Interim report and unaudited financial statements

BlackRock Common Contractual Funds

For the financial period ended 31 October 2019

BlackRock Common Contractual Funds

CONTENTS Page

Overview General information 1 Background 2

Performance Investment manager’s report 3

Financial statements Income statement 5 Statement of changes in net assets attributable to redeemable unitholders 6 Balance sheet 7 Notes to the financial statements 8 Schedule of investments 14

Additional information and regulatory disclosures Schedules of material purchases and sales 53 Transaction with connected persons 54 Soft commissions 54 Efficient portfolio management and securities financing transactions 55 Disclaimers 57

BlackRock Common Contractual Funds

GENERAL INFORMATION

Directors of the Manager1 Investment Manager and Securities Lending Agent William Roberts (Chairman) (British but Irish resident) BlackRock Advisors (UK) Limited Patrick Boylan (Irish) 12 Throgmorton Avenue Paul Freeman (British) London, EC2N 2DL Justin Mealy (Irish) United Kingdom Barry O’Dywer (Irish) Adele Spillane (Irish) Promoter and Principal Distributor Catherine Woods (Irish) BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue 1All Directors are non-executive London, EC2N 2DL United Kingdom Manager BlackRock Asset Management Ireland Limited Independent Auditor 1st floor Ernst & Young Chartered Accountants 2 Ballsbridge Park EY Building Dublin 4, D04 YW83 Harcourt Centre Ireland 2 Harcourt Street Saint Kevin’s Currency Hedging Manager2 Dublin 2, D02 YA40 State Street Europe Limited Ireland 20 Churchill Place London, E14 5HJ Irish Legal Advisers United Kingdom Matheson 70 Sir John Rogerson’s Quay Administrator, Registrar and Transfer Agent Dublin 2, D02 R296 Northern Trust International Fund Administration Ireland Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2, D02 R156 Ireland

Depositary Northern Trust Fiduciary Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2, D02 R156 Ireland

Tax Services Provider The Northern Trust Company, London Branch 50 Bank Street Canary Wharf London, E14 5NT United Kingdom

Secretary of the Manager Sanne Corporate Administration Services (Ireland) Limited 4th Floor, 76 Baggot Street Lower Dublin 2, D02 EK81 Ireland

2In respect of the currency hedged share classes only.

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BlackRock Common Contractual Funds

BACKGROUND

BlackRock Common Contractual Funds (the “Entity”) is an open-ended common contractual fund (the “CCF”) established on 6 November 2018 as an umbrella fund under the laws of Ireland. The Entity was constituted by the Deed of Constitution dated 6 November 2018 between BlackRock Asset Management Ireland Limited (the “Manager”) and Northern Trust Fiduciary Services (Ireland) Limited (the “Depositary”). The Entity is authorised as a CCF with segregated liability between the funds pursuant to the laws of Ireland. The Entity is authorised and supervised by the Central Bank of Ireland (“CBI”) pursuant to the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”).

The Entity is constituted as an umbrella fund and comprises of one fund (“Fund”). The units of the Fund may be grouped into different classes of units (each a “unit class”). The Fund will represent a separate portfolio of assets and may consist of one or more unit classes. Each unit class may apply different subscription and redemption provisions, charges, fees or brokerage arrangements. The creation of an additional class of units will be notified to the CBI in advance. The portfolio of assets maintained for the Fund will be invested in accordance with the investment objectives and policies applicable to the Fund as set out in the prospectus. The assets of each Fund shall belong exclusively to the Fund and shall not be used to discharge directly or indirectly the liabilities of or claims against any other Fund.

The term “Fund” shall be deemed to mean the Fund of the Entity, or if the context so requires, the Manager or its delegate acting for the accounts of the relevant Fund. The term “BlackRock” and “Investment Manager” are used to represent BlackRock Advisors (UK) Limited. All references to “redeemable units” shall be deemed to mean redeemable participating units when Fund units are classified as financial liabilities. The term “Directors” means the directors of the Manager.

Further details, including the investment objectives and minimum subscription requirements, are set out in the Entity’s prospectus.

Changes to the Entity during the financial period

On 19 June 2019, Graham Bamping resigned as a non-executive Director.

United Kingdom Exit from European Union Following the June 2016 vote to exit the European Union (“EU”), the United Kingdom (“UK”) served notice under Article 50 of the Treaty on European Union on 29 March 2017 to initiate the process of exiting from the EU, commonly referred to as "Brexit". At the Emergency EU Summit held on 10 April 2019, an agreement was reached to extend the deadline by which the UK is required to exit the EU to 31 October 2019. The deadline was further extended to 31 January 2020 at the European Council on 29 October 2019.

Following the outcome of the 2019 General Election, which saw the Conservative Party return a clear majority, the uncertainty around a no- deal Brexit on 31 January 2020 has now been significantly reduced. Substantial uncertainty remains surrounding the terms upon which the UK will ultimately exit the EU. The impact of Brexit may depend in part on any arrangements that are put in place between the UK and the EU and, to the extent they are, whether the UK continues to apply laws that are based on EU legislation. As a result, the UK’s relationship with the EU remains unclear and the passage of time without a resolution in place has become a source of economic, political and regulatory instability.

BlackRock is implementing a number of steps to prepare for various outcomes, including effecting organisational, governance and operational changes, applying for and receiving licenses and permissions in the EU, and engaging in client communications. These steps, many of which have been time-consuming and costly, are expected to add complexity to BlackRock’s European operations. In addition, depending on the terms of the future relationship between the UK and the EU, BlackRock may experience organisational and operational challenges and incur additional costs in connection with its European operations post-Brexit, which may impede the Company’s growth or impact its financial performance.

Fund details The Entity had one Fund in operation as at 31 October 2019.

Fund name Benchmark index Investment management approach1 CCF Developed World (ESG Screened) MSCI World ex Select Controversies Euro Non-replicating Index Fund Net Index

1Please refer to the Investment Manager’s Report for further information on the meaning of a non-replicating fund.

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BlackRock Common Contractual Funds

INVESTMENT MANAGER’S REPORT

Investment objective The investment objective of the Fund is to provide investors with a total return, taking into account both capital and income returns, which reflects the total return of the MSCI World ex Select Controversies Euro Net Index.

Fund performance and tracking error The Fund performance figures are based on the NAV calculated in accordance with the prospectus for the financial period under review with any dividends reinvested. Due to FRS 102 requirements which apply to the financial statements, there may be differences between the NAV per unit as recorded in the financial statements and the NAV per unit calculated in accordance with the prospectus.

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 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 the returns of its benchmark index.

For a non-replicating fund, the investment management approach aims to match the main risk characteristics of the benchmark index by investing in a portfolio that is primarily made up of securities that represent the benchmark index. The objective is to generate a return which is as close as practicable to the total return of the index net of transaction costs and gross of fees and other costs.

Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and currency hedging can have an impact on tracking difference. Importantly, these impacts can be either positive or negative depending on the underlying circumstances.

The Fund’s total expense ratio (“TER”) is accrued on a daily basis throughout the financial period, which can impact the measurement of a tracking error in a positive or negative manner depending on the performance in the market and the TER rate applied. The extent and magnitude of this effect on performance measurement is subject to the timing of the market performance relative to the performance period and can be greater than the headline TER in a positive market and lower than the TER in a negative market.

In addition to the above, the Fund may also have a tracking error due to withholding tax suffered by the 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 authorities, any benefits obtained by the Fund under a tax treaty or any securities lending activities carried out by the Fund.

The following table compares the realised Fund performance against the performance of the relevant benchmark index during the financial period ended 31 October 2019. It also discloses the anticipated tracking error of the Fund (disclosed in the prospectus on an ex-ante basis) against the actual realised tracking error of the Fund as at 31 October 2019. 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.

The returns disclosed are the performance returns for the primary unit class for the Fund, net of fees, which has been selected as a representative unit class. The primary unit class represents the class of unit invested in by the majority of investors in the Fund and also takes into account other relevant factors such as the Fund’s base currency. The returns disclosed for the comparative are in the same currency as the primary share class, unless otherwise stated. Performance returns for any other unit class can be made available on request. The calculation methodology is based on industry standards.

The TER shown below expresses the sum of all fees, operating costs and expenses, with the exception of direct trading costs charged to the Fund’s assets as a percentage of the average Fund assets based on a twelve-month period ended 31 October 2019.

Anticipated Re alis e d Be nchm ar k tracking tracking Fund r e turn index return TER error error Fund nam e % % % % % CCF Developed World (ESG Screened) Index Fund -X1 EUR Flexible Accumulating Class 4.46 4.20 0.04 Up to 0.20 0.08

Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. The performance figures do not consider charges and fees that may be levied at the time of subscription or redemption of units. Levels and bases of taxation may change from time to time. Subscriptions may be made only on the basis of the current prospectus, of which the most recent annual report and audited accounts and interim report and unaudited accounts as well as KIIDs form an integral part. Copies of which are available from Investor Services, the Transfer Agent, the Management Company or any of the Representatives or Distributors.

Performance and activity The Fund returned 4.46% (in euros), for the six months ended 31 October 2019, tracking its benchmark the MSCI World ex Select Controversies Euro Net Index which returned 4.20% (in euros) over the same period.

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BlackRock Common Contractual Funds

INVESTMENT MANAGER’S REPORT (continued)

Market review Developed equities tumbled in May, reflecting steep declines across leading global economies and causing the World Bank to revise down its global growth forecasts. This was predominantly driven by the collapse of US-China trade negotiations. Further weighing on risk sentiment, tensions heightened in the Middle East after the US mobilised military resources to the region and re-imposed sanctions on Iran that it had lifted under a 2015 nuclear accord. In the UK, once again Brexit took centerstage and ultimately prompted the resignation of Prime Minister Theresa May. An improvement in prospects of a US-China trade deal caused equities to rise in June. Equities were also supported by a decisively more dovish stance by the central banks. While the US Federal Reserve held interest rates steady and indicated formally that no cuts are coming in 2019, it has still left open the possibility that policy loosening could happen before the end of the year depending on how conditions unfold. The European Central Bank (“ECB”) had an even more dovish stance, announcing that further rate cuts were still on the card. Rates were also a topic of discussion in the UK, where Carney indicated the Bank of England (“BoE”) would have to cut rates should Britain leave the EU without a deal.

Developed equity returns were positive but muted over the third quarter of 2019. Within the APAC region, Japanese equities outperformed due to an, albeit limited, trade agreement being reached between the US and Japan. Elsewhere, Hong Kong underperformed amid mounting political unrest. In Europe, eurozone manufacturing Purchasing Manufacturing Index (“PMI”) hit multi-year lows, with the German reading falling to its lowest figure for a decade. This prompted an aggressive response from the ECB, which announced a stimulus package that included a rate cut, resumption of quantitative easing, and a 2-tier excess liquidity system for banks, as well as lowering its forward guidance. In the UK, continued Brexit uncertainty drove volatility throughout the quarter ahead of the 31 October deadline. Parliament passed legislation that forced the government to ask for an extension if it cannot reach a deal with the EU, which buoyed sterling. Separately, the BoE remained on hold despite economic weakness. UK gross domestic product registered its first quarterly contraction in seven years in the second quarter of 2019, while the August manufacturing PMI results showing the steepest monthly contraction since July 2012. In the US, trade tensions were a key focus for both domestic and global investors. The S&P 500 index suffered its worst week of 2019 in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. US-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the US Federal Reserve lowered the target range for the federal funds rates in both the July and September meetings. On the macro front, survey based US economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience.

Developed market equities rose modestly in October. Markets took comfort from the US and China making progress towards finalising sections of the first phase of a trade deal that is expected to prevent escalation of the long-running trade war. The month also saw significant developments on Brexit, with a reduction in the perceived risk of a no-deal exit. Central banks across the developed markets reiterated their dovish stances with the US Federal Reserve delivering a third interest rate cut this year. Outgoing ECB President Mario Draghi signed off with another plea for fiscal support from eurozone governments and said that monetary policy can achieve its objectives faster and with fewer side effects if the fiscal policies, too, are aligned with it.

BlackRock Advisors (UK) Limited

November 2019

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BlackRock Common Contractual Funds

INCOME STATEMENT For the financial period ended 31 October 2019

Note CCF Developed World (ESG Screened) Index Fund Period ended Period ended 31 October 2019 30 April 2019 USD '000 USD '000 Operating income 15,242 8,415 Net gains/(losses) on financial instruments 54,276 101,537 Total investment income/(loss) 69,518 109,952

Operating expenses (262) (638) Net operating income/(expenses) 69,256 109,314

Finance costs: Other interest expense (5) (7) Total finance costs (5) (7)

Net profit/(loss) before taxation 69,251 109,307

Taxation 4 (700) (430) Net profit/(loss) after taxation 68,551 108,877

Adjustment to align to the valuation methodology as set out in the prospectus (40) 501

Increase/(decrease) in net assets attributable to redeemable unitholders 68,511 109,378

There are no recognised gains or losses arising during the financial period other than those dealt with in the income statement. The accompanying notes form an integral part of these financial statements.

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BlackRock Common Contractual Funds

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS For the financial period ended 31 October 2019

CCF Developed World (ESG Screened) Index Fund Period ended Period ended 31 October 2019 30 April 2019 USD '000 USD '000

Net assets at the beginning of the financial period 918,838 - Increase/(decrease) in net assets attributable to redeemable unitholders 68,511 109,378

Unit transactions: Issue of redeemable units 1,588,930 1,669,148 Redemption of redeemable units (515,608) (859,688) Increase/(decrease) in net assets resulting from unit transactions 1,073,322 809,460

Net assets at the end of the financial period 2,060,671 918,838

The accompanying notes form an integral part of these financial statements.

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BlackRock Common Contractual Funds

BALANCE SHEET As at 31 October 2019

CCF Developed World (ESG Screened) Index Fund Period ended Period ended 31 October 2019 30 April 2019 Note USD '000 USD '000 CURRENT ASSETS Cas h 9,151 7,270 Cash equivalents 5,523 - Margin cash 510 129 Receivables 202,422 2,455 Financial assets at fair value through profit or loss 2,045,947 909,318 Total current assets 2,263,553 919,172

CURRENT LIABILITIES Pay ables 202,722 802 Financial liabilities at fair value through profit or loss 621 33 Total current liabilities 203,343 835

Net assets attributable to redeemable unitholders 2,060,210 918,337

Adjustment to align to the valuation methodology as set out in the 461 501 prospectus

Net assets attributable to redeemable unitholders 5 2,060,671 918,838

The accompanying notes form an integral part of these financial statements.

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BlackRock Common Contractual Funds

NOTES TO THE FINANCIAL STATEMENTS

1. General information The Entity is structured as a common contractual fund and is authorised by the CBI and is governed by the provisions of the UCITS Regulations.

2. Significant accounting policies 2.1 Basis of preparation The financial statements of the Entity are prepared in accordance with Financial Reporting Standard 104 Interim Financial Reporting (“FRS 104”) applicable in the United Kingdom and Republic of Ireland. The principal accounting policies and estimation techniques are consistent with those applied to the previous annual financial statements with the exception to those outlined below:

2.2 Financial instruments 2.2.1 Cash and cash equivalents Cash in the balance sheet includes cash deposits held on call with banks. Cash equivalents include short-term liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.3 Securities lending income Securities lending income is earned from lending securities owned by the Fund to third party borrowers. Securities lending income is recognised in the income statement on an accruals method basis.

All amounts have been rounded to the nearest thousand, unless otherwise indicated.

3. Fair value hierarchy The Fund classifies financial instruments measured at fair value using a fair value hierarchy. The fair value hierarchy has the following categories:

Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. This category includes instruments valued using: quoted prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data.

Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability. This category includes all instruments where the valuation techniques used include inputs not based on market data and these inputs could have a significant impact on the instrument’s valuation. This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market.

Valuation techniques include net present value and discounted cash flow models, comparison with similar instruments for which observable market prices exist and other valuation models. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spreads and other premiums used in estimating discount rates, bond and equity prices, foreign currency exchange rates, equity indices, and expected price volatilities and correlations.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety.

If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ inputs requires significant judgement. The Directors consider observable inputs to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

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BlackRock Common Contractual Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)

3. Fair value hierarchy (continued)

The following tables provide an analysis of the Fund’s financial assets and financial liabilities measured at fair value as at 31 October 2019 and 30 April 2019:

31 October 2019 Level 1 Level 2 Level 3 Total CCF Developed World (ESG Screened) Index Fund USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: - Equities 2,038,945 - - 2,038,945 - Unrealised gains on forw ard currency contracts - 6,700 - 6,700 - Unrealised gains on futures contracts 302 - - 302 Total 2,039,248 6,700 - 2,045,947 Financial liabilities at fair value through profit or loss: - - Unrealised losses on forw ard currency contracts - (614) - (614) - Unrealised losses on futures contracts (7) - - (7) Total (7) (614) - (621)

30 April 2019 Level 1 Level 2 Level 3 Total CCF Developed World (ESG Screened) Index Fund USD '000 USD '000 USD '000 USD '000 Financial assets at fair value through profit or loss: - Equities 908,559 - - 908,559 - Unrealised gains on forw ard currency contracts - 455 - 455 - Unrealised gains on futures contracts 304 - - 304 Total 908,863 455 - 909,318 Financial liabilities at fair value through profit or loss: - - Unrealised losses on forw ard currency contracts - (33) - (33) Total - (33) - (33)

4. Taxation The Fund does not have a separate legal personality and is transparent for tax purposes. The Fund is a fund within the meaning of section 739(I) Taxes Consolidation Act, 1997 (“TCA”), in which the unitholders by contractual arrangement participate and share in the property of the Fund as co-owners. The Fund is not chargeable to Irish tax in respect of its relevant income or relevant gains (“relevant profits”). Instead, the relevant profits of the Fund are treated as arising, or as the case may be, accruing to each unitholder of the Fund in proportion to the value of the units beneficially owned by the unitholder, as if the relevant profits had arisen or, as the case may be, accrued to the unitholders in the Fund without passing through the Fund. This tax treatment is subject to each of the units of the Fund being;

(a) an asset of a pension fund or being beneficially owned by a person other than an individual; or

(b) held by an intermediary, a depositary or trustee for the benefit of a person other than an individual.

No stamp duty, documentary, transfer or registration tax is payable by the Fund on the issue, transfer, redemption, repurchase or cancellation of or subscription for units in the Fund. Where any subscription for or redemption of units is satisfied by in-specie transfer of any Irish situate securities, property or other types of assets, Irish stamp duty may arise on the transfer of such assets.

5. Net asset value attributable to redeemable unitholders As at 31 October 2019

31 October 2019 30 April 2019 CCF Developed World (ESG Screened) Index Fund X1 EUR Flexible Accumulating Class Net asset value EUR '000 1,298,084 672,850 Units in issue 110,693,903 59,936,557 Net asset value per unit EUR 11.73 11.23 X1 EUR (Hedged) Flexible Accumulating Class Net asset value EUR '000 548,974 147,028 Units in issue 53,503,738 14,695,146 Net asset value per unit EUR 10.26 10.01

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BlackRock Common Contractual Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)

5. Net asset value attributable to redeemable unitholders (continued)

CCF Developed World (ESG Screened) Index Fund 31 October 2019 30 April 2019

USD '000

Net asset value Net assets attributable to redeemable unitholders in accordance w ith FRS 104 2,060,210 918,337 Add: - Alignment to the valuation methodology as set out in the prospectus 461 501 Net assets attributable to redeemable unitholders in accordance w ith the prospectus 2,060,671 918,838

Units in issue X1 EUR Flexible Accumulating Class 110,693,903 59,936,557 X1 EUR (Hedged) Flexible Accumulating Class 53,503,738 14,695,146

Net asset value per unit attributable to redeemable unitholders in accordance w ith FRS 104 X1 EUR Flexible Accumulating Class EUR 11.73 11.23 X1 EUR (Hedged) Flexible Accumulating Class EUR 10.26 10.01

Net asset value per unit attributable to redeemable unitholders in accordance w ith the prospectus X1 EUR Flexible Accumulating Class EUR 11.73 11.23 X1 EUR (Hedged) Flexible Accumulating Class EUR 10.26 10.01

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BlackRock Common Contractual Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)

6. Exchange rates The rates of exchange ruling at 31 October 2019 and 30 April 2019 were:

31 October 2019 30 April 2019

USD 1 = AUD 1.4515 1.4208 CAD 1.3144 1.3452 DKK 6.6956 6.6617 EUR 0.8963 0.8923 HKD 7.8377 7.8454 ILS 3.5236 3.6010 JPY 108.1050 111.3750 NZD 1.5593 1.4995 NOK 9.1812 8.6475 GBP 0.7728 0.7671 SGD 1.3610 1.3612 SEK 9.6343 9.5068 CHF 0.9868 1.0190

The average daily rates of exchange at each financial period end were:

31 October 2019 30 April 2019

USD 1 = AUD 1.4544 1.4038 CAD 1.3259 1.3345 DKK 6.6978 6.5856 EUR 0.8972 0.8823 HKD 7.8342 7.8413 ILS 3.5461 3.6540 JPY 108.0349 110.7656 NZD 1.5405 1.4730 NOK 8.8526 8.5910 GBP 0.7984 0.7718 SGD 1.3714 1.3580 SEK 9.5904 9.1801 CHF 0.9918 0.9981

7. Related party transactions Parties are considered to be related if one party has the ability to control the other party or is able to exercise significant influence over the other party, in making financial or operational decisions.

The following entities were related parties to the Entity during the financial period ended 31 October 2019.

Manager: BlackRock Asset Management Ireland Limited Investment Manager and Securities Lending Agent: BlackRock Advisors (UK) Limited Promoter and Principal Distributor: BlackRock Investment Management (UK) Limited

The ultimate holding company of the Manager, Investment Manager, Promoter and Principal Distributor is BlackRock, Inc. 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 Entity in the financial periods ended 31 October 2019 and 30 April 2019.

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BlackRock Common Contractual Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)

7. Related party transactions (continued) The non-executive Directors as at 31 October 2019 are presented in the table below:

Director of BlackRock affiliates and/or other Director Employee of the BlackRock Group funds managed by BlackRock William Roberts (Chairman) No Yes Patrick Boylan Yes Yes Paul Freeman No Yes Justin Mealy Yes No Barry O'Dwyer Yes Yes Adele Spillane Yes Yes Catherine Woods No No

The Directors who are also employees of the BlackRock Group are not entitled to receive Directors’ fees.

The Entity reimburses the Manager for the portion of fees paid to the Directors on its behalf.

Holdings in other funds managed by BlackRock Investments in funds managed by BlackRock, Inc. and BlackRock affiliates are listed below and marked on the Fund’s Schedule of Investments. Details of the management fee rebates applied to investments in funds are set out in the income statement of the Entity.

The Entity invested in the following fund which is also managed by BlackRock Asset Management Ireland Limited. For income earned on the related party fund please refer to the operating income. Further information on the fees charged from investing in the underlying fund is presented in the table below. The disclosed fees are the maximum charges capped as per the prospectus of the underlying fund and actual fees charged may be lower:

Investments Fee paid by the Fund Investment Company – UCITS authorised in Ireland by CBI BlackRock ICS Institutional US Dollar Liquidity Fund - Agency (Dis) Shares Annual expense capped at 0.03% of NAV 1 1The Manager of BlackRock ICS Institutional US Dollar Liquidity Fund will be responsible for discharging from its fee the annual expenses of the Funds. Where actual fees and costs incurred exceed the amount paid to the Manager, the excess will be discharged by the Manager from its own assets.

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 were no more favourable than those received by other investors investing into the same unit classes.

The table above details the maximum fee charges capped as per the prospectus of the underlying fund. There was no management fee rebate received during the financial period on the Fund in the Entity that have invested into funds which are also managed by the Manager or an affiliate of the Manager:

Significant holdings As at 31 October 2019 and 30 April 2019, there were no units of the Fund held by any subsidiaries, other related parties of the BlackRock Group and/or funds managed by BlackRock Asset Management Ireland Limited and the Fund did not have any unitholders with voting rights of 51% or more.

Securities lending The table below details the securities lending income earned for the financial period ended 31 October 2019:

Fund name Currency 31 October 2019 30 April 2019 CCF Developed World (ESG Screened) Index Fund USD 19 -

No provisions have been recognised by the Fund against amounts due from related parties at the financial period end date (30 April 2019: Nil).

No amounts have been written off during the financial period in respect of amounts due to or from related parties (30 April 2019: Nil).

No commitments secured or unsecured or guarantees have been entered into with related parties during the financial period (30 April 2019: Nil).

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BlackRock Common Contractual Funds

NOTES TO THE FINANCIAL STATEMENTS (continued)

8. Commitments and contingent liabilities There were no significant commitments or contingent liabilities at the financial periods ended 31 October 2019 and 30 April 2019.

9. Subsequent events There have been no events subsequent to the financial period end, which, in the opinion of the Directors, may have had an impact on the financial statements for the financial period ended 31 October 2019.

10. Approval date The financial statements were approved by the Directors on 18 December 2019.

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BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities: 98.97% (30 Apr 2019: 98.88%)

Argentina: 0.06% (30 Apr 2019: 0.06%) 2,442 USD MercadoLibre, Inc. 1,274 0.06 Total Argentina 1,274 0.06

Australia: 2.39% (30 Apr 2019: 2.22%) 41,866 AUD AGL Energy Ltd. 570 0.03 132,213 AUD Alumina Ltd. 207 0.01 127,207 AUD AMP Ltd.² 161 0.01 57,252 AUD APA Group 460 0.02 30,698 AUD Aristocrat Leisure Ltd. 669 0.04 10,830 AUD ASX Ltd. 614 0.03 113,073 AUD Aurizon Holdings Ltd. 460 0.02 38,367 AUD AusNet Services 49 - 147,088 AUD Australia & New Zealand Banking Group Ltd. 2,709 0.13 40,919 AUD Bank of Queensland Ltd. 255 0.01 27,153 AUD Bendigo & Adelaide Bank Ltd. 199 0.01 25,517 AUD BlueScope Steel Ltd. 234 0.01 57,739 AUD Boral Ltd. 200 0.01 79,143 AUD Brambles Ltd. 653 0.03 13,143 AUD Caltex Australia Ltd. 247 0.01 49,280 AUD Challenger Ltd. 270 0.01 1,971 AUD CIMIC Group Ltd. 45 - 34,761 AUD Coca-Cola Amatil Ltd. 243 0.01 2,951 AUD Cochlear Ltd. 430 0.02 56,446 AUD Coles Group Ltd. 583 0.03 91,904 AUD Commonw ealth Bank of Australia 4,980 0.24 18,264 AUD Computershare Ltd. 199 0.01 7,663 AUD Crow n Resorts Ltd. 66 - 23,524 AUD CSL Ltd. 4,149 0.20 55,511 AUD Dexus, REIT 458 0.02 1,306 AUD Flight Centre Travel Group Ltd. 38 - 80,482 AUD Fortescue Metals Group Ltd. 494 0.03 75,953 AUD Goodman Group, REIT 753 0.04 103,202 AUD GPT Group, REIT 423 0.02 18,404 AUD Harvey Norman Holdings Ltd. 52 - 111,469 AUD Incitec Pivot Ltd. 265 0.01 115,100 AUD Insurance Australia Group Ltd. 630 0.03 24,203 AUD Lendlease Group 312 0.02 17,231 AUD Macquarie Group Ltd. 1,590 0.08 4,234 AUD Magellan Financial Group Ltd. 141 0.01 187,409 AUD Medibank Pvt Ltd. 436 0.02 209,391 AUD Mirvac Group, REIT 463 0.02 145,956 AUD National Australia Bank Ltd. 2,877 0.14 35,754 AUD New crest Mining Ltd. 771 0.04 81,619 AUD Oil Search Ltd. 403 0.02 14,918 AUD Orica Ltd. 235 0.01

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BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Australia (continued) 110,407 AUD Origin Energy Ltd. 598 0.03 74,884 AUD QBE Insurance Group Ltd. 650 0.03 9,141 AUD Ramsay Health Care Ltd. 431 0.02 3,527 AUD REA Group Ltd. 264 0.01 17,271 AUD Rio Tinto Ltd. 1,081 0.06 58,944 GBP Rio Tinto plc 3,064 0.15 85,484 AUD Santos Ltd. 478 0.02 260,095 AUD Scentre Group, REIT 686 0.03 15,742 AUD SEEK Ltd. 246 0.01 21,725 AUD Sonic Healthcare Ltd. 427 0.02 82,754 AUD Stockland, REIT 279 0.02 65,328 AUD Suncorp Group Ltd. 605 0.03 42,459 AUD Sydney Airport 257 0.01 132,912 AUD Tabcorp Holdings Ltd. 440 0.02 199,206 AUD Telstra Corp. Ltd. 479 0.03 9,060 AUD TPG Telecom Ltd. 41 - 144,670 AUD Transurban Group 1,480 0.07 35,275 AUD Treasury Wine Estates Ltd. 427 0.02 123,547 AUD Vicinity Centres, REIT 227 0.01 60,017 AUD Wesfarmers Ltd. 1,644 0.08 178,985 AUD Westpac Banking Corp. 3,478 0.17 43,555 AUD Woodside Petroleum Ltd. 966 0.05 66,437 AUD Woolw orths Group Ltd. 1,709 0.09 28,054 AUD Worley Ltd. 264 0.01 Total Australia 49,214 2.39

Austria: 0.08% (30 Apr 2019: 0.08%) 1,482 EUR ANDRITZ AG 67 - 17,031 EUR Erste Group Bank AG 602 0.03 8,327 EUR OMV AG 486 0.03 10,711 EUR Raiffeisen Bank International AG 263 0.01 1,968 EUR Verbund AG 106 0.01 2,333 EUR voestalpine AG 58 - Total Austria 1,582 0.08

Belgium: 0.34% (30 Apr 2019: 0.38%) 8,358 EUR Ageas 482 0.02 39,558 EUR Anheuser-Busch InBev SA NV 3,179 0.16 4,905 EUR Colruyt SA 273 0.01 4,549 EUR Groupe Bruxelles Lambert SA 457 0.02 12,398 EUR KBC Group NV² 870 0.05 7,564 EUR Proximus SADP² 232 0.01 3,915 EUR Solvay SA 426 0.02 1,077 EUR Telenet Group Holding NV 53 -

15

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Belgium (continued) 7,680 EUR UCB SA 619 0.03 10,547 EUR Umicore SA² 435 0.02 Total Belgium 7,026 0.34

Bermuda: 0.02% (30 Apr 2019: 0.01%) 2,335 USD RenaissanceRe Holdings Ltd. 437 0.02 Total Bermuda 437 0.02

Canada: 3.50% (30 Apr 2019: 3.58%) 11,812 CAD Agnico Eagle Mines Ltd. 727 0.04 4,494 CAD Air Canada 160 0.01 48,036 CAD Alimentation Couche-Tard, Inc. 1,443 0.07 12,512 CAD AltaGas Ltd. 182 0.01 1,933 CAD Atco Ltd. 68 - 19,831 CAD Aurora Cannabis, Inc. 71 - 33,165 CAD Bank of Montreal 2,460 0.12 63,450 CAD Bank of Nova Scotia (The) 3,647 0.18 8,966 CAD BCE, Inc. 426 0.02 49,038 CAD BlackBerry Ltd. 258 0.01 42,582 CAD Bombardier, Inc. 54 - 46,243 CAD Brookfield Asset Management, Inc. 2,562 0.12 17,663 CAD CAE, Inc. 444 0.02 26,503 CAD Cameco Corp. 237 0.01 23,085 CAD Canadian Imperial Bank of Commerce 1,973 0.10 37,452 CAD Canadian National Railw ay Co. 3,356 0.16 63,527 CAD Canadian Natural Resources Ltd. 1,605 0.08 7,405 CAD Canadian Pacific Railw ay Ltd. 1,687 0.08 3,451 CAD Canadian Tire Corp. Ltd. 373 0.02 7,091 CAD Canadian Utilities Ltd. 207 0.01 5,839 CAD Canopy Grow th Corp. 117 0.01 10,218 CAD CCL Industries, Inc. 421 0.02 66,231 CAD Cenovus Energy, Inc. 565 0.03 11,572 CAD CGI, Inc. 901 0.04 17,600 CAD CI Financial Corp. 257 0.01 1,153 CAD Constellation Softw are, Inc 1,141 0.06 5,195 CAD Cronos Group, Inc. 43 - 13,911 CAD Dollarama, Inc. 469 0.02 12,207 CAD Emera, Inc. 506 0.02 7,633 CAD Empire Co. Ltd. 203 0.01 105,063 CAD Enbridge, Inc. 3,834 0.19 65,590 CAD Encana Corp. 257 0.01 1,415 CAD Fairfax Financial Holdings Ltd. 601 0.03 15,904 CAD First Capital Realty, Inc. 264 0.01

16

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Canada (continued) 24,266 CAD First Quantum Minerals Ltd. 205 0.01 43,607 CAD Fortis, Inc. 1,056 0.05 8,710 CAD Franco-Nevada Corp. 847 0.04 2,832 CAD George Weston Ltd. 227 0.01 13,844 CAD Gildan Activew ear, Inc. 493 0.03 16,926 CAD Great-West Lifeco, Inc. 412 0.02 2,849 CAD H&R, REIT 48 - 7,127 CAD Husky Energy, Inc. 50 - 12,751 CAD Hydro One Ltd. 238 0.01 6,471 CAD iA Financial Corp., Inc. 312 0.02 1,781 CAD IGM Financial, Inc. 50 - 14,921 CAD Imperial Oil Ltd. 372 0.02 7,004 CAD Intact Financial Corp. 724 0.04 23,996 CAD Inter Pipeline Ltd. 404 0.02 8,496 CAD Keyera Corp. 197 0.01 56,036 CAD Kinross Gold Corp. 273 0.01 7,971 CAD Kirkland Lake Gold Ltd. 375 0.02 12,336 CAD Loblaw Cos. Ltd. 630 0.03 18,108 CAD Magna International, Inc. 974 0.05 91,581 CAD Manulife Financial Corp. 1,709 0.09 12,093 CAD Methanex Corp. 251 0.01 14,174 CAD Metro, Inc. 601 0.03 15,592 CAD National Bank of Canada 807 0.04 27,210 CAD Nutrien Ltd. 1,304 0.07 7,654 CAD Onex Corp. 406 0.02 14,747 CAD Open Text Corp. 597 0.03 23,728 CAD Pembina Pipeline Corp. 837 0.04 13,369 CAD Pow er Corporation of Canada 310 0.02 11,655 CAD Pow er Financial Corp. 273 0.01 4,305 CAD PrairieSky Royalty Ltd. 42 - 12,283 CAD Quebecor, Inc. 286 0.01 11,934 CAD Restaurant Brands International, Inc. 782 0.04 3,111 CAD RioCan, REIT 63 - 27,038 CAD Rogers Communications, Inc. 999 0.05 66,759 CAD Royal Bank of Canada 5,396 0.26 21,082 CAD Saputo, Inc. 1,013 0.05 19,371 CAD Shaw Communications, Inc. 396 0.02 14,817 CAD Shopify, Inc. 1,661 0.08 2,392 CAD SmartCentres, REIT 247 0.01 3,554 CAD SNC-Lavalin Group, Inc. 64 - 9,853 CAD Stars Group, Inc. 215 0.01 27,608 CAD Sun Life Financial, Inc. 1,241 0.06 77,610 CAD Suncor Energy, Inc. 2,381 0.12 20,024 CAD Telus Corporation 664 0.04 48,126 CA D TC Energy Corp. 2,431 0.12

17

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Canada (continued) 31,525 CAD Teck Resources Ltd. 499 0.02 9,989 CAD Thomson Reuters Corp. 673 0.03 94,924 CAD Toronto-Dominion Bank (The) 5,432 0.27 5,261 CAD Tourmaline Oil Corp. 45 - 2,946 CAD Vermilion Energy, Inc. 39 - 1,162 CAD West Fraser Timber Co. Ltd. 54 - 24,233 CAD Wheaton Precious Metals Corp. 681 0.03 4,082 CAD WSP Global, Inc. 255 0.01 Total Canada 72,060 3.50

Cayman Islands: 0.05% (30 Apr 2019: 0.04%) 24,000 HKD MGM China Holdings Ltd.² 38 - 131,200 HKD Sands China Ltd. 649 0.04 126,000 HKD Wynn Macau Ltd. 275 0.01 Total Cayman Islands 962 0.05

Chile: 0.02% (30 Apr 2019: 0.01%) 20,705 GBP Antofagasta plc 232 0.01 50,802 CAD Lundin Mining Corp. 257 0.01 Total Chile 489 0.02

Denmark: 0.63% (30 Apr 2019: 0.64%) 248 DKK AP Moller - Maersk A/S 'A' 298 0.02 342 DKK AP Moller - Maersk A/S 'B' 436 0.02 4,977 DKK Carlsberg A/S 'B' 701 0.03 4,180 DKK Chr Hansen Holding A/S² 321 0.02 5,675 DKK Coloplast A/S² 684 0.03 41,913 DKK Danske Bank A/S 599 0.03 5,245 DKK Demant A/S 138 0.01 12,467 DKK DSV A/S 1,210 0.06 3,224 DKK Genmab A/S² 703 0.03 1,418 DKK H Lundbeck A/S 48 - 6,645 DKK ISS A/S² 174 0.01 91,862 DKK Novo Nordisk A/S 5,019 0.24 13,115 DKK Novozymes A/S 618 0.03 8,801 DKK Orsted A/S 772 0.04 6,521 DKK Pandora A/S 321 0.02 8,489 DKK Tryg A/S 237 0.01 8,791 DKK Vestas Wind Systems A/S² 718 0.03 Total Denmark 12,997 0.63

Finland: 0.41% (30 Apr 2019: 0.42%) 9,039 EUR Elisa Oyj² 493 0.02 25,971 EUR Fortum Oyj 634 0.03 15,814 EUR Kone Oyj 1,006 0.05

18

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Finland (continued) 6,951 EUR Metso Oyj² 263 0.01 19,683 EUR Neste Oyj 711 0.04 319,277 EUR Nokia Oyj 1,173 0.06 8,833 EUR Nokian Renkaat Oyj 252 0.01 176,981 SEK Nordea Bank Abp 1,297 0.06 1,618 EUR Nordea Bank Abp 12 - 5,293 EUR Orion Oyj 235 0.01 20,677 EUR Sampo Oyj² 848 0.04 34,688 EUR Stora Enso Oyj² 450 0.02 24,832 EUR UPM-Kymmene Oyj 807 0.04 32,149 EUR Wartsila OYJ Abp² 340 0.02 Total Finland 8,521 0.41

France: 3.63% (30 Apr 2019: 3.68%) 9,646 EUR Accor SA 415 0.02 1,364 EUR Aeroports de Paris 259 0.01 23,377 EUR Air Liquide SA 3,106 0.15 9,732 EUR Alstom SA 421 0.02 3,204 EUR Amundi SA 229 0.01 4,646 EUR Arkema SA 475 0.02 5,291 EUR Atos SE 410 0.02 100,677 EUR AXA SA 2,661 0.13 3,393 EUR BioMerieux 278 0.01 58,396 EUR BNP Paribas SA 3,051 0.15 61,726 EUR Bollore SA 267 0.01 9,746 EUR Bouygues SA 413 0.02 18,006 EUR Bureau Veritas SA 461 0.02 7,394 EUR Capgemini SE 833 0.04 32,767 EUR Carrefour SA 558 0.03 1,117 EUR Casino Guichard Perrachon SA² 60 - 23,050 EUR Cie de Saint-Gobain 938 0.05 7,949 EUR Cie Generale des Etablissements Michelin SCA 968 0.05 13,574 EUR CNP Assurances 270 0.01 3,253 EUR Covivio, REIT 369 0.02 55,408 EUR Credit Agricole SA 722 0.04 32,056 EUR Danone SA 2,660 0.13 6,116 EUR Dassault Systemes SE 928 0.05 12,934 EUR Edenred 681 0.03 4,282 EUR Eiffage SA 460 0.02 32,751 EUR Electricite de France SA 338 0.02 97,373 EUR Engie SA 1,630 0.08 14,715 EUR EssilorLuxottica SA 2,247 0.11 1,000 EUR Eurazeo SE 70 -

19

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

France (continued) 13,210 EUR Eutelsat Communications SA² 251 0.01 5,345 EUR Faurecia SA 249 0.01 2,781 EUR Gecina SA, REIT 477 0.02 25,845 EUR Getlink SE 433 0.02 1,758 EUR Hermes International 1,266 0.06 683 EUR ICADE, REIT 67 - 540 EUR Iliad SA² 56 - 834 EUR Imerys SA 32 - 2,528 EUR Ingenico Group SA 270 0.01 1,616 EUR Ipsen SA 172 0.01 1,516 EUR JCDecaux SA² 41 - 3,934 EUR Kering SA 2,240 0.11 12,400 EUR Klepierre SA, REIT 462 0.02 12,413 EUR Legrand SA 969 0.05 13,119 EUR L'Oreal SA 3,833 0.19 14,423 EUR LVMH Moet Hennessy Louis Vuitton SE 6,157 0.30 38,562 EUR Natixis SA 177 0.01 105,767 EUR Orange SA 1,704 0.08 11,025 EUR Pernod Ricard SA 2,036 0.10 28,185 EUR Peugeot SA 714 0.04 12,932 EUR Publicis Groupe SA 556 0.03 2,018 EUR Remy Cointreau SA² 271 0.01 11,068 EUR Renault SA 565 0.03 58,411 EUR Sanofi 5,386 0.26 1,193 EUR Sartorius Stedim Biotech 179 0.01 28,554 EUR Schneider Electric SE 2,653 0.13 9,038 EUR SCOR SE 381 0.02 1,782 EUR SEB SA 271 0.01 522 EUR Societe BIC SA 36 - 42,678 EUR Societe Generale SA 1,212 0.06 5,479 EUR Sodexo SA² 604 0.03 16,502 EUR Suez 257 0.01 3,032 EUR Teleperformance 687 0.04 124,132 EUR TOTAL SA 6,529 0.32 4,812 EUR Ubisoft Entertainment SA 284 0.01 6,435 EUR Unibail-Rodamco-Westfield, REIT² 995 0.05 13,062 EUR Valeo SA 486 0.02 26,306 EUR Veolia Environnement SA 692 0.04 26,492 EUR Vinci SA 2,975 0.14 49,969 EUR Vivendi SA 1,392 0.07 1,866 EUR Wendel SA 264 0.01 4,887 EUR Worldline SA France 297 0.02 Total France 74,756 3.63

20

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Germany: 2.83% (30 Apr 2019: 2.94%) 1,079 EUR 1&1 Drillisch AG² 29 - 9,364 EUR adidas AG 2,892 0.14 22,036 EUR Allianz SE 5,384 0.26 39,301 EUR Aroundtow n SA 332 0.02 3,577 EUR Axel Springer SE 249 0.01 47,684 EUR BASF SE 3,630 0.18 18,032 EUR Bayerische Motoren Werke AG 1,382 0.07 4,150 EUR Bayerische Motoren Werke AG, Preference 256 0.01 5,288 EUR Beiersdorf AG 626 0.03 8,261 EUR Brenntag AG 415 0.02 2,602 EUR Carl Zeiss Meditec AG 284 0.01 59,847 EUR Commerzbank AG 358 0.02 5,118 EUR Continental AG 685 0.03 8,961 EUR Covestro AG 430 0.02 47,211 EUR Daimler AG 2,761 0.13 4,302 EUR Delivery Hero SE 202 0.01 91,350 EUR Deutsche Bank AG² 662 0.03 10,146 EUR Deutsche Boerse AG 1,572 0.08 13,100 EUR Deutsche Lufthansa AG 227 0.01 51,740 EUR Deutsche Post AG 1,833 0.09 173,038 EUR Deutsche Telekom AG 3,044 0.15 16,611 EUR Deutsche Wohnen SE 625 0.03 102,408 EUR E.ON SE 1,032 0.05 7,280 EUR Evonik Industries AG 192 0.01 2,978 EUR Fraport AG Frankfurt Airport Services Worldw ide 249 0.01 10,027 EUR Fresenius Medical Care AG & Co. KGaA 726 0.05 23,425 EUR Fresenius SE & Co. KGaA 1,232 0.06 1,415 EUR FUCHS PETROLUB SE, Preference 60 - 8,114 EUR GEA Group AG 248 0.01 3,681 EUR Hannover Rueck SE 652 0.03 8,590 EUR HeidelbergCement AG 639 0.03 6,105 EUR Henkel AG & Co. KGaA 588 0.03 10,345 EUR Henkel AG & Co. KGaA, Preference 1,076 0.05 2,074 EUR HOCHTIEF AG 259 0.01 3,310 EUR HUGO BOSS AG 139 0.01 68,353 EUR Infineon Technologies AG 1,326 0.06 4,479 EUR KION Group AG 298 0.01 3,147 EUR Knorr-Bremse AG 318 0.02 3,953 EUR LANXESS AG 257 0.01 6,013 EUR Merck KGaA 717 0.04 3,665 EUR METRO AG 60 - 2,587 EUR MTU Aero Engines AG 691 0.04 7,492 EUR Muenchener Rueckversicherungs-Gesellschaft AG 2,081 0.10 3,199 EUR Puma SE 241 0.01 25,448 EUR RWE AG 776 0.04 51,023 EUR SAP SE 6,762 0.33 2,360 EUR Sartorius AG, Preference 459 0.02

21

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Germany (continued) 39,716 EUR Siemens AG 4,581 0.22 5,683 EUR Siemens Healthineers AG 242 0.01 6,612 EUR Symrise AG 636 0.03 79,322 EUR Telefonica Deutschland Holding AG 252 0.01 25,413 EUR thyssenkrupp AG² 363 0.02 21,873 GBP TUI AG 286 0.01 7,818 EUR Uniper SE² 244 0.01 6,186 EUR United Internet AG 186 0.01 27,531 EUR Vonovia SE 1,466 0.07 5,462 EUR Wirecard AG 692 0.04 9,348 EUR Zalando SE 405 0.02 Total Germany 58,309 2.83

Hong Kong: 1.12% (30 Apr 2019: 1.38%) 627,600 HKD AIA Group Ltd. 6,282 0.30 15,400 HKD ASM Pacific Technology Ltd. 216 0.01 56,800 HKD Bank of East Asia Ltd. 137 0.01 120,500 HKD CK Asset Holdings Ltd. 841 0.04 27,000 HKD CK Infrastructure Holdings Ltd. 194 0.01 78,000 HKD CLP Holdings Ltd. 810 0.04 6,900 USD Dairy Farm International Holdings Ltd. 42 - 107,000 HKD Galaxy Entertainment Group Ltd. 739 0.04 97,000 HKD Hang Lung Properties Ltd. 214 0.01 37,100 HKD Hang Seng Bank Ltd.² 775 0.04 83,000 HKD Henderson Land Development Co. Ltd. 416 0.02 54,000 HKD HK Electric Investments & HK Electric Investments Ltd 54 - 274,000 HKD HKT Trust & HKT Ltd. 427 0.02 577,200 HKD Hong Kong & China Gas Co. Ltd. 1,121 0.06 55,600 HKD Hong Kong Exchanges & Clearing Ltd. 1,738 0.08 65,700 USD Hongkong Land Holdings Ltd. 361 0.02 13,000 HKD Hysan Development Co. Ltd. 51 - 11,200 USD Jardine Matheson Holdings Ltd. 640 0.03 12,300 USD Jardine Strategic Holdings Ltd. 398 0.02 37,000 HKD Kerry Properties Ltd. 120 0.01 117,000 HKD Link, REIT 1,275 0.06 13,844 USD Melco Resorts & Entertainment Ltd. 298 0.01 67,000 HKD MTR Corp. Ltd. 385 0.02 310,000 HKD New World Development Co. Ltd. 445 0.02 32,000 HKD NWS Holdings Ltd. 48 - 86,000 HKD PCCW Ltd. 51 - 84,500 HKD Pow er Assets Holdings Ltd. 603 0.03 32,000 HKD Shangri-La Asia Ltd. 33 - 188,000 HKD Sino Land Co. Ltd. 282 0.01 46,000 HKD SJM Holdings Ltd. 49 - 88,000 HKD Sun Hung Kai Properties Ltd. 1,336 0.07 19,000 HKD Sw ire Pacific Ltd.² 181 0.01 61,000 HKD Sw ire Properties Ltd.² 192 0.01

22

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Hong Kong (continued) 87,000 HKD Techtronic Industries Co. Ltd.² 683 0.04 28,000 HKD Vitasoy International Holdings Ltd. 114 0.01 584,000 HKD WH Group Ltd. 621 0.03 115,000 HKD Wharf Holdings Ltd. (The) 262 0.01 69,000 HKD Wharf Real Estate Investment Co. Ltd.² 407 0.02 38,000 HKD Wheelock & Co. Ltd. 235 0.01 15,500 HKD Yue Yuen Industrial Holdings Ltd. 44 - Total Hong Kong 23,120 1.12

Ireland: 0.21% (30 Apr 2019: 0.26%) 4,806 USD AerCap Holdings NV² 278 0.01 16,575 EUR AIB Group plc 53 - 48,973 EUR Bank of Ireland Group plc 236 0.01 42,922 EUR CRH plc 1,567 0.08 4,265 EUR Flutter Entertainment plc 441 0.02 7,388 EUR Kerry Group plc 893 0.05 8,329 EUR Kingspan Group plc 432 0.02 14,554 EUR Smurfit Kappa Group plc 488 0.02 Total Ireland 4,388 0.21

Israel: 0.17% (30 Apr 2019: 0.20%) 1,958 ILS Azrieli Group Ltd. 151 0.01 60,642 ILS Bank Hapoalim BM 485 0.02 42,068 ILS Bank Leumi Le-Israel BM 306 0.01 6,031 USD Check Point Softw are Technologies Ltd. 678 0.03 21,126 ILS Israel Chemicals Ltd. 94 - 70,603 ILS Israel Discount Bank Ltd. 323 0.02 5,702 ILS Mizrahi Tefahot Bank Ltd. 141 0.01 3,443 ILS Nice Ltd. 544 0.03 63,915 USD Teva Pharmaceutical Industries Ltd. 521 0.03 1,771 USD Wix.com Ltd. 216 0.01 Total Israel 3,459 0.17

Italy: 0.69% (30 Apr 2019: 0.70%) 61,108 EUR Assicurazioni Generali SpA² 1,240 0.06 22,199 EUR Davide Campari-Milano SpA² 203 0.01 429,173 EUR Enel SpA 3,323 0.16 132,071 EUR Eni SpA² 2,000 0.10 5,683 EUR Ferrari NV 910 0.05 13,238 EUR FinecoBank Banca Fineco SpA 149 0.01 773,196 EUR Intesa Sanpaolo SpA 1,938 0.09 38,950 EUR Mediobanca Banca di Credito Finanziario SpA 463 0.02 10,606 EUR Moncler SpA 409 0.02 8,142 EUR Pirelli & C SpA 47 - 23,234 EUR Poste Italiane SpA² 282 0.01 11,269 EUR Prysmian SpA 260 0.01

23

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Italy (continued) 5,085 EUR Recordati SpA 214 0.01 95,301 EUR Snam SpA² 489 0.03 335,163 EUR Telecom Italia SpA² 196 0.01 453,467 EUR Telecom Italia SpA, Savings Share 262 0.01 67,643 EUR Terna Rete Elettrica Nazionale SpA² 447 0.02 109,193 EUR UniCredit SpA 1,385 0.07 Total Italy 14,217 0.69

Japan: 8.85% (30 Apr 2019: 8.46%) 800 JPY ABC-Mart, Inc. 55 - 11,400 JPY Acom Co. Ltd. 46 - 12,400 JPY Advantest Corp 567 0.03 30,800 JPY Aeon Co. Ltd. 623 0.03 2,400 JPY AEON Financial Service Co. Ltd. 37 - 2,500 JPY Aeon Mall Co. Ltd. 40 - 7,000 JPY AGC, Inc. 248 0.01 3,000 JPY Air Water, Inc. 57 - 6,400 JPY Aisin Seiki Co. Ltd. 258 0.01 22,400 JPY Ajinomoto Co., Inc. 427 0.02 7,900 JPY Alfresa Holdings Corp. 178 0.02 11,200 JPY Alps Alpine Co. Ltd. 243 0.01 23,800 JPY Amada Holdings Co. Ltd. 274 0.01 6,300 JPY ANA Holdings, Inc. 217 0.01 10,300 JPY Aozora Bank Ltd. 266 0.01 17,700 JPY Asahi Group Holdings Ltd. 889 0.05 8,000 JPY Asahi Intecc Co. Ltd. 221 0.01 59,500 JPY Asahi Kasei Corp. 667 0.03 100,300 JPY Astellas Pharma, Inc. 1,724 0.09 11,500 JPY Bandai Namco Holdings, Inc. 710 0.04 1,100 JPY Bank of Kyoto Ltd. (The) 44 - 1,600 JPY Benesse Holdings, Inc. 43 - 31,500 JPY Bridgestone Corp. 1,318 0.07 11,700 JPY Brother Industries Ltd. 222 0.01 1,600 JPY Calbee, Inc. 54 - 54,200 JPY Canon, Inc. 1,485 0.07 16,400 JPY Casio Computer Co. Ltd. 268 0.01 7,700 JPY Central Japan Railw ay Co. 1,588 0.08 49,200 JPY Chiba Bank Ltd. (The) 271 0.01 40,000 JPY Chubu Electric Pow er Co., Inc. 601 0.03 10,400 JPY Chugai Pharmaceutical Co. Ltd. 880 0.04 19,300 JPY Chugoku Electric Pow er Co., Inc. (The) 257 0.01 2,700 JPY Coca-Cola Bottlers Japan Holdings, Inc. 62 - 58,400 JPY Concordia Financial Group Ltd. 241 0.01 3,600 JPY Credit Saison Co. Ltd. 53 - 5,300 JPY CyberAgent, Inc. 173 0.01 9,600 JPY Dai Nippon Printing Co. Ltd. 258 0.01 3,900 JPY Daifuku Co. Ltd. 210 0.01

24

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Japan (continued) 54,400 JPY Dai-ichi Life Holdings, Inc. 898 0.05 29,600 JPY Daiichi Sankyo Co. Ltd. 1,955 0.10 13,100 JPY Daikin Industries Ltd. 1,845 0.09 4,600 JPY Daito Trust Construction Co. Ltd. 612 0.03 27,000 JPY Daiw a House Industry Co. Ltd. 933 0.05 76 JPY Daiw a House Investment Corp., REIT 221 0.01 83,200 JPY Daiw a Securities Group, Inc. 377 0.02 20,200 JPY Denso Corp. 946 0.05 9,600 JPY Dentsu, Inc. 345 0.02 1,400 JPY Disco Corp. 309 0.02 16,500 JPY East Japan Railw ay Co. 1,504 0.07 11,700 JPY Eisai Co. Ltd. 854 0.04 10,500 JPY Electric Pow er Development Co. Ltd. 256 0.01 14,600 JPY FamilyMart UNY Holdings Co. Ltd. 364 0.02 10,100 JPY FANUC Corp. 2,018 0.10 3,100 JPY Fast Retailing Co. Ltd. 1,923 0.10 6,700 JPY Fuji Electric Co. Ltd. 215 0.01 16,800 JPY FUJIFILM Holdings Corp. 743 0.04 11,600 JPY Fujitsu Ltd. 1,033 0.05 7,300 JPY Fukuoka Financial Group, Inc. 142 0.01 1,400 JPY GMO Payment Gatew ay, Inc. 103 0.01 12,900 JPY Hakuhodo DY Holdings, Inc. 194 0.01 5,700 JPY Hamamatsu Photonics KK 223 0.01 11,100 JPY Hankyu Hanshin Holdings, Inc. 447 0.02 900 JPY Hikari Tsushin, Inc. 198 0.01 5,200 JPY Hino Motors Ltd. 50 - 1,700 JPY Hirose Electric Co. Ltd. 216 0.01 1,200 JPY Hisamitsu Pharmaceutical Co., Inc. 56 - 2,800 JPY Hitachi Chemical Co. Ltd. 93 0.01 2,200 JPY Hitachi Construction Machinery Co. Ltd. 57 - 4,600 JPY Hitachi High-Technologies Corp. 288 0.02 50,200 JPY Hitachi Ltd. 1,890 0.09 4,300 JPY Hitachi Metals Ltd. 54 - 84,600 JPY Honda Motor Co. Ltd. 2,303 0.11 2,900 JPY Hoshizaki Corp. 248 0.01 20,100 JPY Hoya Corp. 1,785 0.09 23,400 JPY Hulic Co. Ltd. 256 0.01 7,658 JPY Idemitsu Kosan Co. Ltd. 227 0.01 3,000 JPY Iida Group Holdings Co. Ltd. 50 - 64,300 JPY Inpex Corp. 600 0.03 6,800 JPY Isetan Mitsukoshi Holdings Ltd. 55 - 31,400 JPY Isuzu Motors Ltd. 368 0.02 72,500 JPY ITOCHU Corp. 1,523 0.08 4,000 JPY Itochu Techno-Solutions Corp. 108 0.01 20,400 JPY J Front Retailing Co. Ltd. 261 0.01 8,000 JPY Japan Airlines Co. Ltd. 250 0.01 1,200 JPY Japan Airport Terminal Co. Ltd. 60 -

25

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Japan (continued) 22,300 JPY Japan Exchange Group, Inc. 371 0.02 21,700 JPY Japan Post Bank Co. Ltd. 217 0.01 79,400 JPY Japan Post Holdings Co. Ltd. 732 0.04 55 JPY Japan Prime Realty Investment Corp., REIT 264 0.01 66 JPY Japan Real Estate Investment Corp., REIT 450 0.02 105 JPY Japan Retail Fund Investment Corp., REIT 245 0.01 28,300 JPY JFE Holdings, Inc. 358 0.02 17,600 JPY JGC Corp. 258 0.01 14,800 JPY JSR Corp. 281 0.02 4,200 JPY JTEKT Corp. 54 - 167,300 JPY JXTG Holdings, Inc. 788 0.04 31,500 JPY Kajima Corp. 436 0.02 10,000 JPY Kakaku.com, Inc. 233 0.01 2,200 JPY Kamigumi Co. Ltd. 50 - 1,200 JPY Kaneka Corp. 40 - 29,100 JPY Kansai Electric Pow er Co., Inc. (The) 340 0.02 11,300 JPY Kansai Paint Co. Ltd. 274 0.01 25,400 JPY Kao Corp. 2,054 0.10 10,900 JPY Kaw asaki Heavy Industries Ltd. 264 0.01 91,700 JPY KDDI Corp. 2,544 0.13 5,200 JPY Keihan Holdings Co. Ltd. 246 0.01 11,400 JPY Keikyu Corp. 228 0.01 7,000 JPY Keio Corp. 435 0.02 5,400 JPY Keisei Electric Railw ay Co. Ltd. 222 0.01 4,900 JPY Keyence Corp. 3,120 0.15 7,900 JPY Kikkoman Corp. 382 0.02 8,400 JPY Kintetsu Group Holdings Co. Ltd. 459 0.02 39,000 JPY Kirin Holdings Co. Ltd. 832 0.04 3,300 JPY Kobayashi Pharmaceutical Co. Ltd. 265 0.01 6,300 JPY Kobe Steel Ltd. 34 - 4,300 JPY Koito Manufacturing Co. Ltd. 228 0.01 51,500 JPY Komatsu Ltd. 1,219 0.06 4,100 JPY Konami Holdings Corp. 181 0.01 23,100 JPY Konica Minolta, Inc. 171 0.01 1,300 JPY Kose Corp. 232 0.01 50,900 JPY Kubota Corp. 815 0.04 17,800 JPY Kuraray Co. Ltd. 214 0.01 2,000 JPY Kurita Water Industries Ltd. 58 - 18,100 JPY Kyocera Corp. 1,195 0.06 12,400 JPY Kyow a Hakko Kirin Co. Ltd. 229 0.01 25,600 JPY Kyushu Electric Pow er Co., Inc. 256 0.01 6,600 JPY Kyushu Railw ay Co. 219 0.01 1,000 JPY Law son, Inc. 55 - 1,500 JPY LINE Corp. 55 - 11,100 JPY Lion Corp. 233 0.01 13,200 JPY LIXIL Group Corp. 247 0.01 21,400 JPY M3, Inc. 515 0.03

26

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Japan (continued) 12,100 JPY Makita Corp. 412 0.02 86,600 JPY Marubeni Corp. 613 0.03 10,000 JPY Marui Group Co. Ltd. 224 0.01 1,400 JPY Maruichi Steel Tube Ltd. 39 - 41,300 JPY Mazda Motor Corp. 384 0.02 5,200 JPY McDonald's Holdings Co. Japan Ltd. 261 0.01 16,700 JPY Mebuki Financial Group, Inc. 43 - 9,600 JPY Medipal Holdings Corp. 220 0.01 5,800 JPY MEIJI Holdings Co. Ltd. 420 0.02 5,500 JPY Mercari, Inc. 125 0.01 14,500 JPY MinebeaMitsumi, Inc. 279 0.01 18,000 JPY MiSUMi Group, Inc. 457 0.02 80,400 JPY Mitsubishi Chemical Holdings Corp. 618 0.03 71,000 JPY Mitsubishi Corp. 1,815 0.09 99,100 JPY Mitsubishi Electric Corp. 1,426 0.07 65,700 JPY Mitsubishi Estate Co. Ltd. 1,281 0.06 3,300 JPY Mitsubishi Gas Chemical Co., Inc. 47 - 14,900 JPY Mitsubishi Heavy Industries Ltd. 607 0.03 8,700 JPY Mitsubishi Materials Corp. 252 0.01 57,700 JPY Mitsubishi Motors Corp. 266 0.01 5,100 JPY Mitsubishi Tanabe Pharma Corp. 61 - 638,600 JPY Mitsubishi UFJ Financial Group, Inc. 3,366 0.17 8,700 JPY Mitsubishi UFJ Lease & Finance Co. Ltd. 54 - 89,200 JPY Mitsui & Co. Ltd. 1,541 0.08 9,500 JPY Mitsui Chemicals, Inc. 229 0.01 49,600 JPY Mitsui Fudosan Co. Ltd. 1,276 0.06 9,500 JPY Mitsui OSK Lines Ltd. 261 0.01 1,253,000 JPY Mizuho Financial Group, Inc. 1,956 0.10 9,500 JPY MonotaRO Co. Ltd. 290 0.02 22,100 JPY MS&AD Insurance Group Holdings, Inc. 717 0.04 30,400 JPY Murata Manufacturing Co. Ltd. 1,649 0.08 8,100 JPY Nabtesco Corp. 262 0.01 7,500 JPY Nagoya Railroad Co. Ltd. 239 0.01 11,600 JPY NEC Corp. 461 0.02 27,900 JPY Nexon Co. Ltd. 324 0.02 13,800 JPY NGK Insulators Ltd. 214 0.01 13,200 JPY NGK Spark Plug Co. Ltd. 271 0.01 6,800 JPY NH Foods Ltd. 286 0.02 11,800 JPY Nidec Corp. 1,755 0.09 15,900 JPY Nikon Corp. 204 0.01 5,200 JPY Nintendo Co. Ltd. 1,858 0.09 84 JPY Nippon Building Fund, Inc., REIT 637 0.03 1,700 JPY Nippon Electric Glass Co. Ltd. 39 - 3,400 JPY Nippon Express Co. Ltd. 195 0.01 9,400 JPY Nippon Paint Holdings Co. Ltd. 517 0.03 35 JPY Nippon Prologis, Inc., REIT 98 0.01 38,400 JPY Nippon Steel Corp. 565 0.03

27

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Japan (continued) 34,100 JPY Nippon Telegraph & Telephone Corp. 1,696 0.08 3,100 JPY Nippon Yusen KK 56 - 5,100 JPY Nissan Chemical Corp. 211 0.01 117,100 JPY Nissan Motor Co. Ltd. 747 0.04 8,400 JPY Nisshin Seifun Group, Inc. 167 0.01 3,400 JPY Nissin Foods Holdings Co. Ltd. 258 0.01 4,600 JPY Nitori Holdings Co. Ltd. 703 0.04 8,300 JPY Nitto Denko Corp. 464 0.02 170,300 JPY Nomura Holdings, Inc. 780 0.04 11,100 JPY Nomura Real Estate Holdings, Inc. 265 0.01 241 JPY Nomura Real Estate Master Fund, Inc., REIT 460 0.02 13,500 JPY Nomura Research Institute Ltd. 289 0.02 28,600 JPY NSK Ltd. 269 0.01 32,200 JPY NTT Data Corp. 427 0.02 69,900 JPY NTT DOCOMO, Inc. 1,924 0.10 44,500 JPY Obayashi Corp. 461 0.02 3,800 JPY Obic Co. Ltd. 480 0.02 16,400 JPY Odakyu Electric Railw ay Co. Ltd. 401 0.02 34,600 JPY Oji Holdings Corp. 181 0.01 58,000 JPY Olympus Corp. 794 0.04 9,000 JPY Omron Corp. 533 0.03 20,300 JPY Ono Pharmaceutical Co. Ltd. 384 0.02 2,900 JPY Oracle Corp. Japan 257 0.01 10,700 JPY Oriental Land Co. Ltd. 1,573 0.08 61,600 JPY ORIX Corp. 972 0.05 20,200 JPY Osaka Gas Co. Ltd. 397 0.02 5,500 JPY Otsuka Corp. 223 0.01 19,500 JPY Otsuka Holdings Co. Ltd. 819 0.04 24,700 JPY Pan Pacific International Holdings Corp. 390 0.02 102,700 JPY Panasonic Corp. 871 0.04 2,400 JPY Park24 Co. Ltd. 57 - 6,900 JPY PeptiDream, Inc. 348 0.02 9,000 JPY Persol Holdings Co. Ltd. 174 0.01 4,800 JPY Pigeon Corp. 236 0.01 1,900 JPY Pola Orbis Holdings, Inc. 43 - 44,800 JPY Rakuten, Inc. 430 0.02 70,400 JPY Recruit Holdings Co. Ltd. 2,352 0.12 38,500 JPY Renesas Electronics Corp. 264 0.01 133,800 JPY Resona Holdings, Inc. 588 0.03 46,000 JPY Ricoh Co. Ltd. 413 0.02 700 JPY Rinnai Corp. 52 - 5,800 JPY Rohm Co. Ltd. 464 0.02 17,200 JPY Ryohin Keikaku Co. Ltd. 385 0.02 1,100 JPY Sankyo Co. Ltd. 39 - 24,400 JPY Santen Pharmaceutical Co. Ltd. 434 0.02 9,000 JPY SBI Holdings, Inc. 197 0.01 9,800 JPY Secom Co. Ltd. 912 0.05

28

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Japan (continued) 3,500 JPY Sega Sammy Holdings, Inc. 49 - 14,600 JPY Seibu Holdings, Inc. 258 0.01 14,200 JPY Seiko Epson Corp. 202 0.01 14,600 JPY Sekisui Chemical Co. Ltd. 256 0.01 33,900 JPY Sekisui House Ltd. 734 0.04 40,400 JPY Seven & i Holdings Co. Ltd. 1,532 0.08 14,000 JPY Seven Bank Ltd. 41 - 5,400 JPY SG Holdings Co. Ltd. 134 0.01 4,300 JPY Sharp Corp. 50 - 8,600 JPY Shimadzu Corp. 232 0.01 600 JPY Shimamura Co. Ltd. 51 - 4,400 JPY Shimano, Inc. 736 0.04 24,100 JPY Shimizu Corp. 226 0.01 18,900 JPY Shin-Etsu Chemical Co. Ltd. 2,126 0.10 15,800 JPY Shinsei Bank Ltd. 249 0.01 12,500 JPY Shionogi & Co. Ltd. 754 0.04 21,200 JPY Shiseido Co. Ltd. 1,759 0.09 32,100 JPY Shizuoka Bank Ltd. 247 0.01 7,600 JPY Show a Denko KK 216 0.01 2,800 JPY SMC Corp. 1,222 0.06 92,900 JPY Softbank Corp. 1,276 0.06 85,700 JPY SoftBank Group Corp. 3,322 0.16 4,900 JPY Sohgo Security Services Co. Ltd. 268 0.01 16,300 JPY Sompo Holdings, Inc. 644 0.03 66,000 JPY Sony Corp. 4,045 0.20 12,800 JPY Sony Financial Holdings, Inc. 277 0.01 9,500 JPY Stanley Electric Co. Ltd. 266 0.01 31,000 JPY Subaru Corp. 896 0.04 18,100 JPY SUMCO Corp. 305 0.02 82,300 JPY Sumitomo Chemical Co. Ltd. 380 0.02 55,300 JPY Sumitomo Corp. 902 0.05 5,200 JPY Sumitomo Dainippon Pharma Co. Ltd. 91 0.01 45,600 JPY Sumitomo Electric Industries Ltd. 631 0.03 8,200 JPY Sumitomo Heavy Industries Ltd. 258 0.01 13,900 JPY Sumitomo Metal Mining Co. Ltd. 470 0.02 69,000 JPY Sumitomo Mitsui Financial Group, Inc. 2,477 0.12 17,300 JPY Sumitomo Mitsui Trust Holdings, Inc. 636 0.03 17,500 JPY Sumitomo Realty & Development Co. Ltd. 638 0.03 3,500 JPY Sumitomo Rubber Industries Ltd. 47 - 1,500 JPY Sundrug Co. Ltd. 50 - 5,300 JPY Suntory Beverage & Food Ltd. 227 0.01 4,800 JPY Suzuken Co. Ltd. 258 0.01 18,100 JPY Suzuki Motor Corp. 860 0.04 9,200 JPY Sysmex Corp. 603 0.03 38,900 JPY T&D Holdings, Inc. 439 0.02 8,900 JPY Taiheiyo Cement Corp. 254 0.01 10,500 JPY Taisei Corp. 418 0.02

29

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Japan (continued) 700 JPY Taisho Pharmaceutical Holdings Co. Ltd. 50 - 11,300 JPY Taiyo Nippon Sanso Corp. 266 0.01 77,202 JPY Takeda Pharmaceutical Co. Ltd. 2,805 0.14 7,400 JPY TDK Corp. 741 0.04 12,900 JPY Teijin Ltd. 260 0.01 30,000 JPY Terumo Corp. 985 0.05 9,200 JPY THK Co. Ltd. 268 0.01 7,500 JPY Tobu Railw ay Co. Ltd. 251 0.01 4,700 JPY Toho Co. Ltd. 190 0.01 6,300 JPY Toho Gas Co. Ltd. 246 0.01 21,900 JPY Tohoku Electric Pow er Co., Inc. 226 0.01 33,600 JPY Tokio Marine Holdings, Inc. 1,824 0.09 1,000 JPY Tokyo Century Corp. 47 - 8,300 JPY Tokyo Electron Ltd. 1,695 0.08 23,700 JPY Tokyo Gas Co. Ltd. 580 0.03 21,300 JPY Tokyu Corp. 404 0.02 40,200 JPY Tokyu Fudosan Holdings Corp. 268 0.01 13,000 JPY Toppan Printing Co. Ltd. 242 0.01 84,300 JPY Toray Industries, Inc. 601 0.03 25,700 JPY Toshiba Corp. 881 0.04 18,600 JPY Tosoh Corp. 258 0.01 5,700 JPY TOTO Ltd. 235 0.01 3,100 JPY Toyo Seikan Group Holdings Ltd. 50 - 6,100 JPY Toyo Suisan Kaisha Ltd. 257 0.01 2,100 JPY Toyoda Gosei Co. Ltd. 50 - 7,500 JPY Toyota Industries Corp. 455 0.02 118,600 JPY Toyota Motor Corp. 8,274 0.40 13,500 JPY Toyota Tsusho Corp. 471 0.02 7,400 JPY Trend Micro, Inc. 376 0.02 2,000 JPY Tsuruha Holdings, Inc. 226 0.01 20,500 JPY Unicharm Corp. 700 0.04 137 JPY United Urban Investment Corp., REIT 276 0.02 10,900 JPY USS Co. Ltd. 212 0.01 1,000 JPY Welcia Holdings Co. Ltd. 58 - 8,000 JPY West Japan Railw ay Co. 697 0.04 6,400 JPY Yakult Honsha Co. Ltd. 368 0.02 48,700 JPY Yamada Denki Co. Ltd. 236 0.01 8,800 JPY Yamaha Corp. 413 0.02 13,200 JPY Yamaha Motor Co. Ltd. 261 0.01 19,900 JPY Yamato Holdings Co. Ltd. 336 0.02 2,500 JPY Yamazaki Baking Co. Ltd. 43 - 12,800 JPY Yaskaw a Electric Corp. 495 0.02 9,900 JPY Yokogaw a Electric Corp. 183 0.01 2,400 JPY Yokohama Rubber Co. Ltd. (The) 54 - 146,700 JPY Z Holdings Corp. 453 0.02 10,100 JPY ZOZO, Inc. 236 0.01 Total Japan 182,298 8.85

30

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Luxembourg: 0.07% (30 Apr 2019: 0.10%) 34,832 EUR ArcelorMittal 514 0.03 457 EUR Eurofins Scientific SE² 232 0.01 1,346 SEK Millicom International Cellular SA 61 - 806 EUR RTL Group SA 41 - 20,518 EUR SES SA 398 0.02 18,002 EUR Tenaris SA² 182 0.01 Total Luxembourg 1,428 0.07

Mexico: 0.00% (30 Apr 2019: 0.00%) 4,485 GBP Fresnillo plc² 41 - Total Mexico 41 -

Netherlands: 1.08% (30 Apr 2019: 1.06%) 17,785 EUR ABN AMRO Group NV 331 0.02 564 EUR Adyen NV 396 0.02 92,606 EUR Aegon NV 400 0.02 10,596 EUR Akzo Nobel NV 976 0.05 22,099 EUR ASML Holding NV 5,794 0.28 6,396 EUR EXOR NV 490 0.02 6,174 EUR Heineken Holding NV 588 0.03 14,079 EUR Heineken NV 1,437 0.07 202,285 EUR ING Groep NV 2,285 0.11 63,211 EUR Koninklijke Ahold Delhaize NV 1,575 0.08 8,441 EUR Koninklijke DSM NV 1,001 0.05 192,252 EUR Koninklijke KPN NV 596 0.03 48,085 EUR Koninklijke Philips NV 2,107 0.10 4,115 EUR Koninklijke Vopak NV 226 0.01 16,820 EUR NN Group NV 642 0.03 15,051 USD NXP Semiconductors NV 1,711 0.08 7,840 EUR Randstad NV 434 0.02 15,840 EUR Wolters Kluw er NV 1,167 0.06 Total Netherlands 22,156 1.08

New Zealand: 0.09% (30 Apr 2019: 0.07%) 44,948 NZD a2 Milk Co. Ltd. 375 0.02 34,845 NZD Auckland International Airport Ltd. 208 0.01 37,419 NZD Fisher & Paykel Healthcare Corp. Ltd. 459 0.03 17,343 NZD Fletcher Building Ltd. 51 - 80,088 NZD Meridian Energy Ltd. 236 0.01 33,353 NZD Ryman Healthcare Ltd. 276 0.01 87,548 NZD Spark New Zealand Ltd. 252 0.01 Total New Zealand 1,857 0.09

Norw ay: 0.22% (30 Apr 2019: 0.25%) 8,812 NOK Aker BP ASA 244 0.01 47,908 NOK DNB ASA 872 0.05 46,600 NOK Equinor ASA² 863 0.04

31

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Norway (continued) 13,007 NOK Gjensidige Forsikring ASA 244 0.01 25,115 NOK Mow i ASA² 613 0.03 56,455 NOK Norsk Hydro ASA² 200 0.01 49,673 NOK Orkla ASA 478 0.02 1,995 NOK Schibsted ASA 56 - 34,230 NOK Telenor ASA 642 0.03 9,488 NOK Yara International ASA 370 0.02 Total Norw ay 4,582 0.22

People's Republic of China: 0.04% (30 Apr 2019: 0.07%) 1,510 USD BeiGene Ltd. 209 0.01 174,500 HKD BOC Hong Kong Holdings Ltd. 601 0.03 49,000 SGD Yangzijiang Shipbuilding Holdings Ltd. 34 - Total People's Republic of China 844 0.04

Portugal: 0.06% (30 Apr 2019: 0.06%) 106,775 EUR EDP - Energias de Portugal SA 440 0.02 26,347 EUR Galp Energia SGPS SA 420 0.02 15,681 EUR Jeronimo Martins SGPS SA 263 0.02 Total Portugal 1,123 0.06

Russian Federation: 0.00% (30 Apr 2019: 0.00%) 12,929 GBP Evraz plc 61 - Total Russian Federation 61 -

Singapore: 0.44% (30 Apr 2019: 0.49%) 157,300 SGD Ascendas, REIT 366 0.02 138,500 SGD CapitaLand Commercial Trust, REIT 209 0.01 150,600 SGD CapitaLand Ltd. 398 0.02 103,600 SGD CapitaLand Mall Trust, REIT 193 0.01 26,900 SGD City Developments Ltd. 213 0.01 93,700 SGD ComfortDelGro Corp. Ltd. 158 0.01 83,500 SGD DBS Group Holdings Ltd. 1,595 0.08 490,600 SGD Genting Singapore Ltd. 339 0.02 208,300 SGD Golden Agri-Resources Ltd. 31 - 10,700 SGD Jardine Cycle & Carriage Ltd. 256 0.01 85,000 SGD Keppel Corp. Ltd. 428 0.02 148,500 SGD Oversea-Chinese Banking Corp. Ltd. 1,196 0.06 69,700 SGD SATS Ltd. 259 0.01 22,500 SGD Sembcorp Industries Ltd. 38 - 29,500 SGD Singapore Airlines Ltd. 204 0.01 16,300 SGD Singapore Exchange Ltd. 107 0.01

32

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Singapore (continued) 63,900 SGD Singapore Technologies Engineering Ltd. 187 0.01 465,100 SGD Singapore Telecommunications Ltd. 1,128 0.05 43,400 SGD Suntec, REIT 59 - 58,600 SGD United Overseas Bank Ltd. 1,155 0.06 10,300 SGD UOL Group Ltd. 59 - 21,800 SGD Venture Corp. Ltd. 254 0.01 81,700 SGD Wilmar International Ltd. 225 0.01 Total Singapore 9,057 0.44

South Africa: 0.08% (30 Apr 2019: 0.08%) 56,745 GBP Anglo American plc 1,456 0.07 48,264 GBP Investec plc 273 0.01 Total South Africa 1,729 0.08

Spain: 1.02% (30 Apr 2019: 1.10%) 15,456 EUR ACS Actividades de Construccion y Servicios SA 627 0.03 3,468 EUR Aena SME SA 636 0.03 23,174 EUR Amadeus IT Group SA 1,715 0.08 348,001 EUR Banco Bilbao Vizcaya Argentaria SA 1,834 0.09 354,693 EUR Banco de Sabadell SA 389 0.02 872,570 EUR Banco Santander SA 3,498 0.17 25,117 EUR Bankia SA 48 - 21,645 EUR Bankinter SA 150 0.01 193,920 EUR CaixaBank SA² 555 0.03 8,411 EUR Cellnex Telecom SA 363 0.02 8,411 EUR Cellnex Telecom SA, Rights 28 - 2,754 EUR Enagas SA² 68 - 18,840 EUR Endesa SA 513 0.02 24,418 EUR Ferrovial SA 721 0.03 18,211 EUR Grifols SA² 587 0.03 311,751 EUR Iberdrola SA 3,203 0.16 57,191 EUR Industria de Diseno Textil SA 1,784 0.09 39,211 EUR Mapfre SA 109 0.01 15,661 EUR Naturgy Energy Group SA² 426 0.02 20,139 EUR Red Electrica Corp. SA 406 0.02 79,795 EUR Repsol SA 1,309 0.06 17,452 EUR Siemens Gamesa Renew able Energy SA² 240 0.01 243,921 EUR Telefonica SA 1,871 0.09 Total Spain 21,080 1.02

Sw eden: 0.87% (30 Apr 2019: 0.92%) 17,859 SEK Alfa Laval AB² 414 0.02 55,295 SEK Assa Abloy AB2 1,314 0.06 37,071 SEK Atlas Copco AB 'A' 1,312 0.06

33

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Sweden (continued) 22,413 SEK Atlas Copco AB 'B'² 696 0.03 3,580 USD Autoliv, Inc. 279 0.02 15,663 SEK Boliden AB 422 0.02 10,584 SEK Electrolux AB 278 0.01 24,083 SEK Epiroc AB 'A' 271 0.01 25,059 SEK Epiroc AB 'B'² 273 0.01 29,118 SEK Essity AB 911 0.04 38,711 SEK Hennes & Mauritz AB 811 0.04 13,249 SEK Hexagon AB 678 0.03 34,938 SEK Husqvarna AB 268 0.01 4,580 SEK ICA Gruppen AB² 203 0.01 9,361 SEK Industrivarden AB 203 0.01 25,197 SEK Investor AB 1,294 0.06 15,836 SEK Kinnevik AB 434 0.02 6,292 SEK L E Lundbergforetagen AB² 237 0.01 7,175 SEK Lundin Petroleum AB 237 0.01 52,773 SEK Sandvik AB 933 0.05 12,046 SEK Securitas AB² 193 0.01 75,721 SEK Skandinaviska Enskilda Banken AB 727 0.05 22,470 SEK Skanska AB² 479 0.03 14,342 SEK SKF AB² 260 0.01 71,264 SEK Svenska Handelsbanken AB² 715 0.04 42,134 SEK Sw edbank AB 591 0.03 27,301 SEK Tele2 AB 391 0.02 166,521 SEK Telefonaktiebolaget LM Ericsson 1,458 0.07 141,412 SEK Telia Co. AB 623 0.03 69,104 SEK Volvo AB 1,036 0.05 Total Sweden 17,941 0.87

Sw itzerland: 2.91% (30 Apr 2019: 2.75%) 95,678 CHF ABB Ltd.² 2,006 0.10 7,864 CHF Adecco Group AG 466 0.02 22,829 CHF Alcon, Inc. 1,348 0.07 2,606 CHF Baloise Holding AG² 481 0.02 132 CHF Barry Callebaut AG² 278 0.01 8 CHF Chocoladefabriken Lindt & Spruengli AG, Registered 655 0.03 62 CHF Chocoladefabriken Lindt & Spruengli AG² 461 0.02 10,790 CHF Clariant AG 221 0.01 13,498 GBP Coca-Cola HBC AG 410 0.02 134,856 CHF Credit Suisse Group AG² 1,672 0.08 1,893 CHF Dufry AG 164 0.01 376 CHF EMS-Chemie Holding AG² 235 0.01 1,723 CHF Geberit AG 874 0.04 501 CHF Givaudan SA² 1,470 0.07 576,411 GBP Glencore plc 1,736 0.09 13,972 CHF Julius Baer Group Ltd. 616 0.03 2,803 CHF Kuehne + Nagel International AG² 453 0.02

34

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

Switzerland (continued) 26,554 CHF LafargeHolcim Ltd. 1,369 0.07 4,040 CHF Lonza Group AG 1,454 0.07 159,019 CHF Nestle SA 16,973 0.82 786 CHF Pargesa Holding SA 62 - 870 CHF Partners Group Holding AG 678 0.03 36,474 CHF Roche Holding AG 10,971 0.53 1,956 CHF Schindler Holding AG 478 0.02 994 CHF Schindler Holding AG, Registered 235 0.01 263 CHF SGS SA 684 0.03 5,978 CHF Sika AG² 1,027 0.05 2,873 CHF Sonova Holding AG² 658 0.03 34,923 EUR STMicroelectronics NV 792 0.04 550 CHF Straumann Holding AG² 490 0.03 1,136 CHF Sw atch Group AG (The), Registered 61 - 1,533 CHF Sw atch Group AG (The)² 424 0.02 1,592 CHF Sw iss Life Holding AG 796 0.04 4,822 CHF Sw iss Prime Site AG² 496 0.02 16,130 CHF Sw iss Re AG² 1,688 0.08 1,312 CHF Swisscom AG² 670 0.04 3,971 CHF Temenos AG 567 0.03 200,344 CHF UBS Group AG 2,363 0.12 2,980 CHF Vifor Pharma AG² 469 0.03 7,857 CHF Zurich Insurance Group AG 3,069 0.15 Total Sw itzerland 60,020 2.91

United Arab Emirates: 0.00% (30 Apr 2019: 0.01%) 2,112 GBP NMC Health plc 60 - Total United Arab Emirates 60 -

United Kingdom: 5.01% (30 Apr 2019: 5.23%) 48,478 GBP 3i Group plc 708 0.03 8,998 GBP Admiral Group plc 235 0.01 24,079 GBP Ashtead Group plc 732 0.04 21,191 GBP Associated British Foods plc 612 0.03 68,102 GBP AstraZeneca plc² 6,614 0.32 61,181 GBP Auto Trader Group plc 446 0.02 182,224 GBP Aviva plc 979 0.05 895,085 GBP Barclays plc 1,945 0.09 55,683 GBP Barratt Developments plc 455 0.02 5,313 GBP Berkeley Group Holdings plc 303 0.01 1,056,273 GBP BP plc² 6,691 0.32 56,858 GBP British Land Co. plc (The), REIT 458 0.02 392,418 GBP BT Group plc 1,039 0.05 13,975 GBP Bunzl plc 363 0.02 23,832 GBP Burberry Group plc 631 0.03 351,394 GBP Centrica plc 330 0.02 148,000 HKD CK Hutchison Holdings Ltd. 1,369 0.07

35

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United Kingdom (continued) 59,022 EUR CNH Industrial NV² 642 0.03 10,944 USD Coca-Cola European Partners plc 586 0.03 82,352 GBP Compass Group plc 2,192 0.11 6,531 GBP Croda International plc 407 0.02 4,891 GBP DCC plc 458 0.02 123,341 GBP Diageo plc 5,053 0.25 53,780 GBP Direct Line Insurance Group plc 189 0.01 3,215 GBP easyJet plc 52 - 48,880 GBP Experian plc 1,536 0.07 57,581 EUR Fiat Chrysler Automobiles NV 895 0.04 108,027 GBP G4S plc² 289 0.01 258,948 GBP GlaxoSmithKline plc 5,930 0.29 28,026 GBP GVC Holdings plc² 323 0.02 23,576 GBP Halma plc 573 0.03 16,087 GBP Hargreaves Lansdow n plc 369 0.02 1,050,631 GBP HSBC Holdings plc² 7,930 0.38 62,935 GBP Informa plc 631 0.03 9,418 GBP InterContinental Hotels Group plc 568 0.03 9,277 GBP Intertek Group plc 644 0.03 150,391 GBP ITV plc 260 0.01 86,288 GBP J Sainsbury plc 227 0.01 33,577 GBP John Wood Group plc 147 0.01 11,095 GBP Johnson Matthey plc² 441 0.02 81,165 GBP Kingfisher plc 218 0.01 38,119 GBP Land Securities Group plc, REIT² 464 0.02 277,338 GBP Legal & General Group plc 946 0.05 11,018 USD Liberty Global plc 'A'² 277 0.02 21,928 USD Liberty Global plc 'C' 523 0.03 28,178 USD Linde plc 5,589 0.27 3,683,055 GBP Lloyds Banking Group plc 2,709 0.13 16,882 GBP London Stock Exchange Group plc 1,520 0.07 91,064 GBP Marks & Spencer Group plc 214 0.01 33,703 GBP Meggitt plc 272 0.01 46,563 GBP Merlin Entertainments plc 274 0.01 25,836 GBP Micro Focus International plc 356 0.02 25,956 GBP Mondi plc 537 0.03 177,128 GBP National Grid plc² 2,067 0.10 6,302 GBP Next plc 537 0.03 19,692 GBP Ocado Group plc² 339 0.02 33,375 GBP Pearson plc 295 0.01 15,924 GBP Persimmon plc 469 0.02 132,890 GBP Prudential plc² 2,320 0.11 36,754 GBP Reckitt Benckiser Group plc 2,838 0.14 101,282 GBP RELX plc 2,436 0.12 108,635 GBP Rentokil Initial plc 640 0.03 228,027 GBP Royal Bank of Scotland Group plc² 628 0.03 64,423 GBP RSA Insurance Group plc 436 0.02

36

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United Kingdom (continued) 51,809 GBP Sage Group plc (The) 483 0.02 5,366 GBP Schroders plc 215 0.01 60,497 GBP Segro plc, REIT 661 0.03 16,033 GBP Severn Trent plc 469 0.02 40,697 GBP Smith & Nephew plc 870 0.04 22,136 GBP Smiths Group plc 462 0.02 3,073 GBP Spirax-Sarco Engineering plc 315 0.02 48,088 GBP SSE plc 799 0.04 32,652 GBP St James's Place plc 440 0.02 152,645 GBP Standard Chartered plc² 1,385 0.07 119,628 GBP Standard Life Aberdeen plc² 470 0.02 199,784 GBP Taylor Wimpey plc 428 0.02 26,477 USD TechnipFMC plc 523 0.04 521,840 GBP Tesco plc 1,589 0.08 75,669 EUR Unilever NV 4,470 0.22 57,619 GBP Unilever plc 3,449 0.17 42,521 GBP United Utilities Group plc 480 0.02 1,387,376 GBP Vodafone Group plc 2,827 0.14 12,243 GBP Weir Group plc (The) 213 0.01 8,618 GBP Whitbread plc 454 0.02 86,992 GBP Wm Morrison Supermarkets plc 224 0.01 58,710 GBP WPP plc 732 0.04 Total United Kingdom 103,114 5.01

United States: 62.06% (30 Apr 2019: 61.63%) 29,926 USD 3M Co. 4,938 0.24 91,590 USD Abbott Laboratories 7,658 0.37 76,749 USD AbbVie, Inc. 6,105 0.30 2,479 USD ABIOMED, Inc. 515 0.02 33,114 USD Accenture plc 6,141 0.30 39,768 USD Activision Blizzard, Inc. 2,228 0.11 1,779 USD Acuity Brands, Inc. 222 0.01 25,333 USD Adobe, Inc. 7,041 0.34 3,890 USD Advance Auto Parts, Inc.² 632 0.03 53,980 USD Advanced Micro Devices, Inc.² 1,832 0.09 36,449 USD AES Corp. 621 0.03 3,237 USD Affiliated Managers Group, Inc.² 259 0.01 38,702 USD Aflac, Inc. 2,058 0.10 14,702 USD Agilent Technologies, Inc. 1,114 0.05 34,101 USD AGNC Investment Corp., REIT 582 0.03 11,428 USD Air Products & Chemicals, Inc. 2,437 0.12 7,976 USD Akamai Technologies, Inc. 690 0.03 5,814 USD Albemarle Corp. 353 0.02 5,442 USD Alexandria Real Estate Equities, Inc., REIT 864 0.04 10,433 USD Alexion Pharmaceuticals, Inc. 1,100 0.05 3,848 USD Align Technology, Inc. 971 0.05

37

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 13,347 USD Alkermes plc 261 0.01 703 USD Alleghany Corp. 547 0.03 4,713 USD Allegion plc 547 0.03 17,018 USD Allergan plc 2,997 0.15 1,731 USD Alliance Data Systems Corp. 173 0.01 12,146 USD Alliant Energy Corp. 648 0.03 17,383 USD Allstate Corp. (The) 1,850 0.09 20,509 USD Ally Financial, Inc. 628 0.03 5,751 USD Alnylam Pharmaceuticals, Inc. 499 0.02 16,272 USD Alphabet, Inc. 'C' 20,504 1.00 15,546 USD Alphabet, Inc. 'A' 19,569 0.95 7,320 USD Altice USA, Inc. 227 0.01 21,726 USD Amazon.com, Inc. 38,600 1.88 76,971 USD Amcor plc² 733 0.04 635 USD AMERCO² 257 0.01 11,427 USD Ameren Corp. 888 0.04 8,929 USD American Airlines Group, Inc.² 268 0.01 25,617 USD American Electric Pow er Co., Inc. 2,418 0.12 36,851 USD American Express Co. 4,322 0.21 1,541 USD American Financial Group, Inc. 160 0.01 45,154 USD American International Group, Inc. 2,391 0.12 22,948 USD American Tow er Corp., REIT 5,005 0.24 10,105 USD American Water Works Co., Inc. 1,245 0.06 6,346 USD Ameriprise Financial, Inc. 958 0.05 7,797 USD AmerisourceBergen Corp. 666 0.03 10,600 USD AMETEK, Inc. 971 0.05 31,666 USD Amgen, Inc. 6,753 0.33 15,919 USD Amphenol Corp. 1,597 0.08 19,197 USD Analog Devices, Inc. 2,047 0.10 67,751 USD Annaly Capital Management, Inc., REIT 608 0.03 3,905 USD ANSYS, Inc. 860 0.04 13,353 USD Anthem, Inc. 3,593 0.17 9,603 USD AO Smith Corp. ² 477 0.02 12,487 USD Aon plc 2,412 0.12 24,661 USD Apache Corp. 534 0.03 238,870 USD Apple, Inc. 59,422 2.89 48,599 USD Applied Materials, Inc. 2,637 0.13 14,253 USD Aptiv plc 1,276 0.06 12,211 USD Aramark 534 0.03 23,757 USD Arch Capital Group Ltd. 993 0.05 30,975 USD Archer-Daniels-Midland Co. 1,303 0.06 19,940 USD Arconic, Inc. 548 0.03 2,578 USD Arista Netw orks, Inc. 631 0.03 3,374 USD Arrow Electronics, Inc.² 267 0.01 9,330 USD Arthur J Gallagher & Co. 851 0.04 3,492 USD Assurant, Inc. 440 0.02 378,884 USD AT&T, Inc. 14,583 0.71

38

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 10,563 USD Athene Holding Ltd. 458 0.02 5,443 USD Atmos Energy Corp. 612 0.03 11,644 USD Autodesk, Inc. 1,715 0.08 22,595 USD Automatic Data Processing, Inc. 3,666 0.18 1,323 USD AutoZone, Inc. 1,514 0.07 7,434 USD AvalonBay Communities, Inc., REIT 1,618 0.08 4,267 USD Avery Dennison Corp. 546 0.03 19,827 USD AXA Equitable Holdings, Inc.² 428 0.02 8,666 USD Axalta Coating Systems Ltd. 256 0.01 17,600 USD Ball Corp. 1,231 0.06 468,948 USD Bank of America Corp. 14,664 0.71 44,740 USD Bank of New York Mellon Corp. (The) 2,091 0.10 18,673 CAD Bausch Health Cos., Inc. 465 0.02 25,168 USD Baxter International, Inc. 1,931 0.09 39,764 USD BB&T Corp.² 2,109 0.10 14,003 USD Becton Dickinson and Co. 3,585 0.17 11,219 USD Best Buy Co., Inc. 806 0.04 10,066 USD Biogen, Inc. 3,007 0.15 8,331 USD BioMarin Pharmaceutical, Inc. 610 0.03 6,016 USD BlackRock, Inc.1 2,778 0.13 2,248 USD Booking Holdings, Inc. 4,605 0.22 11,865 USD BorgWarner, Inc. 495 0.02 7,189 USD Boston Properties, Inc., REIT 986 0.05 72,197 USD Boston Scientific Corp. 3,011 0.15 6,579 USD Brighthouse Financial, Inc. 248 0.01 84,921 USD Bristol-Myers Squibb Co.² 4,872 0.24 20,551 USD Broadcom, Inc. 6,018 0.29 5,444 USD Broadridge Financial Solutions, Inc. 682 0.03 14,332 USD Brow n-Forman Corp. 939 0.05 7,159 USD Bunge Ltd. 387 0.02 3,400 USD Burlington Stores, Inc. 653 0.03 22,167 USD Cabot Oil & Gas Corp. 413 0.02 13,343 USD Cadence Design Systems, Inc. 872 0.04 3,840 USD Camden Property Trust, REIT 439 0.02 6,814 USD Campbell Soup Co. 316 0.02 24,380 USD Capital One Financial Corp. 2,273 0.11 5,975 USD Capri Holdings Ltd. 186 0.01 14,266 USD Cardinal Health, Inc. 705 0.03 8,226 USD CarMax, Inc. 766 0.04 19,610 USD Carnival Corp. 841 0.04 8,959 GBP Carnival plc 358 0.02 29,690 USD Caterpillar, Inc. 4,091 0.20 5,624 USD Cboe Global Markets, Inc. 648 0.03 16,075 USD CBRE Group, Inc. 861 0.04 15,556 USD CBS Corp. 561 0.03 4,567 USD CDK Global, Inc. 231 0.01 6,794 USD CDW Corp. 869 0.04

39

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 6,132 USD Celanese Corp. 743 0.04 36,614 USD Celgene Corp. 3,956 0.19 23,318 USD Centene Corp. 1,238 0.06 23,364 USD CenterPoint Energy, Inc. 679 0.03 47,847 USD CenturyLink, Inc. 619 0.03 18,168 USD Cerner Corp. 1,219 0.06 13,272 USD CF Industries Holdings, Inc. 602 0.03 7,244 USD CH Robinson Worldw ide, Inc. 548 0.03 62,378 USD Charles Schw ab Corp. (The) 2,540 0.12 8,176 USD Charter Communications, Inc. 3,825 0.19 11,980 USD Cheniere Energy, Inc.² 737 0.04 98,896 USD Chevron Corp 11,486 0.56 1,225 USD Chipotle Mexican Grill, Inc. 953 0.05 23,771 USD Chubb Ltd. 3,623 0.18 11,456 USD Church & Dw ight Co., Inc. 801 0.04 19,700 USD Cigna Corp. 3,516 0.17 3,353 USD Cimarex Energy Co. 142 0.01 7,706 USD Cincinnati Financial Corp. 872 0.04 4,878 USD Cintas Corp. 1,311 0.06 222,239 USD Cisco Systems, Inc. 10,559 0.51 6,249 USD CIT Group, Inc.² 268 0.01 120,054 USD Citigroup, Inc. 8,627 0.42 21,325 USD Citizens Financial Group, Inc. 750 0.04 6,609 USD Citrix Systems, Inc. 719 0.03 7,291 USD Clorox Co. (The)² 1,077 0.05 18,585 USD CME Group, Inc. 3,824 0.19 13,771 USD CMS Energy Corp. 880 0.04 210,406 USD Coca-Cola Co. 11,453 0.56 8,907 USD Cognex Corp. 459 0.02 29,860 USD Cognizant Technology Solutions Corp. 1,820 0.09 42,342 USD Colgate-Palmolive Co. 2,905 0.14 235,146 USD Comcast Corp. 10,540 0.51 9,244 USD Comerica, Inc. 605 0.03 22,723 USD Conagra Brands, Inc. 615 0.03 9,728 USD Concho Resources, Inc.² 657 0.03 58,674 USD ConocoPhillips 3,239 0.16 17,450 USD Consolidated Edison, Inc. 1,609 0.08 8,837 USD Constellation Brands, Inc. 1,682 0.08 1,913 USD Continental Resources, Inc. 56 - 2,302 USD Cooper Cos., Inc. (The) 670 0.03 9,594 USD Copart, Inc. 793 0.04 43,250 USD Corning, Inc. 1,282 0.06 34,968 USD Corteva, Inc. 922 0.04 1,700 USD CoStar Group, Inc. 934 0.05 22,833 USD Costco Wholesale Corp. 6,784 0.33 9,922 USD Coty, Inc. 116 0.01 21,584 USD Crow n Castle International Corp., REIT 2,996 0.15

40

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 7,060 USD Crow n Holdings, Inc. 514 0.02 39,908 USD CSX Corp. 2,804 0.14 8,113 USD Cummins, Inc. 1,400 0.07 67,444 USD CVS Health Corp. 4,478 0.22 2,964 USD CyberArk Softw are Ltd. 302 0.01 33,452 USD Danaher Corp. 4,611 0.22 5,722 USD Darden Restaurants, Inc. 642 0.03 4,499 USD DaVita, Inc. 264 0.01 15,634 USD Deere & Co. 2,723 0.13 10,200 USD Dell Technologies, Inc. 540 0.03 8,225 USD Delta Air Lines, Inc. 453 0.02 12,008 USD DENTSPLY SIRONA , Inc .² 658 0.03 20,330 USD Devon Energy Corp. 412 0.02 4,389 USD DexCom, Inc.² 677 0.03 8,147 USD Diamondback Energy, Inc. 699 0.03 11,253 USD Digital Realty Trust, Inc., REIT 1,429 0.07 17,573 USD Discover Financial Services 1,411 0.07 7,403 USD Discovery, Inc. 'A' 200 0.01 22,305 USD Discovery, Inc. 'C' 563 0.03 12,649 USD DISH Netw ork Corp. 'A ' 435 0.02 4,800 USD DocuSign, Inc. 318 0.02 13,411 USD Dollar General Corp. 2,150 0.10 12,866 USD Dollar Tree, Inc. 1,420 0.07 41,656 USD Dominion Energy, Inc. 3,439 0.17 2,407 USD Domino's Pizza, Inc.² 654 0.03 7,005 USD Dover Corp. 728 0.04 38,876 USD Dow , Inc. 1,963 0.10 16,494 USD DR Horton, Inc. 864 0.04 7,195 USD Dropbox, Inc. 143 0.01 10,135 USD DTE Energy Co. 1,290 0.06 37,797 USD Duke Energy Corp. 3,563 0.17 18,733 USD Duke Realty Corp., REIT 658 0.03 39,020 USD DuPont de Nemours, Inc. 2,572 0.12 15,221 USD DXC Technology Co. 421 0.02 14,322 USD E*TRA DE Financ ial Corp. 598 0.03 9,487 USD East West Bancorp, Inc. 407 0.02 8,091 USD Eastman Chemical Co. 616 0.03 21,978 USD Eaton Corp. plc 1,915 0.09 5,314 USD Eaton Vance Corp. 242 0.01 44,168 USD eBay, Inc. 1,557 0.08 13,468 USD Ecolab, Inc. 2,587 0.13 19,579 USD Edison International 1,231 0.06 10,825 USD Edw ards Lifesciences Corp. 2,581 0.13 17,611 USD Elanco Animal Health, Inc. 476 0.02 15,990 USD Electronic Arts, Inc. 1,541 0.07 45,362 USD Eli Lilly & Co. 5,169 0.25 31,909 USD Emerson Electric Co. 2,238 0.11

41

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 10,549 USD Entergy Corp. 1,281 0.06 30,128 USD EOG Resources, Inc. 2,088 0.10 3,018 USD EPAM Systems, Inc. 531 0.03 4,365 USD Equinix, Inc., REIT 2,474 0.12 9,104 USD Equity LifeStyle Properties, Inc., REIT 637 0.03 19,568 USD Equity Residential, REIT² 1,735 0.08 1,592 USD Erie Indemnity Co² 293 0.01 3,058 USD Essex Property Trust, Inc., REIT 1,000 0.05 11,384 USD Estee Lauder Cos., Inc. (The) 2,120 0.10 2,441 USD Everest Re Group Ltd. 628 0.03 11,357 USD Evergy, Inc. 726 0.04 17,230 USD Eversource Energy 1,443 0.07 6,389 USD Exact Sciences Corp² 556 0.03 50,408 USD Exelon Corp. 2,293 0.11 6,520 USD Expedia Group, Inc. 891 0.04 8,645 USD Expeditors International of Washington, Inc. 631 0.03 5,943 USD Extra Space Storage, Inc., REIT 667 0.03 219,662 USD Exxon Mobil Corp. 14,843 0.72 2,601 USD F5 Netw orks, Inc. 375 0.02 124,731 USD Facebook, Inc. 23,905 1.16 2,171 USD FactSet Research Systems, Inc. 550 0.03 27,137 USD Fastenal Co.² 975 0.05 4,472 USD Federal Realty Investment Trust, REIT 609 0.03 12,852 USD FedEx Corp. 1,962 0.10 11,562 GBP Ferguson plc 985 0.05 12,788 USD Fidelity National Financial, Inc. 586 0.03 31,857 USD Fidelity National Information Services, Inc. 4,198 0.20 41,050 USD Fifth Third BanCorp. 1,194 0.06 8,437 USD First Republic Bank 897 0.04 29,012 USD FirstEnergy Corp. 1,402 0.07 29,851 USD Fiserv, Inc. 3,168 0.15 4,693 USD FleetCor Technologies, Inc. 1,381 0.07 22,281 USD Flex Ltd. 262 0.01 7,981 USD FLIR Systems, Inc. 412 0.02 8,908 USD Flow serve Corp. 435 0.02 7,271 USD FMC Corp. 665 0.03 205,921 USD Ford Motor Co. 1,769 0.09 7,695 USD Fortinet, Inc. 628 0.03 14,032 USD Fortive Corp. 968 0.05 7,948 USD Fortune Brands Home & Security, Inc. 477 0.02 18,118 USD Fox Corp² 581 0.03 8,562 USD Fox Corp 267 0.01 13,182 USD Franklin Resources, Inc. 363 0.02 15,231 USD Gap, Inc. (The)² 248 0.01 7,549 USD Garmin Ltd. 708 0.03 4,520 USD Gartner, Inc. 696 0.03 31,900 USD General Mills, Inc. 1,623 0.08

42

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 66,274 USD General Motors Co. 2,463 0.12 6,796 USD Genuine Parts Co. 697 0.03 66,014 USD Gilead Sciences, Inc. 4,206 0.20 15,577 USD Global Payments, Inc. 2,636 0.13 6,529 USD Globe Life, Inc. 636 0.03 8,505 USD GoDaddy, Inc. 553 0.03 17,094 USD Goldman Sachs Group, Inc. (The) 3,648 0.18 3,451 USD GrubHub, Inc. 118 0.01 8,060 USD H&R Block, Inc. 201 0.01 40,662 USD Halliburton Co.² 783 0.04 13,976 USD Hanesbrands, Inc. 213 0.01 7,110 USD Harley-Davidson, Inc.² 277 0.01 16,819 USD Hartford Financial Services Group, Inc. (The)² 960 0.05 5,814 USD Hasbro, Inc. 566 0.03 14,252 USD HCA Healthcare, Inc. 1,903 0.09 10,278 USD HD Supply Holdings, Inc. 406 0.02 23,811 USD HCP, Inc., REIT 896 0.04 2,493 USD HEICO Corp. 307 0.01 3,158 USD HEICO Corp. 'A' 301 0.01 4,235 USD Helmerich & Payne, Inc. 159 0.01 9,060 USD Henry Schein, Inc.² 567 0.03 8,314 USD Hershey Co. (The) 1,222 0.06 13,239 USD Hess Corp.² 870 0.04 62,969 USD Hew lett Packard Enterprise Co. 1,033 0.05 14,961 USD Hilton Worldw ide Holdings, Inc. 1,450 0.07 7,966 USD HollyFrontier Corp. 438 0.02 13,276 USD Hologic, Inc. 641 0.03 57,123 USD Home Depot, Inc. (The) 13,400 0.65 14,666 USD Hormel Foods Corp. 600 0.03 34,965 USD Host Hotels & Resorts, Inc., REIT 573 0.03 81,667 USD HP, Inc. 1,418 0.07 7,010 USD Humana, Inc. 2,062 0.10 49,515 USD Huntington Bancshares, Inc. 700 0.03 3,840 USD InterActiveCorp 873 0.04 3,922 USD IDEX Corp. 610 0.03 4,755 USD IDEXX Laboratories, Inc. 1,356 0.07 20,616 USD IHS Markit Ltd. 1,443 0.07 16,913 USD Illinois Tool Works, Inc. 2,851 0.14 7,632 USD Illumina, Inc. 2,255 0.11 8,866 USD Incyte Corp. 744 0.04 12,815 USD Ingersoll-Rand plc 1,626 0.08 3,051 USD Ingredion, Inc. 241 0.01 232,429 USD Intel Corp. 13,140 0.64 29,274 USD Intercontinental Exchange, Inc. 2,761 0.13 46,031 USD International Business Machines Corp. 6,156 0.30 4,716 USD International Flavors & Fragrances, Inc.² 575 0.03 17,562 USD International Paper Co. 767 0.04

43

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 19,391 USD Interpublic Group of Cos., Inc. (The) 422 0.02 13,459 USD Intuit, Inc. 3,466 0.17 5,994 USD Intuitive Surgical, Inc. 3,314 0.16 16,500 USD Invesco Ltd. 278 0.01 22,514 USD Invitation Homes, Inc., REIT 693 0.03 5,355 USD Ionis Pharmaceuticals, Inc. 298 0.01 1,425 USD IPG Photonics Corp. 191 0.01 9,159 USD IQVIA Holdings, Inc. 1,322 0.06 17,877 USD Iron Mountain, Inc., REIT 587 0.03 4,456 USD Jack Henry & Associates, Inc. 631 0.03 28,697 AUD James Hardie Industries plc 492 0.02 3,086 USD Jazz Pharmaceuticals plc 388 0.02 5,360 USD JB Hunt Transport Services, Inc. 631 0.03 15,714 USD Jefferies Financial Group, Inc. 293 0.01 5,768 USD JM Smucker Co. (The) 610 0.03 137,840 USD Johnson & Johnson 18,200 0.88 41,733 USD Johnson Controls International plc 1,809 0.09 3,002 USD Jones Lang LaSalle, Inc.² 440 0.02 168,415 USD JPMorgan Chase & Co. 21,039 1.02 15,085 USD Juniper Netw orks, Inc. 374 0.02 5,140 USD Kansas City Southern 724 0.04 11,881 USD Kellogg Co. 755 0.04 48,969 USD KeyCorp 880 0.04 8,755 USD Keysight Technologies, Inc. 883 0.04 17,849 USD Kimberly-Clark Corp. 2,371 0.12 22,451 USD Kimco Realty Corp., REIT 484 0.02 105,772 USD Kinder Morgan, Inc. 2,114 0.10 23,334 USD KKR & Co., Inc.² 673 0.03 8,718 USD KLA-Tencor Corp. 1,474 0.07 6,539 USD Knight-Sw ift Transportation Holdings, Inc. 238 0.01 7,103 USD Kohl's Corp.² 364 0.02 31,204 USD Kraft Heinz Co. (The) 1,009 0.05 37,531 USD Kroger Co. (The) 925 0.04 9,402 USD L Brands, Inc.² 160 0.01 4,583 USD Laboratory Corp. of America Holdings 755 0.04 7,784 USD Lam Research Corp. 2,110 0.10 8,416 USD Lamb Weston Holdings, Inc. 657 0.03 16,180 USD Las Vegas Sands Corp. 1,001 0.05 3,361 USD Lear Corp. 396 0.02 5,444 USD Leggett & Platt, Inc. 279 0.01 13,416 USD Lennar Corp. 800 0.04 1,789 USD Lennox International, Inc. 443 0.02 6,053 USD Liberty Broadband Corp. 714 0.04 11,237 USD Liberty Media Corp-Liberty Formula One 'C' 478 0.02 5,960 USD Liberty Media Corp-Liberty SiriusXM 'A' 268 0.01 9,415 USD Liberty Media Corp-Liberty SiriusXM 'C' 425 0.02 8,467 USD Liberty Property Trust, REIT 500 0.02

44

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 10,643 USD Lincoln National Corp. 601 0.03 6,956 USD Live Nation Entertainment, Inc.² 490 0.02 16,070 USD LKQ Corp. 546 0.03 12,767 USD Loew s Corp. 626 0.03 41,273 USD Low e's Cos., Inc. 4,606 0.22 6,144 USD Lululemon Athletica, Inc. 1,255 0.06 14,702 USD LyondellBasell Industries NV 1,319 0.06 7,330 USD M&T Bank Corp. 1,147 0.06 7,687 USD Macerich Co. (The), REIT 211 0.01 20,014 USD Macy's, Inc.² 303 0.01 2,746 USD Manpow erGroup, Inc. 250 0.01 31,154 USD Marathon Oil Corp. 359 0.02 34,401 USD Marathon Petroleum Corp. 2,200 0.11 644 USD Markel Corp. 754 0.04 1,893 USD MarketAxess Holdings, Inc.² 698 0.03 14,781 USD Marriott International, Inc.² 1,871 0.09 26,547 USD Marsh & McLennan Cos., Inc. 2,751 0.13 3,668 USD Martin Marietta Materials Inc.2 960 0.05 29,132 USD Marvell Technology Group Ltd.² 711 0.04 16,475 USD Masco Corp. 762 0.04 47,185 USD Mastercard, Inc. 13,061 0.63 12,675 USD Maxim Integrated Products, Inc. 744 0.04 5,697 USD McCormick & Co., Inc. (Non-Voting)² 915 0.04 39,641 USD McDonald's Corp. 7,798 0.38 10,203 USD McKesson Corp. 1,357 0.07 69,604 USD Medtronic plc 7,580 0.37 133,666 USD Merck & Co., Inc. 11,584 0.56 41,953 USD MetLife, Inc. 1,963 0.10 1,217 USD Mettler-Toledo International, Inc.² 858 0.04 23,744 USD MGM Resorts International 677 0.03 13,221 USD Microchip Technology, Inc.² 1,247 0.06 57,455 USD Micron Technology, Inc. 2,732 0.13 377,933 USD Microsoft Corp. 54,185 2.63 5,436 USD Mid-America Apartment Communities, Inc., REIT 756 0.04 3,607 USD Middleby Corp. 436 0.02 3,544 USD Mohaw k Industries, Inc. 508 0.03 10,361 USD Molson Coors Brew ing Co. 546 0.03 74,782 USD Mondelez International, Inc. 3,922 0.19 3,057 USD MongoDB, Inc. 391 0.02 22,600 USD Monster Beverage Corp. 1,269 0.06 8,865 USD Moody's Corp. 1,956 0.09 65,501 USD Morgan Stanley 3,016 0.15 14,755 USD Mosaic Co. (The) 293 0.01 8,905 USD Motorola Solutions, Inc. 1,481 0.07 27,859 USD Mylan NV 533 0.03 6,216 USD Nasdaq, Inc. 620 0.03 24,460 USD National Oilw ell Varco, Inc. 554 0.03

45

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 6,988 USD National Retail Properties, Inc., REIT 412 0.02 7,972 USD Nektar Therapeutics 137 0.01 11,491 USD NetApp, Inc. 642 0.03 22,699 USD Netflix, Inc. 6,523 0.32 22,356 USD New ell Brands, Inc.² 424 0.02 43,384 USD New mont GoldCorp. Corp. 1,724 0.08 15,147 USD New s Corp. 208 0.01 24,864 USD NextEra Energy, Inc.² 5,926 0.29 18,180 USD Nielsen Holdings plc 367 0.02 65,244 USD Nike, Inc. 5,843 0.28 20,079 USD NiSource, Inc. 563 0.03 28,890 USD Noble Energy, Inc.² 557 0.03 7,553 USD Nordstrom, Inc.² 271 0.01 13,808 USD Norfolk Southern Corp. 2,513 0.12 11,614 USD Northern Trust Corp. 1,158 0.06 12,422 USD Norw egian Cruise Line Holdings Ltd. 631 0.03 16,259 USD NRG Energy, Inc. 652 0.03 17,913 USD Nucor Corp.² 965 0.05 30,036 USD NV IDIA Corp. 6,038 0.29 184 USD NVR, Inc. 669 0.03 46,444 USD Occidental Petroleum Corp. 1,881 0.09 9,597 USD OGE Energy Corp. 413 0.02 5,325 USD Okta, Inc. 581 0.03 3,639 USD Old Dominion Freight Line, Inc.² 662 0.03 10,795 USD Omnicom Group, Inc. 833 0.04 21,398 USD ON Semiconductor Corp. 437 0.02 22,052 USD ONEOK, Inc.² 1,540 0.07 124,202 USD Oracle Corp. 6,768 0.33 4,112 USD O'Reilly Automotive, Inc. 1,791 0.09 4,343 USD Ow ens Corning² 266 0.01 18,757 USD PACCAR, Inc. 1,427 0.07 4,603 USD Packaging Corp. of America 504 0.02 5,373 USD Palo Alto Netw orks, Inc. 1,221 0.06 7,026 USD Parker-Hannifin Corp. 1,289 0.06 10,690 USD Parsley Energy, Inc. 169 0.01 17,461 USD Paychex, Inc. 1,461 0.07 2,683 USD Paycom Softw are, Inc. 568 0.03 57,948 USD PayPal Holdings, Inc. 6,032 0.29 11,169 USD Pentair plc 463 0.02 24,830 USD People's United Financial, Inc. 402 0.02 72,777 USD PepsiCo, Inc. 9,983 0.49 6,645 USD PerkinElmer, Inc.² 571 0.03 8,695 USD Perrigo Co. plc 461 0.02 288,228 USD Pfizer, Inc. 11,060 0.54 23,570 USD Phillips 66 2,754 0.13 6,633 USD Pinnacle West Capital Corp. 624 0.03 7,836 USD Pioneer Natural Resources Co. 964 0.05

46

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 11,461 USD Plains GP Holdings LP 213 0.01 23,436 USD PNC Financial Services Group, Inc. (The) 3,438 0.17 2,588 USD Polaris Industries, Inc. 255 0.01 12,616 USD PPG Industries, Inc. 1,578 0.08 39,765 USD PPL Corp. 1,332 0.07 12,960 USD Principal Financial Group Inc. 692 0.03 130,223 USD Procter & Gamble Co. (The) 16,215 0.79 30,318 USD Progressive Corp. (The) 2,113 0.10 32,748 USD Prologis, Inc., REIT 2,874 0.14 21,082 USD Prudential Financial, Inc. 1,922 0.09 5,698 USD PTC, Inc. 381 0.02 26,791 USD Public Service Enterprise Group, Inc. 1,696 0.08 8,177 USD Public Storage, REIT 1,823 0.09 13,444 USD PulteGroup, Inc. 528 0.03 4,415 USD PVH Corp. 385 0.02 11,921 EUR QIAGEN NV² 358 0.02 6,200 USD Qorvo, Inc. 501 0.02 63,114 USD QUALCOMM, Inc. 5,078 0.25 6,489 USD Quest Diagnostics, Inc. 657 0.03 12,050 USD Qurate Retail, Inc. 115 0.01 2,095 USD Ralph Lauren Corp. 201 0.01 7,554 USD Raymond James Financial, Inc. 631 0.03 17,247 USD Realty Income Corp., REIT² 1,410 0.07 8,737 USD Regency Centers Corp., REIT 587 0.03 4,416 USD Regeneron Pharmaceuticals, Inc. 1,352 0.07 59,522 USD Regions Financial Corp. 959 0.05 3,116 USD Reinsurance Group of America, Inc. 506 0.02 10,473 USD Republic Services, Inc. 916 0.04 8,062 USD ResMed, Inc. 1,193 0.06 7,816 USD Robert Half International, Inc. 448 0.02 5,507 USD Rockw ell Automation, Inc. 947 0.05 4,527 USD Roku, Inc. 666 0.03 5,785 USD Rollins, Inc.² 220 0.01 5,428 USD Roper Technologies, Inc. 1,829 0.09 19,076 USD Ross Stores, Inc. 2,092 0.10 8,291 USD Royal Caribbean Cruises Ltd. 902 0.04 12,782 USD S&P Global, Inc. 3,297 0.16 10,663 USD Sabre Corp. 250 0.01 43,168 USD salesforce.com, Inc. 6,755 0.33 4,605 USD Sarepta Therapeutics, Inc.² 382 0.02 6,124 USD SBA Communications Corp., REIT 'A' 1,474 0.07 71,910 USD Schlumberger Ltd. 2,351 0.11 13,021 USD Seagate Technology plc 756 0.04 10,593 USD Sealed Air Corp. 443 0.02 6,444 USD Seattle Genetics, Inc. 692 0.03 8,085 USD SEI Investments Co. 484 0.02 14,245 USD Sempra Energy² 2,059 0.10

47

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 9,026 USD Sensata Technologies Holding plc² 462 0.02 9,589 USD ServiceNow , Inc. 2,371 0.12 4,313 USD Sherw in-Williams Co. (The) 2,469 0.12 3,372 USD Signature Bank 399 0.02 16,041 USD Simon Property Group, Inc., REIT 2,417 0.12 95,641 USD Sirius XM Holdings, Inc. 644 0.03 8,289 USD Skyw orks Solutions, Inc. 755 0.04 5,468 USD SL Green Realty Corp., REIT 457 0.02 34,142 USD Snap, Inc. 514 0.03 2,718 USD Snap-on, Inc. 442 0.02 54,008 USD Southern Co. (The) 3,384 0.16 8,548 USD Southw est Airlines Co.² 480 0.02 5,230 USD Spirit AeroSystems Holdings, Inc. 'A' 428 0.02 6,986 USD Splunk, Inc. 838 0.04 31,712 USD Sprint Corp. 197 0.01 18,913 USD Square, Inc. 1,162 0.06 11,933 USD SS&C Technologies Holdings, Inc.² 621 0.03 8,374 USD Stanley Black & Decker, Inc. 1,267 0.06 62,881 USD Starbucks Corp. 5,318 0.26 20,396 USD State Street Corp. 1,347 0.07 8,635 USD Steel Dynamics, Inc. 262 0.01 4,266 USD STERIS plc 604 0.03 17,466 USD Stryker Corp. 3,777 0.18 4,372 USD Sun Communities, Inc., REIT 711 0.04 23,562 USD SunTrust Banks, Inc. 1,610 0.08 2,856 USD SVB Financial Group 633 0.03 28,762 USD Symantec Corp. 658 0.03 34,562 USD Synchrony Financial 1,223 0.06 6,974 USD Synopsys, Inc. 947 0.05 25,349 USD Sysco Corp. 2,024 0.10 12,734 USD T Row e Price Group, Inc. 1,475 0.07 5,408 USD Take-Tw o Interactive Softw are, Inc. 651 0.03 11,984 USD Tapestry, Inc. 310 0.02 14,491 USD Targa Resources Corp.² 563 0.03 26,597 USD Target Corp. 2,843 0.14 13,762 USD TD Ameritrade Holding Corp. 528 0.03 17,833 USD TE Connectivity Ltd. 1,596 0.08 2,147 USD Teleflex, Inc. 746 0.04 6,799 USD Tesla, Inc. 2,141 0.10 48,708 USD Texas Instruments, Inc. 5,748 0.28 20,765 USD Thermo Fisher Scientific, Inc. 6,272 0.30 6,106 USD Tiffany & Co. 760 0.04 62,957 USD TJX Cos., Inc. (The) 3,631 0.18 18,393 USD T-Mobile US, Inc.² 1,520 0.07 6,429 USD Tractor Supply Co. 611 0.03 2,615 USD TransDigm Group, Inc. 1,376 0.07 8,714 USD TransUnion 720 0.04 13,767 USD Travelers Cos., Inc. (The) 1,804 0.09

48

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 15,136 USD Trimble, Inc. 603 0.03 5,122 USD TripAdvisor, Inc. 207 0.01 5,739 USD Tw ilio, Inc.² 554 0.03 40,805 USD Tw itter, Inc. 1,223 0.06 16,194 USD Tyson Foods, Inc. 'A' 1,341 0.07 12,611 USD Uber Technologies, Inc. 397 0.02 13,498 USD UDR, Inc., REIT 678 0.03 10,905 USD UGI Corp. 520 0.03 2,584 USD Ulta Beauty, Inc. 602 0.03 12,801 USD Under Armour, Inc. 'A'² 264 0.01 13,810 USD Under Armour, Inc. 'C' 255 0.01 36,748 USD Union Pacific Corp. 6,080 0.30 2,682 USD United Continental Holdings, Inc. 244 0.01 36,213 USD United Parcel Service, Inc. 'B'² 4,171 0.20 3,696 USD United Rentals, Inc. 494 0.02 49,338 USD UnitedHealth Group, Inc. 12,468 0.61 4,363 USD Universal Health Services, Inc. 'B' 600 0.03 7,955 USD Unum Group 219 0.01 78,521 USD US BanCorp. 4,477 0.22 2,509 USD Vail Resorts, Inc. 583 0.03 21,662 USD Valero Energy Corp. 2,101 0.10 5,201 USD Varian Medical Systems, Inc. 628 0.03 5,947 USD Veeva Systems, Inc. 'A' 843 0.04 19,865 USD Ventas, Inc., REIT 1,293 0.06 49,099 USD VEREIT, Inc., REIT 483 0.02 4,991 USD VeriSign, Inc. 948 0.05 8,593 USD Verisk Analytics, Inc. 1,244 0.06 214,710 USD Verizon Communications, Inc. 12,984 0.63 13,297 USD Vertex Pharmaceuticals, Inc. 2,600 0.13 18,218 USD VF Corp. 1,499 0.07 13,811 USD Viacom, Inc. 'B' 298 0.01 90,282 USD Visa, Inc. 'A' 16,149 0.78 22,608 USD Vistra Energy Corp. 611 0.03 4,657 USD VMw are, Inc. 737 0.04 9,286 USD Vornado Realty Trust, REIT 609 0.03 8,974 USD Voya Financial, Inc. 484 0.02 6,176 USD Vulcan Materials Co. 882 0.04 3,382 USD WABCO Holdings, Inc. 455 0.02 9,030 USD Wabtec Corp.² 626 0.03 40,347 USD Walgreens Boots Alliance, Inc. 2,211 0.11 93,433 USD Walt Disney Co. (The) 12,139 0.59 14,477 USD Waste Connections, Inc. 1,338 0.07 22,048 USD Waste Management, Inc. 2,475 0.12 3,358 USD Waters Corp.² 711 0.04 3,282 USD Wayfair, Inc. 270 0.01 16,882 USD WEC Energy Group, Inc.² 1,593 0.08 2,341 USD WellCare Health Plans, Inc. 694 0.03

49

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Fair Value % of Net Holdings Currency Investments USD '000 Asset Value

Equities (continued)

United States (continued) 21,120 USD Welltow er, Inc., REIT 1,916 0.09 13,632 USD Western Digital Corp.² 704 0.03 22,013 USD Western Union Co. (The) 552 0.03 792 USD Westlake Chemical Corp. 50 - 15,683 USD Westrock Co. 586 0.03 41,527 USD Weyerhaeuser Co., REIT 1,213 0.06 2,964 USD Whirlpool Corp. 451 0.02 65,161 USD Williams Cos., Inc. (The) 1,454 0.07 6,012 USD Willis Tow ers Watson plc 1,125 0.05 8,827 USD Workday, Inc. 'A' 1,431 0.07 7,928 USD WP Carey, Inc., REIT 730 0.04 6,935 USD WR Berkley Corp. 485 0.02 2,248 USD WW Grainger, Inc. 694 0.03 5,197 USD Wynn Resorts Ltd. 631 0.03 27,205 USD Xcel Energy, Inc. 1,728 0.08 8,667 USD Xerox Holdings Corp. 294 0.01 14,023 USD Xilinx, Inc. 1,272 0.06 4,134 USD XPO Logistics, Inc.² 316 0.02 8,516 USD Xylem, Inc. 653 0.03 16,095 USD Yum! Brands, Inc. 1,637 0.08 13,333 USD Zayo Group Holdings, Inc. 455 0.02 2,834 USD Zebra Technologies Corp. 674 0.03 4,954 USD Zillow Group Inc2 161 0.01 11,004 USD Zimmer Biomet Holdings, Inc. 1,521 0.07 9,420 USD Zions BanCorp. NA² 457 0.02 24,850 USD Zoetis, Inc. 3,179 0.15 Total United States 1,278,743 62.06

Total invesments in equities 2,038,945 98.95

Counterparty Maturity Fair Value % of Net De s cr iption Date USD '000 As s e t V alue

Forw ard currency contracts 3

Buy EUR 233,678,410;Sell USD 255,394,606 State Street 04/11/2019 5,309 0.26 Buy EUR 32,706,749;Sell JPY 3,854,904,954 State Street 05/11/2019 830 0.04 Buy EUR 13,689,703;Sell CAD 19,800,204 State Street 04/11/2019 208 0.01 Buy EUR 10,346,180;Sell CHF 11,244,490 State Street 04/11/2019 147 0.01 Buy EUR 4,614,451;Sell HKD 39,539,426 State Street 04/11/2019 103 0.01 Buy EUR 895,169;Sell NOK 8,888,070 State Street 04/11/2019 31 - Buy GBP 785,280;Sell EUR 886,045 State Street 04/11/2019 28 - Buy EUR 441,759;Sell ILS 1,677,314 State Street 04/11/2019 17 - Buy EUR 1,708,327;Sell SGD 2,580,993 State Street 04/11/2019 9 - Buy EUR 3,464,667;Sell SEK 37,154,005 State Street 04/11/2019 9 - Buy EUR 8,554,018;Sell AUD 13,845,206 State Street 04/11/2019 5 -

50

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Counterparty Maturity Fair Value % of Net De s cr iption Date USD '000 As s e t V alue

Forw ard currency contracts (continued)3

Buy EUR 2,357,966;Sell DKK 17,602,144 State Street 04/11/2019 2 - Buy AUD 476,979;Sell EUR 293,399 State Street 04/11/2019 1 - Buy SEK 1,082,536;Sell EUR 100,144 State Street 04/11/2019 1 - Buy JPY 508,849;Sell EUR 4,201 State Street 05/11/2019 - - Buy NZD 39,957;Sell EUR 22,953 State Street 04/11/2019 - - Total unrealised gain on forw ard currency contracts (30 Apr 2019: 0.05%) 6,700 0.33

Forw ard currency contracts 3

Buy EUR 17,591,929;Sell GBP 15,581,317 State Street 04/11/2019 (536) (0.03) Buy USD 2,362,876;Sell EUR 2,162,038 State Street 04/11/2019 (49) - Buy JPY 35,562,172;Sell EUR 301,739 State Street 05/11/2019 (8) - Buy EUR 1,432,262;Sell JPY 173,466,321 State Street 05/11/2019 (7) - Buy CAD 325,677;Sell EUR 225,189 State Street 04/11/2019 (4) - Buy EUR 380,348;Sell AUD 620,731 State Street 04/11/2019 (3) - Buy HKD 1,103,395;Sell EUR 128,865 State Street 04/11/2019 (3) - Buy CHF 104,287;Sell EUR 95,967 State Street 04/11/2019 (1) - Buy EUR 137,510;Sell SEK 1,488,804 State Street 04/11/2019 (1) - Buy NOK 361,259;Sell EUR 36,160 State Street 04/11/2019 (1) - Buy EUR 339,312;Sell NZD 591,109 State Street 04/11/2019 (1) - Buy SGD 73,682;Sell EUR 48,768 State Street 04/11/2019 - - Buy ILS 14,929;Sell EUR 3,936 State Street 04/11/2019 - - Buy DKK 893,040;Sell EUR 119,631 State Street 04/11/2019 - - Buy SEK 332,406;Sell EUR 31,001 State Street 04/11/2019 - - Buy AUD 129,335;Sell EUR 79,907 State Street 04/11/2019 - - Total unrealised loss on forw ard currency contracts (30 Apr 2019: (0.00%)) 04/11/2019 (614) (0.03)

Num be r of Fair Value % of Net Contracts Currency Notional Description USD '000 Asset Value

Futures contracts

Ge rm any

61 EUR 2,456,092 Euro Stoxx 50 Index 70 - Total Germany 70 -

Japan

10 JPY 1,543,407 TOPIX Index 57 - Total Japan 57 -

United States

71 USD 10,777,090 S&P 500 E-Mini Index 175 0.01 Total United States 175 0.01

Total unrealised gain on futures contracts (30 Apr 2019: 0.03%) 302 0.01

51

BlackRock Common Contractual Funds

SCHEDULE OF INVESTMENTS (continued) As at 31 October 2019 Num be r of Fair Value % of Net Contracts Currency Notional Description USD '000 Asset Value

Futures contracts (continued)

Australia

1 AUD 114,348 SPI 200 Index4 - - Total Australia - -

Canada

4 CAD 599,475 S&P Canada 60 Index (1) - Total Canada (1) -

United Kingdom

16 GBP 1,500,212 FTSE 100 Index (6) - Total Unite d Kingdom (6) -

Total unrealised loss on futures contracts (30 April 2019: (0.00%)) (7) -

Fair Value % of Net USD '000 As s e t V alue

Total financial assets at fair value through profit or loss 2,045,947 99.29 Total financial liabilities at fair value through profit or loss (621) (0.03) Cas h 9,661 0.47 Cash equivalents Holding Currency Undertaking for collective investment schemes (30 Apr 2019: 0.00%) 5,523,287 USD BlackRock ICS Institutional US Dollar Liquidity Fund - Agency (Dis) Shares1 5,523 0.26 Total cash equivalents 5,523 0.26 Other assets and liabilities 161 0.01 Net asset value attributable to redeemable participating unitholders 2,060,671 100.00

% of Total Analysis of total assets Assets Transferable securities admitted to official stock exchange listing 90.08 Financial derivative instruments dealt in on a regulated market 0.01 OTC financial derivative instruments 0.30 Other assets 9.61 Total assets 100.00

1A related party to the Fund. 2Security fully or partially on loan. 3Forw ard currency contracts held w ith one counterparty that have the same buy currency, sell currency and maturity date are presented an aggregate basis w here applicable. There is no netting of asset and liability positions. 4Investments w hich are less than USD 500 have been rounded dow n to zero.

On gains On losses Underlying exposure USD '000 USD '000 Forw ard currency contracts 350,081 26,348 Futures 14,777 2,214

52

BlackRock Common Contractual Funds

SCHEDULES OF MATERIAL PURCHASES AND SALES For the financial period ended 31 October 2019

CCF Developed World (ESG Screened) Index Fund

Purchases Cost Sales Proceeds Quantity Investment USD '000 Quantity Investment USD '000 129,076 Apple, Inc. 28,147 13,709 Anadarko Petroleum Corp. 998 204,064 Microsoft Corp. 28,000 8,901 Red Hat, Inc. 952 11,784 Amazon.com, Inc. 21,007 5,012 Apple, Inc. 777 67,464 Facebook, Inc. 12,434 3,914 L3 Technologies, Inc. 585 98,896 Chevron Corp 11,698 2,385 Corteva, Inc. 532 8,746 Alphabet, Inc. 'C' 10,557 21,310 M&G plc 317 89,429 JPMorgan Chase & Co. 10,434 119,092 Innogy SE 243 8,403 Alphabet, Inc. 'A' 10,156 4,958 Pf iz er , Inc . 229 74,746 Johnson & Johnson 9,784 5,478 Oracle Corp. 201 86,075 Nestle SA 9,136 3,891 Bank of New York Mellon Corp. (The) 169 70,631 Procter & Gamble Co. (The) 8,436 3,822 Citigroup, Inc. 166 48,642 Visa, Inc. 'A' 8,416 2,609 Novo Nordisk A /S 166 118,220 Exxon Mobil Corp. 8,383 3,440 Altice USA, Inc. 166 250,488 Bank of America Corp. 7,357 6,859 Cisco Systems, Inc. 158 204,008 AT&T, Inc. 7,350 2,927 Johnson Controls International plc 144 25,702 Mastercard, Inc. 6,924 3,661 Bank of America Corp. 137 115,727 Verizon Communications, Inc. 6,778 4,902 Unilever NV 131 50,482 Walt Disney Co. (The) 6,715 2,162 Broadcom, Inc. 126 30,057 Home Depot, Inc. (The) 6,664 494 Assicurazioni Generali SpA 121 125,268 Intel Corp. 6,378 5,921 Equinor ASA 116

The CBI requires a schedule of material changes in the composition of the portfolio during the financial period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the financial period and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the financial period is available, upon request, at no cost from the Administrator.

53

BlackRock Common Contractual Funds

TRANSACTIONS WITH CONNECTED PERSONS

In accordance with the requirements of the CBI, the Manager shall ensure that any transactions carried out between the Fund and the Manager or Depositary to a Fund, the delegates or sub-delegates of the Manager or Depositary (excluding any non-group company sub- custodians appointed by a Depositary) and any associated or group company of the Manager, Depositary, delegate or sub-delegate (“Connected Persons”) must be conducted at arm’s length and in the best interests of the unitholders.

The Directors are satisfied that there are arrangements in place, as evidenced by written procedures, to ensure that the obligations set out above are applied to all transactions with Connected Persons and that transactions with Connected Persons entered into during the financial period complied with this obligation.

SOFT COMMISSIONS

There were no soft commission arrangements entered into by the Investment Manager on behalf of the Fund during the financial period ended 30 April 2019.

54

BlackRock Common Contractual Funds

EFFICIENT PORTFOLIO MANAGEMENT AND SECURITIES FINANCING TRANSACTIONS

Efficient Portfolio Management Techniques The Directors may, on behalf of the Fund and subject to the conditions and within the limits laid down by the CBI and the prospectus, employ techniques and instruments relating to transferable securities, including investments in FDIs provided that such techniques and instruments are used for efficient portfolio management purposes or to provide protection against exchange risk or for direct investment purposes, where applicable.

The underlying exposure obtained through FDI and at the identity of the counterparties to these FDIs at the financial period end are disclosed on the Fund’s schedule of investments.

Securities Lending All securities lending transactions entered into by the Fund are subject to a written legal agreement between the Fund and the securities lending agent, BlackRock Advisors (UK) Limited, a related party to the Entity, and separately between the securities lending agent and the approved borrowing counterparty. Collateral received in exchange for securities lent is transferred under a title transfer arrangement and is delivered to and held in an account with a tri-party collateral manager in the name of the Depositary on behalf of the Fund. Collateral received is segregated from the assets belonging to the Fund’s Depositary or the securities lending agent.

The following table details the value of securities on loan as a proportion of the Fund’s total lendable assets and NAV as at 31 October 2019 and the income/returns earned for the financial period ended 31 October 2019. Total lendable assets represent the aggregate value of assets forming part of a Fund’s securities lending programme. This excludes any assets held by the Fund that are not considered lendable due to any market, regulatory, investment or other restriction.

Securities on loan

% of Income lendable earned assets % of NAV USD '000 4.07% 3.46% 19

The total income earned from securities lending transactions is split between the Fund and the Securities Lending Agent. The Fund’s receives 62.5% while securities lending agent receives 37.5% of such income with all operational costs borne out of the securities lending agent’s share.

The following table detail the value of securities on loan (individually identified in the Fund’s Schedule of Investments), analysed by counterparty as at 31 October 2019.

Collateral Counterparty Amount on loan received USD '000 USD '000 Barclays Capital Securities Ltd. 125 143 HSBC Bank plc 179 286 Macquarie Bank Limited 7,623 8,398 The Bank of Nova Scotia 12,468 13,807 UBS AG 50,859 56,417 Total 71,254 79,051

All securities on loan have an open maturity tenor as they are recallable or terminable daily.

Counterparties’ country of establishment The following table provides the country of establishment of each counterparty to securities lending transactions.

Counterparty Country of establishment Barclays Capital Securities Ltd. United Kingdom HSBC Bank plc United Kingdom Macquarie Bank Limited Australia The Bank of Nova Scotia Canada UBS AG Sw itzerland

55

BlackRock Common Contractual Funds

EFFICIENT PORTFOLIO MANAGEMENT AND SECURITIES FINANCING TRANSACTIONS (continued)

Collateral currency, type, quality and maturity tenor The following table provides an analysis by currency of the cash and underlying non-cash collateral received by the Fund by way of title transfer collateral arrangement, in respect of securities lending transactions as at 31 October 2019.

Non-cash collateral Currency received USD '000 Securities lending transactions GBP 79,051

The following table provides an analysis of the type, quality and maturity tenor of non-cash collateral received by the Fund by way of title transfer collateral arrangement in respect of securities lending transactions as at 31 October 2019.

Maturity Tenor

8 - 30 31 - 90 91 - 365 More than Collateral type and quality 1 day 2 - 7 days days days days 365 days Open Total USD '000 USD '000 USD '000 USD '000 USD '000 USD '000 USD '000 USD '000 Collateral received - securities lending Eq u it ie s Recognised equity index ------79,05179,051 Total ------79,05179,051

Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch.

A recognised equity index contains at least 20 equities where no single equity represents more than 20% of the total index and no five equities combined represent more than 60% of the total index.

The maturity tenor analysis for fixed income securities received or posted as collateral is based on the respective contractual maturity date, while for [equity securities, ETFs and money market funds] received or posted as collateral are presented as open transactions as they are not subject to a contractual maturity date.

All cash received or posted as collateral has an open maturity tenor as it’s not subject to a contractual maturity date.

Reuse of collateral received Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions cannot be sold, re- invested or pledged.

Safekeeping of collateral received As at 31 October 2019, all non-cash collateral received by the Fund in respect of securities lending transactions is held by the Fund’s Depositary (or through its delegates).

Concentration of collateral received The following table lists the ten largest issuers by value of non-cash collateral received by the Fund by way of title transfer collateral arrangement across securities lending transactions as at 31 October 2019.

Issuer Value USD '000 DR Horton, Inc. 5,622 Dupont de Nemours Inc. 5,397 Wells Fargo & Co. 4,317 Moody's Corp. 4,205 International Business Machines Corp. 3,906 Intercontinental Exchange, Inc. 3,714 Baidu Inc. 3,497 Icici Bank Ltd. 3,164 Citigroup, Inc. 2,691 Bank of America Corp. 2,330

56

BlackRock Common Contractual Funds

DISCLAIMERS Indices Disclaimers

Disclaimer for Reference to Benchmark Index and Index Provider Website In accordance with the CBI requirements, the Manager, on behalf of the Fund, is required to provide details of the relevant index provider’s website (“Website”) to enable unitholders obtain further details of the Fund’s Benchmark Index (including the index constituents). The Manager has no responsibility for each Website and is not involved in any way in sponsoring, endorsing or otherwise involved in the establishment or maintenance of each Website or the contents thereof. Furthermore, the Manager has no responsibility for the index provider’s Benchmark Index nor for the quality, accuracy or completeness of data in respect of their Benchmark Indices nor that the published indices will be managed in line with their described index methodologies.

MSCI Indices ("MSCI Indices") The Entity is not sponsored, endorsed, sold or promoted by MCSI, any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI Index (collectively the "MCSI Parties"). The MCSI Indices are the exclusive property of MSCI. MSCI and the MCSI Index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by the Investment Manager. None of the MSCI Parties makes any representation or warranty, express or implied, to the issuer or owners of this Fund or any other person or entity regarding the advisability of investing in Funds/accounts generally or in this Fund particularly or the ability of any MCSI Index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI Indexes which are determined, composed and calculated by MSCI without regard to this Fund or the issuer or owners of this Fund or any other person or entity into consideration in determining, composing or calculating the MSCI Indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of this Fund to be issued or in the determination or calculation of the equation by or the consideration into which this Fund is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of this Fund or any other person or entity in connection with the administration, marketing or offering of this Fund.

Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI Indexes from sources that MSCI considers reliable, none of the MSCI parties warrants or guarantees the originality, accuracy and/or the completeness of any MSCI Index or any data included therein. None of the MSCI parties make any warranty, express or implied, as to the results to be obtained by the issuer of the Fund, owners of the Fund, or any other person or entity, from the use of the MSCI Index or any data included therein. None of the MSCI parties shall have any liability for any errors, omissions or interruptions of or in connection with any MSCI Index or any data included therein. Further, none of the MSCI parties makes any express or implied warranties of any kind, and the MSCI parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI Index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

No purchaser, seller, owner or holder of this security, account, product or fund, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this security, account product or fund without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

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