s % £000’s % The Investment Manager, in accordance with the Contractual Scheme Deed, may enter into commission Equity instruments 165,978 6 0.00 73 0.04 sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Corporate actions 305 – – – – Investment Manager believes are useful in the investment decision-making or trade execution process. Total purchases 166,283 6 73

Such research or execution services may include, without limitation and to the extent permitted by Total purchases including applicable law: research reports on companies, industries and securities; and the provision of economic transaction costs 166,362 and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit Direct Transaction Costs to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not Transaction Value Commissions Taxes affiliated to the BlackRock Group. Sales (excluding derivatives) £000’s £000’s % £000’s %

The Fund’s investments in other BlackRock related party entities are individually identified on the portfolio Equity instruments 28 – – – – statement. Corporate actions 311 – – – – Total sales 339 – – The following investor(s) Total sales net of transaction (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or costs 339 (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue Total transaction costs 6 73 in the Fund and are as a result, considered to be related parties to the Fund.

As at 31 December 2017: Total transaction costs as a % of average net assets 0.00% 0.05% Total % of units Number of investors held by unitholders The above analysis covers direct transaction costs incurred by the Fund during the period. However it is holding 51% or more holding 51% or more important to understand the nature of other transaction costs associated with different investment asset of the voting units of the voting units classes and instruments types. in issue who are not in issue who are not Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds Separately identifiable direct transaction costs (such as commissions and taxes) are attributable to the Nil 1 100% Fund’s purchase and sale of equity instruments. Additionally for equity shares there is a dealing spread

The Fund launched on 5 December 2017, therefore no comparatives have been presented. cost (the difference between the buying and selling prices) which will be incurred on purchase and sale transactions.

All related party transactions were carried out at arm’s length in the ordinary course of business. During the period, the Fund utilised derivative instruments including futures contracts. The settlement The terms and returns received by the related parties in making the investments above were no more values for opening and closing derivative positions are not comparable to principal values for transactions favourable than those received by other investors investing into the same unit class. in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either suffered as direct costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above.

277 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 278 ACS World Low Carbon Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Notes to Financial Statements continued About the Fund

The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted

13. Portfolio Transaction Costs continued as a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 16 June 2017 and launched on 14 November 2017. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.06%. Investment Objective & Policy

14. Units in Issue The aim of the Fund is to achieve a total return for investors by tracking closely the performance of the MSCI World Diversified Multiple-Factor Index by investing in companies in the benchmark Index. Investments will Revenue is allocated each day pro rata to the capital value of assets attributable to each class and be made directly into constituent companies and via other transferable securities giving exposure to such taxation is computed by reference to the net revenue after expenses attributable to each class. The companies. The Fund may also invest in permitted money-market instruments, derivatives, permitted deposits distribution per unit class is given in the distribution table. All unit classes have the same rights on and units in collective investment schemes (which may be Associated Funds). winding up.

The movement in units in issue for the period ended 31 December 2017 is as follows:

For the period from Risk and Reward Profile 5.12.2017 to 31.12.2017 Lower risk Higher risk X2 Accumulation Units Typically lower rewards Typically higher rewards

Balance at the beginning of the period – Unit Class Issued during the period 168,276,984 X2 Accumulation 1 2 3 4 5 6 7 Cancelled during the period – • The risk indicator was calculated incorporating simulated historical data and may not be a reliable Balance at the end of the period 168,276,984 indication of the future risk profile of the Fund.

15. Post Balance Sheet Events • The risk category shown is not guaranteed and may change over time. There have been no significant events subsequent to the period end, which, in the opinion of the Manager, • The lowest category does not mean risk free. may have had an impact on the financial statements for the period ended 31 December 2017. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which are available at www.blackrock.com.

279 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 280 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Performance Table Tracking Difference

Since Launch Tracking difference is defined as the difference in returns between a fund and its benchmark index. 14.11.2017§ to 31.12.2017 The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every security or the exact concentration of a security in its benchmark index, but will aim to track its benchmark index as TOTAL RETURN (with net income reinvested) closely as possible and may use optimisation techniques to achieve their investment objective. Class X2 Accumulation Units ACS World Multifactor Equity Tracker Fund +0.8% Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, these impacts can be either MSCI World Diversified Multiple-Factor Index* +0.7% positive or negative depending on the underlying circumstances. All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. § Three and five year performance data does not exist as the Fund launched in November 2017. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered by the * Figures from Index Vendor. Fund on any income received from its investments. The level and quantum of tracking difference arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried All financial investments involve an element of risk. Therefore, the value of your investment and the income out by the Fund. from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance The table below compares the realised Fund performance against the performance of the relevant benchmark and should not be the sole factor of consideration when selecting a product. index during the period ended 31 December 2017. An explanation for the difference is provided:

Fund return Benchmark return for the period for the period from 14.11.2017 from 14.11.2017 Tracking to 31.12.2017 to 31.12.2017 difference Explanation of the tracking difference Before costs, the tracking difference is the result of NAV rounding and spread +0.8%* +0.7% +0.1% differences at launch.

* Performance is calculated gross of fees and reported for the Fund’s class X2 Accumulation Units.

281 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 282 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Tracking Error Classification of Investments

Realised tracking error is the annualised standard deviation of the difference in monthly returns between a The following chart provides an analysis of the portfolio weightings as at 31 December 2017 by its respective fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark geographical locations. The Fund launched on 14 November 2017, therefore no comparatives have been index over a defined period of time. presented.

Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. 31 December 2017

The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every security  Australia 2.05% or the exact concentration of a security in its benchmark index, but will aim to track its benchmark index as  Canada 2.01% closely as possible and may use optimisation techniques to achieve their investment objective.  Denmark 0.76%  France 3.70% Cash management, efficient portfolio management techniques including securities lending and transaction  Germany 3.09% costs from rebalancing can have an impact on tracking error as well as the return differential between the  Hong Kong 1.87% Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on  Japan 14.06% the underlying circumstances.  Netherlands 0.68%  Singapore 1.27% In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the Spain 0.82% Fund on any income received from its investments. The level and quantum of tracking error arising due to  Switzerland 3.22% withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various tax  authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out  United Kingdom 5.91% by the Fund.  United States 56.90%  Other 2.72% The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex-ante  Net other assets 0.94% basis) against the realised tracking error of the Fund as at 31 December 2017. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not been trading for 36 months, the annualised tracking error since inception has been presented.

Anticipated Realised Tracking Error Tracking Error ACS World Multifactor Equity Tracker Fund Up to 1.70%* N/A*

* The Fund recently launched on 14 November 2017 and there is insufficient data available to present a meaningful annualised realised tracking error for the period. Figures represent the anticipated tracking error & realised tracking error for the Fund’s class X2 Accumulation Units.

283 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 284 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Investment Report Performance Record

Summary of Performance over the Period Comparative Table

The Fund returned 0.8%* during the period from 14 November 2017 (launch date) to 31 December 2017, X2 Accumulation Units outperforming the MSCI World Diversified Multiple-Factor Index, which returned 0.7%. Before costs, the tracking difference is the result of NAV rounding and spread differences at launch. For the period from 14.11.2017^ to 31.12.2017 Fund Manager’s Commentary Pence per unit Global equities rose from mid-November to the end of December 2017. November 2017 was a positive Change in net assets per unit month for global shares, with the MSCI All Country World Index hitting several record highs. Key market Opening net asset value per unit 100.00 drivers included strong corporate earnings, a healthy global economy and, towards the end of the month, an anticipation of the US tax reforms being passed. The Organisation for Economic Co-operation and Return before operating charges 0.26 Development, in its latest forecast, predicted that global economic growth would reach a peak of 3.7% next Operating charges 0.00 year, then move down to 3.6% the following year; it stated that both ‘robust private sector activity and the Return after operating charges 0.26 renewal of capital stock’ will be required to keep up the current levels of growth. Distributions (0.24) US President Trump toured Asia, where he was well received, particularly by the Chinese government Retained distributions on accumulation units 0.24 and media. Although President Trump had dismantled the Trans-Pacific Partnership trade agreement on Closing net asset value per unit 100.26 taking office, he offered ‘bilateral trade agreements’ with countries ready to make ‘fair and reciprocal trade’. Meanwhile, the North Atlantic Free Trade Association talks restarted, with Mexico and Canada back at After direct transaction costs of 0.01 the table to consider whether the US proposal to apply a five-year ‘sunset clause’ to any agreement was acceptable. Performance Return after charges1 0.26% The the US Federal Reserve (the “US Fed”) continued to suggest that a rise in rates was a possibility in December 2017, as the US economy appeared robust enough to withstand the increase. In the UK, the Bank Other information of England made a 25 basis-point interest-rate rise at the start of the month in a bid to dampen inflation. Closing net asset value (£000’s) 70,185

December 2017 was also a strong month for equities across the globe, with many indices ending the period at Closing number of units 70,000,000 new highs; the MSCI All Countries World Index reached a new record level. The sectors boosting equity gains Operating charges2 0.01% over the month included energy, as pipeline shutdowns bolstered oil prices, and materials, as metal prices Direct transaction costs3 0.01% moved upwards. Iron ore benefited from higher steel prices; both iron ore and copper were also buoyed by strong demand from China. Prices Pence per unit

For the US, headline news included the approval in Congress of the Trump administration’s tax bill, which will Highest offer unit price 101.30 bring about a significant tax break to corporations. US equities gained in anticipation of the approval of the Lowest bid unit price 98.83 bill. Also, amid economic news that was generally positive, the US Fed made the interest-rate rise that has ^ The date of commencement of operations. been expected for some months. The key rate was upped by 25 basis points to a target range of 1.25–1.5%, 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in and policymakers said a further three rate rises were likely in 2018. the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paid to an underlying collective investment scheme (if any). In China, the People’s Bank took differing measures and tightened lending rates, though only slightly to ensure 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of debt instruments. See note 13 for further details. no market upset. For Asian equities overall, December 2017 was a positive month, rounding off an extremely strong period.

January 2018

285 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 286 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Distribution Table Portfolio Statement for the period from 14 November 2017 to 31 December 2017 at 31 December 2017

Final Distribution in Pence per Unit Holding or Market % of Nominal Value Total Net X2 Accumulation Value Investment £000’s Assets Units† EQUITIES – 99.05% Net revenue 0.2356 ASIA – 17.33% Distribution payable 28.2.2018 0.2356 Hong Kong – 1.87% † The Fund launched on 14 November 2017, therefore no comparatives have been presented. 52,000 First Pacific 26 0.04 20,000 Hang Lung 54 0.08 47,000 Hang Lung Properties 85 0.12 60,500 HK Electric Investments 41 0.06 15,000 Hysan Development 59 0.08 18,000 Minth 80 0.11 39,000 NWS 52 0.07 72,000 Sino Land 94 0.13 34,000 Sun Hung Kai Properties 419 0.60 27,400 Swire Properties 65 0.09 207,000 WH 173 0.25 27,000 Wharf 69 0.10 18,000 Wheelock 95 0.14 1,312 1.87 Israel – 0.13% 1,083 Azrieli 45 0.07 3,234 Mizrahi Tefahot Bank 44 0.06 89 0.13 Japan – 14.06% 3,200 AEON Mall 46 0.07 3,400 Air Water 53 0.08 4,300 Alfresa 75 0.11 2,700 ANA 84 0.12 29,700 Asahi Kasei 284 0.40 1,400 Bank of Kyoto 54 0.08 5,800 Brother Industries 106 0.15 16,000 Chiba Bank 99 0.14 6,200 Daicel Chemical 52 0.07 2,300 Daifuku 93 0.13 1,600 Daito Trust Construction 242 0.34 13,500 Daiwa House 384 0.55 700 Disco 115 0.16 3,400 Electric Power Development 68 0.10 9,300 FUJIFILM 282 0.40 9,000 Hachijuni Bank 38 0.05 5,100 Hakuhodo 49 0.07 500 Hikari Tsushin 53 0.08 700 Hirose Electric 76 0.11

287 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 288 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

111,000 Hitachi 640 0.91 900 Oracle Japan 55 0.08 2,400 Hitachi Chemical 46 0.07 8,300 Osaka Gas 118 0.17 1,600 Hitachi High-Technologies 50 0.07 1,300 Otsuka Pharmaceutical 74 0.11 4,800 Hitachi Metals 51 0.07 9,200 Sekisui Chemical 137 0.20 7,000 Hulic 58 0.08 13,000 Shimizu 99 0.14 2,000 Idemitsu Kosan 60 0.09 1,900 Sompo Japan Nipponkoa 55 0.08 3,400 Iida 48 0.07 3,200 Stanley Electric 96 0.14 21,900 Inpex 203 0.29 4,400 Start Today 99 0.14 5,200 Isuzu Motors 65 0.09 28,000 Sumitomo 352 0.50 35,200 ITOCHU 487 0.69 2,600 Sumitomo Heavy Industries 81 0.12 2,800 Japan Airlines 81 0.12 4,300 Sumitomo Rubber Industries 59 0.08 4,300 JSR 63 0.09 1,900 Sundrug 65 0.09 69,600 JXTG 333 0.47 1,600 Suzuken 49 0.07 21,000 Kajima 150 0.21 4,600 Taisei 170 0.24 2,600 Kamigumi 43 0.06 700 Taisho Pharmaceutical 41 0.06 6,000 Kaneka 41 0.06 7,000 Takashimaya 55 0.08 2,700 Koito Manufacturing 140 0.20 4,400 Teijin 73 0.10 2,100 Konami 86 0.12 2,800 THK 78 0.11 10,900 Konica Minolta 78 0.11 12,000 Toppan Printing 80 0.11 8,400 Kuraray 117 0.17 7,100 Tosoh 119 0.17 2,300 Kurita Water Industries 55 0.08 3,800 Toyo Seikan 45 0.06 7,700 Kyushu Financial 34 0.05 2,000 Toyo Suisan Kaisha 63 0.09 39,500 Marubeni 212 0.30 1,500 Toyoda Gosei 28 0.04 1,200 Maruichi Steel Tube 26 0.04 14,900 Yamada Denki 61 0.09 22,600 Mebuki Financial 71 0.10 5,000 Yamaguchi Financial 44 0.06 3,900 Medipal 57 0.08 5,100 Yokogawa Electric 72 0.10 33,700 Mitsubishi Chemical 274 0.39 2,700 Yokohama Rubber 49 0.07 4,400 Mitsubishi Gas Chemical 94 0.13 9,870 14.06 2,600 Mitsubishi Materials 68 0.10 5,000 Mitsubishi Tanabe Pharma 77 0.11 Singapore – 1.27% 1,000 Mixi 33 0.05 65,000 CapitaLand 127 0.18 2,700 Nabtesco 77 0.11 10,200 City Developments 71 0.10 4,700 Nexon 101 0.14 12,561 Flex 167 0.24 5,000 NH Foods 90 0.13 5,100 Jardine Matheson 229 0.33 1,900 Nippon Electric Glass 54 0.08 2,200 Jardine Strategic 64 0.09 1,900 Nippon Express 93 0.13 12,100 Singapore Airlines 71 0.10 15,700 Nippon Telegraph & Telephone 547 0.78 11,800 UOL 58 0.08 4,500 Nisshin Seifun 67 0.10 36,100 Wilmar International 62 0.09 2,200 NOK 38 0.05 52,600 Yangzijiang Shipbuilding 43 0.06 86 Nomura Real Estate Master 79 0.11 892 1.27 15,400 Obayashi 138 0.20 1,500 Obic 81 0.12 19,000 Oji 94 0.13

289 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 290 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

EUROPE – 19.64% Germany – 3.09% 1,298 BMW non-voting preference shares 86 0.12 Austria – 0.23% 2,862 Covestro 218 0.31 3,387 OMV 160 0.23 5,633 Deutsche Lufthansa 154 0.22 Belgium – 0.31% 3,774 Evonik Industries 105 0.15 4,386 Ageas 158 0.23 943 Fraport 77 0.11 1,483 Colruyt 57 0.08 1,624 Fuchs Petrolub non-voting preference shares 64 0.09 215 0.31 1,510 Hannover Rueckversicherung 141 0.20 2,370 Henkel 210 0.30 Denmark – 0.76% 1,493 Hugo Boss 94 0.13 2,721 Coloplast ‘B’ shares 160 0.23 4,066 METRO 59 0.08 4,456 DONG Energy 180 0.26 1,225 MTU Aero Engines 162 0.23 19,090 TDC 87 0.12 1,900 Osram Licht 126 0.18 2,685 Tryg 50 0.07 3,607 Porsche non-voting preference shares 224 0.32 2,812 William Demant 58 0.08 4,741 Uniper 109 0.16 535 0.76 751 Volkswagen 113 0.16 Finland – 0.23% 2,765 Wirecard 228 0.33 3,350 Elisa 97 0.14 2,170 3.09 2,350 Orion series ‘B’ shares 65 0.09 Ireland – 0.07% 162 0.23 617 Ryanair Holdings ADR 48 0.07 France – 3.70% Italy – 0.17% 1,424 Amundi 89 0.13 2,366 Recordati 78 0.11 1,591 Arkema 143 0.20 22,390 UnipolSai 39 0.06 2,230 Atos 240 0.34 117 0.17 976 bioMérieux 64 0.09 1,215 Casino Guichard Perrachon 55 0.08 Luxembourg – 0.09% 4,130 CNP Assurances 71 0.10 1,023 RTL 61 0.09 13,603 EDF 126 0.18 Netherlands – 0.68% 1,788 Faurecia 103 0.15 41,862 Aegon 197 0.28 913 Ipsen 81 0.11 7,174 NN 230 0.33 3,832 Michelin 406 0.58 1,641 Vopak 53 0.07 13,854 Peugeot 208 0.30 480 0.68 4,528 Renault 337 0.48 4,085 SCOR 121 0.17 Spain – 0.82% 507 SEB 69 0.10 346 Endesa 5 0.01 2,370 Thales 189 0.27 8,194 Gas Natural 140 0.20 5,384 Valeo 297 0.42 24,283 Mapfre 58 0.08 2,599 3.70 28,076 Repsol 367 0.52 28,076 Repsol Rights 9 0.01 579 0.82

291 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 292 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Sweden – 0.36% 35,779 Old Mutual 83 0.12 6,258 Boliden 158 0.23 7,298 Persimmon 200 0.28 1,883 ICA Gruppen 51 0.07 21,200 Royal Mail 96 0.14 794 L E Lundbergforetagen 44 0.06 24,454 Sage 194 0.28 253 0.36 23,983 Segro 141 0.20 362 Smiths 5 0.01 Switzerland – 3.22% 73,943 Taylor Wimpey 153 0.22 3,815 Adecco 216 0.31 10,354 TUI 159 0.23 1,219 Baloise 140 0.20 49,903 Wm Morrison Supermarkets 110 0.16 57 Barry Callebaut 88 0.12 4,144 5.91 4,361 Coca-Cola HBC 106 0.15 195 EMS-Chemie 96 0.14 NORTH AMERICA – 59.99% 888 Geberit 289 0.41 Bermuda – 0.43% 1,278 Kuehne + Nagel 167 0.24 29,100 Hongkong Land 152 0.22 939 Pargesa 60 0.09 15,500 Kerry Properties 52 0.07 431 Partners 218 0.31 32,000 Shangri-La Asia 53 0.08 483 Schinder (Registered) 81 0.11 15,500 Yue Yuen Industrial 45 0.06 970 Schindler (Part Certified) 165 0.24 52 Sika 305 0.43 302 0.43 243 Straumann 127 0.18 Canada – 2.01% 767 Swiss Life 201 0.29 5,989 CAE 82 0.12 2,259 3.22 8,528 Cameco 59 0.08 6,091 CI Financial 107 0.15 United Kingdom – 5.91% 459 Constellation Software 206 0.29 22,879 3i 209 0.30 2,611 Industrial Alliance Issurance & Financial Services 92 0.13 4,768 Admiral 95 0.13 1,760 Jean Coutu 25 0.04 28,679 Anglo American 444 0.63 1,115 Linamar 48 0.07 11,264 Ashtead 223 0.32 8,255 Magna International class ‘A’ shares 347 0.49 5,974 Babcock International 42 0.06 5,169 Metro class ‘A’ voting shares 123 0.17 71,748 BAE Systems 411 0.58 12,881 Teck Resources class ‘B’ shares 250 0.36 24,167 Barratt Developments 156 0.22 1,609 West Fraser Timber 74 0.11 2,961 Berkeley 124 0.18 4,752 Coca-Cola European 137 0.19 1,413 2.01 2,987 Croda International 132 0.19 Cayman Islands – 0.65% 41,371 GKN 132 0.19 5,900 ASM Pacific Technology 61 0.09 5,865 Hargreaves Lansdown 106 0.15 60,500 CK Asset Holdings 391 0.56 6,055 IMI 81 0.11 452 0.65 15,383 International Consolidated Airlines 99 0.14 3,603 Intertek 187 0.27 15,703 Investec 84 0.12 37,052 J Sainsbury 89 0.13 17,457 Meggitt 84 0.12 8,687 Mondi 168 0.24

293 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 294 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

United States – 56.90% 20,973 Corning 497 0.71 14,087 Accenture 1,596 2.27 3,747 Cummins 490 0.70 3,459 AerCap 135 0.19 2,835 Darden Restaurants 202 0.29 9,454 Aflac 614 0.88 4,908 Dell Technologies 295 0.42 1,499 AGCO 79 0.11 4,192 Dr Pepper Snapple 301 0.43 9,131 AGNC Investment 136 0.19 3,441 East West 155 0.22 2,549 Albemarle 241 0.34 3,349 Eastman Chemical 230 0.33 1,792 Align Technology 295 0.42 2,615 Eaton Vance 109 0.16 132 Alleghany 58 0.08 963 Everest Re 158 0.23 5,326 Alliant Energy 168 0.24 20,936 Exelon 611 0.87 5,561 Ameren 243 0.35 4,060 Expeditors International of Washington 194 0.28 1,812 American Financial 146 0.21 1,504 F5 Networks 146 0.21 5,992 Anthem 998 1.42 3,116 FLIR Systems 108 0.15 3,303 AO Smith 150 0.21 6,105 FNF 177 0.25 1,196 Apple 150 0.21 7,074 Fortive 379 0.54 25,097 Applied Materials 950 1.35 5,537 Gap 140 0.20 6,280 Aptiv 394 0.56 5,828 General Dynamics 878 1.25 3,111 Arch Capital 209 0.30 5,707 Goodyear Tire & Rubber 136 0.19 12,920 Archer Daniels Midland 383 0.55 2,850 Harris 299 0.43 1,135 Arista Networks 198 0.28 37,698 Hewlett Packard Enterprise 401 0.57 2,041 Arrow Electronics 121 0.17 3,967 HollyFrontier 150 0.21 2,800 Athene Holding 107 0.15 1,049 Huntington Ingalls Industries 183 0.26 2,415 Atmos Energy 153 0.22 1,800 IDEX 176 0.25 2,007 Autoliv 189 0.27 1,645 Ingredion 170 0.24 2,054 Avery Dennison 175 0.25 5,728 Intuit 669 0.95 2,949 Avnet 86 0.12 888 IPG Photonics 141 0.20 2,292 Axis Capital 85 0.12 1,792 Jack Henry & Associates 155 0.22 6,391 Best Buy 324 0.46 2,782 Jacobs Engineering 136 0.19 4,967 BorgWarner 188 0.27 2,030 JB Hunt Transport Services 173 0.25 2,741 Broadridge Financial Solutions 184 0.26 9,051 Juniper Networks 191 0.27 3,165 Bunge 157 0.22 8,314 Kimberly-Clark 743 1.06 7,459 CA 184 0.26 3,691 KLA-Tencor 287 0.41 6,339 Cadence Design Systems 196 0.28 4,012 Kohl’s 161 0.23 2,196 Camden Property Trust 150 0.21 1,772 L3 Technologies 259 0.37 3,608 CDW 186 0.27 3,823 Lam Research 521 0.74 3,185 Celanese 252 0.36 1,586 Lear 207 0.29 5,925 Cigna 891 1.27 3,116 Leggett & Platt 110 0.16 11,612 Citizens Financial 361 0.51 3,414 Leidos 163 0.23 4,078 Cognex 185 0.26 7,263 Leucadia National 142 0.20 3,993 Comerica 257 0.37 3,465 Liberty Property Trust 110 0.16 5,080 Lincoln National 289 0.41 6,693 Loews 248 0.35 7,949 Lyondellbasell Industries class ‘A’ shares 649 0.92

295 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 296 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

1,532 Manpower 143 0.20 2,583 Torchmark 173 0.25 11,955 Marathon Petroleum 584 0.83 3,758 Total System Services 220 0.31 9,129 Marvell Technology 145 0.21 5,963 Trimble 179 0.26 6,418 Maxim Integrated Products 248 0.35 6,807 Tyson Foods 408 0.58 586 Mettler-Toledo International 269 0.38 3,949 UGI 137 0.20 3,690 Michael Kors 172 0.25 1,017 United Therapeutics 111 0.16 24,905 Micron Technology 758 1.08 2,054 Universal Health Services class ‘B’ shares 172 0.25 3,630 National Retail Properties 116 0.17 5,167 Unum 210 0.30 6,240 NetApp 255 0.36 10,435 Valero Energy 710 1.01 3,893 Northrop Grumman 885 1.26 2,129 Varian Medical Systems 175 0.25 81 NVR 210 0.30 6,043 Vistra Energy 82 0.12 4,530 OGE Energy 110 0.16 4,325 Voya Financial 158 0.23 1,456 Old Dominion Freight Line 142 0.20 1,200 WABCO Holdings 127 0.18 2,619 Owens Corning 178 0.25 1,816 Waters 260 0.37 2,244 Packaging of America 200 0.28 3,277 Westar Enery 128 0.18 7,642 Paychex 385 0.55 6,939 Western Digital 408 0.58 7,433 People’s United Financial 103 0.15 2,463 WR Berkley 131 0.19 10,232 Phillips 66 767 1.09 4,917 Xerox 106 0.15 2,582 Pinnacle West Capital 163 0.23 6,247 XL 163 0.23 6,990 Principal Financial 365 0.52 4,552 Zions Bancorporation 171 0.24 3,748 Public Storage 580 0.83 39,938 56.90 2,877 Qorvo 142 0.20 3,146 Quest Diagnostics 229 0.33 OCEANIA – 2.09% 2,939 Raymond James Financial 194 0.28 Australia – 2.05% 26,858 Regions Financial 343 0.49 12,352 Aristocrat Leisure 169 0.24 1,457 Reinsurance Group of America 168 0.24 10,713 Bendigo & Adelaide Bank 72 0.10 1,057 RenaissanceRe 98 0.14 12,892 BlueScope Steel 115 0.17 3,203 ResMed 201 0.29 1,364 Cochlear 135 0.19 2,889 Robert Half International 119 0.17 23,966 Dexus Property 135 0.19 3,021 Rockwell Automation 439 0.63 1,309 Flight Centre 34 0.05 2,222 Rollins 77 0.11 35,220 Fortescue Metals 100 0.14 8,933 Ross Stores 531 0.76 40,515 Goodman 197 0.28 3,075 SCANA 91 0.13 43,359 GPT 128 0.18 3,094 SEI Investments 165 0.24 12,833 Harvey Norman 31 0.05 1,080 Sherwin-Williams 328 0.47 89,336 Mirvac 122 0.17 4,196 Skyworks Solutions 295 0.42 1,201 REA 53 0.08 3,481 Southwest Airlines 169 0.24 56,968 Stockland Trust 147 0.21 3,483 Synopsys 220 0.31 1,438 2.05 5,656 T Rowe Price 439 0.63 8,316 TE Connectivity 585 0.83 New Zealand – 0.04% 1,014 Teleflex 187 0.27 16,225 Mercury NZ 29 0.04 6,147 Textron 257 0.37 3,800 The Chemours 141 0.20

297 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 298 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Portfolio Statement continued Statement of Total Return for the period from 14 November 2017 to 31 December 2017

Holding or Underlying Market % of For the period Nominal Exposure Value Total Net from 14.11.2017 Value Investment £000’s £000’s Assets to 31.12.2017 Notes £000’s £000’s DERIVATIVES – 0.01% Income Futures – 0.01% 3 EURO Stoxx 50 March 2018 93 (2) 0.00 Net capital gains 3 10 1 FTSE 100 March 2018 76 2 0.00 Revenue 4 185 4 S&P E-Mini March 2018 398 4 0.01 Expenses 5 (6) 1 SGX MSCI January 2018* 22 – 0.00 Interest payable and similar charges – 5 TOPIX March 2018 60 1 0.00 Net revenue before taxation 179 649 5 0.01 Taxation 6 (4) Portfolio of investments 69,522 99.06 Net revenue after taxation 175 Net other assets 663 0.94 Total return before distributions 185 Total net assets 70,185 100.00 Distributions 7 (165) Note: The Fund launched on 14 November 2017, therefore no comparatives have been presented. Change in net assets attributable to unitholders from Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market investment activities 20 value of an equivalent position in the assets underlying each financial derivative instrument. *Investments which are less than £500 are rounded to zero. Statement of Change in Net Assets Attributable to Unitholders for the period from 14 November 2017 to 31 December 2017

For the period from 14.11.2017 to 31.12.2017 £000’s £000’s

Opening net assets attributable to unitholders – Amounts receivable on issue of units 70,000 70,000 Change in net assets attributable to unitholders from investment activities 20 Retained distributions on accumulation units 165 Closing net assets attributable to unitholders 70,185

Note: The Fund launched on 14 November 2017, therefore no comparatives have been presented.

299 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 300 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Balance Sheet Notes to Financial Statements at 31 December 2017 for the period from 14 November 2017 to 31 December 2017

Note: The Fund launched on 14 November 2017, therefore no comparatives have been presented. 4. Revenue

For the period R A R Hayes (Director) from 14.11.2017 A M Lawrence (Director) to 31.12.2017 BlackRock Fund Managers Limited £000’s 23 February 2018 Overseas dividends 167 Stock dividends 10 US REIT dividends 8 Total revenue 185

301 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 302 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

5. Expenses 7. Distributions The distributions take account of revenue received on the issue of units and revenue deducted on the For the period redemption of units and comprise: from 14.11.2017 to 31.12.2017 For the period £000’s from 14.11.2017 Payable to the Depositary or associates of the Depositary: to 31.12.2017 £000’s – Depositary fee 1 Final distribution 165 1 165 Other expenses: The distributable amount has been calculated as follows: – Audit fees 5 Net revenue after taxation 175 5 Deduct: Non-distributable stock dividends (10) Total expenses 6 Distributions 165

6. Taxation Details of the final distribution per unit are set out in the table on page 287. (a) Analysis of tax charge 8. Debtors For the period from 14.11.2017 31.12.2017 to 31.12.2017 £000’s £000’s Accrued revenue 70 Overseas tax 4 Overseas tax recoverable 3 Total tax charge 4 Total debtors 73

(b) Factors affecting the tax charge 9. Cash and Bank Balances As the Fund is an Authorised Contractual Scheme, it is exempt from United Kingdom (UK) tax on capital gains realised on the disposal of investments held within the Fund and any UK corporation tax. 31.12.2017 £000’s Amounts held at futures clearing houses and brokers 22 Cash and bank balances 582 Total cash and bank balances 604

10. Other Creditors

31.12.2017 £000’s Accrued Audit fee 5 Accrued Depositary's fee 1 Purchases awaiting settlement 8 Total other creditors 14

303 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 304 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

11. Contingent Assets and Liabilities 12. Related Parties continued There were no contingent assets or liabilities at the Balance Sheet date. The following investor(s)

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or 12. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue significant influence over the other party in making financial or operational decisions. in the Fund and are as a result, considered to be related parties to the Fund.

The following entities were related parties of the Fund during the period ended 31 December 2017: As at 31 December 2017:

Manager/Registrar: BlackRock Fund Managers Limited Total % of units Investment Manager: BlackRock Investment Management (UK) Limited Number of investors held by unitholders holding 51% or more holding 51% or more The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. (“BlackRock”), of the voting units of the voting units a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial in issue who are not in issue who are not shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the period ended 31 Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds December 2017. Nil 1 100%

The Manager acts as either principal or agent for the Depositary in respect of all transactions of units The Fund launched on 14 November 2017, therefore no comparatives have been presented. of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any amounts All related party transactions were carried out at arm’s length in the ordinary course of business. due to or from the Manager at the period end are disclosed in notes 8 and 10. The terms and returns received by the related parties in making the investments above were no more favourable than those received by other investors investing into the same unit class. The Investment Manager, in accordance with the Contractual Scheme Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group.

305 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 306 ACS World Multifactor Equity Tracker Fund ACS World Multifactor Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

13. Portfolio Transaction Costs 13. Portfolio Transaction Costs continued For the period from 14 November 2017 to 31 December 2017 Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Direct Transaction Costs Sheet date the average portfolio dealing spread (difference between bid and offer prices of all Transaction Value Commissions Taxes investments expressed as a percentage of the offer price value) was 0.08%. Purchases (excluding derivatives) £000’s £000’s % £000’s %

Equity instruments 83,229 1 0.00 6 0.01 14. Units in Issue Corporate actions 583 – – – – Revenue is allocated each day pro rata to the capital value of assets attributable to each class and Total purchases 83,812 1 6 taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution table. All unit classes have the same rights on Total purchases including winding up. transaction costs 83,819 The movement in units in issue for the period ended 31 December 2017 is as follows: Direct Transaction Costs Transaction Value Commissions Taxes For the period from Sales (excluding derivatives) £000’s £000’s % £000’s % 14.11.2017 to 31.12.2017 Equity instruments 13,662 1 0.01 – – X2 Accumulation Units Corporate actions 585 – – – – Balance at the beginning of the period – Total sales 14,247 1 – Issued during the period 70,000,000 Total sales net of transaction costs 14,246 Cancelled during the period – Balance at the end of the period 70,000,000 Total transaction costs 2 6 15. Post Balance Sheet Events Total transaction costs as a % of average net assets 0.00% 0.01% There have been no significant events subsequent to the period end, which, in the opinion of the Manager, may have had an impact on the financial statements for the period ended 31 December 2017. The above analysis covers direct transaction costs incurred by the Fund during the period. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types.

307 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 308 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

About the Fund Performance Table

The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted Since Launch as a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 14 February 2017 24.7.2017§ and launched on 24 July 2017. to 31.12.2017 TOTAL RETURN (with net income reinvested) Investment Objective & Policy Class X1 Accumulation Units ACS 30:70 Global Equity Tracker Fund +7.3% The aim of the Fund is to seek to achieve a total return for investors by tracking closely the performance of the 30:70 Global Equity Sterling-Hedged Composite Index with a 30% allocation to United Kingdom (UK) equities Composite Index*† +7.3% and 70% allocation to overseas (non-UK) equities (which includes a 10% allocation to emerging market All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. equities) with 95% of non-UK overseas developed equities currency exposure hedged back to Sterling. All returns are in Sterling. § Three and five year performance data does not exist as the Fund launched in July 2017. This will be achieved by investing so far as possible and practicable 90% of the Fund’s assets in the equity * Figures from Index Vendor. † FTSE UK All Share Index, the composite benchmark, is a stock based index representing the performance of large, mid, and small capitalisation equity securities of securities of companies which make up the FTSE UK All Share Index (the “FTSE UK All Share Index”) and companies listed in UK and the FTSE Custom Developed Index represents the performance of and large and mid-capitalisation equity securities of companies listed in the FTSE Custom Developed ex UK Canada, Israel and S Korea Net Tax (UK Pension) 95% Hedged to GBP developed markets. The FTSE Custom Developed Index invests in the equity securities of underlying FTSE indices comprised of market capitalisation weighted allocations to FTSE Developed Europe ex. UK, FTSE USA, FTSE Japan, and FTSE Developed Asia Pacific ex Japan ex South Korea. Index (the “FTSE Custom Developed Index”) and foreign exchange (FX) forward contracts in order to hedge 95% of the non-UK overseas developed equities currency exposure back to Sterling, the base currency of the Fund. 33.3% of the 90% will be allocated to the FTSE All Share Index. 66.7% of the 90% will be allocated All financial investments involve an element of risk. Therefore, the value of your investment and the income to the FTSE Custom Developed Index. The Fund will invest 10% of its assets in units in collective investment from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange schemes (which may be Associated Funds) providing exposure to emerging market equities which aim to rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance track the performance of the MSCI Emerging Markets index. and should not be the sole factor of consideration when selecting a product.

Investments will be made directly into constituent companies and via other transferable securities giving exposure to such companies. The Fund may also invest in permitted money-market instruments, derivatives, permitted deposits and units in collective investment schemes (which may be Associated Funds).

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class X1 Accumulation 1 2 3 4 5 6 7

For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which are available at www.blackrock.com.

309 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 310 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Tracking Difference Tracking Error

Tracking difference is defined as the difference in returns between a fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every index over a defined period of time. security or the exact concentration of a security in the benchmark index, but will aim to track the benchmark index as closely as possible and may use optimisation techniques to achieve their investment objective. Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, these impacts can be either The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every positive or negative depending on the underlying circumstances. security or the exact concentration of a security in the benchmark index, but will aim to track the benchmark index as closely as possible and may use optimisation techniques to achieve their investment objective. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered by the Fund on any income received from its investments. The level and quantum of tracking difference arising due Cash management, efficient portfolio management techniques including securities lending and transaction to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various costs from rebalancing can have an impact on tracking error as well as the return differential between the tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried Fund and the benchmark index. Importantly, these impacts can be either positive or negative depending on out by the Fund. the underlying circumstances.

The table below compares the realised Fund performance against the performance of the relevant benchmark In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the index during the period ended 31 December 2017. An explanation for the difference is provided: Fund 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 Fund with various tax Fund return Benchmark return authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out for the period for the period by the Fund. from 24.7.2017 from 24.7.2017 Tracking to 31.12.2017 to 31.12.2017 difference Explanation of the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex-ante basis) against the realised tracking error of the Fund as at 31 December 2017. The realised tracking error is +7.3%* +7.3% +0.0% The Fund performed in line with the index. annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not * Performance is calculated gross of fees and reported for the Fund’s class X1 Accumulation Units. been trading for 36 months, the annualised tracking error since inception has been presented.

Anticipated Realised Tracking Error Tracking Error ACS 30:70 Global Equity Tracker Fund Up to 2.50%* N/A*

* The Fund recently launched on 24 July 2017 and there is insufficient data available to present a meaningful annualised realised tracking error for the period. Figures represent the anticipated tracking error & realised tracking error for the Fund’s class X1 Accumulation Units.

311 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 312 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Classification of Investments Investment Report

31 December 2017 Fund Manager’s Commentary Both global and UK equities gained over the review period. The UK’s Brexit negotiations with the European Australia 1.63%  Union (“EU”) continued. Although the UK was keen to progress to trade talks, EU negotiators first required France 2.52%  clarity on two key points – the notion of a ‘hard border’ in Ireland, and the ‘divorce bill’ (to honour financial  Germany 2.43% commitments made the UK). In November 2017, Prime Minister Theresa May agreed to a bill of around €55  Ireland 10.04% billion, although the final figure has yet to be fleshed out. UK equities responded well to the news, which  Japan 6.06% helped propel the FTSE 100 Index to a new high in December 2017.  Netherlands 1.99%  Switzerland 2.31% Throughout the period, the Bank of England prepared investors for a normalisation of monetary policy. And in  United Kingdom 27.79% early November 2017, policymakers raised interest rates by 25 basis points to 0.5%, the first rise in a decade.  United States 39.26% Sterling fell in response, perhaps because investors had already ‘priced in’ the rate hike. This moved buoyed  Other 5.10% the FTSE 100, whose performance is linked to the strength of Sterling.  Net other assets 0.87% In global markets, the US made strong gains over the period 2017. Market strength was the result of improving economic growth and the prospect of US tax reforms. On the economic front, in the US, the economy grew by 3.2% (annualised) in the third quarter of 2017. Unemployment data gave cause for cheer, sliding to 4.1% in October 2017, while inflation increased to 2.1% year on year in December 2017. Late in the period, the International Monetary Fund upgraded its forecasts of global growth by ten basis points to 3.6%, having been encouraged by improved trade and investment.

Third-quarter of 2017 corporate earnings also exceeded expectations, fuelling positive sentiment towards US stocks. The technology sector was particularly strong, with Apple, Facebook, Microsoft and Apple all beating earnings targets.

In Asia, Chinese stocks notched up gains, overcoming a blip in November 2017 when stocks suffered their largest one-day fall in 17 months. Investors were heartened by signs of strong global demand coupled with steady domestic data. South Korea also made gains from June to December 2017, largely thanks to its improving relations with China. The strength of Samsung Electronics, a sizeable index constituent, also shored up the index.

January 2018

* Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s X1 Accumulation Units. † 30% allocation to UK equities and 70% allocation to overseas (non-UK) equities (which includes a 10% allocation to emerging market equities) with 95% of non-UK overseas developed equities currency exposure hedged back to Sterling.

313 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 314 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Performance Record Distribution Table for the period from 24 July 2017 to 31 December 2017 Comparative Table

X1 Accumulation Units Final Distribution in Pence per Unit For the period from 24.7.2017^ to 31.12.2017 X1 Accumulation Units† Pence per unit Net revenue 0.9673 Change in net assets per unit Distribution payable 28.2.2018 0.9673 Opening net asset value per unit 100.00 † The Fund launched on 24 July 2017, therefore no comparatives have been presented. Return before operating charges 7.18 Operating charges 0.00 Return after operating charges 7.18 Distributions (0.97) Retained distributions on accumulation units 0.97 Closing net asset value per unit 107.18 After direct transaction costs of 0.01

Performance Return after charges1 7.18%

Other information Closing net asset value (£000’s) 3,469,295 Closing number of units 3,236,748,417 Operating charges2 0.01% Direct transaction costs3 0.01%

Prices Pence per unit Highest offer unit price 107.50 Lowest bid unit price 99.02

315 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 316 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement Portfolio Statement continued at 31 December 2017

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

EQUITIES – 99.43% 31,287 Iluka Resources 184 0.01 126,254 Incitec Pivot 285 0.01 Australia – 1.63% 177,196 Insurance Australia 741 0.02 33,248 Adelaide Brighton 125 0.00 22,267 IOOF 138 0.00 50,430 AGL Energy 711 0.02 41,714 Lend Lease 394 0.01 35,453 ALS 143 0.00 22,918 Macquarie 1,321 0.04 188,550 Alumina 264 0.01 42,163 Macquarie Atlas 153 0.00 85,668 Amcor 764 0.02 9,437 Magellan Financial 147 0.00 217,017 AMP 652 0.02 206,233 Medibank 392 0.01 11,241 Ansell 158 0.00 72,058 Metcash 130 0.00 83,604 APA 402 0.01 276,486 Mirvac 376 0.01 47,468 Aristocrat Leisure 651 0.02 199,102 National Australia Bank 3,407 0.10 14,439 ASX 458 0.01 57,034 Newcrest Mining 753 0.02 147,311 Aurizon 423 0.01 14,647 Nufarm 74 0.00 132,466 AusNet Services 138 0.00 88,216 Oil Search 398 0.01 220,422 Australia & New Zealand Banking 3,664 0.11 27,992 Orica 293 0.01 28,381 Bank of Queensland 209 0.01 129,676 Origin Energy 707 0.02 35,423 Bendigo & Adelaide Bank 239 0.01 88,991 Orora 174 0.01 242,355 BHP Billiton 4,148 0.12 23,079 Oz Minerals 122 0.00 41,318 Bluescope Steel 368 0.01 3,261 Perpetual Trustees Australia 91 0.00 85,722 Boral 386 0.01 17,784 Platinum Asset Management 79 0.00 118,311 Brambles 690 0.02 64,049 Qantas Airways 187 0.01 19,455 Caltex Australia 383 0.01 101,699 QBE Insurance 629 0.02 41,725 Challenger Financial Services 339 0.01 9,456 Ramsay Health Care 383 0.01 7,389 CIMIC 220 0.01 3,623 REA 161 0.00 40,509 Coca-Cola Amatil 200 0.01 129,133 Santos 407 0.01 4,144 Cochlear 411 0.01 378,481 Scentre 918 0.03 129,186 Commonwealth Bank of Australia 6,005 0.18 25,912 Seek 285 0.01 35,473 Computershare 335 0.01 69,660 Seven West News 25 0.00 28,358 Crown 213 0.01 55,419 Shopping Centres Australasia 75 0.00 33,724 CSL 2,757 0.08 31,138 Sonic Healthcare 412 0.01 36,231 CSR 100 0.00 398,681 South32 803 0.02 75,746 Dexus Property 427 0.01 61,582 Star Entertainment 217 0.01 17,004 Domain Holdings Australia 34 0.00 179,647 Stockland Trust 465 0.01 4,653 Domino’s Pizza Enterprises 126 0.00 96,477 Suncorp 774 0.02 44,793 Downer EDI 179 0.01 81,827 Sydney Airport 334 0.01 28,610 DuluxGroup 127 0.00 141,216 Tabcorp 455 0.01 170,044 Fairfax Media 77 0.00 308,091 Telstra 647 0.02 4,180 Flight Centre 107 0.00 27,399 TPG Telecom 104 0.00 120,394 Fortescue Metals 340 0.01 165,137 Transurban 1,187 0.03 129,583 Goodman 631 0.02 55,414 Treasury Wine Estates 512 0.01 134,281 GPT 397 0.01 242,014 Vicinity Centres 380 0.01 38,908 Harvey Norman 94 0.00 45,104 Vocus 79 0.00 130,210 Healthscope 158 0.00

317 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 318 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

84,138 Wesfarmers 2,163 0.06 Cayman Islands – 0.10% 141,624 Westfield 776 0.02 19,500 ASM Pacific Technology 201 0.01 266,868 Westpac Banking 4,841 0.14 204,500 CK Asset Holdings 1,322 0.04 51,603 Whitehaven Coal 133 0.00 81,293 Dragon Capital – Vietnam Enterprise Investments 357 0.01 70,968 Woodside Petroleum 1,359 0.04 163,046 Phoenix 1,275 0.04 96,316 Woolworths 1,520 0.04 3,155 0.10 14,851 WorleyParsons 123 0.00 Chile – 0.04% 58,966 1.63 143,519 Antofagasta 1,438 0.04 Austria – 0.07% 5,504 AMS 369 0.01 Denmark – 0.40% 5,566 Andritz 233 0.01 325 AP Moeller-Maersk series ‘A’ shares 400 0.01 21,367 Erste Bank 686 0.02 473 AP Moeller-Maersk series ‘B’ shares 609 0.02 10,605 OMV 500 0.01 7,690 Carlsberg series ‘B’ shares 685 0.02 9,601 Raiffeisen International Bank 257 0.01 6,706 Christian Hansen 466 0.01 6,424 Telekom Austria 44 0.00 14,002 Coloplast ‘B’ shares 825 0.02 3,100 Vienna Insurance 71 0.00 51,280 Danske Bank 1,475 0.04 8,436 Voestalpine 374 0.01 10,313 DONG Energy 416 0.01 14,242 DSV 829 0.02 2,534 0.07 4,194 Genmab 516 0.01 Belgium – 0.31% 14,137 ISS 406 0.01 1,633 Ackermans & van Haaren 210 0.01 5,375 Jyske Bank 226 0.01 14,633 Ageas 528 0.02 4,610 Lundbeck 172 0.00 58,695 Anheuser-Busch InBev 4,850 0.14 133,359 Novo Nordisk class ‘B’ shares 5,313 0.15 7,906 Bpost 178 0.01 16,322 Novozymes class ‘B’ shares 691 0.02 5,093 Colruyt 196 0.01 7,726 Pandora 620 0.02 4,941 Groupe Bruxelles Lambert 395 0.01 62,573 TDC 285 0.01 20,727 KBC 1,308 0.04 7,984 Tryg 148 0.00 11,181 Proximus 271 0.01 15,627 Vestas Wind Systems 799 0.02 1,238 Sofina 144 0.00 7,984 William Demant 165 0.00 5,202 Solvay 535 0.02 3,580 Telenet 184 0.01 15,046 0.40 8,970 UCB 526 0.02 Finland – 0.26% 12,914 Umicore 451 0.01 10,826 Elisa 314 0.01 9,776 0.31 32,812 Fortum 478 0.01 Bermuda – 0.07% 8,011 Huhtamaki 248 0.01 114,667 Hiscox 1,668 0.05 5,138 Kesko 206 0.01 88,300 Hongkong Land 460 0.01 28,630 Kone class ‘B’ shares 1,134 0.03 45,500 Kerry Properties 151 0.00 7,926 Metso 200 0.01 60,363 PureCircle Limited 279 0.01 8,963 Neste 423 0.01 84,000 Shangri-La Asia 141 0.00 416,914 Nokia 1,438 0.04 69,194 Utilico Emerging Markets 154 0.00 9,725 Nokian Renkaat 325 0.01 56,500 Yue Yuen Industrial 164 0.00 7,908 Orion series ‘B’ shares 217 0.01 3,017 0.07 42,335 Sampo series ‘A’ shares 1,717 0.05

319 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 320 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

42,793 Stora Enso series ‘R’ shares 500 0.01 2,440 Hermes International 966 0.03 39,755 UPM-Kymmene 914 0.03 2,854 Icade 207 0.01 11,303 Wartsila 526 0.02 1,825 Iliad 323 0.01 8,640 0.26 2,616 Imerys 182 0.01 4,124 Ingenico 324 0.01 France – 2.52% 2,423 Ipsen 214 0.01 13,224 Accor 505 0.01 5,504 JC Decaux 164 0.00 2,181 Aeroports de Paris 306 0.01 5,502 Kering 1,918 0.06 30,496 Air Liquide 2,843 0.08 15,679 Klepierre 510 0.01 40,150 Airbus 2,956 0.09 8,447 Lagardere 200 0.01 25,500 ALD 292 0.01 19,792 Legrand 1,126 0.03 10,973 Alstom 337 0.01 17,470 L’Oréal 2,867 0.08 3,822 Amundi 239 0.01 20,085 LVMH Moet Hennessy 4,373 0.13 5,528 Arkema 497 0.01 13,283 Michelin 1,408 0.04 6,743 Atos 726 0.02 63,199 Natixis 370 0.01 137,370 AXA 3,015 0.09 163,414 Orange 2,099 0.06 1,931 BIC 157 0.00 3,143 ORPEA 274 0.01 3,183 Biomerieux 210 0.01 15,907 Pernod-Ricard 1,860 0.05 86,507 BNP Paribas 4,777 0.14 47,069 Peugeot 708 0.02 73,387 Bollore 294 0.01 4,592 Plastic Omnium 154 0.00 15,042 Bouygues 578 0.02 15,283 Publicis 767 0.02 19,120 Bureau Veritas 387 0.01 1,912 Remy Cointreau 196 0.01 11,616 Capgemini 1,019 0.03 13,016 Renault 968 0.03 39,430 Carrefour 630 0.02 23,182 Rexel 311 0.01 3,843 Casino Guichard Perrachon 172 0.00 5,871 Rubis SCA 306 0.01 12,223 CNP Assurances 209 0.01 21,691 Safran 1,654 0.05 84,275 Crédit Agricole 1,032 0.03 35,783 Saint-Gobain 1,460 0.04 46,555 Danone 2,890 0.08 82,329 Sanofi 5,249 0.16 142 Dassault Aviation 163 0.00 1,708 Sartorius Stedim Biotech 91 0.00 9,720 Dassault Systemes 764 0.02 43,498 Schneider Electric 2,735 0.08 16,564 Edenred 355 0.01 11,977 SCOR 356 0.01 61,698 EDF 570 0.02 2,020 SEB 276 0.01 5,312 Eiffage 430 0.01 53,911 Société Générale 2,059 0.06 15,077 Elior 229 0.01 6,502 Sodexo 646 0.02 137,280 ENGIE 1,746 0.05 25,150 Suez Environnement 326 0.01 14,843 Essilor International 1,514 0.04 4,359 Teleperformance 462 0.01 1,057 Euler Hermes 114 0.00 7,528 Thales 599 0.02 3,410 Eurazeo 233 0.01 174,250 Total 7,119 0.22 32,899 Eurotunnel 312 0.01 5,807 Ubisoft Entertainment 330 0.01 13,438 Eutelsat Communications 230 0.01 7,412 Unibail-Rodamco 1,381 0.04 5,192 Faurecia 300 0.01 17,932 Valeo 989 0.03 2,964 Foncière des Régions 248 0.01 36,030 Veolia Environnement 680 0.02 3,918 Gecina 534 0.02 34,302 Vinci 2,591 0.07

321 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 322 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

77,342 Vivendi 1,539 0.04 13,143 K & S 242 0.01 2,103 Wendel Investissement 269 0.01 4,732 Kion 303 0.01 15,045 Zodiac Aerospace 333 0.01 6,657 Lanxess 390 0.01 85,752 2.52 4,738 LEG Immobilien 401 0.01 13,833 Linde 2,387 0.07 Germany – 2.43% 2,743 Man 232 0.01 16,415 Adidas 2,434 0.07 9,727 Merck 774 0.02 32,891 Allianz 5,595 0.17 12,518 Ceconomy 139 0.00 3,637 Axel Springer 211 0.01 27,256 Metro 397 0.01 66,696 BASF 5,430 0.17 3,903 MTU Aero Engines 517 0.01 64,169 Bayer 5,907 0.18 10,157 Muenchener Rueckversicherung 1,629 0.05 7,607 Beiersdorf 662 0.02 10,864 Osram Licht 722 0.02 23,667 BMW 1,826 0.05 11,412 Porsche non-voting preference shares 708 0.02 4,215 BMW non-voting preference shares 280 0.01 16,714 ProSiebenSat.1 Media 425 0.01 11,743 Brenntag 550 0.02 248 Rational 118 0.00 77,453 Commerzbank 857 0.02 36,368 RWE 548 0.02 8,107 Continental 1,621 0.05 70,367 SAP 5,825 0.18 12,775 Covestro 975 0.03 2,272 Sartorius non-voting preference shares 160 0.00 70,400 Daimler 4,417 0.13 58,915 Siemens (Registered) 6,066 0.18 141,561 Deutsche Bank 1,990 0.06 5,978 Suedzucker 96 0.00 13,910 Deutsche Boerse 1,196 0.03 9,357 Symrise 593 0.02 17,499 Deutsche Lufthansa 478 0.01 2,941 Talanx 89 0.00 78,245 Deutsche Post 2,762 0.08 50,318 Telefonica Deutschland 187 0.01 232,778 Deutsche Telekom 3,050 0.09 44,665 ThyssenKrupp 959 0.03 25,674 Deutsche Wohnen 828 0.02 13,158 Uniper 302 0.01 147,218 E.ON 1,185 0.03 8,978 United Internet 457 0.01 11,226 Evonik Industries 312 0.01 2,055 Volkswagen 308 0.01 2,099 Fielmann 137 0.00 13,414 Volkswagen non-voting preference shares 1,985 0.06 2,809 Fraport 229 0.01 35,262 Vonovia 1,292 0.04 29,679 Fresenius 1,704 0.05 1,211 Wacker Chemie 175 0.01 16,034 Fresenius Medical Care 1,249 0.04 8,379 Wirecard 692 0.02 2,729 Fuchs Petrolub 98 0.00 8,342 Zalando 327 0.01 5,500 Fuchs Petrolub non-voting preference shares 217 0.01 82,392 2.43 13,591 GEA 481 0.01 4,446 Hannover Rueckversicherung 414 0.01 Guernsey – 0.15% 10,824 HeidelbergCement 867 0.02 56,900 Alcentra European Floating Rate Income Fund 56 0.00 2,607 Hella Hueck 119 0.00 9,188 BH Global – GBP shares 124 0.00 8,688 Henkel 771 0.02 5,469 BH Macro Hedge Fund 108 0.00 13,016 Henkel non-voting preference shares 1,275 0.04 153,481 Bluefield Solar Income Fund 179 0.01 1,559 Hochtief 204 0.01 68,722 Funding Circle SME Income Fund Ltd 70 0.00 4,745 Hugo Boss 299 0.01 55,985 Genesis Emerging Markets Fund 403 0.01 100,011 Infineon Technologies 2,029 0.06 33,143 HarbourVest Global Private Equity Fund 411 0.01 9,903 Innogy 288 0.01 740,525 HICL Infrastructure 1,170 0.03

323 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 324 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

41,143 Highbridge Multi-Strategy Fund 90 0.00 152,000 Hang Lung Properties 274 0.01 420,851 NB Global Floating Rate Income Fund 399 0.01 54,400 Hang Seng Bank 999 0.03 20,248 NB Private Equity 211 0.01 79,000 Henderson Land Development 384 0.01 189,414 NextEnergy Solar Fund 214 0.01 609,000 Hong Kong & China Gas 882 0.03 390,633 Renewables Infrastructure 423 0.01 91,900 Hong Kong Exchanges & Clearing 2,087 0.06 23,115 Riverstone Energy 285 0.01 71,500 Hopewell Highway 34 0.00 66,511 Ruffer Investment Red preference shares 155 0.00 44,500 Hopewell Holdings 121 0.00 101,034 Schroder Oriental Income Fund 258 0.01 64,000 Huabao International 31 0.00 478,052 Sirius Real Estate 312 0.01 374,100 Hutchison Port 114 0.00 155,613 Starwood European Real Estate Finance 169 0.00 100,000 Hutchison Telecommunications 30 0.00 158,300 Syncona 318 0.01 47,000 Hysan Development 184 0.01 65,687 TwentyFour Select Monthly Income Fund 65 0.00 27,500 Johnson Electric 85 0.00 83,097 VinaCapital Vietnam Opportunity Fund 275 0.01 43,500 Kerry Logistics Network 46 0.00 5,695 0.15 274,000 Kingston Financial 194 0.01 436,000 Li & Fung 177 0.01 Hong Kong – 0.83% 36,500 Lifestyle International 36 0.00 52,000 AAC Technologies 686 0.02 166,500 Link Real Estate Investment Trust 1,142 0.03 907,400 AIA 5,723 0.17 57,000 Melco International Development 124 0.00 89,400 Bank of East Asia 286 0.01 52,000 Minth 231 0.01 268,000 BOC Hong Kong 1,005 0.03 103,000 MTR 446 0.01 231,000 Brightoil Petroleum 31 0.00 405,000 New World Development 449 0.01 24,000 Café de Coral 49 0.00 175,000 Nexteer Automotive Group 307 0.01 56,000 Cathay Pacific Airways 64 0.00 106,000 NWS 142 0.00 151,000 Champion Real Estate Investment Trust 82 0.00 15,500 Orient Overseas 111 0.00 199,000 China Mengniu Dairy 438 0.01 313,000 PCCW 135 0.00 352,000 China Oceanwide 19 0.00 97,500 Power Assets 609 0.02 164,000 China Travel International 45 0.00 124,000 Rusal 64 0.00 71,800 Chow Tai Fook Jewellery 56 0.00 78,000 SA SA International 22 0.00 211,000 CK Hutchison 1,959 0.06 178,400 Sands China 681 0.02 45,500 CK Infrastructures 289 0.01 207,000 Semiconductor Manufacturing 265 0.01 123,000 CLP 931 0.03 268,000 Shougang Fushan 42 0.00 28,400 Dah Sing Banking 46 0.00 261,500 Shui On Land 53 0.00 11,200 Dah Sing Financial 53 0.00 144,000 Shun Tak 41 0.00 52,500 Dairy Farm International 305 0.01 230,000 Sino Land 301 0.01 140,800 Esprit 56 0.00 139,000 SJM 92 0.00 204,000 FIH Mobile 46 0.00 158,500 Sun Art Retail 124 0.00 168,000 First Pacific 84 0.00 107,000 Sun Hung Kai Properties 1,318 0.04 158,000 Galaxy Entertainment 938 0.03 38,500 Swire Pacific 264 0.01 458,000 Global Brands 28 0.00 80,400 Swire Properties 192 0.01 21,000 Great Eagle 81 0.00 94,500 Techtronic Industries 454 0.01 162,000 Guotai Junan International 38 0.00 23,300 Television Broadcasts 61 0.00 163,000 Haitong International Securities 69 0.00 50,000 Texwinca 20 0.00 67,000 Hang Lung 182 0.01 138,000 Tingyi 199 0.01

325 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 326 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

78,000 Towngas China 46 0.00 11,604 Luxottica 527 0.02 97,000 Uni-President 60 0.00 21,844 Mediaset 63 0.00 11,800 Vtech 114 0.00 43,426 Mediobanca 364 0.01 416,000 Want Want China 257 0.01 11,393 Moncler 264 0.01 629,000 WH 525 0.02 13,568 Parmalat 37 0.00 92,000 Wharf 235 0.01 49,198 Pirelli & C SpA 316 0.01 92,000 Wharf Real Estate Investment 453 0.01 36,865 Poste Italiane 205 0.01 61,000 Wheelock 322 0.01 37,200 Prada 100 0.00 150,000 Xinyi Glass 144 0.00 15,774 Prysmian 381 0.01 230,000 Xinyi Solar 66 0.00 6,644 Recordati 218 0.01 29,378 0.83 43,399 Saipem 147 0.00 3,866 Salvatore Ferragamo 76 0.00 Ireland – 10.04% 177,621 Snam 643 0.02 50,246 AIB Group 242 0.01 863,868 Telecom Italia 552 0.02 68,004 Bank of Ireland 430 0.01 472,383 Telecom Italia (Part Certified) 250 0.01 14,857 Glanbia 196 0.01 108,750 Terna 467 0.01 89,609 Grafton 717 0.02 166,344 UniCredit 2,300 0.07 12,724,250 iShares Emerging Markets Index Fund 344,853 9.94 71,089 Unione di Banche Italiane 230 0.01 33,146 James Hardie 433 0.01 73,034 UnipolSai 126 0.00 10,857 Kerry class ‘A’ shares 900 0.03 20,033 0.61 11,345 Kingspan 366 0.01 348,137 10.04 Japan – 6.06% 5,200 77 Bank 97 0.00 Isle of Man – 0.01% 1,800 ABC-Mart 76 0.00 500,766 Redefine International 183 0.01 27,800 Acom 87 0.00 Israel – 0.02% 2,000 Adastria 30 0.00 9,400 Check Point Software Technologies 721 0.02 13,600 Advantest 187 0.01 51,500 Aeon 644 0.02 Italy – 0.61% 8,700 AEON Financial Service 150 0.00 232,113 A2A 317 0.01 8,500 AEON Mall 123 0.00 116,077 Assicurazioni Generali 1,564 0.05 11,600 Aica Kogyo 319 0.01 39,784 Atlantia 929 0.03 22,400 Aiful 57 0.00 18,367 Banca Mediolanum 118 0.00 1,800 Ain 80 0.00 116,188 Banco BPM 270 0.01 11,000 Air Water 172 0.00 4,831 Buzzi Unicem 96 0.00 13,400 Aisin Seiki 557 0.02 45,329 Campari 259 0.01 37,700 Ajinomoto 526 0.02 572,723 Enel 2,607 0.08 13,000 Alfresa 226 0.01 208,417 Eni 2,552 0.07 14,000 Alps Electric 296 0.01 9,440 Ferrari 732 0.02 24,000 Amada 242 0.01 24,912 FinecoBank 189 0.01 8,300 ANA 257 0.01 1,029,844 Intesa Sanpaolo 2,529 0.07 3,500 Aoyama Trading 97 0.00 78,049 Intesa Sanpaolo (Part Certified) 184 0.01 8,900 Aozora 256 0.01 39,265 Italgas 177 0.01 9,700 Aplus Financial 7 0.00 27,752 Leonardo 244 0.01

327 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 328 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

1,200 Ariake Japan 76 0.00 3,000 Daiichikosho 111 0.00 28,100 Asahi Breweries 1,033 0.03 19,700 Daikin Industries 1,727 0.05 14,100 Asahi Glass 452 0.01 2,200 Daikyo 32 0.00 7,200 Asahi Intecc 184 0.01 2,400 Daishi Bank 81 0.00 93,000 Asahi Kasei 889 0.03 5,300 Daito Trust Construction 801 0.02 12,700 ASICS 150 0.00 48,000 Daiwa House 1,366 0.04 1,600 ASKUL 34 0.00 120,000 Daiwa Securities 558 0.02 153,500 Astellas Pharma 1,449 0.04 7,600 Dena 116 0.00 5,000 Autobacs Seven 71 0.00 6,400 Denka 190 0.01 14,000 Awa Bank 66 0.00 36,200 Denso 1,610 0.05 5,100 Azbil 164 0.00 16,500 Dentsu 518 0.01 5,600 Bank of Kyoto 216 0.01 6,400 DIC 179 0.01 5,600 Benesse 146 0.00 2,000 Disco 329 0.01 10,300 Bic Camera 110 0.00 8,100 DMG Mori 124 0.00 46,900 Bridgestone 1,616 0.05 8,900 Don Quijote 345 0.01 17,200 Brother Industries 314 0.01 3,200 Dowa 97 0.00 5,500 Calbee 133 0.00 32,300 East Japan Railway 2,334 0.07 77,500 Canon 2,141 0.06 7,300 Ebara 206 0.01 3,500 Canon Marketing Japan 70 0.00 19,700 Eisai 831 0.02 3,500 Capcom 82 0.00 12,300 Electric Power Development 245 0.01 16,100 Casio Computer 172 0.00 2,200 Exedy 50 0.00 13,500 Central Japan Railway 1,792 0.05 3,900 Ezaki Glico 144 0.00 48,000 Chiba Bank 296 0.01 5,900 FamilyMart 306 0.01 12,000 Chiyoda 65 0.00 14,600 Fanuc 2,598 0.07 51,900 Chubu Electric Power 478 0.01 3,800 Fast Retailing 1,121 0.03 15,800 Chugai Pharmaceutical 599 0.02 1,600 FP 64 0.00 12,600 Chugoku Bank 125 0.00 42,000 Fuji Electric 234 0.01 21,200 Chugoku Electric Power 169 0.00 14,400 Fuji Oil 312 0.01 21,100 Citizen Watch 115 0.00 28,500 Fujifilm 863 0.02 8,700 Coca-Cola Bottlers 235 0.01 19,700 Fujikura 129 0.00 3,700 COLOPL 30 0.00 145,000 Fujitsu 766 0.02 7,800 Comsys 167 0.00 3,800 Fujitsu General 62 0.00 89,700 Concordia Financial 401 0.01 53,000 Fukuoka Financial 220 0.01 4,700 Cosmo Energy 131 0.00 2,000 Fukuyama Transporting 56 0.00 600 Cosmos Pharmaceutical 93 0.00 4,400 Furukawa Electric 161 0.00 11,800 Credit Saison 159 0.00 4,200 Glory 118 0.00 7,100 CyberAgent 205 0.01 1,200 GMO Payment Gateway 73 0.00 22,500 Dai Nippon Printing 372 0.01 6,600 GREE 31 0.00 22,800 Daicel Chemical 192 0.01 32,000 GS Yuasa 118 0.00 2,600 Daido Steel 119 0.00 31,300 GungHo Online Entertainment 64 0.00 7,000 Daifuku 282 0.01 30,500 Gunma Bank 137 0.00 83,900 Dai-ichi Life 1,281 0.04 6,000 H2O Retailing 93 0.00 47,600 Daiichi Sankyo 919 0.03 29,500 Hachijuni Bank 125 0.00

329 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 330 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

18,500 Hakuhodo 178 0.01 2,500 Jafco 107 0.00 9,900 Hamamatsu Photonics 246 0.01 7,900 Japan Airlines 229 0.01 17,200 Hankyu Hanshin 512 0.01 3,400 Japan Airport Terminal 93 0.00 20,500 Haseko 236 0.01 2,000 Japan Aviation Electronics Industry 25 0.00 3,900 Heiwa 54 0.00 28,200 Japan Display 42 0.00 1,600 Hikari Tsushin 170 0.00 40,100 Japan Exchange 517 0.01 19,100 Hino Motors 183 0.01 2,300 Japan Petroleum Exploration 45 0.00 2,400 Hirose Electric 260 0.01 122,300 Japan Post 1,038 0.03 20,500 Hiroshima Bank 132 0.00 29,700 Japan Post Bank 286 0.01 2,600 HIS 70 0.00 4,500 Japan Post Insurance 78 0.00 5,300 Hisamitsu Pharmaceutical 238 0.01 4,600 Japan Steel Works 110 0.00 341,000 Hitachi 1,966 0.06 100,900 Japan Tobacco 2,407 0.07 3,200 Hitachi Capital 60 0.00 38,200 JFE 679 0.02 7,500 Hitachi Chemical 143 0.00 15,700 JGC 225 0.01 8,200 Hitachi Construction Machinery 220 0.01 13,300 JSR 194 0.01 4,600 Hitachi High-Technologies 144 0.00 16,200 JTEKT 206 0.01 3,500 Hitachi Kokusai Electric 72 0.00 2,700 Juroku Bank 59 0.00 15,300 Hitachi Metals 163 0.00 237,400 JXTG 1,135 0.03 3,000 Hitachi Transport System 58 0.00 5,600 Kagome 154 0.00 13,500 Hokkaido Electric Power 66 0.00 67,000 Kajima 477 0.01 9,100 Hokuhoku Financial 105 0.00 10,800 Kakaku.com 135 0.00 12,800 Hokuriku Electric Power 76 0.00 2,900 Kaken Pharmaceutical 111 0.00 144,400 Honda Motor 3,665 0.11 8,000 Kamigumi 131 0.00 3,100 Horiba 138 0.00 8,000 Kandenko 62 0.00 4,000 Hoshizaki Electric 263 0.01 21,000 Kaneka 142 0.00 5,600 House Foods 138 0.00 54,400 Kansai Electric Power 494 0.01 28,000 Hoya 1,035 0.03 14,700 Kansai Paint 283 0.01 25,100 Hulic 209 0.01 35,700 Kao 1,788 0.05 7,100 Ibiden 79 0.00 11,000 Kawasaki Heavy Industries 286 0.01 14,200 Ichigo 40 0.00 5,900 Kawasaki Kisen Kaisha 111 0.00 10,500 Idemitsu Kosan 313 0.01 134,800 KDDI 2,486 0.07 9,300 IHI 229 0.01 7,800 Keihan 170 0.00 10,300 Iida 144 0.00 18,500 Keikyu 263 0.01 66,800 Inpex 619 0.02 8,400 Keio 274 0.01 26,100 Isetan Mitsukoshi 240 0.01 10,800 Keisei Electric Railway 257 0.01 40,400 Isuzu Motors 501 0.01 17,000 Keiyo Bank 58 0.00 4,200 ITO EN 123 0.00 8,300 Kewpie 164 0.00 104,900 ITOCHU 1,451 0.04 6,800 Keyence 2,822 0.08 3,400 Itochu Techno-Solutions 109 0.00 13,300 Kikkoman 398 0.01 11,500 Itoham Yonekyu 78 0.00 9,500 Kinden 115 0.00 19,100 Iyo Bank 113 0.00 13,500 Kintetsu 383 0.01 2,800 Izumi 129 0.00 62,300 Kirin 1,163 0.03 17,900 J Front Retailing 250 0.01 2,500 Kissei Pharmaceutical 52 0.00

331 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 332 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

4,500 Kobayashi Pharmaceutical 216 0.01 4,000 Miraca 127 0.00 21,400 Kobe Steel 147 0.00 20,100 Misumi 434 0.01 3,400 Koei Tecmo 51 0.00 95,000 Mitsubishi 1,945 0.06 8,500 Koito Manufacturing 442 0.01 96,500 Mitsubishi Chemical 785 0.02 67,800 Komatsu 1,816 0.05 146,500 Mitsubishi Electric 1,803 0.05 2,300 Komeri 49 0.00 87,500 Mitsubishi Estate 1,128 0.03 7,000 Konami 285 0.01 14,000 Mitsubishi Gas Chemical 298 0.01 32,600 Konica Minolta 232 0.01 21,200 Mitsubishi Heavy Industries 587 0.02 2,100 Kose 243 0.01 5,000 Mitsubishi Logistics 96 0.00 5,700 K’s 108 0.00 9,700 Mitsubishi Materials 256 0.01 82,300 Kubota 1,196 0.03 47,500 Mitsubishi Motors 254 0.01 26,500 Kuraray 370 0.01 1,000 Mitsubishi Shokuhin 22 0.00 8,100 Kurita Water Industries 195 0.01 16,200 Mitsubishi Tanabe Pharma 248 0.01 1,100 Kusuri no Aoki 43 0.00 1,020,300 Mitsubishi UFJ Financial 5,542 0.17 23,200 Kyocera 1,125 0.03 31,100 Mitsubishi UFJ Lease & Finance 137 0.00 3,200 Kyorin 44 0.00 124,200 Mitsui 1,496 0.04 18,500 Kyowa Hakko Kirin 265 0.01 13,400 Mitsui Chemicals 320 0.01 3,200 Kyudenko 115 0.00 5,000 Mitsui Engineering & Shipbuilding 55 0.00 34,600 Kyushu Electric Power 269 0.01 69,400 Mitsui Fudosan 1,152 0.03 27,600 Kyushu Financial 124 0.00 7,900 Mitsui Mining & Smelting 342 0.01 11,500 Kyushu Railway 264 0.01 8,700 Mitsui OSK Lines 215 0.01 4,200 Lawson 207 0.01 6,800 Miura 135 0.00 17,000 Leopalace21 98 0.00 2,159,900 Mizuho Financial 2,905 0.08 2,600 LINE 79 0.00 1,000 Mochida Pharmaceutical 57 0.00 3,500 Lintec 72 0.00 4,200 Monotaro 99 0.00 18,900 Lion 265 0.01 3,000 Morinaga 113 0.00 19,400 LIXIL 389 0.01 37,000 MS&AD Insurance 928 0.03 14,400 M3 376 0.01 14,100 Murata Manufacturing 1,402 0.04 3,800 Mabuchi Motor 153 0.00 9,100 Nabtesco 259 0.01 28,300 Maeda 289 0.01 8,100 Nagase 108 0.00 4,000 Maeda Road Construction 68 0.00 13,400 Nagoya Railroad 250 0.01 18,100 Makita 563 0.02 14,100 Namco Bandai 341 0.01 115,700 Marubeni 621 0.02 8,600 Nankai Electric Railway 158 0.00 15,800 Marui 214 0.01 18,500 NEC 370 0.01 4,400 Maruichi Steel Tube 95 0.00 13,800 Nexon 298 0.01 7,000 Matsui Securities 44 0.00 19,500 NGK Insulators 273 0.01 5,600 Matsumotokiyoshi 171 0.00 14,100 NGK Spark Plug 254 0.01 41,900 Mazda Motor 416 0.01 15,000 NH Foods 271 0.01 74,200 Mebuki Financial 232 0.01 12,000 NHK Spring 98 0.00 12,200 MediPal 177 0.01 8,100 Nichirei 166 0.00 3,600 Megmilk Snow Brand 79 0.00 17,400 Nidec 1,809 0.05 10,000 Meiji Holdings 631 0.02 3,200 Nifco 162 0.00 31,300 Minebea Mitsumi 486 0.01 5,400 Nihon Kohden 93 0.00

333 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 334 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

4,400 Nihon M&A Center 155 0.00 2,000 OKUMA 98 0.00 26,400 Nikon 394 0.01 20,900 Olympus 594 0.02 8,100 Nintendo 2,195 0.06 14,600 Omron 644 0.02 4,000 Nippo 69 0.00 33,400 Ono Pharmaceutical 577 0.02 14,500 Nippon Electric Glass 410 0.01 2,600 Oracle Japan 160 0.00 5,600 Nippon Express 275 0.01 38,600 Orient 45 0.00 12,000 Nippon Kayaku 132 0.00 14,100 Oriental Land 952 0.03 11,300 Nippon Paint 265 0.01 95,200 ORIX 1,192 0.03 6,600 Nippon Paper Industries 93 0.00 29,400 Osaka Gas 419 0.01 3,700 Nippon Shinyaku 204 0.01 5,400 OSG 87 0.00 2,400 Nippon Shokubai 120 0.00 30,900 Otsuka 1,005 0.03 57,200 Nippon Steel & Sumitomo Metal 1,088 0.03 4,000 Otsuka Pharmaceutical 227 0.01 49,500 Nippon Telegraph & Telephone 1,726 0.05 9,300 Paltac 314 0.01 12,000 Nippon Yusen 217 0.01 157,700 Panasonic 1,710 0.05 8,400 Nipro 92 0.00 7,300 Park24 129 0.00 11,200 Nishi-Nippon Financial 99 0.00 6,200 PeptiDream 157 0.00 5,400 Nishi-Nippon Railroad 108 0.00 13,100 Persol 243 0.01 10,600 Nissan Chemical Industries 313 0.01 7,700 Pigeon 217 0.01 141,900 Nissan Motor 1,048 0.03 2,500 Pilot 89 0.00 5,900 Nissan Shatai 45 0.00 5,400 Pola Orbis 140 0.00 18,900 Nisshin Seifun 283 0.01 60,100 Rakuten 407 0.01 3,400 Nisshin Steel 41 0.00 87,600 Recruit 1,613 0.05 9,700 Nisshinbo 97 0.00 8,100 Relo 163 0.00 5,100 Nissin Foods 276 0.01 35,100 Renesas Electronics 303 0.01 5,500 Nitori 580 0.02 14,600 Rengo 79 0.00 11,500 Nitto Denko 756 0.02 163,200 Resona 722 0.02 16,000 NOF 318 0.01 4,600 Resorttrust 77 0.00 8,100 NOK 140 0.00 50,500 Ricoh 347 0.01 249,400 Nomura 1,091 0.03 2,800 Rinnai 187 0.01 8,600 Nomura Real Estate 143 0.00 6,800 Rohm 558 0.02 8,100 Nomura Research Institute 279 0.01 7,100 Rohto Pharmaceutical 141 0.00 21,100 North Pacific Bank 52 0.00 1,800 Ryohin Keikaku 416 0.01 2,400 NS Solutions 49 0.00 11,800 San-In Godo Bank 84 0.00 33,000 NSK 385 0.01 3,700 Sankyo 86 0.00 31,000 NTN 114 0.00 9,700 Sankyu 310 0.01 47,500 NTT Data 418 0.01 4,200 Sanrio 52 0.00 96,000 NTT Docomo 1,680 0.05 27,200 Santen Pharmaceutical 317 0.01 8,500 NTT Urban Development 73 0.00 14,300 Sanwa 146 0.00 50,500 Obayashi 453 0.01 4,700 Sapporo 107 0.00 4,900 OBIC 266 0.01 2,400 Sawai Pharmaceutical 79 0.00 600 OBIC Business Consultants 26 0.00 14,100 SBI 218 0.01 22,800 Odakyu Electric Railway 361 0.01 3,200 SCREEN 194 0.01 64,000 Oji 315 0.01 3,000 SCSK 102 0.00

335 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 336 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

14,400 Secom 806 0.02 112,000 Sumitomo Chemical 597 0.02 14,500 Sega Sammy 133 0.00 11,400 Sumitomo Dainippon Pharma 125 0.00 16,000 Seibu 224 0.01 56,200 Sumitomo Electric Industries 704 0.02 20,100 Seiko Epson 351 0.01 9,300 Sumitomo Forestry 123 0.00 11,000 Seino 129 0.00 8,200 Sumitomo Heavy Industries 257 0.01 27,100 Sekisui Chemical 403 0.01 18,000 Sumitomo Metal Mining 612 0.02 42,200 Sekisui House 565 0.02 108,500 Sumitomo Mitsui Financial 3,471 0.10 18,400 Senshu Ikeda 50 0.00 27,500 Sumitomo Mitsui Trust 809 0.02 57,200 Seven & I 1,762 0.05 27,000 Sumitomo Osaka Cement 96 0.00 46,800 Seven Bank 119 0.00 32,000 Sumitomo Realty & Development 779 0.02 11,000 Sharp 280 0.01 12,800 Sumitomo Rubber Industries 176 0.01 18,000 Shiga Bank 68 0.00 4,800 Sundrug 165 0.00 11,800 Shikoku Electric Power 95 0.00 9,100 Suntory Beverage & Food 300 0.01 3,500 Shimachu 75 0.00 13,400 Suruga Bank 213 0.01 19,300 Shimadzu 325 0.01 5,900 Suzuken 180 0.01 1,600 Shimamura 130 0.00 30,500 Suzuki Motor 1,310 0.04 5,800 Shimano 604 0.02 10,500 Sysmex 612 0.02 41,100 Shimizu 314 0.01 44,800 T&D 567 0.02 34,200 Shin-Etsu Chemical 2,575 0.07 8,000 Tadano 98 0.00 12,000 Shinsei Bank 154 0.00 9,300 Taiheiyo Cement 298 0.01 21,200 Shionogi 849 0.02 15,800 Taisei 583 0.02 28,800 Shiseido 1,032 0.03 3,400 Taisho Pharmaceutical 201 0.01 39,000 Shizuoka Bank 298 0.01 10,500 Taiyo Nippon Sanso 109 0.00 600 Shochiku 76 0.00 7,600 Taiyo Yuden 88 0.00 9,500 Showa Denko 301 0.01 12,500 Takara 108 0.00 13,800 Showa Shell Sekiyu 139 0.00 22,000 Takashimaya 172 0.00 10,100 SKY Perfect JSAT 34 0.00 63,800 Takeda Pharmaceutical 2,685 0.08 8,600 Skylark 91 0.00 9,100 TDK 537 0.02 4,300 SMC 1,312 0.04 13,000 Teijin 215 0.01 68,300 SoftBank 4,007 0.12 22,400 Terumo 785 0.02 4,900 Sohgo Security Services 197 0.01 8,500 THK 237 0.01 88,900 Sojitz 202 0.01 6,000 TIS 155 0.00 26,800 Sompo Japan Nipponkoa 769 0.02 14,600 Tobu Railway 350 0.01 103,600 Sony 3,464 0.10 16,000 Toda 95 0.00 12,400 Sony Financial 163 0.00 8,300 Toho 213 0.01 5,800 Sotetsu 113 0.00 7,000 Toho Gas 142 0.00 5,800 Square Enix 204 0.01 34,100 Tohoku Electric Power 323 0.01 10,800 Stanley Electric 325 0.01 3,800 Tokai Rika 59 0.00 13,300 Start Today 300 0.01 15,900 Tokai Tokyo Financial 76 0.00 45,600 Subaru 1,074 0.03 51,500 Tokio Marine 1,741 0.05 2,800 Sugi 106 0.00 2,700 Tokyo Broadcasting System 50 0.00 15,600 SUMCO 296 0.01 3,700 Tokyo Century 133 0.00 82,100 Sumitomo 1,033 0.03 115,800 Tokyo Electric Power 339 0.01

337 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 338 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

11,600 Tokyo Electron 1,556 0.04 3,000 Yamato Kogyo 65 0.00 30,800 Tokyo Gas 522 0.02 9,100 Yamazaki Baking 131 0.00 15,600 Tokyo Tatemono 156 0.00 16,700 Yaskawa Electric 545 0.02 36,500 Tokyu 431 0.01 17,700 Yokogawa Electric 251 0.01 40,700 Tokyu Fudosan 218 0.01 7,300 Yokohama Rubber 133 0.00 7,500 Topcon 120 0.00 3,500 Zenkoku Hosho 112 0.00 4,300 Toppan Forms 36 0.00 6,400 Zensho 81 0.00 37,000 Toppan Printing 248 0.01 10,000 Zeon 107 0.00 112,600 Toray Industries 787 0.02 221,674 6.06 283,000 Toshiba 584 0.02 21,500 Tosoh 361 0.01 Jersey – 0.13% 10,700 Toto 467 0.01 76,687 Aberdeen Asian Income Fund 167 0.00 11,800 Toyo Seikan 140 0.00 38,314 City Merchants High Yield Trust 76 0.00 6,600 Toyo Suisan Kaisha 209 0.01 68,267 GCP Asset Backed Income Fund (Registered) 71 0.00 7,100 Toyo Tire & Rubber 109 0.00 34,133 GCP Asset Backed Income Fund Ltd 34 0.00 6,400 Toyobo 86 0.00 300,150 GCP Infrastructure Investments Fund 385 0.01 5,600 Toyoda Gosei 106 0.00 48,198 Henderson Far East Income Fund 180 0.01 4,300 Toyota Boshoku 67 0.00 43,939 Middlefield Canadian Income Trust 44 0.00 11,800 Toyota Industries 562 0.02 16,360 Phoenix Spree Deutschland Ltd 63 0.00 201,600 Toyota Motor 9,563 0.29 39,385 Randgold Resources 2,916 0.08 16,400 Toyota Tsusho 489 0.01 162,494 UBM 1,213 0.03 8,500 Trend Micro 356 0.01 5,149 0.13 3,500 TS Tech 107 0.00 Luxembourg – 0.12% 4,800 Tsumura 118 0.00 44,823 ArcelorMittal 1,078 0.03 2,600 Tsuruha 262 0.01 332,428 B&M European Value Retail 1,407 0.04 2,100 TV Asahi 31 0.00 196,953 Bilfinger Berger Global 277 0.01 7,500 Ube Industries 164 0.00 710 Eurofins Scientific 320 0.01 6,600 Ulvac 308 0.01 35,750 L’Occitane International 48 0.00 28,500 Unicharm 549 0.02 3,103 RTL 184 0.01 8,300 Ushio 88 0.00 26,369 SES Global FDR (each representing 1 class ‘A’ share) 304 0.01 15,700 USS 246 0.01 32,687 Tenaris 381 0.01 4,000 Wacoal 94 0.00 3,500 Welcia 112 0.00 3,999 0.12 13,700 West Japan Railway 741 0.02 Macau – 0.01% 97,400 Yahoo Japan 331 0.01 126,000 Macau Legend Development 14 0.00 7,600 Yakult Honsha 424 0.01 56,400 MGM China 126 0.00 55,600 Yamada Denki 227 0.01 108,800 Wynn Macau 255 0.01 16,000 Yamaguchi Financial 141 0.00 395 0.01 12,600 Yamaha 344 0.01 20,900 Yamaha Motor 507 0.01 Mexico – 0.03% 25,800 Yamato 385 0.01 76,462 Fresnillo 1,089 0.03

339 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 340 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Netherlands – 1.99% 49,533 SKYCITY Entertainment 107 0.00 36,268 ABN AMRO 865 0.02 138,403 Spark New Zealand 264 0.01 127,720 Aegon 602 0.02 6,526 Xero 108 0.00 19,036 Akzo Nobel 1,233 0.04 1,980 0.04 6,643 Altice series ‘B’ shares 51 0.00 45,553 Altice series ‘A’ shares 353 0.01 Norway – 0.13% 23,302 ASML 3,000 0.09 6,677 Aker BP 122 0.00 11,089 ASR Nederland 337 0.01 80,195 DNB 1,101 0.03 6,675 Boskalis Westminster 186 0.01 12,081 Gjensidige Forsikring 169 0.00 8,098 EXOR 367 0.01 26,440 Marine Harvest 331 0.01 6,331 Gemalto 278 0.01 101,943 Norsk Hydro 574 0.02 3,969 GrandVision 75 0.00 59,252 Orkla 466 0.01 7,280 Heineken Holding 532 0.02 6,446 Schibsted class ‘A’ shares 136 0.00 20,085 Heineken 1,547 0.04 6,970 Schibsted class ‘B’ shares 137 0.00 285,988 ING 3,889 0.11 71,335 Statoil 1,128 0.03 94,924 Koninklijke Ahold Delhaize 1,544 0.04 51,751 Telenor 822 0.02 13,492 Koninklijke DSM 954 0.03 13,501 Yara International 459 0.01 78,894 Koninklijke Philips 2,208 0.06 5,445 0.13 229,180 KPN 590 0.02 Peru – 0.01% 24,795 NN 794 0.02 6,600 Southern Copper 232 0.01 26,431 NXP Semiconductors 2,289 0.07 6,294 OCI 117 0.00 Portugal – 0.04% 9,890 Philips Lighting 268 0.01 176,643 EDP Energias 452 0.01 8,401 Randstad 382 0.01 38,470 Galp Energia 523 0.02 65,930 RELX 1,121 0.03 18,960 Jeronimo Martins 272 0.01 10,409 RHI Magnesita 406 0.01 1,247 0.04 1,584,264 Royal Dutch Shell class ‘B’ shares 39,670 1.14 Singapore – 0.38% 113,841 Unilever 4,743 0.14 177,000 Ascendas Real Estate Investment Trust 266 0.01 5,163 Vopak 168 0.00 15,100 BOC Aviation 59 0.00 21,887 Wolters Kluwer 844 0.02 163,706 CapitaCommercial 175 0.01 69,413 1.99 185,900 CapitaLand 362 0.01 New Zealand – 0.04% 168,600 CapitaLand Mall Trust 198 0.01 40,397 Air New Zealand 68 0.00 35,400 City Developments 245 0.01 68,199 Auckland International Airport 233 0.01 152,700 ComfortDelGro 167 0.00 53,561 Contact Energy 157 0.00 133,800 DBS 1,842 0.05 41,141 Fisher & Paykel Healthcare 305 0.01 42,500 Flex 566 0.02 51,640 Fletcher Building 205 0.01 420,900 Genting Singapore 305 0.01 115,308 Kiwi Property 84 0.00 213,100 Global Logistic Properties 397 0.01 53,319 Mercury 95 0.00 455,500 Golden Agri-Resources 93 0.00 91,877 Meridian Energy 141 0.00 7,500 Jardine Cycle & Carriage 169 0.00 30,989 Ryman Healthcare 172 0.00 15,200 Jardine Matheson 683 0.02 27,881 Sky Network Television 41 0.00 13,600 Jardine Strategic 398 0.01

341 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 342 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

107,100 Keppel Corp 436 0.01 22,782 Gas Natural 389 0.01 24,700 M1 24 0.00 24,304 Grifols class ‘A’ shares 527 0.02 245,300 Oversea-Chinese Banking 1,684 0.05 20,089 Grifols class ‘B’ shares 339 0.01 47,000 SATS 135 0.00 9,479 Grupo Financiero Banorte 310 0.01 64,400 Sembcorp Industries 108 0.00 418,331 Iberdrola 2,398 0.07 63,800 Sembcorp Marine 65 0.00 76,022 Inditex 1,958 0.06 18,200 SIA Engineering 31 0.00 718,281 International Consolidated Airlines 4,669 0.13 38,400 Singapore Airlines 227 0.01 79,526 Mapfre 189 0.01 60,400 Singapore Exchange 249 0.01 14,431 Mediaset Espana 120 0.00 113,500 Singapore Post 77 0.00 23,234 Merlin Properties 233 0.01 118,500 Singapore Press 174 0.01 32,367 Red Electrica 537 0.02 112,700 Singapore Technologies Engineering 203 0.01 86,860 Repsol 1,136 0.03 553,900 Singapore Telecommunications 1,095 0.03 86,860 Repsol rights 5/1/18 29 0.00 38,400 StarHub 61 0.00 361,242 Telefonica 2,604 0.07 182,800 Suntec Real Estate Investment Trust 217 0.01 13,193 Zardoya Otis 106 0.00 94,400 United Overseas Bank 1,381 0.04 32,786 0.96 35,800 UOL 176 0.01 18,200 Venture Corp 206 0.01 Sweden – 0.68% 141,800 Wilmar International 243 0.01 22,827 Alfa Laval 399 0.01 30,600 Wing Tai 38 0.00 14,672 Arjo 31 0.00 70,591 Assa Abloy 1,085 0.03 12,755 0.38 47,114 Atlas Copco class ‘A’ shares 1,503 0.04 Spain – 0.96% 28,338 Atlas Copco class ‘B’ shares 803 0.02 45,803 Abertis Infraestructuras 754 0.02 21,196 Boliden 535 0.02 2,072 Acciona 125 0.00 17,190 Electrolux series ‘B’ shares 409 0.01 11,669 Acerinox 123 0.00 216,332 Ericsson series ‘B’ shares 1,047 0.03 17,480 ACS Actividades 506 0.01 43,880 Essity 920 0.03 4,795 Aena 719 0.02 6,889 Fastighets Balder 136 0.00 30,830 Amadeus IT 1,644 0.05 14,672 Getinge 157 0.00 489,471 Banco Bilbao Vizcaya Argentaria 3,088 0.09 83,374 Hennes & Mauritz series ‘B’ shares 1,275 0.04 385,322 Banco Sabadell 565 0.02 18,830 Hexagon series ‘B’ shares 695 0.02 1,220,803 Banco Santander 5,934 0.18 29,831 Husqvarna series ‘B’ shares 210 0.01 84,009 Bankia 297 0.01 5,894 ICA Gruppen 159 0.00 51,430 Bankinter 360 0.01 16,515 Industrivarden series ‘A’ shares 314 0.01 270,007 CaixaBank 932 0.03 13,147 Industrivarden series ‘C’ shares 240 0.01 17,445 Cellnex Telecom 330 0.01 9,620 Investment Latour 88 0.00 1,387 Corporacion Financiera Alba 59 0.00 34,289 Investor series ‘B’ shares 1,155 0.03 47,773 Distribuidora 182 0.01 27,814 Kinnevik 694 0.02 15,953 EDP Renovaveis 98 0.00 2,067 L E Lundbergforetagen 114 0.00 16,458 Enagas 349 0.01 14,083 Lundin Petroleum 237 0.01 23,923 Endesa 379 0.01 237,311 Nordea Bank 2,121 0.06 36,915 Ferrovial 620 0.02 7,884 SAAB class ‘B’ shares 283 0.01 17,580 Gamesa 178 0.01 81,141 Sandvik 1,050 0.03

343 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 344 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

24,105 Securitas series ‘B’ shares 311 0.01 3,152 PSP Swiss Property 221 0.01 106,515 Skandinaviska Enskilda Banken series ‘A’ shares 921 0.03 2,076 Roche (Bearer) 388 0.01 28,032 Skanska series ‘B’ shares 430 0.01 53,341 Roche Holding 9,972 0.30 29,162 SKF series ‘B’ shares 478 0.01 1,420 Schindler (Registered) 237 0.01 45,176 Svenska Cellulosa series ‘B’ shares 344 0.01 3,099 Schindler (Part Certified) 527 0.02 110,153 Svenska Handelsbanken series ‘A’ shares 1,109 0.03 369 SGS (Registered) 710 0.02 78,051 Swedbank series ‘A’ shares 1,388 0.04 150 Sika 881 0.03 13,682 Swedish Match 398 0.01 3,806 Sonova 440 0.01 26,270 Tele2 series ‘B’ shares 239 0.01 46,883 STMicroelectronics 757 0.02 192,127 Telia 634 0.02 735 Straumann 384 0.01 18,796 Trelleborg class ‘B’ shares 321 0.01 893 Sulzer 80 0.00 117,300 Volvo series ‘B’ shares 1,611 0.05 2,196 Swatch class ‘I’ shares 662 0.02 23,844 0.68 3,293 Swatch class ‘N’ shares 186 0.01 2,368 Swiss Life 620 0.02 Switzerland – 2.31% 4,578 Swiss Prime Site 312 0.01 142,302 ABB (Registered) 2,820 0.08 22,835 Swiss Re 1,580 0.05 11,438 Adecco 646 0.02 1,654 Swisscom 651 0.02 6,482 Aryzta 190 0.01 4,251 Temenos 403 0.01 3,564 Baloise 410 0.01 255,973 UBS 3,482 0.10 204 Banque Cantonale Vaudoise (Registered) 114 0.00 3,462 Vifor Pharma 328 0.01 154 Barry Callebaut 237 0.01 110,628 Wolseley 5,896 0.18 21,606 Clariant 447 0.01 12,480 Zurich Insurance 2,808 0.08 80,835 Coca-Cola 1,956 0.06 78,225 2.31 37,636 Compagnie Financiere Richemont 2,521 0.07 208,117 Credit Suisse 2,746 0.08 United Kingdom – 27.79% 1,776 DKSH 115 0.00 409,976 3i 3,739 0.11 2,426 Dufry 267 0.01 284,898 3i Infrastructure 590 0.02 516 EMS-Chemie 255 0.01 11,506 4imprint 208 0.01 1,223 Flughafen Zuerich 206 0.01 112,070 888 Holdings 315 0.01 2,698 Geberit 878 0.03 35,149 A.G. Barr 232 0.01 688 Givaudan 1,175 0.03 251,739 AA 428 0.01 479 Helvetia 199 0.01 24,272 Aberdeem New India 112 0.00 16,040 Julius Baer (Registered) 725 0.02 14,411 Aberdeen Asian Smaller Companies Investment Trust 152 0.00 3,728 Kuehne + Nagel 488 0.01 137,808 Aberdeen Diversified Income And Growth Trust 168 0.00 35,290 LafargeHolcim 1,470 0.04 48,145 Aberdeen New Dawn Investment Trust 115 0.00 8 Lindt & Spruengli (Registered) 424 0.01 39,058 Aberforth Smaller Companies Investment Trust 517 0.01 76 Lindt & Spruengli (Part Certified) 343 0.01 61,355 Acacia Mining 122 0.00 10,941 Logitech International 273 0.01 89,428 Acal 331 0.01 5,452 Lonza 1,089 0.03 83,476 Admiral 1,669 0.05 233,757 Nestlé 14,854 0.43 99,752 Aggreko 795 0.02 177,407 Novartis 11,085 0.33 96,303 Aldermore 299 0.01 2,074 Pargesa 133 0.00 58,754 Alfa Financial Software Holdings 312 0.01 1,250 Partners 634 0.02 148,953 Alliance Trust 1,110 0.03

345 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 346 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

10,763 Allianz Technology Trust 124 0.00 19,779 BlackRock Smaller Companies Trust* 257 0.01 66,122 Allied Minds 108 0.00 30,300 BlackRock Throgmorton Trust* 143 0.00 416,449 Anglo American 6,444 0.20 73,205 BlackRock World Mining Trust* 290 0.01 8,007 Anglo-Eastern Plantations 60 0.00 29,914 Bloomsbury Publishing 55 0.00 113,693 AO World 125 0.00 77,720 Bodycote 708 0.02 59,654 Arrow Global 237 0.01 685,266 Booker 1,569 0.05 14,652 Artemis Alpha Trust 43 0.00 55,609 Bovis Homes 651 0.02 162,744 Ascential 624 0.02 8,143,533 BP 42,517 1.23 158,906 Ashmore 644 0.02 112,303 Brewin Dolphin 437 0.01 211,493 Ashtead 4,196 0.12 966,500 British American Tobacco 48,402 1.40 31,651 Asian Total Return Investment 113 0.00 49,670 British Empire Securities & General Investment Trust 359 0.01 157,545 Associated British Foods 4,443 0.13 426,079 British Land 2,946 0.08 848,088 Assura 542 0.02 108,974 Britvic 888 0.03 535,287 AstraZeneca 27,396 0.79 12,378 Brunner Investment Trust 96 0.00 390,445 Auto Trader 1,377 0.04 3,609,765 BT 9,797 0.29 26,342 Aveva 728 0.02 158,971 BTG 1,208 0.03 1,684,414 Aviva 8,506 0.26 139,525 Bunzl 2,881 0.08 11,723 Avon Rubber 140 0.00 183,618 Burberry 3,290 0.09 208,568 Babcock International 1,471 0.04 237,928 Cairn Energy 509 0.01 1,372,382 BAE Systems 7,857 0.24 13,474 Caledonia Investments 379 0.01 33,190 Baillie Gifford Japan Investment Trust 273 0.01 29,172 Cambian 57 0.00 17,095 Baillie Gifford Shin Nippon 152 0.00 274,284 Capita 1,100 0.03 284,233 Balfour Beatty 840 0.02 303,035 Capital & Counties Properties 966 0.03 14,932 Bank of Georgia 530 0.02 220,919 Capital & Regional 128 0.00 50,786 Bankers Investment Trust 447 0.01 1,238 Capital Gearing Trust 49 0.00 7,176,051 Barclays 14,574 0.42 29,774 Carclo 36 0.00 5,902 Baring Emerging Europe 46 0.00 131,472 Card Factory 388 0.01 415,017 Barratt Developments 2,687 0.08 178,331 Carillion 31 0.00 70,900 BB Healthcare 82 0.00 77,495 Carnival (Registered) 3,791 0.11 423,779 BBA Aviation 1,482 0.04 20,435 Carpetright 35 0.00 318,464 BCA Marketplace 648 0.02 31,355 Carr’s Milling 38 0.00 214,629 Beazley 1,146 0.03 446,902 Centamin 707 0.02 50,965 Bellway 1,816 0.05 2,554,119 Centrica 3,507 0.10 53,007 Berkeley 2,225 0.06 25,856 Charles Taylor Consulting 70 0.00 878,561 BHP Billiton (Registered) 13,372 0.39 120,410 Charter Court Financial Services 340 0.01 60,484 Biffa 157 0.00 115,237 Chemring 211 0.01 60,156 Big Yellow 523 0.02 50,792 Chesnara 198 0.01 23,012 Biotech Growth Trust 177 0.01 82,114 Cineworld 492 0.01 72,358 BlackRock Frontiers Investment Trust* 116 0.00 73,667 Circassia Pharmaceuticals 75 0.00 39,521 BlackRock Greater Europe Investment Trust* 132 0.00 9,057 City of London Investment 37 0.00 16,311 BlackRock Latin American Investment Trust* 75 0.00 140,118 City of London Investment Trust 614 0.02 28,601 BlackRock North American Income Trust* 46 0.00 145,214 Civitas Social Housing 163 0.00 10,238 Clarkson 293 0.01

347 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 348 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

24,302 Clipper Logistics 102 0.00 62,278 Dunedin Income Growth Investment Trust 162 0.00 62,541 Close Brothers 905 0.03 19,817 Dunedin Smaller Companies Investment Trust 53 0.00 64,697 CLS 159 0.00 40,477 Dunelm 280 0.01 22,650 CMC Markets 34 0.00 102,525 easyJet 1,500 0.04 71,757 CNH Industrial 710 0.02 38,131 Ecofin Global Utilities and Infrastructure 50 0.00 579,835 Coats 515 0.01 77,986 Edinburgh Dragon Investment Trust 292 0.01 991,836 Cobham 1,251 0.04 80,908 Edinburgh Investment Trust 568 0.02 18,000 Coca-Cola European Partners 531 0.02 20,127 Edinburgh Worldwide Investment Trust 152 0.00 85,419 Communisis 55 0.00 195,538 EI Group 276 0.01 677,714 Compass 10,843 0.32 11,015 Electra Private Equity 102 0.00 31,719 Computacenter 365 0.01 183,027 Electrocomponents 1,145 0.03 101,163 Connect 110 0.00 189,818 Elementis 546 0.02 20,205 Consort Medical 234 0.01 230,980 Empiric Student Property 214 0.01 544,499 ConvaTec 1,118 0.03 431,384 Enquest 123 0.00 41,935 Costain 196 0.01 137,002 Entertainment One 446 0.01 221,542 Countryside Properties 782 0.02 17,561 EP Global Opportunities Trust 56 0.00 68,422 Countrywide 82 0.00 134,353 Equiniti 383 0.01 20,769 Cranswick 690 0.02 108,365 Essentra 572 0.02 101,963 Crest Nicholson 555 0.02 117,833 esure 293 0.01 365,930 CRH 9,723 0.29 17,415 Euro Investment Trust 163 0.00 52,585 Croda International 2,326 0.07 22,037 Euromoney Institutional Investor 286 0.01 130,697 Custodian REIT 152 0.00 201,003 Evraz 683 0.02 84,089 CVC Credit Partners 95 0.00 390,418 Experian 6,383 0.19 366,386 CYBG 1,240 0.04 40,633 F&C Capital & Income Investment Trust 134 0.00 1,878 Daejan 114 0.00 218,309 F&C Commercial Property Trust 296 0.01 56,561 Dairy Crest 326 0.01 23,728 F&C Global Small Companies 328 0.01 41,739 DCC 3,116 0.09 30,663 F&C Private Equity Trust 103 0.00 42,207 De La Rue 270 0.01 99,471 F&C UK Real Estate Investment Trust 103 0.00 475,687 Debenhams 164 0.00 8,460 F&C US Smaller Companies 75 0.00 37,433 Dechra Pharmaceuticals 783 0.02 34,906 FDM 326 0.01 41,493 Derwent London 1,293 0.04 79,902 Fenner 319 0.01 68,432 Devro 155 0.00 120,963 Ferrexpo 354 0.01 84,503 DFS Furniture 164 0.00 79,295 Fiat Chrysler Automobiles 1,049 0.03 1,044,423 Diageo 28,413 0.82 27,998 Fidelity Asian Values Investment Trust 109 0.00 12,153 Dialight 67 0.00 153,540 Fidelity China Special Situations Investment Trust 360 0.01 20,435 Dignity 372 0.01 172,271 Fidelity European Values Investment Trust 390 0.01 45,790 Diploma 570 0.02 56,202 Fidelity Japanese Values Investment Trust 84 0.00 570,664 Direct Line 2,178 0.06 75,229 Fidelity Special Values Investment Trust 192 0.01 142,905 Diverse Income Trust 147 0.00 15,471 Fidessa 391 0.01 413,480 Dixons Carphone 823 0.02 24,635 Findel 49 0.00 204,187 Domino’s Pizza 706 0.02 63,389 Finsbury Growth & Income Trust 490 0.01 168,800 Drax 455 0.01 499,870 FirstGroup 550 0.02 415,452 DS Smith 2,150 0.06 225,816 Foreign & Colonial Investment Trust 1,456 0.04

349 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 350 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

106,950 Forterra 318 0.01 40,229 Henry Boot 125 0.00 104,623 Foxtons 85 0.00 29,545 Herald Investment Trust 344 0.01 12,845 Fuller Smith & Turner class ‘A’ shares 118 0.00 14,298 HG Capital Investment Trust 253 0.01 9,837 Fundsmith Emerging Equities Trust 128 0.00 57,836 Hikma Pharmaceuticals 654 0.02 641,874 G4S 1,709 0.05 32,523 Hill & Smith 435 0.01 33,421 Galliford Try 430 0.01 24,037 Hilton Food Group 207 0.01 502,425 GAM 19,796 0.57 102,800 Hochschild Mining 271 0.01 12,343 Games Workshop 325 0.01 101,739 Hogg Robinson 82 0.00 139,287 GCP Student Living 200 0.01 58,217 Hollywood Bowl 118 0.01 45,120 Gem Diamonds 32 0.00 145,513 HomeServe 1,177 0.03 25,335 Genus 641 0.02 39,665 Hostelworld 151 0.00 711,461 GKN 2,267 0.07 249,114 Howden Joinery 1,163 0.03 2,042,321 GlaxoSmithKline 26,918 0.78 8,473,846 HSBC 64,918 1.87 4,925,018 Glencore 19,151 0.55 57,410 Hunting 347 0.01 17,845 Go-Ahead 266 0.01 159,444 Ibstock 425 0.01 117,931 Gocompare.Com 124 0.00 28,791 ICG Enterprise Trust 228 0.01 1,150 Goodwin 22 0.00 40,592 ICG-Longbow Senior Secured UK Property Debt Investments 41 0.00 169,836 Grainger Trust 491 0.01 149,676 IG 1,074 0.03 135,204 Great Portland Estates 929 0.03 111,142 IMI 1,482 0.04 563,765 Greencoat UK Wind 691 0.02 75,058 Impax Environmental Markets 191 0.01 291,642 Greencore 670 0.02 403,447 Imperial Brands 12,773 0.37 127,061 Greene King 705 0.02 172,808 Inchcape 1,350 0.04 41,218 Greggs 575 0.02 296,925 Indivior 1,210 0.03 85,244 Gulf Marine Services 38 0.00 340,363 Informa 2,456 0.07 120,422 GVC 1,114 0.03 187,914 Inmarsat 921 0.03 139,713 Gym Group 306 0.01 78,652 InterContinental Hotels 3,711 0.11 82,067 Halfords 287 0.01 115,154 Intermediate Capital 1,319 0.04 180,895 Halma 2,279 0.07 15,569 International Biotechnology Trust 97 0.00 328,904 Hammerson 1,796 0.05 90,947 International Personal Finance 180 0.01 1,588 Hansard Global 16 0.00 558,235 International Public Partnership 874 0.03 371,652 Hansteen 531 0.02 60,235 Interserve 58 0.00 119,811 Hargreaves Lansdown 2,159 0.06 67,137 Intertek 3,484 0.10 126,998 Hastings 406 0.01 367,376 Intu Properties 929 0.03 552,902 Hays 1,011 0.03 34,612 Invesco Asia Investment Trust 103 0.00 34,199 Headlam 197 0.01 24,279 Invesco Income & Growth Investment Trust 71 0.00 40,749 Helical Bar 137 0.00 22,039 Invesco Perpetual UK Smaller Companies Investment Trust 114 0.00 15,809 Henderson Alternative Strategi 47 0.00 490,652 IP 698 0.02 38,308 Henderson Diversified Income 36 0.00 105,427 ITE 191 0.01 8,589 Henderson Europe Focus Trust 117 0.00 1,746,928 ITV 2,888 0.08 8,778 Henderson Eurotrust 104 0.00 274,421 IWG 703 0.02 52,682 Henderson High Income Invesment Trust 99 0.00 667,882 J Sainsbury 1,612 0.05 64,974 Henderson International Income Trust 108 0.00 16,933 James Fisher & Sons 265 0.01 30,972 Henderson Smaller Companies Investment Trust 274 0.01 50,512 Jardine Lloyd Thompson 701 0.02

351 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 352 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

149,503 JD Sports Fashion 503 0.01 2,575,601 Legal & General 7,039 0.21 30,313 JD Wetherspoon 381 0.01 16,600 Liberty Global class ‘A’ shares 440 0.01 152,297 John Laing 447 0.01 48,500 Liberty Global class ‘C’ shares 1,214 0.03 119,568 John Laing Environmental Assets 130 0.00 36 Lindsell Train Investment Trust 30 0.00 349,505 John Laing Infrastructure Fund 430 0.01 16,689 Liontrust 78 0.00 28,075 John Menzies 189 0.01 30,153,557 Lloyds Banking 20,447 0.59 272,491 John Wood 1,770 0.05 132,187 London Stock Exchange 5,005 0.15 87,909 Johnson Matthey 2,701 0.08 264,804 LondonMetric Property 493 0.01 99,944 JP Morgan American Investment Trust 404 0.01 117,222 Lonmin 97 0.00 39,029 JP Morgan Asian Investment Trust 140 0.00 132,900 Lookers 136 0.00 30,240 JP Morgan Chinese Investment Trust 92 0.00 68,170 Low & Bonar 36 0.00 22,631 JP Morgan Claverhouse Investment Trust 164 0.00 10,991 Lowland Investment Company 170 0.00 51,634 JP Morgan Emerging Markets Investment Trust 455 0.01 34,289 LSL Property Services 94 0.00 66,331 JP Morgan Euro Smaller Companies Trust 278 0.01 30,446 Luceco 34 0.00 32,026 JP Morgan European Investment Trust – Growth 103 0.00 27,824 Macau Property Opportunities Fund 50 0.00 38,909 JP Morgan European Investment Trust – Income 63 0.00 11,882 Majedie Investment Trust 35 0.00 80,318 JP Morgan Global Convertibles Income Fund 77 0.00 672,077 Man 1,389 0.04 122,100 JP Morgan Global Emerging Markets Income Trust 166 0.00 673,856 Marks & Spencer 2,120 0.06 51,293 JP Morgan Global Growth & Income 169 0.00 81,969 Marshalls 371 0.01 43,672 JP Morgan Indian Investment Trust 331 0.01 260,215 Marston’s 292 0.01 22,716 JP Morgan Japan Smaller Companies Trust 99 0.00 14,950 Martin Currie Asia Unconstrain 60 0.00 66,912 JP Morgan Japanese Investment Trust 293 0.01 39,465 Martin Currie Global Portfolio Investment 96 0.00 9,878 JP Morgan Mid Cap Investment Trust 117 0.00 75,433 McBride 168 0.00 21,708 JP Morgan Russian Securities 109 0.00 220,626 McCarthy & Stone 348 0.01 6,924 JP Morgan Smaller Companies Investment Trust 75 0.00 31,771 McColl’s Retail 82 0.00 43,841 Jupiter European Opportunities Trust 315 0.01 35,805 McKay Securities 82 0.00 171,885 Jupiter Fund Management 1,080 0.03 42,329 Mears 171 0.00 237,951 Just Eat 1,858 0.05 37,281 Medica 76 0.00 424,514 Just Group 723 0.02 162,167 Mediclinic International 1,047 0.03 2,129 Kainos 7 0.00 167,956 MedicX Fund 139 0.00 96,480 KAZ Minerals 861 0.02 320,861 Meggitt 1,547 0.04 210,397 KCOM 191 0.01 919,403 Melrose Industries 1,947 0.06 29,479 Keller 286 0.01 35,078 Mercantile Investment Trust 764 0.02 31,906 Kenmare Resources 86 0.00 45,109 Merchants Investment Trust 223 0.01 5,606 Keystone Investment Trust 100 0.00 291,013 Merlin Entertainments 1,055 0.03 38,822 Kier 422 0.01 40,138 Metro Bank 1,439 0.04 922,193 Kingfisher 3,114 0.09 162,345 Micro Focus International (Registered) 4,086 0.12 732,753 Ladbrokes 1,332 0.04 16,657 Micro Focus International ADR 414 0.01 200,984 Laird 276 0.01 49,245 Millennium & Copthorne Hotels 288 0.01 94,113 Lamprell 72 0.00 88,763 Mitchells & Butlers 251 0.01 82,607 Lancashire 563 0.02 148,168 MITIE 285 0.01 312,724 Land Securities Group 3,152 0.09 17,112 MJ Gleeson 128 0.00 48,505 Law Debenture 302 0.01 152,912 Mondi 2,953 0.09

353 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 354 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

217,741 Moneysupermarket.com 775 0.02 172,303 Pennon 1,342 0.04 97,638 Monks Investment Trust 743 0.02 13,981 Pentair 731 0.02 6,887 Montanaro European Smaller Companies 55 0.00 99,760 Perpetual Income and Growth Investment Trust 379 0.01 13,098 Montanaro UK Smaller Company Investment Trust 76 0.00 99,659 Pershing Square Holdings 1,008 0.03 117,160 Morgan Advanced Materials 393 0.01 127,812 Persimmon 3,496 0.10 16,161 Morgan Sindall 231 0.01 761 Personal Assets Trust 311 0.01 35,167 Moss Bros 30 0.00 214,289 Petra Diamonds 167 0.00 60,919 Mothercare 40 0.00 107,182 Petrofac 546 0.02 23,291 Motorpoint 50 0.00 759,770 Petropavlovsk 59 0.00 27,776 Murray Income Trust 221 0.01 149,498 Pets at Home 263 0.01 51,161 Murray International Trust 648 0.02 75,758 Photo-Me 139 0.00 62,787 N Brown 169 0.00 487,758 Picton Property Income Fund 401 0.01 91,237 Nanoco 24 0.00 121,739 Playtech 1,048 0.03 175,238 National Express 667 0.02 71,427 Polar Capital Global Financials Trust 102 0.00 1,441,873 National Grid 12,609 0.36 54,848 Polar Capital Technology Trust 621 0.02 108,418 NCC 253 0.01 106,661 Polymetal International 982 0.03 149,237 New City High Yield Fund 93 0.00 77,363 Polypipe 303 0.01 200,869 NewRiver REIT Voting 672 0.02 15,453 Porvair 69 0.00 130,485 NEX 791 0.02 287,281 Premier Foods 121 0.00 64,373 Next 2,910 0.08 207,647 Premier Oil 158 0.00 33,234 NMC Health 959 0.03 304,756 Primary Health Properties 355 0.01 28,465 Norcros 51 0.00 61,514 Provident Financial 552 0.02 11,865 North American Income Trust 156 0.00 1,092,718 Prudential 20,794 0.60 4,207 North Atlantic Smaller Companies Investment Trust 113 0.00 53,323 PureTech Health 79 0.00 54,987 Northgate 210 0.01 78,078 PZ Cussons 253 0.01 35,590 Nostrum Oil & Gas 116 0.00 229,909 QinetiQ 531 0.02 178,467 Ocado 708 0.02 6,693 Ranger Direct Lending 47 0.00 2,038,806 Old Mutual 4,718 0.14 70,826 Rank 171 0.00 84,248 On the beach 395 0.01 20,691 Rathbone Brothers 528 0.02 67,297 OneSavings Bank 277 0.01 169,801 Raven Russia 83 0.00 282,559 Ophir Energy 189 0.01 36,613 Real Estate Credit Investments 61 0.00 1,032,601 Oxford Biomedica 91 0.00 263,067 Reckitt Benckiser 18,199 0.52 21,960 Oxford Instruments 186 0.01 138,028 Redrow 903 0.03 34,302 P2P Global Investments 279 0.01 114,941 Regional REIT 117 0.00 49,548 Pacific Assets Investment Trust 128 0.00 458,848 RELX (Registered) 7,975 0.24 22,099 Pacific Horizon Investment Trust 69 0.00 252,932 Renewi 261 0.01 34,247 Paddy Power Betfair 3,019 0.09 14,174 Renishaw 741 0.02 128,506 Pagegroup 601 0.02 82,679 Renold 38 0.00 30,254 Pantheon International Participations Fund 563 0.02 765,054 Rentokil Initial 2,433 0.07 111,740 Paragon 548 0.02 80,312 Restaurant 242 0.01 27,074 PayPoint 247 0.01 21,976 Ricardo 191 0.01 340,254 Pearson 2,504 0.07 38,061 Rightmove 1,711 0.05 565,142 Pendragon 154 0.00 31,623 Rio Tinto 1,387 0.04

355 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 356 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

52,534 RIT Capital Partners 1,030 0.03 90,293 SOCO International 100 0.00 27,698 Robert Walters 160 0.00 43,563 Softcat 226 0.01 719,393 Rolls-Royce 6,093 0.19 161,573 Sophos 919 0.03 359,629 Rotork 960 0.03 49,357 Spectris 1,227 0.04 1,378,441 Royal Bank of Scotland 3,829 0.11 210,799 Speedy Hire 129 0.00 1,922,561 Royal Dutch Shell class ‘A’ shares 47,641 1.37 30,403 Spirax-Sarco Engineering 1,709 0.05 449,484 Royal Mail 2,034 0.06 116,234 Spire Healthcare 295 0.01 169,219 RPC 1,492 0.04 250,113 Spirent Communications 254 0.01 92,540 RPS 251 0.01 61,571 Sportech 49 0.00 422,382 RSA Insurance 2,667 0.08 97,842 Sports Direct International 369 0.01 1,576 S&U 35 0.00 148,368 SQN Asset Finance Income 131 0.00 84,386 Safestore 419 0.01 37,278 SQN Asset Finance Income Fund 33 0.00 459,747 Saga 578 0.02 443,552 SSE 5,846 0.18 448,592 Sage 3,564 0.10 194,528 SSP 1,327 0.04 48,928 Sanne 396 0.01 73,116 St Modwen Properties 296 0.01 53,600 Savills 532 0.02 216,555 St. James’s Place Capital 2,653 0.08 69,457 Schroder Asia Pacific Fund 320 0.01 174,842 Stagecoach 288 0.01 28,421 Schroder Income Growth Fund 83 0.00 1,159,826 Standard Chartered 9,047 0.27 51,869 Schroder Japan Growth 115 0.00 1,154,488 Standard Life 5,038 0.16 39,230 Schroder Real Estate 24 0.00 20,332 Standard Life Equity Income Trust 95 0.00 64,446 Schroder UK Growth Fund 114 0.00 161,229 Standard Life Investment Property Trust 149 0.00 14,986 Schroder UK Mid & Small Cap Fund 83 0.00 31,288 Standard Life Private Equity Trust 110 0.00 54,997 Schroders 1,934 0.06 28,250 Standard Life UK Smaller Trust 137 0.00 55,356 Scottish American Investment Trust 203 0.01 51,964 SThree 191 0.01 34,549 Scottish Investment Trust 301 0.01 127,166 Stobart 358 0.01 650,253 Scottish Mortgage Investment Trust 2,911 0.08 78,344 Stock Spirits 209 0.01 12,711 Scottish Oriental Smaller Companies Trust 133 0.00 27,584 Strategic Equity Capital 66 0.00 33,487 SDL 142 0.00 14,125 STV 44 0.00 46,443 Securities Trust of Scotland 80 0.00 20,672 SuperGroup 409 0.01 413,419 Segro 2,427 0.07 110,286 Synthomer 540 0.02 173,674 Senior 453 0.01 216,239 Talktalk Telecom 326 0.01 294,978 Sequoia Economic Infrastructure Income 330 0.01 98,640 Target Healthcare REIT 111 0.00 450,559 Serco 445 0.01 5,063 Tarsus 16 0.00 28,189 Servelec 88 0.00 192,539 Tate & Lyle 1,354 0.04 122,743 Severfield 94 0.00 1,346,576 Taylor Wimpey 2,779 0.08 97,896 Severn Trent 2,115 0.06 12,864 TBC Bank 222 0.01 92,902 Shaftesbury 969 0.03 34,417 TechnipFMC 789 0.02 245,481 SIG 433 0.01 11,767 Ted Baker 318 0.01 1,657,981 Sirius Minerals 390 0.01 24,377 Telecom Plus 292 0.01 442,850 Sky 4,482 0.13 27,715 Temple Bar Investment Trust 363 0.01 393,909 Smith & Nephew 5,062 0.16 116,645 Templeton Emerging Markets Investment Trust 907 0.03 164,066 Smiths 2,445 0.07 3,528,153 Tesco 7,383 0.22 98,631 Smurfit Kappa 2,471 0.07 565,483 Thomas Cook 695 0.02

357 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 358 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

60,889 Topps Tiles 48 0.00 49,870 Workspace 498 0.01 10,040 Town Centre Securities 29 0.00 810,226 Worldpay 3,452 0.10 229,982 TP ICAP 1,224 0.04 19,111 Worldwide Healthcare Trust 483 0.01 20,617 TR European Growth Investment 247 0.01 516,422 WPP 6,925 0.21 131,606 TR Property Investment Trust 523 0.02 31,318 Xaar 115 0.00 104,177 Travis Perkins 1,632 0.05 53,158 Xafinity 102 0.00 21,000 Treatt 95 0.00 4,089 Xafinity rights 19/1/18 1 0.00 48,813 Trifast 119 0.00 6,141 XP Power 211 0.01 109,891 Trinity Mirror 85 0.00 1,743 Zotefoams 8 0.00 565,009 Tritax Big Box 840 0.02 122,221 ZPG 404 0.01 119,371 Troy Income & Growth Trust 94 0.00 968,217 27.79 66,843 TT Electronics 148 0.00 180,290 TUI 2,776 0.08 United States – 39.26% 568,464 Tullow Oil 1,169 0.03 78,100 21st Century Fox America class ‘A’ shares 1,996 0.06 163,768 TwentyFour Income Fund 196 0.01 30,700 21st Century Fox America class ‘B’ shares 775 0.02 73,374 Tyman 265 0.01 43,700 3M 7,626 0.23 51,457 U & I Group 99 0.00 129,095 Abbott Laboratories 5,457 0.17 103,036 UDG Healthcare 871 0.03 123,793 AbbVie 8,874 0.27 270,717 UK Commercial Property Trust 239 0.01 46,500 Accenture 5,270 0.16 28,680 Ultra Electronics 386 0.01 57,790 Activision Blizzard 2,708 0.08 489,833 Unilever (Registered) 20,201 0.58 3,200 Acuity Brands 417 0.01 91,872 United Group 738 0.02 7,000 Adient 408 0.01 285,483 United Utilities 2,367 0.07 37,100 Adobe Systems 4,813 0.14 16,047 Value & Income Investment Trust 45 0.00 5,000 Advance Auto Parts 369 0.01 279,831 Vectura 329 0.01 55,500 Advanced Micro Devices 422 0.01 33,909 Vedanta Resources 273 0.01 10,000 AerCap 389 0.01 88,201 Vesuvius 515 0.01 49,800 AES 399 0.01 33,683 Victrex 889 0.03 24,400 Aetna 3,262 0.09 116,979 Virgin Money 332 0.01 3,800 Affiliated Managers 577 0.02 11,261,113 Vodafone 26,447 0.76 29,000 Aflac 1,885 0.05 22,189 Volution 45 0.00 25,100 Agilent Technologies 1,243 0.04 6,724 Vp 58 0.00 25,900 AGNC Investment 387 0.01 156,778 VPC Specialty Lending Investments 121 0.00 16,641 Air Products & Chemicals 2,021 0.06 105,826 Weir 2,247 0.06 13,100 Akamai Technologies 631 0.02 44,200 WH Smith 1,032 0.03 2,300 Alaska Air 125 0.00 75,963 Whitbread 3,037 0.09 8,800 Albemarle 833 0.02 354,745 William Hill 1,139 0.03 14,200 Alcoa 566 0.02 45,595 Wincanton 106 0.00 8,168 Alexandria Real Estate Equities 789 0.02 73,838 Witan Investment Trust 796 0.02 15,900 Alexion Pharmaceuticals 1,408 0.04 26,299 Witan Pacific Investment Trust 87 0.00 6,286 Align Technology 1,034 0.03 22,832 Wizz Air 840 0.02 10,600 Alkermes 429 0.01 901,158 Wm Morrison Supermarkets 1,982 0.06 1,144 Alleghany 505 0.01 343,008 Woodford Patient Capital Trust 288 0.01 7,400 Allegion 436 0.01

359 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 360 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

25,200 Allergan 3,052 0.09 4,400 Assurant 328 0.01 4,100 Alliance Data Systems 769 0.02 469,754 AT&T 13,524 0.39 17,300 Alliant Energy 546 0.02 15,600 Autodesk 1,210 0.03 26,800 Allstate 2,077 0.06 7,000 Autoliv 658 0.02 38,000 Ally Financial 820 0.02 33,400 Automatic Data Processing 2,897 0.08 22,726 Alphabet class ‘A’ shares 17,718 0.51 4,700 AutoNation 178 0.01 23,086 Alphabet class ‘C’ shares 17,879 0.52 2,200 AutoZone 1,158 0.03 147,543 Altria 7,801 0.23 10,500 AvalonBay Communities 1,387 0.04 30,337 Amazon.com 26,258 0.76 4,500 Avangrid 168 0.00 10,200 Amdocs 494 0.01 6,700 Avery Dennison 570 0.02 18,800 Ameren 821 0.02 10,300 Avnet 302 0.01 10,600 American Airlines 408 0.01 6,500 Axis Capital 242 0.01 37,400 American Electric Power 2,036 0.06 32,400 Baker Hughes 759 0.02 55,700 American Express 4,094 0.12 26,700 Ball 748 0.02 69,500 American International 3,065 0.09 740,364 Bank of America 16,181 0.47 32,100 American Tower class ‘A’ shares 3,390 0.10 74,800 Bank of New York Mellon 2,982 0.09 13,700 American Water Works 927 0.03 37,500 Baxter International 1,794 0.05 11,200 Ameriprise Financial 1,405 0.04 61,900 BB&T 2,278 0.07 12,700 AmerisourceBergen 863 0.02 16,600 Becton Dickinson 2,630 0.08 16,000 AMETEK 858 0.02 11,800 Bed Bath & Beyond 192 0.01 57,669 Amgen 7,422 0.22 7,300 Bemis 258 0.01 22,000 Amphenol class ‘A’ shares 1,430 0.04 33 Berkshire Hathaway convertible class ‘A’ shares 7,273 0.22 42,300 Anadarko Petroleum 1,679 0.05 94,893 Berkshire Hathaway convertible class ‘B’ shares 13,953 0.40 27,000 Analog Devices 1,780 0.05 18,431 Best Buy 934 0.03 12,871 Andeavor 1,090 0.03 16,200 Biogen 3,819 0.11 102,353 Annaly Capital Management 901 0.03 16,190 BioMarin Pharmaceutical 1,068 0.03 5,900 Ansys 644 0.02 8,100 Bioverativ 323 0.01 14,900 Antero Resources 209 0.01 9,517 BlackRock 3,621 0.10 19,500 Anthem 3,248 0.09 42,200 Boeing 9,214 0.28 20,100 Aon class ‘A’ shares 1,993 0.06 16,800 BorgWarner 635 0.02 26,600 Apache 831 0.02 11,800 Boston Properties 1,136 0.03 393,598 Apple 49,315 1.42 103,600 Boston Scientific 1,901 0.05 80,800 Applied Materials 3,058 0.09 6,000 Brighthouse 260 0.01 19,200 Aptiv 1,205 0.03 125,757 Bristol-Myers Squibb 5,706 0.17 19,239 Aramark 608 0.02 31,347 Broadcom 5,970 0.18 12,254 Arch Capital 823 0.02 9,300 Broadridge Financial Solutions 624 0.02 43,000 Archer Daniels Midland 1,275 0.04 9,300 Brown & Brown 354 0.01 29,400 Arconic 593 0.02 15,124 Brown-Forman class ‘B’ shares 769 0.02 4,322 Arista Networks 754 0.02 11,000 Bunge 546 0.02 7,200 Arrow Electronics 428 0.01 24,400 CA 601 0.02 13,800 Arthur J Gallagher 646 0.02 32,700 Cabot Oil & Gas 692 0.02 4,700 Ashland Global 248 0.01 23,700 Calpine 265 0.01

361 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 362 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

12,100 Campbell Soup 431 0.01 359,604 Comcast class ‘A’ shares 10,664 0.32 36,900 Capital One Financial 2,720 0.08 11,779 Comerica 757 0.02 24,400 Cardinal Health 1,106 0.03 7,875 Commerce Bancshares 325 0.01 12,800 CarMax 608 0.02 31,000 Conagra Brands 864 0.02 29,100 Carnival 1,429 0.04 11,200 Concho Resources 1,246 0.04 43,200 Caterpillar 5,040 0.16 90,700 ConocoPhillips 3,685 0.11 9,222 Cboe Global Markets 850 0.02 23,100 Consolidated Edison 1,453 0.04 21,800 CBRE class ‘A’ shares 699 0.02 12,100 Constellation Brands class ‘A’ shares 2,047 0.06 26,800 CBS class ‘B’ shares 1,170 0.03 7,200 Continental Resources 282 0.01 9,900 CDK Global 522 0.02 4,761 Cooper 768 0.02 12,414 CDW 639 0.02 3,400 Core Laboratories 276 0.01 10,000 Celanese 793 0.02 67,900 Corning 1,608 0.05 59,135 Celgene 4,568 0.13 32,900 Costco Wholesale 4,534 0.13 12,500 Centene 934 0.03 33,100 Coty 487 0.01 33,300 CenterPoint Energy 699 0.02 5,700 CR Bard 1,400 0.04 72,557 CenturyLink 896 0.03 32,094 Crown Castle International 2,638 0.08 21,800 Cerner 1,087 0.03 12,600 CSRA 279 0.01 17,900 CF Industries 563 0.02 66,200 CSX 2,696 0.08 11,100 CH Robinson Worldwide 732 0.02 12,000 Cummins 1,569 0.05 95,128 Charles Schwab 3,617 0.10 77,000 CVS Health 4,135 0.12 14,900 Charter Communications 3,707 0.11 48,455 Danaher 3,329 0.10 15,400 Cheniere Energy 614 0.02 9,700 Darden Restaurants 690 0.02 144,325 Chevron 13,394 0.39 12,200 DaVita 652 0.02 2,370 Chipotle Mexican Grill 507 0.01 23,791 Deere 2,757 0.08 35,200 Chubb 3,810 0.11 15,600 Dell Technologies 938 0.03 17,600 Church & Dwight 654 0.02 6,400 Delphi Technologies 249 0.01 18,700 Cigna 2,812 0.08 14,400 Delta Air Lines 597 0.02 7,400 Cimarex Energy 668 0.02 17,700 Dentsply Sirona 862 0.02 10,900 Cincinnati Financial 605 0.02 40,000 Devon Energy 1,226 0.04 7,000 Cintas 807 0.02 17,548 Digital Realty Trust 1,479 0.04 386,473 Cisco Systems 10,961 0.33 28,300 Discover Financial Services 1,611 0.05 11,000 CIT 401 0.01 10,700 Discovery Communications class ‘A’ shares 177 0.01 202,617 Citigroup 11,160 0.33 17,500 Discovery Communications class ‘C’ shares 274 0.01 39,100 Citizens Financial 1,215 0.04 16,800 DISH Network class ‘A’ shares 594 0.02 11,900 Citrix Systems 775 0.02 23,727 Dollar General 1,634 0.05 9,900 Clorox 1,090 0.03 17,200 Dollar Tree 1,366 0.04 27,343 CME 2,956 0.09 47,500 Dominion Energy 2,850 0.08 19,100 CMS Energy 669 0.02 4,040 Domino’s Pizza 565 0.02 3,000 CNA Financial 118 0.00 12,200 Dover 912 0.03 293,371 Coca-Cola 9,975 0.30 180,298 Dowdupont 9,517 0.28 45,104 Cognizant Technology 2,371 0.07 26,700 DR Horton 1,009 0.03 66,581 Colgate-Palmolive 3,720 0.11 14,100 Dr Pepper Snapple 1,013 0.03

363 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 364 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

4,100 DST Systems 188 0.01 16,696 Fiserv 1,621 0.05 13,800 DTE Energy 1,118 0.03 6,092 FleetCor Technologies 868 0.03 56,058 Duke Energy 3,490 0.10 9,700 Flowserve 302 0.01 27,700 Duke Realty 558 0.02 11,200 Fluor 428 0.01 2,800 Dun & Bradstreet 246 0.01 10,100 FMC 708 0.02 20,153 DXC Technology 1,416 0.04 21,400 FNF 621 0.02 21,400 E*TRADE Financial 785 0.02 8,900 Foot Locker 309 0.01 11,500 Eastman Chemical 788 0.02 296,300 Ford Motor 2,739 0.08 34,400 Eaton 2,012 0.06 22,600 Fortive 1,211 0.03 74,800 eBay 2,089 0.06 12,100 Fortune Brands Home & Security 613 0.02 19,300 Ecolab 1,917 0.06 23,400 Franklin Resources 750 0.02 4,700 Edgewell Personal Care 207 0.01 104,500 Freeport-McMoRan 1,467 0.04 25,574 Edison International 1,197 0.03 17,800 Gap 449 0.01 16,300 Edwards Lifesciences 1,360 0.04 8,600 Garmin 379 0.01 22,500 Electronic Arts 1,750 0.05 6,167 Gartner 562 0.02 73,500 Eli Lilly 4,597 0.13 19,600 General Dynamics 2,953 0.09 49,200 Emerson Electric 2,538 0.07 663,693 General Electric 8,581 0.26 13,600 Entergy 819 0.02 43,100 General Mills 1,891 0.05 42,500 EOG Resources 3,396 0.10 104,200 General Motors 3,162 0.09 20,482 EQT 863 0.02 22,600 Gentex 350 0.01 8,500 Equifax 742 0.02 11,700 Genuine Parts 823 0.02 6,520 Equinix 2,188 0.06 41,135 GGP 712 0.02 27,500 Equity Residential 1,298 0.04 99,291 Gilead Sciences 5,265 0.16 5,100 Essex Property Trust 912 0.03 10,600 Global Payments 787 0.02 18,534 Estee Lauder class ‘A’ shares 1,746 0.05 26,395 Goldman Sachs 4,981 0.15 3,100 Everest Re 508 0.01 17,500 Goodyear Tire & Rubber 418 0.01 24,200 Eversource Energy 1,132 0.03 16,200 H&R Block 314 0.01 70,600 Exelon 2,060 0.06 65,700 Halliburton 2,376 0.07 8,500 Expedia 753 0.02 28,200 Hanesbrands 436 0.01 13,800 Expeditors International of Washington 661 0.02 13,800 Harley-Davidson 520 0.01 45,200 Express Scripts 2,498 0.07 9,700 Harris 1,017 0.03 9,100 Extra Space Storage 589 0.02 26,800 Hartford Financial Services 1,117 0.03 323,735 Exxon Mobil 20,076 0.58 8,600 Hasbro 579 0.02 5,200 F5 Networks 505 0.01 22,300 HCA Healthcare 1,450 0.04 178,203 Facebook 23,281 0.67 33,300 HCP 643 0.02 20,300 Fastenal 822 0.02 7,900 Helmerich & Payne 378 0.01 5,700 Federal Realty Investment Trust 560 0.02 10,903 Henderson 309 0.01 18,600 FedEx 3,435 0.10 11,634 Henry Schein 602 0.02 25,100 Fidelity National Information Services 1,749 0.05 5,100 Herbalife 256 0.01 58,000 Fifth Third Bancorp 1,302 0.04 10,500 Hershey 882 0.03 14,523 First Republic Bank 931 0.03 21,400 Hess 752 0.02 32,200 FirstEnergy 730 0.02 121,300 Hewlett Packard Enterprise 1,289 0.04

365 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 366 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

19,265 Hilton Worldwide 1,139 0.03 83,100 KeyCorp 1,241 0.04 14,100 HollyFrontier 535 0.02 13,400 Keysight Technologies 412 0.01 19,100 Hologic 604 0.02 26,500 Kimberly-Clark 2,367 0.07 90,374 Home Depot 12,690 0.37 33,100 Kimco Realty 445 0.01 57,501 Honeywell International 6,540 0.20 144,000 Kinder Morgan 1,926 0.06 21,500 Hormel Foods 579 0.02 12,100 KLA-Tencor 941 0.03 11,500 Hospitality Properties Trust 254 0.01 12,900 Kohl’s 518 0.01 58,100 Host Hotels & Resorts 854 0.02 45,200 Kraft Heinz 2,602 0.08 125,500 HP 1,951 0.06 68,700 Kroger 1,396 0.04 10,800 Humana 1,984 0.06 16,400 L Brands 731 0.02 83,800 Huntington Bancshares 903 0.03 5,500 L3 Technologies 805 0.02 5,300 InterActive 479 0.01 8,000 Laboratory Corp of America 944 0.03 6,500 IDEXX Laboratories 752 0.02 12,500 Lam Research 1,703 0.05 27,300 IHS Markit 912 0.03 10,900 Lamb Weston 455 0.01 22,674 Illinois Tool Works 2,801 0.08 27,200 Las Vegas Sands 1,399 0.04 10,900 Illumina 1,763 0.05 4,700 Lear 615 0.02 12,000 Incyte 841 0.02 10,500 Leggett & Platt 371 0.01 19,700 Ingersoll-Rand 1,301 0.04 15,400 Lennar class ‘A’ shares 721 0.02 5,100 Ingredion 528 0.02 24,300 Leucadia National 476 0.01 363,985 Intel 12,440 0.36 1,800 Liberty Broadband class ‘A’ shares 113 0.00 45,512 Intercontinental Exchange 2,377 0.07 10,100 Liberty Broadband class ‘C’ shares 636 0.02 64,606 International Business Machines 7,340 0.22 34,200 Liberty Interactive 618 0.02 6,300 International Flavors & Fragrances 712 0.02 7,500 Liberty SiriusXM class ‘A’ shares 220 0.01 31,700 International Paper 1,360 0.04 13,800 Liberty SiriusXM class ‘C’ shares 405 0.01 30,900 Interpublic 461 0.01 11,700 Liberty Property Trust 373 0.01 18,000 Intuit 2,103 0.06 17,600 Lincoln National 1,001 0.03 8,400 Intuitive Surgical 2,269 0.07 21,400 LKQ 644 0.02 28,984 Invesco 784 0.02 18,800 Lockheed Martin 4,469 0.13 259,816 Investec 1,390 0.04 20,400 Loews 755 0.02 10,000 IQVIA 725 0.02 64,900 Lowe’s 4,464 0.13 18,500 Iron Mountain 517 0.01 7,700 Lululemon Athletica 448 0.01 13,300 Jabil 258 0.01 24,600 Lyondellbasell Industries class ‘A’ shares 2,009 0.06 9,100 Jacobs Engineering 444 0.01 10,600 M&T Bank 1,342 0.04 4,100 Jazz Pharmaceuticals 408 0.01 11,100 Macerich 540 0.02 6,700 JB Hunt Transport Services 570 0.02 24,100 Macy’s 449 0.01 8,700 JM Smucker 800 0.02 8,400 Mallinckrodt Pharmaceuticals 140 0.00 205,917 Johnson & Johnson 21,312 0.61 5,000 Manpower 467 0.01 71,900 Johnson Controls International 2,029 0.06 66,000 Marathon Oil 827 0.02 265,076 JPMorgan Chase 21,029 0.61 38,400 Marathon Petroleum 1,875 0.05 29,700 Juniper Networks 626 0.02 935 Markel 787 0.02 7,300 Kansas City Southern 569 0.02 23,800 Marriott International class ‘A’ shares 2,391 0.07 18,200 Kellogg 916 0.03 39,300 Marsh & McLennan 2,368 0.07

367 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 368 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

5,000 Martin Marietta Materials 818 0.02 9,600 News 118 0.00 31,400 Marvell Technology 499 0.01 30,200 News class ‘A’ shares 363 0.01 24,800 Masco 807 0.02 37,133 NextEra Energy 4,293 0.12 73,366 MasterCard class ‘A’ shares 8,244 0.25 26,400 Nielsen 711 0.02 25,600 Mattel 292 0.01 98,054 NIKE 4,541 0.13 22,400 Maxim Integrated Products 867 0.02 23,800 NiSource 452 0.01 9,000 McCormick 679 0.02 33,100 Noble Energy 714 0.02 61,251 McDonald’s 7,809 0.24 10,900 Nordstrom 382 0.01 16,100 McKesson 1,859 0.05 21,400 Norfolk Southern 2,297 0.07 14,800 MDU Resources 294 0.01 14,700 Northern Trust 1,087 0.03 102,900 Medtronic 6,152 0.19 12,200 Northrop Grumman 2,773 0.08 2,646 MercadoLibre 616 0.02 12,600 Norwegian Cruise Line 496 0.01 209,049 Merck 8,715 0.26 19,600 NRG Energy 413 0.01 66,200 MetLife 2,477 0.07 18,300 Nuance Communications 221 0.01 2,299 Mettler-Toledo International 1,054 0.03 24,200 Nucor 1,139 0.03 45,651 MGM Resorts International 1,128 0.03 44,573 NVIDIA 6,384 0.19 11,900 Michael Kors 554 0.02 279 NVR 724 0.02 16,600 Microchip Technology 1,080 0.03 58,300 Occidental Petroleum 3,180 0.09 83,300 Micron Technology 2,535 0.07 19,000 Old Republic International 301 0.01 572,685 Microsoft 36,277 1.05 18,100 Omnicom 976 0.03 8,000 Mid-America Apartment Communities 595 0.02 30,200 ONEOK 1,195 0.03 4,700 Mohawk Industries 960 0.03 219,486 Oracle 7,682 0.23 12,700 Molson Coors Brewing class ‘B’ shares 771 0.02 7,254 O’Reilly Automotive 1,291 0.04 110,500 Mondelez International 3,500 0.10 25,100 PACCAR 1,320 0.04 33,400 Monsanto 2,888 0.08 8,365 Packaging of America 746 0.02 32,953 Monster Beverage 1,544 0.04 7,000 Palo Alto Networks 751 0.02 12,500 Moody’s 1,366 0.04 8,500 Park Hotels & Resorts 181 0.01 98,400 Morgan Stanley 3,821 0.11 10,300 Parker-Hannifin 1,522 0.04 26,600 Mosaic 505 0.01 6,200 Patterson 166 0.00 13,000 Motorola Solutions 869 0.03 22,900 Paychex 1,154 0.03 12,900 Murphy Oil 296 0.01 85,204 PayPal 4,643 0.13 36,921 Mylan 1,157 0.03 24,000 People’s United Financial 332 0.01 8,400 Nasdaq 478 0.01 110,871 PepsiCo 9,841 0.29 28,800 National Oilwell Varco 768 0.02 10,400 Perrigo 671 0.02 24,100 Navient 238 0.01 451,646 Pfizer 12,117 0.35 9,400 NCR 236 0.01 38,300 PG&E 1,270 0.04 21,700 NetApp 888 0.03 118,494 Philip Morris International 9,265 0.28 32,502 Netflix 4,618 0.13 32,900 Phillips 66 2,465 0.07 36,200 New York Community Bancorp 349 0.01 8,300 Pinnacle West Capital 523 0.02 36,900 Newell Brands 844 0.02 13,000 Pioneer Natural Resources 1,663 0.05 15,600 Newfield Exploration 364 0.01 36,300 PNC Financial Services 3,879 0.11 37,500 Newmont Mining 1,041 0.03 4,500 Polaris Industries 413 0.01

369 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 370 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

19,300 PPG Industries 1,669 0.05 5,500 Scripps Networks Interactive 348 0.01 52,300 PPL 1,198 0.03 22,500 Seagate Technology 697 0.02 21,800 Praxair 2,499 0.07 15,100 Sealed Air 551 0.02 3,819 Priceline 4,912 0.15 11,500 SEI Investments 612 0.02 20,000 Principal Financial 1,044 0.03 19,200 Sempra Energy 1,520 0.04 195,495 Procter & Gamble 13,314 0.38 12,500 Sensata Technologies 473 0.01 41,800 Progressive 1,742 0.05 12,000 ServiceNow 1,158 0.03 40,200 Prologis 1,920 0.06 6,816 Sherwin-Williams 2,068 0.06 31,700 Prudential Financial 2,698 0.08 380,813 Shire 14,816 0.43 36,400 Public Service Enterprise 1,387 0.04 4,300 Signet Jewelers 180 0.01 11,000 Public Storage 1,702 0.05 23,900 Simon Property 3,040 0.09 20,100 Pulte Homes 494 0.01 12,221 Sims 112 0.00 5,900 PVH 599 0.02 109,500 Sirius XM 434 0.01 16,989 QIAGEN 393 0.01 13,300 Skyworks Solutions 935 0.03 10,100 Qorvo 498 0.01 7,900 SL Green Realty 590 0.02 116,172 Qualcomm 5,508 0.17 3,800 Snap-on 490 0.01 10,800 Quest Diagnostics 787 0.02 80,325 Southern 2,860 0.08 4,500 Ralph Lauren class ‘A’ shares 345 0.01 11,600 Southwest Airlines 562 0.02 15,800 Range Resources 199 0.01 9,900 Splunk 607 0.02 12,735 Raymond James Financial 842 0.02 53,800 Sprint 235 0.01 22,540 Raytheon 3,134 0.09 11,500 Stanley Black & Decker 1,445 0.04 19,400 Realty Income 819 0.02 104,900 Starbucks 4,459 0.13 14,000 Red Hat 1,244 0.04 27,800 State Street 2,009 0.06 10,181 Regency Centers 521 0.02 6,300 Stericycle 317 0.01 5,900 Regeneron Pharmaceuticals 1,642 0.05 25,100 Stryker 2,878 0.08 95,100 Regions Financial 1,216 0.04 38,180 SunTrust Banks 1,825 0.05 2,900 RenaissanceRe 270 0.01 47,600 Symantec 988 0.03 16,600 Republic Services 831 0.02 59,400 Synchrony Financial 1,697 0.05 11,100 ResMed 696 0.02 11,700 Synopsys 738 0.02 9,500 Robert Half International 391 0.01 36,500 Sysco 1,641 0.05 10,000 Rockwell Automation 1,454 0.04 20,543 T Rowe Price 1,595 0.05 11,500 Rockwell Collins 1,155 0.03 21,900 Tapestry 717 0.02 7,800 Roper Technologies 1,496 0.04 14,358 Targa Resources 515 0.01 28,600 Ross Stores 1,699 0.05 42,866 Target 2,070 0.06 12,006 Royal Caribbean Cruises 1,060 0.03 24,282 TD Ameritrade 919 0.03 20,004 S&P Global 2,509 0.07 27,400 TE Connectivity 1,928 0.06 51,000 Salesforce.com 3,860 0.11 10,671 Tesla 2,459 0.07 93,300 Samsonite International 315 0.01 75,575 Texas Instruments 5,843 0.18 8,400 Santander Consumer USA 116 0.00 20,900 Textron 875 0.03 9,100 SBA Communications 1,100 0.03 29,800 Thermo Fisher Scientific 4,190 0.12 10,000 SCANA 294 0.01 121,115 TI Fluid Systems 302 0.01 104,900 Schlumberger 5,239 0.16 9,100 Tiffany 700 0.02

371 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 372 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

58,200 Time Warner 3,945 0.11 14,000 Voya Financial 513 0.01 48,800 TJX 2,761 0.08 9,500 Vulcan Materials 903 0.03 20,500 T-Mobile 964 0.03 5,700 Wabtec 343 0.01 11,700 Toll Brothers 416 0.01 70,600 Walgreens Boots Alliance 3,794 0.11 8,500 Torchmark 571 0.02 109,800 Wal-Mart Stores 8,035 0.24 12,568 Total System Services 736 0.02 117,093 Walt Disney 9,341 0.28 8,000 Tractor Supply 443 0.01 33,900 Waste Management 2,165 0.06 3,700 TransDigm 753 0.02 5,500 Waters 787 0.02 22,059 Travelers 2,215 0.06 76,200 Weatherford International 235 0.01 19,500 Trimble 587 0.02 24,400 WEC Energy 1,200 0.03 8,600 TripAdvisor 219 0.01 9,000 Weingarten Realty Investors 219 0.01 50,900 Twitter 904 0.03 342,967 Wells Fargo 15,418 0.44 20,900 Tyson Foods 1,254 0.04 27,800 Welltower 1,312 0.04 20,900 UDR 596 0.02 20,898 Western Digital 1,230 0.04 4,300 Ulta Beauty 712 0.02 36,400 Western Union 512 0.01 13,900 Under Armour 149 0.00 3,100 Westlake Chemical 244 0.01 13,900 Under Armour class ‘C’ shares 137 0.00 17,500 WestRock 819 0.02 60,501 Union Pacific 6,010 0.18 54,400 Weyerhaeuser 1,420 0.04 5,800 United Continental 289 0.01 5,900 Whirlpool 737 0.02 51,700 United Parcel Service class ‘B’ shares 4,560 0.13 71,405 Williams 1,612 0.05 5,900 United Rentals 751 0.02 9,500 Willis Towers Watson 1,060 0.03 59,026 United Technologies 5,578 0.17 9,700 Workday 730 0.02 73,195 UnitedHealth 11,959 0.34 7,800 WR Berkley 414 0.01 6,700 Universal Health Services class ‘B’ shares 562 0.02 3,600 WW Grainger 629 0.02 17,600 Unum 715 0.02 7,100 Wyndham Worldwide 609 0.02 119,200 US Bancorp 4,730 0.14 6,400 Wynn Resorts 799 0.02 34,400 Valero Energy 2,340 0.07 36,900 Xcel Energy 1,314 0.04 12,100 Vantiv 658 0.02 19,100 Xerox 412 0.01 7,000 Varian Medical Systems 576 0.02 17,600 Xilinx 878 0.03 27,200 Ventas 1,208 0.03 18,100 XL 471 0.01 75,000 VEREIT 432 0.01 13,900 Xylem 702 0.02 6,800 VeriSign 576 0.02 18,000 Yandex 436 0.01 12,200 Verisk Analytics 867 0.02 29,000 Yum China 859 0.02 311,836 Verizon Communications 12,237 0.35 26,200 Yum! Brands 1,582 0.05 19,000 Vertex Pharmaceuticals 2,107 0.06 15,400 Zimmer Biomet 1,375 0.04 23,119 VF 1,266 0.04 16,000 Zions Bancorporation 602 0.02 23,900 Viacom class ‘B’ non-voting shares 545 0.02 36,900 Zoetis 1,969 0.06 141,077 Visa 11,930 0.34 1,348,445 39.26 4,800 VMware 445 0.01 11,700 Vornado Realty Trust 677 0.02

373 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 374 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Portfolio Statement continued Statement of Total Return for the period from 24 July 2017 to 31 December 2017

Holding or Underlying Market % of For the period Nominal Exposure Value Total Net from 24.7.2017 Value Investment £000’s £000’s Assets to 31.12.2017 Notes £000’s £000’s DERIVATIVES – (0.30)% Income Forward Currency Contracts – (0.31)% AUD 204,025,412 Australian dollar vs UK sterling 116,054 (2,026) (0.06) Net capital gains 3 195,562 CHF 176,042,993 Swiss franc vs UK sterling 133,172 (553) (0.03) Revenue 4 32,369 DKK 235,387,216 Danish Krone vs UK sterling 27,988 (95) 0.00 Expenses 5 (139) EUR 591,463,937 Euro vs UK sterling 523,467 (1,834) (0.05) Interest payable and similar charges 6 (196) HKD 642,467,502 Hong Kong dollar vs UK sterling 60,716 (145) 0.00 JPY 63,984,353,102 Japanese yen vs UK sterling 421,340 129 0.00 Net revenue before taxation 32,034 NOK 110,140,004 Norwegian krone vs UK sterling 9,883 (64) 0.00 Taxation 7 (567) NZD 7,207,326 New Zealand dollar vs UK sterling 3,715 (83) 0.00 Net revenue after taxation 31,467 SKK 516,373,701 Swedish krona vs UK sterling 46,250 (396) (0.01) Total return before distributions 227,029 SGD 39,518,405 Singapore dollar vs UK sterling 21,742 (156) 0.00 USD 3,450,502,093 United States dollar vs UK sterling 2,546,774 (5,607) (0.16) Distributions 8 (30,599) 3,911,101 (10,830) (0.31) Change in net assets attributable to unitholders from investment activities 196,430 Futures – 0.01% 80 EURO Stoxx 50 March 2018 2,479 (51) 0.00 142 FTSE 100 Index March 2018 10,846 305 0.01 20 FTSE 250 Index March 2018 4,130 28 0.00 Statement of Change in Net Assets Attributable to Unitholders 3 Hang Seng Index January 2018 425 4 0.00 6 MSCI Singapore Index ETS^ 129 – 0.00 for the period from 24 July 2017 to 31 December 2017 31 S&P 500 E-mini March 2018 3,070 (16) 0.00 16 SPI 200 Index^ 1,394 – 0.00 For the period 10 Swiss Market Index March 2018 703 (1) 0.00 from 24.7.2017 14 TOPIX March 2018 1,673 46 0.00 to 31.12.2017 £000’s £000’s 24,850 315 0.01 Opening net assets attributable to unitholders – Portfolio of investments 3,439,246 99.13 Amounts receivable on issue of units 1,814,327 Net other assets 30,049 0.87 In-specie from Connect (30:70) Currency Hedged Global Equity Fund* 1,659,729 Total net assets 3,469,295 100.00 Amounts payable on cancellation of units (140,904) Note: The Fund launched on 24 July 2017, therefore no comparatives have been presented. In-specie to Connect (30:70) Currency Hedged Global Equity Fund* (91,596) Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. The counterparties for the forward currency contracts are Barclays Bank Plc, CitiGroup Global Markets Limited, Goldman Sachs International, HSBC Bank, Morgan 3,241,556 Stanley & Co. International and State Street Bank and Trust. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market Change in net assets attributable to unitholders from investment activities 196,430 value of an equivalent position in the assets underlying each financial derivative instrument. Retained distributions on accumulation units 31,309 * Managed by a related party. ^ Investments which are less than £500 are rounded to zero. Closing net assets attributable to unitholders 3,469,295

Note: The Fund launched on 24 July 2017, therefore no comparatives have been presented. * The Connect 30:70 Global Equity Tracker Fund was part of BlackRock Life Limited, a related party to BlackRock Fund Managers Limited.

375 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 376 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Balance Sheet Notes to Financial Statements at 31 December 2017 for the period from 24 July 2017 to 31 December 2017

1. Accounting and Distribution Policies 31.12.2017 Notes £000’s The accounting and distribution policies are set out on pages 10 to 11. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 12 to 30. – Investment assets 3,451,073 3. Net Capital Gains Current assets – Debtors 9 11,611 For the period from 24.7.2017 – Cash and bank balances 10 23,932 to 31.12.2017 Total assets 3,486,616 £000’s Liabilities: The net capital gains comprise: Investment liabilities (11,827) Gains on non-derivative securities 142,862 Creditors Gains on derivative securities 2,928 – Amounts held at futures clearing houses and brokers (18) Forward currency contracts 33,472 – Other creditors 11 (5,476) Currency gains 16,244 Total liabilities (17,321) Custodian transaction costs (87) Net assets attributable to unitholders 3,469,295 US REIT dividends 143 Note: The Fund launched on 24 July 2017, therefore no comparatives have been presented. Net capital gains 195,562

4. Revenue

R A R Hayes (Director) For the period A M Lawrence (Director) from 24.7.2017 BlackRock Fund Managers Limited to 31.12.2017 23 February 2018 £000’s Interest from UK bank deposits 166 Overseas dividends 16,700 Securities lending revenue 77 Stock dividends 865 UK dividends 13,721 UK REIT dividends 271 US REIT dividends 569 Total revenue 32,369

377 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 378 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

5. Expenses 8. Distributions The distributions take account of revenue received on the issue of units and revenue deducted on the For the period redemption of units and comprise: from 24.7.2017 to 31.12.2017 For the period £000’s from 24.7.2017 Payable to the Depositary or associates of the Depositary: to 31.12.2017 £000’s – Depositary fee 86 Final distribution 31,309 86 31,309 Other expenses: Add: Amounts deducted on cancellations of units 641 – Audit fees 5 Add: Amounts deducted on in-specie transactions 291 – Safe custody fees 48 Deduct: Amounts received on issue of units (632) 53 Deduct: Amounts received on in-specie transactions (1,010) Total expenses 139 Distributions 30,599 6. Interest Payable and Similar Charges The distributable amount has been calculated as follows: For the period from 24.7.2017 Net revenue after taxation 31,467 to 31.12.2017 Deduct: Non-distributable stock dividends (865) £000’s Deduct: Revenue carried forward (3) Interest on bank overdrafts 196 Distributions 30,599 Total interest payable and similar charges 196 Details of the final distribution per unit are set out in the table on page 316. 7. Taxation (a) Analysis of tax charge

For the period from 24.7.2017 to 31.12.2017 £000’s Overseas tax 567 Total tax charge 567

379 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 380 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

9. Debtors 13. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise 31.12.2017 £000’s significant influence over the other party in making financial or operational decisions. Accrued revenue 4,354 The following entities were related parties of the Fund during the period ended 31 December 2017:

Amounts receivable on issue of units 3,861 Manager/Registrar: BlackRock Fund Managers Limited Currency sales awaiting settlement 2,014 Investment Manager: BlackRock Investment Management (UK) Limited Overseas tax recoverable 202 Stock lending agent: BlackRock Advisors (UK) Limited Sales awaiting settlement 1,180 The ultimate holding company of the Manager, Investment Manager and stock lending agent is BlackRock Total debtors 11,611 Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund 10. Cash and Bank Balances during the period ended 31 December 2017.

31.12.2017 The Manager acts as either principal or agent for the Depositary in respect of all transactions of units £000’s of the Fund. The aggregate monies received through issue and paid through cancellation of units are Amounts held at futures clearing houses and brokers 716 disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts due to or from the Manager at the period end are disclosed in notes 9 and 11. Securities lending revenue Cash and bank balances 23,216 earned by the Fund is disclosed in note 4. Total cash and bank balances 23,932 The Investment Manager, in accordance with the Contractual Scheme Deed, may enter into commission 11. Other Creditors sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the 31.12.2017 Investment Manager believes are useful in the investment decision-making or trade execution process. £000’s Such research or execution services may include, without limitation and to the extent permitted by Accrued Audit fee 5 applicable law: research reports on companies, industries and securities; and the provision of economic Accrued Depositary's fee 64 and financial information and analysis. Due to the bundled nature of these services and the application Accrued Safe custody fee 32 of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not Amounts payable for cancellation of units 5,282 affiliated to the BlackRock Group. Custodian transaction costs 50 The Fund’s investments in other BlackRock related party entities are individually identified on the portfolio Purchases awaiting settlement 43 statement. Total other creditors 5,476

12. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date.

381 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 382 ACS 30:70 Global Equity Tracker Fund ACS 30:70 Global Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

13. Related Parties continued 14. Portfolio Transaction Costs The following investor(s) For the period from 24 July 2017 to 31 December 2017

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or Direct Transaction Costs (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue Transaction Value Commissions Taxes in the Fund and are as a result, considered to be related parties to the Fund. Purchases (excluding derivatives) £000’s £000’s % £000’s % Equity instruments 1,509,860 386 0.03 1 0.00 As at 31 December 2017: Collective investment schemes 357,841 – – – – Total % of units Corporate actions 25,941 – – – – Number of investors held by unitholders holding 51% or more holding 51% or more In-specie transactions 1,659,729 – – – – of the voting units of the voting units Total purchases 3,553,371 386 1 in issue who are not in issue who are not Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds Total purchases including transaction costs 3,553,758 Nil 1 100%

The Fund launched on 24 July 2017, therefore no comparatives have been presented. Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % All related party transactions were carried out at arm’s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no more Equity instruments 95,065 13 0.01 – 0.00 favourable than those received by other investors investing into the same unit class. Collective investment schemes 34,064 – – – – Corporate actions 26,178 – – – – In-specie transactions 91,596 – – – – Total sales 246,903 13 –

Total sales net of transaction costs 246,890

Total transaction costs 399 1

Total transaction costs as a % of average net assets 0.01% 0.00%

383 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 384 ACS 30:70 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Notes to Financial Statements continued About the Fund

The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted

14. Portfolio Transaction Costs continued as a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 14 February 2017 and launched on 7 June 2017. During the period, the Fund utilised derivative instruments including futures contracts. The settlement values for opening and closing derivative positions are not comparable to principal values for transactions in direct holding investments and therefore purchase and sale amounts for derivative transactions are not quantified in the analysis above. Transaction costs for derivatives positions will be either suffered as direct Investment Objective & Policy costs or form part of the dealing spread for the instruments. Any direct costs are identified in the analysis above. The aim of the Fund is to seek to achieve a total return for investors by tracking closely the performance of the FTSE Custom Composite UK All-Share 50% Dev Europe ex UK 16.7% US 16.7% Japan 8.3% Dev Asia Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types Pacific ex Japan 8.3% Midday (12:00 UK) Net Tax (UK Pension) Index (the “Benchmark Index”) by investing depending on a number of factors including transaction value and market sentiment. At the Balance so far as possible and practicable in companies in the Benchmark Index. Investments will be made directly Sheet date the average portfolio dealing spread (difference between bid and offer prices of all into constituent companies and via other transferable securities giving exposure to such companies. The Fund investments expressed as a percentage of the offer price value) was 0.09%. may also invest in permitted money-market instruments, derivatives, permitted deposits and units in collective investment schemes (which may be Associated Funds). 15. Units in Issue Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The Risk and Reward Profile distribution per unit class is given in the distribution table. All unit classes have the same rights on winding up. Lower risk Higher risk The movement in units in issue for the period ended 31 December 2017 is as follows: Typically lower rewards Typically higher rewards Unit Class For the period from 24.7.2017 to 31.12.2017 X1 Accumulation 1 2 3 4 5 6 7

X1 Accumulation Units • The risk indicator was calculated incorporating simulated historical data and may not be a reliable Balance at the beginning of the period – indication of the future risk profile of the Fund. Issued during the period 3,466,848,393 • The risk category shown is not guaranteed and may change over time. Cancelled during the period (230,099,976) • The lowest category does not mean risk free. Balance at the end of the period 3,236,748,417 • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can 16. Post Balance Sheet Events increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact There have been no significant events subsequent to the period end, which, in the opinion of the Manager, to the Fund can be greater where derivatives are used in an extensive or complex way. may have had an impact on the financial statements for the period ended 31 December 2017. For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which are available at www.blackrock.com.

385 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 386 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Performance Table Tracking Difference

Since Launch Tracking difference is defined as the difference in returns between a fund and its benchmark index. 7.6.2017§ to 31.12.2017 The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every security or the exact concentration of a security in its benchmark index, but will aim to track its benchmark index as TOTAL RETURN (with net income reinvested) closely as possible and may use optimisation techniques to achieve their investment objective. Class X1 Accumulation Units ACS 50:50 Global Equity Tracker Fund +4.9% Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, these impacts can be either Composite Index*† +4.9% positive or negative depending on the underlying circumstances. All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. § Three and five year performance data does not exist as the Fund launched in June 2017. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered by the * Figures from Index Vendor. Fund on any income received from its investments. The level and quantum of tracking difference arising due † The Benchmark Index provides exposure to fixed regional weights by investing in the equity securities of underlying FTSE indices in the following proportions: 50% in the FTSE All Share Index, 16.7% in the FTSE USA Index, 16.7% in the FTSE Developed Europe ex UK Index, 8.3% in the FTSE Japan Index and 8.3% FTSE Developed Asia to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various Pacific ex Japan Index. tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out by the Fund.

All financial investments involve an element of risk. Therefore, the value of your investment and the income The table below compares the realised Fund performance against the performance of the relevant benchmark from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange index during the period ended 31 December 2017. An explanation for the difference is provided: rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Fund return Benchmark return for the period for the period from 7.6.2017 from 7.6.2017 Tracking to 31.12.2017 to 31.12.2017 difference Explanation of the tracking difference Before costs, the Fund performed in line +4.9%* +4.9% +0.0% with the index.

* Performance is calculated gross of fees and reported for the Fund’s class X1 Accumulation Units.

387 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 388 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Tracking Error Classification of Investments

Realised tracking error is the annualised standard deviation of the difference in monthly returns between a The following chart provides an analysis of the portfolio weightings as at 31 December 2017 by its respective fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark geographical locations. The Fund launched on 7 June 2017, therefore no comparatives have been presented. index over a defined period of time.

Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and 31 December 2017 the returns of its benchmark index.  Australia 3.31% The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every security  France 3.59 % or the exact concentration of a security in the benchmark index, but will aim to track the benchmark index as  Germany 3.57 % closely as possible and may use optimisation techniques to achieve their investment objective.  Hong Kong 1.53%  Ireland 1.06% Cash management, sampling techniques, efficient portfolio management techniques including securities  Japan 8.19% lending and transaction costs from rebalancing can have an impact on tracking error as well as the return  Jersey 3.05% differential between the Fund and the benchmark index. Importantly, these impacts can be either positive or  Netherlands 1.26% negative depending on the underlying circumstances.  South Korea 2.40% Spain 1.40% In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the  Switzerland 2.94% Fund 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 Fund with various tax  United Kingdom 44.66% authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out  United States 16.58% by the Fund.  Other 5.48%  Net other assets 0.98% The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex-ante basis) against the realised tracking error of the Fund as at 31 December 2017. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not been trading for 36 months, the annualised tracking error since inception has been presented.

Anticipated Realised Tracking Error Tracking Error ACS 50:50 Global Equity Tracker Fund Up to 1.00%* N/A*

* The Fund recently launched on 7 June 2017 and there is insufficient data available to present a meaningful annualised realised tracking error for the period. Figures represent the anticipated tracking error & realised tracking error for the Fund’s class X1 Accumulation Units.

389 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 390 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Investment Report Performance Record

Summary of Performance over the Period Comparative Table

The Fund returned 4.9%* during the period from 7 June 2017 (launch date) to 31 December 2017, in line with X1 Accumulation Units its composite benchmark†, which also returned 4.9%. For the period from 7.6.2017^ to 31.12.2017 Fund Manager’s Commentary Both global and UK equities gained over the review period. In the UK, the period began with the general Pence per unit election, called by Prime Minister Theresa May in a bid to strengthen her Conservative Party’s (the “Tories”) Change in net assets per unit majority and secure support for a smooth Brexit process. Instead, the Tories lost seats and made a Opening net asset value per unit 100.0 controversial agreement with Northern Ireland’s Democratic Unionist Party. Return before operating charges 4.91 The UK’s Brexit negotiations with the European Union (“EU”) continued. Although the UK was keen to progress Operating charges (0.01) to trade talks, EU negotiators first required clarity on two key points – the notion of a ‘hard border’ in Ireland, Return after operating charges 4.90 and the ‘divorce bill’ (to honour financial commitments made the UK). In November 2017, Prime Minister May agreed to a bill of around €55 billion, although the final figure has yet to be fleshed out. UK equities responded Distributions (1.43) well to the news, which helped propel the FTSE 100 Index to a new high in December 2017. Retained distributions on accumulation units 1.43 Closing net asset value per unit 104.90 Throughout the period, the Bank of England prepared investors for a normalisation of monetary policy. And in early November 2017, policymakers raised interest rates by 25 basis points to 0.5%, the first rise in a decade. After direct transaction costs of 0.01 Sterling fell in response, perhaps because investors had already ‘priced in’ the rate hike. This moved buoyed the FTSE 100, whose performance is linked to the strength of Sterling. Performance Return after charges1 4.90% In global markets, meanwhile, the US made strong gains. Market strength was the result of improving economic growth and the prospect of US tax reforms. On the economic front, the economy grew by 3.2% Other information (annualised) in the third quarter of 2017. Unemployment data gave cause for cheer, sliding to 4.1% in October Closing net asset value (£000’s) 8,931,640 2017, while inflation increased to 2.1% year on year in December 2017. Late in the period, the International Monetary Fund upgraded its forecasts of global growth by 10 basis points to 3.6%, having been encouraged Closing number of units 8,514,596,541 by improved trade and investment. Operating charges2 0.01% Direct transaction costs3 0.01% Third-quarter of 2017 corporate earnings also exceeded expectations, fuelling positive sentiment towards US stocks. The technology sector was particularly strong, with Apple, Facebook, Microsoft and Apple all beating Prices Pence per unit earnings targets. Highest offer unit price 105.40 In Asia, Chinese stocks notched up gains, overcoming a blip in November 2017 when stocks suffered their Lowest bid unit price 97.92 largest one-day fall in 17 months. Investors were heartened by signs of strong global demand coupled with ^ The date of commencement of operations. steady domestic data. South Korea also made gains from June to December 2017, largely thanks to its 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in improving relations with China. The strength of Samsung Electronics, a sizeable index constituent, also the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paid to an underlying shored up the index. collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of debt instruments. See note 14 for further details. January 2018

* Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s X1 Accumulation Units. † FTSE Custom Composite UK All-Share 50%, Dev Europe ex UK 16.7%, US 16.7%, Japan 8.3% and Dev Asia Pacific ex Japan 8.3% (Midday (12:00 UK) Net Tax) (UK Pension) Index.

391 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 392 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Distribution Table Portfolio Statement for the period from 7 June 2017 to 31 December 2017 at 31 December 2017

Final Distribution in Pence per Unit Holding or Market % of Nominal Value Total Net X1 Accumulation Value Investment £000’s Assets Units EQUITIES – 99.00% Net revenue 1.4275 Australia – 3.31% Distribution payable 28.2.2018 1.4275 167,399 Adelaide Brighton 632 0.01 † The Fund launched on 7 June 2017, therefore no comparatives have been presented. 248,192 AGL Energy 3,499 0.04 185,118 ALS 749 0.01 921,713 Alumina 1,291 0.01 426,192 Amcor 3,801 0.04 1,078,503 AMP 3,240 0.04 54,330 Ansell 764 0.01 410,227 APA 1,973 0.02 234,097 Aristocrat Leisure 3,210 0.04 70,927 ASX 2,250 0.03 724,697 Aurizon 2,080 0.02 656,546 AusNet Services 686 0.01 1,058,498 Australia & New Zealand Banking 17,594 0.20 142,578 Bank of Queensland 1,050 0.01 174,645 Bendigo & Adelaide Bank 1,180 0.01 1,155,792 BHP Billiton 19,780 0.22 209,229 Bluescope Steel 1,861 0.02 430,587 Boral 1,939 0.02 583,142 Brambles 3,399 0.04 95,959 Caltex Australia 1,891 0.02 209,432 Challenger Financial Services 1,701 0.02 35,793 CIMIC 1,066 0.01 199,008 Coca-Cola Amatil 980 0.01 20,775 Cochlear 2,059 0.02 630,216 Commonwealth Bank of Australia 29,297 0.33 179,319 Computershare 1,692 0.02 138,510 Crown 1,041 0.01 161,952 CSL 13,240 0.15 185,746 CSR 512 0.01 356,867 Dexus Property 2,014 0.02 84,654 Domain Australia 168 0.00 23,086 Domino’s Pizza Enterprises 624 0.01 218,793 Downer EDI 876 0.01 143,027 DuluxGroup 634 0.01 846,542 Fairfax Media 382 0.00 20,753 Flight Centre 531 0.01 591,532 Fortescue Metals 1,671 0.02 650,337 Goodman 3,165 0.04 662,019 GPT 1,958 0.02 194,892 Harvey Norman 470 0.01

393 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 394 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

637,794 Healthscope 775 0.01 1,535,663 Telstra 3,226 0.04 153,458 Iluka Resources 903 0.01 132,562 TPG Telecom 504 0.01 618,485 Incitec Pivot 1,396 0.02 814,478 Transurban 5,855 0.07 871,329 Insurance Australia 3,646 0.04 271,734 Treasury Wine Estates 2,510 0.03 109,310 IOOF 678 0.01 1,207,769 Vicinity Centres 1,894 0.02 162,148 James Hardie 2,121 0.02 219,244 Vocus 384 0.00 250,429 Lend Lease 2,368 0.03 399,552 Wesfarmers 10,270 0.11 113,359 Macquarie 6,535 0.07 708,127 Westfield 3,881 0.03 214,767 Macquarie Atlas 782 0.01 1,214,960 Westpac Banking 22,038 0.24 47,511 Magellan Financial 741 0.01 252,128 Whitehaven Coal 651 0.01 1,013,873 Medibank 1,925 0.02 268,930 Woodside Petroleum 5,149 0.06 358,471 Metcash 647 0.01 475,296 Woolworths 7,502 0.08 1,362,631 Mirvac 1,853 0.02 77,350 WorleyParsons 642 0.01 957,453 National Australia Bank 16,386 0.18 295,486 3.31 281,572 Newcrest Mining 3,717 0.04 79,750 Nufarm 403 0.00 Austria – 0.11% 431,137 Oil Search 1,944 0.02 15,961 ams 1,071 0.01 138,306 Orica 1,449 0.02 21,418 Andritz 898 0.01 643,037 Origin Energy 3,506 0.04 82,215 Erste Bank 2,640 0.03 444,235 Orora 866 0.01 42,544 OMV 2,005 0.02 109,924 Oz Minerals 583 0.01 36,939 Raiffeisen International Bank 987 0.02 16,046 Perpetual Trustees Australia 449 0.01 24,718 Telekom Austria 170 0.00 85,902 Platinum Asset Management 383 0.00 11,927 Vienna Insurance 273 0.00 328,314 Qantas Airways 958 0.01 34,426 Voestalpine 1,526 0.02 443,446 QBE Insurance 2,741 0.03 9,570 0.11 47,354 Ramsay Health Care 1,920 0.02 Belgium – 0.41% 18,929 REA 840 0.01 6,832 Ackermans & van Haaren 880 0.01 156,142 Rio Tinto 6,850 0.08 58,603 Ageas 2,113 0.02 708,329 Santos 2,230 0.02 206,151 Anheuser-Busch InBev 17,033 0.19 2,053,714 Scentre 4,980 0.06 30,416 Bpost 685 0.01 127,209 Seek 1,400 0.02 19,594 Colruyt 754 0.01 331,232 Seven West News 118 0.00 21,462 Groupe Bruxelles Lambert 1,714 0.02 273,440 Shopping Centres Australasia 369 0.00 81,616 KBC 5,149 0.06 60,188 Sims 549 0.01 43,020 Proximus 1,044 0.01 153,135 Sonic Healthcare 2,026 0.02 4,762 Sofina 553 0.01 1,959,460 South32 3,947 0.04 20,696 Solvay 2,127 0.02 303,280 Star Entertainment 1,067 0.01 13,773 Telenet 710 0.01 885,112 Stockland Trust 2,290 0.03 34,514 UCB 2,026 0.02 474,645 Suncorp 3,807 0.04 49,688 Umicore 1,735 0.02 405,848 Sydney Airport 1,656 0.02 690,352 Tabcorp 2,226 0.02 36,523 0.41

395 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 396 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Bermuda – 0.20% 16,135 Genmab 1,985 0.02 1,722,000 China Oceanwide 93 0.00 54,397 ISS 1,562 0.02 684,700 Esprit 271 0.00 20,684 Jyske Bank 871 0.01 99,000 Great Eagle 382 0.00 17,738 Lundbeck 663 0.01 505,648 Hiscox 7,357 0.07 494,716 Novo Nordisk class ‘B’ shares 19,710 0.21 430,400 Hongkong Land 2,243 0.03 62,806 Novozymes class ‘B’ shares 2,659 0.03 218,000 Kerry Properties 726 0.01 31,280 Pandora 2,509 0.02 358,327 Lancashire 2,440 0.03 240,770 TDC 1,096 0.01 2,124,000 Li & Fung 863 0.01 30,720 Tryg 571 0.01 72,500 Orient Overseas 518 0.01 51,594 Vestas Wind Systems 2,637 0.03 934,558 Petra Diamonds 729 0.01 30,719 William Demant 634 0.01 406,000 Shangri-La Asia 680 0.01 55,596 0.62 232,000 Texwinca 94 0.00 302,459 Utilico Emerging Markets 674 0.01 Finland – 0.33% 267,000 Yue Yuen Industrial 776 0.01 44,047 Elisa 1,279 0.01 126,257 Fortum 1,839 0.02 17,846 0.20 30,824 Huhtamaki 955 0.01 British Virgin Islands – 0.00% 19,767 Kesko 792 0.01 196,456 Gem Diamonds 139 0.00 84,207 KONE class ‘B’ shares 3,336 0.04 35,029 Metso 885 0.01 Canada – 0.02% 34,487 Neste 1,629 0.02 596,158 Entertainment One 1,940 0.02 1,627,890 Nokia 5,616 0.06 Cayman Islands – 0.21% 37,422 Nokian Renkaat 1,251 0.01 97,800 ASM Pacific Technology 1,008 0.01 30,428 Orion series ‘B’ shares 836 0.01 990,000 China Mengniu Dairy 2,180 0.02 108,852 Sampo series ‘A’ shares 4,414 0.05 1,011,500 CK Asset Holdings 6,542 0.07 171,561 Stora Enso series ‘R’ shares 2,005 0.02 354,154 Dragon Capital – Vietnam Enterprise Investments 1,554 0.02 155,908 UPM-Kymmene 3,583 0.04 325,500 Hopewell Highway 153 0.00 45,903 Wartsila 2,136 0.02 276,400 MGM China 618 0.01 30,556 0.33 708,736 Phoenix 5,542 0.06 1,025,500 Semiconductor Manufacturing 1,313 0.01 France – 3.59% 692,000 Tingyi 996 0.01 50,881 Accor 1,941 0.02 8,391 Aeroports de Paris 1,178 0.01 19,906 0.21 120,390 Air Liquide 11,221 0.13 Denmark – 0.62% 157,121 Airbus 11,570 0.13 1,252 AP Moeller-Maersk series ‘A’ shares 1,540 0.02 42,220 Alstom 1,295 0.01 1,817 AP Moeller-Maersk series ‘B’ shares 2,341 0.03 14,706 Amundi 919 0.01 29,591 Carlsberg series ‘B’ shares 2,634 0.03 21,272 Arkema 1,914 0.02 25,801 Christian Hansen 1,793 0.02 25,948 Atos 2,794 0.03 32,241 Coloplast ‘B’ shares 1,900 0.02 543,405 AXA 11,926 0.13 206,216 Danske Bank 5,930 0.07 8,191 Bic 666 0.01 33,967 DONG Energy 1,370 0.02 12,240 bioMérieux 808 0.01 54,804 DSV 3,191 0.03 300,577 BNP Paribas 16,599 0.19

397 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 398 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

302,423 Bollore 1,211 0.01 59,815 Publicis 3,003 0.03 57,879 Bouygues 2,222 0.02 7,353 Remy Cointreau 753 0.01 77,956 Bureau Veritas 1,576 0.02 50,765 Renault 3,775 0.04 45,685 Capgemini 4,006 0.04 89,200 Rexel 1,197 0.01 156,991 Carrefour 2,510 0.03 21,671 Rubis 1,131 0.01 14,785 Casino Guichard Perrachon 663 0.01 84,189 Safran 6,417 0.07 47,032 CNP Assurances 804 0.01 135,937 Saint-Gobain 5,545 0.06 333,184 Crédit Agricole 4,078 0.05 301,010 Sanofi 19,190 0.21 161,855 Danone 10,046 0.11 6,577 Sartorius Stedim Biotech 352 0.00 1,503 Dassault Aviation 1,727 0.02 152,471 Schneider Electric 9,586 0.11 37,401 Dassault Systemes 2,938 0.03 46,084 SCOR 1,371 0.03 63,736 Edenred 1,366 0.02 7,773 SEB 1,062 0.01 110,926 EDF 1,026 0.01 208,943 Société Générale 7,979 0.09 20,439 Eiffage 1,656 0.02 26,140 Sodexo 2,597 0.03 446,541 ENGIE 5,680 0.06 105,533 Suez Environnement 1,370 0.02 58,138 Essilor International 5,930 0.07 135,054 TechnipFMC 3,096 0.04 4,068 Euler Hermes 440 0.00 16,772 Teleperformance 1,776 0.03 13,118 Eurazeo 896 0.01 29,849 Thales 2,376 0.04 126,592 Eurotunnel 1,202 0.01 619,845 Total 25,324 0.28 51,707 Eutelsat Communications 885 0.01 19,322 Ubisoft Entertainment 1,099 0.01 22,790 Faurecia 1,315 0.01 28,477 Unibail-Rodamco 5,306 0.06 11,404 Foncière des Régions 956 0.01 68,881 Valeo 3,799 0.04 13,336 Gecina 1,818 0.02 138,636 Veolia Environnement 2,616 0.03 7,526 Hermes International 2,980 0.03 133,778 Vinci 10,106 0.11 10,978 Icade 795 0.01 307,970 Vivendi 6,126 0.07 7,026 Iliad 1,245 0.01 8,697 Wendel Investissement 1,112 0.01 10,061 Imerys 701 0.01 57,889 Zodiac Aerospace 1,281 0.01 15,865 Ingenico 1,248 0.01 321,712 3.59 9,326 Ipsen 824 0.01 21,182 JC Decaux 632 0.01 Germany – 3.57% 21,566 Kering 7,519 0.08 56,789 Adidas 8,420 0.09 60,329 Klepierre 1,962 0.02 124,818 Allianz 21,231 0.24 68,622 L’Oréal 11,261 0.13 13,995 Axel Springer 812 0.01 32,504 Lagardere 770 0.01 251,020 BASF 20,435 0.23 77,324 Legrand 4,399 0.05 236,465 Bayer 21,768 0.24 70,976 LVMH Moet Hennessy 15,454 0.17 29,272 Beiersdorf 2,545 0.03 53,213 Michelin 5,642 0.06 92,653 BMW 7,147 0.08 257,775 Natixis 1,508 0.02 16,218 BMW preference shares 1,076 0.01 547,705 Orange 7,034 0.08 45,184 Brenntag 2,118 0.02 12,092 ORPEA 1,052 0.01 48,165 Ceconomy 3,395 0.04 61,673 Pernod-Ricard 7,212 0.08 306,804 Commerzbank 6,229 0.07 116,619 Peugeot 1,754 0.02 31,147 Continental 2,659 0.03 17,670 Plastic Omnium 593 0.01 34,821 Covestro 17,379 0.19

399 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 400 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

277,002 Daimler 6,906 0.08 216,810 Siemens (Regd.) 22,325 0.25 491,219 Deutsche Bank 4,763 0.05 23,000 Suedzucker 369 0.00 55,381 Deutsche Boerse 1,959 0.02 36,002 Symrise 2,282 0.03 71,767 Deutsche Lufthansa 9,719 0.11 11,319 Talanx 342 0.00 275,276 Deutsche Post 11,950 0.13 193,616 Telefonica Deutschland 718 0.01 912,170 Deutsche Telekom 3,186 0.04 125,201 ThyssenKrupp 2,689 0.03 98,787 Deutsche Wohnen 4,802 0.05 779,922 TUI 12,011 0.13 596,324 E.ON 1,291 0.01 50,628 Uniper 1,160 0.02 46,386 Evonik Industries 529 0.01 34,549 United Internet 1,760 0.02 8,078 Fielmann 881 0.01 8,864 Volkswagen 1,330 0.02 10,808 Fraport 6,645 0.07 52,167 Volkswagen non-voting preference shares 7,718 0.09 115,720 Fresenius 4,797 0.05 134,898 Vonovia 4,944 0.06 61,598 Fresenius Medical Care 376 0.00 4,663 Wacker Chemie 673 0.02 10,503 Fuchs Petrolub 833 0.01 32,243 Wirecard 2,662 0.03 21,164 Fuchs Petrolub non-voting preference shares 1,852 0.02 32,102 Zalando 1,259 0.02 52,296 GEA 1,593 0.02 318,716 3.57 17,108 Hannover Rueckversicherung 3,533 0.04 44,087 HeidelbergCement 459 0.01 Guernsey – 0.32% 10,029 Hella Hueck 3,031 0.03 247,845 Alcentra European Floating Rate Income Fund 244 0.00 34,158 Henkel 4,899 0.05 40,238 BH Global – GBP shares 541 0.01 50,013 Henkel non-voting preference shares 786 0.01 23,758 BH Macro Hedge Fund 469 0.01 5,995 Hochtief 1,228 0.01 667,208 Bluefield Solar Income Fund 779 0.01 19,507 Hugo Boss 6,692 0.07 431,645 F&C UK Real Estate Investment Trust 446 0.00 329,912 Infineon Technologies 1,106 0.01 243,497 Genesis Emerging Markets Fund 1,754 0.02 38,106 Innogy 932 0.01 144,122 HarbourVest Global Private Equity Fund 1,787 0.02 50,567 K & S 1,165 0.01 2,983,318 HICL Infrastructure 4,714 0.05 18,208 Kion 1,501 0.02 179,440 Highbridge Multi-Strategy Fund 391 0.00 25,616 Lanxess 1,543 0.02 121,623 Macau Property Opportunities Fund 216 0.00 18,232 LEG Immobilien 9,306 0.10 749,413 MedicX Fund 622 0.01 53,922 Linde 892 0.01 1,831,734 NB Global Floating Rate Income Fund 1,735 0.02 10,554 MAN 3,048 0.03 43,695 NB Private Equity 454 0.01 38,300 Merck 536 0.01 412,248 NextEnergy Solar Fund 465 0.01 48,165 Metro 702 0.01 973,819 Picton Property Income Fund 801 0.01 15,020 MTU Aero Engines 1,988 0.02 738,054 Raven Russia 362 0.00 33,786 Muenchener Rueckversicherung 5,418 0.06 159,336 Real Estate Credit Investments 266 0.00 23,149 Osram Licht 1,538 0.02 1,698,540 Renewables Infrastructure 1,841 0.02 43,910 Porsche non-voting preference shares 2,725 0.03 100,561 Riverstone Energy 1,242 0.01 67,831 ProSiebenSat.1 Media 1,724 0.02 288,205 Ruffer Investment Red preference shares 673 0.01 1,125 Rational 537 0.01 434,941 Schroder Oriental Income Fund 1,112 0.01 139,939 RWE 2,110 0.02 1,516,510 Sirius Real Estate 990 0.01 255,684 SAP 21,164 0.24 163,603 SQN Asset Finance Income Fund 146 0.00 8,744 Sartorius non-voting preference shares 615 0.01 676,710 Starwood European Real Estate Finance 736 0.01

401 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 402 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

554,636 Stobart 1,560 0.02 204,000 Kerry Logistics Network 214 0.01 688,725 Syncona 1,384 0.03 1,302,000 Kingston Financial 923 0.01 282,264 TwentyFour Select Monthly Income Fund 280 0.00 165,500 Lifestyle International 163 0.00 1,186,603 UK Commercial Property Trust 1,049 0.01 814,000 Link Real Estate Investment Trust 5,581 0.06 364,936 VinaCapital Vietnam Opportunity Fund 1,206 0.01 165,250 L’Occitane International 224 0.01 28,265 0.32 567,000 Macau Legend Development 62 0.00 293,000 Melco International Development 637 0.01 Hong Kong – 1.53% 362,000 Minth 1,609 0.02 256,500 AAC Technologies 3,386 0.04 510,500 MTR 2,212 0.02 4,439,600 AIA 28,000 0.31 1,996,000 New World Development 2,215 0.02 435,200 Bank of East Asia 1,393 0.02 517,000 NWS 690 0.01 1,322,000 BOC Hong Kong 4,958 0.06 1,530,000 PCCW 658 0.01 1,078,000 Brightoil Petroleum 146 0.00 484,000 Power Assets 3,023 0.03 122,000 Café de Coral 248 0.00 188,400 Prada 504 0.01 332,000 Cathay Pacific Airways 380 0.00 610,000 Rusal 316 0.01 718,000 Champion Real Estate Investment Trust 388 0.00 386,000 SA SA International 110 0.00 922,000 China Travel International 253 0.00 609,900 Samsonite International 2,062 0.03 398,200 Chow Tai Fook Jewellery 308 0.00 884,800 Sands China 3,377 0.04 903,500 CK Hutchison 8,389 0.09 1,320,000 Shougang Fushan 209 0.00 231,500 CK Infrastructures 1,472 0.02 1,262,500 Shui On Land 257 0.00 530,500 CLP 4,016 0.04 680,000 Shun Tak 195 0.00 134,000 Dah Sing Banking 215 0.00 1,120,000 Sino Land 1,466 0.02 54,800 Dah Sing Financial 260 0.00 686,000 SJM 455 0.01 1,056,000 FIH Mobile 238 0.00 807,500 Sun Art Retail 632 0.01 854,000 First Pacific 428 0.00 482,000 Sun Hung Kai Properties 5,938 0.07 782,000 Galaxy Entertainment 4,643 0.05 186,500 Swire Pacific 1,277 0.01 2,164,000 Global Brands 131 0.00 409,000 Swire Properties 974 0.01 859,000 Guotai Junan International 199 0.00 461,000 Techtronic Industries 2,213 0.02 834,529 Haitong International Securities 352 0.00 106,400 Television Broadcasts 280 0.01 320,000 Hang Lung 871 0.01 369,000 Towngas China 219 0.01 742,000 Hang Lung Properties 1,338 0.01 450,000 Uni-President 278 0.01 273,900 Hang Seng Bank 5,032 0.06 58,800 Vtech 570 0.01 424,600 Henderson Land Development 2,065 0.02 2,074,000 Want Want China 1,282 0.01 3,019,600 Hong Kong & China Gas 4,375 0.05 3,519,500 WH 2,936 0.03 449,500 Hong Kong Exchanges & Clearing 10,207 0.11 447,000 Wharf 1,143 0.01 210,500 Hopewell Holdings 573 0.01 447,000 Wharf Real Estate Investment 2,201 0.02 309,000 Huabao International 150 0.00 299,000 Wheelock 1,580 0.02 456,000 Hutchison Telecommunications 136 0.00 535,600 Wynn Macau 1,255 0.01 227,000 Hysan Development 888 0.01 724,000 Xinyi Glass 697 0.01 128,500 Johnson Electric 395 0.01 1,146,000 Xinyi Solar 328 0.01 136,798 1.53

403 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 404 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Ireland – 1.06% 43,836 Moncler 1,014 0.01 259,456 AIB Group 1,248 0.01 52,209 Parmalat 144 0.00 272,912 Bank of Ireland Group 1,725 0.02 141,849 Poste Italiane 790 0.01 1,501,844 CRH 39,904 0.45 60,692 Prysmian 1,464 0.02 159,737 DCC 11,924 0.13 31,384 Recordati 1,032 0.01 57,166 Glanbia 756 0.01 166,991 Saipem 564 0.01 390,201 Grafton 3,122 0.03 14,873 Salvatore Ferragamo 292 0.00 1,267,571 Greencore 2,912 0.03 724,749 Snam 2,624 0.03 139,594 Kenmare Resources 377 0.01 3,323,934 Telecom Italia 2,125 0.02 41,774 Kerry class ‘A’ shares 3,462 0.04 1,817,595 Telecom Italia preference shares 961 0.01 46,800 Kingspan 1,511 0.02 418,450 Terna 1,799 0.02 148,373 Paddy Power Betfair 13,079 0.15 627,129 UniCredit 8,669 0.09 425,357 Smurfit Kappa 10,655 0.12 309,495 Unione di Banche Italiane 1,001 0.01 447,318 UDG Healthcare 3,780 0.04 281,019 UnipolSai 485 0.01 94,455 1.06 73,547 0.82 Isle of Man – 0.13% Japan – 8.19% 643,772 GVC 5,955 0.07 18,400 77th Bank 344 0.00 435,739 Lamprell 332 0.00 6,200 ABC-Mart 263 0.00 531,397 Playtech 4,573 0.05 99,400 Acom 311 0.00 2,173,613 Redefine International 794 0.01 7,000 Adastria 105 0.00 11,654 0.13 46,000 Advantest 632 0.01 183,900 AEON 2,301 0.03 Israel – 0.01% 29,000 AEON Financial Service 500 0.01 10,517 Check Point Software Technologies 807 0.01 30,100 AEON Mall 436 0.00 Italy – 0.82% 80,300 Aiful 204 0.00 449,413 Assicurazioni Generali 6,057 0.07 6,200 Ain Pharmaciez 274 0.00 153,079 Atlantia 3,575 0.04 39,100 Air Water 611 0.01 70,670 Banca Mediolanum 452 0.01 48,500 Aisin Seiki 2,016 0.02 509,257 Banco BPM 1,183 0.01 131,700 Ajinomoto 1,837 0.02 18,587 Buzzi Unicem 371 0.00 46,200 Alfresa 804 0.01 174,418 Campari 997 0.01 51,900 Alps Electric 1,098 0.01 2,186,647 Enel 9,953 0.11 85,600 Amada 863 0.01 714,679 Eni 8,751 0.10 29,400 ANA 909 0.01 37,994 Ferrari 2,948 0.03 12,300 Aoyama Trading 341 0.00 95,852 FinecoBank 726 0.01 30,600 Aozora 882 0.01 3,896,847 Intesa Sanpaolo 9,571 0.11 34,400 Aplus Financial 25 0.00 300,313 Intesa Sanpaolo (Part Certified) 709 0.01 4,500 Ariake Japan 284 0.00 151,083 Italgas 682 0.01 99,100 Asahi Breweries 3,643 0.04 106,787 Leonardo 939 0.01 50,500 Asahi Glass 1,619 0.02 44,646 Luxottica 2,026 0.02 25,800 Asahi Intecc 658 0.01 84,051 Mediaset 241 0.00 325,000 Asahi Kasei 3,107 0.03 167,097 Mediobanca 1,402 0.02 45,300 ASICS 535 0.01

405 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 406 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

5,800 ASKUL 122 0.00 345,000 Daiwa Securities 1,604 0.02 413,200 Astellas Pharma 3,900 0.04 27,200 Dena 415 0.00 17,700 Autobacs Seven 251 0.00 21,800 Denka 647 0.01 51,000 Awa Bank 241 0.00 129,100 Denso 5,742 0.06 18,200 Azbil 585 0.01 58,800 Dentsu 1,845 0.02 21,400 Bank of Kyoto 826 0.01 21,500 DIC 602 0.01 18,600 Benesse 486 0.01 7,200 Disco 1,186 0.01 36,700 Bic Camera 392 0.00 26,400 DMG Mori Seiki 405 0.00 126,500 Bridgestone 4,358 0.05 31,800 Don Quijote 1,232 0.01 61,200 Brother Industries 1,118 0.01 11,200 Dowa Mining 339 0.00 19,500 Calbee 470 0.01 80,000 East Japan Railway 5,781 0.06 227,400 Canon 6,282 0.07 24,800 Ebara 700 0.01 12,100 Canon Marketing Japan 242 0.00 69,100 Eisai 2,915 0.03 12,400 Capcom 291 0.00 46,100 Electric Power Development 919 0.01 61,700 Casio Computer 657 0.01 8,000 Exedy 183 0.00 38,700 Central Japan Railway 5,136 0.06 14,000 Ezaki Glico 516 0.01 173,000 Chiba Bank 1,066 0.01 20,900 FamilyMart 1,085 0.01 42,000 Chiyoda 229 0.00 45,500 Fanuc 8,097 0.09 185,600 Chubu Electric Power 1,709 0.02 13,400 Fast Retailing 3,953 0.04 57,500 Chugai Pharmaceutical 2,179 0.02 5,800 FP 230 0.00 45,200 Chugoku Bank 448 0.01 148,000 Fuji Electric 826 0.01 83,100 Chugoku Electric Power 662 0.01 101,800 Fujifilm 3,083 0.03 75,200 Citizen 409 0.00 70,300 Fujikura 459 0.01 30,900 Coca-Cola Bottlers 836 0.01 517,000 Fujitsu 2,730 0.03 13,100 COLOPL 105 0.00 13,600 Fujitsu General 221 0.00 27,900 Comsys 598 0.01 187,000 Fukuoka Financial 777 0.01 311,600 Concordia Financial 1,392 0.02 7,400 Fukuyama Transporting 207 0.00 16,800 Cosmo Energy 469 0.01 15,500 Furukawa Electric 566 0.01 2,100 Cosmos Pharmaceutical 325 0.00 15,000 GLORY 420 0.00 45,800 Credit Saison 617 0.01 4,100 GMO Payment Gateway 251 0.00 25,100 CyberAgent 725 0.01 23,500 GREE 109 0.00 78,000 Dai Nippon Printing 1,288 0.01 103,000 GS Yuasa 379 0.00 81,400 Daicel Chemical 686 0.01 111,500 GungHo Online Entertainment 227 0.00 9,100 Daido Steel 415 0.00 108,800 Gunma Bank 487 0.01 27,500 Daifuku 1,109 0.01 9,000 H.I.S. 241 0.00 294,400 Dai-ichi Life 4,496 0.05 21,100 H2O Retailing 327 0.00 170,400 Daiichi Sankyo 3,290 0.04 105,400 Hachijuni Bank 448 0.01 10,200 Daiichikosho 376 0.00 62,800 Hakuhodo 604 0.01 55,900 Daikin 4,901 0.05 35,000 Hamamatsu Photonics 871 0.01 7,700 Daikyo 110 0.00 60,000 Hankyu 1,786 0.02 8,700 Daishi 294 0.00 72,700 Haseko 836 0.01 18,800 Daito Trust Construction 2,841 0.03 13,800 Heiwa 192 0.00 168,200 Daiwa House 4,786 0.05 5,900 Hikari Tsushin 628 0.01

407 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 408 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

68,300 Hino Motors 655 0.01 106,200 Japan Post Bank 1,024 0.01 8,300 Hirose Electric 899 0.01 16,000 Japan Post Insurance 279 0.00 72,500 Hiroshima Bank 467 0.01 16,300 Japan Steel Works 388 0.00 18,600 Hisamitsu Pharmaceutical 834 0.01 261,500 Japan Tobacco 6,239 0.07 985,000 Hitachi 5,678 0.06 133,200 JFE 2,369 0.03 11,300 Hitachi Capital 211 0.00 55,900 JGC 801 0.01 26,800 Hitachi Chemical 510 0.01 47,500 JSR 693 0.01 27,400 Hitachi Construction Machinery 736 0.01 57,700 JTEKT 734 0.01 16,300 Hitachi High-Technologies 509 0.01 9,400 Juroku Bank 205 0.00 12,600 Hitachi Kokusai Electric 258 0.00 829,800 JXTG 3,967 0.04 51,400 Hitachi Metals 547 0.01 19,600 Kagome 539 0.01 10,300 Hitachi Transport System 199 0.00 237,000 Kajima 1,688 0.02 48,100 Hokkaido Electric Power 234 0.00 35,800 Kakaku.com 448 0.01 32,600 Hokuhoku Financial 378 0.00 9,300 Kaken Pharmaceutical 356 0.00 45,800 Hokuriku Electric Power 273 0.00 28,500 Kamigumi 467 0.01 450,500 Honda Motor 11,433 0.13 29,000 Kandenko 226 0.00 10,100 Horiba 450 0.01 74,000 Kaneka 500 0.01 13,800 Hoshizaki Electric 907 0.01 190,500 Kansai Electric Power 1,729 0.02 19,700 House Foods 484 0.01 50,600 Kansai Paint 973 0.01 99,500 Hoya 3,679 0.04 99,200 Kao 4,969 0.06 89,900 Hulic 749 0.01 39,100 Kawasaki Heavy Industries 1,016 0.01 25,300 Ibiden 281 0.00 21,000 Kawasaki Kisen Kaisha 396 0.00 50,700 Ichigo 142 0.00 462,800 KDDI 8,536 0.10 26,800 Idemitsu Kosan 798 0.01 26,000 Keihan 567 0.01 33,300 IHI 821 0.01 64,000 Keikyu 911 0.01 41,400 Iida 579 0.01 29,800 Keio 971 0.01 246,700 Inpex 2,285 0.03 37,100 Keisei Electric Railway 882 0.01 93,300 Isetan Mitsukoshi 857 0.01 60,000 Keiyo Bank 203 0.00 141,000 Isuzu Motors 1,750 0.02 29,300 Kewpie 579 0.01 15,000 ITO EN 438 0.00 22,400 Keyence 9,297 0.10 374,900 ITOCHU 5,185 0.06 46,000 Kikkoman 1,378 0.02 12,000 Itochu Techno-Solutions 385 0.00 33,800 Kinden 408 0.00 41,000 Itoham Yonekyu 278 0.00 47,000 Kintetsu 1,334 0.01 68,200 Iyo Bank 405 0.00 218,700 Kirin 4,082 0.05 9,700 Izumi 447 0.01 8,700 Kissei Pharmaceutical 183 0.00 63,900 J Front Retailing 892 0.01 16,100 Kobayashi Pharmaceutical 774 0.01 8,700 JAFCO 374 0.00 76,800 Kobe Steel 528 0.01 11,800 Japan Airport Terminal 324 0.00 11,800 Koei Tecmo 177 0.00 10,000 Japan Aviation Electronics 125 0.00 29,500 Koito Manufacturing 1,533 0.02 100,800 Japan Display 151 0.00 220,500 Komatsu 5,908 0.07 143,400 Japan Exchange 1,849 0.02 8,100 Komeri 174 0.00 8,000 Japan Petroleum Exploration 157 0.00 24,800 Konami 1,011 0.01 304,500 Japan Post 2,584 0.03 116,600 Konica Minolta 831 0.01

409 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 410 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

7,400 Kose 856 0.01 32,900 Mitsubishi Materials 867 0.01 20,400 K’s 387 0.00 163,500 Mitsubishi Motors 875 0.01 293,700 Kubota 4,268 0.05 3,500 Mitsubishi Shokuhin 76 0.00 92,200 Kuraray 1,288 0.01 57,900 Mitsubishi Tanabe Pharma 888 0.01 30,100 Kurita Water Industries 725 0.01 3,106,500 Mitsubishi UFJ Financial 16,875 0.19 3,900 Kusuri no Aoki 153 0.00 111,000 Mitsubishi UFJ Lease & Finance 489 0.01 81,000 Kyocera 3,927 0.04 440,200 Mitsui 5,302 0.06 11,000 Kyorin 153 0.00 47,400 Mitsui Chemicals 1,130 0.01 67,800 Kyowa Hakko Kogyo 971 0.01 17,700 Mitsui Engineering & Shipbuilding 196 0.00 10,100 Kyudenko 361 0.00 248,300 Mitsui Fudosan 4,121 0.05 120,200 Kyushu Electric Power 933 0.01 29,400 Mitsui O.S.K. Lines 726 0.01 98,500 Kyushu Financial 441 0.00 24,100 Miura 480 0.01 41,200 Kyushu Railway 946 0.01 6,366,200 Mizuho Financial 8,564 0.10 13,500 Lawson 664 0.01 3,300 Mochida Pharmaceutical 187 0.00 60,500 Leopalace21 348 0.00 15,000 Monotaro 355 0.00 8,900 LINE 269 0.00 10,300 Morinaga 387 0.00 12,200 Lintec 252 0.00 132,600 MS&AD Insurance 3,326 0.04 65,700 Lion 923 0.01 49,400 Murata Manufacturing 4,913 0.06 67,200 LIXIL 1,348 0.02 30,900 Nabtesco 878 0.01 51,500 M3 1,343 0.02 29,100 Nagase 389 0.00 13,400 Mabuchi Motor 539 0.01 47,400 Nagoya Railroad 884 0.01 14,000 Maeda Road Construction 238 0.00 50,500 Namco Bandai 1,222 0.01 63,500 Makita 1,976 0.02 28,600 Nankai Electric Railway 525 0.01 405,900 Marubeni 2,179 0.02 66,000 NEC 1,320 0.01 62,300 Marui 845 0.01 41,300 Nexon 891 0.01 15,600 Maruichi Steel Tube 338 0.00 69,300 NGK Insulators 970 0.01 24,600 Matsui Securities 154 0.00 50,100 NGK Spark Plug 902 0.01 19,800 Matsumotokiyoshi Holdings 604 0.01 52,000 NH Foods 940 0.01 149,700 Mazda Motor 1,487 0.02 43,000 NHK Spring 350 0.00 265,400 Mebuki Financial 831 0.01 28,700 Nichirei 587 0.01 43,800 MediPal 635 0.01 57,400 Nidec 5,967 0.07 12,800 Megmilk Snow Brand 280 0.00 11,000 Nifco 556 0.01 35,400 Meiji Holdings 2,233 0.03 19,000 Nihon Kohden 327 0.00 111,900 Minebea 1,737 0.02 15,800 Nihon M&A Center 558 0.01 14,200 Miraca 450 0.01 91,700 Nikon 1,369 0.02 69,600 Misumi 1,502 0.02 23,800 Nintendo 6,448 0.07 334,400 Mitsubishi 6,845 0.08 14,000 Nippo 243 0.00 345,000 Mitsubishi Chemical 2,805 0.03 21,500 Nippon Electric Glass 608 0.01 517,900 Mitsubishi Electric 6,372 0.07 20,000 Nippon Express 984 0.01 308,800 Mitsubishi Estate 3,981 0.04 45,000 Nippon Kayaku 494 0.01 49,600 Mitsubishi Gas Chemical 1,055 0.01 42,500 Nippon Paint 995 0.01 75,200 Mitsubishi Heavy Industries 2,082 0.02 23,200 Nippon Paper Industries 327 0.00 17,500 Mitsubishi Logistics 337 0.00 13,100 Nippon Shinyaku 724 0.01

411 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 412 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

8,400 Nippon Shokubai 420 0.00 13,600 Otsuka 773 0.01 203,700 Nippon Steel & Sumitomo Metal 3,873 0.04 110,700 Otsuka Holdings 3,599 0.04 175,000 Nippon Telegraph & Telephone 6,101 0.07 558,800 Panasonic 6,059 0.07 42,700 Nippon Yusen KK 772 0.01 26,000 Park 24 461 0.01 29,900 Nipro 328 0.00 20,700 PeptiDream 525 0.01 40,400 Nishi-Nippon Financial 358 0.00 27,500 Pigeon 775 0.01 18,800 Nishi-Nippon Railroad 375 0.00 8,900 Pilot 318 0.00 36,700 Nissan Chemical Industries 1,084 0.01 19,100 Pola Orbis 496 0.01 505,700 Nissan Motor 3,736 0.04 213,600 Rakuten 1,448 0.02 20,800 Nissan Shatai 158 0.00 282,600 Recruit 5,204 0.06 67,800 Nisshin Seifun 1,015 0.01 26,800 Relo 540 0.01 11,600 Nisshin Steel 141 0.00 110,400 Renesas Electronics 953 0.01 34,400 Nisshinbo 345 0.00 52,100 Rengo 282 0.00 19,600 Nissin Food 1,060 0.01 574,700 Resona 2,544 0.03 19,200 Nitori 2,025 0.02 16,200 Resorttrust 273 0.00 40,600 Nitto Denko 2,671 0.03 180,600 Ricoh 1,243 0.01 29,100 NOK 503 0.01 9,500 Rinnai 636 0.01 868,600 Nomura 3,799 0.04 23,400 ROHM 1,919 0.02 30,600 Nomura Real Estate 508 0.01 25,300 Rohto Pharmaceutical 501 0.01 29,100 Nomura Research Institute 1,001 0.01 6,200 Ryohin Keikaku 1,431 0.02 75,200 North Pacific Bank 186 0.00 42,200 San-In Godo Bank 301 0.00 8,400 NS Solutions 170 0.00 13,200 Sankyo 308 0.00 118,200 NSK 1,379 0.02 14,900 Sanrio 185 0.00 107,000 NTN 393 0.00 94,400 Santen Pharmaceutical 1,099 0.01 165,600 NTT Data 1,457 0.02 51,100 Sanwa Holdings 521 0.01 339,600 NTT Docomo 5,944 0.07 16,500 Sapporo 374 0.01 30,200 NTT Urban Development 259 0.00 8,300 Sawai Pharmaceutical 275 0.00 174,500 Obayashi 1,565 0.02 49,900 SBI 773 0.01 17,500 OBIC 951 0.01 11,000 SCREEN 666 0.01 1,900 OBIC Business Consultants 82 0.00 10,500 SCSK 358 0.01 79,700 Odakyu Electric Railway 1,263 0.01 50,500 Secom 2,825 0.03 233,000 Oji 1,148 0.01 51,700 Sega Sammy 475 0.01 7,400 Okuma 364 0.00 60,800 Seibu 852 0.01 72,900 Olympus 2,072 0.02 71,900 Seiko Epson 1,257 0.01 50,800 Omron 2,242 0.03 45,600 Seino 536 0.01 119,400 Ono Pharmaceutical 2,062 0.02 94,500 Sekisui Chemical 1,405 0.02 9,000 Oracle Japan 553 0.01 151,200 Sekisui House 2,024 0.02 137,900 Orient 162 0.00 65,800 Senshu Ikeda 180 0.00 49,700 Oriental Land 3,356 0.04 162,200 Seven & I 4,995 0.06 341,400 Orix 4,276 0.05 167,300 Seven Bank 425 0.01 103,000 Osaka Gas 1,470 0.02 38,300 Sharp 975 0.01 19,200 OSG 308 0.00 66,000 Shiga Bank 250 0.00 42,000 Shikoku Electric Power 339 0.01

413 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 414 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

12,600 Shimachu 269 0.00 33,200 Suntory Beverage & Food 1,094 0.01 69,000 Shimadzu 1,162 0.01 45,700 Suruga Bank 726 0.01 5,600 Shimamura 456 0.01 21,000 Suzuken 640 0.01 20,700 Shimano 2,155 0.02 107,700 Suzuki Motor 4,625 0.05 146,200 Shimizu 1,118 0.01 37,500 Sysmex 2,186 0.02 101,100 Shin-Etsu Chemical 7,611 0.09 160,200 T&D 2,028 0.02 42,900 Shinsei Bank 550 0.01 28,500 TADANO 351 0.01 75,900 Shionogi 3,041 0.03 33,200 Taiheiyo Cement 1,063 0.01 89,600 Shiseido 3,209 0.04 55,600 Taisei 2,052 0.02 138,000 Shizuoka Bank 1,056 0.01 11,700 Taisho Pharmaceutical 693 0.01 3,000 Shochiku 379 0.00 37,100 Taiyo Nippon Sanso 385 0.01 33,800 Showa Denko 1,071 0.01 27,200 Taiyo Yuden 314 0.01 49,000 Showa Shell Sekiyu 493 0.01 44,700 Takara 387 0.01 35,800 SKY Perfect JSAT 121 0.00 76,000 Takashimaya 593 0.01 30,600 Skylark 322 0.01 190,100 Takeda Pharmaceutical 8,001 0.09 15,300 SMC 4,667 0.05 32,100 TDK 1,896 0.02 217,700 SoftBank 12,771 0.14 46,300 Teijin 764 0.01 17,500 Sohgo Security Services 704 0.01 46,600 Temp 865 0.01 318,000 Sojitz 722 0.01 80,100 Terumo 2,808 0.03 95,600 Sompo Japan Nipponkoa 2,744 0.03 34,000 THK 946 0.01 291,200 Sony 9,736 0.11 21,200 TIS 548 0.01 44,200 Sony Financial 579 0.01 52,800 Tobu Railway 1,264 0.01 20,200 Sotetsu 393 0.00 60,000 Toda 356 0.01 20,400 Square-Enix 717 0.01 29,700 Toho 762 0.01 38,900 Stanley Electric 1,169 0.01 24,200 Toho Gas 491 0.01 45,000 Start Today 1,014 0.01 122,800 Tohoku Electric Power 1,162 0.01 160,500 Subaru 3,781 0.04 13,400 Tokai Rika 209 0.00 10,900 Sugi 412 0.00 56,900 Tokai Tokyo Financial 272 0.00 55,600 SUMCO 1,055 0.01 147,100 Tokio Marine 4,972 0.06 294,100 Sumitomo 3,701 0.04 9,400 Tokyo Broadcasting System 174 0.00 399,000 Sumitomo Chemical 2,126 0.02 13,200 Tokyo Century 475 0.01 40,800 Sumitomo Dainippon Pharma 449 0.01 403,200 Tokyo Electric Power 1,180 0.01 198,700 Sumitomo Electric 2,489 0.03 32,400 Tokyo Electron 4,347 0.05 33,200 Sumitomo Forestry 440 0.00 109,600 Tokyo Gas 1,858 0.02 29,200 Sumitomo Heavy Industries 915 0.01 55,800 Tokyo Tatemono 558 0.01 61,500 Sumitomo Metal Mining 2,093 0.02 129,800 Tokyu 1,534 0.02 302,200 Sumitomo Mitsui Financial 9,669 0.11 145,300 Tokyu Fudosan 778 0.01 99,100 Sumitomo Mitsui Trust 2,915 0.03 26,700 Topcon 428 0.01 94,000 Sumitomo Osaka Cement 335 0.00 15,400 Toppan Forms 129 0.00 113,000 Sumitomo Realty & Development 2,752 0.03 134,000 Toppan Printing 897 0.01 45,800 Sumitomo Rubber Industries 631 0.01 397,300 Toray Industries 2,776 0.03 17,300 Sundrug 595 0.01 1,011,000 Toshiba 2,088 0.02

415 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 416 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

76,000 Tosoh 1,276 0.01 Jersey – 3.05% 37,200 Toto 1,625 0.02 1,240,004 3i Infrastructure 2,571 0.03 42,000 Toyo Seikan 500 0.01 334,981 Aberdeen Asian Income Fund 728 0.01 23,500 Toyo Suisan Kaisha 744 0.01 2,732,840 Centamin 4,323 0.05 25,300 Toyo Tire & Rubber 387 0.01 166,222 City Merchants High Yield Trust 330 0.00 22,700 Toyobo 306 0.00 1,698,765 Experian 27,775 0.31 20,000 Toyoda Gosei 377 0.01 746,757 Foresight Solar Fund 801 0.01 15,400 Toyota Boshoku 239 0.00 1,314,115 GCP Infrastructure Investments Fund 1,685 0.02 42,300 Toyota Industries 2,015 0.02 21,025,992 Glencore 81,760 0.92 654,300 Toyota Motor 31,035 0.35 208,125 Henderson Far East Income Fund 778 0.01 58,500 Toyota Tsusho 1,743 0.02 1,209,023 IWG 3,096 0.03 30,000 Trend Micro 1,257 0.01 192,186 Middlefield Canadian Income Trust 191 0.00 12,500 TS Tech 381 0.01 466,608 Petrofac 2,375 0.03 16,900 Tsumura 416 0.01 466,511 Polymetal International 4,294 0.05 9,200 Tsuruha 927 0.01 167,825 Randgold Resources 12,428 0.14 7,400 TV Asahi 110 0.00 213,271 Sanne 1,725 0.02 26,800 UBE 584 0.01 1,599,136 Shire 62,214 0.70 100,400 Uni-Charm 1,933 0.02 429,157 Target Healthcare REIT 483 0.01 29,500 Ushio 312 0.00 705,222 UBM 5,265 0.06 56,000 USS 878 0.01 114,933 Wizz Air 4,228 0.05 15,500 Wacoal 362 0.01 455,705 Wolseley 24,289 0.27 12,400 Welcia 398 0.01 2,224,040 WPP 29,824 0.33 48,100 West Japan Railway 2,601 0.03 271,163 3.05 336,400 Yahoo Japan 1,142 0.01 27,200 Yakult Honsha 1,519 0.02 Luxembourg – 0.20% 198,700 Yamada Denki 812 0.01 172,467 ArcelorMittal 4,149 0.05 58,000 Yamaguchi Financial 511 0.01 1,617,846 B&M European Value Retail 6,845 0.08 43,600 Yamaha 1,192 0.01 857,027 Bilfinger Berger Global 1,204 0.01 72,100 Yamaha Motor 1,750 0.02 2,731 Eurofins Scientific 1,230 0.01 92,100 Yamato 1,373 0.02 29,641 RTL 1,755 0.02 10,100 Yamato Kogyo 218 0.00 105,169 SES Global FDR (each representing 1 class ‘A’ share) 1,212 0.01 32,600 Yamazaki Baking 471 0.01 140,917 Tenaris 1,644 0.02 59,500 Yaskawa Electric 1,941 0.02 18,039 0.20 63,600 Yokogawa Electric 902 0.01

26,100 Yokohama Rubber 474 0.01 12,400 Zenkoku Hosho 395 0.01 22,700 Zensho 289 0.00 37,000 Zeon 396 0.01 731,503 8.19

417 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 418 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Netherlands – 1.26% 243,227 Sky City Entertainment 526 0.01 133,198 ABN AMRO 3,177 0.04 671,233 Spark New Zealand 1,281 0.01 501,920 Aegon 2,366 0.03 33,358 Xero 554 0.01 74,477 Akzo Nobel 4,825 0.05 9,517 0.11 180,804 Altice series ‘A’ shares 1,403 0.02 92,099 ASML 11,857 0.13 Norway – 0.26% 38,218 ASR Nederland 1,162 0.01 25,689 Aker BP 468 0.01 25,220 Boskalis Westminster 702 0.01 314,175 DNB 4,314 0.05 263,518 CNH Industrial 2,609 0.03 52,053 Gjensidige Forsikring 728 0.01 31,158 EXOR 1,413 0.02 110,229 Marine Harvest 1,382 0.02 314,745 Fiat Chrysler Automobiles 4,164 0.05 392,256 Norsk Hydro 2,208 0.02 24,357 Gemalto 1,069 0.01 227,988 Orkla 1,791 0.02 15,273 GrandVision 288 0.00 24,802 Schibsted 525 0.01 28,999 Heineken Holding 2,118 0.02 26,822 Schibsted class ‘B’ shares 526 0.01 63,751 Heineken N.V. 4,910 0.05 284,017 Statoil 4,492 0.05 1,103,509 ING 15,005 0.17 199,128 Telenor 3,162 0.04 910,512 Koninklijke 2,345 0.03 51,948 Yara International 1,766 0.02 364,704 Koninklijke Ahold Delhaize 5,931 0.07 21,362 0.26 52,141 Koninklijke DSM 3,686 0.04 Portugal – 0.05% 262,306 Koninklijke Philips 7,341 0.08 679,685 EDP Energias 1,738 0.02 92,324 NN 2,957 0.03 148,022 Galp Energia 2,013 0.02 24,216 OCI 450 0.01 72,951 Jeronimo Martins 1,046 0.01 65,368 QIAGEN 1,513 0.02 32,327 Randstad 1,469 0.02 4,797 0.05 256,877 RELX 4,367 0.05 Singapore – 0.67% 38,079 RHI Magnesita 1,487 0.02 872,000 Ascendas Real Estate Investment Trust 1,309 0.01 421,635 Unilever 17,566 0.20 76,700 BOC Aviation 302 0.00 19,867 Vopak 645 0.01 844,533 CapitaCommercial 903 0.01 84,217 Wolters Kluwer 3,249 0.04 929,000 CapitaLand 1,812 0.02 110,074 1.26 847,400 CapitaMall Trust 995 0.01 194,900 City Developments 1,348 0.02 New Zealand – 0.11% 751,700 ComfortDelGro 820 0.01 188,170 Air New Zealand 315 0.00 660,400 DBS 9,092 0.10 334,330 Auckland International Airport 1,140 0.01 47,814 Flex 637 0.01 263,416 Contact Energy 772 0.01 2,165,600 Genting Singapore 1,572 0.02 207,098 Fisher & Paykel Healthcare 1,535 0.02 1,081,500 Global Logistic Properties 2,013 0.02 255,420 Fletcher Building 1,016 0.01 2,353,500 Golden Agri-Resources 482 0.01 258,446 Kiwi Property 189 0.00 1,859,100 Hutchison Port 564 0.01 252,203 Mercury NZ 448 0.01 38,600 Jardine Cycle & Carriage 869 0.01 452,906 Meridian Energy 695 0.01 75,400 Jardine Matheson 3,390 0.04 150,940 Ryman Healthcare 835 0.01 74,100 Jardine Strategic 2,168 0.02 142,640 Sky Network Television per Interim 211 0.00 525,700 Keppel 2,141 0.02

419 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 420 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

118,600 M1 116 0.00 48,992 Doosan Infracore 294 0.00 1,209,400 Oversea-Chinese Banking 8,301 0.09 7,738 E-Mart 1,444 0.02 232,200 SATS 668 0.01 18,849 GS 808 0.01 331,300 SembCorp Industries 556 0.01 16,474 GS Engineering & Construction 321 0.00 302,300 SembCorp Marine 308 0.00 7,750 GS Retail 216 0.00 83,900 SIA Engineering 145 0.00 108,646 Hana Financial 3,737 0.04 187,300 Singapore Airlines 1,105 0.01 27,509 Hankook Tire 1,036 0.01 302,500 Singapore Exchange 1,245 0.01 2,560 Hanmi Pharm 1,034 0.01 558,100 Singapore Post 380 0.00 4,804 Hanmi Science 367 0.00 586,400 Singapore Press 861 0.01 60,267 Hanon Systems 577 0.01 565,600 Singapore Technologies Engineering 1,018 0.01 3,684 Hanssem 458 0.01 2,562,300 Singapore Telecommunications 5,068 0.06 17,835 Hanwha 512 0.01 214,200 StarHub 338 0.00 30,076 Hanwha Chemical 656 0.01 898,100 Suntec Real Estate Investment Trust 1,065 0.01 88,514 Hanwha Life Insurance 422 0.00 457,700 United Overseas Bank 6,694 0.07 13,373 Hanwha Techwin 328 0.00 173,900 UOL 853 0.01 11,304 Hite Jinro 188 0.00 92,500 Venture 1,047 0.01 11,442 Hotel Shilla 671 0.01 744,000 Wilmar International 1,274 0.01 8,570 Hyosung 824 0.01 138,300 Wing Tai 174 0.00 2,142 Hyundai Construction Equipment 250 0.00 26,247 XP Power 900 0.01 5,631 Hyundai Department Store 405 0.00 62,533 0.67 22,186 Hyundai Development 591 0.01 2,214 Hyundai Electric & Energy System 174 0.00 South Korea – 2.40% 26,702 Hyundai Engineering & Construction 670 0.01 11,670 Amorepacific 2,453 0.03 6,802 Hyundai Glovis 637 0.01 10,730 Amorepacific Group 1,042 0.01 11,396 Hyundai Heavy Industries 792 0.01 3,906 Amorepacific preference shares 447 0.01 22,348 Hyundai Marine & Fire Insurance 726 0.01 4,883 BGF (Registered) 51 0.00 3,751 Hyundai Mipo Dockyard 204 0.00 2,616 BGF retail 380 0.00 24,118 Hyundai Mobis 4,385 0.05 107,374 BNK Financial 699 0.01 53,279 Hyundai Motor 5,728 0.06 28,751 Celltrion 4,395 0.05 13,415 Hyundai Motor cumulative preference shares 941 0.01 25,493 Cheil Worldwide 373 0.00 8,479 Hyundai Motor non-cumulative preference shares 545 0.01 4,709 CJ 589 0.01 2,742 Hyundai Robotics 722 0.01 2,701 CJ CheilJedang 682 0.01 27,561 Hyundai Steel 1,115 0.01 491 CJ CheilJedang preference shares 51 0.00 5,851 Hyundai Wia 263 0.00 2,670 CJ Korea Express 258 0.00 97,116 Industrial Bank of Korea 1,101 0.01 19,674 Coway 1,327 0.01 11,684 Kakao 1,107 0.01 10,039 Daelim Industrial 571 0.01 39,464 Kangwon Land 948 0.01 69,079 Daewoo Engineering & Construction 282 0.00 147,880 KB Financial 6,461 0.07 56,749 DGB Financial 414 0.00 2,034 KCC 534 0.01 17,323 Dongbu Insurance 851 0.01 7,818 KEPCO Plant Service & Engineering 219 0.00 11,392 Dongsuh 228 0.00 95,279 Kia Motors 2,203 0.02 3,727 Doosan 291 0.00 24,087 Korea Aerospace Industries 789 0.01 23,130 Doosan Heavy Industry 245 0.00 94,376 Korea Electric Power 2,486 0.03

421 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 422 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

9,732 Korea Gas 286 0.00 58,042 Samsung Engineering 496 0.01 14,047 Korea Investment 667 0.01 12,089 Samsung Fire & Marine 2,227 0.02 3,653 Korea Zinc 1,244 0.01 993 Samsung Fire & Marine Insurance preference shares 121 0.00 17,123 Korean Air Lines 401 0.00 97,721 Samsung Heavy Industries 495 0.01 40,894 KT&G 3,251 0.04 25,310 Samsung Life 2,170 0.02 6,444 Kumho Petro Chemical 443 0.00 19,865 Samsung SDI 2,809 0.03 33,189 LG 2,083 0.02 11,883 Samsung SDS 1,639 0.02 17,029 LG Chemical 4,768 0.05 21,544 Samsung Securities 544 0.01 2,834 LG Chemical preference shares 487 0.01 168,307 Shinhan Financial 5,742 0.06 82,829 LG Display 1,712 0.02 2,547 Shinsegae 527 0.01 39,844 LG Electronics 2,906 0.03 12,314 SK C&C 2,405 0.03 6,360 LG Electronics preference shares 206 0.00 189,438 SK Hynix 10,006 0.11 2,209 LG Hausys 148 0.00 22,433 SK Innovation 3,164 0.04 3,245 LG Household & Health Care 2,665 0.03 55,976 SK Networks 257 0.00 777 LG Household & Health Care preference shares 372 0.00 8,402 SK Telecom 1,551 0.02 79,193 LG Telecom 767 0.01 7,221 SKC 234 0.00 9,863 Lotte 444 0.00 15,255 S-Oil 1,229 0.01 5,392 Lotte Chemical 1,372 0.02 187,329 Woori Bank 2,040 0.02 144 Lotte Chilsung Beverage 132 0.00 3,062 Yuhan 463 0.01 591 Lotte Confectionery 60 0.00 220,606 2.40 6,474 Lotte Fine Chemical 291 0.00 3,515 Lotte Shopping 482 0.01 Spain – 1.40% 6,373 LS Cable 320 0.00 184,232 Abertis Infraestructuras 3,032 0.03 2,431 Mando 519 0.01 7,971 Acciona 481 0.01 142,327 Mirae Asset Daewoo 903 0.01 44,896 Acerinox 474 0.01 9,759 NAVER 5,863 0.07 69,492 ACS Actividades 2,011 0.02 6,369 NCSoft 1,968 0.02 18,452 Aena 2,766 0.03 6,541 Netmarble Games 850 0.01 120,134 Amadeus IT 6,407 0.07 47,548 NH Investment & Securities 455 0.01 1,909,616 Banco Bilbao Vizcaya Argentaria 12,049 0.13 5,898 NHN Entertainment 279 0.00 1,482,612 Banco de Sabadell 2,176 0.02 1,177 NongShim 288 0.00 4,551,323 Banco Santander 22,122 0.25 6,687 OCI 627 0.01 348,156 Bankia 1,232 0.01 475 Ottogi 265 0.00 208,098 Bankinter 1,458 0.02 16,745 Paradise 258 0.00 1,063,954 CaixaBank 3,670 0.04 25,139 POSCO 5,770 0.06 61,518 Cellnex Telecom 1,164 0.01 17,493 Posco Daewoo 220 0.00 5,335 Corporacion Financiera Alba 225 0.00 7,009 S1 519 0.01 183,820 Distribuidora 701 0.01 5,029 Samsung Biologics 1,288 0.01 61,381 EDP Renovaveis 377 0.00 25,348 Samsung C&T 2,208 0.02 63,329 Enagas 1,341 0.02 11,545 Samsung Card 316 0.00 92,049 Endesa 1,458 0.02 20,356 Samsung Electro Mechanics 1,406 0.02 142,039 Ferrovial 2,384 0.03 34,153 Samsung Electronics 60,161 0.67 67,643 Gamesa 686 0.01 6,451 Samsung Electronics preference shares 9,299 0.10 87,658 Gas Natural 1,497 0.02

423 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 424 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

93,517 Grifols class ‘A’ shares 2,027 0.02 112,207 SKF series ‘B’ shares 1,840 0.02 77,297 Grifols class ‘B’ shares 1,304 0.01 173,833 Svenska Cellulosa series ‘B’ shares 1,323 0.01 1,457,014 Iberdrola 8,351 0.09 423,192 Svenska Handelsbanken 4,262 0.05 302,491 Inditex 7,792 0.09 247,191 Swedbank series ‘A’ shares 4,397 0.05 3,046,752 International Consolidated Airlines 19,804 0.22 55,629 Swedish Match 1,619 0.02 305,997 Mapfre 726 0.01 101,081 Tele2 series ‘B’ shares 919 0.01 55,529 Mediaset Espana 461 0.01 739,259 Telia 2,439 0.03 89,401 Merlin Properties 896 0.01 72,323 Trelleborg class ‘B’ shares 1,236 0.01 129,176 Red Electrica 2,142 0.02 450,708 Volvo series ‘B’ shares 6,191 0.07 341,180 Repsol 4,464 0.05 87,919 0.99 341,180 Repsol rights 5/1/2018 114 0.00 1,225,750 Telefonica 8,836 0.10 Switzerland – 2.94% 59,206 Zardoya Otis 477 0.01 550,290 ABB (Registered) 10,906 0.12 45,944 Adecco 2,597 0.03 125,105 1.40 24,942 Aryzta 731 0.01 Sweden – 0.99% 13,714 Baloise 1,577 0.02 87,833 Alfa Laval 1,535 0.02 786 Banque Cantonale Vaudoise (Registered) 438 0.00 60,566 Arjo 127 0.00 591 Barry Callebaut 911 0.01 274,573 Assa Abloy 4,220 0.05 83,134 Clariant 1,719 0.02 181,024 Atlas Copco class ‘A’ shares 5,773 0.06 145,750 Compagnie Financiere Richemont 9,765 0.11 79,137 Atlas Copco class ‘B’ shares 2,243 0.03 702,904 Credit Suisse 9,274 0.10 81,559 Boliden 2,059 0.02 6,836 DKSH 442 0.00 66,146 Electrolux series ‘B’ shares 1,573 0.02 8,074 Dufry 888 0.01 874,289 Ericsson series ‘B’ shares 4,233 0.05 1,986 EMS-Chemie 980 0.01 173,833 Essity 3,644 0.04 4,706 Flughafen Zuerich 795 0.01 26,509 Fastighets Balder 523 0.01 10,656 Geberit 3,469 0.04 60,566 Getinge 650 0.01 2,644 Givaudan 4,514 0.05 266,414 Hennes & Mauritz series ‘B’ shares 4,075 0.05 1,843 Helvetia 766 0.01 72,457 Hexagon series ‘B’ shares 2,673 0.03 61,718 Julius Baer (Registered) 2,789 0.03 114,789 Husqvarna series ‘B’ shares 807 0.01 14,958 Kuehne + Nagel 1,957 0.02 29,347 ICA Gruppen 789 0.01 139,400 LafargeHolcim 5,807 0.07 63,548 Industrivarden series ‘A’ shares 1,209 0.01 30 Lindt & Spruengli (Registered) 1,591 0.02 50,583 Industrivarden series ‘C’ shares 922 0.01 304 Lindt & Spruengli (Part Certified) 1,371 0.02 34,133 Investment Latour 310 0.00 44,415 Logitech International 1,108 0.01 131,739 Investor series ‘C’ shares 4,437 0.05 21,353 Lonza 4,264 0.05 59,811 Kinnevik 1,492 0.02 875,152 Nestlé 55,611 0.62 7,952 L E Lundbergforetagen 439 0.00 645,300 Novartis 40,320 0.45 54,190 Lundin Petroleum 913 0.01 7,979 Pargesa 511 0.01 947,956 Nordea Bank 8,473 0.09 4,586 Partners 2,324 0.03 316,358 Sandvik 4,094 0.05 12,130 PSP Swiss Property 850 0.01 92,750 Securitas series ‘B’ shares 1,198 0.01 7,988 Roche (Bearer) 1,492 0.02 419,424 Skandinaviska Enskilda Banken series ‘A’ shares 3,626 0.04 197,244 Roche Holding 36,875 0.41 107,859 Skanska series ‘B’ shares 1,656 0.02 6,185 Schindler (Registered) 1,035 0.01

425 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 426 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

11,924 Schindler (Part Certified) 2,029 0.02 260,345 Arrow Global 1,033 0.01 1,421 SGS (Registered) 2,734 0.03 63,764 Artemis Alpha Trust 186 0.00 615 Sika 3,612 0.04 707,527 Ascential 2,713 0.03 15,230 Sonova 1,759 0.02 697,347 Ashmore 2,825 0.03 186,370 STMicroelectronics 3,010 0.03 939,558 Ashtead 18,641 0.21 2,983 Straumann 1,558 0.02 134,840 Asian Total Return Investment 481 0.01 3,436 Sulzer 308 0.00 627,849 Associated British Foods 17,705 0.20 13,930 Swatch class ‘I’ shares 787 0.01 3,766,265 Assura 2,407 0.03 8,781 Swatch class ‘N’ shares 2,648 0.03 2,280,416 AstraZeneca 116,712 1.31 9,110 Swiss Life 2,385 0.03 1,713,507 Auto Trader 6,045 0.07 17,612 Swiss Prime Site 1,202 0.01 114,977 Aveva 3,179 0.04 80,631 Swiss Re 5,579 0.06 7,308,041 Aviva 36,906 0.41 6,602 Swisscom 2,597 0.03 50,993 Avon Rubber 609 0.01 16,356 Temenos 1,550 0.02 906,577 Babcock International 6,396 0.07 908,713 UBS 12,362 0.14 5,722,755 BAE Systems 32,763 0.37 12,296 Vifor Pharma 1,165 0.01 143,191 Baillie Gifford Japan Investment Trust 1,176 0.01 42,968 Zurich Insurance 9,666 0.11 73,751 Baillie Gifford Shin Nippon 656 0.01 262,628 2.94 1,238,979 Balfour Beatty 3,661 0.04 65,253 Bank of Georgia 2,316 0.03 United Kingdom – 44.66% 221,809 Bankers Investment Trust 1,952 0.02 1,727,924 3i 15,759 0.18 30,568,564 Barclays 62,085 0.70 50,253 4imprint 910 0.01 25,710 Baring Emerging Europe 199 0.00 382,679 888 1,076 0.01 1,810,587 Barratt Developments 11,724 0.13 153,088 A.G. Barr 1,013 0.01 152,994 BB Healthcare 178 0.00 1,094,039 AA 1,859 0.02 1,857,992 BBA Aviation 6,497 0.07 106,073 Aberdeem New India 489 0.01 1,318,530 BCA Marketplace 2,682 0.03 63,061 Aberdeen Asian Smaller Companies Investment Trust 665 0.01 938,891 Beazley 5,014 0.06 301,977 Aberdeen Diversified Income And Growth Trust 369 0.00 221,041 Bellway 7,876 0.09 211,559 Aberdeen New Dawn Investment Trust 506 0.01 231,277 Berkeley 9,707 0.11 170,075 Aberforth Smaller Companies Investment Trust 2,250 0.03 3,735,086 BHP Billiton 56,848 0.64 270,332 Acacia Mining 537 0.01 264,605 Biffa 689 0.01 127,369 Acal 472 0.01 259,239 Big Yellow 2,254 0.03 362,120 Admiral 7,242 0.08 100,420 Biotech Growth Trust 774 0.01 433,371 Aggreko 3,454 0.04 305,531 BlackRock Frontiers Investment Trust** 490 0.01 420,913 Aldermore 1,306 0.01 171,913 BlackRock Greater Europe Investment Trust** 574 0.01 170,383 Alfa Financial Software 906 0.01 70,979 BlackRock Latin American Investment Trust** 326 0.00 660,253 Alliance Trust 4,919 0.06 124,942 BlackRock North American Income Trust** 201 0.00 46,885 Allianz Technology Trust 539 0.01 86,205 BlackRock Smaller Cos Trust** 1,121 0.01 416,342 Allied Minds 681 0.01 131,863 BlackRock Throgmorton Trust** 622 0.01 1,789,016 Anglo American 27,685 0.31 318,375 BlackRock World Mining Trust** 1,262 0.01 17,275 Anglo-Eastern Plantations 130 0.00 130,003 Bloomsbury Publishing 238 0.00 632,326 Antofagasta 6,336 0.07 341,494 Bodycote 3,111 0.03 406,096 AO World 446 0.00 2,971,821 Booker 6,805 0.08

427 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 428 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

242,365 Bovis Homes 2,838 0.03 2,828,330 Compass 45,253 0.51 34,588,114 BP 180,585 2.02 130,301 Computacenter 1,501 0.02 489,273 Brewin Dolphin 1,905 0.02 442,474 Connect 482 0.01 4,111,586 British American Tobacco 205,908 2.31 88,204 Consort Medical 1,022 0.01 218,150 British Empire Securities & General Investment Trust 1,575 0.02 2,867,259 ConvaTec 5,886 0.07 1,850,510 British Land 12,796 0.14 91,702 Costain 428 0.00 462,810 Britvic 3,772 0.04 821,386 Countryside Properties 2,899 0.03 53,873 Brunner Investment Trust 417 0.00 285,580 Countrywide 343 0.00 15,100,122 BT 40,982 0.46 90,391 Cranswick 3,004 0.03 690,026 BTG 5,244 0.06 444,315 Crest Nicholson 2,417 0.03 605,180 Bunzl 12,497 0.14 231,795 Croda International 10,252 0.11 797,709 Burberry 14,295 0.16 279,419 Custodian REIT 326 0.00 1,037,273 Cairn Energy 2,218 0.02 369,515 CVC Credit Partners 416 0.00 58,793 Caledonia Investments 1,656 0.02 1,589,955 CYBG 5,380 0.06 128,258 Cambian 251 0.00 8,502 Daejan 514 0.01 1,193,557 Capita 4,785 0.05 249,965 Dairy Crest 1,441 0.02 1,322,562 Capital & Counties Properties 4,216 0.05 183,574 De La Rue 1,177 0.01 484,130 Capital & Regional 281 0.00 2,140,736 Debenhams 739 0.01 5,394 Capital Gearing Trust 214 0.00 165,065 Dechra Pharmaceuticals 3,452 0.04 66,367 Carclo 80 0.00 180,076 Derwent London 5,613 0.06 571,733 Card Factory 1,687 0.02 299,222 Devro 679 0.01 775,939 Carillion 134 0.00 370,224 DFS Furniture 720 0.01 326,536 Carnival 15,974 0.18 4,439,958 Diageo 120,789 1.35 90,319 Carpetright 154 0.00 53,110 Dialight 292 0.00 136,437 Carr’s Milling 166 0.00 89,309 Dignity 1,625 0.02 10,561,254 Centrica 14,501 0.16 201,745 Diploma 2,514 0.03 111,764 Charles Taylor Consulting 302 0.00 2,481,359 Direct Line 9,469 0.11 503,817 Chemring 925 0.01 624,740 Diverse Income Trust 645 0.01 269,892 Chesnara 1,051 0.01 1,796,648 Dixons Carphone 3,575 0.04 549,761 Cineworld 3,296 0.04 888,242 Domino’s Pizza 3,071 0.03 310,763 Circassia Pharmaceuticals 319 0.00 733,185 Drax 1,976 0.02 38,156 City of London Investment 155 0.00 1,963,701 DS Smith 10,162 0.11 608,238 City of London Investment Trust 2,667 0.03 271,879 Dunedin Income Growth Investment Trust 707 0.01 631,519 Civitas Social Housing 710 0.01 86,548 Dunedin Smaller Companies Investment Trust 231 0.00 44,539 Clarkson 1,273 0.01 177,411 Dunelm 1,229 0.01 52,440 Clipper Logistics 220 0.00 447,076 easyJet 6,541 0.07 270,444 Close Brothers 3,916 0.04 165,795 Ecofin Global Utilities and Infrastructure 216 0.00 284,041 CLS 697 0.01 340,210 Edinburgh Dragon Investment Trust 1,276 0.01 170,793 CMC Markets 256 0.00 352,947 Edinburgh Investment Trust 2,478 0.03 2,517,089 Coats 2,234 0.03 87,971 Edinburgh Worldwide Investment Trust 666 0.01 4,313,796 Cobham 5,440 0.06 860,037 EI Group 1,213 0.01 351,984 Coca-Cola HBC 8,518 0.10 48,125 Electra Private Equity 448 0.01 190,203 Communisis 122 0.00 793,774 Electrocomponents 4,965 0.06

429 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 430 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

830,473 Elementis 2,388 0.03 5,032 Goodwin 98 0.00 1,019,208 Empiric Student Property 945 0.01 739,932 Grainger Trust 2,138 0.02 1,875,647 EnQuest 535 0.01 588,764 Great Portland Estates 4,045 0.05 77,213 EP Global Opportunities Trust 245 0.00 1,329,620 Greencoat UK Wind 1,630 0.02 584,646 Equiniti 1,667 0.02 554,852 Greene King 3,079 0.03 470,633 Essentra 2,485 0.03 181,165 Greggs 2,527 0.03 511,939 esure 1,272 0.01 355,522 Gulf Marine Services 159 0.00 75,830 Euro Investment Trust 710 0.01 168,280 Gym Group 369 0.00 96,131 Euromoney Institutional Investor 1,247 0.01 358,353 Halfords 1,254 0.01 867,579 Evraz 2,949 0.03 680,754 Halma 8,578 0.10 176,572 F&C Capital & Income Investment Trust 583 0.01 1,430,779 Hammerson 7,812 0.09 950,677 F&C Commercial Property Trust 1,291 0.01 7,069 Hansard Global 73 0.00 102,004 F&C Global Small Companies 1,412 0.02 656,356 Hansteen 939 0.01 132,718 F&C Private Equity Trust 446 0.00 515,073 Hargreaves Lansdown 9,282 0.10 37,114 F&C US Smaller Companies 328 0.00 578,742 Hastings 1,849 0.02 152,533 FDM 1,424 0.02 2,494,658 Hays 4,563 0.05 348,777 Fenner 1,393 0.02 148,694 Headlam 857 0.01 528,560 Ferrexpo 1,548 0.02 178,176 Helical Bar 600 0.01 121,939 Fidelity Asian Values Investment Trust 474 0.01 69,272 Henderson Alternative Strategi 206 0.00 672,485 Fidelity China Special Situations Investment Trust 1,577 0.02 328,287 Henderson Diversified Income 312 0.00 751,651 Fidelity European Values Investment Trust 1,700 0.02 37,265 Henderson Europe Focus Trust 509 0.01 123,854 Fidelity Japanese Values Investment Trust 185 0.00 38,219 Henderson Eurotrust 454 0.01 329,337 Fidelity Special Values Investment Trust 839 0.01 201,271 Henderson High Income Invesment Trust 378 0.00 68,457 Fidessa 1,733 0.02 141,339 Henderson International Income Trust 235 0.00 106,887 Findel 214 0.00 135,213 Henderson Smaller Companies Investment Trust 1,195 0.01 272,838 Finsbury Growth & Income Trust 2,110 0.02 176,274 Henry Boot 546 0.01 2,173,296 FirstGroup 2,393 0.03 129,712 Herald Investment Trust 1,510 0.02 987,327 Foreign & Colonial Investment Trust 6,368 0.07 62,071 HG Capital Investment Trust 1,096 0.01 162,347 Forterra 483 0.01 251,018 Hikma Pharmaceuticals 2,839 0.03 456,881 Foxtons 371 0.00 141,534 Hill & Smith 1,895 0.02 319,071 Fresnillo 4,544 0.05 51,872 Hilton Food Group 448 0.01 56,131 Fuller Smith & Turner class ‘A’ shares 516 0.01 432,906 Hochschild Mining 1,141 0.01 42,412 Fundsmith Emerging Equities Trust 554 0.01 442,947 Hogg Robinson 355 0.00 2,795,556 G4S 7,442 0.08 253,794 Hollywood Bowl 515 0.01 147,379 Galliford Try 1,895 0.02 462,446 HomeServe 3,741 0.04 26,640 Games Workshop 701 0.01 172,470 Hostelworld 655 0.01 605,794 GCP Student Living 869 0.01 1,091,537 Howden Joinery 5,095 0.06 109,719 Genus 2,776 0.03 36,113,261 HSBC 276,664 3.10 3,093,053 GKN 9,854 0.11 250,409 Hunting 1,515 0.02 8,684,655 GlaxoSmithKline 114,464 1.28 466,199 Huntsworth 375 0.00 77,261 Go-Ahead 1,150 0.01 690,560 Ibstock 1,840 0.02 512,148 Gocompare.Com 539 0.01 125,858 ICG Enterprise Trust 998 0.01

431 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 432 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

177,113 ICG-Longbow Senior Secured UK Property Debt Investments 181 0.00 169,308 JP Morgan European Investment Trust – Income 275 0.00 656,584 IG 4,711 0.05 350,752 JP Morgan Global Convertibles Income Fund 337 0.00 487,942 IMI 6,504 0.07 528,771 JP Morgan Global Emerging Markets Income Trust 718 0.01 333,183 Impax Environmental Markets 846 0.01 224,052 JP Morgan Global Growth & Income 738 0.01 1,714,894 Imperial Brands 54,294 0.61 190,332 JP Morgan Indian Investment Trust 1,442 0.02 755,610 Inchcape 5,901 0.07 99,394 JP Morgan Japan Smaller Companies Trust 431 0.00 1,299,651 Indivior 5,296 0.06 291,360 JP Morgan Japanese Investment Trust 1,277 0.01 1,483,517 Informa 10,704 0.12 43,156 JP Morgan Mid Cap Investment Trust 513 0.01 812,679 Inmarsat 3,983 0.04 94,771 JP Morgan Russian Securities 474 0.01 341,333 InterContinental Hotels 16,104 0.18 30,071 JP Morgan Smaller Companies Investment Trust 325 0.00 511,715 Intermediate Capital 5,859 0.07 100,200 JPMorgan US Smaller Companies Investment Trust 301 0.00 67,842 International Biotechnology Trust 421 0.00 190,896 Jupiter European Opportunities Trust 1,370 0.02 398,826 International Personal Finance 788 0.01 940,621 Jupiter Fund Management 5,912 0.07 2,357,588 International Public Partnership 3,692 0.04 1,193,274 Just Eat 9,319 0.10 262,442 Interserve 251 0.00 1,022,410 Just Group 1,742 0.02 290,501 Intertek 15,077 0.17 88,540 Kainos Group 300 0.00 1,593,415 Intu Properties 4,031 0.05 443,703 KAZ Minerals 3,958 0.04 151,153 Invesco Asia Investment Trust 450 0.01 919,942 KCOM 835 0.01 105,620 Invesco Income & Growth Investment Trust 308 0.00 128,209 Keller 1,245 0.01 96,183 Invesco Perpetual UK Smaller Companies Investment Trust 498 0.01 24,366 Keystone Investment Trust 432 0.00 1,373,744 Investec 7,350 0.08 168,781 Kier 1,836 0.02 1,115,747 IP 1,587 0.02 4,040,253 Kingfisher 13,644 0.15 459,669 ITE 834 0.01 3,624,052 Ladbrokes 6,589 0.07 6,736,767 ITV 11,136 0.12 877,645 Laird 1,207 0.01 2,961,477 J Sainsbury 7,149 0.08 1,269,644 Land Securities Group 12,798 0.14 73,718 James Fisher & Sons 1,153 0.01 211,684 Law Debenture 1,318 0.01 220,147 Jardine Lloyd Thompson 3,053 0.03 10,689,982 Legal & General 29,216 0.33 658,799 JD Sports Fashion 2,215 0.02 69,910 Liontrust 329 0.00 132,742 JD Wetherspoon 1,669 0.02 128,189,331 Lloyds Banking 86,925 0.97 662,192 John Laing 1,946 0.02 566,379 London Stock Exchange 21,443 0.24 262,437 John Laing Environmental Assets 285 0.00 1,156,761 LondonMetric Property 2,152 0.02 1,527,236 John Laing Infrastructure Fund 1,879 0.02 509,381 Lonmin 423 0.00 122,314 John Menzies 824 0.01 578,708 Lookers 593 0.01 1,190,385 John Wood 7,732 0.09 590,229 Low & Bonar 314 0.00 345,872 Johnson Matthey 10,625 0.12 48,159 Lowland Investment Company 744 0.01 450,848 JP Morgan American Investment Trust 1,821 0.02 149,617 LSL Property Services 411 0.00 171,205 JP Morgan Asian Investment Trust 613 0.01 132,933 Luceco 148 0.00 132,389 JP Morgan Chinese Investment Trust 402 0.00 51,870 Majedie Investment Trust 151 0.00 98,788 JP Morgan Claverhouse Investment Trust 714 0.01 3,354,964 Man 6,935 0.08 225,439 JP Morgan Emerging Markets Investment Trust 1,988 0.02 2,927,793 Marks & Spencer 9,211 0.10 288,715 JP Morgan Euro Smaller Companies Trust 1,211 0.01 358,120 Marshalls 1,623 0.02 139,860 JP Morgan European Investment Trust – Growth 450 0.01 1,137,492 Marston’s 1,277 0.01

433 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 434 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

65,383 Martin Currie Asia Unconstrain 261 0.00 123,765 Norcros 220 0.00 173,808 Martin Currie Global Portfolio Investment 424 0.00 51,777 North American Income Trust 680 0.01 328,410 McBride 732 0.01 18,466 North Atlantic Smaller Companies Investment Trust 497 0.01 959,635 McCarthy & Stone 1,514 0.02 239,198 Northgate 912 0.01 138,704 McColl’s Retail 359 0.00 154,087 Nostrum Oil & Gas 501 0.01 77,265 McKay Securities 178 0.00 779,231 Ocado 3,090 0.03 184,542 Mears 744 0.01 8,475,678 Old Mutual 19,613 0.22 80,447 Medica 164 0.00 108,744 On the beach 509 0.01 705,139 Mediclinic International 4,552 0.05 257,913 OneSavings Bank 1,061 0.01 1,399,906 Meggitt 6,750 0.08 1,231,526 Ophir Energy 825 0.01 3,848,539 Melrose Industries 8,151 0.09 4,501,965 Oxford Biomedica 398 0.00 154,515 Mercantile Investment Trust 3,367 0.04 95,465 Oxford Instruments 809 0.01 196,183 Merchants Investment Trust 970 0.01 150,223 P2P Global Investments 1,221 0.01 1,273,048 Merlin Entertainments 4,615 0.05 215,590 Pacific Assets Investment Trust 557 0.01 134,394 Metro Bank 4,817 0.05 97,011 Pacific Horizon Investment Trust 303 0.00 758,191 Micro Focus International 19,084 0.21 555,424 Pagegroup 2,597 0.03 19,299 Micro Focus International ADR 480 0.01 59,492 Pantheon International Participations Fund 1,107 0.01 215,364 Millennium & Copthorne Hotels 1,258 0.01 492,423 Paragon 2,413 0.03 409,644 Mitchells & Butlers 1,158 0.01 117,296 PayPoint 1,071 0.01 646,121 MITIE 1,244 0.01 1,481,114 Pearson 10,901 0.12 33,681 MJ Gleeson 253 0.00 2,476,163 Pendragon 675 0.01 661,746 Mondi 12,778 0.14 745,472 Pennon 5,807 0.07 950,345 Moneysupermarket.com 3,383 0.04 432,830 Perpetual Income and Growth Investment Trust 1,646 0.02 384,776 Monks Investment Trust 2,928 0.03 432,654 Pershing Square Holdings 4,374 0.05 29,983 Montanaro European Smaller Companies 241 0.00 552,786 Persimmon 15,119 0.17 57,177 Montanaro UK Smaller Company Investment Trust 333 0.00 3,277 Personal Assets Trust 1,338 0.01 511,795 Morgan Advanced Materials 1,718 0.02 2,640,310 Petropavlovsk 203 0.00 70,574 Morgan Sindall 1,007 0.01 654,397 Pets at Home 1,149 0.01 153,774 Moss Bros 131 0.00 330,683 Photo-Me 605 0.01 264,839 Mothercare 172 0.00 310,650 Polar Capital Global Financials Trust 446 0.00 102,070 Motorpoint 219 0.00 217,614 Polar Capital Global Healthcare Trust 437 0.00 121,314 Murray Income Trust 964 0.01 238,655 Polar Capital Technology Trust 2,704 0.03 226,167 Murray International Trust 2,863 0.03 339,656 Polypipe 1,329 0.01 274,615 N Brown 741 0.01 67,530 Porvair 301 0.00 396,720 Nanoco 103 0.00 1,255,535 Premier Foods 527 0.01 761,432 National Express 2,900 0.03 913,593 Premier Oil 697 0.01 6,177,280 National Grid 54,020 0.60 1,030,693 Primary Health Properties 1,201 0.01 472,049 NCC 1,103 0.01 266,958 Provident Financial 2,397 0.03 644,149 New City High Yield Fund 399 0.00 4,633,426 Prudential 88,174 0.99 456,987 NewRiver REIT Voting 1,528 0.02 233,759 PureTech Health 346 0.00 568,079 NEX 3,445 0.04 339,981 PZ Cussons 1,099 0.01 253,958 Next 11,479 0.13 1,021,245 Qinetiq 2,360 0.03 146,002 NMC Health 4,212 0.05 27,938 Ranger Direct Lending 194 0.00

435 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 436 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

308,428 Rank 745 0.01 1,795,905 Segro 10,542 0.12 90,624 Rathbone Brothers 2,313 0.03 754,117 Senior 1,965 0.02 1,118,402 Reckitt Benckiser 77,371 0.87 649,506 Sequoia Economic Infrastructure Income 727 0.01 585,395 Redrow 3,831 0.04 1,970,853 Serco 1,947 0.02 248,032 Regional REIT 252 0.00 122,647 Servelec 384 0.00 1,907,424 RELX 33,151 0.37 536,542 Severfield 410 0.00 1,105,623 Renewi 1,139 0.01 425,058 Severn Trent 9,181 0.10 63,672 Renishaw 3,327 0.04 407,585 Shaftesbury 4,251 0.05 360,788 Renold 168 0.00 1,039,936 SIG 1,832 0.02 3,307,715 Rentokil Initial 10,519 0.12 7,196,035 Sirius Minerals 1,691 0.02 354,545 Restaurant 1,067 0.01 1,877,770 Sky 19,003 0.21 95,746 Ricardo 833 0.01 1,587,319 Smith & Nephew 20,397 0.23 163,023 Rightmove 7,330 0.08 710,382 Smiths 10,585 0.12 2,156,307 Rio Tinto 84,958 0.95 394,626 SOCO International 435 0.00 228,873 RIT Capital Partners 4,486 0.05 190,602 Softcat 990 0.01 121,186 Robert Walters 700 0.01 734,300 Sophos 4,178 0.05 2,973,576 Rolls-Royce 25,186 0.28 214,253 Spectris 5,324 0.06 1,560,538 Rotork 4,165 0.05 930,605 Speedy Hire 568 0.01 6,137,082 Royal Bank of Scotland 17,049 0.19 131,905 Spirax-Sarco Engineering 7,413 0.08 8,156,409 Royal Dutch Shell class ‘A’ shares 202,116 2.26 506,044 Spire Healthcare 1,283 0.01 6,735,665 Royal Dutch Shell class ‘B’ shares 168,661 1.89 1,096,866 Spirent Communications 1,113 0.01 1,647,192 Royal Mail 7,454 0.08 132,860 Sportech 106 0.00 741,838 RPC 6,539 0.07 432,707 Sports Direct International 1,631 0.02 401,553 RPS 1,088 0.01 325,171 SQN Asset Finance Income 288 0.00 1,834,675 RSA Insurance 11,586 0.13 1,829,387 SSE 24,111 0.27 6,879 S&U 153 0.00 847,251 SSP 5,778 0.06 370,212 Safestore 1,838 0.02 318,042 St Modwen Properties 1,287 0.01 2,001,755 Saga 2,518 0.03 937,319 St. James’s Place Capital 11,482 0.13 1,946,578 Sage 15,465 0.17 764,633 Stagecoach 1,259 0.01 233,859 Savills 2,321 0.03 4,850,919 Standard Chartered 37,837 0.42 302,470 Schroder Asia Pacific Fund 1,395 0.02 4,900,420 Standard Life 21,385 0.24 123,770 Schroder Income Growth Fund 362 0.00 88,564 Standard Life Equity Income Trust 414 0.00 225,557 Schroder Japan Growth 500 0.01 346,064 Standard Life Investment Property Trust 320 0.00 935,325 Schroder Real Estate 561 0.01 137,865 Standard Life Private Equity Trust 483 0.01 283,095 Schroder UK Growth Fund 500 0.01 122,244 Standard Life UK Smaller Trust 594 0.01 65,284 Schroder UK Mid & Small Cap Fund 364 0.00 226,571 SThree 834 0.01 202,637 Schroders 7,125 0.08 341,773 Stock Spirits 912 0.01 239,886 Scottish American Investment Trust 878 0.01 120,229 Strategic Equity Capital 287 0.00 151,110 Scottish Investment Trust 1,317 0.01 61,756 STV 194 0.00 2,451,966 Scottish Mortgage Investment Trust 10,975 0.12 90,395 SuperGroup 1,787 0.02 55,772 Scottish Oriental Smaller Companies Trust 586 0.01 482,800 Synthomer 2,365 0.03 145,857 SDL 620 0.01 944,078 TalkTalk Telecom 1,424 0.02 202,324 Securities Trust of Scotland 347 0.00 839,067 Tate & Lyle 5,899 0.07

437 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 438 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

5,873,542 Taylor Wimpey 12,123 0.14 323,175 Witan Investment Trust 3,484 0.04 55,739 TBC Bank 961 0.01 116,234 Witan Pacific Investment Trust 386 0.00 51,491 Ted Baker 1,392 0.02 3,895,211 Wm Morrison Supermarkets 8,565 0.10 106,993 Telecom Plus 1,282 0.01 1,491,943 Woodford Patient Capital Trust 1,254 0.01 120,595 Temple Bar Investment Trust 1,578 0.02 214,388 Workspace 2,142 0.02 509,306 Templeton Emerging Markets Investment Trust 3,960 0.04 3,388,039 Worldpay 14,433 0.16 14,689,263 Tesco 30,737 0.34 83,535 Worldwide Healthcare Trust 2,109 0.02 2,532,633 Thomas Cook 3,113 0.03 138,138 Xaar 508 0.01 263,393 Topps Tiles 209 0.00 114,707 Xafinity 220 0.00 43,883 Town Centre Securities 125 0.00 8,823 Xafinity (sub-shares) 2 0.00 1,000,002 TP ICAP 5,320 0.06 487,142 ZPG 1,610 0.02 90,057 TR European Growth Investment 1,081 0.01 4,003,524 44.66 574,547 TR Property Investment Trust 2,283 0.03 451,949 Travis Perkins 7,082 0.08 United States – 16.58% 45,316 Treatt 206 0.00 91,028 21st Century Fox America class ‘A’ shares 2,326 0.03 213,350 Trifast 520 0.01 34,491 21st Century Fox America class ‘B’ shares 871 0.01 481,848 Trinity Mirror 373 0.00 44,971 3M 7,848 0.09 2,458,280 Tritax Big Box 3,655 0.04 144,475 Abbott Laboratories 6,108 0.07 515,819 Troy Income & Growth Trust 407 0.00 136,525 AbbVie 9,787 0.11 291,555 TT Electronics 646 0.01 44,260 Accenture 5,016 0.06 2,482,122 Tullow Oil 5,103 0.06 58,515 Activision Blizzard 2,742 0.03 713,209 TwentyFour Income Fund 852 0.01 3,528 Acuity Brands 460 0.01 320,181 Tyman 1,157 0.01 7,847 Adient 457 0.01 224,495 U & I Group 431 0.00 42,279 Adobe Systems 5,485 0.06 183,051 Ultra Electronics 2,466 0.03 5,578 Advance Auto Parts 412 0.00 2,081,578 Unilever 85,844 0.96 62,460 Advanced Micro Devices 475 0.01 399,922 United Group 3,213 0.04 11,194 AerCap 436 0.00 1,230,260 United Utilities 10,199 0.11 56,090 AES 450 0.01 69,785 Value & Income Investment Trust 195 0.00 22,877 Aetna 3,058 0.03 1,219,158 Vectura 1,432 0.02 6,603 Affiliated Managers 1,003 0.01 151,336 Vedanta Resources 1,217 0.01 32,541 Aflac 2,115 0.02 385,791 Vesuvius 2,253 0.03 28,106 Agilent Technologies 1,392 0.02 146,525 Victrex 3,865 0.04 29,083 AGNC Investment 434 0.00 509,337 Virgin Money 1,445 0.02 18,590 Air Products & Chemicals 2,258 0.03 47,959,240 Vodafone 112,632 1.26 14,704 Akamai Technologies 708 0.01 29,478 Vp 255 0.00 2,606 Alaska Air 142 0.00 686,116 VPC Specialty Lending Investments 528 0.01 9,818 Albemarle 929 0.01 444,751 Weir 9,442 0.11 15,937 Alcoa 635 0.01 192,862 WH Smith 4,503 0.05 12,121 Alexandria Real Estate Equities 1,172 0.01 329,786 Whitbread 13,185 0.15 18,616 Alexion Pharmaceuticals 1,648 0.02 1,545,160 William Hill 4,963 0.06 5,803 Align Technology 954 0.01 198,500 Wincanton 462 0.01 11,902 Alkermes 482 0.01

439 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 440 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

1,260 Alleghany 556 0.01 5,283 Ashland Global 278 0.00 8,365 Allegion 493 0.01 4,958 Assurant 370 0.00 28,294 Allergan 3,427 0.04 482,440 AT&T 13,890 0.16 4,545 Alliance Data Systems 853 0.01 19,117 Autodesk 1,483 0.02 19,464 Alliant Energy 614 0.01 7,841 Autoliv 737 0.01 30,007 Allstate 2,325 0.03 37,509 Automatic Data Processing 3,253 0.04 42,775 Ally Financial 923 0.01 5,305 AutoNation 201 0.00 25,165 Alphabet class ‘A’ shares 19,619 0.22 2,487 AutoZone 1,309 0.01 24,416 Alphabet class ‘C’ shares 18,909 0.21 11,683 AvalonBay Communities 1,543 0.02 143,965 Altria 7,612 0.09 5,081 Avangrid 190 0.00 32,708 Amazon.com 28,310 0.32 7,510 Avery Dennison 638 0.01 11,352 Amdocs 550 0.01 11,556 Avnet 339 0.00 21,124 Ameren 922 0.01 7,328 Axis Capital 273 0.00 11,791 American Airlines 454 0.01 36,357 Baker Hughes a GE 852 0.01 41,995 American Electric Power 2,287 0.03 29,963 Ball 839 0.01 65,983 American Express 4,850 0.05 806,337 Bank of America 17,623 0.20 68,418 American International 3,017 0.03 91,671 Bank of New York Mellon 3,655 0.04 36,091 American Tower class ‘A’ shares 3,812 0.04 45,800 Baxter International 2,191 0.02 15,353 American Water Works 1,039 0.01 69,523 BB&T 2,559 0.03 12,470 Ameriprise Financial 1,564 0.02 18,301 Becton Dickinson 2,900 0.03 14,177 AmerisourceBergen 963 0.01 13,176 Bed Bath & Beyond 214 0.00 17,946 AMETEK 963 0.01 8,260 Bemis 292 0.00 63,267 Amgen 8,143 0.09 35 Berkshire Hathaway convertible class ‘A’ shares 7,714 0.09 25,813 Amphenol class ‘A’ shares 1,678 0.02 101,801 Berkshire Hathaway convertible class ‘B’ shares 14,969 0.17 47,534 Anadarko Petroleum 1,887 0.02 19,427 Best Buy 984 0.01 30,230 Analog Devices 1,993 0.02 18,215 Biogen 4,295 0.05 15,594 Andeavor 1,321 0.01 13,269 BioMarin Pharmaceutical 876 0.01 78,288 Annaly Capital Management 689 0.01 9,132 Bioverativ 364 0.00 6,101 Ansys 666 0.01 9,182 BlackRock* 3,494 0.04 16,721 Antero Resources 235 0.00 47,108 Boeing 10,285 0.12 22,274 Anthem 3,710 0.04 18,878 BorgWarner 714 0.01 22,605 Aon class ‘A’ shares 2,242 0.03 13,178 Boston Properties 1,268 0.01 29,793 Apache 931 0.01 116,502 Boston Scientific 2,138 0.02 426,849 Apple 53,481 0.60 6,874 Brighthouse Financial 298 0.00 90,811 Applied Materials 3,436 0.04 140,226 Bristol-Myers Squibb 6,363 0.07 21,595 Aptiv 1,356 0.02 33,370 Broadcom 6,355 0.07 8,691 Arch Capital 584 0.01 10,325 Broadridge Financial Solutions 693 0.01 48,308 Archer Daniels Midland 1,433 0.02 10,388 Brown & Brown 396 0.00 33,067 Arconic 667 0.01 16,761 Brown-Forman class ‘B’ shares 852 0.01 7,370 Arista Networks 1,285 0.01 12,285 Bunge 610 0.01 8,079 Arrow Electronics 481 0.01 27,453 CA 676 0.01 15,512 Arthur J Gallagher 726 0.01 36,710 Cabot Oil & Gas 777 0.01

441 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 442 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

26,678 Calpine 299 0.00 74,586 Colgate-Palmolive 4,168 0.05 13,563 Campbell Soup 483 0.01 376,876 Comcast class ‘A’ shares 11,177 0.13 41,529 Capital One Financial 3,061 0.03 14,050 Comerica 903 0.01 27,453 Cardinal Health 1,245 0.01 8,912 Commerce Bancshares 368 0.00 14,387 CarMax 683 0.01 37,465 Conagra Brands 1,045 0.01 32,654 Carnival 1,604 0.02 12,522 Concho Resources 1,393 0.02 49,280 Caterpillar 5,749 0.06 103,618 ConocoPhillips 4,210 0.05 13,310 Cboe Global Markets 1,227 0.01 25,978 Consolidated Edison 1,634 0.02 24,484 CBRE class ‘A’ shares 785 0.01 13,954 Constellation Brands class ‘A’ shares 2,361 0.03 33,917 CBS class ‘B’ shares 1,481 0.02 8,085 Continental Resources 317 0.00 11,082 CDK Global 585 0.01 3,769 Core Laboratories 306 0.00 11,149 Celanese 884 0.01 76,381 Corning 1,808 0.02 65,804 Celgene 5,083 0.06 36,909 Costco Wholesale 5,086 0.06 13,970 Centene 1,044 0.01 37,211 Coty 547 0.01 37,374 CenterPoint Energy 785 0.01 6,400 CR Bard 1,572 0.02 81,461 CenturyLink 1,006 0.01 30,936 Crown Castle International 2,543 0.03 24,479 Cerner 1,221 0.01 14,153 CSRA 313 0.00 20,170 CF Industries 635 0.01 53,201 CSX 2,166 0.02 12,360 CH Robinson Worldwide 815 0.01 14,528 Cummins 1,899 0.02 95,992 Charles Schwab 3,650 0.04 86,527 CVS Health 4,646 0.05 12,602 Charter Communications 3,135 0.04 49,478 Danaher 3,399 0.04 20,941 Cheniere Energy 834 0.01 10,772 Darden Restaurants 766 0.01 159,853 Chevron 14,835 0.17 15,073 DaVita 806 0.01 2,493 Chipotle Mexican Grill 533 0.01 25,565 Deere 2,962 0.03 39,529 Chubb 4,278 0.05 18,914 Dell Technologies 1,138 0.01 19,773 Church & Dwight 734 0.01 7,198 Delphi Technologies 280 0.00 22,065 Cigna 3,318 0.04 16,181 Delta Air Lines 671 0.01 8,363 Cimarex Energy 755 0.01 19,858 Dentsply Sirona 968 0.01 12,170 Cincinnati Financial 675 0.01 45,019 Devon Energy 1,379 0.02 7,824 Cintas 902 0.01 12,667 Digital Realty Trust 1,068 0.01 423,781 Cisco Systems 12,019 0.13 31,714 Discover Financial Services 1,805 0.02 17,924 CIT 653 0.01 11,992 Discovery Communications class ‘A’ shares 199 0.00 212,949 Citigroup 11,729 0.13 19,682 Discovery Communications class ‘C’ shares 308 0.00 43,927 Citizens Financial 1,365 0.02 18,807 DISH Network class ‘A’ shares 665 0.01 13,352 Citrix Systems 870 0.01 20,523 Dollar General 1,413 0.02 11,061 Clorox 1,218 0.01 19,284 Dollar Tree 1,532 0.02 27,488 CME 2,972 0.03 53,415 Dominion Energy 3,205 0.04 21,485 CMS Energy 752 0.01 13,651 Dover 1,021 0.01 3,315 CNA Financial 130 0.00 196,159 DowDuPont 10,354 0.12 327,760 Coca-Cola 11,144 0.12 29,948 DR Horton 1,132 0.01 20,228 Coca-Cola European Partners 596 0.01 15,750 Dr Pepper Snapple 1,132 0.01 51,507 Cognizant Technology 2,708 0.03 4,537 DST Systems 208 0.00

443 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 444 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

15,468 DTE Energy 1,253 0.01 6,112 FleetCor Technologies 871 0.01 58,526 Duke Energy 3,643 0.04 10,864 Flowserve 339 0.00 31,065 Duke Realty 625 0.01 12,478 Fluor 477 0.01 3,140 Dun & Bradstreet 275 0.00 11,320 FMC 793 0.01 22,657 DXC Technology 1,592 0.02 23,995 FNF 697 0.01 24,021 E*TRADE Financial 881 0.01 9,967 Foot Locker 346 0.00 12,802 Eastman Chemical 878 0.01 333,305 Ford Motor 3,081 0.03 38,671 Eaton 2,262 0.03 25,378 Fortive 1,360 0.02 84,019 eBay 2,347 0.03 13,529 Fortune Brands Home & Security 685 0.01 21,701 Ecolab 2,155 0.02 21,804 Franklin Resources 699 0.01 5,311 Edgewell Personal Care 233 0.00 116,183 Freeport-McMoRan 1,631 0.02 28,105 Edison International 1,315 0.01 20,025 Gap 505 0.01 18,243 Edwards Lifesciences 1,522 0.02 9,574 Garmin 422 0.00 25,275 Electronic Arts 1,966 0.02 18,968 General Dynamics 2,858 0.03 82,547 Eli Lilly 5,163 0.06 703,389 General Electric 9,095 0.10 55,344 Emerson Electric 2,855 0.03 48,415 General Mills 2,125 0.02 15,266 Entergy 920 0.01 117,246 General Motors 3,558 0.04 48,528 EOG Resources 3,877 0.04 25,469 Gentex 395 0.00 15,164 EQT 639 0.01 13,028 Genuine Parts 916 0.01 9,463 Equifax 826 0.01 66,151 GGP 1,145 0.01 6,171 Equinix 2,071 0.02 110,772 Gilead Sciences 5,874 0.07 30,848 Equity Residential 1,456 0.02 11,444 Global Payments 850 0.01 5,664 Essex Property Trust 1,012 0.01 31,394 Goldman Sachs 5,924 0.07 17,034 Estee Lauder class ‘A’ shares 1,604 0.02 19,610 Goodyear Tire & Rubber 469 0.01 3,411 Everest Re 559 0.01 18,215 H&R Block 353 0.00 27,175 Eversource Energy 1,271 0.01 73,850 Halliburton 2,671 0.03 79,413 Exelon 2,317 0.03 31,726 Hanesbrands 491 0.01 9,447 Expedia 837 0.01 15,512 Harley-Davidson 584 0.01 15,513 Expeditors International of Washington 743 0.01 10,762 Harris 1,128 0.01 53,106 Express Scripts 2,934 0.03 30,002 Hartford Financial Services 1,250 0.01 10,133 Extra Space Storage 656 0.01 9,524 Hasbro 641 0.01 355,663 Exxon Mobil 22,056 0.25 25,038 HCA Healthcare 1,628 0.02 5,868 F5 Networks 570 0.01 37,443 HCP 723 0.01 192,575 Facebook 25,159 0.28 8,848 Helmerich & Payne 423 0.00 22,835 Fastenal 924 0.01 23,124 Henderson 655 0.01 6,347 Federal Realty Investment Trust 624 0.01 3,901 Henry Schein 202 0.00 20,827 FedEx 3,846 0.04 7,795 Herbalife 391 0.00 28,103 Fidelity National Information Services 1,958 0.02 13,090 Hershey 1,100 0.01 65,102 Fifth Third Bancorp 1,462 0.02 24,020 Hess 844 0.01 11,903 First Republic Bank 763 0.01 140,465 Hewlett Packard Enterprise 1,493 0.02 36,148 FirstEnergy 819 0.01 15,997 Hilton Worldwide 945 0.01 18,612 Fiserv 1,807 0.02 15,839 HollyFrontier 600 0.01

445 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 446 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

21,409 Hologic 677 0.01 37,259 Kimco Realty 501 0.01 91,391 Home Depot 12,833 0.14 161,904 Kinder Morgan 2,165 0.02 64,545 Honeywell International 7,341 0.08 13,583 KLA-Tencor 1,056 0.01 24,143 Hormel Foods 650 0.01 14,419 Kohl’s 579 0.01 12,890 Hospitality Properties 285 0.00 50,809 Kraft Heinz 2,925 0.03 65,216 Host Hotels & Resorts 958 0.01 77,300 Kroger 1,571 0.02 141,041 HP 2,193 0.02 18,346 L Brands 818 0.01 12,657 Humana 2,325 0.03 6,193 L3 Technologies 907 0.01 94,176 Huntington Bancshares 1,015 0.01 8,983 Laboratory Corp of America 1,061 0.01 5,992 IAC InterActive 542 0.01 14,002 Lam Research 1,908 0.02 7,264 IDEXX Laboratories 841 0.01 12,238 Lamb Weston 511 0.01 30,630 IHS Markit 1,024 0.01 34,829 Las Vegas Sands 1,791 0.02 27,408 Illinois Tool Works 3,385 0.04 5,313 Lear 695 0.01 12,700 Illumina 2,054 0.02 11,783 Leggett & Platt 416 0.00 13,379 Incyte 938 0.01 17,259 Lennar class ‘A’ shares 808 0.01 22,140 Ingersoll-Rand 1,462 0.02 27,311 Leucadia National 535 0.01 5,764 Ingredion 596 0.01 1,998 Liberty Broadband class ‘A’ shares 126 0.00 399,692 Intel 13,661 0.15 11,238 Liberty Broadband class ‘C’ shares 708 0.01 51,060 Intercontinental Exchange 2,667 0.03 18,586 Liberty Global class ‘A’ shares 493 0.01 70,048 International Business Machines 7,958 0.09 54,536 Liberty Global class ‘C’ shares 1,365 0.02 7,043 International Flavors & Fragrances 795 0.01 38,424 Liberty Interactive class ‘A’ shares 694 0.01 37,593 International Paper 1,613 0.02 13,076 Liberty Property Trust 416 0.00 34,787 Interpublic 519 0.01 8,386 Liberty SiriusXM class ‘A’ shares 246 0.00 19,769 Intuit 2,309 0.03 15,438 Liberty SiriusXM class ‘C’ shares 453 0.01 9,798 Intuitive Surgical 2,646 0.03 19,790 Lincoln National 1,126 0.01 20,694 Invesco 560 0.01 24,083 LKQ 725 0.01 11,172 IQVIA 810 0.01 21,265 Lockheed Martin 5,055 0.06 20,754 Iron Mountain 580 0.01 22,875 Loews 847 0.01 14,903 Jabil 290 0.00 73,977 Lowe’s 5,089 0.06 10,139 Jacobs Engineering 495 0.01 8,653 Lululemon Athletica 503 0.01 4,567 Jazz Pharmaceuticals 455 0.01 29,256 Lyondellbasell Industries class ‘A’ shares 2,389 0.03 7,517 JB Hunt Transport Services 640 0.01 12,312 M&T Bank 1,558 0.02 9,737 JM Smucker 895 0.01 12,405 Macerich 603 0.01 223,937 Johnson & Johnson 23,177 0.26 27,095 Macy’s 505 0.01 80,838 Johnson Controls International 2,281 0.03 9,393 Mallinckrodt Pharmaceuticals 157 0.00 292,568 JPMorgan Chase & Co. 23,210 0.26 5,640 Manpower 526 0.01 33,379 Juniper Networks 704 0.01 74,295 Marathon Oil 931 0.01 8,162 Kansas City Southern 636 0.01 44,686 Marathon Petroleum 2,182 0.02 20,412 Kellogg 1,027 0.01 997 Markel 839 0.01 93,477 KeyCorp 1,395 0.02 28,553 Marriott International class ‘A’ shares 2,868 0.03 14,999 Keysight Technologies 462 0.01 44,223 Marsh & McLennan 2,664 0.03 29,720 Kimberly-Clark 2,654 0.03 5,546 Martin Marietta Materials 907 0.01

447 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 448 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

35,283 Marvell Technology 561 0.01 39,351 NextEra Energy 4,549 0.05 27,823 Masco 905 0.01 29,587 Nielsen 797 0.01 81,875 MasterCard class ‘A’ shares 9,200 0.10 111,368 NIKE 5,158 0.06 28,682 Mattel 327 0.00 26,758 NiSource 508 0.01 25,178 Maxim Integrated Products 974 0.01 37,216 Noble Energy 803 0.01 10,005 McCormick & Co 755 0.01 12,145 Nordstrom 426 0.00 69,789 McDonald’s 8,897 0.10 24,077 Norfolk Southern 2,584 0.03 18,020 McKesson 2,080 0.02 12,982 Northern Trust 960 0.01 16,571 MDU Resources 330 0.00 13,847 Northrop Grumman 3,147 0.04 115,776 Medtronic 6,922 0.08 14,157 Norwegian Cruise Line 558 0.01 234,106 Merck & Co 9,760 0.11 19,237 NRG Energy 405 0.00 75,218 MetLife 2,815 0.03 20,522 Nuance Communications 248 0.00 1,728 Mettler-Toledo International 792 0.01 27,225 Nucor 1,281 0.01 35,986 MGM Resorts International 889 0.01 47,700 NVIDIA 6,832 0.08 13,281 Michael Kors 619 0.01 307 NVR 797 0.01 18,664 Microchip Technology 1,214 0.01 31,675 NXP Semiconductors 2,744 0.03 92,172 Micron Technology 2,805 0.03 65,527 Occidental Petroleum 3,574 0.04 623,440 Microsoft 39,492 0.44 21,331 Old Republic International 338 0.00 9,030 Mid-America Apartment Communities 672 0.01 20,297 Omnicom 1,094 0.01 5,207 Mohawk Industries 1,063 0.01 14,521 ONEOK 574 0.01 14,262 Molson Coors Brewing class ‘B’ shares 866 0.01 235,691 Oracle 8,249 0.09 130,883 Mondelez International 4,146 0.05 8,180 O’Reilly Automotive 1,456 0.02 37,539 Monsanto 3,246 0.04 29,405 PACCAR 1,547 0.02 36,480 Monster Beverage 1,709 0.02 7,814 Palo Alto Networks 838 0.01 16,559 Moody’s 1,810 0.02 9,463 Park Hotels & Resorts 201 0.00 112,449 Morgan Stanley 4,367 0.05 11,482 Parker-Hannifin 1,696 0.02 29,911 Mosaic 568 0.01 6,974 Patterson 187 0.00 14,534 Motorola Solutions 972 0.01 25,715 Paychex 1,296 0.01 14,446 Murphy Oil 332 0.00 92,742 PayPal 5,053 0.06 39,463 Mylan 1,236 0.01 15,899 Pentair 831 0.01 11,392 Nasdaq 648 0.01 26,968 People’s United Financial 373 0.00 32,350 National Oilwell Varco 862 0.01 121,298 PepsiCo 10,767 0.12 27,128 Navient 267 0.00 11,633 Perrigo 751 0.01 10,500 NCR 264 0.00 479,332 Pfizer 12,860 0.14 24,369 NetApp 998 0.01 43,065 PG&E 1,429 0.02 33,862 Netflix 4,812 0.05 132,147 Philip Morris International 10,333 0.12 40,709 New York Community Bancorp 392 0.00 29,625 Phillips 66 2,219 0.02 41,500 Newell Brands 949 0.01 9,262 Pinnacle West Capital 584 0.01 17,499 Newfield Exploration 408 0.00 14,525 Pioneer Natural Resources 1,858 0.02 42,145 Newmont Mining 1,170 0.01 41,467 PNC Financial Services* 4,431 0.05 33,985 News class ‘A’ shares 408 0.00 5,002 Polaris Industries 459 0.01 10,731 News class ‘B’ shares 132 0.00 21,680 PPG Industries 1,874 0.02

449 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 450 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

58,816 PPL 1,347 0.02 16,940 Sealed Air 618 0.01 24,490 Praxair 2,807 0.03 12,876 SEI Investments 685 0.01 4,222 Priceline 5,430 0.06 21,572 Sempra Energy 1,708 0.02 24,726 Principal Financial 1,291 0.01 14,053 Sensata Technologies 532 0.01 215,947 Procter & Gamble 14,707 0.16 13,014 ServiceNow 1,256 0.01 45,841 Progressive 1,911 0.02 6,227 Sherwin-Williams 1,890 0.02 45,203 Prologis 2,159 0.02 4,827 Signet Jewelers 202 0.00 36,380 Prudential Financial 3,096 0.03 26,872 Simon Property 3,418 0.04 40,873 Public Service Enterprise 1,558 0.02 123,189 Sirius XM 488 0.01 12,337 Public Storage 1,909 0.02 14,863 Skyworks Solutions 1,045 0.01 22,647 Pulte Homes 557 0.01 8,942 SL Green Realty 668 0.01 6,613 PVH 672 0.01 4,201 Snap-on 542 0.01 11,336 Qorvo 559 0.01 81,150 Southern 2,889 0.03 123,491 Qualcomm 5,855 0.07 7,434 Southern Copper 261 0.00 12,104 Quest Diagnostics 882 0.01 13,015 Southwest Airlines 631 0.01 5,037 Ralph Lauren class ‘A’ shares 387 0.00 11,074 Splunk 679 0.01 17,707 Range Resources 224 0.00 60,605 Sprint 264 0.00 9,042 Raymond James Financial 598 0.01 12,894 Stanley Black & Decker 1,620 0.02 25,322 Raytheon 3,521 0.04 117,944 Starbucks 5,013 0.06 21,810 Realty Income 921 0.01 28,536 State Street 2,062 0.02 15,659 Red Hat 1,392 0.02 7,078 Stericycle 356 0.00 9,278 Regency Centers 475 0.01 28,107 Stryker 3,223 0.04 7,005 Regeneron Pharmaceuticals 1,950 0.02 42,788 SunTrust Banks 2,045 0.02 106,873 Regions Financial 1,367 0.02 53,428 Symantec 1,110 0.01 3,232 RenaissanceRe 300 0.00 66,746 Synchrony Financial 1,907 0.02 18,592 Republic Services 930 0.01 13,084 Synopsys 825 0.01 12,427 ResMed 779 0.01 41,035 Sysco 1,844 0.02 10,578 Robert Half International 435 0.00 11,280 T Rowe Price 876 0.01 11,171 Rockwell Automation 1,624 0.02 24,566 Tapestry 804 0.01 12,798 Rockwell Collins 1,285 0.01 15,081 Targa Resources 540 0.01 8,716 Roper Technologies 1,672 0.02 48,348 Target 2,335 0.03 32,042 Ross Stores 1,903 0.02 18,081 TD Ameritrade 684 0.01 12,818 Royal Caribbean Cruises 1,132 0.01 30,761 TE Connectivity 2,164 0.02 22,301 S&P Global 2,797 0.03 10,424 Tesla 2,402 0.03 61,588 salesforce.com 4,661 0.05 84,447 Texas Instruments 6,529 0.07 9,361 Santander Consumer USA 129 0.00 23,515 Textron 985 0.01 10,154 SBA Communications 1,228 0.01 33,399 Thermo Fisher Scientific 4,696 0.05 11,125 SCANA 328 0.00 10,145 Tiffany 781 0.01 118,022 Schlumberger 5,894 0.07 65,341 Time Warner 4,429 0.05 6,201 Scripps Networks Interactive 392 0.00 54,843 TJX 3,103 0.03 25,312 Seagate Technology 784 0.01 23,002 T-Mobile 1,081 0.01

451 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 452 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

13,054 Toll Brothers 464 0.01 6,344 Wabtec 382 0.00 9,423 Torchmark 633 0.01 79,394 Walgreens Boots Alliance 4,267 0.05 13,104 Total System Services 767 0.01 115,215 Wal-Mart Stores 8,431 0.09 8,960 Tractor Supply 496 0.01 133,581 Walt Disney 10,657 0.12 4,146 TransDigm 843 0.01 38,033 Waste Management 2,429 0.03 24,395 Travelers 2,449 0.03 6,177 Waters 883 0.01 21,979 Trimble 661 0.01 85,701 Weatherford International 264 0.00 9,547 TripAdvisor 243 0.00 27,395 WEC Energy 1,347 0.02 57,158 Twitter 1,016 0.01 10,067 Weingarten Realty Investors 245 0.00 23,517 Tyson Foods 1,411 0.02 374,247 Wells Fargo 16,824 0.19 23,517 UDR 670 0.01 31,140 Welltower 1,470 0.02 5,036 Ulta Beauty 834 0.01 23,344 Western Digital 1,374 0.02 15,573 Under Armour class ‘A’ shares 166 0.00 40,942 Western Union 576 0.01 15,565 Under Armour class ‘C’ shares 153 0.00 3,493 Westlake Chemical 275 0.00 68,510 Union Pacific 6,806 0.08 19,592 WestRock 917 0.01 6,462 United Continental 322 0.00 61,149 Weyerhaeuser 1,596 0.02 58,155 United Parcel Service class ‘B’ shares 5,129 0.06 6,615 Whirlpool 826 0.01 6,674 United Rentals 849 0.01 26,170 Williams Companies 591 0.01 63,183 United Technologies 5,971 0.07 11,888 Willis Towers Watson 1,326 0.01 81,215 UnitedHealth 13,269 0.15 10,788 Workday 812 0.01 7,585 Universal Health Services class ‘B’ shares 636 0.01 8,808 WR Berkley 467 0.01 19,786 Unum 804 0.01 3,980 WW Grainger 696 0.01 121,354 US Bancorp 4,815 0.05 7,968 Wyndham Worldwide 684 0.01 38,643 Valero Energy 2,629 0.03 7,165 Wynn Resorts 894 0.01 13,569 Vantiv 738 0.01 41,530 Xcel Energy 1,478 0.02 7,913 Varian Medical Systems 651 0.01 21,464 Xerox 463 0.01 30,483 Ventas 1,354 0.02 19,731 Xilinx 984 0.01 84,313 VEREIT 486 0.01 20,388 XL 530 0.01 7,691 VeriSign 652 0.01 15,550 Xylem 785 0.01 13,611 Verisk Analytics 967 0.01 20,259 Yandex 491 0.01 344,411 Verizon Communications 13,515 0.15 32,582 Yum China 965 0.01 21,280 Vertex Pharmaceuticals 2,360 0.03 31,720 Yum! Brands 1,916 0.02 27,467 VF 1,504 0.02 17,296 Zimmer Biomet 1,545 0.02 26,866 Viacom class ‘B’ non-voting shares 613 0.01 18,008 Zions Bancorporation 677 0.01 156,661 Visa 13,248 0.15 41,480 Zoetis 2,213 0.02 5,405 VMware 501 0.01 1,460,377 16.58 13,943 Vornado Realty Trust 807 0.01 19,600 Voya Financial 718 0.01 10,546 Vulcan Materials 1,002 0.01

453 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 454 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Portfolio Statement continued Statement of Total Return for the period from 7 June 2017 to 31 December 2017

Holding or Underlying Market % of For the period Nominal Exposure Value Total Net from 7.6.2017 Value Investment £000’s £000’s Assets to 31.12.2017 Notes £000’s £000’s DERIVATIVES – 0.02% Income Futures – 0.02% 213 EURO Stoxx 50 March 2018 6,601 (131) 0.00 Net capital gains 3 284,434 885 FTSE 100 Index March 2018 67,596 1,946 0.02 Revenue 4 125,405 2 Kospi 200 Index March 2018 113 2 0.00 Expenses 5 (467) 89 S&P 500 E-mini Index March 2018 7,031 (16) 0.00 Interest payable and similar charges 6 (25) 12 SPI 200 January 2018 1,053 (5) 0.00 20 Swiss Market Index March 2018 1,407 10 0.00 Net revenue before taxation 124,913 20 TOPIX March 2018 2,390 (7) 0.00 Taxation 7 (3,511) 86,191 1,799 0.02 Net revenue after taxation 121,402 Total return before distributions 405,836 Portfolio of investments 8,844,462 99.02 Net other assets 87,178 0.98 Distributions 8 (117,186) Total net assets 8,931,640 100.00 Change in net assets attributable to unitholders from investment activities 288,650 Note: The Fund launched on 7 June 2017, therefore no comparatives have been presented. Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. * Related Party to the Fund. Statement of Change in Net Assets Attributable to Unitholders ** Managed by a related party. for the period from 7 June 2017 to 31 December 2017

For the period from 7.6.2017 to 31.12.2017 £000’s £000’s

Opening net assets attributable to unitholders – Amounts receivable on issue of units 210,588 In-specie from Connect 50:50 Global Equity Tracker Fund* 8,646,814 Amounts payable on cancellation of units (289,040) Amounts payable on in-specie transactions (46,918) 8,521,444 Change in net assets attributable to unitholders from investment activities 288,650 Retained distributions on accumulation units 121,546 Closing net assets attributable to unitholders 8,931,640

Note: The Fund launched on 7 June 2017, therefore no comparatives have been presented. * The Connect 50:50 Global Equity Tracker Fund was part of BlackRock Life Limited, a related party to BlackRock Fund Managers Limited.

455 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 456 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Balance Sheet Notes to Financial Statements at 31 December 2017 for the period from 7 June 2017 to 31 December 2017

1. Accounting and Distribution Policies 31.12.2017 Notes £000’s The accounting and distribution policies are set out on pages 10 to 11. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 12 to 30. – Investment assets 8,844,621 3. Net Capital Gains Current assets – Debtors 9 25,346 For the period from 7.6.2017 – Cash and bank balances 10 67,892 to 31.12.2017 Total assets 8,937,859 £000’s Liabilities: The net capital gains comprise: Investment liabilities (159) Gains on non-derivative securities 278,647 Creditors Gains on derivative securities 7,059 – Amounts held at futures clearing houses and brokers (22) Currency losses (1,313) – Other creditors 11 (6,038) Custodian transaction costs (30) Total liabilities (6,219) Forward currency contracts (130) Net assets attributable to unitholders 8,931,640 US REIT dividends 201 Note: The Fund launched on 7 June 2017, therefore no comparatives have been presented. Net capital gains 284,434

4. Revenue

R A R Hayes (Director) For the period A M Lawrence (Director) from 7.6.2017 BlackRock Fund Managers Limited to 31.12.2017 23 February 2018 £000’s Interest from UK bank deposits 10 Overseas dividends 48,338 Securities lending revenue 729 Stock dividends 4,215 UK dividends 69,753 UK REIT dividends 1,597 US REIT dividends 763 Total revenue 125,405

457 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 458 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

5. Expenses 8. Distributions The distributions take account of revenue received on the issue of units and revenue deducted on the For the period redemption of units and comprise: from 7.6.2017 to 31.12.2017 For the period £000’s from 7.6.2017 Payable to the Depositary or associates of the Depositary: to 31.12.2017 £000’s – Depositary fee 302 Final accumulation 121,546 302 121,546 Other expenses: Add: Amounts deducted on cancellations of units 2,706 – Audit fees 7 Add: Amounts deducted on in-specie transactions 364 – Safe custody fees 158 Deduct: Amounts received on issue of units (1,703) 165 Deduct: Amounts received on in-specie transactions (5,727) Total expenses 467 Distributions 117,186 6. Interest Payable and Similar Charges The distributable amount has been calculated as follows: For the period from 7.6.2017 Net revenue after taxation 121,402 to 31.12.2017 Deduct: Non-distributable stock dividends (4,215) £000’s Deduct: Revenue carried forward (1) Interest on bank overdrafts 25 Distributions 117,186 Total interest payable and similar charges 25 Details of the final distribution per unit are set out in the table on page 393. 7. Taxation (a) Analysis of tax charge 9. Debtors

For the period 31.12.2017 from 7.6.2017 £000’s to 31.12.2017 Accrued revenue 16,153 £000’s Amounts receivable on issue of units 3,093 Overseas tax 3,511 Overseas tax recoverable 933 Total tax charge 3,511 Sales awaiting settlement 5,167 Total debtors 25,346 (b) Factors affecting the tax charge As the Fund is an Authorised Contractual Scheme, it is exempt from United Kingdom (UK) tax on capital gains 10. Cash and Bank Balances realised on the disposal of investments held within the Fund and any UK corporation tax. 31.12.2017 £000’s Amounts held at futures clearing houses and brokers 65,445 Cash and bank balances 2,447 Total cash and bank balances 67,892

459 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 460 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

11. Other Creditors 13. Related Parties continued The Investment Manager, in accordance with the Contractual Scheme Deed, may enter into commission 31.12.2017 £000’s sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Accrued Audit fee 7 Investment Manager believes are useful in the investment decision-making or trade execution process. Accrued Depositary's fee 168 Such research or execution services may include, without limitation and to the extent permitted by Accrued Safe custody fees 90 applicable law: research reports on companies, industries and securities; and the provision of economic Amounts payable for cancellations of units 5,669 and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit Custodian transaction costs 9 to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not Purchases awaiting settlement 95 affiliated to the BlackRock Group. Total other creditors 6,038 The Fund’s investments in other BlackRock related party entities are individually identified on the portfolio 12. Contingent Assets and Liabilities statement. There were no contingent assets or liabilities at the Balance Sheet date. The following investor(s)

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. (“Affiliated Funds”) or 13. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue significant influence over the other party in making financial or operational decisions. in the Fund and are as a result, considered to be related parties to the Fund.

The following entities were related parties of the Fund during the period ended 31 December 2017: As at 31 December 2017:

Manager/Registrar: BlackRock Fund Managers Limited Total % of units Investment Manager: BlackRock Investment Management (UK) Limited Number of investors held by unitholders Stock lending agent: BlackRock Advisors (UK) Limited holding 51% or more holding 51% or more of the voting units of the voting units The ultimate holding company of the Manager, Investment Manager and stock lending agent is BlackRock in issue who are not in issue who are not Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund Nil 1 98% during the period ended 31 December 2017. The Fund launched on 7 June 2017, therefore no comparatives have been presented. The Manager acts as either principal or agent for the Depositary in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units are All related party transactions were carried out at arm’s length in the ordinary course of business. disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts The terms and returns received by the related parties in making the investments above were no more due to or from the Manager at the period end are disclosed in notes 9 and 11. Securities lending revenue favourable than those received by other investors investing into the same unit class. earned by the Fund is disclosed in note 4.

461 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 462 ACS 50:50 Global Equity Tracker Fund ACS 50:50 Global Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

14. Portfolio Transaction Costs 14. Portfolio Transaction Costs continued For the period from 7 June 2017 to 31 December 2017 Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Direct Transaction Costs Sheet date the average portfolio dealing spread (difference between bid and offer prices of all Transaction Value Commissions Taxes investments expressed as a percentage of the offer price value) was 0.14%. Purchases (excluding derivatives) £000’s £000’s % £000’s %

Equity instruments 165,148 47 0.03 556 0.34 15. Units in Issue Corporate actions 137,036 – – – – Revenue is allocated each day pro rata to the capital value of assets attributable to each class and In-specie transactions 8,646,814 – – – – taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution table. All unit classes have the same rights on Total purchases 8,948,998 47 556 winding up. Total purchases including transaction costs 8,949,601 The movement in units in issue for the period ended 31 December 2017 is as follows:

Direct Transaction Costs For the period from 7.6.2017 to 31.12.2017 Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % X1 Accumulation Units Equity instruments 249,535 21 0.01 21 0.01 Balance at the beginning of the period – Corporate actions 134,216 – – – – Issued during the period 8,847,597,248 Total sales 383,751 21 21 Cancelled during the period (333,000,707) Total sales net of transaction Balance at the end of the period 8,514,596,541 costs 383,709

Total transaction costs 68 577 16. Post Balance Sheet Events There have been no significant events subsequent to the period end, which, in the opinion of the Manager, Total transaction costs may have had an impact on the financial statements for the period ended 31 December 2017. as a % of average net assets 0.00% 0.01%

463 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 464 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

About the Fund Performance Table

All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange Risk and Reward Profile rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class X1 Accumulation 1 2 3 4 5 6 7

For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which are available at www.blackrock.com.

465 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 466 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Tracking Difference Tracking Error

Tracking difference is defined as the difference in returns between a fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every index over a defined period of time. security or the exact concentration of a security in the benchmark index, but will aim to track the benchmark index as closely as possible and may use optimisation techniques to achieve their investment objective. Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark index. Cash management, efficient portfolio management techniques including securities lending and transaction costs from rebalancing can have an impact on tracking difference. Importantly, these impacts can be either The Fund is categorised as a non-replicating fund. Non-replicating funds may, or may not, hold every security positive or negative depending on the underlying circumstances. or the exact concentration of a security in the benchmark index, but will aim to track the benchmark index as closely as possible and may use optimisation techniques to achieve their investment objective. In addition to the above, the Fund may also have a tracking difference due to withholding tax suffered by the Fund on any income received from its investments. The level and quantum of tracking difference arising due Cash management, sampling techniques, efficient portfolio management techniques including securities to withholding taxes depends on various factors such as any reclaims filed on behalf of the Fund with various lending and transaction costs from rebalancing can have an impact on tracking error as well as the return tax authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried differential between the Fund and the benchmark index. Importantly, these impacts can be either positive or out by the Fund. negative depending on the underlying circumstances.

The table below compares the realised Fund performance against the performance of the relevant benchmark In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the index during the period ended 31 December 2017. An explanation for the difference is provided: Fund 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 Fund with various tax Fund return Benchmark return authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out for the period for the period by the Fund. from 7.6.2017 from 7.6.2017 Tracking to 31.12.2017 to 31.12.2017 difference Explanation of the tracking difference The table below shows the anticipated tracking error of the Fund (disclosed in the Prospectus on an ex-ante Before costs, the Fund performed in line basis) against the realised tracking error of the Fund as at 31 December 2017. The realised tracking error is +4.7%* +4.7% +0.0% with the index. annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not been trading for 36 months, the annualised tracking error since inception has been presented. * Performance is calculated gross of fees and reported for the Fund’s class X1 Accumulation Units.

Anticipated Realised Tracking Error Tracking Error ACS 60:40 Global Equity Tracker Fund Up to 1.00%* N/A*

467 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 468 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Classification of Investments Investment Report

31 December 2017 Fund Manager’s Commentary Both global and UK equities gained over the review period. In the UK, the period began with the general Australia 2.58%  election, called by Prime Minister Theresa May in a bid to strengthen her Conservative Party’s (the “Tories”) France 2.83%  majority and secure support for a smooth Brexit process. Instead, the Tories lost seats and made a  Germany 2.73% controversial agreement with Northern Ireland’s Democratic Unionist Party.  Hong Kong 1.13%  Japan 6.60% The UK’s Brexit negotiations with the European Union (“EU”) continued. Although the UK was keen to  Netherlands 3.21% progress to trade talks, EU negotiators first required clarity on two key points – the notion of a ‘hard border’  South Korea 1.98% in Ireland, and the ‘divorce bill’ (to honour financial commitments made the UK). In November 2017, Prime  Spain 1.20% Minister May agreed to a bill of around €55 billion, although the final figure has yet to be fleshed out. UK  Switzerland 2.77% equities responded well to the news, which helped propel the FTSE 100 Index to a new high in December  United Kingdom 55.32% 2017. However, the ultimate effects of Brexit were a source of concern for rating agency Moody’s, which downgraded the UK’s rating to Aa2. The agency cited both Brexit risks and stressed public finances.  United States 13.84%  Others 5.17% Throughout the period, the Bank of England prepared investors for a normalisation of monetary policy. And in  Net Other Assets 0.64% early November 2017, policymakers raised interest rates by 25 basis points to 0.5%, the first rise in a decade. Sterling fell in response, perhaps because investors had already ‘priced in’ the rate hike. This moved buoyed the FTSE 100, whose performance is linked to the strength of Sterling.

In global markets, the US made strong gains over the period 2017. Market strength was the result of improving economic growth and the prospect of US tax reforms. On the economic front, in the US, the economy grew by 3.2% (annualised) in the third quarter of 2017. Unemployment data gave cause for cheer, sliding to 4.1% in October 2017, while inflation increased to 2.1% year on year in December 2017. Late in the period, the International Monetary Fund upgraded its forecasts of global growth by ten basis points to 3.6%, having been encouraged by improved trade and investment.

January 2018

* Performance figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are not the same as the net asset value reported in the financial statements which is at close of business. Performance is calculated net of fees and reported for the Fund’s X1 Accumulation Units. † FTSE Custom Composite UK All-Share 60%, Dev Europe ex UK 13.3%, US 13.3%, Japan 6.7% and Dev Asia Pacific ex Japan 6.7% (Midday (12:00 UK) Net Tax) (UK Pension) Index.

469 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 470 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Performance Record Distribution Table for the period from 7 June 2017 to 31 December 2017 Comparative Table

X1 Accumulation Units Final Distribution in Pence per Unit For the period from 7.6.2017^ to 31.12.2017 X1 Accumulation Units† Pence per unit Net revenue 1.5242 Change in net assets per unit Distribution payable 28.2.2018 1.5242 Opening net asset value per unit 100.00 † The Fund launched on 7 June 2017, therefore no comparatives have been presented. Return before operating charges 4.82 Operating charges (0.01) Return after operating charges 4.81 Distributions (1.52) Retained distributions on accumulation units 1.52 Closing net asset value per unit 104.81 After direct transaction costs of 0.01

Performance Return after charges1 4.81%

Other information Closing net asset value (£000’s) 2,987,112 Closing number of units 2,849,959,684 Operating charges2 0.01% Direct transaction costs3 0.01%

Prices Pence per unit Highest offer unit price 106.20 Lowest bid unit price 97.76

471 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 472 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement Portfolio Statement continued at 31 December 2017

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

EQUITIES – 99.35% 42,708 Iluka Resources 251 0.01 172,173 Incitec Pivot 389 0.01 Australia – 2.58% 181,269 Insurance Australia 759 0.02 46,597 Adelaide Brighton 176 0.01 30,413 IOOF 189 0.01 52,156 AGL Energy 735 0.02 50,621 Lend Lease 479 0.02 51,521 ALS 208 0.01 31,552 Macquarie 1,819 0.06 256,552 Alumina 359 0.01 59,784 Macquarie Atlas 218 0.01 118,628 Amcor 1,058 0.03 13,224 Magellan Financial 206 0.01 297,192 AMP 893 0.03 282,211 Medibank 536 0.02 15,121 Ansell 213 0.01 99,771 Metcash 180 0.01 97,356 APA 468 0.02 379,291 Mirvac 516 0.02 65,167 Aristocrat Leisure 893 0.03 259,488 National Australia Bank 4,441 0.15 19,745 ASX 626 0.02 77,582 Newcrest Mining 1,024 0.03 201,714 Aurizon 579 0.02 22,194 Nufarm 112 0.00 182,679 AusNet Services 191 0.01 120,000 Oil Search 541 0.02 287,290 Australia & New Zealand Banking 4,775 0.16 38,494 Orica 403 0.01 39,684 Bank of Queensland 292 0.01 179,000 Origin Energy 976 0.03 48,619 Bendigo & Adelaide Bank 328 0.01 123,653 Orora 241 0.01 313,370 BHP Billiton 5,363 0.18 30,596 Oz Minerals 162 0.00 58,227 Bluescope Steel 518 0.02 4,465 Perpetual Trustees Australia 125 0.00 119,843 Boral 540 0.02 23,906 Platinum Asset Management 107 0.00 160,708 Brambles 937 0.03 91,362 Qantas Airways 266 0.01 26,709 Caltex Australia 526 0.02 140,347 QBE Insurance 868 0.03 58,292 Challenger Financial Services 473 0.02 13,178 Ramsay Health Care 534 0.02 9,962 CIMIC 297 0.01 5,264 REA 234 0.01 55,386 Coca-Cola Amatil 273 0.01 98,736 Santos 311 0.01 5,780 Cochlear 573 0.02 523,774 Scentre 1,270 0.04 169,892 Commonwealth Bank of Australia 7,898 0.26 35,399 Seek 389 0.01 49,908 Computershare 471 0.02 92,167 Seven West News 33 0.00 38,543 Crown 290 0.01 76,111 Shopping Centres Australasia 103 0.00 43,612 CSL 3,565 0.12 42,637 Sonic Healthcare 564 0.02 51,700 CSR 142 0.00 422,696 South32 851 0.03 99,356 Dexus Property 561 0.02 84,424 Star Entertainment 297 0.01 23,563 Domain Holdings Australia 47 0.00 246,416 Stockland Trust 637 0.02 6,424 Domino’s Pizza Enterprises 174 0.01 132,128 Suncorp 1,060 0.03 60,899 Downer EDI 244 0.01 112,967 Sydney Airport 461 0.01 39,809 DuluxGroup 176 0.01 192,180 Tabcorp 620 0.02 235,634 Fairfax Media 106 0.00 427,419 Telstra 898 0.03 5,776 Flight Centre 148 0.00 36,900 TPG Telecom 140 0.00 164,655 Fortescue Metals 465 0.02 225,226 Transurban 1,619 0.05 180,975 Goodman 881 0.03 75,636 Treasury Wine Estates 699 0.02 184,285 GPT 545 0.02 336,164 Vicinity Centres 527 0.02 54,245 Harvey Norman 131 0.00 61,035 Vocus 107 0.00 177,530 Healthscope 216 0.01

473 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 474 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

112,251 Wesfarmers 2,885 0.10 Cayman Islands – 0.16% 197,070 Westfield 1,080 0.04 27,200 ASM Pacific Technology 280 0.01 331,686 Westpac Banking 6,016 0.20 243,500 CK Asset Holdings 1,575 0.05 70,170 Whitehaven Coal 181 0.01 145,424 Dragon Capital – Vietnam Enterprise Investments 638 0.02 74,846 Woodside Petroleum 1,433 0.05 291,053 Phoenix 2,276 0.08 116,311 Woolworths 1,836 0.06 4,769 0.16 21,500 WorleyParsons 179 0.01 Chile – 0.09% 77,126 2.58 260,799 Antofagasta 2,613 0.09 Austria – 0.09% 4,167 ams 280 0.01 China – 0.15% 5,806 Andritz 243 0.01 70,500 AAC Technologies 931 0.03 22,289 Erste Bank 716 0.03 367,500 BOC Hong Kong 1,378 0.05 11,531 OMV 543 0.02 275,000 China Mengniu Dairy 605 0.02 10,014 Raiffeisen International Bank 268 0.01 256,000 China Travel International 70 0.00 6,701 Telekom Austria 46 0.00 294,000 FIH Mobile 66 0.00 3,234 Vienna Insurance 74 0.00 238,000 Guotai Junan International 55 0.00 9,330 Voestalpine 414 0.01 285,500 Semiconductor Manufacturing 366 0.01 368,000 Shougang Fushan 58 0.00 2,584 0.09 351,500 Shui On Land 72 0.00 Belgium – 0.32% 192,000 Tingyi 276 0.01 1,851 Ackermans & van Haaren 238 0.01 103,000 Towngas China 61 0.00 15,599 Ageas 562 0.02 125,000 Uni-President 77 0.01 56,179 Anheuser-Busch InBev 4,642 0.15 576,000 Want Want China 356 0.01 8,246 Bpost 186 0.01 318,000 Xinyi Solar 91 0.01 5,313 Colruyt 204 0.01 5,815 Groupe Bruxelles Lambert 464 0.01 4,462 0.15 18,499 KBC 1,167 0.04 Denmark – 0.50% 11,657 Proximus 283 0.01 340 AP Moeller-Maersk series ‘A’ shares 418 0.01 1,290 Sofina 150 0.00 493 AP Moeller-Maersk series ‘B’ shares 635 0.02 5,610 Solvay 577 0.02 8,023 Carlsberg series ‘B’ shares 714 0.02 3,734 Telenet 192 0.01 6,995 Christian Hansen 486 0.02 9,358 UCB 549 0.02 10,872 Coloplast ‘B’ shares 641 0.02 13,470 Umicore 470 0.01 48,411 Danske Bank 1,392 0.05 9,684 0.32 9,209 DONG Energy 371 0.01 Bermuda – 0.17% 14,853 DSV 865 0.03 206,685 Hiscox 3,007 0.10 4,375 Genmab 538 0.02 119,700 Hongkong Land 624 0.02 14,748 ISS 423 0.01 61,000 Kerry Properties 203 0.01 5,607 Jyske Bank 236 0.01 93,277 PureCircle 432 0.01 4,809 Lundbeck 180 0.01 112,000 Shangri-La Asia 188 0.01 133,595 Novo Nordisk class ‘B’ shares 5,323 0.18 124,179 Utilico Emerging Markets 277 0.01 17,027 Novozymes class ‘B’ shares 721 0.02 74,500 Yue Yuen Industrial 217 0.01 8,478 Pandora 680 0.02 4,948 0.17 65,276 TDC 297 0.01

475 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 476 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

8,329 Tryg 155 0.01 149 Dassault Aviation 171 0.00 13,966 Vestas Wind Systems 714 0.02 10,140 Dassault Systemes 797 0.03 8,328 William Demant 172 0.01 17,279 Edenred 370 0.01 14,961 0.50 30,074 EDF 278 0.01 5,541 Eiffage 449 0.02 Finland – 0.27% 121,049 ENGIE 1,540 0.05 11,913 Elisa 346 0.01 15,760 Essilor International 1,607 0.05 34,229 Fortum 499 0.02 1,103 Euler Hermes 119 0.00 8,357 Huhtamaki 259 0.01 3,557 Eurazeo 243 0.01 5,359 Kesko 215 0.01 34,320 Eurotunnel 326 0.01 25,017 Kone class ‘B’ shares 991 0.03 14,018 Eutelsat Communications 240 0.01 9,441 Metso 238 0.01 6,174 Faurecia 356 0.01 9,350 Neste 442 0.01 3,091 Foncière des Régions 259 0.01 391,021 Nokia 1,349 0.05 3,616 Gecina 493 0.02 10,146 Nokian Renkaat 339 0.01 2,029 Hermes International 803 0.03 8,250 Orion series ‘B’ shares 227 0.01 2,976 Icade 216 0.01 31,657 Sampo series ‘A’ shares 1,284 0.04 1,905 Iliad 338 0.01 25,860 Stora Enso series ‘R’ shares 302 0.01 2,728 Imerys 190 0.01 42,264 UPM-Kymmene 971 0.03 4,301 Ingenico 338 0.01 12,441 Wartsila 579 0.02 2,529 Ipsen 223 0.01 8,041 0.27 5,742 JC Decaux 171 0.00 5,804 Kering 2,024 0.07 France – 2.83% 16,357 Klepierre 532 0.02 13,795 Accor 526 0.02 8,812 Lagardere 209 0.01 2,276 Aeroports de Paris 320 0.01 20,961 Legrand 1,193 0.04 32,514 Air Liquide 3,031 0.10 18,599 L’Oréal 3,052 0.10 38,913 Airbus 2,865 0.09 18,224 LVMH Moet Hennessy 3,968 0.13 11,447 Alstom 351 0.01 14,143 Michelin 1,500 0.05 3,988 Amundi 249 0.01 69,709 Natixis 408 0.01 5,764 Arkema 519 0.02 148,413 Orange 1,906 0.06 6,303 Atos 679 0.02 3,278 ORPEA 285 0.01 147,342 AXA 3,234 0.11 14,468 Pernod-Ricard 1,692 0.06 2,220 Bic 181 0.01 31,618 Peugeot 476 0.01 3,318 bioMérieux 219 0.01 4,791 Plastic Omnium 161 0.01 79,508 BNP Paribas 4,391 0.15 16,204 Publicis 814 0.03 81,957 Bollore 328 0.01 1,993 Remy Cointreau 204 0.01 15,691 Bouygues 602 0.02 13,753 Renault 1,023 0.03 21,128 Bureau Veritas 427 0.01 24,183 Rexel 324 0.01 12,383 Capgemini 1,086 0.04 5,901 Rubis 308 0.01 42,490 Carrefour 679 0.02 19,784 Safran 1,508 0.05 4,009 Casino Guichard Perrachon 180 0.01 42,509 Saint-Gobain 1,734 0.06 12,751 CNP Assurances 218 0.01 81,470 Sanofi 5,194 0.17 90,315 Crédit Agricole 1,105 0.04 1,783 Sartorius Stedim Biotech 95 0.00 43,875 Danone 2,723 0.09

477 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 478 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

37,717 Schneider Electric 2,371 0.08 2,930 Fraport 239 0.01 12,495 SCOR 372 0.01 27,591 Fresenius 1,584 0.05 2,108 SEB 288 0.01 16,699 Fresenius Medical Care 1,300 0.04 56,418 Société Générale 2,155 0.07 2,848 Fuchs Petrolub 102 0.00 4,561 Sodexo 453 0.02 5,738 Fuchs Petrolub non-voting preference shares 226 0.01 27,797 Suez Environnement 361 0.01 14,172 GEA 502 0.02 4,547 Teleperformance 482 0.02 4,638 Hannover Rueckversicherung 432 0.01 8,082 Thales 643 0.02 11,798 HeidelbergCement 945 0.03 167,984 Total 6,863 0.23 2,719 Hella Hueck 124 0.00 5,845 Ubisoft Entertainment 333 0.01 9,259 Henkel 822 0.03 7,720 Unibail-Rodamco 1,438 0.05 13,559 Henkel non-voting preference shares 1,328 0.04 18,674 Valeo 1,030 0.03 1,626 Hochtief 213 0.01 37,586 Veolia Environnement 709 0.02 5,287 Hugo Boss 333 0.01 36,110 Vinci 2,728 0.09 76,952 Infineon Technologies 1,561 0.05 83,429 Vivendi 1,660 0.06 10,331 Innogy 300 0.01 2,357 Wendel Investissement 301 0.01 13,709 K & S 253 0.01 15,694 Zodiac Aerospace 347 0.01 4,937 Kion 316 0.01 84,584 2.83 6,945 Lanxess 407 0.01 4,943 LEG Immobilien 418 0.01 Germany – 2.73% 13,062 Linde 2,254 0.08 14,072 Adidas 2,086 0.07 2,861 MAN 242 0.01 35,054 Allianz 5,962 0.20 10,256 Merck 816 0.03 3,792 Axel Springer 220 0.01 13,060 Metro 190 0.01 68,132 BASF 5,546 0.19 4,071 MTU Aero Engines 539 0.02 61,797 Bayer 5,689 0.19 10,837 Muenchener Rueckversicherung 1,738 0.06 7,934 Beiersdorf 690 0.02 6,276 Osram Licht 417 0.01 24,985 BMW 1,927 0.06 11,904 Porsche non-voting preference shares 739 0.02 4,396 BMW non-voting preference shares 292 0.01 18,384 ProSiebenSat.1 Media 467 0.02 12,250 Brenntag 574 0.02 304 Rational 145 0.00 13,058 Ceconomy 145 0.01 37,940 RWE 572 0.02 82,138 Commerzbank 909 0.03 69,307 SAP 5,737 0.19 8,444 Continental 1,689 0.06 2,371 Sartorius non-voting preference shares 167 0.01 6,007 Covestro 459 0.02 56,540 Siemens (Registered) 5,822 0.19 74,648 Daimler 4,683 0.16 6,235 Suedzucker 100 0.00 140,194 Deutsche Bank 1,971 0.07 9,757 Symrise 618 0.02 15,000 Deutsche Boerse 1,290 0.04 3,069 Talanx 93 0.00 19,449 Deutsche Lufthansa 531 0.02 52,492 Telefonica Deutschland 195 0.01 67,457 Deutsche Post 2,382 0.08 33,522 ThyssenKrupp 720 0.02 247,168 Deutsche Telekom 3,238 0.11 13,726 Uniper 315 0.01 26,782 Deutsche Wohnen 864 0.03 9,366 United Internet 477 0.02 161,562 E.ON 1,301 0.04 2,402 Volkswagen 361 0.01 12,571 Evonik Industries 350 0.01 14,142 Volkswagen non-voting preference shares 2,092 0.07 2,190 Fielmann 143 0.00 36,580 Vonovia 1,341 0.05

479 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 480 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

1,263 Wacker Chemie 182 0.01 14,800 Dah Sing Financial 70 0.00 8,742 Wirecard 722 0.02 190,500 Esprit 75 0.00 8,703 Zalando 341 0.01 238,000 First Pacific 119 0.01 81,748 2.73 218,000 Galaxy Entertainment 1,294 0.04 604,000 Global Brands 37 0.00 Guernsey – 0.35% 27,000 Great Eagle 104 0.00 101,771 Alcentra European Floating Rate Income Fund 100 0.00 232,127 Haitong International Securities 98 0.00 188,766 Apax Global Alpha 277 0.01 89,000 Hang Lung 242 0.01 16,518 BH Global – GBP shares 222 0.01 206,000 Hang Lung Properties 371 0.01 9,757 BH Macro Hedge Fund 192 0.01 76,100 Hang Seng Bank 1,398 0.05 273,997 Bluefield Solar Income Fund 320 0.01 73,500 Henderson Land Development 357 0.01 227,555 Funding Circle SME Income Fund 233 0.01 839,600 Hong Kong & China Gas 1,216 0.04 99,992 Genesis Emerging Markets Fund 720 0.02 125,100 Hong Kong Exchanges & Clearing 2,841 0.10 59,185 HarbourVest Global Private Equity Fund 734 0.02 90,500 Hopewell Highway 43 0.00 1,231,449 HICL Infrastructure 1,946 0.06 58,500 Hopewell Holdings 159 0.01 73,678 Highbridge Multi-Strategy Fund 161 0.01 86,000 Huabao International 42 0.00 752,184 NB Global Floating Rate Income Fund 712 0.02 517,400 Hutchison Port 157 0.01 36,138 NB Private Equity 376 0.01 128,000 Hutchison Telecommunications 38 0.00 362,072 NextEnergy Solar Fund 408 0.01 63,000 Hysan Development 246 0.01 30,508 Princess Private Equity 287 0.01 36,000 Johnson Electric 111 0.00 697,519 Renewables Infrastructure 756 0.03 56,500 Kerry Logistics Network 59 0.00 41,294 Riverstone Energy 510 0.02 362,000 Kingston Financial 257 0.01 118,372 Ruffer Investment Red preference shares 276 0.01 592,000 Li & Fung 241 0.01 178,692 Schroder Oriental Income Fund 457 0.02 46,000 Lifestyle International 45 0.00 627,497 Sirius Real Estate 409 0.01 226,500 Link Real Estate Investment Trust 1,553 0.05 277,895 Starwood European Real Estate Finance 302 0.01 81,000 Melco International Development 176 0.01 282,823 Syncona 568 0.02 62,000 Minth 276 0.01 115,976 TwentyFour Select Monthly Income Fund 115 0.00 142,000 MTR 615 0.02 149,798 VinaCapital Vietnam Opportunity Fund 495 0.02 556,000 New World Development 617 0.02 10,576 0.35 144,000 NWS 192 0.01 20,000 Orient Overseas 143 0.01 Hong Kong – 1.13% 426,000 PCCW 183 0.01 1,194,200 AIA 7,532 0.25 133,000 Power Assets 831 0.03 121,200 Bank of East Asia 388 0.01 108,000 SA SA International 31 0.00 300,000 Brightoil Petroleum 41 0.00 246,000 Sands China 939 0.03 34,000 Café de Coral 69 0.00 190,000 Shun Tak 55 0.00 92,000 Cathay Pacific Airways 105 0.00 310,000 Sino Land 406 0.01 200,000 Champion Real Estate Investment Trust 108 0.00 191,000 SJM 127 0.01 480,000 China Oceanwide 26 0.00 224,500 Sun Art Retail 176 0.01 110,800 Chow Tai Fook Jewellery 86 0.00 145,000 Sun Hung Kai Properties 1,786 0.06 263,500 CK Hutchison 2,447 0.08 52,000 Swire Pacific 356 0.01 64,500 CK Infrastructures 410 0.01 113,400 Swire Properties 270 0.01 151,500 CLP 1,147 0.04 128,500 Techtronic Industries 617 0.02 37,200 Dah Sing Banking 60 0.00

481 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 482 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

29,600 Television Broadcasts 78 0.00 11,885 Moncler 275 0.01 64,000 Texwinca 26 0.00 14,154 Parmalat 39 0.00 16,400 Vtech 159 0.01 38,457 Poste Italiane 214 0.01 694,000 WH 579 0.02 52,500 Prada 140 0.00 124,000 Wharf 317 0.01 16,454 Prysmian 397 0.01 124,000 Wharf Real Estate Investment 611 0.02 8,499 Recordati 279 0.01 83,000 Wheelock 439 0.02 45,274 Saipem 153 0.00 202,000 Xinyi Glass 194 0.01 4,032 Salvatore Ferragamo 79 0.00 33,791 1.13 131,248 Snam 475 0.02 901,159 Telecom Italia 576 0.02 Ireland – 0.13% 492,770 Telecom Italia (Part Certified) 261 0.01 324 AIB 2 0.00 113,448 Terna 488 0.02 73,972 Bank of Ireland 468 0.02 165,126 UniCredit 2,283 0.08 3,267 CRH 87 0.00 83,844 Unione di Banche Italiane 271 0.01 15,498 Glanbia 205 0.01 76,187 UnipolSai 132 0.00 160,229 Grafton 1,282 0.04 19,118 0.64 45,134 James Hardie 590 0.02 11,325 Kerry class ‘A’ shares 938 0.03 Japan – 6.60% 12,647 Kingspan 408 0.01 5,000 77th Bank 93 0.00 3,980 0.13 1,700 ABC-Mart 72 0.00 27,100 Acom 85 0.00 Isle of Man – 0.01% 1,900 Adastria 28 0.00 892,683 Redefine International 326 0.01 13,100 Advantest 180 0.01 Israel – 0.01% 50,200 Aeon 628 0.02 2,887 Check Point Software Technologies 221 0.01 8,500 AEON Financial Service 147 0.01 8,200 AEON Mall 119 0.00 Italy – 0.64% 22,000 Aiful 56 0.00 98,735 Assicurazioni Generali 1,331 0.04 1,700 Ain Pharmaciez 75 0.00 41,502 Atlantia 969 0.03 10,700 Air Water 167 0.01 19,159 Banca Mediolanum 123 0.00 13,300 Aisin Seiki 553 0.02 117,056 Banco BPM 272 0.01 36,800 Ajinomoto 513 0.02 5,039 Buzzi Unicem 101 0.00 12,600 Alfresa 219 0.01 47,287 Campari 270 0.01 14,100 Alps Electric 298 0.01 592,992 Enel 2,699 0.09 23,400 Amada 236 0.01 192,927 Eni 2,362 0.08 8,000 ANA 247 0.01 10,140 Ferrari 787 0.03 3,300 Aoyama Trading 91 0.00 25,988 FinecoBank 197 0.01 8,700 Aozora 251 0.01 944,336 Intesa Sanpaolo 2,319 0.08 9,500 Aplus Financial 7 0.00 81,418 Intesa Sanpaolo (Part Certified) 192 0.01 1,200 Ariake Japan 76 0.00 40,960 Italgas 185 0.01 27,500 Asahi Breweries 1,011 0.03 28,952 Leonardo 255 0.01 13,700 Asahi Glass 439 0.02 12,105 Luxottica 549 0.02 7,000 Asahi Intecc 178 0.01 22,787 Mediaset 65 0.00 66,500 Asahi Kasei 636 0.02 45,303 Mediobanca 380 0.01

483 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 484 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

12,400 ASICS 146 0.01 46,800 Daiwa House 1,332 0.05 1,700 ASKUL 36 0.00 119,000 Daiwa Securities 553 0.02 127,000 Astellas Pharma 1,199 0.04 7,400 Dena 113 0.00 4,800 Autobacs Seven 68 0.00 6,000 Denka 178 0.01 15,000 Awa Bank 71 0.00 25,400 Denso 1,130 0.04 5,000 Azbil 161 0.01 16,100 Dentsu 505 0.02 5,800 Bank of Kyoto 224 0.01 6,100 DIC 171 0.01 5,400 Benesse 141 0.01 1,900 Disco 313 0.01 10,100 Bic Camera 108 0.00 7,900 DMG Mori 121 0.00 39,000 Bridgestone 1,343 0.05 8,600 Don Quijote 333 0.01 16,800 Brother Industries 307 0.01 3,000 Dowa 91 0.00 5,300 Calbee 128 0.00 18,900 East Japan Railway 1,366 0.05 66,100 Canon 1,826 0.06 7,200 Ebara 203 0.01 3,300 Canon Marketing Japan 66 0.00 19,000 Eisai 802 0.03 3,400 Capcom 80 0.00 12,600 Electric Power Development 251 0.01 16,800 Casio Computer 179 0.01 2,100 Exedy 48 0.00 11,300 Central Japan Railway 1,500 0.05 3,800 Ezaki Glico 140 0.01 49,000 Chiba Bank 302 0.01 5,700 FamilyMart 296 0.01 11,000 Chiyoda 60 0.00 13,300 FANUC 2,367 0.08 50,800 Chubu Electric Power 468 0.02 3,700 Fast Retailing 1,092 0.04 15,900 Chugai Pharmaceutical 602 0.02 1,700 FP 68 0.00 12,400 Chugoku Bank 123 0.00 41,000 Fuji Electric 229 0.01 22,600 Chugoku Electric Power 180 0.01 28,300 Fujifilm 857 0.03 20,600 Citizen Watch 112 0.00 19,300 Fujikura 126 0.00 8,400 Coca-Cola Bottlers 227 0.01 142,000 Fujitsu 750 0.03 3,500 COLOPL 28 0.00 3,700 Fujitsu General 60 0.00 7,600 Comsys 163 0.01 51,000 Fukuoka Financial 212 0.01 87,500 Concordia Financial 391 0.01 2,000 Fukuyama Transporting 56 0.00 4,600 Cosmo Energy 128 0.00 4,300 Furukawa Electric 157 0.01 600 Cosmos Pharmaceutical 93 0.00 4,200 GLORY 118 0.00 12,600 Credit Saison 170 0.01 1,000 GMO Payment Gateway 61 0.00 6,900 CyberAgent 199 0.01 6,400 GREE 30 0.00 22,000 Dai Nippon Printing 363 0.01 31,000 GS Yuasa 114 0.00 22,300 Daicel Chemical 188 0.01 30,500 GungHo Online Entertainment 62 0.00 2,500 Daido Steel 114 0.00 29,800 Gunma Bank 133 0.00 1,200 Daifuku 48 0.00 5,700 H2O Retailing 88 0.00 82,000 Dai-ichi Life 1,252 0.04 28,700 Hachijuni Bank 122 0.00 46,500 Daiichi Sankyo 898 0.03 18,000 Hakuhodo 173 0.01 2,800 Daiichikosho 103 0.00 9,600 Hamamatsu Photonics 239 0.01 12,400 Daikin Industries 1,087 0.04 16,700 Hankyu 497 0.02 2,100 Daikyo 30 0.00 19,900 Haseko 229 0.01 2,300 Daishi 78 0.00 3,700 Heiwa 51 0.00 5,200 Daito Trust Construction 786 0.03 1,700 Hikari Tsushin 181 0.01

485 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 486 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

18,600 Hino Motors 179 0.01 2,200 Japan Petroleum Exploration 43 0.00 2,300 Hirose Electric 249 0.01 63,700 Japan Post 541 0.02 20,000 Hiroshima Bank 129 0.00 29,000 Japan Post Bank 280 0.01 2,500 HIS 67 0.00 4,400 Japan Post Insurance 77 0.00 5,100 Hisamitsu Pharmaceutical 229 0.01 4,500 Japan Steel Works 107 0.00 291,000 Hitachi 1,677 0.06 77,100 Japan Tobacco 1,839 0.06 3,100 Hitachi Capital 58 0.00 37,300 JFE 663 0.02 7,300 Hitachi Chemical 139 0.01 15,300 JGC 219 0.01 7,900 Hitachi Construction Machinery 212 0.01 13,000 JSR 190 0.01 4,500 Hitachi High-Technologies 140 0.01 15,700 JTEKT 200 0.01 3,500 Hitachi Kokusai Electric 72 0.00 2,500 Juroku Bank 54 0.00 14,900 Hitachi Metals 158 0.01 231,500 JXTG 1,107 0.04 2,800 Hitachi Transport System 54 0.00 5,400 Kagome 148 0.01 13,200 Hokkaido Electric Power 64 0.00 65,000 Kajima 463 0.02 9,000 Hokuhoku Financial 104 0.00 10,500 Kakaku.com 132 0.00 12,600 Hokuriku Electric Power 75 0.00 2,700 Kaken Pharmaceutical 103 0.00 118,700 Honda Motor 3,012 0.10 7,500 Kamigumi 123 0.00 2,900 Horiba 129 0.00 8,000 Kandenko 62 0.00 4,000 Hoshizaki Electric 263 0.01 21,000 Kaneka 142 0.01 5,400 House Foods 133 0.00 53,000 Kansai Electric Power 481 0.02 22,100 Hoya 817 0.03 14,400 Kansai Paint 277 0.01 24,600 Hulic 205 0.01 32,400 Kao 1,623 0.05 6,900 Ibiden 77 0.00 10,700 Kawasaki Heavy Industries 278 0.01 13,900 Ichigo 39 0.00 5,700 Kawasaki Kisen Kaisha 108 0.00 7,300 Idemitsu Kosan 217 0.01 126,400 KDDI 2,331 0.08 9,100 IHI 224 0.01 7,400 Keihan 161 0.01 11,300 Iida 158 0.01 17,500 Keikyu 249 0.01 67,400 Inpex 624 0.02 8,200 Keio 267 0.01 25,400 Isetan Mitsukoshi 233 0.01 10,500 Keisei Electric Railway 250 0.01 39,500 Isuzu Motors 490 0.02 17,000 Keiyo Bank 58 0.00 4,200 Ito En 123 0.00 8,000 Kewpie 158 0.01 103,400 ITOCHU 1,430 0.05 5,900 Keyence 2,449 0.08 3,300 Itochu Techno-Solutions 106 0.00 12,900 Kikkoman 387 0.01 11,100 Itoham Yonekyu 75 0.00 9,300 Kinden 112 0.00 18,600 Iyo Bank 110 0.00 13,100 Kintetsu 372 0.01 2,700 Izumi 124 0.00 60,800 Kirin 1,135 0.04 17,500 J Front Retailing 244 0.01 2,300 Kissei Pharmaceutical 48 0.00 2,300 JAFCO 99 0.00 4,400 Kobayashi Pharmaceutical 212 0.01 5,300 Japan Airlines 154 0.01 21,000 Kobe Steel 144 0.01 3,200 Japan Airport Terminal 88 0.00 3,300 Koei Tecmo 49 0.00 2,000 Japan Aviation Electronics Industry 25 0.00 8,200 Koito Manufacturing 426 0.01 27,600 Japan Display 41 0.00 56,000 Komatsu 1,499 0.05 39,200 Japan Exchange 505 0.02 2,200 Komeri 47 0.00

487 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 488 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

6,800 Konami 277 0.01 20,800 Mitsubishi Heavy Industries 576 0.02 31,900 Konica Minolta 227 0.01 4,000 Mitsubishi Logistics 77 0.00 2,100 Kose 243 0.01 9,400 Mitsubishi Materials 248 0.01 5,500 K’s 104 0.00 46,200 Mitsubishi Motors 247 0.01 81,700 Kubota 1,187 0.04 1,000 Mitsubishi Shokuhin 22 0.00 25,800 Kuraray 360 0.01 15,800 Mitsubishi Tanabe Pharma 242 0.01 8,600 Kurita Water Industries 207 0.01 879,000 Mitsubishi UFJ Financial 4,775 0.16 1,000 Kusuri no Aoki 39 0.00 30,400 Mitsubishi UFJ Lease & Finance 134 0.00 22,600 Kyocera 1,096 0.04 121,600 Mitsui 1,465 0.05 3,000 Kyorin 42 0.00 13,000 Mitsui Chemicals 310 0.01 19,000 Kyowa Hakko Kirin 272 0.01 4,800 Mitsui Engineering & Shipbuilding 53 0.00 3,100 Kyudenko 111 0.00 68,600 Mitsui Fudosan 1,138 0.04 33,700 Kyushu Electric Power 262 0.01 8,400 Mitsui O.S.K. Lines 207 0.01 26,900 Kyushu Financial 120 0.00 6,600 Miura 131 0.00 11,200 Kyushu Railway 257 0.01 1,660,000 Mizuho Financial 2,233 0.08 1,800 Lawson 89 0.00 800 Mochida Pharmaceutical 45 0.00 16,600 Leopalace21 96 0.00 4,200 Monotaro 99 0.00 2,400 LINE 72 0.00 2,900 Morinaga 109 0.00 3,300 Lintec 68 0.00 26,800 MS&AD Insurance 672 0.02 18,400 Lion 258 0.01 13,600 Murata Manufacturing 1,353 0.05 18,800 LIXIL 377 0.01 8,800 Nabtesco 250 0.01 14,100 M3 368 0.01 7,900 Nagase 106 0.00 3,700 Mabuchi Motor 149 0.01 13,000 Nagoya Railroad 243 0.01 4,000 Maeda Road Construction 68 0.00 13,800 Namco Bandai 334 0.01 17,700 Makita 551 0.02 8,400 Nankai Electric Railway 154 0.01 113,200 Marubeni 608 0.02 18,400 NEC 368 0.01 16,900 Marui 229 0.01 11,400 Nexon 246 0.01 4,300 Maruichi Steel Tube 93 0.00 18,900 NGK Insulators 264 0.01 6,800 Matsui Securities 42 0.00 13,600 NGK Spark Plug 245 0.01 5,400 Matsumotokiyoshi 165 0.01 15,000 NH Foods 271 0.01 40,900 Mazda Motor 406 0.01 11,800 NHK Spring 96 0.00 72,600 Mebuki Financial 227 0.01 7,800 Nichirei 160 0.01 12,000 MediPal 174 0.01 15,500 Nidec 1,611 0.05 3,500 Megmilk Snow Brand 77 0.00 3,000 Nifco 152 0.01 9,800 Meiji Holdings 618 0.02 5,200 Nihon Kohden 89 0.00 30,600 MINEBEA MITSUMI 475 0.02 4,400 Nihon M&A Center 155 0.01 4,000 Miraca 127 0.00 25,700 Nikon 384 0.01 19,500 Misumi 421 0.01 6,800 Nintendo 1,842 0.06 80,800 Mitsubishi 1,654 0.06 4,000 Nippo 69 0.00 94,400 Mitsubishi Chemical 767 0.03 5,800 Nippon Electric Glass 164 0.01 95,800 Mitsubishi Electric 1,179 0.04 5,400 Nippon Express 266 0.01 85,500 Mitsubishi Estate 1,102 0.04 12,000 Nippon Kayaku 132 0.00 13,600 Mitsubishi Gas Chemical 289 0.01 11,500 Nippon Paint 269 0.01

489 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 490 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

6,400 Nippon Paper Industries 90 0.00 5,200 OSG 83 0.00 3,500 Nippon Shinyaku 193 0.01 23,300 Otsuka 758 0.03 2,300 Nippon Shokubai 115 0.00 4,000 Otsuka Pharmaceutical 227 0.01 56,800 Nippon Steel & Sumitomo Metal 1,080 0.04 115,400 Panasonic 1,251 0.04 41,600 Nippon Telegraph & Telephone 1,450 0.05 7,100 Park24 126 0.00 11,800 Nippon Yusen 213 0.01 5,800 PeptiDream 147 0.01 8,200 Nipro 90 0.00 12,800 Persol 238 0.01 11,000 Nishi-Nippon Financial 98 0.00 7,500 Pigeon 211 0.01 5,000 Nishi-Nippon Railroad 100 0.00 2,400 Pilot 86 0.00 10,300 Nissan Chemical Industries 304 0.01 5,200 Pola Orbis 135 0.00 139,800 Nissan Motor 1,033 0.03 59,700 Rakuten 405 0.01 5,600 Nissan Shatai 42 0.00 78,400 Recruit 1,444 0.05 18,500 Nisshin Seifun 277 0.01 7,900 Relo 159 0.01 3,100 Nisshin Steel 38 0.00 34,500 Renesas Electronics 298 0.01 9,500 Nisshinbo 95 0.00 14,300 Rengo 77 0.00 5,400 Nissin Foods 292 0.01 159,500 Resona 706 0.02 5,400 Nitori 570 0.02 4,500 Resorttrust 76 0.00 11,000 Nitto Denko 724 0.02 49,400 Ricoh 340 0.01 8,000 NOK 138 0.01 2,600 Rinnai 174 0.01 243,100 Nomura 1,063 0.04 6,500 ROHM 533 0.02 8,400 Nomura Real Estate 139 0.01 6,900 Rohto Pharmaceutical 137 0.00 7,900 Nomura Research Institute 272 0.01 1,700 Ryohin Keikaku 392 0.01 20,600 North Pacific Bank 51 0.00 11,600 San-In Godo Bank 83 0.00 2,300 NS Solutions 47 0.00 3,600 Sankyo 84 0.00 32,300 NSK 377 0.01 4,100 Sanrio 51 0.00 29,000 NTN 106 0.00 26,600 Santen Pharmaceutical 310 0.01 46,300 NTT Data 407 0.01 14,100 Sanwa Holdings 144 0.01 93,300 NTT Docomo 1,633 0.06 4,600 Sapporo 104 0.00 8,200 NTT Urban Development 70 0.00 2,300 Sawai Pharmaceutical 76 0.00 49,300 Obayashi 442 0.02 13,600 SBI 211 0.01 4,800 OBIC 261 0.01 3,000 SCREEN 182 0.01 400 OBIC Business Consultants 17 0.00 2,900 SCSK 99 0.00 22,300 Odakyu Electric Railway 353 0.01 14,100 Secom 789 0.03 65,000 Oji 320 0.01 14,100 Sega Sammy 130 0.00 2,000 OKUMA 98 0.00 16,500 Seibu 231 0.01 20,300 Olympus 577 0.02 19,700 Seiko Epson 344 0.01 14,300 Omron 631 0.02 12,300 Seino 145 0.01 32,600 Ono Pharmaceutical 563 0.02 26,400 Sekisui Chemical 393 0.01 2,500 Oracle Japan 154 0.01 41,300 Sekisui House 553 0.02 37,800 Orient 45 0.00 18,000 Senshu Ikeda 49 0.00 13,800 Oriental Land Co 932 0.03 48,000 Seven & I 1,478 0.05 94,100 Orix 1,179 0.04 45,800 Seven Bank 116 0.00 28,600 Osaka Gas 408 0.01 10,700 Sharp 272 0.01

491 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 492 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

18,000 Shiga Bank 68 0.00 4,700 Sundrug 162 0.01 11,600 Shikoku Electric Power 94 0.00 9,300 Suntory Beverage & Food 306 0.01 3,500 Shimachu 75 0.00 13,000 Suruga Bank 207 0.01 18,900 Shimadzu 318 0.01 5,700 Suzuken 174 0.01 1,500 Shimamura 122 0.00 29,800 Suzuki Motor 1,280 0.04 5,700 Shimano 594 0.02 10,300 Sysmex 600 0.02 39,600 Shimizu 303 0.01 25,500 T&D 323 0.01 26,300 Shin-Etsu Chemical 1,980 0.07 7,800 TADANO 96 0.00 11,800 Shinsei Bank 151 0.01 9,100 Taiheiyo Cement 291 0.01 15,200 Shionogi 609 0.02 15,600 Taisei 576 0.02 21,100 Shiseido 756 0.03 3,200 Taisho Pharmaceutical 189 0.01 37,000 Shizuoka Bank 283 0.01 10,100 Taiyo Nippon Sanso 105 0.00 800 Shochiku 101 0.00 7,400 Taiyo Yuden 85 0.00 9,300 Showa Denko 295 0.01 12,200 Takara 106 0.00 13,400 Showa Shell Sekiyu 135 0.00 21,000 Takashimaya 164 0.01 9,800 SKY Perfect JSAT 33 0.00 49,400 Takeda Pharmaceutical 2,079 0.07 8,400 Skylark 89 0.00 8,700 TDK 514 0.02 4,200 SMC 1,281 0.04 12,600 Teijin 208 0.01 59,000 SoftBank 3,461 0.12 21,900 Terumo 768 0.03 4,800 Sohgo Security Services 193 0.01 9,200 THK 256 0.01 87,000 Sojitz 197 0.01 5,800 TIS 150 0.01 26,000 Sompo Japan Nipponkoa 746 0.03 14,400 Tobu Railway 345 0.01 73,600 Sony 2,461 0.08 17,000 Toda 101 0.00 12,000 Sony Financial 157 0.01 8,100 Toho Co /Tokyo 208 0.01 5,400 Sotetsu 105 0.00 6,600 Toho Gas 134 0.00 5,600 Square Enix 197 0.01 34,500 Tohoku Electric Power 327 0.01 10,700 Stanley Electric 322 0.01 3,700 Tokai Rika 58 0.00 12,900 Start Today 291 0.01 15,500 Tokai Tokyo Financial 74 0.00 44,400 Subaru 1,046 0.04 37,100 Tokio Marine 1,254 0.04 3,000 Sugi 113 0.00 2,600 Tokyo Broadcasting System 48 0.00 15,200 SUMCO 288 0.01 3,600 Tokyo Century 130 0.00 80,500 Sumitomo 1,013 0.03 113,200 Tokyo Electric Power 331 0.01 109,000 Sumitomo Chemical 581 0.02 8,400 Tokyo Electron 1,127 0.04 11,100 Sumitomo Dainippon Pharma 122 0.00 30,000 Tokyo Gas 509 0.02 55,000 Sumitomo Electric Industries 689 0.02 15,300 Tokyo Tatemono 153 0.01 9,100 Sumitomo Forestry 121 0.00 35,200 Tokyu 416 0.01 8,000 Sumitomo Heavy Industries 251 0.01 39,700 Tokyu Fudosan 213 0.01 17,500 Sumitomo Metal Mining 595 0.02 7,300 Topcon 117 0.00 75,000 Sumitomo Mitsui Financial 2,400 0.08 4,200 Toppan Forms 35 0.00 27,400 Sumitomo Mitsui Trust 806 0.03 36,000 Toppan Printing 241 0.01 25,000 Sumitomo Osaka Cement 89 0.00 110,200 Toray Industries 770 0.03 31,000 Sumitomo Realty & Development 755 0.03 277,000 Toshiba 572 0.02 12,600 Sumitomo Rubber Industries 174 0.01 21,000 Tosoh 353 0.01

493 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 494 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

10,400 Toto 454 0.02 111,635 GCP Asset Backed Income Fund 113 0.01 11,600 Toyo Seikan 138 0.01 539,487 GCP Infrastructure Investments Fund 692 0.02 6,400 Toyo Suisan Kaisha 202 0.01 85,495 Henderson Far East Income Fund 320 0.01 6,900 Toyo Tire & Rubber 106 0.00 78,901 Middlefield Canadian Income Trust 78 0.00 6,200 Toyobo 83 0.00 75,690 Phoenix Spree Deutschland 293 0.01 5,400 Toyoda Gosei 102 0.00 68,760 Randgold Resources 5,092 0.17 4,200 Toyota Boshoku 65 0.00 289,630 UBM 2,162 0.07 11,600 Toyota Industries 552 0.02 9,743 0.33 170,400 Toyota Motor 8,083 0.27 Luxembourg – 0.18% 15,900 Toyota Tsusho 474 0.02 46,758 ArcelorMittal 1,125 0.04 8,200 Trend Micro 344 0.01 554,882 B&M European Value Retail 2,348 0.08 3,400 TS Tech 104 0.00 351,932 Bilfinger Berger Global 494 0.02 4,600 Tsumura 113 0.00 740 Eurofins Scientific 333 0.01 2,500 Tsuruha 252 0.01 46,000 L’Occitane International 62 0.00 2,100 TV Asahi 31 0.00 3,237 RTL 192 0.01 7,300 Ube Industries 159 0.01 28,507 SES Global FDR (each representing 1 class ‘A’ share) Receipt 329 0.01 27,800 Unicharm 535 0.02 38,179 Tenaris 445 0.01 8,100 Ushio 86 0.00 15,300 USS 240 0.01 5,328 0.18 4,000 Wacoal 94 0.00 Macau – 0.02% 3,400 Welcia 109 0.00 158,000 Macau Legend Development 17 0.00 13,300 West Japan Railway 719 0.02 76,800 MGM China 172 0.01 95,000 Yahoo Japan 322 0.01 148,800 Wynn Macau 349 0.01 7,400 Yakult Honsha 413 0.01 538 0.02 54,300 Yamada Denki 222 0.01 16,000 Yamaguchi Financial 141 0.01 Mexico – 0.06% 12,200 Yamaha 333 0.01 131,276 Fresnillo 1,869 0.06 20,300 Yamaha Motor 493 0.02 Netherlands – 3.21% 25,200 Yamato 376 0.01 22,287 ABN AMRO 532 0.02 2,800 Yamato Kogyo 60 0.00 136,059 Aegon 642 0.02 9,000 Yamazaki Baking 130 0.00 20,175 Akzo Nobel 1,307 0.04 16,200 Yaskawa Electric 529 0.02 387 Altice series ‘A’ shares 3 0.00 17,400 Yokogawa Electric 247 0.01 49,127 Altice series ‘B’ shares 381 0.01 7,100 Yokohama Rubber 129 0.00 23,059 ASML 2,969 0.10 3,400 Zenkoku Hosho 108 0.00 9,074 ASR Nederland 276 0.01 6,200 Zensho 79 0.00 6,842 Boskalis Westminster 190 0.01 10,000 Zeon 107 0.00 8,446 EXOR 383 0.01 197,006 6.60 6,603 Gemalto 290 0.01 Jersey – 0.33% 4,141 GrandVision 78 0.00 137,535 Aberdeen Asian Income Fund 299 0.01 7,861 Heineken Holding 574 0.02 68,267 City Merchants High Yield Trust 136 0.01 17,131 Heineken N.V. 1,319 0.05 304,797 Foresight Solar Fund 327 0.01 299,115 ING 4,067 0.14 223,271 GCP Asset Backed Income Fund (Registered) 231 0.01 98,864 Koninklijke Ahold Delhaize 1,608 0.05

495 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 496 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

13,925 Koninklijke DSM 984 0.03 Peru – 0.00% 71,104 Koninklijke Philips 1,990 0.07 2,022 Southern Copper 71 0.00 246,803 KPN 636 0.02 Portugal – 0.04% 25,064 NN 803 0.03 184,272 EDP Energias 471 0.01 6,246 NXP Semiconductors 541 0.02 40,130 Galp Energia 546 0.02 6,566 OCI 122 0.00 19,778 Jeronimo Martins 284 0.01 8,765 Randstad 398 0.01 69,600 RELX 1,183 0.04 1,301 0.04 17,748 RHI Magnesita 693 0.02 Russian Federation – 0.01% 2,716,362 Royal Dutch Shell class ‘B’ shares 68,018 2.28 170,000 Rusal 88 0.00 115,496 Unilever 4,812 0.16 5,537 Yandex 134 0.01 5,385 Vopak 175 0.01 222 0.01 22,833 Wolters Kluwer 881 0.03 Singapore – 0.56% 95,855 3.21 242,800 Ascendas Real Estate Investment Trust 365 0.01 New Zealand – 0.09% 21,300 BOC Aviation 84 0.00 52,359 Air New Zealand 88 0.00 234,949 CapitaCommercial 251 0.01 93,130 Auckland International Airport 318 0.01 258,400 CapitaLand 504 0.02 73,322 Contact Energy 215 0.01 235,800 CapitaLand Mall Trust 277 0.01 57,634 Fisher & Paykel Healthcare 427 0.01 54,000 City Developments 373 0.01 71,095 Fletcher Building 283 0.01 209,200 ComfortDelGro 228 0.01 70,057 Kiwi Property 51 0.00 183,800 DBS 2,530 0.09 70,186 Mercury 125 0.00 13,088 Flex 174 0.01 126,067 Meridian Energy 193 0.01 602,300 Genting Singapore 437 0.02 42,014 Ryman Healthcare 233 0.01 300,900 Global Logistic Properties 560 0.02 39,709 Sky Network Television 59 0.00 655,000 Golden Agri-Resources 134 0.00 67,716 Skycity Entertainment 146 0.01 10,700 Jardine Cycle & Carriage 241 0.01 186,861 Spark New Zealand 357 0.01 21,000 Jardine Matheson 944 0.03 9,285 Xero 154 0.01 13,400 Jardine Strategic 392 0.01 2,649 0.09 146,300 Keppel 596 0.02 Norway – 0.19% 33,100 M1 32 0.00 6,966 Aker BP 127 0.00 336,500 Oversea-Chinese Banking 2,310 0.08 85,166 DNB 1,169 0.04 64,600 SATS 186 0.01 14,103 Gjensidige Forsikring 197 0.01 92,200 Sembcorp Industries 155 0.01 29,871 Marine Harvest 375 0.01 84,100 Sembcorp Marine 86 0.00 106,346 Norsk Hydro 599 0.02 23,300 SIA Engineering 40 0.00 61,811 Orkla 486 0.02 52,200 Singapore Airlines 308 0.01 6,724 Schibsted class ‘A’ shares 142 0.00 84,200 Singapore Exchange 347 0.01 7,272 Schibsted class ‘B’ shares 143 0.01 155,400 Singapore Post 106 0.00 61,514 Statoil 973 0.03 163,200 Singapore Press 240 0.01 53,973 Telenor 857 0.03 157,300 Singapore Technologies Engineering 283 0.01 14,078 Yara International 479 0.02 657,300 Singapore Telecommunications 1,300 0.04 59,600 StarHub 94 0.00 5,547 0.19

497 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 498 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

249,900 Suntec Real Estate Investment Trust 296 0.01 3,554 Hanwha Techwin 87 0.00 127,400 United Overseas Bank 1,863 0.06 3,005 Hite Jinro 50 0.00 48,400 UOL 237 0.01 3,041 Hotel Shilla 178 0.01 25,700 Venture 291 0.01 2,278 Hyosung 219 0.01 206,800 Wilmar International 354 0.01 568 Hyundai Construction Equipment 66 0.00 38,500 Wing Tai 48 0.00 1,497 Hyundai Department Store 108 0.00 16,666 0.56 5,897 Hyundai Development 157 0.01 588 Hyundai Electric & Energy System 46 0.00 South Korea – 1.98% 7,097 Hyundai Engineering & Construction 178 0.01 3,102 Amorepacific 652 0.02 1,808 Hyundai Glovis 169 0.01 2,852 Amorepacific Group 277 0.01 3,718 Hyundai Heavy Industries 258 0.01 1,038 Amorepacific non-voting preference shares 119 0.00 5,940 Hyundai Marine & Fire Insurance 193 0.01 1,297 BGF 14 0.00 998 Hyundai Mipo Dockyard 54 0.00 695 BGF retail 101 0.00 6,410 Hyundai Mobis 1,165 0.04 28,541 BNK Financial 186 0.01 14,162 Hyundai Motor 1,522 0.05 7,642 Celltrion 1,168 0.04 3,565 Hyundai Motor cumulative preference shares 250 0.01 6,775 Cheil Worldwide 99 0.00 2,254 Hyundai Motor non-cumulative preference shares 145 0.01 1,251 CJ 157 0.01 729 Hyundai Robotics 192 0.01 718 CJ CheilJedang 181 0.01 7,325 Hyundai Steel 296 0.01 131 CJ CheilJedang non-voting preference shares 14 0.00 1,555 Hyundai Wia 70 0.00 710 CJ Korea Express 69 0.00 25,814 Industrial Bank of Korea 293 0.01 5,229 Coway 353 0.01 3,105 Kakao 294 0.01 2,668 Daelim Industrial 152 0.01 10,490 Kangwon Land 252 0.01 18,362 Daewoo Engineering & Construction 75 0.00 39,309 KB Financial 1,717 0.06 15,084 DGB Financial 110 0.00 541 KCC 142 0.01 4,604 Dongbu Insurance 226 0.01 2,078 KEPCO Plant Service & Engineering 58 0.00 3,028 Dongsuh 61 0.00 25,327 Kia Motors 586 0.02 990 Doosan 77 0.00 6,423 Korea Aerospace Industries 210 0.01 6,148 Doosan Heavy Industry 65 0.00 25,087 Korea Electric Power 661 0.02 13,022 Doosan Infracore 78 0.00 2,586 Korea Gas 76 0.00 2,057 E-Mart 384 0.01 3,733 Korea Investment 177 0.01 5,009 GS 215 0.01 971 Korea Zinc 331 0.01 4,379 GS Engineering & Construction 85 0.00 4,550 Korean Air Lines 106 0.00 2,059 GS Retail 57 0.00 10,870 KT&G 864 0.03 28,880 Hana Financial 993 0.03 1,713 Kumho Petro Chemical 118 0.00 7,312 Hankook Tire 275 0.01 8,822 LG 554 0.02 680 Hanmi Pharm 275 0.01 4,526 LG Chemical 1,267 0.04 1,277 Hanmi Science 98 0.00 753 LG Chemical non-voting preference shares 129 0.01 16,019 Hanon Systems 153 0.01 22,017 LG Display 455 0.02 979 Hanssem 122 0.00 10,591 LG Electronics 772 0.03 4,740 Hanwha 136 0.01 1,691 LG Electronics non-voting preference shares 55 0.00 7,994 Hanwha Chemical 174 0.01 587 LG Hausys 39 0.00 23,529 Hanwha Life Insurance 112 0.00 862 LG Household & Health Care 708 0.02

499 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 500 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

207 LG Household & Health Care non-voting preference shares 99 0.00 14,878 SK Networks 68 0.00 21,050 LG Telecom 204 0.01 2,233 SK Telecom 412 0.01 2,625 Lotte 118 0.00 1,920 SKC 62 0.00 1,433 Lotte Chemical 365 0.01 4,055 S-Oil 327 0.01 38 Lotte Chilsung Beverage 35 0.00 49,794 Woori Bank 542 0.02 157 Lotte Confectionery 16 0.00 815 Yuhan 123 0.00 1,721 Lotte Fine Chemical 77 0.00 59,014 1.98 934 Lotte Shopping 128 0.00 Spain – 1.20% 1,693 LS Cable 85 0.00 49,277 Abertis Infraestructuras 811 0.03 646 Mando 138 0.01 2,161 Acciona 130 0.01 37,831 Mirae Asset Daewoo 240 0.01 12,171 Acerinox 129 0.01 2,594 NAVER 1,558 0.05 19,694 ACS Actividades 570 0.02 1,693 NCSoft 523 0.02 5,002 Aena 750 0.03 1,738 Netmarble Games 226 0.01 32,567 Amadeus IT 1,737 0.06 12,638 NH Investment & Securities 121 0.00 517,521 Banco Bilbao Vizcaya Argentaria 3,265 0.11 1,567 NHN Entertainment 74 0.00 401,956 Banco Sabadell 590 0.02 313 NongShim 77 0.00 1,185,229 Banco Santander 5,761 0.19 1,778 OCI 167 0.01 91,170 Bankia 323 0.01 126 Ottogi 70 0.00 56,401 Bankinter 395 0.01 4,451 Paradise 68 0.00 288,409 CaixaBank 995 0.03 6,681 POSCO 1,533 0.05 1,447 Corporacion Financiera Alba 61 0.00 4,649 Posco Daewoo 58 0.00 49,835 Distribuidora 190 0.01 1,863 S1 138 0.01 16,641 EDP Renovaveis 102 0.00 1,336 Samsung Biologics 342 0.01 17,170 Enagas 364 0.01 5,620 Samsung C&T 490 0.02 24,955 Endesa 395 0.01 3,068 Samsung Card 84 0.00 38,509 Ferrovial 646 0.02 5,410 Samsung Electro Mechanics 374 0.01 18,339 Gamesa 186 0.01 9,392 Samsung Electronics 16,544 0.55 23,765 Gas Natural 406 0.01 1,715 Samsung Electronics non-voting preference shares 2,472 0.08 25,353 Grifols class ‘A’ shares 549 0.02 15,427 Samsung Engineering 132 0.01 20,957 Grifols class ‘B’ shares 354 0.01 3,213 Samsung Fire & Marine 592 0.02 441,802 Iberdrola 2,532 0.09 264 Samsung Fire & Marine Insurance non-voting preference shares 32 0.00 73,989 Inditex 1,906 0.06 25,975 Samsung Heavy Industries 132 0.01 1,210,969 International Consolidated Airlines 7,871 0.26 4,136 Samsung Life 355 0.01 82,960 Mapfre 197 0.01 5,280 Samsung SDI 746 0.03 15,056 Mediaset Espana 125 0.00 3,158 Samsung SDS 436 0.02 24,238 Merlin Properties 243 0.01 5,726 Samsung Securities 145 0.01 35,014 Red Electrica 581 0.02 44,739 Shinhan Financial 1,526 0.05 92,486 Repsol (Spain) 1,210 0.04 677 Shinsegae 140 0.01 92,486 Repsol Rights 5/1/18 31 0.00 3,273 SK C&C 639 0.02 332,295 Telefonica 2,395 0.08 52,252 SK Hynix 2,760 0.09 16,038 Zardoya Otis 129 0.00 5,963 SK Innovation 841 0.03 35,929 1.20

501 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 502 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Sweden – 0.79% 213 Banque Cantonale Vaudoise (Registered) 119 0.00 23,813 Alfa Laval 416 0.01 159 Barry Callebaut 245 0.01 16,360 Arjo AB 34 0.00 11,102 Clariant 230 0.01 74,399 Assa Abloy 1,143 0.04 144,536 Coca-Cola HBC 3,498 0.12 49,078 Atlas Copco class ‘A’ shares 1,565 0.05 36,349 Compagnie Financiere Richemont 2,435 0.08 30,569 Atlas Copco class ‘B’ shares 866 0.03 190,568 Credit Suisse 2,514 0.08 22,099 Boliden 558 0.02 1,853 DKSH 120 0.00 17,933 Electrolux series ‘B’ shares 426 0.01 1,277 Dufry 140 0.01 188,621 Ericsson series ‘B’ shares 913 0.03 538 EMS-Chemie 266 0.01 47,120 Essity 988 0.03 1,276 Flughafen Zuerich 216 0.01 7,187 Fastighets Balder 142 0.01 2,889 Geberit 940 0.03 16,360 Getinge 176 0.01 717 Givaudan 1,224 0.04 72,103 Hennes & Mauritz series ‘B’ shares 1,103 0.04 499 Helvetia 207 0.01 19,645 Hexagon series ‘B’ shares 725 0.02 16,733 Julius Baer (Registered) 756 0.03 31,121 Husqvarna series ‘B’ shares 219 0.01 4,055 Kuehne + Nagel 530 0.02 17,228 Industrivarden series ‘A’ shares 328 0.01 32,723 LafargeHolcim 1,363 0.05 13,714 Industrivarden series ‘C’ shares 250 0.01 8 Lindt & Spruengli (Registered) 424 0.01 8,946 Investment Latour 81 0.00 82 Lindt & Spruengli (Part Certified) 370 0.01 35,711 Investor series ‘B’ shares 1,203 0.04 11,002 Logitech International 275 0.01 16,215 Kinnevik 404 0.01 5,789 Lonza 1,156 0.04 2,156 L E Lundbergforetagen 119 0.00 231,403 Nestlé 14,704 0.49 14,680 Lundin Petroleum 247 0.01 176,119 Novartis 11,004 0.37 226,880 Nordea Bank 2,028 0.07 2,163 Pargesa 138 0.01 85,713 Sandvik 1,109 0.04 1,185 Partners 601 0.02 25,146 Securitas series ‘B’ shares 325 0.01 3,289 PSP Swiss Property 230 0.01 113,695 Skandinaviska Enskilda Banken series ‘A’ shares 983 0.03 2,165 Roche (Bearer) 404 0.01 29,242 Skanska series ‘B’ shares 449 0.03 52,611 Roche Holding 9,836 0.33 30,421 SKF series ‘B’ shares 499 0.02 1,676 Schindler (Registered) 280 0.01 47,129 Svenska Cellulosa series ‘B’ shares 359 0.01 3,233 Schindler (Part Certified) 550 0.02 114,734 Svenska Handelsbanken series ‘A’ shares 1,156 0.04 385 SGS (Registered) 741 0.03 72,393 Swedbank series ‘A’ shares 1,288 0.04 166 Sika 975 0.03 15,077 Swedish Match 439 0.01 4,052 Sonova 468 0.02 27,404 Tele2 series ‘B’ shares 249 0.01 49,760 STMicroelectronics 804 0.03 200,423 Telia 661 0.02 807 Straumann 422 0.01 19,607 Trelleborg class ‘B’ shares 335 0.01 931 Sulzer 83 0.00 122,194 Volvo series ‘B’ shares 1,678 0.06 2,341 Swatch class ‘I’ shares 706 0.02 23,464 0.79 3,774 Swatch class ‘N’ shares 213 0.01 2,470 Swiss Life 647 0.02 Switzerland – 2.77% 4,775 Swiss Prime Site 326 0.01 136,216 ABB (Registered) 2,700 0.09 21,565 Swiss Re 1,492 0.05 12,454 Adecco 704 0.02 1,789 Swisscom 704 0.02 6,762 Aryzta 198 0.01 4,434 Temenos 420 0.01 3,718 Baloise 428 0.01 270,528 UBS 3,680 0.12

503 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 504 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

2,343 Vifor Pharma 222 0.01 2,310,701 BAE Systems 13,229 0.44 181,904 Wolseley 9,695 0.32 58,824 Baillie Gifford Japan Investment Trust 483 0.02 10,568 Zurich Insurance 2,377 0.08 30,297 Baillie Gifford Shin Nippon 270 0.01 82,780 2.77 508,741 Balfour Beatty 1,503 0.05 26,791 Bank of Georgia 951 0.03 United Kingdom – 55.32% 91,070 Bankers Investment Trust 801 0.03 683,332 3i 6,232 0.21 12,253,880 Barclays 24,888 0.83 509,196 3i Infrastructure 1,056 0.04 10,557 Baring Emerging Europe 82 0.00 20,633 4imprint 373 0.01 705,030 Barratt Developments 4,565 0.15 158,301 888 Holdings 445 0.01 65,687 BB Healthcare 77 0.00 62,862 A.G. Barr 416 0.01 762,717 BBA Aviation 2,667 0.09 449,287 AA 763 0.03 542,990 BCA Marketplace 1,104 0.04 43,551 Aberdeem New India 201 0.01 385,459 Beazley 2,058 0.07 25,889 Aberdeen Asian Smaller Companies Investment Trust 273 0.01 90,707 Bellway 3,232 0.11 307,515 Aberdeen Diversified Income And Growth Trust 376 0.01 94,962 Berkeley 3,986 0.13 86,837 Aberdeen New Dawn Investment Trust 208 0.01 1,498,208 BHP Billiton (Registered) 22,803 0.76 69,839 Aberforth Smaller Companies Investment Trust 924 0.03 108,632 Biffa 283 0.01 110,949 Acacia Mining 220 0.01 106,502 Big Yellow 926 0.03 51,984 Acal 192 0.01 41,232 Biotech Growth Trust 318 0.01 148,723 Admiral 2,974 0.10 125,637 BlackRock Frontiers Investment Trust** 202 0.01 177,975 Aggreko 1,418 0.05 70,597 BlackRock Greater Europe Investment Trust** 236 0.01 172,812 Aldermore 536 0.02 29,147 BlackRock Latin American Investment Trust** 134 0.00 70,586 Alfa Financial Software Holdings 375 0.01 51,297 Blackrock North American Income Trust** 83 0.00 238,846 Alliance Trust 1,779 0.06 35,398 BlackRock Smaller Cos Trust** 460 0.02 19,252 Allianz Technology Trust 221 0.01 54,148 Blackrock Throgmorton Trust** 256 0.01 164,213 Allied Minds 268 0.01 130,743 BlackRock World Mining Trust** 518 0.02 714,588 Anglo American 11,058 0.37 53,387 Bloomsbury Publishing 98 0.00 7,417 Anglo-Eastern Plantations 56 0.00 140,172 Bodycote 1,277 0.04 168,391 AO World 185 0.01 1,220,547 Booker 2,795 0.09 106,247 Arrow Global 422 0.01 99,519 Bovis Homes 1,165 0.04 26,185 Artemis Alpha Trust 76 0.00 13,962,809 BP 72,900 2.44 290,553 Ascential 1,114 0.04 200,906 Brewin Dolphin 782 0.03 286,253 Ashmore 1,160 0.04 1,657,149 British American Tobacco 82,990 2.78 355,789 Ashtead 7,059 0.24 89,545 British Empire Securities & General Investment Trust 647 0.02 55,424 Asian Total Return Investment 198 0.01 721,898 British Land 4,992 0.17 250,241 Associated British Foods 7,057 0.24 190,260 Britvic 1,551 0.05 1,441,801 Assura 921 0.03 22,122 Brunner Investment Trust 171 0.01 918,851 AstraZeneca 47,027 1.57 6,025,598 BT 16,353 0.55 703,375 Auto Trader 2,482 0.08 283,387 BTG 2,154 0.07 47,209 Aveva 1,305 0.04 237,717 Bunzl 4,909 0.16 2,905,085 Aviva 14,671 0.49 312,583 Burberry 5,601 0.19 20,940 Avon Rubber 250 0.01 425,916 Cairn Energy 911 0.03 372,299 Babcock International 2,627 0.09 24,140 Caledonia Investments 680 0.02

505 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 506 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

52,644 Cambian 103 0.00 301,979 Custodian REIT 353 0.01 490,127 Capita 1,965 0.07 151,672 CVC Credit Partners 171 0.01 543,030 Capital & Counties Properties 1,731 0.06 652,987 CYBG 2,210 0.07 611,643 Capital & Regional 355 0.01 3,486 Daejan 211 0.01 2,215 Capital Gearing Trust 88 0.00 102,576 Dairy Crest 591 0.02 26,355 Carclo 32 0.00 65,557 DCC 4,894 0.16 234,785 Card Factory 693 0.02 75,385 De La Rue 483 0.02 318,636 Carillion 55 0.00 877,779 Debenhams 303 0.01 129,303 Carnival (Registered) 6,326 0.21 67,743 Dechra Pharmaceuticals 1,417 0.05 37,063 Carpetright 63 0.00 73,956 Derwent London 2,305 0.08 56,027 Carr’s Milling 68 0.00 122,848 Devro 279 0.01 799,204 Centamin 1,264 0.04 151,984 DFS Furniture 296 0.01 4,061,299 Centrica 5,576 0.19 1,792,318 Diageo 48,760 1.63 45,628 Charles Taylor Consulting 123 0.00 21,805 Dialight 120 0.00 206,846 Chemring 380 0.01 36,667 Dignity 667 0.02 110,154 Chesnara 429 0.01 82,800 Diploma 1,032 0.03 146,681 Cineworld 879 0.03 1,018,991 Direct Line 3,888 0.13 127,019 Circassia Pharmaceuticals 130 0.00 256,493 Diverse Income Trust 265 0.01 15,692 City of London Investment 64 0.00 737,831 Dixons Carphone 1,468 0.05 249,797 City of London Investment Trust 1,095 0.04 364,757 Domino’s Pizza 1,261 0.04 259,336 Civitas Social Housing 292 0.01 301,103 Drax 811 0.03 18,289 Clarkson 523 0.02 737,213 DS Smith 3,815 0.13 22,515 Clipper Logistics 95 0.00 111,629 Dunedin Income Growth Investment Trust 290 0.01 111,088 Close Brothers 1,609 0.05 35,534 Dunedin Smaller Companies Investment Trust 95 0.00 116,594 CLS 286 0.01 72,830 Dunelm 504 0.02 152,857 CMC Markets 229 0.01 182,778 easyJet 2,674 0.09 71,443 CNH Industrial 707 0.02 68,085 Ecofin Global Utilities and Infrastructure 89 0.00 1,035,168 Coats 919 0.03 139,690 Edinburgh Dragon Investment Trust 524 0.02 1,771,475 Cobham 2,234 0.07 144,920 Edinburgh Investment Trust 1,017 0.03 5,529 Coca-Cola European Partners 163 0.01 36,117 Edinburgh Worldwide Investment Trust 274 0.01 75,535 Communisis 49 0.00 353,000 EI Group 498 0.02 1,133,569 Compass 18,137 0.61 19,758 Electra Private Equity 184 0.01 53,650 Computacenter 618 0.02 326,008 Electrocomponents 2,039 0.07 181,658 Connect 198 0.01 340,946 Elementis 980 0.03 36,216 Consort Medical 420 0.01 418,272 Empiric Student Property 388 0.01 931,177 ConvaTec 1,912 0.06 770,252 EnQuest 220 0.01 83,962 Costain 392 0.01 244,809 Entertainment One 797 0.03 235,569 Countryside Properties 832 0.03 31,692 EP Global Opportunities Trust 100 0.00 117,496 Countrywide 141 0.00 240,082 Equiniti 685 0.02 37,118 Cranswick 1,233 0.04 193,279 Essentra 1,021 0.03 182,444 Crest Nicholson 992 0.03 210,239 esure 522 0.02 596,210 CRH 15,841 0.53 31,139 Euro Investment Trust 291 0.01 89,117 Croda International 3,942 0.13 39,471 Euromoney Institutional Investor 512 0.02

507 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 508 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

356,937 Evraz 1,213 0.04 227,812 Greene King 1,264 0.04 661,547 Experian 10,816 0.36 74,362 Greggs 1,037 0.03 72,512 F&C Capital & Income Investment Trust 239 0.01 140,262 Gulf Marine Services 63 0.00 390,378 F&C Commercial Property Trust 530 0.02 213,488 GVC 1,975 0.07 41,910 F&C Global Small Companies 580 0.02 124,354 Gym 272 0.01 54,513 F&C Private Equity Trust 183 0.01 147,133 Halfords 515 0.02 176,194 F&C UK Real Estate Investment Trust 182 0.01 279,584 Halma 3,523 0.12 15,236 F&C US Smaller Companies 135 0.00 587,549 Hammerson 3,208 0.11 62,625 FDM 585 0.02 2,900 Hansard Global 30 0.00 143,204 Fenner 572 0.02 269,375 Hansteen 385 0.01 217,009 Ferrexpo 636 0.02 180,255 Hargreaves Lansdown 3,248 0.11 85,325 Fiat Chrysler Automobiles 1,129 0.04 237,177 Hastings 758 0.03 50,071 Fidelity Asian Values Investment Trust 195 0.01 936,589 Hays 1,713 0.06 276,072 Fidelity China Special Situations Investment Trust 647 0.02 61,062 Headlam 352 0.01 308,625 Fidelity European Values Investment Trust 698 0.02 73,151 Helical Bar 246 0.01 49,192 Fidelity Japanese Values Investment Trust 74 0.00 28,437 Henderson Alternative Strategies 85 0.00 135,204 Fidelity Special Values Investment Trust 344 0.01 129,496 Henderson Diversified Income 123 0.00 28,090 Fidessa 711 0.02 15,305 Henderson Europe Focus Trust 209 0.01 43,897 Findel 88 0.00 15,694 Henderson Eurotrust 186 0.01 112,094 Finsbury Growth & Income Trust 867 0.03 82,731 Henderson High Income Invesment Trust 155 0.01 892,485 FirstGroup 983 0.03 56,146 Henderson International Income Trust 93 0.00 405,354 Foreign & Colonial Investment Trust 2,615 0.09 55,516 Henderson Smaller Companies Investment Trust 491 0.02 149,263 Forterra 444 0.01 72,365 Henry Boot 224 0.01 187,586 Foxtons 152 0.01 53,245 Herald Investment Trust 620 0.02 23,045 Fuller Smith & Turner class ‘A’ shares 212 0.01 25,492 HG Capital Investment Trust 450 0.02 17,424 Fundsmith Emerging Equities Trust 228 0.01 103,092 Hikma Pharmaceuticals 1,166 0.04 1,147,935 G4S 3,056 0.10 58,120 Hill & Smith 778 0.03 60,484 Galliford Try 778 0.03 42,898 Hilton Food Group 370 0.01 857,987 Rio Tinto 33,805 1.13 178,036 Hochschild Mining 469 0.02 28,620 Games Workshop 754 0.03 181,889 Hogg Robinson 146 0.00 248,771 GCP Student Living 357 0.01 104,211 Hollywood Bowl 211 0.01 80,671 Gem Diamonds 57 0.00 189,867 HomeServe 1,536 0.05 45,066 Genus 1,140 0.04 68,027 Hostelworld 259 0.01 1,282,263 GKN 4,085 0.14 448,095 Howden Joinery 2,092 0.07 3,505,615 GlaxoSmithKline 46,204 1.55 14,537,125 HSBC 111,369 3.73 8,410,258 Glencore 32,703 1.09 102,818 Hunting 622 0.02 31,734 Go-Ahead 472 0.02 283,634 Ibstock 756 0.03 210,330 Gocompare.Com 221 0.01 51,672 ICG Enterprise Trust 410 0.01 2,065 Goodwin 40 0.00 72,721 ICG-Longbow Senior Secured UK Property Debt Investments 74 0.00 303,833 Grainger Trust 878 0.03 269,525 IG 1,934 0.06 241,765 Great Portland Estates 1,661 0.06 200,291 IMI 2,670 0.09 546,022 Greencoat UK Wind 669 0.02 136,698 Impax Environmental Markets 347 0.01 520,549 Greencore 1,196 0.04 688,951 Imperial Brands 21,812 0.73

509 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 510 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

310,220 Inchcape 2,423 0.08 40,806 JP Morgan Japan Smaller Companies Trust 177 0.01 533,554 Indivior 2,174 0.07 119,642 JP Morgan Japanese Investment Trust 524 0.02 575,065 Informa 4,149 0.14 17,719 JP Morgan Mid Cap Investment Trust 211 0.01 333,814 Inmarsat 1,636 0.05 38,912 JP Morgan Russian Securities 195 0.01 133,855 InterContinental Hotels 6,315 0.21 12,349 JP Morgan Smaller Companies Investment Trust 134 0.00 209,937 Intermediate Capital 2,404 0.08 78,389 Jupiter European Opportunities Trust 562 0.02 27,857 International Biotechnology Trust 173 0.01 307,764 Jupiter Fund Management 1,934 0.06 163,719 International Personal Finance 323 0.01 417,741 Just Eat 3,263 0.11 969,446 International Public Partnership 1,518 0.05 419,809 Just Group 715 0.02 107,764 Interserve 103 0.00 19,347 Kainos 66 0.00 114,528 Intertek 5,944 0.20 185,831 KAZ Minerals 1,658 0.06 654,422 Intu Properties 1,656 0.06 377,688 KCOM 343 0.01 62,060 Invesco Asia Investment Trust 185 0.01 52,650 Keller 511 0.02 43,373 Invesco Income & Growth Investment Trust 126 0.00 57,310 Kenmare Resources 155 0.01 39,491 Invesco Perpetual UK Smaller Companies Investment Trust 204 0.01 10,008 Keystone Investment Trust 178 0.01 465,412 Investec 2,490 0.08 69,311 Kier 754 0.03 727,679 IP 1,035 0.03 1,577,041 Kingfisher 5,326 0.18 188,745 ITE 343 0.01 1,307,235 Ladbrokes 2,377 0.08 2,624,023 ITV 4,338 0.15 360,344 Laird 495 0.02 496,205 IWG 1,271 0.04 178,452 Lamprell 136 0.00 1,162,104 J Sainsbury 2,805 0.09 147,166 Lancashire 1,002 0.03 30,271 James Fisher & Sons 473 0.02 523,100 Land Securities Group 5,273 0.18 90,396 Jardine Lloyd Thompson 1,254 0.04 86,917 Law Debenture 541 0.02 270,380 JD Sports Fashion 909 0.03 4,285,596 Legal & General 11,713 0.39 54,494 JD Wetherspoon 685 0.02 5,082 Liberty Global class ‘A’ shares 135 0.00 271,934 John Laing 799 0.03 14,917 Liberty Global class ‘C’ shares 373 0.01 314,842 John Laing Environmental Assets 342 0.01 28,758 Liontrust 135 0.00 627,033 John Laing Infrastructure Fund 771 0.03 51,492,029 Lloyds Banking 34,917 1.17 50,225 John Menzies 338 0.01 226,273 London Stock Exchange 8,567 0.29 488,740 John Wood 3,174 0.11 474,935 LondonMetric Property 883 0.03 135,290 Johnson Matthey 4,156 0.14 209,187 Lonmin 174 0.01 184,845 JP Morgan American Investment Trust 747 0.03 237,637 Lookers 244 0.01 70,279 JP Morgan Asian Investment Trust 252 0.01 240,934 Low & Bonar 128 0.00 54,350 JP Morgan Chinese Investment Trust 165 0.01 19,769 Lowland Investment Company 305 0.01 40,561 JP Morgan Claverhouse Investment Trust 293 0.01 61,431 LSL Property Services 169 0.01 92,561 JP Morgan Emerging Markets Investment Trust 816 0.03 54,580 Luceco 61 0.00 118,557 JP Morgan Euro Smaller Companies Trust 497 0.02 49,933 Macau Property Opportunities Fund 89 0.00 57,423 JP Morgan European Investment Trust – Growth 185 0.01 21,297 Majedie Investment Trust 62 0.00 69,525 JP Morgan European Investment Trust – Income 113 0.00 1,168,864 Man 2,416 0.08 144,011 JP Morgan Global Convertibles Income Fund 138 0.00 1,202,363 Marks & Spencer 3,783 0.13 217,183 JP Morgan Global Emerging Markets Income Trust 295 0.01 147,034 Marshalls 666 0.02 91,990 JP Morgan Global Growth & Income 303 0.01 467,010 Marston’s 524 0.02 78,153 JP Morgan Indian Investment Trust 592 0.02 26,843 Martin Currie Asia Unconstrain 107 0.00

511 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 512 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

71,335 Martin Currie Global Portfolio Investment 174 0.01 50,824 Norcros 90 0.00 134,857 McBride 301 0.01 21,259 North American Income Trust 279 0.01 394,076 McCarthy & Stone 622 0.02 7,580 North Atlantic Smaller Companies Investment Trust 204 0.01 56,950 McColl’s Retail 148 0.00 98,227 Northgate 374 0.01 33,174 MCKAY Securities 76 0.00 63,289 Nostrum Oil & Gas 206 0.01 75,775 Mears 305 0.01 319,938 Ocado 1,269 0.04 34,540 Medica 70 0.00 3,491,180 Old Mutual 8,079 0.27 289,571 Mediclinic International 1,869 0.06 94,261 On the beach 442 0.01 306,188 MedicX Fund 254 0.01 106,553 OneSavings Bank 438 0.01 574,317 Meggitt 2,769 0.09 505,682 Ophir Energy 339 0.01 1,364,313 Melrose Industries 2,890 0.10 1,848,548 Oxford Biomedica 164 0.01 63,416 Mercantile Investment Trust 1,382 0.05 39,203 Oxford Instruments 332 0.01 80,563 Merchants Investment Trust 398 0.01 61,670 P2P Global Investments 501 0.02 522,646 Merlin Entertainments 1,895 0.06 88,531 Pacific Assets Investment Trust 229 0.01 62,235 Metro Bank 2,231 0.07 39,821 Pacific Horizon Investment Trust 124 0.00 5,269 Micro Focus International 131 0.00 60,940 Paddy Power Betfair 5,372 0.18 310,188 Micro Focus International (Registered) 7,807 0.26 228,151 Pagegroup 1,067 0.04 88,418 Millennium & Copthorne Hotels 516 0.02 24,428 Pantheon International Participations Fund 454 0.02 167,787 Mitchells & Butlers 475 0.02 202,096 Paragon 990 0.03 265,301 MITIE 511 0.02 48,176 PayPoint 440 0.01 13,397 MJ Gleeson 100 0.00 608,201 Pearson 4,476 0.15 259,985 Mondi 5,020 0.17 1,016,510 Pendragon 277 0.01 390,202 Moneysupermarket.com 1,389 0.05 306,203 Pennon 2,385 0.08 157,986 Monks Investment Trust 1,202 0.04 4,351 Pentair 227 0.01 11,826 Montanaro European Smaller Companies 95 0.00 177,762 Perpetual Income and Growth Investment Trust 676 0.02 23,477 Montanaro UK Smaller Company Investment Trust 137 0.00 177,861 Pershing Square Holdings 1,798 0.06 210,130 Morgan Advanced Materials 705 0.02 217,693 Persimmon 5,954 0.20 28,976 Morgan Sindall 413 0.01 1,346 Personal Assets Trust 550 0.02 63,131 Moss Bros 54 0.00 383,732 Petra Diamonds 299 0.01 108,759 Mothercare 71 0.00 191,607 Petrofac 975 0.03 41,901 Motorpoint 90 0.00 1,035,660 Petropavlovsk 80 0.00 49,809 Murray Income Trust 396 0.01 268,654 Pets at Home 472 0.02 92,809 Murray International Trust 1,175 0.04 135,774 Photo-Me 248 0.01 112,743 N Brown 304 0.01 384,103 Picton Property Income Fund 316 0.01 162,917 Nanoco 42 0.00 217,137 Playtech 1,868 0.06 312,698 National Express 1,191 0.04 127,570 Polar Capital Global Financials Trust 183 0.01 2,478,635 National Grid 21,676 0.73 85,833 Polar Capital Global Healthcare Trust 173 0.01 193,839 NCC 453 0.02 98,002 Polar Capital Technology Trust 1,110 0.04 264,613 New City High Yield Fund 164 0.01 191,527 Polymetal International 1,763 0.06 186,406 NewRiver REIT Voting 623 0.02 139,423 Polypipe 546 0.02 233,273 NEX 1,415 0.05 27,557 Porvair 123 0.00 99,812 Next 4,512 0.15 515,478 Premier Foods 217 0.01 59,929 NMC Health 1,729 0.06 374,978 Premier Oil 286 0.01

513 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 514 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

406,530 Primary Health Properties 474 0.02 116,202 Schroder UK Growth Fund 205 0.01 109,144 Provident Financial 980 0.03 26,808 Schroder UK Mid & Small Cap Fund 149 0.01 1,865,897 Prudential 35,508 1.19 83,100 Schroders 2,922 0.10 95,960 PureTech Health 142 0.00 98,527 Scottish American Investment Trust 361 0.01 139,607 PZ Cussons 451 0.02 62,039 Scottish Investment Trust 541 0.02 418,986 QinetiQ 968 0.03 1,007,376 Scottish Mortgage Investment Trust 4,509 0.15 11,494 Ranger Direct Lending 80 0.00 22,894 Scottish Oriental Smaller Companies Trust 240 0.01 126,650 Rank 306 0.01 59,893 SDL 255 0.01 37,203 Rathbone Brothers 949 0.03 83,079 Securities Trust of Scotland 142 0.00 303,093 Raven Russia 149 0.01 737,534 Segro 4,329 0.14 65,430 Real Estate Credit Investments 109 0.00 309,704 Senior 807 0.03 449,220 Reckitt Benckiser 31,077 1.04 510,713 Sequoia Economic Infrastructure Income 572 0.02 160,793 Redrow 1,052 0.04 809,131 Serco 799 0.03 106,490 Regional REIT 108 0.00 50,365 Servelec 158 0.01 768,671 RELX (Registered) 13,360 0.45 220,284 Severfield 169 0.01 453,925 Renewi 468 0.02 174,566 Severn Trent 3,771 0.13 26,110 Renishaw 1,364 0.05 167,311 Shaftesbury 1,745 0.06 148,137 Renold 69 0.00 427,563 SIG 753 0.03 1,358,478 Rentokil Initial 4,320 0.14 2,958,182 Sirius Minerals 695 0.02 145,499 Restaurant 438 0.01 747,303 Sky 7,563 0.25 39,316 Ricardo 342 0.01 633,757 Smith & Nephew 8,144 0.27 66,724 Rightmove 3,000 0.10 291,078 Smiths 4,337 0.15 41,242 Rio Tinto 1,809 0.06 174,714 Smurfit Kappa 4,377 0.15 93,980 RIT Capital Partners 1,842 0.06 162,018 SOCO International 179 0.01 49,752 Robert Walters 288 0.01 78,251 Softcat 407 0.01 1,177,944 Rolls-Royce 9,977 0.33 234,692 Sophos 1,335 0.04 640,907 Rotork 1,711 0.06 87,992 Spectris 2,187 0.07 2,302,844 Royal Bank of Scotland 6,397 0.21 381,903 Speedy Hire 233 0.01 3,296,124 Royal Dutch Shell class ‘A’ shares 81,678 2.73 54,173 Spirax-Sarco Engineering 3,045 0.10 673,674 Royal Mail 3,048 0.10 207,800 Spire Healthcare 527 0.02 280,160 RPC 2,470 0.08 450,265 Spirent Communications 457 0.02 164,917 RPS 447 0.02 57,042 Sportech 45 0.00 751,694 RSA Insurance 4,747 0.16 122,489 Sports Direct International 462 0.02 2,824 S&U 63 0.00 350,370 SQN Asset Finance Income 310 0.01 151,969 Safestore 754 0.03 64,994 SQN Asset Finance Income Fund 58 0.00 821,988 Saga 1,034 0.03 728,604 SSE 9,603 0.32 765,575 Sage 6,082 0.20 347,904 SSP 2,373 0.08 87,572 Sanne 708 0.02 130,604 St Modwen Properties 529 0.02 96,021 Savills 953 0.03 384,955 St. James’s Place Capital 4,716 0.16 124,203 Schroder Asia Pacific Fund 573 0.02 313,922 Stagecoach 517 0.02 50,823 Schroder Income Growth Fund 149 0.01 1,958,993 Standard Chartered 15,280 0.51 92,626 Schroder Japan Growth 205 0.01 1,954,041 Standard Life 8,527 0.29 368,919 Schroder Real Estate 221 0.01 36,367 Standard Life Equity Income Trust 170 0.01

515 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 516 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

384,158 Standard Life Investment Property Trust 355 0.01 164,223 United Group 1,320 0.04 56,582 Standard Life Private Equity Trust 198 0.01 478,967 United Utilities 3,971 0.13 50,210 Standard Life UK Smaller Trust 244 0.01 28,657 Value & Income Investment Trust 80 0.00 93,033 SThree 342 0.01 500,613 Vectura 588 0.02 227,735 Stobart 640 0.02 62,076 Vedanta Resources 499 0.02 140,332 Stock Spirits 374 0.01 158,387 Vesuvius 925 0.03 49,368 Strategic Equity Capital 118 0.00 60,170 Victrex 1,587 0.05 25,355 STV 80 0.00 209,151 Virgin Money 594 0.02 37,113 SuperGroup 734 0.02 19,330,762 Vodafone 45,398 1.52 198,206 Synthomer 971 0.03 199,845 Volution 404 0.01 387,623 Talktalk Telecom 585 0.02 12,102 Vp 105 0.00 176,232 Target Healthcare REIT 198 0.01 281,678 VPC Specialty Lending Investments 217 0.01 344,535 Tate & Lyle 2,422 0.08 160,738 Weir 3,412 0.11 2,288,442 Taylor Wimpey 4,723 0.16 79,188 WH Smith 1,849 0.06 22,894 TBC Bank 395 0.01 129,129 Whitbread 5,163 0.17 36,583 TechnipFMC 839 0.03 634,483 William Hill 2,038 0.07 21,138 Ted Baker 571 0.02 81,511 Wincanton 190 0.01 43,919 Telecom Plus 526 0.02 132,675 Witan Investment Trust 1,430 0.05 49,522 Temple Bar Investment Trust 648 0.02 47,698 Witan Pacific Investment Trust 158 0.01 209,112 Templeton Emerging Markets Investment Trust 1,626 0.05 41,481 Wizz Air 1,526 0.05 5,901,351 Tesco 12,349 0.41 1,597,894 Wm Morrison Supermarkets 3,514 0.12 1,038,688 Thomas Cook 1,277 0.04 612,670 Woodford Patient Capital Trust 515 0.02 108,190 Topps Tiles 86 0.00 88,086 Workspace 880 0.03 18,016 Town Centre Securities 51 0.00 1,333,028 Worldpay 5,679 0.19 410,659 TP ICAP 2,185 0.07 34,296 Worldwide Healthcare Trust 866 0.03 36,976 TR European Growth Investment 444 0.01 895,657 WPP 12,011 0.40 235,900 TR Property Investment Trust 937 0.03 56,691 Xaar 208 0.01 185,615 Travis Perkins 2,909 0.10 49,249 Xafinity 94 0.00 19,457 Treatt 88 0.00 3,788 Xafinity (sub-shares) 1 0.00 87,594 Trifast 214 0.01 10,787 XP Power 370 0.01 197,800 Trinity Mirror 153 0.01 200,864 ZPG 664 0.02 1,009,486 Tritax Big Box 1,500 0.05 1,652,603 55.32 211,885 Troy Income & Growth Trust 167 0.01 119,713 TT Electronics 265 0.01 United States – 13.84% 320,812 TUI 4,941 0.17 24,892 21st Century Fox America class ‘A’ shares 636 0.02 1,019,114 Tullow Oil 2,095 0.07 9,438 21st Century Fox America class ‘B’ shares 238 0.01 292,865 TwentyFour Income Fund 350 0.01 12,277 3M 2,142 0.07 131,463 Tyman 475 0.02 39,518 Abbott Laboratories 1,671 0.06 92,177 U & I Group 177 0.01 33,631 AbbVie 2,411 0.08 183,707 UDG Healthcare 1,552 0.05 12,643 Accenture 1,433 0.05 487,113 UK Commercial Property Trust 431 0.01 15,982 Activision Blizzard 749 0.03 51,639 Ultra Electronics 696 0.02 959 Acuity Brands 125 0.00 851,087 Unilever (Registered) 35,099 1.18 2,134 Adient 124 0.00

517 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 518 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

11,548 Adobe Systems 1,498 0.05 1,582 Andeavor 134 0.00 1,517 Advance Auto Parts 112 0.00 21,405 Annaly Capital Management 188 0.01 17,071 Advanced Micro Devices 130 0.00 1,659 Ansys 181 0.01 3,071 AerCap 120 0.00 4,574 Antero Resources 64 0.00 15,339 AES 123 0.00 6,082 Anthem 1,013 0.03 6,413 Aetna 857 0.03 6,177 Aon class ‘A’ shares 613 0.02 8,907 Aflac 579 0.02 8,160 Apache 255 0.01 7,701 Agilent Technologies 382 0.01 114,378 Apple 14,331 0.48 7,966 AGNC Investment 119 0.00 24,838 Applied Materials 940 0.03 5,084 Air Products & Chemicals 618 0.02 5,900 Aptiv 370 0.01 4,025 Akamai Technologies 194 0.01 2,364 Arch Capital 159 0.01 708 Alaska Air 39 0.00 13,222 Archer Daniels Midland 392 0.01 2,697 Albemarle 255 0.01 9,050 Arconic 183 0.01 4,362 Alcoa 174 0.01 2,198 Arrow Electronics 131 0.00 5,080 Alexion Pharmaceuticals 450 0.01 4,246 Arthur J Gallagher 199 0.01 1,822 Align Technology 300 0.01 1,437 Ashland Global 76 0.00 3,264 Alkermes 132 0.00 1,349 Assurant 101 0.00 343 Alleghany 151 0.00 134,529 AT&T 3,873 0.13 2,276 Allegion 134 0.00 5,223 Autodesk 405 0.01 7,753 Allergan 939 0.03 2,133 Autoliv 201 0.01 1,236 Alliance Data Systems 232 0.01 10,258 Automatic Data Processing 890 0.03 5,322 Alliant Energy 168 0.01 1,443 AutoNation 55 0.00 8,218 Allstate 637 0.02 677 AutoZone 356 0.01 11,690 Ally Financial 252 0.01 3,206 AvalonBay Communities 423 0.01 6,538 Alphabet class ‘A’ shares 5,097 0.17 1,382 Avangrid 52 0.00 6,758 Alphabet class ‘C’ shares 5,234 0.18 2,042 Avery Dennison 174 0.01 40,651 Altria 2,149 0.07 3,170 Avnet 93 0.00 8,950 Amazon.com 7,747 0.26 1,993 Axis Capital 74 0.00 3,114 Amdocs 151 0.00 9,945 Baker Hughes 233 0.01 5,773 Ameren 252 0.01 8,206 Ball 230 0.01 3,234 American Airlines 125 0.00 220,242 Bank of America 4,813 0.16 11,478 American Electric Power 625 0.02 22,423 Bank of New York Mellon 894 0.03 14,516 American Express 1,067 0.04 7,704 Baxter International 369 0.01 18,757 American International 827 0.03 19,021 BB&T 700 0.02 9,873 American Tower class ‘A’ shares 1,043 0.03 5,004 Becton Dickinson 793 0.03 4,203 American Water Works 285 0.01 3,611 Bed Bath & Beyond 59 0.00 3,419 Ameriprise Financial 429 0.01 2,246 Bemis 79 0.00 3,883 AmerisourceBergen 264 0.01 27,885 Berkshire Hathaway convertible class ‘A’ shares 4,100 0.14 4,907 AMETEK 263 0.01 10 Berkshire Hathaway convertible class ‘B’ shares 2,204 0.07 15,544 Amgen 2,001 0.07 5,312 Best Buy 269 0.01 7,036 Amphenol class ‘A’ shares 457 0.02 4,981 Biogen 1,174 0.04 13,012 Anadarko Petroleum 517 0.02 3,636 BioMarin Pharmaceutical 240 0.01 8,279 Analog Devices 546 0.02 2,483 Bioverativ 99 0.00

519 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 520 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

2,855 BlackRock* 1,086 0.04 2,129 Cintas 246 0.01 11,716 Boeing 2,558 0.09 107,214 Cisco Systems 3,041 0.10 5,162 BorgWarner 195 0.01 59,723 Citigroup 3,289 0.11 3,611 Boston Properties 348 0.01 12,004 Citizens Financial 373 0.01 31,856 Boston Scientific 584 0.02 3,659 Citrix Systems 238 0.01 1,857 Brighthouse 81 0.00 3,036 Clorox 334 0.01 38,362 Bristol-Myers Squibb 1,741 0.06 7,505 CME 811 0.03 9,132 Broadcom 1,739 0.06 5,871 CMS Energy 206 0.01 2,835 Broadridge Financial Solutions 190 0.01 901 CNA Financial 35 0.00 2,853 Brown & Brown 109 0.00 84,692 Coca-Cola 2,880 0.10 4,587 Brown-Forman class ‘B’ shares 233 0.01 14,078 Cognizant Technology 740 0.02 3,369 Bunge 167 0.01 20,398 Colgate-Palmolive 1,140 0.04 7,495 CA 185 0.01 102,233 Comcast class ‘A’ shares 3,032 0.10 10,041 Cabot Oil & Gas 213 0.01 3,834 Comerica 246 0.01 7,285 Calpine 82 0.00 2,424 Commerce Bancshares 100 0.00 3,716 Campbell Soup 132 0.00 10,241 Conagra Brands 286 0.01 11,352 Capital One Financial 837 0.03 3,433 Concho Resources 382 0.01 7,496 Cardinal Health 340 0.01 28,326 ConocoPhillips 1,151 0.04 3,940 CarMax 187 0.01 7,094 Consolidated Edison 446 0.01 8,937 Carnival 439 0.01 3,821 Constellation Brands class ‘A’ shares 646 0.02 13,477 Caterpillar 1,572 0.05 2,199 Continental Resources 86 0.00 2,989 Cboe Global Markets 276 0.01 1,252 Cooper 202 0.01 6,688 CBRE class ‘A’ shares 214 0.01 1,025 Core Laboratories 83 0.00 3,635 CBS class ‘B’ shares 159 0.01 20,887 Corning 495 0.02 3,041 CDK Global 160 0.01 10,095 Costco Wholesale 1,391 0.05 3,060 Celanese 243 0.01 10,177 Coty 150 0.00 18,009 Celgene 1,391 0.05 1,741 CR Bard 427 0.01 3,826 Centene 286 0.01 8,470 Crown Castle International 696 0.02 10,221 CenterPoint Energy 215 0.01 3,876 CSRA 86 0.00 22,281 CenturyLink 275 0.01 15,639 CSX 637 0.02 6,686 Cerner 334 0.01 3,901 Cummins 510 0.02 5,513 CF Industries 174 0.01 23,674 CVS Health 1,271 0.04 3,389 CH Robinson Worldwide 223 0.01 13,528 Danaher 929 0.03 26,249 Charles Schwab 998 0.03 2,957 Darden Restaurants 210 0.01 3,924 Charter Communications 976 0.03 4,124 DaVita 221 0.01 5,717 Cheniere Energy 228 0.01 6,982 Deere 809 0.03 40,981 Chevron 3,803 0.13 5,170 Dell Technologies 311 0.01 678 Chipotle Mexican Grill 145 0.00 1,966 Delphi Technologies 76 0.00 10,807 Chubb 1,170 0.04 4,428 Delta Air Lines 184 0.01 5,404 Church & Dwight 201 0.01 5,429 DENTSPLY SIRONA 265 0.01 4,271 Cigna 642 0.02 12,301 Devon Energy 377 0.01 2,275 Cimarex Energy 205 0.01 3,472 Digital Realty Trust 293 0.01 3,338 Cincinnati Financial 185 0.01 8,683 Discover Financial Services 494 0.02

521 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 522 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

3,288 Discovery Communications class ‘A’ shares 54 0.00 1,597 F5 Networks 155 0.01 5,380 Discovery Communications class ‘C’ shares 84 0.00 52,672 Facebook 6,881 0.23 5,142 DISH Network class ‘A’ shares 182 0.01 6,239 Fastenal 253 0.01 5,609 Dollar General 386 0.01 1,727 Federal Realty Investment Trust 170 0.01 5,272 Dollar Tree 419 0.01 5,692 FedEx 1,051 0.04 14,611 Dominion Energy 877 0.03 7,700 Fidelity National Information Services 536 0.02 3,740 Dover 280 0.01 17,818 Fifth Third Bancorp 400 0.01 53,661 Dowdupont 2,832 0.09 3,265 First Republic Bank 209 0.01 8,202 DR Horton 310 0.01 9,888 FirstEnergy 224 0.01 4,311 Dr Pepper Snapple 310 0.01 5,090 Fiserv 494 0.02 1,233 DST Systems 57 0.00 1,662 FleetCor Technologies 237 0.01 4,235 DTE Energy 343 0.01 2,982 Flowserve 93 0.00 15,990 Duke Energy 995 0.03 3,421 Fluor 131 0.00 8,506 Duke Realty 171 0.01 3,106 FMC 218 0.01 854 Dun & Bradstreet 75 0.00 6,556 FNF 190 0.01 6,192 DXC Technology 435 0.01 2,738 Foot Locker 95 0.00 6,562 E*TRADE Financial 241 0.01 91,159 Ford Motor 843 0.03 3,510 Eastman Chemical 241 0.01 6,931 Fortive 371 0.01 10,574 Eaton 618 0.02 3,707 Fortune Brands Home & Security 188 0.01 22,992 eBay 642 0.02 6,083 Franklin Resources 195 0.01 5,931 Ecolab 589 0.02 32,128 Freeport-McMoRan 451 0.02 1,444 Edgewell Personal Care 63 0.00 5,473 Gap 138 0.00 7,701 Edison International 360 0.01 2,632 Garmin 116 0.00 4,989 Edwards Lifesciences 416 0.01 2,484 Gartner 226 0.01 6,904 Electronic Arts 537 0.02 6,259 General Dynamics 943 0.03 22,592 Eli Lilly 1,413 0.05 192,269 General Electric 2,486 0.08 15,137 Emerson Electric 781 0.03 13,252 General Mills 582 0.02 4,179 Entergy 252 0.01 24,212 General Motors 735 0.02 13,271 EOG Resources 1,060 0.04 6,956 Gentex 108 0.00 4,151 EQT 175 0.01 3,570 Genuine Parts 251 0.01 2,601 Equifax 227 0.01 11,803 GGP 204 0.01 1,679 Equinix 563 0.02 30,296 Gilead Sciences 1,607 0.05 8,446 Equity Residential 399 0.01 3,139 Global Payments 233 0.01 1,540 Essex Property Trust 275 0.01 7,378 Goldman Sachs 1,392 0.05 4,661 Estee Lauder class ‘A’ shares 439 0.01 5,360 Goodyear Tire & Rubber 128 0.00 928 Everest Re 152 0.01 4,980 H&R Block 97 0.00 7,421 Eversource Energy 347 0.01 20,199 Halliburton 731 0.02 21,712 Exelon 634 0.02 8,685 Hanesbrands 134 0.00 2,596 Expedia 230 0.01 4,246 Harley-Davidson 160 0.01 4,247 Expeditors International of Washington 203 0.01 2,955 Harris 310 0.01 9,353 Express Scripts 517 0.02 8,216 Hartford Financial Services 342 0.01 2,783 Extra Space Storage 180 0.01 2,617 Hasbro 176 0.01 93,328 Exxon Mobil 5,788 0.19 6,839 HCA Healthcare 445 0.01

523 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 524 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

10,240 HCP 198 0.01 22,099 Johnson Controls International 623 0.02 2,406 Helmerich & Payne 115 0.00 76,885 JPMorgan Chase & Co. 6,099 0.20 1,689 Henry Schein 87 0.00 9,135 Juniper Networks 193 0.01 2,117 Herbalife 106 0.00 2,219 Kansas City Southern 173 0.01 3,586 Hershey 301 0.01 5,578 Kellogg 281 0.01 6,562 Hess 230 0.01 25,564 KeyCorp 382 0.01 38,374 Hewlett Packard Enterprise 408 0.01 4,107 Keysight Technologies 126 0.00 4,363 Hilton Worldwide 258 0.01 8,140 Kimberly-Clark 727 0.02 4,336 HollyFrontier 164 0.01 10,190 Kimco Realty 137 0.00 5,850 Hologic 185 0.01 44,288 Kinder Morgan 592 0.02 26,135 Home Depot 3,670 0.12 3,721 KLA-Tencor 289 0.01 17,666 Honeywell International 2,009 0.07 3,949 Kohl’s 158 0.01 6,595 Hormel Foods 178 0.01 13,903 Kraft Heinz 800 0.03 3,533 Hospitality Properties Trust 78 0.00 21,138 Kroger 430 0.01 17,850 Host Hotels & Resorts 262 0.01 5,017 L Brands 224 0.01 38,584 HP 600 0.02 1,617 L3 Technologies 237 0.01 3,469 Humana 637 0.02 2,443 Laboratory Corp of America 288 0.01 25,754 Huntington Bancshares 278 0.01 3,835 Lam Research 523 0.02 1,630 IAC InterActive 147 0.00 3,355 Lamb Weston 140 0.00 1,976 IDEXX Laboratories 229 0.01 9,321 Las Vegas Sands 479 0.02 8,387 IHS Markit 280 0.01 1,446 Lear 189 0.01 6,749 Illinois Tool Works 834 0.03 3,232 Leggett & Platt 114 0.00 3,481 Illumina 563 0.02 4,721 Lennar class ‘A’ shares 221 0.01 3,665 Incyte 257 0.01 7,457 Leucadia National 146 0.00 6,050 Ingersoll-Rand 399 0.01 543 Liberty Broadband class ‘A’ shares 34 0.00 1,568 Ingredion 162 0.01 3,084 Liberty Broadband class ‘C’ shares 194 0.01 101,977 Intel 3,485 0.12 10,507 Liberty Interactive class ‘A’ shares 190 0.01 13,971 Intercontinental Exchange 730 0.02 4,226 Liberty SiriusXM class ‘A’ shares 124 0.00 17,921 International Business Machines 2,036 0.07 2,280 Liberty SiriusXM class ‘C’ shares 67 0.00 1,915 International Flavors & Fragrances 216 0.01 3,584 Liberty Property Trust 114 0.00 9,732 International Paper 418 0.01 5,411 Lincoln National 308 0.01 9,518 Interpublic 142 0.00 6,579 LKQ 198 0.01 5,404 Intuit 631 0.02 4,838 Lockheed Martin 1,150 0.04 2,661 Intuitive Surgical 719 0.02 6,251 Loews 231 0.01 5,622 Invesco 152 0.01 20,221 Lowe’s 1,391 0.05 3,066 IQVIA 222 0.01 2,354 Lululemon Athletica 137 0.00 5,672 Iron Mountain 158 0.01 8,010 Lyondellbasell Industries class ‘A’ shares 654 0.02 4,080 Jabil 79 0.00 3,369 M&T Bank 426 0.01 2,785 Jacobs Engineering 136 0.00 3,401 Macerich 165 0.01 1,242 Jazz Pharmaceuticals 124 0.00 7,399 Macy’s 138 0.00 2,044 JB Hunt Transport Services 174 0.01 2,582 Mallinckrodt Pharmaceuticals 43 0.00 2,676 JM Smucker 246 0.01 1,534 Manpower 143 0.00 59,011 Johnson & Johnson 6,107 0.20

525 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 526 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

20,319 Marathon Oil 255 0.01 11,128 New York Community Bancorp 107 0.00 12,190 Marathon Petroleum 595 0.02 11,344 Newell Brands 259 0.01 271 Markel 228 0.01 4,788 Newfield Exploration 112 0.00 5,263 Marriott International class ‘A’ shares 529 0.02 11,519 Newmont Mining 320 0.01 12,084 Marsh & McLennan 728 0.02 2,946 News 36 0.00 1,508 Martin Marietta Materials 247 0.01 9,299 News class ‘A’ shares 112 0.00 9,653 Marvell Technology 153 0.01 10,753 NextEra Energy 1,243 0.04 7,624 Masco 248 0.01 8,103 Nielsen 218 0.01 20,070 MasterCard class ‘A’ shares 2,255 0.08 30,931 NIKE 1,433 0.05 7,858 Mattel 90 0.00 7,307 NiSource 139 0.00 6,877 Maxim Integrated Products 266 0.01 10,179 Noble Energy 220 0.01 2,748 McCormick & Co 207 0.01 3,330 Nordstrom 117 0.00 17,087 McDonald’s 2,178 0.07 6,578 Norfolk Southern 706 0.02 4,928 McKesson 569 0.02 3,559 Northern Trust 263 0.01 4,535 MDU Resources 90 0.00 3,053 Northrop Grumman 694 0.02 31,659 Medtronic 1,893 0.06 3,878 Norwegian Cruise Line 153 0.01 59,143 Merck & Co 2,466 0.08 5,260 NRG Energy 111 0.00 20,551 MetLife 769 0.03 5,609 Nuance Communications 68 0.00 470 Mettler-Toledo International 216 0.01 7,434 Nucor 350 0.01 9,844 MGM Resorts International 243 0.01 13,058 NVIDIA 1,870 0.06 3,640 Michael Kors 170 0.01 83 NVR 216 0.01 5,104 Microchip Technology 332 0.01 17,933 Occidental Petroleum 978 0.03 25,229 Micron Technology 768 0.03 5,829 Old Republic International 92 0.00 166,634 Microsoft 10,556 0.35 5,548 Omnicom 299 0.01 2,456 Mid-America Apartment Communities 183 0.01 5,029 ONEOK 199 0.01 1,416 Mohawk Industries 289 0.01 64,274 Oracle 2,250 0.08 3,906 Molson Coors Brewing class ‘B’ shares 237 0.01 954 O’Reilly Automotive 170 0.01 29,014 Mondelez International 919 0.03 8,037 PACCAR 423 0.01 10,267 Monsanto 888 0.03 2,125 Palo Alto Networks 228 0.01 9,978 Monster Beverage 467 0.02 2,601 Park Hotels & Resorts 55 0.00 2,373 Moody’s 259 0.01 3,149 Parker-Hannifin 465 0.02 30,729 Morgan Stanley 1,193 0.04 1,897 Patterson Cos 51 0.00 8,191 Mosaic 156 0.01 7,024 Paychex 354 0.01 3,981 Motorola Solutions 266 0.01 25,364 PayPal 1,382 0.05 3,957 Murphy Oil 91 0.00 7,363 People’s United Financial 102 0.00 10,790 Mylan 338 0.01 30,351 PepsiCo 2,694 0.09 3,122 Nasdaq 178 0.01 3,191 Perrigo 206 0.01 8,855 National Oilwell Varco 236 0.01 131,007 Pfizer 3,515 0.12 7,407 Navient 73 0.00 11,770 PG&E 390 0.01 2,883 NCR 73 0.00 33,105 Philip Morris International 2,589 0.09 6,657 NetApp 273 0.01 8,084 Phillips 66 606 0.02 9,266 Netflix 1,317 0.04 2,546 Pinnacle West Capital 161 0.01

527 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 528 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

3,977 Pioneer Natural Resources 509 0.02 2,789 SBA Communications 337 0.01 11,326 PNC Financial Services* 1,210 0.04 3,053 SCANA 90 0.00 1,360 Polaris Industries 125 0.00 32,269 Schlumberger 1,612 0.05 5,925 PPG Industries 512 0.02 1,687 Scripps Networks Interactive 107 0.00 16,080 PPL 368 0.01 6,914 Seagate Technology 214 0.01 6,690 Praxair 767 0.03 4,635 Sealed Air 169 0.01 1,149 Priceline 1,478 0.05 3,529 SEI Investments 188 0.01 6,751 Principal Financial 353 0.01 5,894 Sempra Energy 467 0.02 55,440 Procter & Gamble 3,776 0.13 3,849 Sensata Technologies 146 0.00 12,552 Progressive 523 0.02 3,566 ServiceNow 344 0.01 12,350 Prologis 590 0.02 1,693 Sherwin-Williams 514 0.02 9,941 Prudential Financial 846 0.03 642,315 Shire 24,989 0.84 11,173 Public Service Enterprise 426 0.01 1,313 Signet Jewelers 55 0.00 3,382 Public Storage 523 0.02 7,338 Simon Property 933 0.03 6,189 Pulte Homes 152 0.01 16,747 Sims 153 0.01 1,799 PVH 183 0.01 33,701 Sirius XM 133 0.00 17,722 QIAGEN 410 0.01 4,069 Skyworks Solutions 286 0.01 3,110 Qorvo 153 0.01 2,433 SL Green Realty 182 0.01 33,784 Qualcomm 1,602 0.05 1,143 Snap-on 147 0.00 3,319 Quest Diagnostics 242 0.01 22,184 Southern 790 0.03 1,371 Ralph Lauren class ‘A’ shares 105 0.00 3,567 Southwest Airlines 173 0.01 4,843 Range Resources 61 0.00 3,039 Splunk 186 0.01 2,460 Raymond James Financial 163 0.01 16,567 Sprint 72 0.00 5,315 Raytheon 739 0.02 3,535 Stanley Black & Decker 444 0.01 5,960 Realty Income 252 0.01 32,247 Starbucks 1,371 0.05 4,286 Red Hat 381 0.01 7,884 State Street 570 0.02 2,551 Regency Centers 131 0.00 1,926 Stericycle 97 0.00 1,880 Regeneron Pharmaceuticals 523 0.02 7,701 Stryker 883 0.03 29,234 Regions Financial 374 0.01 11,694 SunTrust Banks 559 0.02 880 RenaissanceRe 82 0.00 14,615 Symantec 304 0.01 5,084 Republic Services 254 0.01 18,265 Synchrony Financial 522 0.02 3,407 ResMed 214 0.01 3,586 Synopsys 226 0.01 2,904 Robert Half International 119 0.00 11,217 Sysco 504 0.02 3,065 Rockwell Automation 446 0.01 3,695 T Rowe Price 287 0.01 3,549 Rockwell Collins 356 0.01 6,711 Tapestry 220 0.01 2,370 Roper Technologies 455 0.02 4,128 Targa Resources 148 0.00 8,771 Ross Stores 521 0.02 13,234 Target 639 0.02 3,514 Royal Caribbean Cruises 310 0.01 4,945 TD Ameritrade 187 0.01 6,094 S&P Global 764 0.03 8,423 TE Connectivity 593 0.02 13,926 salesforce.com 1,054 0.04 2,862 Tesla 660 0.02 130,800 Samsonite International 442 0.01 23,108 Texas Instruments 1,787 0.06 2,573 Santander Consumer USA 35 0.00 6,169 Textron 258 0.01

529 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 530 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Portfolio Statement continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

9,140 Thermo Fisher Scientific 1,285 0.04 1,471 VMware 136 0.00 119,630 TI Fluid Systems 298 0.01 3,809 Vornado Realty Trust 220 0.01 2,787 Tiffany 214 0.01 5,351 Voya Financial 196 0.01 17,883 Time Warner 1,212 0.04 2,895 Vulcan Materials 275 0.01 15,000 TJX 849 0.03 1,726 Wabtec 104 0.00 6,285 T-Mobile 295 0.01 17,352 Walgreens Boots Alliance 932 0.03 3,577 Toll Brothers 127 0.00 31,468 Wal-Mart Stores 2,303 0.08 2,590 Torchmark 174 0.01 33,414 Walt Disney 2,666 0.09 3,591 Total System Services 210 0.01 10,401 Waste Management 664 0.02 2,437 Tractor Supply 135 0.00 1,680 Waters 240 0.01 1,113 TransDigm 226 0.01 23,449 Weatherford International 72 0.00 6,663 Travelers 669 0.02 7,480 WEC Energy 368 0.01 6,006 Trimble 181 0.01 2,765 Weingarten Realty Investors 67 0.00 2,623 TripAdvisor 67 0.00 96,342 Wells Fargo 4,331 0.14 15,629 Twitter 278 0.01 8,526 Welltower 402 0.01 6,426 Tyson Foods 386 0.01 6,378 Western Digital 375 0.01 6,426 UDR 183 0.01 11,192 Western Union 157 0.01 1,367 Ulta Beauty 226 0.01 951 Westlake Chemical 75 0.00 4,263 Under Armour 46 0.00 5,356 WestRock 251 0.01 4,261 Under Armour class ‘C’ shares 42 0.00 16,715 Weyerhaeuser 436 0.01 16,454 Union Pacific 1,635 0.05 1,800 Whirlpool 225 0.01 1,758 United Continental 88 0.00 14,258 Williams Cos 322 0.01 15,901 United Parcel Service class ‘B’ shares 1,402 0.05 3,258 Willis Towers Watson 363 0.01 1,815 United Rentals 231 0.01 2,961 Workday 223 0.01 17,230 United Technologies 1,628 0.05 2,395 WR Berkley 127 0.00 20,727 UnitedHealth 3,387 0.11 1,083 WW Grainger 189 0.01 2,063 Universal Health Services class ‘B’ shares 173 0.01 2,167 Wyndham Worldwide 186 0.01 5,408 Unum 220 0.01 1,949 Wynn Resorts 243 0.01 33,162 US Bancorp 1,316 0.04 11,352 Xcel Energy 404 0.01 10,567 Valero Energy 719 0.02 5,865 Xerox 127 0.00 3,717 Vantiv 202 0.01 5,394 Xilinx 269 0.01 2,152 Varian Medical Systems 177 0.01 5,572 XL 145 0.00 8,347 Ventas 371 0.01 4,257 Xylem 215 0.01 23,072 VEREIT 133 0.00 8,918 Yum China 264 0.01 2,091 VeriSign 177 0.01 4,856 Yum! Brands 293 0.01 3,730 Verisk Analytics 265 0.01 4,731 Zimmer Biomet 423 0.01 88,292 Verizon Communications 3,465 0.12 4,925 Zions Bancorporation 185 0.01 5,815 Vertex Pharmaceuticals 645 0.02 11,337 Zoetis 605 0.02 7,481 VF 410 0.01 413,388 13.84 7,336 Viacom class ‘B’ non-voting shares 167 0.01 39,947 Visa 3,378 0.11

531 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 532 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Portfolio Statement continued Statement of Total Return for the period from 7 June 2017 to 31 December 2017

Portfolio of investments 2,967,915 99.36 Distributions 8 (41,332) Net other assets 19,197 0.64 Change in net assets attributable to unitholders from Total net assets 2,987,112 100.00 investment activities 93,923

Note: The Fund launched on 7 June 2017, therefore no comparatives have been presented. Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. Statement of Change in Net Assets Attributable to Unitholders * Related party to the Fund. ** Managed by a related party. for the period from 7 June 2017 to 31 December 2017

For the period from 7.6.2017 to 31.12.2017 £000’s £000’s

Opening net assets attributable to unitholders – Amounts receivable on issue of units 84,214 In-specie from Connect 60:40 Global Equity Tracker Fund* and Connect Long Term Fund* 2,933,837 Amounts payable on cancellation of units (168,301) 2,849,750 Change in net assets attributable to unitholders from investment activities 93,923 Retained distributions on accumulation shares 43,439 Closing net assets attributable to unitholders 2,987,112

Note: The Fund launched on 7 June 2017, therefore no comparatives have been presented. * The Connect 60:40 Global Equity Tracker Fund and Connect Long Term Fund was part of BlackRock Life Limited, a related party to BlackRock Fund Managers Limited.

533 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 534 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Balance Sheet Notes to Financial Statements at 31 December 2017 for the period from 7 June 2017 to 31 December 2017

1. Accounting and Distribution Policies 31.12.2017 Notes £000’s The accounting and distribution policies are set out on pages 10 to 11. Assets: 2. Financial Instruments and Risks Fixed assets The financial instruments and risks are set out on pages 12 to 30. – Investment assets 2,967,920 3. Net Capital Gains Current assets – Debtors 9 9,485 For the period from 7.6.2017 – Cash and bank balances 10 14,784 to 31.12.2017 Total assets 2,992,189 £000’s Liabilities: The net capital gains comprise: Investment liabilities (5) Gains on non-derivative securities 92,218 Creditors Gains on derivative securities 1,017 – Amounts held at futures clearing houses and brokers (4) Currency losses (807) – Other creditors 11 (5,068) Custodian transaction costs (27) Total liabilities (5,077) Forward currency contracts 14 Net assets attributable to unitholders 2,987,112 US REIT dividends 53 Note: The Fund launched on 7 June 2017, therefore no comparatives have been presented. Net capital gains 92,468

4. Revenue

R A R Hayes (Director) For the period A M Lawrence (Director) from 7.6.2017 BlackRock Fund Managers Limited to 31.12.2017 23 February 2018 £000’s Interest from UK bank deposits 1 Overseas dividends 13,666 Securities lending revenue 309 Stock dividends 1,452 UK dividends 27,662 UK REIT dividends 654 US REIT dividends 201 Total revenue 43,945

535 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 536 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

5. Expenses 8. Distributions The distributions take account of revenue received on the issue of units and revenue deducted on the For the period redemption of units and comprise. from 7.6.2017 to 31.12.2017 For the period £000’s from 7.6.2017 Payable to the Depositary or associates of the Depositary: to 31.12.2017 £000’s – Depositary fee 100 Final distribution 43,439 100 43,439 Other expenses: Add: Amounts deducted on cancellations of units 1,552 – Audit fees 7 Deduct: Amounts received on issue of units (730) – Safe custody fees 88 Deduct: Amounts received on in-specie transactions (2,929) 95 Distributions 41,332 Total expenses 195

6. Interest Payable and Similar Charges The distributable amount has been calculated as follows: Net revenue after taxation 42,787 For the period from 7.6.2017 Deduct: Non-distributable stock dividends (1,452) to 31.12.2017 Deduct: Revenue carried forward (3) £000’s Distributions 41,332 Interest on bank overdrafts 6 Details of the final distribution per unit are set out in the table on page 472. Total interest payable and similar charges 6 9. Debtors 7. Taxation (a) Analysis of tax charge 31.12.2017 £000’s For the period Accrued revenue 5,774 from 7.6.2017 to 31.12.2017 Amounts receivable on issue of units 1,326 £000’s Overseas tax recoverable 271 Overseas tax 957 Sales awaiting settlement 2,114 Total tax charge 957 Total debtors 9,485

(b) Factors affecting the tax charge 10. Cash and Bank Balances As the Fund is an Authorised Contractual Scheme, it is exempt from United Kingdom (UK) tax on capital gains 31.12.2017 realised on the disposal of investments held within the Fund and any UK corporation tax. £000’s Amounts held at futures clearing houses and brokers 896 Cash and bank balances 13,888 Total cash and bank balances 14,784

537 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 538 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

11. Other Creditors 13. Related Parties continued The Investment Manager, in accordance with the Contractual Scheme Deed, may enter into commission 31.12.2017 £000’s sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Accrued Audit fee 7 Investment Manager believes are useful in the investment decision-making or trade execution process. Accrued Depositary’s fee 56 Such research or execution services may include, without limitation and to the extent permitted by Accrued Safe custody fees 50 applicable law: research reports on companies, industries and securities; and the provision of economic Amounts payable for cancellations of units 4,920 and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit Custodian transaction costs 10 to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not Purchases awaiting settlement 25 affiliated to the BlackRock Group. Total other creditors 5,068 The Fund’s investments in other BlackRock related party entities are individually identified on the portfolio 12. Contingent Assets and Liabilities statement. There were no contingent assets or liabilities at the Balance Sheet date. The following investor(s)

The following entities were related parties of the Fund during the period ended 31 December 2017: As at 31 December 2017:

Manager/Registrar: BlackRock Fund Managers Limited Total % of units Investment Manager: BlackRock Investment Management (UK) Limited Number of investors held by unitholders Stock lending agent: BlackRock Advisors (UK) Limited holding 51% or more holding 51% or more of the voting units of the voting units The ultimate holding company of the Manager, Investment Manager and stock lending agent is BlackRock in issue who are not in issue who are not Inc. (“BlackRock”), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. Total % of units held by Affiliated Funds Affiliated Funds Affiliated Funds (“PNC”) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund Nil 1 90% during the period ended 31 December 2017. The Fund launched on 7 June 2017, therefore no comparatives have been presented. The Manager acts as either principal or agent for the Depositary in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units are All related party transactions were carried out at arm’s length in the ordinary course of business. disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts The terms and returns received by the related parties in making the investments above were no more due to or from the Manager at the period end are disclosed in notes 9 and 11. Securities lending revenue favourable than those received by other investors investing into the same unit class. earned by the Fund is disclosed in note 4.

539 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 540 ACS 60:40 Global Equity Tracker Fund ACS 60:40 Global Equity Tracker Fund

Notes to Financial Statements continued Notes to Financial Statements continued

14. Portfolio Transaction Costs 14. Portfolio Transaction Costs continued For the period from 7 June 2017 to 31 December 2017 Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Direct Transaction Costs Sheet date the average portfolio dealing spread (difference between bid and offer prices of all Transaction Value Commissions Taxes investments expressed as a percentage of the offer price value) was 0.15%. Purchases (excluding derivatives) £000’s £000’s % £000’s %

Equity instruments 63,966 16 0.03 232 0.36 15. Units in Issue Corporate actions 46,282 – – – – Revenue is allocated each day pro rata to the capital value of assets attributable to each class and In-specie transactions 2,933,837 – – 23 – taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution table. All unit classes have the same rights on Total purchases 3,044,085 16 255 winding up. Total purchases including transaction costs 3,044,356 The movement in units in issue for the period ended 31 December 2017 is as follows:

Direct Transaction Costs For the period from 7.6.2017 to 31.12.2017 Transaction Value Commissions Taxes Sales (excluding derivatives) £000’s £000’s % £000’s % X1 Accumulation Units Equity instruments 123,350 14 0.01 9 0.01 Balance at the beginning of the period – Corporate actions 45,372 – – – – Issued during the period 3,019,238,553 Total sales 168,722 14 9 Cancelled during the period (169,278,869) Total sales net of transaction Balance at the end of the period 2,849,959,684 costs 168,699

Total transaction costs 30 264 16. Post Balance Sheet Events There have been no significant events subsequent to the period end, which, in the opinion of the Manager, Total transaction costs may have had an impact on the financial statements for the period ended 31 December 2017. as a % of average net assets 0.00% 0.01%

541 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 542 Statement of Manager’s Responsibilities Statement of the Depositary’s Responsibilities in Respect of the Scheme and Report of the Depositary to the Unitholders of the The Manager is required by the rules of the Sourcebook to prepare the financial statements for each financial BlackRock Authorised Contractual Scheme I (the “Scheme”) for year. These financial statements must be prepared in accordance with generally accepted accounting the Year Ended 31 December 2017 standards in the United Kingdom to give a true and fair view of the state of affairs of the Fund at the year end and of the net revenue for the year. The Depositary must ensure that the Scheme is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as The financial statements should comply with the disclosure requirements of the Statement of Recommended amended, the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 Practice (the “SORP”) for Authorised Funds issued by the Investment Management Association (subsequently (together “the Regulations”) and the Contractual Scheme Deed and Prospectus (together the “Scheme The Investment Association) and must comply with any relevant provisions of the Contractual Scheme Deed. documents”) as detailed below.

The Manager is responsible for keeping such accounting records as are necessary to enable it to ensure that The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the the financial statements comply with the Sourcebook, the SORP and the Contractual Scheme Deed. interests of the Scheme and its investors.

The Depositary is responsible for the safekeeping of all the property of the Authorised Contractual Scheme The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other (the “Scheme”) (other than tangible moveable property) which is entrusted to it and for the collection of assets of the Scheme in accordance with the Regulations. revenue that arises from that property. The Depositary must ensure that: It is the duty of the Depositary to take reasonable care to ensure that the Scheme is managed in accordance with the Sourcebook, the Scheme’s Contractual Scheme Deed and Prospectus, in relation to the pricing • the Scheme’s cash flows are properly monitored and that cash of the Scheme is booked in cash accounts of, and dealings in, units in the Scheme; the application of revenue of the Scheme; and the investment and in accordance with the Regulations; borrowing powers of the Scheme. • the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the Regulations; • the value of units of the Scheme are calculated in accordance with the Regulations; • any consideration relating to transactions in the Scheme’s assets is remitted to the Scheme within the usual time limits; • the Scheme’s income is applied in accordance with the Regulations; and • the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management Company, are carried out (unless they conflict with the Regulations).

The Depositary also has a duty to take reasonable care to ensure that Scheme is managed in accordance with the Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Scheme.

Having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the Scheme, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects, the AFM:

(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Scheme’s units and the application of the Scheme’s income in accordance with the Regulations and Scheme documents of the Scheme; and

(ii) has observed the investment and borrowing powers and restrictions applicable to the scheme in accordance with the Regulations and Scheme documents of the Scheme.

Northern Trust Global Services Limited London UK Trustee and Depositary Services 23 February 2018

543 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 544 INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF BLACKROCK Use of our report AUTHORISED CONTRACTUAL SCHEME I This report is made solely to the Scheme’s members, as a body, pursuant to Paragraph 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Opinion Authority. Our audit work has been undertaken so that we might state to the Scheme’s members We have audited the financial statements of BlackRock Authorised Contractual Scheme I those matters we are required to state to them in an auditor’s report and for no other purpose. (“the Scheme”) for the year ended 31 December 2017 which comprise the Statement of Total To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Return and Statement of Changes in Net Assets Attributable to Unitholders together with the than the Scheme and the Scheme’s members as a body, for our audit work, Balance Sheet for each of the Scheme’s sub-funds, the accounting policies of the Scheme, for this report, or for the opinions we have formed. the related notes for each Fund and the Distribution Tables, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation Conclusions relating to going concern is applicable law and United Kingdom Accounting Standards (United Kingdom Generally We have nothing to report in respect of the following matters in relation to which the ISAs (UK) Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard applicable require us to report to you where: to the UK and Republic of Ireland’. • the Directors use of the going concern basis of accounting in the preparation of the financial In our opinion, the financial statements: statements is not appropriate; or • the Directors have not disclosed in the financial statements any identified material • give a true and fair view of the financial position of the Scheme comprising each of its uncertainties that may cast significant doubt about the Scheme’s ability to continue to adopt sub-funds as at 31 December 2017 and of the net revenue and the net capital gains on the the going concern basis of accounting for a period of at least twelve months from the date scheme property of the Scheme comprising each of its sub-funds for the year then ended; when the financial statements are authorised for issue. and

• have been properly prepared in accordance with United Kingdom Generally Accepted Other information Accounting Practice including FRS 102 ‘The Financial Reporting standard applicable in the The other information comprises the information included in the annual report, other than the UK and Republic of Ireland’. financial statements and our auditor’s report thereon. The Directors are responsible for the other information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs Our opinion on the financial statements does not cover the other information and, except to (UK)) and applicable law. Our responsibilities under those standards are further described the extent otherwise explicitly stated in this report, we do not express any form of assurance in the Auditor’s responsibilities for the audit of the financial statements section of our report conclusion thereon. below. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, In connection with our audit of the financial statements, our responsibility is to read the other and we have fulfilled our other ethical responsibilities in accordance with these requirements. information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears We believe that the audit evidence we have obtained is sufficient and appropriate to provide a to be materially misstated. If we identify such material inconsistencies or apparent material basis for our opinion. misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

545 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 546 Opinions on other matters prescribed by the rules of the Collective Investment Schemes Auditor’s responsibilities for the audit of the financial statements Sourcebook of the Financial Conduct Authority Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an In our opinion: auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect • the financial statements have been properly prepared in accordance with the Statement of a material misstatement when it exists. Misstatements can arise from fraud or error and are Recommended Practice relating to Authorised Funds, the rules of the Collective Investment considered material if, individually or in the aggregate, they could reasonably be expected to Schemes Sourcebook of the Financial Conduct Authority and the Instrument of Incorporation; influence the economic decisions of users taken on the basis of these financial statements. • the information given in the Director’s report for the financial year for which the financial A further description of our responsibilities for the audit of the financial statements is located on statements are prepared is consistent with the financial statements; and the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This • there is nothing to indicate that proper accounting records have not been kept or that the description forms part of our auditor’s report. financial statements are not in agreement with those records.

Matters on which we are required to report by exception We have nothing to report in respect of the following matter in relation to which the Collective Investment Schemes Sourcebook of the Financial Conduct Authority rules requires us to report to you if, in our opinion: Ernst & Young LLP London • we have not received all the information and explanations which, to the best of our Statutory Auditor 23 February 2018 knowledge and belief, are necessary for the purposes of our audit

Responsibilities of the directors As explained more fully in the Managers’ responsibilities statement set out on page 543, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intends to liquidate the Scheme or to cease operations, or has no realistic alternative but to do so.

547 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 548 Supplementary Information

Efficient Portfolio Management Techniques Collateral The Manager may, on behalf of certain Funds and subject to the conditions and within the limits laid down The Funds engage in activities which may require collateral to be provided to a counterparty (“collateral by the Financial Conduct Authority (FCA) and the Prospectus, employ techniques and instruments relating to posted”) or may hold collateral received (“collateral received”) from a counterparty. transferable securities, including investments in OTC FDIs provided that such techniques and instruments are used for efficient portfolio management purposes or to provide protection against exchange risk or for direct The following table provides an analysis by currency of the cash and underlying non-cash collateral investment purposes, where applicable. received/posted by way of title transfer collateral arrangement by the Funds, in respect of securities lending transactions, as at 31 December 2017. In addition to the investments in OTC FDIs, the Funds may employ other techniques and instruments relating to transferable securities and money market instruments, subject to the conditions set out in the FCA’s Cash Cash Non-cash Non-cash Handbook, as amended from time to time, and the relevant ESMA Guidelines, such as securities lending. collateral collateral collateral collateral Currency received posted received posted Securities Lending ACS Continental European Equity Tracker Fund £000’s £000’s £000’s £000’s All securities lending transactions entered into by the Funds are subject to a written legal agreement between the Funds and the Securities Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Funds, Securities lending transactions and separately between the Securities Lending Agent and the approved borrowing counterparty. Collateral AUD – – 34 – received in exchange for securities lent is transferred under a title transfer arrangement and is delivered CHF – – 252 – to and held in an account with a tri-party collateral manager in the name of Northern Trust Global Services DKK – – 4 – Limited (“the Depositary”) on behalf of the Funds. Collateral received is segregated from the assets belonging Euro – – 10,673 – to the Funds’ Depositary or the Lending Agent. GBP – – 2,620 – The following table details the value of securities on loan as a proportion of the Funds’ total lendable assets HKD – – 17,851 – and NAV as a proportion of the Funds’ NAV, as at 31 December 2017 and the returns earned for the year JPY – – 621 – ended 31 December 2017. Total lendable assets represents the aggregate value of assets forming part of the Funds’ securities lending programme. This excludes any assets held by the Funds that are not considered NOK – – 112 – lendable due to any market, regulatory, investment or other restriction. SEK – – 4 – SGD – – 153 – Securities on loan USD – – 6,602 – % of lendable Total – – 38,926 – Currency assets % of NAV ACS Continental European Equity Tracker Fund GBP 5.91 5.55 ACS Japan Equity Tracker Fund £000’s £000’s £000’s £000’s ACS Japan Equity Tracker Fund GBP 5.68 5.30 Securities lending transactions ACS UK Equity Tracker Fund GBP 1.69 1.58 AUD – – 2 – ACS US Equity Tracker Fund GBP 1.44 1.36 CHF – – 10 – ACS World ex UK Equity Tracker Fund GBP 2.50 2.34 Euro – – 11,052 – ACS 30:70 Global Equity Tracker Fund GBP 1.66 1.41 GBP – – 1,230 – ACS 50:50 Global Equity Tracker Fund GBP 3.91 3.68 HKD – – 189 – ACS 60:40 Global Equity Tracker Fund GBP 5.46 5.16 JPY – – 75 – The total income earned from securities lending transactions is split between the relevant Fund and the NOK – – 3 – Securities Lending Agent. The Funds receive 62.5% while Securities Lending Agent receives 37.5% of such SGD – – 3 – income, with all operational costs borne out of the Securities Lending Agent’s share. Income earned during USD – – 3,718 – the year by the Funds from securities lending transactions is disclosed in the Funds’ notes to the financial Total – – 16,282 – statements.

The value of securities on loan and associated collateral analysed by counterparty, as at 31 December 2017, is disclosed in the Funds’ notes to the financial statements.

549 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 550 Supplementary Information continued

Cash Cash Non-cash Non-cash Cash Cash Non-cash Non-cash collateral collateral collateral collateral collateral collateral collateral collateral Currency received posted received posted Currency received posted received posted ACS UK Equity Tracker Fund £000’s £000’s £000’s £000’s ACS World ex UK Equity Tracker Fund £000’s £000’s £000’s £000’s Securities lending transactions Securities lending transactions AUD – – 728 – AUD – – 110 – CHF – – 1,964 – CHF – – 1,385 – DKK – – 83 – DKK – – 10 – Euro – – 25,101 – Euro – – 46,549 – GBP – – 15,879 – GBP – – 13,022 – HKD – – 34,494 – HKD – – 48,160 – JPY – – 6,463 – JPY – – 3,295 – NOK – – 1,911 – NOK – – 427 – SEK – – 39 – SEK – – 23 – SGD – – 2,187 – SGD – – 702 – USD – – 9,680 – USD – – 22,794 – Total – – 98,529 – Total – – 136,477 –

ACS US Equity Tracker Fund £000’s £000’s £000’s £000’s ACS 30:70 Global Equity Tracker Fund £000’s £000’s £000’s £000’s Securities lending transactions Securities lending transactions CHF – – 651 – CHF – – 106 – Euro – – 6,558 – Euro – – 36,112 – GBP – – 6,081 – GBP – – 4,098 – HKD – – 6,745 – HKD – – 1,250 – JPY – – 2,016 – JPY – – 278 – NOK – – 189 – USD – – 12,261 – SEK – – 18 – Total – – 54,105 – SGD – – 428 – USD – – 2,136 – Total – – 24,822 –

551 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 552 Supplementary Information continued

The following table provides an analysis of the type, quality and maturity tenor of non-cash collateral received Cash Cash Non-cash Non-cash collateral collateral collateral collateral and posted by the Funds by way of title transfer collateral arrangement in respect of securities lending Currency received posted received posted transactions as at 31 December 2017.

ACS 50:50 Global Equity Tracker Fund £000’s £000’s £000’s £000’s Maturity Tenor Securities lending transactions AUD – – 735 – More than Collateral type and quality 365 days Open Total CHF – – 4,393 – ACS Continental European Equity Tracker Fund £000’s £000’s £000’s DKK – – 83 – Euro – – 131,114 – Collateral received – securities lending Fixed Income GBP – – 41,565 – Investment grade 5 – 5 HKD – – 110,505 – Equities JPY – – 12,231 – Recognised equity index – 38,913 38,913 NOK – – 2,371 – ETFs SEK – – 82 – Non-UCITS – 8 8 SGD – – 3,205 – Total 5 38,921 38,926 USD – – 56,366 –

Total – – 362,650 – ACS Japan Equity Tracker Fund £000’s £000’s £000’s

ACS 60:40 Global Equity Tracker Fund £000’s £000’s £000’s £000’s Collateral received – securities lending Fixed Income Securities lending transactions Investment grade – – – AUD – – 159 – Equities CHF – – 1,383 – Recognised equity index – 16,281 16,281 DKK – – 18 – ETFs Euro – – 73,611 – Non-UCITS – 1 1 GBP – – 15,894 – Total – 16,282 16,282 HKD – – 43,274 –

JPY – – 3,603 – ACS UK Equity Tracker Fund £000’s £000’s £000’s NOK – – 565 – Collateral received – securities lending SEK – – 23 – Fixed Income SGD – – 815 – Investment grade 98 – 98 USD – – 30,606 – Equities Total – – 169,951 – Recognised equity index – 98,405 98,405

Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending ETFs transactions, cannot be sold, re-invested or pledged. Non-UCITS – 26 26

Total 98 98,431 98,529

553 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 554 Supplementary Information continued

Maturity Tenor Maturity Tenor

More than More than Collateral type and quality 365 days Open Total Collateral type and quality 365 days Open Total ACS US Equity Tracker Fund £000’s £000’s £000’s ACS 50:50 Global Equity Tracker Fund £000’s £000’s £000’s Collateral received – securities lending Collateral received – securities lending Fixed Income Fixed Income Investment grade – – – Investment grade 99 – 99 Equities Equities Recognised equity index – 24,822 24,822 Recognised equity index – 362,450 362,450 ETFs ETFs Non-UCITS – – – Non-UCITS – 101 101 Total – 24,822 24,822 Total 99 362,551 362,650

ACS World ex UK Equity Tracker Fund £000’s £000’s £000’s ACS 60:40 Global Equity Tracker Fund £000’s £000’s £000’s Collateral received – securities lending Collateral received – securities lending Fixed Income Fixed Income Investment grade 12 – 12 Investment grade 21 – 21 Equities Equities Recognised equity index – 136,421 136,421 Recognised equity index – 169,887 169,887 ETFs ETFs Non-UCITS – 44 44 Non-UCITS – 43 43 Total 12 136,465 136,477 Total 21 169,930 169,951

ACS 30:70 Global Equity Tracker Fund £000’s £000’s £000’s Investment grade securities are those issued by an entity with a minimum investment grade credit rating from Collateral received – securities lending at least one globally recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch. Fixed Income A recognised equity index contains at least 20 equities where no single equity represents more than 20% of Investment grade – – – the total index and no five equities combined represent more than 60% of the total index. Equities Recognised equity index – 54,096 54,096 The maturity tenor analysis for fixed income securities received or posted as collateral is based on the ETFs respective contractual maturity date, while for equity securities and ETFs received or posted as collateral are presented as open transactions as they are not subject to a contractual maturity date. Non-UCITS – 9 9 Total – 54,105 54,105 As at 31 December 2017, all non-cash collateral received by the Funds in respect of securities lending transactions is held by the Funds’ Depositary (or through their delegates).

555 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 556 Supplementary Information continued

The following table lists the ten largest issuers by value of non-cash collateral received by the Funds by way of Issuer Value % of the Fund’s NAV title transfer collateral arrangement across securities lending transactions as at 31 December 2017. ACS UK Equity Tracker Fund £000’s

Issuer Value % of the Fund’s NAV Sunac China 4,394 0.08 Astrazeneca 2,728 0.05 ACS Continental European Equity Tracker Fund £000’s Schneider Electric 2,445 0.04 Repsol 2,188 0.34 China Minsheng Banking Corporation 2,346 0.04 Tracker Fund of Hong Kong 2,188 0.34 Industrial and Commercial Bank of China 2,273 0.04 Linde 1,414 0.22 Cisco Systems 1,916 0.03 China Molybdenum 1,195 0.19 GKN 1,849 0.03 CRRC 953 0.15 Airbus Group 1,583 0.03 China Citic Bank 869 0.14 Statoil Asa 1,505 0.03 Aluminum Corporation of China 800 0.13 Taylor Wimpey 1,299 0.02 Agile Property 671 0.11 Other Issuers 76,191 1.35 Gcl-Poly Energy 663 0.11 Total 98,529 1.74 Alibaba 661 0.10

Other Issuers 27,324 4.29 ACS US Equity Tracker Fund £000’s Total 38,926 6.12 Sunac China 2,044 0.12 Astrazeneca 1,269 0.08 ACS Japan Equity Tracker Fund £000’s Schneider Electric 1,137 0.07 Alibaba 1,450 0.52 Cisco Systems 891 0.05 Banco Santander 1,338 0.48 GKN 860 0.05 Axa 1,251 0.45 Airbus Group 736 0.05 58.Com 1,206 0.43 Taylor Wimpey 604 0.04 Stmicroelectronics 1,139 0.41 Unicredit 529 0.03 Continental 951 0.34 M3 Inc 423 0.03 Commerzbank 737 0.26 Rio Tinto 391 0.02 Unione Di Banche Italiane 698 0.25 Other Issuers 15,938 0.96 Compagnie De Saint Gobain 631 0.23 Total 24,822 1.50 Credit Agricole 613 0.22 Other Issuers 6,268 2.26 Total 16,282 5.85

557 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 558 Supplementary Information continued

Issuer Value % of the Fund’s NAV Issuer Value % of the Fund’s NAV ACS World ex UK Equity Tracker Fund £000’s ACS 50:50 Global Equity Tracker Fund £000’s Repsol 4,996 0.09 Alibaba 11,224 0.13 Tracker Fund of Hong Kong 4,996 0.09 Banco Santander 10,357 0.12 Alibaba 3,778 0.07 AXA 9,681 0.11 Banco Santander 3,486 0.07 58.Com 9,332 0.10 Axa 3,258 0.06 Sunac China 9,205 0.10 Linde 3,227 0.06 StMicroElectronics 8,814 0.10 58.Com 3,141 0.06 Repsol 8,798 0.10 Stmicroelectronics 2,967 0.06 Tracker Fund of Hong Kong 8,798 0.10 China Molybdenum 2,728 0.05 Continental 7,360 0.08 Sunac China 2,609 0.05 Astrazeneca 5,714 0.06 Other Issuers 101,291 1.91 Other issuers 273,367 3.06 Total 136,477 2.57 Total 362,650 4.06

ACS 30:70 Global Equity Tracker Fund £000’s ACS 60:40 Global Equity Tracker Fund £000’s Alibaba 4,736 0.14 Alibaba 7,565 0.25 Banco Santander 4,370 0.12 Banco Santander 6,980 0.23 AXA 4,085 0.12 AXA 6,525 0.22 58.com 3,938 0.11 58.Com 6,290 0.21 StMicroElectronics 3,719 0.11 StMicroElectronics 5,941 0.20 Continental 3,106 0.09 Continental 4,961 0.17 Commerzbank 2,406 0.07 Repsol 4,115 0.14 Unione di Banche Italiane 2,279 0.06 Tracker Fund of Hong Kong 4,115 0.14 Compagnie De Saint Gobain 2,060 0.06 Commerzbank 3,844 0.13 Credit Agricole 2,004 0.06 Unione Di Banche Italiane 3,641 0.12 Other Issuers 21,402 0.62 Other Issuers 115,974 3.88 Total 54,105 1.56 Total 169,951 5.69

No securities collateral received from a single issuer, in relation to efficient portfolio management, has exceeded 20% of any of the respective Funds’ NAV at the year end date.

None of the Funds have been fully collateralised in securities issued or guaranteed by an EU member state at the year end date.

559 BlackRock Authorised Contractual Scheme I BlackRock Authorised Contractual Scheme I 560 About us

BlackRock is a premier provider of asset management, risk management, and advisory services to institutional, intermediary, and individual clients worldwide. As of 31 December 2017, the fi rm manages £4.66 trillion across asset classes in separate accounts, mutual funds, other pooled investment vehicles, and the industry-leading iShares® exchange-traded funds.

Through BlackRock Solutions®, the fi rm offers risk management and advisory services that combine capital markets expertise with proprietarily-developed analytics, systems, and technology. Through BlackRock Solutions, the Firm provides risk management and enterprise investment services for over 200 clients.

BlackRock serves clients in North and South America, Europe, Asia, Australia, Africa, and the Middle East. Headquartered in New York, the fi rm maintains offi ces in over 30 countries around the world.

Want to know more?

blackrock.co.uk [email protected] 0800 44 55 22