Other Funds for Traditional Investments” Type

Annual report and audited financial statements

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

For the financial year ended 31 July 2019 BlackRock Investment Funds Switzerland Contents Overview

General information 2

Performance

Sub-fund performance 6

Governance

Report of the audit company 11

Financial Statements

Statement of net assets 12 Changes in the fund’s net assets 15 Changes in number of units outstanding 17 Net assets attributable to redeemable unitholders 21 Profit and loss account 24 Appropriation of net income 27 Notes to the annual report 35 Composition of portfolio and changes in holdings 45

Additional Information

Disclaimers 256

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

BlackRock Investment Funds Switzerland ANNUAL REPORT [1] BlackRock Investment Funds Switzerland General information

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

Board of Directors1 Auditor David Blumer, Chairman Deloitte AG Barry O’Dwyer, Vice-Chairman General-Guisan-Quai 38 Dr. Susanne Haury von Siebenthal P.O. Box 2232 Dr. Peter Athanas CH-8022 Zurich Dr. Mirjam Staub-Bisang Fund Administrator Executive Committee1,2,3,4 State Street Bank International GmbH, Munich, Zurich Branch Dr. Mirjam Staub-Bisang, CEO Beethovenstrasse 19 Dr. Michael Burch, COO CH-8027 Zurich Nathalie von Niederhäusern André Bantli Frank Rosenschon Holger Schmidt Jasmin Djalali Robert Majewski Edward Gordon

1 With effect from 9 November 2018, Dr. Mirjam Staub-Bisang was appointed as a member of the Board of Directors and the Executive Committee. 2 With effect from 9 November 2018, Robert Majewski was appointed as a member of the Executive Committee. 3 With effect from 9 November 2018, Edward Gordon was appointed as a member of the Executive Committee. 4 With effect from 30 November 2018, Barbara Dailey resigned as a member of the Executive Committee.

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

[2] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland General information (continued)

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

BlackRock Investment Funds Switzerland ANNUAL REPORT [3] BlackRock Investment Funds Switzerland General information (continued)

Total Expense Ratio (TER) Flat fee Total charged Expense Max fee to the Ratio charged to Unit sub-fund (TER) the sub-fund Sub-fund Class Currency % % %

iShares World ex Switzerland Equity Index Fund (CH) I1 CHF* CHF 0.15 0.15 1.00 iShares World ex Switzerland Equity Index Fund (CH) X1 CHF CHF 0.02 0.02 0.50 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I0 CHF CHF 0.20 0.20 1.00 iShares World ex Switzerland Small Cap Equity Index Fund (CH) X0 N CHF CHF 0.03 0.03 0.50 iShares Emerging Markets Equity Index Fund (CH) D CHF CHF 0.25 0.19 1.00 iShares Emerging Markets Equity Index Fund (CH) I CHF CHF 0.20 0.14 1.00 iShares Emerging Markets Equity Index Fund (CH) X N CHF CHF 0.08 0.02 0.50 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund D CHF CHF 0.25 0.25 1.00 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund X N CHF CHF 0.05 0.05 0.50 iShares SPI® Equity Index Fund (CH) D CHF CHF 0.13 0.13 1.00 iShares SPI® Equity Index Fund (CH) I CHF CHF 0.10 0.10 1.00 iShares SPI® Equity Index Fund (CH) X CHF CHF 0.03 0.03 0.50 iShares SPI® Equity Index Fund (CH) X N CHF CHF 0.03 0.03 0.50 iShares SPI® Equity Index Fund (CH) Y CHF CHF 0.00 0.00 0.00 iShares SMI® Equity Index Fund (CH) D CHF CHF 0.13 0.13 1.00 iShares SMI® Equity Index Fund (CH) I CHF CHF 0.10 0.10 1.00 iShares SMI® Equity Index Fund (CH) I A-CHF CHF 0.10 0.10 1.00 iShares SMI® Equity Index Fund (CH) X CHF CHF 0.03 0.03 0.50 iShares SBI AAA-BBB® Bond Index Fund (CH) D CHF CHF 0.15 0.15 1.00 iShares SBI AAA-BBB® Bond Index Fund (CH) I CHF CHF 0.12 0.12 1.00 iShares SBI AAA-BBB® Bond Index Fund (CH) Y CHF CHF 0.00 0.00 0.00 iShares Emerging Markets Bond Index Fund (CH) D USD USD 0.30 0.30 1.00 iShares Emerging Markets Bond Index Fund (CH) X USD USD 0.04 0.04 0.50 iShares Emerging Markets Bond Index Fund (CH) X N USD* USD 0.04 0.04 0.50 iShares Emerging Markets Bond Index Fund (CH) X NT USD* USD 0.04 0.04 0.50 iShares Japan Equity Index Fund (CH) D JPY* JPY 0.20 0.20 1.00 iShares Japan Equity Index Fund (CH) I1 CHF* CHF 0.15 0.15 1.00 iShares Japan Equity Index Fund (CH) X1 CHF CHF 0.04 0.04 0.50

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

[4] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland General information (continued)

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

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

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

The following table shows the actual realised tracking error of the sub-funds as at 31 July 2019. The realised tracking error is annualised and calculated using data from the preceding 36 months observation period. Where a sub-fund has not been trading for 36 months, the annualised tracking error since inception has been presented.

Unit Maximum Minimum Average 31 July 2019 Sub-fund Class % % % %

iShares World ex Switzerland Equity Index Fund (CH) I1 CHF* 0.13 0.11 0.12 0.11 iShares World ex Switzerland Equity Index Fund (CH) X1 CHF 0.09 0.07 0.08 0.09 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I0 CHF* 0.19 0.16 0.18 0.16 iShares World ex Switzerland Small Cap Equity Index Fund (CH) X0 N CHF 0.16 0.16 0.16 0.16 iShares Emerging Markets Equity Index Fund (CH) D CHF* 0.48 0.33 0.40 0.33 iShares Emerging Markets Equity Index Fund (CH) I CHF* 0.26 0.20 0.22 0.20 iShares Emerging Markets Equity Index Fund (CH) X N CHF 0.44 0.34 0.40 0.34 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund D CHF* 0.42 0.37 0.39 0.37 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund X N CHF 0.34 0.32 0.33 0.33 iShares SPI® Equity Index Fund (CH) D CHF* 0.05 0.04 0.05 0.04 iShares SPI® Equity Index Fund (CH) I CHF* 0.05 0.04 0.05 0.04 iShares SPI® Equity Index Fund (CH) X CHF* 0.04 0.03 0.03 0.03 iShares SPI® Equity Index Fund (CH) X N CHF* 0.03 0.03 0.03 0.03 iShares SPI® Equity Index Fund (CH) Y CHF* 0.05 0.04 0.05 0.04 iShares SMI® Equity Index Fund (CH) D CHF* 0.06 0.05 0.06 0.05 iShares SMI® Equity Index Fund (CH) I CHF* 0.06 0.05 0.06 0.05 iShares SMI® Equity Index Fund (CH) I A-CHF* 0.02 0.02 0.02 0.02 iShares SMI® Equity Index Fund (CH) X CHF* 0.02 0.02 0.02 0.02 iShares SBI AAA-BBB® Bond Index Fund (CH) D CHF* 0.04 0.03 0.04 0.04 iShares SBI AAA-BBB® Bond Index Fund (CH) I CHF* 0.04 0.03 0.04 0.04 iShares SBI AAA-BBB® Bond Index Fund (CH) Y CHF* 0.04 0.04 0.04 0.04 iShares Emerging Markets Bond Index Fund (CH) D USD* 0.15 0.13 0.14 0.13 iShares Emerging Markets Bond Index Fund (CH) X USD* 0.14 0.13 0.13 0.13 iShares Emerging Markets Bond Index Fund (CH) X N USD* 0.13 0.06 0.11 0.10 iShares Emerging Markets Bond Index Fund (CH) X NT USD* 0.15 0.03 0.08 0.08 iShares Japan Equity Index Fund (CH) D JPY* 0.05 0.00 0.04 0.04 iShares Japan Equity Index Fund (CH) I1 CHF* 0.07 0.03 0.05 0.05 iShares Japan Equity Index Fund (CH) X1 CHF* 1.31 0.92 1.08 0.92

*The realised tracking error is normally computed from 36 months of returns. The unit class’s return history is too short to give a statistically significant tracking error.

BlackRock Investment Funds Switzerland ANNUAL REPORT [5] BlackRock Investment Funds Switzerland Performance

Sub-fund performance with benchmark

1 January 2019 - 1 August 2018 - 1 August 2017 - 31 July 2019 31 July 2019 31 July 2018

Unit Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Inception Date % % % % % %

iShares World ex I1 CHF** CHF Feb-19 4.64 4.42 4.64 4.42 N/A N/A Switzerland Equity Index Fund (CH) iShares World ex X1 CHF CHF Jan-15 18.27 17.93 3.91 3.38 15.53 15.12 Switzerland Equity Index Fund (CH) iShares World ex I0 CHF CHF Jul-17 17.21 17.13 (2.91) (3.22) 17.22 16.80 Switzerland Small Cap Equity Index Fund (CH) iShares World ex X0 N CHF CHF Jan-15 17.34 17.13 (2.73) (3.22) 17.42 16.80 Switzerland Small Cap Equity Index Fund (CH) iShares Emerging D CHF CHF Mar-17 9.39 9.69 (2.52) (2.18) 7.08 7.08 Markets Equity Index Fund (CH) iShares Emerging I CHF* CHF Jun-18 9.42 9.69 (2.48) (2.18) (0.10) (0.26) Markets Equity Index Fund (CH) iShares Emerging X N CHF CHF Jan-15 9.50 9.69 (2.36) (2.18) 7.25 7.08 Markets Equity Index Fund (CH) BIFS Global ex D CHF CHF Apr-17 4.78 5.08 5.66 5.89 (0.94) (0.74) Switzerland Sovereign Screened CHF Bond Fund BIFS Global ex X N CHF CHF May-16 4.90 5.08 5.87 5.89 (0.74) (0.74) Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity D CHF CHF Apr-17 22.61 22.73 10.56 10.70 5.53 5.70 Index Fund (CH) iShares SPI® Equity I CHF CHF Mar-17 22.63 22.73 10.59 10.70 5.56 5.70 Index Fund (CH) iShares SPI® Equity X CHF* CHF May-18 22.68 22.73 10.67 10.70 3.98 3.97 Index Fund (CH) iShares SPI® Equity X N CHF* CHF Oct-17 22.68 22.73 10.67 10.70 3.32 3.36 Index Fund (CH) iShares SPI® Equity Y CHF CHF Mar-17 22.70 22.73 10.70 10.70 5.67 5.70 Index Fund (CH) iShares SMI® Equity D CHF CHF Dec-16 21.38 21.47 11.58 11.73 4.61 4.81 Index Fund (CH) iShares SMI® Equity I CHF CHF Nov-16 21.40 21.47 11.62 11.73 4.64 4.81 Index Fund (CH)

[6] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Performance (continued)

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

Unit Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Inception Date % % % % % %

iShares SMI® Equity I A-CHF* CHF Dec-17 21.40 21.47 11.62 11.73 1.99 2.08 Index Fund (CH) iShares SMI® Equity X CHF* CHF Dec-17 21.45 21.47 11.70 11.73 1.71 1.75 Index Fund (CH) iShares SBI D CHF CHF Apr-17 4.56 4.59 5.86 5.94 (0.48) (0.47) AAA-BBB® Bond Index Fund (CH) iShares SBI I CHF CHF Mar-17 4.58 4.59 5.90 5.94 (0.46) (0.47) AAA-BBB® Bond Index Fund (CH) iShares SBI Y CHF CHF Feb-17 4.65 4.59 6.02 5.94 (0.34) (0.47) AAA-BBB® Bond Index Fund (CH) iShares Emerging D USD USD Apr-17 12.50 12.66 10.67 10.98 (0.21) 0.07 Markets Bond Index Fund (CH) iShares Emerging X USD USD Jan-17 12.68 12.66 10.91 10.98 0.05 0.07 Markets Bond Index Fund (CH) iShares Emerging X N USD** USD Sep-18 12.68 12.66 13.25 13.20 N/A N/A Markets Bond Index Fund (CH) iShares Emerging X NT USD** USD Dec-18 12.68 12.66 12.62 12.55 N/A N/A Markets Bond Index Fund (CH) iShares Japan Equity D JPY** JPY Dec-18 6.72 6.78 4.99 5.04 N/A N/A Index Fund (CH) iShares Japan Equity I1 CHF** CHF Jan-19 3.22 3.29 3.22 3.29 N/A N/A Index Fund (CH) iShares Japan Equity X1 CHF* CHF Oct-17 8.57 8.58 (4.10) (4.08) 2.35 2.41 Index Fund (CH)

Sub-fund performance is shown net of TER. Sub-fund performance at the unit class level is based on officially published net asset value (“NAV”) which in turn are based on stock exchange closing prices at the end of the month in question. Historical performance is not an indicator of current or future performance. The performance data given does not take into account commissions and costs incurred in the purchase or redemption of fund units. Performance has been calculated in accordance with the SFAMA guidelines on the calculation and publication of performance data of collective investment schemes. *As this unit class launched during the period ended 31 July 2018, performance figures for 31 July 2018 are from inception date. **As this unit class launched during the period ended 31 July 2019, performance figures for 31 July 2019 are from inception date.

BlackRock Investment Funds Switzerland ANNUAL REPORT [7] BlackRock Investment Funds Switzerland Performance (continued)

Sub-fund performance with benchmark (continued) 1 January 2018 - 1 January 2017- 1 January 2016- 31 December 2018 31 December 2017 31 December 2016

Unit Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Inception Date % % % % % %

iShares World ex I1 CHF**** CHF Feb-19 N/A N/A N/A N/A N/A N/A Switzerland Equity Index Fund (CH) iShares World ex X1 CHF CHF Jan-15 (7.23) (7.64) 17.79 17.34 10.17 9.63 Switzerland Equity Index Fund (CH) iShares World ex I0 CHF** CHF Jul-17 (12.22) (12.61) 14.01 13.78 N/A N/A Switzerland Small Cap Equity Index Fund (CH) iShares World ex X0 N CHF CHF Jan-15 (12.07) (12.61) 17.63 17.29 15.22 14.50 Switzerland Small Cap Equity Index Fund (CH) iShares Emerging D CHF** CHF Mar-17 (13.46) (13.58) 21.39 22.44 N/A N/A Markets Equity Index Fund (CH) iShares Emerging I CHF*** CHF Jun-18 (10.96) (11.06) N/A N/A N/A N/A Markets Equity Index Fund (CH) iShares Emerging X N CHF CHF Jan-15 (13.31) (13.58) 30.60 31.63 13.22 12.89 Markets Equity Index Fund (CH) BIFS Global ex D CHF** CHF Apr-17 (0.02) 0.03 (0.98) (0.58) N/A N/A Switzerland Sovereign Screened CHF Bond Fund BIFS Global ex X N CHF* CHF May-16 0.18 0.03 (0.47) (0.31) (1.55) (1.49) Switzerland Sovereign Screened CHF Bond Fund iShares SPI® D CHF** CHF Apr-17 (8.69) (8.57) 11.52 11.71 N/A N/A Equity Index Fund (CH) iShares SPI® I CHF** CHF Mar-17 (8.66) (8.57) 12.91 13.08 N/A N/A Equity Index Fund (CH) iShares SPI® X CHF*** CHF May-18 (6.20) (6.22) N/A N/A N/A N/A Equity Index Fund (CH) iShares SPI® X N CHF** CHF Oct-17 (8.60) (8.57) 1.97 1.97 N/A N/A Equity Index Fund (CH)

[8] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Performance (continued)

Sub-fund performance with benchmark (continued) 1 January 2018 - 1 January 2017- 1 January 2016- 31 December 2018 31 December 2017 31 December 2016

Unit Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Inception Date % % % % % %

iShares SPI® Y CHF** CHF Mar-17 (8.57) (8.57) 13.00 13.08 N/A N/A Equity Index Fund (CH) iShares SMI® D CHF* CHF Dec-16 (7.17) (7.04) 17.56 17.90 (0.10) (0.10) Equity Index Fund (CH) iShares SMI® I CHF* CHF Nov-16 (7.15) (7.04) 17.60 17.90 3.67 3.67 Equity Index Fund (CH) iShares SMI® I A-CHF** CHF Dec-17 (7.15) (7.04) 1.00 1.00 N/A N/A Equity Index Fund (CH) iShares SMI® X CHF** CHF Dec-17 (7.08) (7.04) 0.67 0.67 N/A N/A Equity Index Fund (CH) iShares SBI D CHF** CHF Apr-17 0.03 0.07 (0.84) (0.79) N/A N/A AAA-BBB® Bond Index Fund (CH) iShares SBI I CHF** CHF Mar-17 0.06 0.07 (0.15) (0.08) N/A N/A AAA-BBB® Bond Index Fund (CH) iShares SBI Y CHF** CHF Feb-17 0.18 0.07 (0.78) (0.79) N/A N/A AAA-BBB® Bond Index Fund (CH) iShares Emerging D USD** USD Apr-17 (4.53) (4.26) 4.85 5.03 N/A N/A Markets Bond Index Fund (CH)* iShares Emerging X USD** USD Jan-17 (4.32) (4.26) 8.55 8.62 N/A N/A Markets Bond Index Fund (CH) iShares Emerging X N USD*** USD Sep-18 0.50 0.48 N/A N/A N/A N/A Markets Bond Index Fund (CH) iShares Emerging X NT USD*** USD Dec-18 (0.05) (0.10) N/A N/A N/A N/A Markets Bond Index Fund (CH) iShares Japan D JPY*** JPY Dec-18 (1.62) (1.62) N/A N/A N/A N/A Equity Index Fund (CH)

BlackRock Investment Funds Switzerland ANNUAL REPORT [9] BlackRock Investment Funds Switzerland Performance (continued)

Sub-fund performance with benchmark (continued) 1 January 2018 - 1 January 2017- 1 January 2016- 31 December 2018 31 December 2017 31 December 2016

Unit Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Inception Date % % % % % %

iShares Japan I1 CHF**** CHF Jan-19 N/A N/A N/A N/A N/A N/A Equity Index Fund (CH) iShares Japan X1 CHF** CHF Oct-17 (11.61) (11.56) 2.28 2.30 N/A N/A Equity Index Fund (CH)

*As this unit class launched during the calendar year 2016, performance figures for 2016 are from the inception date. **As this unit class launched during the calendar year 2017, performance figures for 2017 are from the inception date. ***As this unit class launched during the calendar year 2018, performance figures for 2018 are from the inception date. ****As this unit class launched in 2019, no calendar year performance figures are available as yet.

Sub-fund respective benchmark

The respective benchmarks are listed in the table below:

Sub-fund Benchmark

iShares World ex Switzerland Equity Index Fund (CH) MSCI World ex Switzerland Index iShares World ex Switzerland Small Cap Equity Index Fund (CH) MSCI World ex Switzerland Small Cap Index iShares Emerging Markets Equity Index Fund (CH) MSCI Emerging Markets Index BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund Bloomberg Barclays Global Treasury Index iShares SPI® Equity Index Fund (CH) Swiss Performance Index (SPI®) iShares SMI® Equity Index Fund (CH) Swiss Market Index (SMI®) iShares SBI AAA-BBB® Bond Index Fund (CH) Swiss Bond Index (SBI®) iShares Emerging Markets Bond Index Fund (CH) J.P. Morgan Emerging Markets Bond Index Global Diversified iShares Japan Equity Index Fund (CH) MSCI Japan Index

[10] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Governance Report of the audit company

As collective investment scheme regulatory auditors, we have also includes evaluating the appropriateness of the accounting audited the financial statements of the investment fund BlackRock policies used and the reasonableness of accounting estimates made, Investment Funds Switzerland, umbrella fund, with the subfunds: as well as evaluating the overall presentation of the financial iShares World ex Switzerland Equity Index Fund (CH) statements. We believe that the audit evidence we have obtained is iShares World ex Switzerland Small Cap Equity Index Fund (CH) sufficient and appropriate to provide a basis for our audit opinion. iShares Emerging Markets Equity Index Fund (CH) BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund Opinion iShares SPI® Equity Index Fund (CH) In our opinion, the financial statements for the year ended 31 July iShares SMI® Equity Index Fund (CH) 2019, comply with the Swiss Collective Investment Schemes Act, the iShares SBI AAA-BBB® Bond Index Fund (CH) related ordinances as well as the investment fund agreement and the iShares Emerging Markets Bond Index Fund (CH) prospectus. iShares Japan Equity Index Fund (CH) Report on Other Legal Requirements which comprise the statement of net assets and the income We confirm that we meet the legal requirements on licensing statement, the statement of the appropriation of available earnings according to the Auditor Oversight Act (AOA) and article 127 CISA as and the disclosure of the total costs as well as the supplemental well as on independence (article 11 AOA) and that there are no disclosures in accordance with article 89 paragraph 1 lit. b–h of the circumstances incompatible with our independence. Swiss Collective Investment Schemes Act (CISA) for the year ended 31 July 2019. Deloitte AG

Responsibility of the Fund Management Company’s Board of Directors Marcel Meyer Oksana Zinchenko The Board of Directors of the Fund Management Company is Licensed Audit Expert responsible for the preparation of these financial statements in Auditor in Charge accordance with the requirements of Swiss Collective Investment Schemes Act, the related ordinances as well as the investment fund Zurich, 22 November 2019 agreement and the prospectus. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors of the Fund Management Company is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit

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

BlackRock Investment Funds Switzerland ANNUAL REPORT [11] BlackRock Investment Funds Switzerland

STATEMENT OF NET ASSETS As at 31 July 2019 and 31 July 2018

iShares World ex Switzerland iShares World ex Switzerland Small iShares Emerging Markets Equity Equity Index Fund (CH) Cap Equity Index Fund (CH) Index Fund (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF CHF CHF CHF CHF Due from banks, including fiduciary deposits with third-party banks, broken down into: - Sight deposits 4,134,171 3,295,007 879,020 5,404,627 776,122 1,020,810 Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 897,324,067 798,457,656 575,765,527 693,343,780 40,173,587 40,974,606 - Units of other collective investment schemes 9,791,310 642,025 9,279,882 19,495,719 4,273,784 4,070,376 Derivative Financial Instruments 331,681 114,610 139,981 256,939 (4,176) 53,022 Other assets 1,995,716 1,099,713 760,470 848,314 256,711 272,975 Total sub-fund assets, less 913,576,945 803,609,011 586,824,880 719,349,379 45,476,028 46,391,789 Loans - 3,151 - - 454,703 5 Other liabilities 553,842 57,874 96,093 99,711 60,309 55,745 Net sub-fund assets 913,023,103 803,547,986 586,728,787 719,249,668 44,961,016 46,336,039

[12] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

STATEMENT OF NET ASSETS (continued) As at 31 July 2019 and 31 July 2018

BIFS Global ex Switzerland Sovereign Screened CHF Bond iShares SPI® Equity Index Fund iShares SMI® Equity Index Fund Fund (CH) (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF CHF CHF CHF CHF Due from banks, including fiduciary deposits with third-party banks, broken down into: - Sight deposits 1,153,892 1,336,633 396,845 110,247 1,262,685 780,495 Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights - - 255,663,852 236,931,980 332,966,891 276,832,963 - Bonds, convertible Bonds, warrant Bonds and other debt securities and rights 46,835,259 58,102,093 ---- -Unitsofothercollectiveinvestmentschemes ------Derivative Financial Instruments (39,954) 247,480 19,905 128,270 557 45,640 Other assets 319,306 463,711 2,113,647 2,115,238 4,468,276 1,739,598 Total sub-fund assets, less 48,268,503 60,149,917 258,194,249 239,285,735 338,698,409 279,398,696 Loans 351,409 301,171 - 7,210 - - Other liabilities 17,822 24,383 13,117 214,070 97,110 931,856 Net sub-fund assets 47,899,272 59,824,363 258,181,132 239,064,455 338,601,299 278,466,840

BlackRock Investment Funds Switzerland ANNUAL REPORT [13] BlackRock Investment Funds Switzerland

STATEMENT OF NET ASSETS (continued) As at 31 July 2019 and 31 July 2018

iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond iShares Japan Equity Index Fund (CH) Index Fund (CH) Fund (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF USD USD CHF CHF Due from banks, including fiduciary deposits with third-party banks, broken down into: - Sight deposits 2,184,055 1,395,215 4,798,763 2,833,732 1,197,674 843,962 Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights - - - - 98,150,400 77,714,651 - Bonds, convertible Bonds, warrant Bonds and other debt securities and rights 170,186,611 109,227,439 1,001,026,275 272,945,971 - - - Units of other collective investment schemes - - - - 146,042 104,282 Derivative Financial Instruments - - - - 7,728 13,001 Other assets 1,053,257 859,940 13,387,371 3,671,002 128,849 114,906 Total sub-fund assets, less 173,423,923 111,482,594 1,019,212,409 279,450,705 99,630,693 78,790,802 Loans ------Other liabilities 1,060,568 78,171 2,425,485 9,667 4,402 6,311 Net sub-fund assets 172,363,355 111,404,423 1,016,786,924 279,441,038 99,626,291 78,784,491

[14] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

CHANGES IN THE FUND’S NET ASSETS For the financial year ended 31 July 2019 and 31 July 2018

iShares World ex Switzerland iShares World ex Switzerland Small iShares Emerging Markets Equity Equity Index Fund (CH) Cap Equity Index Fund (CH) Index Fund (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF CHF CHF CHF CHF Sub-fund’s net assets at the beginning of the financial year 803,547,986 180,673,658 719,249,668 614,068,630 46,336,039 24,361,686 Ordinary distribution/ Applied income tax on accumulation - - (415,804) (27,110) (102,131) (29,700) Interim distributions ------Issue of units 108,246,359 616,312,848 - 1,648,698 3,915,604 23,047,513 Redemption of units (46,518,533) (36,263,442) (108,212,564) (3,242,121) (4,005,415) (3,162,072) Total net income 47,747,291 42,824,922 (23,892,513) 106,801,571 (1,183,081) 2,118,612 Sub-fund’s net assets at the end of the financial year 913,023,103 803,547,986 586,728,787 719,249,668 44,961,016 46,336,039

BIFS Global ex Switzerland Sovereign Screened CHF Bond iShares SPI® Equity Index Fund iShares SMI® Equity Index Fund Fund (CH) (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF CHF CHF CHF CHF Sub-fund’s net assets at the beginning of the financial year 59,824,363 59,084,069 239,064,455 48,648,413 278,466,840 10,816,838 Returnofcapitaldistribution ----(1,787,677) - Ordinary distribution/ Applied income tax on accumulation (9,746) (108) (535,999) (304,460) (625,323) (38,941) Interim distributions ----(3,558,266) (1,743,052) Issue of units 46,816 1,180,332 37,414,021 185,560,631 208,916,370 287,396,342 Redemption of units (14,767,790) - (42,100,704) (3,656,359) (194,864,108) (27,106,960) Total net income 2,805,629 (439,930) 24,339,359 8,816,230 52,053,463 9,142,613 Sub-fund’s net assets at the end of the financial year 47,899,272 59,824,363 258,181,132 239,064,455 338,601,299 278,466,840

BlackRock Investment Funds Switzerland ANNUAL REPORT [15] BlackRock Investment Funds Switzerland

CHANGES IN THE FUND’S NET ASSETS (continued) For the financial year ended 31 July 2019 and 31 July 2018

iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond iShares Japan Equity Index Fund (CH) Index Fund (CH) Fund (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF USD USD CHF CHF Sub-fund’s net assets at the beginning of the financial year 111,404,423 89,307,962 279,441,038 278,455,761 78,784,491 - Ordinary distribution/ Applied income tax on accumulation (484,927) (189,999) (10,916,035) (2,667,482) - - Interim distributions ------Issue of units 70,892,189 64,709,917 1,068,295,711 3,378,051 23,668,020 76,976,907 Redemption of units (17,777,471) (42,093,223) (430,459,272) - - - Total net income 8,329,141 (330,234) 110,425,482 274,708 (2,826,220) 1,807,584 Sub-fund’s net assets at the end of the financial year 172,363,355 111,404,423 1,016,786,924 279,441,038 99,626,291 78,784,491

[16] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

CHANGES IN NUMBER OF UNITS OUTSTANDING For the financial year ended 31 July 2019 and 31 July 2018

iShares World ex Switzerland iShares World ex Switzerland iShares World ex Switzerland Small Equity Index Fund (CH) Equity Index Fund (CH) Cap Equity Index Fund (CH) Unit Class - I1 CHF Unit Class - X1 CHF Unit Class - I0 CHF 31 July 2019 31 July 2019 31 July 2018 31 July 2019 31 July 2018 No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits Number at the beginning of the financial year - 536,000 139,236 61,457 59,875 Number of units issued 11,810 73,790 422,550 - 1,582 Number of units redeemed - (31,592) (25,786) (961) - Number at the end of the financial year 11,810 578,198 536,000 60,496 61,457

iShares World ex Switzerland Small iShares Emerging Markets Equity iShares Emerging Markets Equity Cap Equity Index Fund (CH) Index Fund (CH) Index Fund (CH) Unit Class - X0 N CHF Unit Class - D CHF Unit Class - I CHF 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits Number at the beginning of the financial year 407,912 410,138 5,980 3,266 19,155 - Number of units issued - - 3,518 3,581 - 19,155 Number of units redeemed (72,294) (2,226) (465) (867) - - Number at the end of the financial year 335,618 407,912 9,033 5,980 19,155 19,155

BIFS Global ex Switzerland BIFS Global ex Switzerland iShares Emerging Markets Equity Sovereign Screened CHF Bond Sovereign Screened CHF Bond Index Fund (CH) Fund Fund Unit Class - X N CHF Unit Class - D CHF Unit Class - X N CHF 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits Number at the beginning of the financial year 15,436 17,036 1,257 52 60,240 60,240 Number of units issued - - 48 1,205 - - Number of units redeemed (2,822) (1,600) - - (15,028) - Number at the end of the financial year 12,614 15,436 1,305 1,257 45,212 60,240

BlackRock Investment Funds Switzerland ANNUAL REPORT [17] BlackRock Investment Funds Switzerland

CHANGES IN NUMBER OF UNITS OUTSTANDING (continued) For the financial year ended 31 July 2019 and 31 July 2018

iShares SPI® Equity Index Fund iShares SPI® Equity Index Fund iShares SPI® Equity Index Fund (CH) (CH) (CH) Unit Class - D CHF Unit Class - I CHF Unit Class - X CHF 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits Number at the beginning of the financial year 1,557 546 6,057 5,544 409 - Number of units issued 1,602 1,214 1,950 746 - 409 Number of units redeemed (283) (203) (561) (233) - - Number at the end of the financial year 2,876 1,557 7,446 6,057 409 409

iShares SPI® Equity Index Fund iShares SPI® Equity Index Fund iShares SMI® Equity Index Fund (CH) (CH) (CH) Unit Class - X N CHF Unit Class - Y CHF Unit Class - D CHF 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits Number at the beginning of the financial year 174,500 - 43,665 38,810 4,550 1,887 Number of units issued 13,700 177,019 16,466 5,485 3,426 4,090 Number of units redeemed (21,380) (2,519) (16,790) (630) (599) (1,427) Number at the end of the financial year 166,820 174,500 43,341 43,665 7,377 4,550

iShares SMI® Equity Index Fund iShares SMI® Equity Index Fund iShares SMI® Equity Index Fund (CH) (CH) (CH) Unit Class - I CHF Unit Class - I A-CHF Unit class - X CHF 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits Number at the beginning of the financial year 105,868 7,375 83,184 - 60,000 - Number of units issued 100,630 103,267 87,596 103,111 - 60,000 Number of units redeemed (135,434) (4,774) (16,695) (19,927) - - Number at the end of the financial year 71,064 105,868 154,085 83,184 60,000 60,000

[18] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

CHANGES IN NUMBER OF UNITS OUTSTANDING (continued) For the financial year ended 31 July 2019 and 31 July 2018

iShares SBI AAA-BBB® Bond Index iShares SBI AAA-BBB® Bond Index iShares SBI AAA-BBB® Bond Index Fund (CH) Fund (CH) Fund (CH) Unit Class - D CHF Unit Class - I CHF Unit Class - Y CHF 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits Number at the beginning of the financial year 17,969 2,628 17,700 6,845 78,016 81,199 Number of units issued 28,348 50,435 37,258 14,775 5,326 929 Number of units redeemed (14,982) (35,094) - (3,920) (3,100) (4,112) Number at the end of the financial year 31,335 17,969 54,958 17,700 80,242 78,016

iShares Emerging Markets Bond iShares Emerging Markets Bond iShares Emerging Markets Bond Index Fund (CH) Index Fund (CH) Index Fund (CH) Unit Class - D USD Unit Class - X USD Unit Class - X N USD 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 No.ofUnits No.ofUnits No.ofUnits No.ofUnits No.ofUnits Number at the beginning of the financial year 1 1 267,321 264,009 - Number of units issued - - 650,858 3,312 372,464 Number of units redeemed - - (409,556) - (11,921) Number at the end of the financial year 1 1 508,623 267,321 360,543

iShares Emerging Markets Bond iShares Japan Equity Index Fund iShares Japan Equity Index Fund Index Fund (CH) (CH) (CH) Unit Class - X NT USD Unit Class - D JPY Unit Class - I1 CHF 31 July 2019 31 July 2019 31 July 2019 No.ofUnits No.ofUnits No.ofUnits Number at the beginning of the financial year - - - Number of units issued 26,746 1 2,200 Number of units redeemed - - - Number at the end of the financial year 26,746 1 2,200

BlackRock Investment Funds Switzerland ANNUAL REPORT [19] BlackRock Investment Funds Switzerland

CHANGES IN NUMBER OF UNITS OUTSTANDING (continued) For the financial year ended 31 July 2019 and 31 July 2018

iShares Japan Equity Index Fund (CH) Unit Class - X1 CHF 31 July 2019 31 July 2018 No. of Units No. of Units Number at the beginning of the financial year 76,977 - Number of units issued 22,212 76,977 Number of units redeemed - - Number at the end of the financial year 99,189 76,977

[20] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

NET ASSETS ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS For the financial year ended 31 July 2019

iShares World ex iShares World ex iShares World ex iShares World ex iShares Emerging iShares Emerging Switzerland Switzerland Switzerland Small Cap Switzerland Small Cap Markets Markets Equity Index Fund (CH) Equity Index Fund (CH) Equity Index Fund (CH) Equity Index Fund (CH) Equity Index Fund (CH) Equity Index Fund (CH) Unit Class - I1 CHF Unit Class - X1 CHF Unit Class - I0 CHF Unit Class - X0 N CHF Unit Class - D CHF Unit Class - I CHF Net asset value CHF CHF CHF CHF CHF CHF As at 31 July 2019 12,357,971 900,665,132 70,503,745 516,225,042 10,250,703 18,607,645 As at 31 July 2018 - 803,547,986 74,220,176 645,029,492 7,019,855 19,136,004 As at 31 July 2017 - 180,673,658 61,714,953 552,353,677 3,596,047 -

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 July 2019 11,810 578,198 60,496 335,618 9,033 19,155 As at 31 July 2018 - 536,000 61,457 407,912 5,980 19,155 As at 31 July 2017 - 139,236 59,875 410,138 3,266 -

Net asset value per unit CHF CHF CHF CHF CHF CHF As at 31 July 2019 1,046.40 1,557.71 1,165.42 1,538.13 1,134.91 971.41 As at 31 July 2018 - 1,499.16 1,207.67 1,581.30 1,173.82 999.00 As at 31 July 2017 - 1,297.61 1,030.73 1,346.75 1,100.94 -

iShares Emerging BIFS Global ex BIFS Global ex Markets Switzerland Sovereign Switzerland Sovereign iShares SPI® Equity iShares SPI® Equity iShares SPI® Equity Equity Index Fund (CH) Screened CHF Bond Fund Screened CHF Bond Fund Index Fund (CH) Index Fund (CH) Index Fund (CH) Unit Class - X N CHF Unit Class - D CHF Unit Class - X N CHF Unit Class - D CHF Unit Class - I CHF Unit Class - X CHF Net asset value CHF CHF CHF CHF CHF CHF As at 31 July 2019 16,102,668 1,340,048 46,559,224 3,555,711 9,280,431 470,426 As at 31 July 2018 20,180,180 1,231,398 58,592,965 1,756,471 6,885,510 425,144 As at 31 July 2017 20,765,639 51,532 59,032,537 584,255 6,005,523 -

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 July 2019 12,614 1,305 45,212 2,876 7,446 409 As at 31 July 2018 15,436 1,257 60,240 1,557 6,057 409 As at 31 July 2017 17,036 52 60,240 546 5,544 -

Net asset value per unit CHF CHF CHF CHF CHF CHF As at 31 July 2019 1,276.55 1,026.86 1,029.79 1,236.48 1,246.39 1,150.53 As at 31 July 2018 1,307.37 979.63 972.66 1,127.99 1,136.81 1,039.78 As at 31 July 2017 1,218.95 991.03 979.96 1,070.06 1,083.27 -

BlackRock Investment Funds Switzerland ANNUAL REPORT [21] BlackRock Investment Funds Switzerland

NET ASSETS ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS (continued) For the financial year ended 31 July 2019

iShares SPI® Equity iShares SPI® Equity iShares SMI® Equity iShares SMI® Equity iShares SMI® Equity iShares SMI® Equity IndexFund(CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Unit Class - X N CHF Unit Class - Y CHF Unit Class - D CHF Unit Class - I CHF Unit Class - I A-CHF Unit class - X CHF Net asset value CHF CHF CHF CHF CHF CHF As at 31 July 2019 190,751,637 54,122,927 9,592,709 95,952,924 165,522,737 67,532,929 As at 31 July 2018 180,295,611 49,701,719 5,351,545 129,268,380 82,821,804 61,025,111 As at 31 July 2017 - 42,058,635 2,139,396 8,677,442 - -

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 July 2019 166,820 43,341 7,377 71,064 154,085 60,000 As at 31 July 2018 174,500 43,665 4,550 105,868 83,184 60,000 As at 31 July 2017 - 38,810 1,887 7,375 - -

Net asset value per unit CHF CHF CHF CHF CHF CHF As at 31 July 2019 1,143.46 1,248.77 1,300.31 1,350.23 1,074.23 1,125.55 As at 31 July 2018 1,033.21 1,138.25 1,176.11 1,221.03 995.64 1,017.09 As at 31 July 2017 - 1,083.71 1,133.63 1,176.60 - -

iShares Emerging iShares Emerging iShares Emerging iShares SBI AAA-BBB® iShares SBI AAA-BBB® iShares SBI AAA-BBB® Markets Markets Markets Bond Index Fund (CH) Bond Index Fund (CH) Bond Index Fund (CH) Bond Index Fund (CH) Bond Index Fund (CH) Bond Index Fund (CH) Unit Class - D CHF Unit Class - I CHF Unit Class - Y CHF Unit Class - D USD Unit Class - X USD Unit Class - X N USD Net asset value CHF CHF CHF USD USD USD As at 31 July 2019 32,330,337 57,092,913 82,940,105 1,095 578,353,302 408,311,081 As at 31 July 2018 17,580,243 17,432,740 76,391,440 1,007 279,440,031 - As at 31 July 2017 2,587,017 6,784,424 79,936,521 1,015 278,454,746 -

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 July 2019 31,335 54,958 80,242 1 508,623 360,543 As at 31 July 2018 17,969 17,700 78,016 1 267,321 - As at 31 July 2017 2,628 6,845 81,199 1 264,009 -

Net asset value per unit CHF CHF CHF USD USD USD As at 31 July 2019 1,031.77 1,038.84 1,033.62 1,100.04 1,137.09 1,132.49 As at 31 July 2018 978.38 984.88 979.18 1,012.50 1,045.33 - As at 31 July 2017 984.41 991.15 984.45 1,019.73 1,054.72 -

[22] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

NET ASSETS ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS (continued) For the financial year ended 31 July 2019

iShares Emerging Markets iShares Japan Equity iShares Japan Equity iShares Japan Equity Bond Index Fund (CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Unit Class - X NT USD Unit Class - D JPY Unit Class - I1 CHF Unit Class - X1 CHF Net asset value USD JPY CHF CHF As at 31 July 2019 30,121,446 957 2,270,743 97,354,591 As at 31 July 2018 - - - 78,784,491 Asat31July2017----

Units in Issue No. of Units No. of Units No. of Units No. of Units As at 31 July 2019 26,746 1 2,200 99,189 As at 31 July 2018 - - - 76,977 Asat31July2017----

Net asset value per unit USD JPY CHF CHF As at 31 July 2019 1,126.21 104,988.74 981.51 1,032.16 As at 31 July 2018 - - - 1,023.48 Asat31July2017----

BlackRock Investment Funds Switzerland ANNUAL REPORT [23] BlackRock Investment Funds Switzerland

PROFIT AND LOSS ACCOUNT For the financial year ended 31 July 2019 and 31 July 2018

iShares World ex iShares World ex Switzerland Switzerland Small Cap iShares Emerging Markets Equity Index Fund (CH) Equity Index Fund (CH) Equity Index Fund (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF CHF CHF CHF CHF Income from bank assets 21,026 6,513 11,612 42,557 2,899 2,287 Income from securities lending - 7,906 401,194 530,687 1,077 144 Income from securities broken down by: - Shares and other equity securities and rights, including income from bonus shares 22,449,625 12,199,107 12,134,495 12,144,918 1,110,488 758,039 - Units of other collective investment schemes 32,549 16,034 327,629 156,198 31,665 3,153 Incomefromotherinvestments ------Other income - - 64,416 2,056 - 28 Current net income paid in on issued units 1,146,011 5,867,095 - 2,673 33,441 33,006 Total income less: 23,649,211 18,096,655 12,939,346 12,879,089 1,179,570 796,657 Interest paid 33,603 352 1,831 885 507 1,380 Negative interest 13,095 3,857 13,961 5,853 154 149 Renumerations to the following in accordance with the fund regulations: - The Fund Management Company 174,203 105,263 300,384 319,514 46,310 30,922 Current net income paid out on redeemed units 924,891 537,203 617,977 24,654 58,874 24,181 Net income 22,503,419 17,449,980 12,005,193 12,528,183 1,073,725 740,025 Realised capital gains and losses 5,026,789 2,578,244 31,263,789 29,347,792 (77,283) 422,268 Realised net income 27,530,208 20,028,224 43,268,982 41,875,975 996,442 1,162,293 Unrealised capital gains and losses 20,217,083 22,796,698 (67,161,495) 64,925,596 (2,179,523) 956,319 Total net income 47,747,291 42,824,922 (23,892,513) 106,801,571 (1,183,081) 2,118,612

[24] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

PROFIT AND LOSS ACCOUNT (continued) For the financial year ended 31 July 2019 and 31 July 2018

BIFS Global ex Switzerland Sovereign Screened CHF Bond iShares SPI® Equity iShares SMI® Equity Fund Index Fund (CH) Index Fund (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF CHF CHF CHF CHF Income from bank assets 1,399 1,524 53 - 11 - Income from securities lending 73 - 43,699 12,458 26,754 1,016 Income from securities broken down by: - Bonds, convertible bonds, warrant bonds and other debt securities and rights 1,295,7981,486,778---- - Shares and other equity securities and rights, including income from bonus shares - - 6,064,822 5,624,243 12,118,430 3,858,544 Incomefromotherinvestments ------Other income 165----- Current net income paid in on issued units 579 10,569 587,077 71,824 220,311 3,102,492 Total income less: 1,298,014 1,498,871 6,695,651 5,708,525 12,365,506 6,962,052 Interest paid - - - 618 128 372 Negative interest 3,855 2,590 3,299 2,958 5,789 1,470 Renumerations to the following in accordance with the fund regulations: - The Fund Management Company 30,523 31,334 63,244 46,826 329,568 73,868 Current net income paid out on redeemed units 232,210 - 483,744 66,444 4,133,036 4,611 Net income 1,031,426 1,464,947 6,145,364 5,591,679 7,896,985 6,881,731 Realised capital gains and losses 729,380 (3,797,437) 2,374,690 1,273,074 16,291,450 1,525,995 Realised net income 1,760,806 (2,332,490) 8,520,054 6,864,753 24,188,435 8,407,726 Unrealised capital gains and losses 1,044,823 1,892,560 15,819,305 1,951,477 27,865,028 734,887 Total net income 2,805,629 (439,930) 24,339,359 8,816,230 52,053,463 9,142,613

BlackRock Investment Funds Switzerland ANNUAL REPORT [25] BlackRock Investment Funds Switzerland

PROFIT AND LOSS ACCOUNT (continued) For the financial year ended 31 July 2019 and 31 July 2018

iShares SBI AAA-BBB® iShares Emerging Markets iShares Japan Equity Index Fund Bond Index Fund (CH) Bond Index Fund (CH) (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF USD USD CHF CHF Income from bank assets - 35 23,886 3,929 - - Income from securities lending - - 2,766 - 3,561 1,407 Income from securities broken down by: - Bonds, convertible bonds, warrant bonds and other debt securities and rights 1,396,474 1,242,671 52,966,920 15,035,613 - - - Shares and other equity securities and rights, including income from bonus shares ----1,883,1371,027,285 -Unitsofothercollectiveinvestmentschemes ----4,3664,213 Incomefromotherinvestments ------Other income ------Current net income paid in on issued units 457,656 435,409 2,559,508 102,806 526,205 - Total income less: 1,854,130 1,678,115 55,553,080 15,142,348 2,417,269 1,032,905 Interest paid -297- - - 14 Negative interest 5,095 4,659 - - 1,573 668 Renumerations to the following in accordance with the fund regulations: - The Fund Management Company 64,227 30,261 378,633 112,014 32,481 24,149 Current net income paid out on redeemed units 56,475 297,657 5,378,241 - - - Net income 1,728,333 1,345,241 49,796,206 15,030,334 2,383,215 1,008,074 Realised capital gains and losses (154,620) (440,213) 270,126 (331,026) (355,992) (272,441) Realised net income 1,573,713 905,028 50,066,332 14,699,308 2,027,223 735,633 Unrealised capital gains and losses 6,755,428 (1,235,262) 60,359,150 (14,424,600) (4,853,443) 1,071,951 Total net income 8,329,141 (330,234) 110,425,482 274,708 (2,826,220) 1,807,584

[26] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

APPROPRIATION OF NET INCOME For the financial year ended 31 July 2019 and 31 July 2018

iShares World ex Switzerland iShares World ex Switzerland Small iShares Emerging Markets Equity Equity Index Fund (CH) Cap Equity Index Fund (CH) Index Fund (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF CHF CHF CHF CHF Net income for the financial year 22,503,419 17,449,980 12,005,193 12,528,183 1,073,725 740,025 Balance at the beginning of the financial year ------Capital gains generated during the financial year intended for distribution ------Netting of loss against aggregate capital gains/losses ------Total available for distribution 22,503,419 17,449,980 12,005,193 12,528,183 1,073,725 740,025 Interim distribution during the financial year ------Net income earmarked for distribution ------Net income retained for reinvestment 22,503,419 17,449,980 12,005,193 12,528,183 1,073,725 740,025 Return of capital distribution from capital gains during the financial year ------Balanceattheendofthefinancialyear ------

BIFS Global ex Switzerland Sovereign Screened CHF Bond iShares SPI® Equity Index Fund iShares SMI® Equity Index Fund Fund (CH) (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF CHF CHF CHF CHF Net income for the financial year 1,031,426 1,464,947 6,145,364 5,591,679 7,896,985 6,881,731 Balance at the beginning of the financial year ----748- Capital gains generated during the financial year intended for distribution - - - - 721,118 419,248 Netting of loss against aggregate capital gains/losses ------Total available for distribution 1,031,426 1,464,947 6,145,364 5,591,679 8,618,851 7,300,979 Interim distribution during the financial year - - - - 3,558,266 1,743,052 Net income earmarked for distribution - - - - - 183,005 Net income retained for reinvestment 1,031,426 1,464,947 6,145,364 5,591,679 4,323,888 4,954,926 Return of capital distribution from capital gains during the financial year - - - - 721,118 419,248 Balance at the end of the financial year - - - - 15,579 748

BlackRock Investment Funds Switzerland ANNUAL REPORT [27] BlackRock Investment Funds Switzerland

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2019 and 31 July 2018

iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond iShares Japan Equity Index Fund Fund (CH) Index Fund (CH) (CH) 31 July 2019 31 July 2018 31 July 2019 31 July 2018 31 July 2019 31 July 2018 CHF CHF USD USD CHF CHF Net income for the financial year 1,728,333 1,345,241 49,796,206 15,030,334 2,383,215 1,008,075 Balance at the beginning of the financial year ------Capital gains generated during the financial year intended for distribution ------Netting of loss against aggregate capital gains/losses ------Total available for distribution 1,728,333 1,345,241 49,796,206 15,030,334 2,383,215 1,008,075 Interim distribution during the financial year ------Net income earmarked for distribution ------Net income retained for reinvestment 1,728,333 1,345,241 49,796,206 15,030,334 2,383,215 1,008,075 Return of capital distribution from capital gains during the financial year ------Balanceattheendofthefinancialyear ------

[28] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2019 and 31 July 2018

Accumulation of net income per unit1 Accumulation of net income2 12.35 38.67 32.56 22.06 19.33 Swiss withholding tax (35%) - - - 7.72 6.77 Net accumulation of income3 12.35 38.67 32.56 14.34 12.56 ✓✓✓✗✗ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation value dates on 31 October 2019 and 25 October 2018. 3 Prior year rates were updated due to presentation in reporting line “Accumulation of net income” instead of “Swiss Withholding tax (35%)”.

Accumulation of net income per unit1 Accumulation of net income2 31.79 27.80 26.23 24.29 22.90 7.48 Swiss withholding tax (35%) - - 9.18 8.50 8.01 2.62 Net accumulation of income3 31.79 27.80 17.05 15.79 14.89 4.86 ✓✓✗✗✗✗ Notification procedure

BlackRock Investment Funds Switzerland ANNUAL REPORT [29] BlackRock Investment Funds Switzerland

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2019 and 31 July 2018

Accumulation of net income per unit1 Accumulation of net income2 31.57 29.26 20.25 22.10 22.23 23.86 Swiss withholding tax (35%) - - 7.09 7.74 - - Net accumulation of income3 31.57 29.26 13.16 14.36 22.23 23.86 ✓✓ ✗ ✗✓✓ Notification procedure

Accumulation of net income per unit1 Accumulation of net income2 28.29 25.98 28.86 26.51 27.36 0.48 Swiss withholding tax (35%) 9.90 9.09 10.10 9.28 9.57 0.17 Net accumulation of income3 18.39 16.89 18.76 17.23 17.79 0.31 ✗✗✗✗✗✗ Notification procedure

[30] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2019 and 31 July 2018

Accumulation of net income per unit1 Accumulation of net income2 27.19 23.98 30.04 27.63 31.83 29.50 Swiss withholding tax (35%) - - 10.51 9.67 11.14 10.32 Net accumulation of income3 27.19 23.98 19.53 17.96 20.69 19.18 ✓✓✗✗✗✗ Notification procedure

BlackRock Investment Funds Switzerland ANNUAL REPORT [31] BlackRock Investment Funds Switzerland

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2019 and 31 July 2018

Accumulation of net income per unit1 Accumulation of net income2 33.42 30.98 - - 28.57 25.68 Swiss withholding tax (35%) 11.70 10.84 - - 10.00 8.99 Net accumulation of income3 21.72 20.14 - - 18.57 16.69 ✗✗ ✗✗ Notification procedure

Ordinary distribution per unit Gross ---2.20-- Swiss withholding tax (35%) ---0.77-- Net distribution from net income4 ---1.43--

Return of capital dividends Gross - - 4.68 5.04 - - Net distribution from capital gains5 - - 4.68 5.04 - -

[32] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2019 and 31 July 2018

Accumulation of net income per unit1 Accumulation of net income2 9.54 10.77 9.90 11.13 11.04 12.24 Swiss withholding tax (35%) 3.34 3.77 3.46 3.89 3.86 4.28 Net accumulation of income3 6.20 7.00 6.44 7.24 7.18 7.96 ✗✗✗✗✗✗ Notification procedure

Accumulation of net income per unit1 Accumulation of net income2 54.21 51.88 58.48 56.23 52.98 Swiss withholding tax (35%) 18.97 18.16 20.47 19.68 - Net accumulation of income3 35.24 33.72 38.01 36.55 52.98 ✗✗✗✗✓ Notification procedure

BlackRock Investment Funds Switzerland ANNUAL REPORT [33] BlackRock Investment Funds Switzerland

APPROPRIATION OF NET INCOME (continued) For the financial year ended 31 July 2019 and 31 July 2018

Accumulation of net income per unit1 Accumulation of net income2 36.17 11.42 12.98 Swiss withholding tax (35%) 12.66 4.00 - Net accumulation of income 23.51 7.42 12.98 ✗✗✓ Notification procedure

1 For unitholders domiciled in Switzerland. 2 Accumulation value dates on 31 October 2019 and 25 October 2018.

iShares Japan Equity Index Fund (CH) Unit Class - X1 CHF 31 July 2019 31 July 2018 CHF CHF

Accumulation of net income per unit1 Accumulation of net income2 23.74 13.10 Swiss withholding tax (35%) -- Net accumulation of income3 23.74 13.10 ✓✓ Notification procedure

[34] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

NOTES TO THE ANNUAL REPORT For the financial year ended 31 July 2019

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

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

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

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

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

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

BlackRock Investment Funds Switzerland ANNUAL REPORT [35] BlackRock Investment Funds Switzerland

NOTES TO THE ANNUAL REPORT (continued) For the financial year ended 31 July 2019

5. VALUATION OF INVESTMENTS Level 1 Level 2 Level 3 Total iShares World ex Switzerland Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 897,324,067 - - 897,324,067 - Units of other collective investment schemes 9,791,310 - - 9,791,310 Derivative financial instruments 331,681 - - 331,681 Total 907,447,058 - - 907,447,058

Level 1 Level 2 Level 3 Total iShares World ex Switzerland Small Cap Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 575,765,527 - - 575,765,527 - Units of other collective investment schemes 9,279,882 - - 9,279,882 Derivative financial instruments 139,981 - - 139,981 Total 585,185,390 - - 585,185,390

Level 1 Level 2 Level 3 Total iShares Emerging Markets Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 40,173,587 - - 40,173,587 - Units of other collective investment schemes 4,273,784 - - 4,273,784 Derivative financial instruments (4,176) - - (4,176) Total 44,443,195 - - 44,443,195

Level 1 Level 2 Level 3 Total BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Bonds, convertible bonds, warrant bonds and other debt securities and rights - 46,835,259 - 46,835,259 Derivative financial instruments - (39,954) - (39,954) Total - 46,795,305 - 46,795,305

Level 1 Level 2 Level 3 Total iShares SPI® Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 255,663,852 - - 255,663,852 Derivative financial instruments 19,905 - - 19,905 Total 255,683,757 - - 255,683,757

[36] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

NOTES TO THE ANNUAL REPORT (continued) For the financial year ended 31 July 2019

5. VALUATION OF INVESTMENTS (continued)

Level 1 Level 2 Level 3 Total iShares SMI® Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 332,966,891 - - 332,966,891 Derivative financial instruments 557 - - 557 Total 332,967,448 - - 332,967,448

Level 1 Level 2 Level 3 Total iShares SBI AAA-BBB® Bond Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Bonds, convertible bonds, warrant bonds and other debt securities and rights - 170,186,611 - 170,186,611 Total - 170,186,611 - 170,186,611

Level 1 Level 2 Level 3 Total iShares Emerging Markets Bond Index Fund (CH) USD USD USD USD Securities, including those on loan and under repurchase agreements, broken down into: - Bonds, convertible bonds, warrant bonds and other debt securities and rights - 1,001,026,275 - 1,001,026,275 Total - 1,001,026,275 - 1,001,026,275

Level 1 Level 2 Level 3 Total iShares Japan Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 98,150,400 - - 98,150,400 - Units of other collective investment schemes 146,042 - - 146,042 Derivative financial instruments 7,728 - - 7,728 Total 98,304,170 - - 98,304,170

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

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

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

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

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

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

BlackRock Investment Funds Switzerland ANNUAL REPORT [37] BlackRock Investment Funds Switzerland

NOTES TO THE ANNUAL REPORT (continued) For the financial year ended 31 July 2019

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

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

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

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

The following table details the value of securities on loan as the percentage of lendable assets, as the percentage of the NAV, and the income from securities lending for the period ended 31 July 2019. The total value of the lendable assets is equal to the aggregate value of the securities eligible for the securities lending program. This excludes any assets held by the sub-funds that are not considered lendable due to any market, regulatory, investment or other restrictions.

Securities on Loan %of Income from lendable %of securities Sub-fund Currency assets NAV lending iShares World ex Switzerland Small Cap Equity Index Fund (CH) CHF 29.52 29.43 401,194 iShares Emerging Markets Equity Index Fund (CH) CHF 0.41 0.41 1,077 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund CHF 1.53 1.49 73 iShares SPI® Equity Index Fund (CH) CHF 2.30 2.28 43,699 iShares SMI® Equity Index Fund (CH) CHF 0.00 0.00 26,754 iShares Emerging Markets Bond Index Fund (CH) USD 1.40 1.38 2,766 iShares Japan Equity Index Fund (CH) CHF 0.16 0.16 3,561

31 July 2019 31 July 2018 Value of Value of Value of Value of securities collateral securities collateral Sub-fund Currency on loan received on loan received iShares World ex Switzerland Small Cap Equity Index Fund (CH) CHF 172,682,587 178,049,388 99,030,134 106,297,276 iShares Emerging Markets Equity Index Fund (CH) CHF 182,574 214,524 238,797 260,368 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund CHF 715,055 896,899 - - iShares SPI® Equity Index Fund (CH) CHF 5,888,258 6,621,243 19,615,167 21,641,902 iShares SMI® Equity Index Fund (CH) CHF - 521,365 2,613,915 2,802,519 iShares Emerging Markets Bond Index Fund (CH) USD 14,018,370 15,724,317 - - iShares Japan Equity Index Fund (CH) CHF 154,437 170,950 4,974,396 5,600,930

[38] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

NOTES TO THE ANNUAL REPORT (continued) For the financial year ended 31 July 2019

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

Maturity tenor More than Collateral type and quality 365 days open Total iShares World ex Switzerland Small Cap Equity Index Fund (CH) CHF CHF CHF Fixed Income Investment Grade 81,482 - 81,482 Equities Recognised equity index - 177,967,906 177,967,906 Total 81,482 177,967,906 178,049,388

Maturity tenor More than Collateral type and quality 365 days open Total iShares Emerging Markets Equity Index Fund (CH) CHF CHF CHF Fixed Income Investment Grade 144,406 - 144,406 Equities Recognised equity index - 70,118 70,118 Total 144,406 70,118 214,524

Maturity tenor More than Collateral type and quality 365 days open Total BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund CHF CHF CHF Fixed Income Investment Grade 431,968 - 431,968 Equities Recognised equity index - 464,931 464,931 Total 431,968 464,931 896,899

Maturity tenor More than Collateral type and quality 365 days open Total iShares SPI® Equity Index Fund (CH) CHF CHF CHF Fixed Income Investment Grade 5,001,318 - 5,001,318 Equities Recognised equity index - 1,619,925 1,619,925 Total 5,001,318 1,619,925 6,621,243

BlackRock Investment Funds Switzerland ANNUAL REPORT [39] BlackRock Investment Funds Switzerland

NOTES TO THE ANNUAL REPORT (continued) For the financial year ended 31 July 2019

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

Maturity tenor Collateral type and quality open Total iShares SMI® Equity Index Fund (CH) CHF CHF Fixed Income Investment Grade -- Equities Recognised equity index 521,365 521,365 Total 521,365 521,365

Maturity tenor Collateral type and quality open Total iShares Emerging Markets Bond Index Fund (CH) USD USD Fixed Income Investment Grade -- Equities Recognised equity index 15,724,317 15,724,317 Total 15,724,317 15,724,317

Maturity tenor Collateral type and quality open Total iShares Japan Equity Index Fund (CH) CHF CHF Fixed Income Investment Grade -- Equities Recognised equity index 170,950 170,950 Total 170,950 170,950 b) Derivative risk exposure

31 July 2019 31 July 2018 Equivalent Equivalent underlying value Asa%ofthe underlying value Asa%ofthe sub-fund net sub-fund sub-fund net sub-fund Sub-fund currency assets currency assets iShares World ex Switzerland Equity Index Fund (CH) - Total exposure-increasing positions 16,160,944 1.77 3,433,186 0.43 iShares World ex Switzerland Small Cap Equity Index Fund (CH) - Total exposure-increasing positions 6,470,007 1.10 21,843,835 3.04 iShares Emerging Markets Equity Index Fund (CH) - Total exposure-increasing positions 985,995 2.19 1,238,073 2.67 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund - Total exposure-increasing positions 45,193,110 94.35 52,826,856 88.30 - Total exposure-decreasing positions 92,571,068 193.26 112,477,375 188.01 iShares SPI® Equity Index Fund (CH) - Total exposure-increasing positions 2,380,625 0.92 2,126,043 0.89

[40] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

NOTES TO THE ANNUAL REPORT (continued) For the financial year ended 31 July 2019

6. OFF-BALANCE-SHEET BUSINESS (continued) b) Derivative risk exposure (continued)

7. PROSPECTUS / FUND CONTRACT CHANGES 1 September 2018 The Swiss Financial Market Supervisory Authority (“FINMA”) has acknowledged dated 15 October 2018, the changes to the Prospectus with integrated fund contract notified by the Fund Management Company and the Custodian bank. The amendment below entered into force as of 1 September 2018 and is as follows: a) Information regarding data protection under the Federal Act on Data Protection (“DPA”) and General Data Protection Regulation GDPR (“GDPR”).

For details on this and other changes, please refer to the respective Prospectus with integrated fund contract dated September 2018.

November 2018 The FINMA has approved by decree dated 28 November 2018, the changes to the Prospectus with integrated fund contract notified by the Fund Management Company and the Custodian bank. The amendments below entered into force as of 29 November 2018 and is as follows: a) The addition of I NT CHF share class and its description from the sub-fund BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund. b) The addition of I NT USD share class and its description from the sub-fund iShares Emerging Markets Bond Index Fund (CH). c) The addition of X NT USD share class and its description from the sub-fund iShares Emerging Markets Bond Index Fund (CH). d) The addition of D JPY, D H-CHF, D H-EUR, D H-USD, I JPY, I H-CHF, I H-EUR, I H-USD, I10 CHF, I10 H-CHF, X CHF, X H-CHF, X10 CHF, X10 H-CHF, Y CHF, Y H-CHF, Y10 CHF, Y10 H-CHF share class and their description, where not already described, from the sub-fund iShares Japan Equity Index Fund (CH).

For details on these and other changes, please refer to the respective Prospectus with integrated fund contract dated November 2018.

March 2019 The FINMA has approved by decree dated 15 March 2019, the changes to the prospectus with integrated fund contract notified by the Fund Management Company and the Custodian bank. The amendments below entered into force as of 20 March 2019 and are as follows: a) Change of the reference index for ‘iShares MSCI World ex Switzerland ESG Equity Index Fund (CH)’ from MSCI World ex Switzerland ESG Leaders Index to MSCI World ex Switzerland ESG Universal ex Thermal Coal (including an exclusion list provided by the Swiss Association for Responsible Investments “SVVK-ASIR”). b) Clarification of issue and redemption expenses in relation to switches between unhedged and hedged unit classes.

For details on these and other changes, please refer to the respective prospectus with integrated fund contract dated March 2019.

April 2019 The FINMA has acknowledged dated 1 May 2019, the changes to the prospectus with integrated fund contract notified by the Fund Management Company and the Custodian bank. The amendments below entered into force as of 1 April 2019 and is as follows: a) Inclusion of risk disclosure language for access to China’s bond market via Bond Connect.

For details on these and other changes, please refer to the respective prospectus with integrated fund contract dated April 2019.

BlackRock Investment Funds Switzerland ANNUAL REPORT [41] BlackRock Investment Funds Switzerland

NOTES TO THE ANNUAL REPORT (continued) For the financial year ended 31 July 2019

7. PROSPECTUS / FUND CONTRACT CHANGES (continued) May 2019 The FINMA has acknowledged dated 20 June 2019, the changes to the prospectus with integrated fund contract notified by the Fund Management Company and the Custodian bank. The amendments below entered into force as of 24 May 2019 and is as follows: a) Inclusion of risk disclosure language for access to Saudi-Arabian market and updating the index description of the MSCI Emerging Markets Index.

For details on these and other changes, please refer to the respective prospectus with integrated fund contract dated May 2019.

June 2019 The FINMA has acknowledged dated 27 June 2019, the changes to the prospectus with integrated fund contract notified by the Fund Management Company and the Custodian bank. The amendments below entered into force as of 27 June 2019 and are as follows: a) Removal of iShares Japan Equity Index Fund II (CH) and the relevant share classes description related to that sub-fund. b) Update to the value day as of subscription or redemption date from “Order Date + up to 3 bank working days” to “Order Date + up to 2 bank working days” for the sub-fund iShares SPI Extra® Equity Index Fund (CH). c) Removal of the affirmation that the first statements will be prepared as at 31 July 2019 for the sub-fund iShares World ex Switzerland ESG Equity Index Fund (CH), iShares SPI Extra® Equity Index Fund (CH)l, iShares Global Aggregate Bond Index Fund (CH), iShares Emerging Markets Local Currency Bond Index Fund (CH).

For details on these and other changes, please refer to the respective prospectus with integrated fund contract dated June 2019

8. SIGNIFICANT EVENTS Effective 6 September 2018, class X N USD of the sub-fund iShares Emerging Markets Bond Index Fund (CH) was launched. Effective from 9 November 2018, Dr. Mirjam Staub-Bisang was appointed as a member of the Board of Directors and the Executive Committee. Effective from 9 November 2018, Robert Majewski was appointed as a member of the Executive Committee. Effective from 9 November 2018, Edward Gordon was appointed as a member of the Executive Committee. Effective from 30 November 2018, Barbara Dailey resigned as a member of the Executive Committee. Effective 20 December 2018, class X NT USD of the sub-fund iShares Emerging Market Bond Index Fund (CH) was launched. Effective 20 December 2018, class D JPY of the sub-fund iShares Japan Equity Index Fund (CH) was launched. Effective 17 January 2019, class I1 CHF of the sub-fund iShares Japan Equity Index Fund (CH) was launched. Effective 25 February 2019, class I1 CHF of the sub-fund iShares World ex Switzerland Equity Index Fund (CH) was launched.

9. SUBSEQUENT EVENTS There have been no events subsequent to the year end, which, in the opinion of the Fund Management Company, may have had an impact on the financial statements for the year ended 31 July 2019.

10. DISTRIBUTIONS PAID TO THE UNITHOLDERS Gross Amount per Sub-fund Unit Class Type Ex-Date Currency Unit iShares SMI® Equity Index Fund (CH) I A-CH Capital 25 October 2018 CHF 5.04 iShares SMI® Equity Index Fund (CH) I A-CH Income 25 October 2018 CHF 2.20 iShares SMI® Equity Index Fund (CH) I A-CH Income 04 March 2019 CHF 4.04 iShares SMI® Equity Index Fund (CH) I A-CH Income 07 March 2019 CHF 7.82 iShares SMI® Equity Index Fund (CH) I A-CH Income 05 April 2019 CHF 5.40 iShares SMI® Equity Index Fund (CH) I A-CH Income 15 April 2019 CHF 4.98 iShares SMI® Equity Index Fund (CH) I A-CH Income 23 April 2019 CHF 2.46 iShares SMI® Equity Index Fund (CH) I A-CH Income 06 May 2019 CHF 2.22 Total CHF 34.16

[42] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland

NOTES TO THE ANNUAL REPORT (continued) For the financial year ended 31 July 2019

11. EXCHANGE RATES Exchangeratesasat 31 July 2019 31 July 2018 CHF1= AED 0.269523 0.269523 AUD 0.682358 0.735966 BRL 0.263116 0.263533 CAD 0.753912 0.760369 CLP 0.001412 0.001547 CNY 0.143780 0.145023 COP 0.000301 0.000343 CZK 0.042932 0.045276 DKK 0.147615 0.155483 EGP 0.059747 0.055354 EUR 1.102266 1.158350 GBP 1.212206 1.298633 HKD 0.126471 0.126160 HUF 0.003384 0.003612 IDR 0.000071 0.000069 ILS 0.283108 0.269571 JPY 0.009118 0.008844 KRW 0.000837 0.000885 MXN 0.052154 0.053058 MYR 0.239913 0.243542 NOK 0.112726 0.121513 NZD 0.653400 0.673992 PHP 0.019455 0.018642 PKR 0.006203 0.007994 PLN 0.257193 0.270740 QAR 0.271922 0.271903 RUB 0.015608 0.015866 SEK 0.103199 0.112672 SGD 0.723393 0.727246 THB 0.032190 0.029757 TRY 0.178002 0.201670 TWD 0.031837 0.032338 USD 0.990000 0.990000 ZAR 0.069847 0.075580 USD1= CHF 1.010101 1.010101

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

BlackRock Investment Funds Switzerland ANNUAL REPORT [43] BlackRock Investment Funds Switzerland

NOTES TO THE ANNUAL REPORT (continued) For the financial year ended 31 July 2019

12. CONTRIBUTION AND REDEMPTION IN KIND AND NOT IN CASH (continued) e) Transactions relating to in kind contributions and redemptions must be disclosed in the annual report.

[44] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Energy - alternate sources Siemens Gamesa Renewable Energy SA 5,135 3,537 3,537 5,135 71,742 0.01 Vestas Wind Systems A/S 4,328 - - 4,328 354,449 0.04 426,191 0.05 Pharmaceuticals AbbVie Inc 30,604 4,441 1,804 33,241 2,192,370 0.24 Alfresa Holdings Corp 3,800 - - 3,800 91,508 0.01 Alkermes PLC 3,087 - - 3,087 70,780 0.01 Allergan PLC 6,735 1,135 - 7,870 1,250,504 0.14 AmerisourceBergen Corp 3,300 1,080 - 4,380 377,900 0.04 Astellas Pharma Inc 41,500 - - 41,500 587,848 0.06 AstraZeneca PLC 25,310 4,291 1,255 28,346 2,426,243 0.26 Aurora Cannabis Inc - 13,669 - 13,669 84,915 0.01 Bausch Health Cos Inc 6,626 - - 6,626 158,405 0.02 Bayer AG 17,858 4,374 1,625 20,607 1,334,470 0.15 Bristol-Myers Squibb Co 33,339 3,473 - 36,812 1,618,473 0.18 Canopy Growth Corp - 4,687 - 4,687 152,898 0.02 Cardinal Health Inc 6,354 1,884 - 8,238 372,957 0.04 Chugai Pharmaceutical Co Ltd 4,500 1,400 - 5,900 419,616 0.05 Cigna Corp - 8,744 - 8,744 1,470,923 0.16 CVS Health Corp 20,543 8,610 - 29,153 1,612,490 0.18 Daiichi Sankyo Co Ltd 11,400 11,000 10,200 12,200 739,419 0.08 DexCom Inc - 1,827 - 1,827 283,736 0.03 Eisai Co Ltd 5,400 - - 5,400 290,799 0.03 Elanco Animal Health Inc - 6,016 - 6,016 196,305 0.02 Eli Lilly & Co 19,889 2,626 2,597 19,918 2,148,365 0.23 Express Scripts Holding Co 11,585 - 11,585 - - 0.00 GlaxoSmithKline PLC 98,380 17,602 4,857 111,125 2,293,511 0.25 Grifols SA 5,989 8,070 4,501 9,558 308,689 0.03 Hisamitsu Pharmaceutical Co Inc 1,200 - - 1,200 48,198 0.00 Ipsen SA 758 564 564 758 86,643 0.01 Jazz Pharmaceuticals PLC 1,206 - - 1,206 166,411 0.02 Johnson & Johnson 54,161 7,536 1,683 60,014 7,736,873 0.85 Kobayashi Pharmaceutical Co Ltd 1,100 - - 1,100 78,233 0.01 Kyowa Kirin Co Ltd 5,200 - - 5,200 85,488 0.01 McKesson Corp 4,221 - - 4,221 580,643 0.06 Medipal Holdings Corp 3,100 - - 3,100 65,691 0.01 Merck & Co Inc 54,551 6,621 3,004 58,168 4,779,089 0.52 Merck KGaA 2,598 814 - 3,412 347,660 0.04 Mitsubishi Tanabe Pharma Corp 4,500 - - 4,500 50,756 0.00 Mylan NV 11,436 - - 11,436 236,622 0.03 Nektar Therapeutics 3,154 - - 3,154 88,865 0.01 Novo Nordisk A/S 35,613 35,471 33,201 37,883 1,811,836 0.20 Ono Pharmaceutical Co Ltd 8,300 - - 8,300 150,074 0.02 Orion Oyj 1,924 - - 1,924 65,765 0.01 Otsuka Holdings Co Ltd 7,800 2,000 - 9,800 358,949 0.04 Perrigo Co PLC 2,579 - - 2,579 137,899 0.01 Pfizer Inc 120,172 14,656 9,717 125,111 4,810,718 0.53 Recordati SpA 2,100 1,565 1,565 2,100 93,817 0.01 Sanofi 22,568 2,750 - 25,318 2,105,875 0.23 Santen Pharmaceutical Co Ltd 7,300 - - 7,300 117,216 0.01 Shionogi & Co Ltd 6,000 - - 6,000 331,371 0.04 Shire PLC 18,163 - 18,163 - - 0.00 Sumitomo Dainippon Pharma Co Ltd 2,900 - - 2,900 53,070 0.00 Suzuken Co Ltd/Aichi Japan 1,400 - - 1,400 76,975 0.01 Taisho Pharmaceutical Holdings Co Ltd 700 - - 700 53,168 0.01 Takeda Pharmaceutical Co Ltd 14,400 21,538 2,800 33,138 1,098,338 0.12 Teva Pharmaceutical Industries Ltd 22,458 - - 22,458 176,311 0.02

BlackRock Investment Funds Switzerland ANNUAL REPORT [45] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) UCB SA 2,540 1,055 - 3,595 279,842 0.03 Zoetis Inc 9,817 1,052 - 10,869 1,236,252 0.13 47,791,772 5.23 Auto manufacturers Bayerische Motoren Werke AG 6,582 988 - 7,570 557,640 0.06 Bayerische Motoren Werke AG 1,106 - - 1,106 65,649 0.01 Daimler AG 19,058 1,611 - 20,669 1,068,396 0.12 Ferrari NV 2,467 2,633 2,448 2,652 425,765 0.05 Fiat Chrysler Automobiles NV 21,577 22,718 17,275 27,020 358,471 0.04 Ford Motor Co 74,375 10,441 - 84,816 800,213 0.09 General Motors Co 26,039 2,601 - 28,640 1,143,784 0.13 Hino Motors Ltd 4,800 - - 4,800 38,384 0.00 Honda Motor Co Ltd 31,800 5,000 - 36,800 909,500 0.10 Isuzu Motors Ltd 11,100 - - 11,100 122,617 0.01 Mazda Motor Corp 11,500 - - 11,500 113,142 0.01 Mitsubishi Motors Corp 13,500 - - 13,500 59,332 0.01 Nissan Motor Co Ltd 46,600 10,600 - 57,200 370,722 0.04 PACCAR Inc 7,054 1,583 1,385 7,252 503,569 0.05 Peugeot SA 11,796 4,079 - 15,875 373,767 0.04 Porsche Automobil Holding SE 3,074 1,292 - 4,366 287,210 0.03 Renault SA 3,859 1,395 - 5,254 292,693 0.03 Subaru Corp 12,400 4,000 - 16,400 380,497 0.04 Suzuki Motor Corp 6,900 1,700 - 8,600 334,757 0.04 Tesla Inc 2,682 261 - 2,943 703,948 0.08 Toyota Motor Corp 45,300 7,700 1,600 51,400 3,291,948 0.36 Volkswagen AG 650 - - 650 110,838 0.01 Volkswagen AG 3,688 518 - 4,206 699,777 0.08 Volvo AB 31,347 6,645 6,554 31,438 467,999 0.05 13,480,618 1.48 Auto parts & equipment Aisin Seiki Co Ltd 3,500 - - 3,500 113,133 0.01 Aptiv PLC 5,357 1,278 1,284 5,351 464,325 0.05 Autoliv Inc 1,748 - - 1,748 124,857 0.01 BorgWarner Inc 4,240 - - 4,240 158,669 0.02 Bridgestone Corp 13,300 - - 13,300 497,211 0.05 Cie Generale des Etablissements Michelin SCA 3,442 810 - 4,252 470,792 0.05 Continental AG 2,210 564 - 2,774 382,945 0.04 Denso Corp 7,900 1,900 - 9,800 414,440 0.05 Faurecia SA 1,524 - - 1,524 72,234 0.01 Garrett Motion Inc - 1,524 1,524 - - 0.00 Goodyear Tire & Rubber Co 5,056 3,754 8,810 - - 0.00 JTEKT Corp 4,500 - - 4,500 53,259 0.01 Koito Manufacturing Co Ltd 2,200 - - 2,200 110,129 0.01 Lear Corp 1,368 - - 1,368 171,701 0.02 Linamar Corp 896 - 896 - - 0.00 Magna International Inc 6,973 - - 6,973 349,908 0.04 Minth Group Ltd 16,000 12,000 28,000 - - 0.00 NGK Insulators Ltd 5,300 - - 5,300 78,868 0.01 NGK Spark Plug Co Ltd 3,200 - - 3,200 60,865 0.01 Nokian Renkaat OYJ 2,338 1,795 1,795 2,338 66,927 0.01 Pirelli & C SpA 10,264 - - 10,264 60,460 0.01 Schaeffler AG 3,016 - 3,016 - - 0.00 Stanley Electric Co Ltd 2,800 - - 2,800 69,137 0.01 Sumitomo Electric Industries Ltd 15,100 6,500 - 21,600 266,672 0.03 Sumitomo Rubber Industries Ltd 3,100 - - 3,100 33,722 0.00 Toyoda Gosei Co Ltd 1,500 - - 1,500 27,491 0.00 Toyota Industries Corp 3,300 - - 3,300 170,609 0.02

[46] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Valeo SA 4,812 3,613 3,613 4,812 150,637 0.02 WABCO Holdings Inc 1,024 - - 1,024 134,232 0.01 Yokohama Rubber Co Ltd 2,100 - - 2,100 38,507 0.00 4,541,730 0.50 Banks ABN AMRO Bank NV 8,503 12,042 8,503 12,042 238,392 0.03 AEON Financial Service Co Ltd 2,100 - - 2,100 33,777 0.00 AIB Group PLC 16,357 12,192 12,192 16,357 55,892 0.01 Aozora Bank Ltd 2,300 - - 2,300 52,387 0.01 Australia & New Zealand Banking Group Ltd 59,097 6,015 - 65,112 1,240,032 0.14 Banco Bilbao Vizcaya Argentaria SA 132,332 17,552 - 149,884 759,893 0.08 Banco de Sabadell SA 107,271 - - 107,271 93,600 0.01 Banco Santander SA 320,679 65,984 21,277 365,386 1,555,833 0.17 Banco Santander SA - 2,751 2,751 - - 0.00 Banco Santander SA Rights - 338,484 338,484 - - 0.00 Bank Hapoalim BM 21,474 13,568 - 35,042 264,783 0.03 Bank Leumi Le-Israel BM 29,130 12,816 - 41,946 304,838 0.03 Bank of America Corp 196,478 21,800 11,499 206,779 6,280,540 0.69 Bank of East Asia Ltd 24,555 - - 24,555 70,495 0.01 Bank of Ireland Group PLC 18,427 13,825 13,825 18,427 81,246 0.01 Bank of Kyoto Ltd 1,100 - - 1,100 42,477 0.00 Bank of Montreal 13,015 1,484 - 14,499 1,079,980 0.12 Bank of New York Mellon Corp 20,804 1,910 2,353 20,361 945,785 0.10 Bank of Nova Scotia 24,030 5,491 1,901 27,620 1,467,193 0.16 Bank of Queensland Ltd 7,242 - - 7,242 46,105 0.00 Bankia SA 19,966 39,992 14,494 45,464 89,828 0.01 Bankinter SA 13,534 - - 13,534 87,539 0.01 Barclays PLC 340,384 45,376 - 385,760 720,510 0.08 BB&T Corp 16,307 2,007 1,961 16,353 834,243 0.09 Bendigo & Adelaide Bank Ltd 9,596 - - 9,596 75,235 0.01 BNP Paribas SA 22,476 2,803 - 25,279 1,175,311 0.13 BOC Hong Kong Holdings Ltd 74,500 23,500 - 98,000 373,063 0.04 CaixaBank SA 72,128 22,668 - 94,796 233,536 0.03 Canadian Imperial Bank of Commerce 8,751 2,096 1,243 9,604 751,789 0.08 Chiba Bank Ltd 14,000 - - 14,000 68,933 0.01 CIT Group Inc 2,717 - - 2,717 135,971 0.01 Citigroup Inc 52,020 6,283 5,311 52,992 3,733,202 0.41 Citizens Financial Group Inc 10,053 - - 10,053 370,829 0.04 Comerica Inc 3,530 - - 3,530 255,812 0.03 Commerzbank AG 21,382 - - 21,382 145,254 0.02 Commonwealth Bank of Australia 36,420 5,084 1,744 39,760 2,232,844 0.24 Concordia Financial Group Ltd 24,500 18,500 18,500 24,500 86,007 0.01 Credit Agricole SA 22,857 7,704 - 30,561 363,139 0.04 Danske Bank A/S 15,062 4,026 - 19,088 282,471 0.03 DBS Group Holdings Ltd 36,022 4,100 - 40,122 766,524 0.08 Deutsche Bank AG 41,085 - - 41,085 318,818 0.03 DNB ASA 19,688 - - 19,688 352,322 0.04 East West Bancorp Inc 2,905 - - 2,905 138,074 0.01 Erste Group Bank AG 6,046 2,450 - 8,496 303,796 0.03 Fifth Third Bancorp 15,089 - - 15,089 443,512 0.05 FinecoBank Banca Fineco SpA - 12,079 - 12,079 119,722 0.01 First Republic Bank/CA 3,168 1,045 - 4,213 414,418 0.05 Fukuoka Financial Group Inc 15,000 3,000 15,000 3,000 54,763 0.01 Goldman Sachs Group Inc 7,399 693 623 7,469 1,627,709 0.18 Hang Seng Bank Ltd 15,400 3,900 3,900 15,400 364,016 0.04 HSBC Holdings PLC 403,137 55,400 11,634 446,903 3,557,596 0.39 Huntington Bancshares Inc/OH 21,873 7,554 7,238 22,189 313,031 0.03 ING Groep NV 77,171 69,122 58,817 87,476 971,160 0.11

BlackRock Investment Funds Switzerland ANNUAL REPORT [47] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Intesa Sanpaolo SpA 267,412 90,790 - 358,202 774,032 0.08 Intesa Sanpaolo SpA 17,282 - 17,282 - - 0.00 Investec PLC 13,335 - - 13,335 76,007 0.01 Israel Discount Bank Ltd - 27,165 - 27,165 117,359 0.01 Japan Post Bank Co Ltd 8,200 6,300 6,300 8,200 79,105 0.01 JPMorgan Chase & Co 69,282 8,016 3,512 73,786 8,473,584 0.93 KBC Group NV 5,038 1,221 - 6,259 402,078 0.04 KeyCorp 21,829 - - 21,829 396,989 0.04 Lloyds Banking Group PLC 1,455,405 148,082 - 1,603,487 1,036,605 0.11 M&T Bank Corp 2,745 614 580 2,779 451,886 0.05 Macquarie Group Ltd 6,510 1,102 - 7,612 668,949 0.07 Mediobanca Banca di Credito Finanziario SpA 11,505 - - 11,505 114,819 0.01 Mitsubishi UFJ Financial Group Inc 240,900 42,500 - 283,400 1,354,572 0.15 Mizrahi Tefahot Bank Ltd 2,589 - - 2,589 61,936 0.01 Mizuho Financial Group Inc 487,800 56,000 - 543,800 765,582 0.08 Morgan Stanley 27,852 2,211 2,246 27,817 1,227,130 0.13 National Australia Bank Ltd 58,344 5,191 - 63,535 1,236,011 0.14 National Bank of Canada 6,842 2,033 - 8,875 427,419 0.05 Natixis SA 18,904 - - 18,904 75,889 0.01 Nordea Bank AB 61,089 - 61,089 - - 0.00 Nordea Bank Abp - 71,183 - 71,183 455,451 0.05 Northern Trust Corp 4,356 - - 4,356 422,619 0.05 Oversea-Chinese Banking Corp Ltd 63,312 44,300 44,300 63,312 528,526 0.06 PNC Financial Services Group Inc 9,622 830 - 10,452 1,478,655 0.16 Raiffeisen Bank International AG 2,966 2,390 2,390 2,966 69,375 0.01 Regions Financial Corp 24,352 - - 24,352 384,048 0.04 Resona Holdings Inc 44,400 - - 44,400 179,913 0.02 Royal Bank of Canada 29,372 4,445 1,466 32,351 2,541,907 0.28 Royal Bank of Scotland Group PLC 71,555 57,940 - 129,495 340,635 0.04 Seven Bank Ltd 11,100 - - 11,100 29,857 0.00 Shinsei Bank Ltd 3,000 - - 3,000 45,135 0.00 Shizuoka Bank Ltd 11,000 - - 11,000 75,425 0.01 Signature Bank/New York NY 1,101 - - 1,101 138,930 0.02 Skandinaviska Enskilda Banken AB 30,554 8,417 - 38,971 366,221 0.04 Societe Generale SA 15,239 2,632 - 17,871 437,407 0.05 Standard Chartered PLC 56,539 11,593 - 68,132 558,969 0.06 State Street Corp 7,506 1,451 - 8,957 515,109 0.06 Sumitomo Mitsui Financial Group Inc 27,200 2,800 - 30,000 1,041,381 0.11 Sumitomo Mitsui Trust Holdings Inc 6,600 2,400 - 9,000 306,424 0.03 SunTrust Banks Inc 9,639 - - 9,639 635,538 0.07 Suruga Bank Ltd 3,200 - 3,200 - - 0.00 SVB Financial Group 1,058 409 454 1,013 232,636 0.03 Svenska Handelsbanken AB 30,721 30,525 23,156 38,090 342,769 0.04 Swedbank AB 18,226 3,904 - 22,130 301,916 0.03 Toronto-Dominion Bank 36,988 6,025 1,756 41,257 2,399,686 0.26 UniCredit SpA 40,228 37,363 30,287 47,304 555,621 0.06 United Overseas Bank Ltd 26,751 - - 26,751 510,879 0.06 US Bancorp 31,991 2,921 - 34,912 1,975,269 0.22 Wells Fargo & Co 94,481 10,794 7,879 97,396 4,667,791 0.51 Westpac Banking Corp 69,240 13,272 4,986 77,526 1,515,598 0.17 Yamaguchi Financial Group Inc 4,000 3,000 7,000 - - 0.00 Zions Bancorp NA 4,060 - - 4,060 181,154 0.02 77,349,021 8.47 Machinery - construction & mining Caterpillar Inc 11,863 2,177 1,070 12,970 1,690,682 0.18 Epiroc AB 13,514 - - 13,514 147,970 0.02 Epiroc AB 7,848 - - 7,848 81,476 0.01 Hitachi Construction Machinery Co Ltd 2,200 - - 2,200 51,795 0.00

[48] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Hitachi Ltd 99,000 23,000 99,000 23,000 816,218 0.09 Komatsu Ltd 18,800 3,900 - 22,700 506,173 0.05 Mitsubishi Electric Corp 39,100 - - 39,100 510,713 0.06 Mitsubishi Heavy Industries Ltd 6,400 2,300 - 8,700 357,609 0.04 Sandvik AB 22,714 6,186 5,861 23,039 354,618 0.04 4,517,254 0.49 Engineering & construction ACS Actividades de Construccion y Servicios SA 5,300 4,423 4,140 5,583 225,235 0.02 ACS Actividades de Construccion y Servicios SA - 214 214 - - 0.00 ACS Actividades de Construccion y Servicios SA - 69 69 - - 0.00 ACS Actividades de Construccion y Servicios SA Rights - 5,300 5,300 - - 0.00 ACS Actividades de Construccion y Servicios SA Rights - 5,369 5,369 - - 0.00 Aena SME SA 1,455 - - 1,455 263,183 0.03 Aeroports de Paris 596 - - 596 102,287 0.01 Auckland International Airport Ltd 19,167 14,612 14,612 19,167 116,533 0.01 Bouygues SA 4,308 2,385 - 6,693 238,882 0.03 Cellnex Telecom SA - 4,532 - 4,532 169,296 0.02 CIMIC Group Ltd 1,805 1,319 1,319 1,805 45,189 0.01 CK Infrastructure Holdings Ltd 13,000 10,000 10,000 13,000 100,045 0.01 Eiffage SA 1,474 1,034 981 1,527 150,407 0.02 Ferrovial SA 10,510 8,155 7,756 10,909 283,180 0.03 Ferrovial SA - 244 244 - - 0.00 Ferrovial SA - 155 155 - - 0.00 Ferrovial SA Rights - 10,510 10,510 - - 0.00 Ferrovial SA Rights - 10,754 10,754 - - 0.00 Fluor Corp 2,810 - - 2,810 90,440 0.01 Fraport AG Frankfurt Airport Services Worldwide 835 - - 835 69,692 0.01 HOCHTIEF AG 351 - - 351 39,773 0.00 Jacobs Engineering Group Inc 2,416 1,513 - 3,929 320,940 0.04 Japan Airport Terminal Co Ltd 900 - - 900 37,175 0.00 JGC Corp 3,900 - - 3,900 50,674 0.01 Kajima Corp 19,000 9,500 19,000 9,500 121,964 0.01 Keppel Corp Ltd 29,200 19,800 - 49,000 226,856 0.03 Lendlease Group 11,145 - - 11,145 110,651 0.01 NWS Holdings Ltd 28,874 - - 28,874 53,315 0.01 Obayashi Corp 13,100 - - 13,100 123,748 0.01 SATS Ltd 15,300 - - 15,300 53,347 0.01 Shimizu Corp 11,200 - - 11,200 89,970 0.01 Singapore Technologies Engineering Ltd 29,000 - - 29,000 88,949 0.01 Skanska AB 6,853 - - 6,853 127,830 0.01 SNC-Lavalin Group Inc 3,514 - - 3,514 55,316 0.01 Sydney Airport 22,180 - - 22,180 126,526 0.01 Taisei Corp 4,200 2,000 - 6,200 213,127 0.02 Vinci SA 10,014 1,934 949 10,999 1,130,425 0.12 WSP Global Inc 1,956 - - 1,956 109,773 0.01 4,934,728 0.54 Home builders Barratt Developments PLC 20,174 - - 20,174 157,784 0.02 Berkeley Group Holdings PLC 2,591 1,987 1,987 2,591 121,801 0.01 Daiwa House Industry Co Ltd 11,400 2,700 3,200 10,900 309,195 0.03 DR Horton Inc 7,139 2,438 2,137 7,440 338,302 0.04 Iida Group Holdings Co Ltd 2,700 1,900 1,900 2,700 44,166 0.01 Lennar Corp 5,633 2,118 1,842 5,909 278,280 0.03 NVR Inc 72 - - 72 238,370 0.03 Persimmon PLC 6,170 - - 6,170 150,259 0.02 PulteGroup Inc 5,458 - - 5,458 170,262 0.02 Sekisui Chemical Co Ltd 8,000 - - 8,000 118,244 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [49] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Sekisui House Ltd 11,800 5,900 - 17,700 296,233 0.03 Taylor Wimpey PLC 65,391 - - 65,391 128,255 0.01 Toll Brothers Inc 3,125 - 3,125 - - 0.00 2,351,151 0.26 Building materials AGC Inc/Japan 4,000 - - 4,000 122,183 0.01 Boral Ltd 23,567 - - 23,567 82,979 0.01 Cie de Saint-Gobain 10,211 - - 10,211 391,176 0.04 CRH PLC 16,583 3,381 - 19,964 660,169 0.07 Daikin Industries Ltd 5,000 800 - 5,800 718,444 0.08 Fletcher Building Ltd 15,756 - - 15,756 51,063 0.01 Fortune Brands Home & Security Inc 3,091 - - 3,091 168,121 0.02 HeidelbergCement AG 2,990 1,284 - 4,274 309,141 0.03 Imerys SA 662 498 498 662 27,612 0.00 James Hardie Industries PLC 8,867 - - 8,867 120,344 0.01 Johnson Controls International plc 18,715 2,818 3,597 17,936 753,592 0.08 Kingspan Group PLC - 3,177 - 3,177 155,134 0.02 Lennox International Inc 763 - - 763 193,737 0.02 LIXIL Group Corp 5,400 - - 5,400 93,060 0.01 Martin Marietta Materials Inc 1,261 507 424 1,344 329,646 0.04 Masco Corp 6,399 - - 6,399 258,278 0.03 Owens Corning 2,237 - - 2,237 128,449 0.02 Rinnai Corp 700 - - 700 47,040 0.01 Taiheiyo Cement Corp 2,400 - - 2,400 67,292 0.01 TOTO Ltd 2,800 - - 2,800 111,952 0.01 Vulcan Materials Co 2,656 906 718 2,844 389,533 0.04 5,178,945 0.57 Hotels Accor SA 3,764 - - 3,764 167,202 0.02 City Developments Ltd 8,300 - - 8,300 58,300 0.01 Crown Resorts Ltd 7,009 - - 7,009 56,722 0.01 Galaxy Entertainment Group Ltd 47,000 14,000 - 61,000 416,594 0.04 Hilton Worldwide Holdings Inc 5,454 1,247 - 6,701 640,512 0.07 InterContinental Hotels Group PLC 3,608 - 3,608 - - 0.00 InterContinental Hotels Group PLC - 3,427 - 3,427 237,580 0.03 Las Vegas Sands Corp 7,956 1,696 1,792 7,860 470,308 0.05 Marriott International Inc/MD 6,372 - - 6,372 877,229 0.10 Melco Resorts & Entertainment Ltd 4,935 - - 4,935 109,781 0.01 MGM China Holdings Ltd 17,600 - - 17,600 28,847 0.00 MGM Resorts International 12,033 - - 12,033 357,618 0.04 Sands China Ltd 48,800 19,600 - 68,400 329,588 0.04 Shangri-La Asia Ltd 24,000 - - 24,000 29,048 0.00 SJM Holdings Ltd 43,000 - - 43,000 46,769 0.00 Whitbread PLC 3,666 1,539 - 5,205 285,380 0.03 Wynn Macau Ltd 31,200 - - 31,200 70,474 0.01 Wynn Resorts Ltd 2,130 - - 2,130 274,279 0.03 4,456,231 0.49 Apparel adidas AG 3,743 491 324 3,910 1,247,920 0.14 Asics Corp 2,900 - 2,900 - - 0.00 Burberry Group PLC 8,614 - - 8,614 235,883 0.03 Capri Holdings Ltd 3,042 - 3,042 - - 0.00 Capri Holdings Ltd - 3,042 - 3,042 107,182 0.01 Gildan Activewear Inc 4,502 - - 4,502 176,426 0.02 Hanesbrands Inc 7,319 - - 7,319 116,585 0.01 Hermes International 637 150 141 646 453,300 0.05 Kering SA 1,541 187 - 1,728 894,264 0.10

[50] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Kontoor Brands Inc - 1,131 1,131 - - 0.00 LVMH Moet Hennessy Louis Vuitton SE 5,581 1,008 330 6,259 2,589,225 0.28 Moncler SpA 3,536 - - 3,536 144,874 0.02 NIKE Inc 26,285 3,681 1,599 28,367 2,416,009 0.26 Puma SE 257 2,313 - 2,570 179,176 0.02 PVH Corp 1,554 - - 1,554 136,800 0.01 Ralph Lauren Corp 1,112 - - 1,112 114,745 0.01 Tapestry Inc 5,674 2,559 - 8,233 252,100 0.03 Under Armour Inc 3,405 - - 3,405 77,768 0.01 Under Armour Inc 3,467 - - 3,467 69,814 0.01 VF Corp 6,711 1,210 - 7,921 685,294 0.08 Yue Yuen Industrial Holdings Ltd 14,000 - - 14,000 38,864 0.00 9,936,229 1.09 Mining Agnico Eagle Mines Ltd 4,640 2,259 - 6,899 358,626 0.04 Alumina Ltd 49,231 - - 49,231 78,608 0.01 Anglo American PLC 23,006 - - 23,006 568,637 0.06 Antofagasta PLC 7,885 - - 7,885 89,771 0.01 Barrick Gold Corp 23,389 28,829 11,520 40,698 658,144 0.07 BHP Billiton PLC 42,234 - 42,234 - - 0.00 BHP Group Ltd 65,325 8,401 7,341 66,385 1,846,359 0.20 BHP Group PLC - 47,617 - 47,617 1,145,312 0.13 Boliden AB 5,502 - 5,502 - - 0.00 Boliden AB - 5,502 - 5,502 124,944 0.01 Boliden AB - 5,502 5,502 - - 0.00 Cameco Corp 7,314 - - 7,314 66,831 0.01 First Quantum Minerals Ltd 13,829 - - 13,829 126,778 0.01 Franco-Nevada Corp 3,720 1,253 - 4,973 430,034 0.05 Freeport-McMoRan Inc 27,603 7,584 - 35,187 385,277 0.04 Fresnillo PLC 4,419 - - 4,419 32,194 0.00 Glencore PLC 228,144 43,467 28,910 242,701 783,905 0.09 Goldcorp Inc 17,401 8,477 25,878 - - 0.00 Kinross Gold Corp 24,994 - - 24,994 100,623 0.01 Kirkland Lake Gold Ltd - 4,661 - 4,661 191,793 0.02 Livent Corp - 3,554 3,554 - - 0.00 Lundin Mining Corp 13,138 - - 13,138 63,292 0.01 Mitsubishi Materials Corp 2,200 - - 2,200 60,280 0.01 Newcrest Mining Ltd 15,456 5,651 - 21,107 512,442 0.06 Newmont Goldcorp Corp 10,706 19,681 11,956 18,431 666,369 0.07 Norsk Hydro ASA 27,087 - - 27,087 92,854 0.01 Randgold Resources Ltd 1,880 - 1,880 - - 0.00 Rio Tinto Ltd 8,461 - - 8,461 570,992 0.06 Rio Tinto PLC 24,576 1,882 1,670 24,788 1,411,663 0.15 South32 Ltd 104,941 115,843 79,274 141,510 303,200 0.03 Sumitomo Metal Mining Co Ltd 5,000 - - 5,000 142,015 0.02 Teck Resources Ltd 11,443 - - 11,443 232,930 0.03 Turquoise Hill Resources Ltd 18,461 - 18,461 - - 0.00 Wheaton Precious Metals Corp 8,864 - - 8,864 230,552 0.02 11,274,425 1.23 Biotechnology Alexion Pharmaceuticals Inc 4,481 846 - 5,327 597,461 0.06 Alnylam Pharmaceuticals Inc 1,780 - - 1,780 136,729 0.01 Amgen Inc 13,604 1,417 998 14,023 2,590,247 0.28 BeiGene Ltd - 677 - 677 92,049 0.01 Biogen Inc 4,244 300 - 4,544 1,069,848 0.12 BioMarin Pharmaceutical Inc 3,521 942 - 4,463 350,465 0.04 Celgene Corp 15,740 - - 15,740 1,431,418 0.16

BlackRock Investment Funds Switzerland ANNUAL REPORT [51] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Corteva Inc - 17,853 - 17,853 521,397 0.06 CSL Ltd 9,102 1,326 685 9,743 1,526,562 0.17 Exact Sciences Corp - 2,935 - 2,935 334,469 0.04 Genmab A/S 1,167 589 - 1,756 324,533 0.04 Gilead Sciences Inc 26,445 2,798 - 29,243 1,896,841 0.21 H Lundbeck A/S 1,293 - - 1,293 49,892 0.01 Illumina Inc 2,932 384 - 3,316 982,817 0.11 Incyte Corp 3,509 1,385 - 4,894 411,442 0.04 Ionis Pharmaceuticals Inc - 3,068 - 3,068 200,038 0.02 PeptiDream Inc - 2,200 - 2,200 122,566 0.01 Regeneron Pharmaceuticals Inc 1,572 241 - 1,813 547,005 0.06 Seattle Genetics Inc 2,012 1,578 1,431 2,159 161,823 0.02 United Therapeutics Corp 874 649 1,523 - - 0.00 Vertex Pharmaceuticals Inc 5,062 703 - 5,765 950,959 0.10 14,298,561 1.57 Office & business equipment Canon Inc 18,900 3,000 - 21,900 593,170 0.06 Konica Minolta Inc 9,600 - - 9,600 79,656 0.01 Ricoh Co Ltd 14,300 - - 14,300 130,650 0.01 Seiko Epson Corp 5,700 - - 5,700 83,677 0.01 Xerox Corp 4,329 - - 4,329 137,571 0.02 Zebra Technologies Corp - 1,259 - 1,259 262,855 0.03 1,287,579 0.14 Chemicals Air Liquide SA 8,485 1,142 - 9,627 1,326,439 0.14 Air Products & Chemicals Inc 4,372 574 - 4,946 1,117,733 0.12 Air Water Inc 2,800 - - 2,800 45,623 0.00 Akzo Nobel NV 5,065 1,088 6,153 - - 0.00 Akzo Nobel NV - 5,469 - 5,469 515,117 0.06 Albemarle Corp 2,218 - - 2,218 160,207 0.02 Arkema SA 1,368 1,046 1,046 1,368 123,195 0.01 Asahi Kasei Corp 25,300 8,600 - 33,900 344,033 0.04 Axalta Coating Systems Ltd 4,392 - - 4,392 128,834 0.01 BASF SE 18,247 3,835 1,402 20,680 1,379,773 0.15 Brenntag AG 3,102 - - 3,102 151,780 0.02 Celanese Corp 2,766 - - 2,766 307,160 0.03 CF Industries Holdings Inc 4,681 - - 4,681 229,670 0.02 Chemours Co 3,715 - - 3,715 70,137 0.01 Covestro AG 4,208 - - 4,208 190,682 0.02 Croda International PLC 2,628 2,013 4,641 - - 0.00 Croda International PLC - 2,565 - 2,565 145,764 0.02 Daicel Corp 5,200 - - 5,200 43,906 0.00 Dow Inc - 17,853 - 17,853 856,151 0.09 DuPont de Nemours Inc 47,015 6,545 53,560 - - 0.00 DuPont de Nemours Inc - 17,853 1,318 16,535 1,181,234 0.13 Eastman Chemical Co 2,907 - - 2,907 216,852 0.02 Ecolab Inc 5,228 638 - 5,866 1,171,515 0.13 Evonik Industries AG 3,294 - - 3,294 94,257 0.01 FMC Corp 2,691 1,109 - 3,800 325,112 0.04 Frutarom Industries Ltd 720 - 720 - - 0.00 FUCHS PETROLUB SE 1,285 - - 1,285 49,489 0.00 Hitachi Chemical Co Ltd 1,900 - - 1,900 51,939 0.01 Incitec Pivot Ltd 33,920 - - 33,920 80,547 0.01 International Flavors & Fragrances Inc 1,584 1,095 179 2,500 356,416 0.04 Israel Chemicals Ltd 11,228 - - 11,228 60,523 0.01 Johnson Matthey PLC 3,869 5,023 2,944 5,948 231,808 0.02 JSR Corp 3,600 - - 3,600 59,381 0.01

[52] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) K+S AG 3,841 - 3,841 - - 0.00 Kaneka Corp 6,000 1,200 6,000 1,200 44,478 0.00 Kansai Paint Co Ltd 4,100 - - 4,100 80,601 0.01 Koninklijke DSM NV 3,642 3,767 3,600 3,809 473,594 0.05 Kuraray Co Ltd 7,100 - - 7,100 83,901 0.01 LANXESS AG 1,839 - - 1,839 109,745 0.01 Linde AG 3,778 - 3,778 - - 0.00 Linde PLC - 18,142 5,818 12,324 2,333,761 0.25 LyondellBasell Industries NV 6,753 1,077 1,162 6,668 552,464 0.06 Methanex Corp 1,730 - - 1,730 67,757 0.01 Mitsubishi Chemical Holdings Corp 28,700 22,300 22,300 28,700 203,228 0.02 Mitsubishi Gas Chemical Co Inc 3,600 - - 3,600 47,859 0.00 Mitsui Chemicals Inc 3,700 - - 3,700 84,613 0.01 Mosaic Co 6,689 2,362 - 9,051 225,715 0.02 Nippon Paint Holdings Co Ltd 3,300 - - 3,300 143,077 0.02 Nissan Chemical Corp 2,400 1,700 - 4,100 178,884 0.02 Nitto Denko Corp 3,300 - - 3,300 162,184 0.02 Novozymes A/S 4,541 - - 4,541 210,011 0.02 Nutrien Ltd 12,918 1,902 1,874 12,946 706,244 0.08 PPG Industries Inc 5,146 - - 5,146 598,048 0.06 Praxair Inc 5,744 - 5,744 - - 0.00 Sherwin-Williams Co 1,688 229 - 1,917 973,663 0.11 Shin-Etsu Chemical Co Ltd 6,900 1,900 - 8,800 895,071 0.10 Showa Denko KK - 2,700 - 2,700 72,577 0.01 Solvay SA 1,487 - - 1,487 152,204 0.02 Sumitomo Chemical Co Ltd 31,000 - - 31,000 141,331 0.02 Symrise AG 2,476 1,144 978 2,642 243,575 0.03 Taiyo Nippon Sanso Corp 2,700 - - 2,700 55,171 0.01 Teijin Ltd 3,800 - - 3,800 65,521 0.01 Toray Industries Inc 29,400 - - 29,400 201,832 0.02 Tosoh Corp 5,900 - - 5,900 82,471 0.01 Umicore SA 5,343 2,793 2,793 5,343 167,495 0.02 Westlake Chemical Corp 791 - - 791 52,913 0.01 Yara International ASA 3,575 - - 3,575 167,888 0.02 20,593,153 2.25 Computers Accenture PLC 12,449 2,573 657 14,365 2,738,748 0.30 Apple Inc 102,431 11,733 7,904 106,260 22,411,254 2.45 Atos SE 1,902 - - 1,902 153,171 0.02 Capgemini SE 3,228 822 859 3,191 405,372 0.04 CGI Group Inc 5,669 - 5,669 - - 0.00 CGI Inc - 5,669 - 5,669 434,146 0.05 Check Point Software Technologies Ltd 2,629 - - 2,629 291,373 0.03 Cognizant Technology Solutions Corp 11,859 1,353 - 13,212 852,023 0.09 Computershare Ltd 9,338 - - 9,338 100,930 0.01 CyberArk Software Ltd - 868 - 868 119,342 0.01 Dell Technologies Inc - 4,411 2 4,409 252,030 0.03 Dell Technologies Inc Class V 4,088 - 4,088 - - 0.00 DXC Technology Co 5,714 - - 5,714 315,483 0.03 EPAM Systems Inc - 1,264 - 1,264 242,501 0.03 Fortinet Inc 3,000 - - 3,000 238,521 0.03 Fujitsu Ltd 39,000 5,300 39,000 5,300 412,849 0.05 Hewlett Packard Enterprise Co 33,775 - - 33,775 480,493 0.05 HP Inc 33,784 3,880 4,929 32,735 681,857 0.07 Ingenico Group SA 1,187 - - 1,187 112,522 0.01 International Business Machines Corp 18,606 2,693 1,246 20,053 2,942,930 0.32 Itochu Techno-Solutions Corp - 5,200 - 5,200 133,282 0.01 Leidos Holdings Inc 2,883 - - 2,883 234,327 0.03

BlackRock Investment Funds Switzerland ANNUAL REPORT [53] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) NEC Corp 5,300 - - 5,300 216,501 0.02 NetApp Inc 5,419 - - 5,419 313,788 0.03 Nomura Research Institute Ltd 2,650 5,300 - 7,950 140,556 0.02 NTT Data Corp 12,700 - - 12,700 166,173 0.02 Obic Co Ltd 1,300 - - 1,300 138,331 0.02 Otsuka Corp 2,200 - - 2,200 86,759 0.01 Seagate Technology PLC 5,778 - - 5,778 264,904 0.03 Teleperformance 1,160 - - 1,160 242,428 0.03 Western Digital Corp 5,916 2,073 - 7,989 426,222 0.05 35,548,816 3.89 Miscellaneous manufacturers 3M Co 12,022 1,635 681 12,976 2,244,495 0.25 Alfa Laval AB 5,909 - - 5,909 110,435 0.01 Alstom SA 3,093 2,383 2,383 3,093 133,099 0.02 AO Smith Corp 2,939 - - 2,939 132,242 0.01 Eaton Corp PLC 9,015 1,278 1,226 9,067 737,765 0.08 FUJIFILM Holdings Corp 8,300 - - 8,300 392,100 0.04 General Electric Co 175,278 20,774 - 196,052 2,028,256 0.22 Illinois Tool Works Inc 6,219 1,438 - 7,657 1,169,130 0.13 Ingersoll-Rand PLC 5,094 939 776 5,257 643,580 0.07 Knorr-Bremse AG - 1,129 - 1,129 114,117 0.01 Nikon Corp 6,800 - - 6,800 91,641 0.01 NOK Corp 1,800 - 1,800 - - 0.00 Orica Ltd 7,581 - - 7,581 112,874 0.01 Parker-Hannifin Corp 2,674 589 583 2,680 464,522 0.05 Siemens AG 15,277 1,904 - 17,181 1,874,675 0.21 Smiths Group PLC 7,908 - - 7,908 157,404 0.02 Textron Inc 5,314 - - 5,314 259,360 0.03 Toshiba Corp 131,000 16,200 134,900 12,300 390,853 0.04 11,056,548 1.21 Diversified financial services Acom Co Ltd 9,000 - - 9,000 31,676 0.00 Affiliated Managers Group Inc 1,123 - - 1,123 95,379 0.01 Alliance Data Systems Corp 1,005 - - 1,005 156,128 0.02 Ally Financial Inc 9,036 - - 9,036 294,401 0.03 American Express Co 15,072 1,441 - 16,513 2,033,185 0.22 Ameriprise Financial Inc 3,010 - - 3,010 433,605 0.05 Amundi SA 1,214 905 905 1,214 83,501 0.01 ASX Ltd 3,894 1,985 1,760 4,119 249,725 0.03 BlackRock ICS Euro Liquidity Fund - 18,450 - 18,450 2,030,426 0.22 BlackRock Inc 2,423 276 - 2,699 1,249,646 0.14 Capital One Financial Corp 9,713 1,164 - 10,877 995,200 0.11 Cboe Global Markets Inc 2,037 776 - 2,813 304,414 0.03 Charles Schwab Corp 24,192 3,812 - 28,004 1,198,229 0.13 CI Financial Corp 5,182 - - 5,182 79,933 0.01 CME Group Inc 6,822 1,242 - 8,064 1,552,125 0.17 Credit Saison Co Ltd 2,800 - - 2,800 33,981 0.00 Daiwa Securities Group Inc 32,000 18,600 22,000 28,600 122,957 0.01 Deutsche Boerse AG 3,875 726 680 3,921 545,867 0.06 Discover Financial Services 7,530 - - 7,530 668,985 0.07 E*TRADE Financial Corp 5,515 - - 5,515 266,386 0.03 Eaton Vance Corp 2,334 - - 2,334 102,824 0.01 Franklin Resources Inc 6,715 - - 6,715 216,919 0.02 Hargreaves Lansdown PLC 5,211 3,772 - 8,983 228,674 0.03 Hong Kong Exchanges & Clearing Ltd 23,464 3,300 - 26,764 899,019 0.10 IGM Financial Inc 1,569 - - 1,569 43,128 0.00 Intercontinental Exchange Inc 11,812 1,157 - 12,969 1,128,062 0.12

[54] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Invesco Ltd 8,169 - - 8,169 155,195 0.02 Japan Exchange Group Inc 10,500 - - 10,500 153,472 0.02 Jefferies Financial Group Inc 6,476 - - 6,476 136,752 0.02 London Stock Exchange Group PLC 6,254 6,288 5,986 6,556 526,583 0.06 Mastercard Inc 18,922 2,314 666 20,570 5,544,588 0.61 Mebuki Financial Group Inc 20,010 16,500 16,500 20,010 49,080 0.01 Mitsubishi UFJ Lease & Finance Co Ltd 8,300 - - 8,300 43,970 0.00 Nasdaq Inc 2,343 - - 2,343 223,537 0.02 Nomura Holdings Inc 72,900 24,300 30,000 67,200 210,537 0.02 ORIX Corp 26,600 5,900 - 32,500 462,733 0.05 Raymond James Financial Inc 2,605 - - 2,605 208,044 0.02 SBI Holdings Inc/Japan 3,800 4,300 - 8,100 184,199 0.02 Schroders PLC 2,486 - - 2,486 89,593 0.01 SEI Investments Co 2,702 - - 2,702 159,402 0.02 Singapore Exchange Ltd 16,200 - - 16,200 92,814 0.01 St James's Place PLC 10,566 - - 10,566 126,032 0.01 Standard Life Aberdeen PLC 53,525 - 53,525 - - 0.00 Standard Life Aberdeen PLC - 46,834 - 46,834 169,636 0.02 Synchrony Financial 13,414 3,745 2,918 14,241 505,857 0.06 T Rowe Price Group Inc 4,822 983 909 4,896 549,606 0.06 TD Ameritrade Holding Corp 5,130 1,573 - 6,703 339,098 0.04 Tokyo Century Corp 1,500 - - 1,500 61,889 0.01 Visa Inc 36,390 4,472 1,421 39,441 6,950,293 0.76 Western Union Co 9,319 - - 9,319 193,742 0.02 32,181,027 3.52 Retail ABC-Mart Inc 600 - - 600 37,749 0.00 Advance Auto Parts Inc 1,483 557 - 2,040 304,233 0.03 Alimentation Couche-Tard Inc 8,437 1,700 - 10,137 618,271 0.07 AutoZone Inc 562 - - 562 624,837 0.07 Best Buy Co Inc 5,511 - - 5,511 417,539 0.05 Burlington Stores Inc - 1,406 - 1,406 251,593 0.03 Canadian Tire Corp Ltd 1,304 - - 1,304 141,675 0.02 CarMax Inc 3,683 - - 3,683 319,988 0.03 Chipotle Mexican Grill Inc 517 - - 517 407,176 0.04 Costco Wholesale Corp 8,864 1,029 - 9,893 2,699,539 0.30 Darden Restaurants Inc 2,517 864 817 2,564 308,563 0.03 Dollar General Corp 5,484 844 721 5,607 743,936 0.08 Dollar Tree Inc 4,752 1,008 - 5,760 580,219 0.06 Dollarama Inc 6,435 - - 6,435 237,235 0.03 Domino's Pizza Enterprises Ltd 1,363 786 786 1,363 35,872 0.00 Domino's Pizza Inc 932 - - 932 225,623 0.02 FamilyMart UNY Holdings Co Ltd 1,700 5,100 - 6,800 144,468 0.02 Fast Retailing Co Ltd 1,200 200 200 1,200 717,231 0.08 Gap Inc 4,722 - - 4,722 91,158 0.01 Genuine Parts Co 2,947 917 - 3,864 371,519 0.04 Harvey Norman Holdings Ltd 11,225 660 - 11,885 35,602 0.00 Harvey Norman Holdings Ltd - 660 660 - - 0.00 Harvey Norman Holdings Ltd Rights - 660 660 - - 0.00 Hennes & Mauritz AB 19,114 - - 19,114 332,688 0.04 Home Depot Inc 23,574 2,741 861 25,454 5,384,873 0.59 HUGO BOSS AG 1,272 - - 1,272 80,143 0.01 Industria de Diseno Textil SA 21,669 19,472 16,285 24,856 740,566 0.08 Isetan Mitsukoshi Holdings Ltd 6,200 - - 6,200 49,070 0.01 J Front Retailing Co Ltd 4,900 - - 4,900 57,412 0.01 Kingfisher PLC 43,621 - - 43,621 117,600 0.01 Kohl's Corp 3,426 - - 3,426 182,679 0.02 L Brands Inc 4,894 - - 4,894 125,729 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [55] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Lawson Inc 1,000 - - 1,000 49,694 0.01 Lowe's Cos Inc 16,751 2,410 1,110 18,051 1,812,068 0.20 Lululemon Athletica Inc 2,040 661 - 2,701 510,973 0.06 Luxottica Group SpA 3,408 - 3,408 - - 0.00 Macy's Inc 6,125 - - 6,125 137,829 0.02 Marks & Spencer Group PLC 32,475 6,495 - 38,970 98,211 0.01 Marks & Spencer Group PLC Rights - 6,495 6,495 - - 0.00 Marks & Spencer Group PLC Rights - 6,495 6,495 - - 0.00 Marui Group Co Ltd 3,700 - - 3,700 79,687 0.01 McDonald's Corp 16,247 1,707 707 17,247 3,597,945 0.39 McDonald's Holdings Co Japan Ltd 1,300 - - 1,300 58,023 0.01 Next PLC 2,940 - - 2,940 216,114 0.02 Nitori Holdings Co Ltd 1,600 700 - 2,300 308,913 0.03 Nordstrom Inc 2,505 - - 2,505 82,111 0.01 O'Reilly Automotive Inc 1,730 - - 1,730 652,128 0.07 Pan Pacific International Holdings Corp 2,300 1,300 - 3,600 228,464 0.02 Pandora A/S 2,146 - - 2,146 82,300 0.01 Qurate Retail Inc 9,134 - - 9,134 127,863 0.01 Restaurant Brands International Inc 4,491 1,633 - 6,124 448,768 0.05 Ross Stores Inc 7,809 1,107 992 7,924 831,780 0.09 Ryohin Keikaku Co Ltd 500 - - 500 88,583 0.01 Shimamura Co Ltd 500 - - 500 35,196 0.00 Starbucks Corp 27,477 2,967 1,627 28,817 2,701,395 0.30 Sundrug Co Ltd 1,400 - - 1,400 38,615 0.00 Takashimaya Co Ltd 6,000 3,000 9,000 - - 0.00 Target Corp 10,417 1,383 - 11,800 1,009,325 0.11 Tiffany & Co 2,500 - - 2,500 232,452 0.03 TJX Cos Inc 12,776 15,229 - 28,005 1,512,673 0.17 Tractor Supply Co 2,544 - - 2,544 274,045 0.03 Travis Perkins PLC 5,027 - 5,027 - - 0.00 Tsuruha Holdings Inc 800 200 200 800 81,188 0.01 Ulta Salon Cosmetics & Fragrance Inc 1,182 - - 1,182 408,685 0.04 USS Co Ltd 4,400 - - 4,400 86,939 0.01 Walgreens Boots Alliance Inc 16,662 2,367 1,859 17,170 926,237 0.10 Walmart Inc 30,076 4,083 1,424 32,735 3,577,156 0.39 Welcia Holdings Co Ltd - 1,700 - 1,700 78,744 0.01 Yamada Denki Co Ltd 11,700 - - 11,700 51,314 0.01 Yum! Brands Inc 6,713 877 895 6,695 745,788 0.08 Zalando SE 2,230 - - 2,230 102,452 0.01 37,658,444 4.12 Iron & steel ArcelorMittal 13,328 14,192 10,343 17,177 274,878 0.03 BlueScope Steel Ltd 11,275 - - 11,275 100,709 0.01 Evraz PLC - 13,539 - 13,539 106,842 0.01 Fortescue Metals Group Ltd 31,305 - - 31,305 177,939 0.02 Hitachi Metals Ltd 4,000 - - 4,000 42,089 0.00 JFE Holdings Inc 10,600 - - 10,600 139,904 0.02 Kobe Steel Ltd 5,800 - - 5,800 37,231 0.00 Nippon Steel Corp 15,300 5,000 - 20,300 317,720 0.03 Nucor Corp 6,411 1,508 - 7,919 426,329 0.05 Steel Dynamics Inc 4,832 - - 4,832 150,734 0.02 thyssenkrupp AG 8,743 - - 8,743 112,658 0.01 voestalpine AG 2,302 - - 2,302 61,000 0.01 1,948,033 0.21 Electrical components & equipment Acuity Brands Inc 845 - - 845 112,282 0.01 AMETEK Inc 4,634 1,191 1,124 4,701 417,044 0.05

[56] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Brother Industries Ltd 4,800 - - 4,800 85,127 0.01 Casio Computer Co Ltd 3,600 - - 3,600 40,900 0.00 Emerson Electric Co 12,850 1,506 - 14,356 922,103 0.10 Legrand SA 5,342 1,428 - 6,770 476,545 0.05 Mabuchi Motor Co Ltd 900 - 900 - - 0.00 OSRAM Licht AG 1,994 - 1,994 - - 0.00 Prysmian SpA 4,683 - - 4,683 96,373 0.01 Schneider Electric SE 11,281 1,263 - 12,544 1,079,598 0.12 3,229,972 0.35 Electric AES Corp/VA 13,253 - - 13,253 220,293 0.02 AGL Energy Ltd 13,211 14,918 15,953 12,176 174,227 0.02 Alliant Energy Corp 4,636 1,987 - 6,623 324,822 0.04 Ameren Corp 4,872 1,226 - 6,098 456,942 0.05 American Electric Power Co Inc 9,872 1,248 - 11,120 966,683 0.11 Atco Ltd/Canada 1,406 - - 1,406 46,629 0.00 AusNet Services 33,311 25,120 25,120 33,311 40,346 0.00 Canadian Utilities Ltd 2,354 - - 2,354 63,783 0.01 CenterPoint Energy Inc 8,215 3,012 - 11,227 322,438 0.04 Chubu Electric Power Co Inc 13,000 - - 13,000 182,426 0.02 Chugoku Electric Power Co Inc 5,200 - - 5,200 64,436 0.01 CLP Holdings Ltd 33,000 7,000 - 40,000 431,265 0.05 CMS Energy Corp 5,662 1,700 - 7,362 424,330 0.05 Consolidated Edison Inc 6,218 1,085 - 7,303 614,258 0.07 Dominion Energy Inc 12,899 5,755 1,289 17,365 1,277,145 0.14 DTE Energy Co 3,599 764 - 4,363 549,035 0.06 Duke Energy Corp 14,050 3,161 1,127 16,084 1,380,856 0.15 E.ON SE 43,772 7,993 - 51,765 516,610 0.06 Edison International 6,540 1,404 - 7,944 586,224 0.06 EDP - Energias de Portugal SA 69,780 - - 69,780 255,438 0.03 Electric Power Development Co Ltd 2,700 2,100 2,100 2,700 60,243 0.01 Electricite de France SA 11,625 13,549 14,846 10,328 127,674 0.01 Emera Inc 1,148 - - 1,148 47,429 0.01 Endesa SA 6,378 - - 6,378 157,126 0.02 Enel SpA 161,750 21,141 - 182,891 1,249,684 0.14 Engie SA 36,270 33,686 27,742 42,214 647,712 0.07 Entergy Corp 3,604 935 - 4,539 474,615 0.05 Evergy Inc 5,030 1,568 - 6,598 395,122 0.04 Eversource Energy 6,360 1,291 - 7,651 574,601 0.06 Exelon Corp 19,261 2,528 - 21,789 971,994 0.11 FirstEnergy Corp 8,913 2,246 - 11,159 485,755 0.05 Fortis Inc/Canada 8,383 2,535 2,496 8,422 330,298 0.04 Fortum OYJ 8,915 3,571 4,426 8,060 184,793 0.02 HK Electric Investments & HK Electric Investments Ltd 92,500 - - 92,500 92,886 0.01 Hydro One Ltd 6,000 - - 6,000 105,442 0.01 Iberdrola SA 113,450 29,043 10,247 132,246 1,249,251 0.14 Iberdrola SA 3,241 - 3,241 - - 0.00 Iberdrola SA - 3,097 3,097 - - 0.00 Iberdrola SA - 3,075 - 3,075 29,048 0.00 Iberdrola SA Rights - 139,396 139,396 - - 0.00 Iberdrola SA Rights - 132,246 132,246 - - 0.00 Innogy SE 2,787 - - 2,787 116,583 0.01 Kansai Electric Power Co Inc 14,200 5,400 - 19,600 240,551 0.03 Kyushu Electric Power Co Inc 8,600 - - 8,600 84,924 0.01 Meridian Energy Ltd 23,661 17,656 17,656 23,661 72,740 0.01 NextEra Energy Inc 9,418 1,745 478 10,685 2,191,475 0.24 NRG Energy Inc - 6,254 - 6,254 211,376 0.02 OGE Energy Corp 4,013 - - 4,013 170,635 0.02

BlackRock Investment Funds Switzerland ANNUAL REPORT [57] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Origin Energy Ltd 35,293 18,010 - 53,303 288,791 0.03 Orsted A/S 3,793 4,292 4,193 3,892 354,017 0.04 PG&E Corp 10,300 3,658 13,958 - - 0.00 Pinnacle West Capital Corp 2,239 - - 2,239 202,199 0.02 Power Assets Holdings Ltd 28,000 - - 28,000 198,837 0.02 PPL Corp 13,766 3,078 - 16,844 494,097 0.05 Public Service Enterprise Group Inc 10,155 1,647 - 11,802 667,740 0.07 Red Electrica Corp SA 8,605 6,375 6,375 8,605 162,194 0.02 RWE AG 10,399 3,937 - 14,336 386,519 0.04 SCANA Corp 2,723 - 2,723 - - 0.00 Sembcorp Industries Ltd 18,200 13,400 13,400 18,200 30,808 0.00 Sempra Energy 4,788 1,537 - 6,325 848,029 0.09 Southern Co 20,059 3,644 - 23,703 1,318,788 0.14 SSE PLC 19,949 6,485 - 26,434 352,638 0.04 Terna Rete Elettrica Nazionale SpA 28,228 21,504 21,504 28,228 171,256 0.02 Tohoku Electric Power Co Inc 9,100 - - 9,100 90,526 0.01 Tokyo Electric Power Co Holdings Inc 29,000 - - 29,000 138,823 0.02 Uniper SE 4,035 - - 4,035 124,312 0.01 Verbund AG - 2,008 - 2,008 111,996 0.01 Vistra Energy Corp 8,757 - - 8,757 186,046 0.02 WEC Energy Group Inc 6,336 1,219 - 7,555 639,194 0.07 Xcel Energy Inc 10,193 1,706 - 11,899 702,206 0.08 26,639,159 2.92 Electronics Agilent Technologies Inc 6,451 1,300 - 7,751 532,617 0.06 Allegion PLC 1,906 - - 1,906 195,374 0.02 Alps Alpine Co Ltd 4,000 - - 4,000 72,945 0.01 Amphenol Corp 6,129 1,091 - 7,220 667,033 0.07 Arrow Electronics Inc 1,776 - - 1,776 127,666 0.01 Assa Abloy AB 20,174 19,813 14,903 25,084 577,007 0.06 Avnet Inc 2,475 - 2,475 - - 0.00 Flex Ltd 10,707 - - 10,707 118,189 0.01 FLIR Systems Inc 2,752 - - 2,752 135,298 0.02 Fortive Corp 6,272 - - 6,272 472,216 0.05 Garmin Ltd 2,447 - - 2,447 190,387 0.02 Halma PLC - 8,860 - 8,860 213,729 0.02 Hirose Electric Co Ltd 735 - - 735 76,870 0.01 Hitachi High-Technologies Corp 1,300 - - 1,300 65,787 0.01 Honeywell International Inc 15,245 2,116 931 16,430 2,805,182 0.31 Hoya Corp 7,800 1,500 1,400 7,900 605,439 0.07 Keysight Technologies Inc 4,268 - - 4,268 378,251 0.04 Kyocera Corp 6,500 1,300 - 7,800 475,802 0.05 Mettler-Toledo International Inc 516 156 121 551 412,799 0.05 MINEBEA MITSUMI Inc 7,700 - - 7,700 132,064 0.01 Murata Manufacturing Co Ltd 3,200 10,300 - 13,500 596,147 0.07 Nidec Corp 4,200 700 - 4,900 657,448 0.07 Nippon Electric Glass Co Ltd 1,600 - - 1,600 35,816 0.00 Omron Corp 3,900 - - 3,900 186,338 0.02 PerkinElmer Inc - 2,588 - 2,588 220,650 0.02 Resideo Technologies Inc - 2,540 2,540 - - 0.00 Sartorius AG 723 - - 723 147,752 0.02 Sensata Technologies Holding PLC 3,438 - - 3,438 161,434 0.02 TDK Corp 2,600 1,300 - 3,900 301,199 0.03 TE Connectivity Ltd 7,095 1,202 1,063 7,234 661,737 0.07 Trimble Inc 5,089 - - 5,089 212,910 0.02 Venture Corp Ltd 5,600 - - 5,600 62,952 0.01

[58] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Waters Corp 1,602 436 462 1,576 328,524 0.04 Yokogawa Electric Corp 4,600 - - 4,600 82,335 0.01 11,909,897 1.30 Oil & gas Aker BP ASA 2,391 - - 2,391 67,921 0.01 Anadarko Petroleum Corp 11,025 - - 11,025 803,981 0.09 Andeavor 2,994 - 2,994 - - 0.00 Antero Resources Corp 4,127 - 4,127 - - 0.00 Apache Corp 7,645 3,022 - 10,667 257,883 0.03 ARC Resources Ltd 7,085 - 7,085 - - 0.00 BP PLC 406,225 56,666 - 462,891 3,062,027 0.33 Cabot Oil & Gas Corp 9,281 - - 9,281 176,046 0.02 Caltex Australia Ltd 5,246 - - 5,246 96,507 0.01 Canadian Natural Resources Ltd 24,777 3,577 - 28,354 714,614 0.08 Cenovus Energy Inc 20,914 - - 20,914 193,465 0.02 Chevron Corp 38,563 5,505 1,250 42,818 5,218,611 0.57 Cimarex Energy Co 1,993 - - 1,993 99,976 0.01 Concho Resources Inc 3,908 830 - 4,738 458,180 0.05 ConocoPhillips 24,132 2,082 - 26,214 1,533,236 0.17 Continental Resources Inc/OK 1,885 - - 1,885 69,365 0.01 Crescent Point Energy Corp 10,250 - 10,250 - - 0.00 DCC PLC 1,779 1,146 - 2,925 246,852 0.03 Devon Energy Corp 10,015 3,643 3,781 9,877 264,012 0.03 Diamondback Energy Inc 1,775 1,534 - 3,309 338,827 0.04 Drilling Co of 1972 A/S - 420 420 - - 0.00 Encana Corp 19,554 15,577 - 35,131 159,709 0.02 Eni SpA 50,558 6,626 - 57,184 895,306 0.10 EOG Resources Inc 11,592 1,726 - 13,318 1,131,917 0.12 EQT Corp 5,250 - 5,250 - - 0.00 Equinor ASA 23,171 3,589 - 26,760 479,330 0.05 Exxon Mobil Corp 85,543 13,338 3,399 95,482 7,029,041 0.77 Galp Energia SGPS SA 10,069 - - 10,069 156,325 0.02 Helmerich & Payne Inc 2,180 - - 2,180 107,219 0.01 Hess Corp 5,750 - - 5,750 369,102 0.04 HollyFrontier Corp 3,590 - - 3,590 176,888 0.02 Husky Energy Inc 7,058 - - 7,058 54,488 0.01 Idemitsu Kosan Co Ltd 2,700 3,735 2,300 4,135 113,864 0.01 Imperial Oil Ltd 5,926 - - 5,926 161,462 0.02 Inpex Corp 19,200 9,700 - 28,900 253,316 0.03 JXTG Holdings Inc 61,850 14,300 - 76,150 357,379 0.04 Lundin Petroleum AB 3,487 - - 3,487 109,971 0.01 Marathon Oil Corp 17,075 6,268 - 23,343 325,152 0.03 Marathon Petroleum Corp 9,976 6,222 - 16,198 904,271 0.10 Neste Oyj 2,573 10,334 1,960 10,947 361,874 0.04 Newfield Exploration Co 3,999 - 3,999 - - 0.00 Noble Energy Inc 9,828 - - 9,828 214,832 0.02 Occidental Petroleum Corp 15,350 1,900 - 17,250 877,100 0.10 Oil Search Ltd 27,555 - - 27,555 133,685 0.01 OMV AG 2,957 - - 2,957 147,683 0.02 Parsley Energy Inc 4,487 - - 4,487 73,695 0.01 Phillips 66 8,730 1,693 - 10,423 1,058,293 0.11 Pioneer Natural Resources Co 3,414 656 - 4,070 556,205 0.06 PrairieSky Royalty Ltd 4,261 - - 4,261 56,796 0.01 Repsol SA 30,628 2,000 - 32,628 517,353 0.06 Repsol SA - 875 875 - - 0.00 Repsol SA - 1,125 1,125 - - 0.00 Repsol SA Rights - 30,628 30,628 - - 0.00 Repsol SA Rights - 31,503 31,503 - - 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [59] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Royal Dutch Shell PLC 92,614 81,700 74,547 99,767 3,137,135 0.34 Royal Dutch Shell PLC 74,909 68,415 59,176 84,148 2,654,672 0.29 Santos Ltd 37,652 - - 37,652 185,754 0.02 Seven Generations Energy Ltd 4,711 - 4,711 - - 0.00 Showa Shell Sekiyu KK 3,500 - 3,500 - - 0.00 Suncor Energy Inc 33,298 3,502 3,201 33,599 959,274 0.10 TOTAL SA 48,156 7,830 2,406 53,580 2,777,859 0.30 Tourmaline Oil Corp 4,335 - - 4,335 56,867 0.01 Valero Energy Corp 8,865 1,224 - 10,089 851,486 0.09 Vermilion Energy Inc 4,845 - - 4,845 86,387 0.01 Woodside Petroleum Ltd 18,805 4,010 4,028 18,787 444,835 0.05 41,538,028 4.55 Oil & gas services Baker Hughes a GE Co 8,493 3,719 - 12,212 306,962 0.03 Halliburton Co 17,489 3,143 - 20,632 469,791 0.05 John Wood Group PLC 13,522 - - 13,522 87,039 0.01 National Oilwell Varco Inc 7,627 3,401 - 11,028 260,060 0.03 Schlumberger Ltd 27,938 3,285 - 31,223 1,235,503 0.14 TechnipFMC PLC 8,916 - - 8,916 243,091 0.03 WorleyParsons Ltd - 8,581 - 8,581 94,563 0.01 2,697,009 0.30 Airlines American Airlines Group Inc 2,428 - - 2,428 73,337 0.01 ANA Holdings Inc 2,300 - - 2,300 76,798 0.01 Delta Air Lines Inc 3,621 - - 3,621 218,816 0.02 Deutsche Lufthansa AG 4,722 - - 4,722 74,820 0.01 easyJet PLC 2,922 - - 2,922 34,146 0.00 International Consolidated Airlines Group SA 12,470 - 12,470 - - 0.00 Japan Airlines Co Ltd 2,300 - - 2,300 71,870 0.01 Singapore Airlines Ltd 10,900 - - 10,900 76,248 0.01 Southwest Airlines Co 2,994 - - 2,994 152,738 0.02 United Airlines Holdings Inc 1,524 - - 1,524 138,670 0.01 917,443 0.10 Forest products & paper International Paper Co 7,873 - - 7,873 342,246 0.04 Mondi PLC 7,343 5,571 5,571 7,343 160,534 0.02 Oji Holdings Corp 18,000 - - 18,000 92,895 0.01 Smurfit Kappa Group PLC 4,071 2,146 - 6,217 195,442 0.02 Stora Enso OYJ 11,063 - - 11,063 127,248 0.01 UPM-Kymmene OYJ 10,724 3,273 - 13,997 377,225 0.04 West Fraser Timber Co Ltd 1,369 - - 1,369 53,246 0.01 1,348,836 0.15 Leisure time Carnival Corp 8,630 1,580 - 10,210 477,396 0.05 Carnival PLC 3,749 - - 3,749 168,285 0.02 Flight Centre Travel Group Ltd 1,089 - - 1,089 34,249 0.01 Harley-Davidson Inc 3,417 - - 3,417 121,038 0.01 Norwegian Cruise Line Holdings Ltd 5,328 - - 5,328 260,782 0.03 Polaris Industries Inc 1,194 - - 1,194 111,905 0.01 Royal Caribbean Cruises Ltd 3,453 - - 3,453 397,705 0.04 Shimano Inc 1,500 700 700 1,500 211,039 0.02 TUI AG 8,820 - - 8,820 87,415 0.01 Yamaha Corp 3,400 - - 3,400 159,968 0.02 Yamaha Motor Co Ltd 5,700 - - 5,700 99,685 0.01 2,129,467 0.23

[60] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Trucking & leasing AerCap Holdings NV 2,797 - - 2,797 150,995 0.02 150,995 0.02 Gas Atmos Energy Corp 2,131 916 - 3,047 328,922 0.04 Centrica PLC 111,940 124,380 78,230 158,090 145,798 0.02 Enagas SA 971 329 - 1,300 28,193 0.00 Hong Kong & China Gas Co Ltd 186,187 61,518 45,000 202,705 444,533 0.05 National Grid PLC 68,322 60,540 51,702 77,160 789,706 0.09 Naturgy Energy Group SA 7,030 3,030 3,321 6,739 170,105 0.02 NiSource Inc 6,536 3,295 - 9,831 288,964 0.03 Osaka Gas Co Ltd 7,500 - - 7,500 137,045 0.01 Snam SpA 47,851 - - 47,851 234,133 0.02 Toho Gas Co Ltd 1,500 - - 1,500 56,829 0.01 Tokyo Gas Co Ltd 7,800 - - 7,800 193,557 0.02 UGI Corp 3,482 - - 3,482 176,116 0.02 2,993,901 0.33 Healthcare services Aetna Inc 6,683 - 6,683 - - 0.00 Anthem Inc 5,269 594 - 5,863 1,710,026 0.19 BioMerieux 775 502 502 775 65,393 0.01 Centene Corp 4,210 4,210 - 8,420 434,212 0.05 Cigna Corp 5,129 - 5,129 - - 0.00 DaVita Inc 3,074 - - 3,074 182,139 0.02 Eurofins Scientific SE 221 - - 221 94,030 0.01 Fresenius Medical Care AG & Co KGaA 4,327 1,210 - 5,537 383,894 0.04 Fresenius SE & Co KGaA 8,255 1,781 - 10,036 503,779 0.05 HCA Healthcare Inc 5,800 651 - 6,451 852,660 0.09 Healthscope Ltd 31,776 - 31,776 - - 0.00 Humana Inc 2,612 579 - 3,191 937,460 0.10 IQVIA Holdings Inc 3,155 764 - 3,919 617,549 0.07 Laboratory Corp of America Holdings 2,041 677 581 2,137 354,410 0.04 Mediclinic International PLC 6,871 - 6,871 - - 0.00 NMC Health PLC 2,099 - - 2,099 62,949 0.01 Quest Diagnostics Inc 2,738 1,034 976 2,796 282,562 0.03 Ramsay Health Care Ltd 2,843 - - 2,843 141,189 0.01 Ryman Healthcare Ltd 7,383 - - 7,383 62,230 0.01 Sonic Healthcare Ltd 8,007 5,538 - 13,545 259,161 0.03 UnitedHealth Group Inc 19,534 2,601 512 21,623 5,330,500 0.58 Universal Health Services Inc 1,774 - - 1,774 264,949 0.03 WellCare Health Plans Inc - 1,030 - 1,030 292,909 0.03 12,832,001 1.40 Healthcare - products Abbott Laboratories 35,255 5,452 1,196 39,511 3,406,994 0.37 ABIOMED Inc 831 294 - 1,125 310,246 0.04 Align Technology Inc 1,527 374 309 1,592 329,527 0.04 Asahi Intecc Co Ltd - 4,000 - 4,000 104,676 0.01 Baxter International Inc 9,848 1,245 - 11,093 922,164 0.10 Becton Dickinson and Co 5,308 737 - 6,045 1,512,894 0.17 Boston Scientific Corp 27,541 3,655 - 31,196 1,311,336 0.14 Carl Zeiss Meditec AG - 1,004 - 1,004 110,059 0.01 Cochlear Ltd 1,157 - - 1,157 173,964 0.02 Coloplast A/S 2,383 2,760 1,852 3,291 382,908 0.04 ConvaTec Group PLC 25,295 18,318 43,613 - - 0.00 Cooper Cos Inc 981 357 302 1,036 346,051 0.04 CYBERDYNE Inc 2,000 - 2,000 - - 0.00 Danaher Corp 12,552 2,440 765 14,227 1,978,905 0.22

BlackRock Investment Funds Switzerland ANNUAL REPORT [61] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Demant A/S 2,153 1,613 1,613 2,153 63,356 0.01 DENTSPLY SIRONA Inc 4,608 - - 4,608 248,397 0.03 Edwards Lifesciences Corp 4,238 566 - 4,804 1,012,306 0.11 EssilorLuxottica SA 4,123 2,349 - 6,472 874,968 0.10 Fisher & Paykel Healthcare Corp Ltd 11,464 - - 11,464 123,594 0.01 Henry Schein Inc 3,175 - - 3,175 209,152 0.02 Hologic Inc 5,625 2,106 2,023 5,708 289,610 0.03 IDEXX Laboratories Inc 1,754 425 363 1,816 507,081 0.06 Intuitive Surgical Inc 2,244 356 - 2,600 1,337,219 0.15 Koninklijke Philips NV 18,694 2,670 - 21,364 1,000,471 0.11 Medtronic PLC 27,359 4,001 1,149 30,211 3,048,912 0.33 Olympus Corp 5,900 26,900 8,200 24,600 267,597 0.03 QIAGEN NV 4,342 2,553 2,494 4,401 167,265 0.02 ResMed Inc 2,853 725 - 3,578 455,884 0.05 Sartorius Stedim Biotech - 780 - 780 124,408 0.01 Shimadzu Corp 5,100 - - 5,100 122,673 0.01 Siemens Healthineers AG 2,824 - - 2,824 117,710 0.01 Smith & Nephew PLC 17,515 4,301 4,535 17,281 389,426 0.04 STERIS PLC - 1,974 - 1,974 290,911 0.03 Stryker Corp 6,758 837 - 7,595 1,577,346 0.17 Sysmex Corp 3,100 1,800 1,400 3,500 253,520 0.03 Teleflex Inc 904 355 313 946 318,180 0.04 Terumo Corp 6,500 10,200 3,300 13,400 388,786 0.04 Thermo Fisher Scientific Inc 8,030 1,418 456 8,992 2,471,930 0.27 Varian Medical Systems Inc 1,844 - - 1,844 214,266 0.02 Zimmer Biomet Holdings Inc 4,061 831 - 4,892 654,445 0.07 27,419,137 3.00 Beverages Anheuser-Busch InBev SA/NV 15,143 13,365 11,396 17,112 1,717,760 0.19 Asahi Group Holdings Ltd 7,800 - - 7,800 336,759 0.04 Brown-Forman Corp 5,135 1,905 - 7,040 382,004 0.04 Carlsberg A/S 2,148 794 - 2,942 400,235 0.04 Coca-Cola Amatil Ltd 10,251 - - 10,251 74,285 0.01 Coca-Cola Bottlers Japan Holdings Inc 2,500 - - 2,500 61,388 0.01 Coca-Cola Co 81,844 11,106 1,892 91,058 4,744,459 0.52 Coca-Cola European Partners PLC 4,381 12,170 10,466 6,085 337,712 0.04 Coca-Cola HBC AG 3,646 2,845 2,623 3,868 132,975 0.01 Constellation Brands Inc 3,449 505 - 3,954 770,444 0.08 Davide Campari-Milano SpA 11,676 8,615 8,615 11,676 108,366 0.01 Diageo PLC 50,446 7,274 3,231 54,489 2,274,496 0.25 Heineken Holding NV 2,309 1,827 1,827 2,309 233,388 0.03 Heineken NV 5,201 950 - 6,151 658,477 0.07 Kirin Holdings Co Ltd 17,700 - - 17,700 382,496 0.04 Molson Coors Brewing Co 3,792 1,405 - 5,197 277,780 0.03 Monster Beverage Corp 7,979 1,485 - 9,464 604,043 0.07 PepsiCo Inc 28,674 3,959 978 31,655 4,005,367 0.44 Pernod Ricard SA 4,266 545 - 4,811 843,442 0.09 Remy Cointreau SA 419 - - 419 61,842 0.01 Suntory Beverage & Food Ltd 2,800 2,100 2,100 2,800 110,676 0.01 Treasury Wine Estates Ltd 14,841 - - 14,841 179,246 0.02 Vitasoy International Holdings Ltd - 20,000 - 20,000 93,715 0.01 18,791,355 2.06 Commercial services Adyen NV - 172 - 172 130,248 0.01 AMERCO 130 - - 130 49,807 0.01 Ashtead Group PLC 9,981 - - 9,981 275,011 0.03 Atlantia SpA 12,133 - - 12,133 311,074 0.03

[62] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Automatic Data Processing Inc 8,922 960 - 9,882 1,629,095 0.18 Babcock International Group PLC 4,663 - 4,663 - - 0.00 Benesse Holdings Inc 1,400 - - 1,400 32,667 0.00 Brambles Ltd 31,961 12,080 - 44,041 394,278 0.04 Bunzl PLC 6,714 7,994 5,116 9,592 249,991 0.03 Bureau Veritas SA 5,318 - - 5,318 132,419 0.02 Cintas Corp 1,802 481 415 1,868 481,637 0.05 CoStar Group Inc 716 259 177 798 486,178 0.05 Dai Nippon Printing Co Ltd 5,200 - - 5,200 108,768 0.01 Edenred 4,488 2,264 - 6,752 338,187 0.04 Equifax Inc 2,415 922 747 2,590 356,641 0.04 Experian PLC 18,644 3,693 3,185 19,152 580,404 0.06 FleetCor Technologies Inc 1,845 - - 1,845 519,051 0.06 G4S PLC 31,038 23,615 23,615 31,038 72,070 0.01 Gartner Inc 1,818 665 612 1,871 258,080 0.03 Global Payments Inc 3,061 858 606 3,313 550,756 0.06 GMO Payment Gateway Inc - 1,500 - 1,500 109,007 0.01 H&R Block Inc 4,200 - - 4,200 115,135 0.01 IHS Markit Ltd 8,021 1,671 1,600 8,092 516,074 0.06 Intertek Group PLC 3,227 1,313 - 4,540 314,135 0.04 ISS A/S 3,347 2,751 2,751 3,347 93,551 0.01 ManpowerGroup Inc 1,343 - - 1,343 121,456 0.01 MarketAxess Holdings Inc - 878 - 878 292,962 0.03 Moody's Corp 3,451 623 - 4,074 864,489 0.10 Nielsen Holdings PLC 7,155 - - 7,155 164,053 0.02 Park24 Co Ltd 2,000 - - 2,000 43,384 0.01 PayPal Holdings Inc 23,018 3,295 1,196 25,117 2,745,188 0.30 Persol Holdings Co Ltd 3,600 - - 3,600 87,217 0.01 Randstad NV 2,394 - - 2,394 120,172 0.01 Recruit Holdings Co Ltd 22,100 23,400 19,700 25,800 874,650 0.10 RELX NV 19,401 - 19,401 - - 0.00 RELX PLC 21,327 43,049 19,401 44,975 1,065,028 0.12 Rentokil Initial PLC - 43,159 - 43,159 227,582 0.03 Robert Half International Inc 2,534 - - 2,534 151,548 0.02 Rollins Inc 1,973 987 1 2,959 98,223 0.01 S&P Global Inc 5,170 521 - 5,691 1,380,070 0.15 Sabre Corp 4,196 3,400 - 7,596 176,796 0.02 Secom Co Ltd 4,200 1,000 - 5,200 405,439 0.04 Securitas AB 6,299 - - 6,299 97,507 0.01 Sohgo Security Services Co Ltd 1,400 - - 1,400 67,656 0.01 Square Inc 5,064 1,152 - 6,216 494,830 0.05 Toppan Printing Co Ltd 11,000 5,500 11,000 5,500 89,166 0.01 Total System Services Inc 3,328 1,070 755 3,643 489,484 0.05 TransUnion 4,385 - - 4,385 359,404 0.04 Transurban Group 44,690 18,012 - 62,702 665,310 0.07 Transurban Group - 7,840 7,840 - - 0.00 United Rentals Inc 1,698 - - 1,698 212,733 0.02 Verisk Analytics Inc 3,138 734 - 3,872 581,585 0.06 Wirecard AG 2,354 537 - 2,891 483,096 0.05 Worldpay Inc 5,951 1,142 7,093 - - 0.00 20,463,292 2.24 Savings & loans New York Community Bancorp Inc 9,828 - 9,828 - - 0.00 People's United Financial Inc 6,909 - - 6,909 112,311 0.01 112,311 0.01 Semiconductors Advanced Micro Devices Inc 22,112 - - 22,112 666,577 0.07

BlackRock Investment Funds Switzerland ANNUAL REPORT [63] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Advantest Corp - 4,700 - 4,700 182,992 0.02 Analog Devices Inc 7,380 1,038 - 8,418 978,891 0.11 Applied Materials Inc 21,412 - - 21,412 1,046,539 0.11 ASM Pacific Technology Ltd 5,300 - - 5,300 61,835 0.01 ASML Holding NV 8,193 7,655 6,405 9,443 2,110,884 0.23 Broadcom Inc 8,160 1,896 1,130 8,926 2,562,566 0.28 Hamamatsu Photonics KK 2,800 - - 2,800 103,782 0.01 Infineon Technologies AG 22,815 4,349 - 27,164 509,612 0.06 Intel Corp 94,477 11,573 4,709 101,341 5,071,560 0.56 IPG Photonics Corp 757 - - 757 98,183 0.01 KLA Corp 3,148 1,000 857 3,291 444,143 0.05 Lam Research Corp 3,260 603 512 3,351 692,062 0.08 Marvell Technology Group Ltd 12,485 4,988 3,976 13,497 350,887 0.04 Maxim Integrated Products Inc 5,669 1,760 1,676 5,753 337,115 0.04 Microchip Technology Inc 4,668 1,121 - 5,789 541,131 0.06 Micron Technology Inc 23,343 2,820 - 26,163 1,162,713 0.13 NVIDIA Corp 11,697 1,922 655 12,964 2,165,413 0.24 NXP Semiconductors NV 6,953 1,219 1,258 6,914 707,690 0.08 ON Semiconductor Corp 8,448 - - 8,448 179,899 0.02 Qorvo Inc 2,557 - - 2,557 185,529 0.02 QUALCOMM Inc 29,885 1,811 4,760 26,936 1,950,931 0.21 Renesas Electronics Corp 18,200 - - 18,200 107,701 0.01 Rohm Co Ltd 1,900 - - 1,900 132,878 0.01 Skyworks Solutions Inc 3,687 - - 3,687 311,283 0.03 STMicroelectronics NV 16,514 - - 16,514 304,260 0.03 SUMCO Corp 4,700 3,500 3,500 4,700 62,140 0.01 Texas Instruments Inc 19,860 2,920 1,103 21,677 2,682,743 0.29 Tokyo Electron Ltd 3,100 800 700 3,200 545,483 0.06 Xilinx Inc 4,991 1,020 - 6,011 679,651 0.07 26,937,073 2.95 Housewares Avery Dennison Corp 1,775 - - 1,775 201,855 0.02 Church & Dwight Co Inc 5,010 - - 5,010 374,175 0.04 Clorox Co 2,591 523 - 3,114 501,273 0.05 Cronos Group Inc - 4,242 - 4,242 58,109 0.01 Henkel AG & Co KGaA 2,087 - - 2,087 195,652 0.02 Henkel AG & Co KGaA 3,579 712 - 4,291 441,009 0.05 Kimberly-Clark Corp 7,093 763 - 7,856 1,055,010 0.12 Reckitt Benckiser Group PLC 13,362 3,149 1,198 15,313 1,182,803 0.13 Societe BIC SA 527 - - 527 36,538 0.00 4,046,424 0.44 Household products & wares Newell Brands Inc 9,846 - - 9,846 138,318 0.02 138,318 0.02 Home furnishings Electrolux AB 4,838 - - 4,838 111,937 0.01 Hoshizaki Corp 1,100 - - 1,100 77,431 0.01 Leggett & Platt Inc 2,656 - - 2,656 105,099 0.01 Panasonic Corp 45,100 9,300 - 54,400 458,675 0.05 SEB SA 431 - - 431 68,886 0.01 Sharp Corp/Japan 3,000 5,400 - 8,400 105,621 0.01 Sony Corp 25,300 5,400 2,100 28,600 1,609,002 0.18 Whirlpool Corp 1,465 - - 1,465 210,997 0.02 2,747,648 0.30 Holding companies - diversified operations CK Hutchison Holdings Ltd 55,840 50,500 41,500 64,840 603,957 0.06 Jardine Matheson Holdings Ltd 4,346 1,400 - 5,746 346,375 0.04

[64] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Swire Pacific Ltd 10,500 - - 10,500 119,116 0.01 Washington H Soul Pattinson & Co Ltd - 4,179 - 4,179 64,759 0.01 1,134,207 0.12 Real estate Aeon Mall Co Ltd 2,100 - - 2,100 32,111 0.00 Aroundtown SA - 16,037 - 16,037 127,840 0.01 Azrieli Group Ltd 796 - - 796 55,708 0.01 CapitaLand Ltd 51,600 36,900 - 88,500 231,754 0.03 CBRE Group Inc 6,102 2,147 - 8,249 432,907 0.05 CK Asset Holdings Ltd 52,340 50,500 39,000 63,840 479,185 0.05 Daito Trust Construction Co Ltd 1,400 700 - 2,100 269,509 0.03 Deutsche Wohnen SE 7,117 1,826 - 8,943 327,468 0.04 Hang Lung Group Ltd 17,000 - 17,000 - - 0.00 Hang Lung Properties Ltd 41,000 - - 41,000 96,032 0.01 Henderson Land Development Co Ltd 26,020 2,602 - 28,622 147,509 0.02 Hongkong Land Holdings Ltd 23,747 - - 23,747 143,878 0.02 Hulic Co Ltd 5,500 - - 5,500 47,040 0.00 Hysan Development Co Ltd 12,000 - - 12,000 56,836 0.01 Jones Lang LaSalle Inc 911 - - 911 131,396 0.01 Kerry Properties Ltd 12,000 - - 12,000 44,922 0.00 Mitsubishi Estate Co Ltd 25,100 - - 25,100 460,476 0.05 Mitsui Fudosan Co Ltd 18,000 3,700 - 21,700 489,019 0.05 New World Development Co Ltd 118,783 63,000 - 181,783 255,192 0.03 Nomura Real Estate Holdings Inc 2,300 1,700 1,700 2,300 46,494 0.00 REA Group Ltd 976 - - 976 65,393 0.01 Sino Land Co Ltd 64,000 - - 64,000 103,281 0.01 Sumitomo Realty & Development Co Ltd 7,000 2,400 2,600 6,800 246,587 0.03 Sun Hung Kai Properties Ltd 35,000 - - 35,000 561,720 0.06 Swire Properties Ltd 21,600 - - 21,600 77,719 0.01 Tokyo Tatemono Co Ltd 3,800 - 3,800 - - 0.00 Tokyu Fudosan Holdings Corp 9,600 7,300 7,300 9,600 55,409 0.01 UOL Group Ltd 9,053 - - 9,053 48,134 0.00 Vonovia SE 9,739 1,733 - 11,472 559,676 0.06 Wharf Holdings Ltd 24,000 - - 24,000 58,096 0.01 Wharf Real Estate Investment Co Ltd 24,000 17,000 17,000 24,000 150,854 0.02 Wheelock & Co Ltd 17,000 - - 17,000 106,640 0.01 5,908,785 0.65 Real estate investment trust AGNC Investment Corp 7,785 4,667 - 12,452 211,293 0.02 Alexandria Real Estate Equities Inc 1,875 712 - 2,587 374,847 0.04 American Tower Corp 8,616 1,328 - 9,944 2,083,306 0.23 Annaly Capital Management Inc 23,202 8,417 - 31,619 298,942 0.03 AvalonBay Communities Inc 2,771 481 - 3,252 672,195 0.07 Boston Properties Inc 3,096 700 - 3,796 499,631 0.05 Brookfield Property REIT Inc - 5,087 5,087 - - 0.00 Camden Property Trust 1,861 - - 1,861 191,074 0.02 CapitaLand Commercial Trust 46,593 34,700 34,700 46,593 69,432 0.01 CapitaLand Mall Trust 45,900 56,800 51,700 51,000 96,660 0.01 Covivio 1,457 - - 1,457 148,314 0.02 Crown Castle International Corp 8,152 1,498 - 9,650 1,273,099 0.14 Daiwa House REIT Investment Corp 27 53 15 65 157,949 0.02 Dexus 20,441 16,084 16,084 20,441 182,999 0.02 Digital Realty Trust Inc 4,114 801 - 4,915 556,459 0.06 Duke Realty Corp 7,136 - - 7,136 235,464 0.03 Equinix Inc 1,565 236 - 1,801 895,239 0.10 Equity LifeStyle Properties Inc - 1,994 - 1,994 245,277 0.03 Equity Residential 7,369 1,274 - 8,643 675,028 0.07

BlackRock Investment Funds Switzerland ANNUAL REPORT [65] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Essex Property Trust Inc 1,324 323 329 1,318 394,343 0.04 Extra Space Storage Inc 2,529 927 - 3,456 384,536 0.04 Federal Realty Investment Trust 1,450 - - 1,450 189,500 0.02 First Capital Realty Inc 2,891 - - 2,891 47,623 0.00 Gecina SA 947 - - 947 144,677 0.02 GGP Inc 13,530 - 13,530 - - 0.00 Goodman Group 36,202 27,822 27,822 36,202 365,847 0.04 GPT Group 36,211 - - 36,211 153,442 0.02 H&R Real Estate Investment Trust - 2,619 - 2,619 44,782 0.00 Hammerson PLC 15,852 - 15,852 - - 0.00 HCP Inc 9,411 3,066 - 12,477 394,407 0.04 Host Hotels & Resorts Inc 14,855 5,045 - 19,900 342,600 0.04 ICADE 619 - - 619 53,561 0.01 Invitation Homes Inc 6,254 - - 6,254 170,079 0.02 Iron Mountain Inc 5,308 - - 5,308 154,547 0.02 Japan Prime Realty Investment Corp 16 - - 16 70,246 0.01 Japan Real Estate Investment Corp 25 16 - 41 254,587 0.03 Japan Retail Fund Investment Corp 54 - - 54 107,732 0.01 Kimco Realty Corp 8,543 - - 8,543 162,470 0.02 Klepierre SA 4,421 - - 4,421 135,668 0.01 Land Securities Group PLC 14,824 11,214 11,214 14,824 143,075 0.02 Liberty Property Trust 2,961 - - 2,961 153,312 0.02 Link REIT 44,500 41,500 41,500 44,500 514,394 0.06 Macerich Co 2,415 - - 2,415 79,018 0.01 Mid-America Apartment Communities Inc 2,279 887 830 2,336 272,521 0.03 Mirvac Group 74,616 - - 74,616 163,946 0.02 National Retail Properties Inc 2,998 1,862 - 4,860 251,347 0.03 Nippon Building Fund Inc 27 - - 27 188,089 0.02 Nippon Prologis REIT Inc 33 - - 33 78,745 0.01 Nomura Real Estate Master Fund Inc 76 55 55 76 119,816 0.01 Prologis Inc 10,672 3,529 - 14,201 1,133,295 0.12 Public Storage 3,143 428 - 3,571 858,227 0.09 Realty Income Corp 5,506 1,345 - 6,851 469,416 0.05 Regency Centers Corp 3,078 - - 3,078 203,250 0.02 RioCan Real Estate Investment Trust 2,950 - - 2,950 57,870 0.01 SBA Communications Corp 2,455 - - 2,455 596,457 0.06 Scentre Group 107,072 81,149 81,149 107,072 291,515 0.03 Segro PLC 19,966 11,659 - 31,625 292,964 0.03 Simon Property Group Inc 6,241 734 - 6,975 1,120,031 0.12 SL Green Realty Corp 1,985 - - 1,985 159,334 0.02 SmartCentres Real Estate Investment Trust 3,831 - - 3,831 93,550 0.01 Stockland 48,618 - - 48,618 151,609 0.02 Sun Communities Inc - 2,016 - 2,016 265,067 0.03 UDR Inc 5,371 1,996 - 7,367 335,931 0.04 Unibail-Rodamco-Westfield 2,714 418 - 3,132 417,728 0.05 Ventas Inc 7,148 1,415 - 8,563 570,442 0.06 VEREIT Inc 19,568 - - 19,568 176,676 0.02 Vicinity Centres 67,639 52,173 52,173 67,639 120,462 0.01 Vornado Realty Trust 3,422 1,347 - 4,769 303,675 0.03 Welltower Inc 7,402 1,222 - 8,624 709,659 0.08 Weyerhaeuser Co 15,104 3,745 - 18,849 474,163 0.05 WP Carey Inc - 3,572 - 3,572 306,030 0.03 23,509,469 2.57 Internet Adevinta ASA - 1,811 1,811 - - 0.00 Alphabet Inc 6,358 885 159 7,084 8,532,771 0.93 Alphabet Inc 6,026 960 240 6,746 8,135,797 0.89 Amazon.com Inc 8,308 1,436 335 9,409 17,388,888 1.90

[66] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Auto Trader Group PLC 19,436 14,406 14,406 19,436 127,650 0.01 Booking Holdings Inc 986 85 57 1,014 1,893,892 0.21 CDW Corp/DE 3,109 1,032 914 3,227 377,489 0.04 CyberAgent Inc 2,000 - - 2,000 80,604 0.01 Delivery Hero SE 1,892 - - 1,892 90,886 0.01 eBay Inc 18,457 3,070 2,550 18,977 773,846 0.08 Expedia Group Inc 2,507 755 - 3,262 428,668 0.05 F5 Networks Inc 1,276 - - 1,276 185,343 0.02 Facebook Inc 48,367 7,098 1,706 53,759 10,337,194 1.13 GoDaddy Inc 2,947 1,384 - 4,331 314,631 0.03 GrubHub Inc - 1,876 - 1,876 125,605 0.01 IAC/InterActiveCorp 1,487 490 - 1,977 467,876 0.05 Iliad SA 532 - - 532 55,005 0.01 Kakaku.com Inc 2,600 - - 2,600 53,957 0.01 LINE Corp 800 3,400 800 3,400 107,731 0.01 M3 Inc 4,200 4,200 - 8,400 169,728 0.02 MercadoLibre Inc 843 279 158 964 593,058 0.07 Mercari Inc - 3,800 - 3,800 101,556 0.01 MonotaRO Co Ltd - 3,700 - 3,700 80,834 0.01 Netflix Inc 8,760 1,374 295 9,839 3,146,120 0.34 Okta Inc - 2,363 - 2,363 306,060 0.03 Palo Alto Networks Inc 1,848 435 - 2,283 512,019 0.06 Rakuten Inc 18,800 - - 18,800 191,305 0.02 SEEK Ltd 6,683 5,136 5,136 6,683 95,354 0.01 Shopify Inc 1,668 631 - 2,299 726,940 0.08 Snap Inc - 15,849 - 15,849 263,601 0.03 Symantec Corp 12,328 4,252 - 16,580 353,890 0.04 Trend Micro Inc/Japan 2,400 - - 2,400 104,275 0.01 TripAdvisor Inc 2,097 - - 2,097 91,657 0.01 Twitter Inc 14,936 - - 14,936 625,623 0.07 Uber Technologies Inc - 4,310 - 4,310 179,807 0.02 United Internet AG 2,470 - - 2,470 73,701 0.01 VeriSign Inc 1,806 577 - 2,383 497,997 0.05 Wayfair Inc - 1,152 - 1,152 149,585 0.02 Wix.com Ltd - 964 - 964 141,742 0.02 Yahoo Japan Corp 28,500 28,500 - 57,000 166,834 0.02 Zillow Group Inc 2,136 - - 2,136 105,647 0.01 ZOZO Inc 3,800 - - 3,800 71,481 0.01 58,226,647 6.37 Investment companies EXOR NV 2,177 1,698 1,698 2,177 151,081 0.01 Groupe Bruxelles Lambert SA 1,619 - - 1,619 152,545 0.02 Industrivarden AB 3,098 - - 3,098 67,267 0.01 Investor AB 9,168 2,039 - 11,207 532,705 0.06 Kinnevik AB 4,713 3,581 3,581 4,713 120,037 0.01 L E Lundbergforetagen AB 1,680 - - 1,680 62,172 0.01 Melrose Industries PLC 118,583 - - 118,583 268,735 0.03 Wendel SA 569 - - 569 78,399 0.01 1,432,941 0.16 Cosmetics & personal care Beiersdorf AG 2,024 818 815 2,027 234,601 0.03 Colgate-Palmolive Co 16,801 1,790 - 18,591 1,320,381 0.14 Coty Inc 9,764 - 870 8,894 96,063 0.01 Essity AB 12,183 12,600 12,512 12,271 364,709 0.04 Estee Lauder Cos Inc 4,492 676 - 5,168 942,375 0.10 Kao Corp 10,000 1,300 - 11,300 822,114 0.09 Kose Corp 600 - - 600 101,813 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [67] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Lion Corp 4,500 - - 4,500 88,095 0.01 L'Oreal SA 5,008 750 - 5,758 1,535,937 0.17 Pigeon Corp - 2,400 - 2,400 87,972 0.01 Pola Orbis Holdings Inc 1,900 - - 1,900 47,521 0.01 Procter & Gamble Co 50,892 7,614 2,132 56,374 6,587,843 0.72 Shiseido Co Ltd 7,600 1,400 - 9,000 660,280 0.07 Unicharm Corp 8,100 2,800 - 10,900 307,902 0.03 Unilever NV 31,824 2,871 34,695 - - 0.00 Unilever NV - 32,845 - 32,845 1,894,551 0.21 Unilever PLC 25,209 2,232 1,943 25,498 1,531,687 0.17 16,623,844 1.82 Agriculture Altria Group Inc 38,741 5,413 1,913 42,241 1,968,401 0.22 Archer-Daniels-Midland Co 11,285 2,049 - 13,334 542,283 0.06 British American Tobacco PLC 45,868 8,362 2,539 51,691 1,849,727 0.20 Bunge Ltd 2,825 - - 2,825 163,414 0.02 Golden Agri-Resources Ltd 135,700 - - 135,700 28,959 0.00 Imperial Tobacco Group PLC 19,223 2,963 - 22,186 563,429 0.06 Japan Tobacco Inc 22,100 8,200 4,200 26,100 575,800 0.06 Philip Morris International Inc 31,496 4,750 1,263 34,983 2,895,679 0.32 Swedish Match AB 3,658 - - 3,658 139,638 0.02 8,727,330 0.96 Machinery - diversified AGCO Corp 1,194 - 1,194 - - 0.00 Amada Holdings Co Ltd 6,800 - - 6,800 74,900 0.01 ANDRITZ AG 1,462 - - 1,462 52,149 0.00 Atlas Copco AB 13,514 3,467 - 16,981 520,468 0.06 Atlas Copco AB 7,848 - - 7,848 214,462 0.02 CNH Industrial NV 20,560 24,231 15,003 29,788 301,222 0.03 Cognex Corp 3,482 - - 3,482 151,710 0.02 Cummins Inc 3,195 602 597 3,200 519,552 0.06 Daifuku Co Ltd 2,000 - - 2,000 109,600 0.01 Deere & Co 6,197 695 - 6,892 1,130,243 0.12 Dover Corp 3,127 - - 3,127 299,821 0.03 FANUC Corp 3,900 600 - 4,500 801,346 0.09 Flowserve Corp 2,622 - - 2,622 129,867 0.01 GEA Group AG 3,672 - - 3,672 91,676 0.01 Hexagon AB 5,198 1,911 1,940 5,169 250,714 0.03 Husqvarna AB 7,715 - - 7,715 68,344 0.01 IDEX Corp 1,534 692 597 1,629 271,290 0.03 Keyence Corp 2,000 400 400 2,000 1,151,254 0.13 KION Group AG 1,422 - - 1,422 76,192 0.01 Kone OYJ 6,792 6,864 5,077 8,579 487,947 0.05 Kubota Corp 21,100 6,800 6,100 21,800 336,427 0.04 MAN SE 652 - 652 - - 0.00 Metso OYJ 2,086 - - 2,086 80,270 0.01 Middleby Corp 1,156 - - 1,156 153,790 0.02 Nabtesco Corp 2,200 - - 2,200 59,397 0.01 Rockwell Automation Inc 2,578 - - 2,578 410,346 0.04 Roper Technologies Inc 2,051 323 - 2,374 854,672 0.09 SMC Corp/Japan 1,300 - - 1,300 472,483 0.05 Spirax-Sarco Engineering PLC - 1,718 - 1,718 187,327 0.02 Sumitomo Heavy Industries Ltd 2,300 - - 2,300 74,135 0.01 THK Co Ltd 2,400 - - 2,400 60,705 0.01 Wabtec Corp 1,738 2,495 - 4,233 325,531 0.03 Weir Group PLC 4,473 - - 4,473 81,170 0.01

[68] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Xylem Inc/NY 3,603 1,334 1,210 3,727 296,248 0.03 Yaskawa Electric Corp 5,100 - - 5,100 169,734 0.02 10,264,992 1.12 Media Altice USA Inc - 7,620 4,282 3,338 85,292 0.01 Axel Springer SE 893 - - 893 61,471 0.01 Bollore SA 17,524 - - 17,524 75,178 0.01 CBS Corp 6,953 - - 6,953 354,567 0.04 Charter Communications Inc 3,300 360 - 3,660 1,396,386 0.15 Comcast Corp 92,069 13,387 3,675 101,781 4,349,947 0.48 Discovery Inc 2,841 - - 2,841 85,250 0.01 Discovery Inc 5,714 3,583 - 9,297 259,922 0.03 DISH Network Corp 4,571 - - 4,571 153,226 0.02 FactSet Research Systems Inc - 892 - 892 244,878 0.03 Fox Corp - 7,925 - 7,925 292,803 0.03 Fox Corp - 3,539 1 3,538 130,297 0.01 Informa PLC 23,883 9,035 - 32,918 348,756 0.04 ITV PLC 72,524 - - 72,524 97,541 0.01 Liberty Broadband Corp 2,154 - - 2,154 212,201 0.02 Liberty Global PLC 4,085 - - 4,085 107,857 0.01 Liberty Global PLC 11,379 - - 11,379 293,346 0.03 Liberty Media Corp-Liberty Formula One 4,051 - - 4,051 157,933 0.02 Liberty Media Corp-Liberty SiriusXM 1,711 - - 1,711 70,517 0.01 Liberty Media Corp-Liberty SiriusXM 3,598 - - 3,598 149,106 0.02 Modern Times Group MTG AB - 224 224 - - 0.00 Modern Times Group MTG AB - 4,713 4,713 - - 0.00 News Corp 7,667 - - 7,667 99,889 0.01 Pearson PLC 16,462 - - 16,462 173,851 0.02 ProSiebenSat.1 Media SE 4,681 - 4,681 - - 0.00 Quebecor Inc - 4,170 - 4,170 94,000 0.01 RTL Group SA 716 - - 716 35,168 0.00 Schibsted ASA 1,811 1,399 1,399 1,811 46,709 0.00 Shaw Communications Inc 12,862 - - 12,862 250,857 0.03 Singapore Press Holdings Ltd 2,800 - - 2,800 4,476 0.00 Sirius XM Holdings Inc 32,483 16,086 - 48,569 301,001 0.03 Sky PLC 20,635 - 20,635 - - 0.00 Telenet Group Holding NV 975 724 724 975 47,825 0.00 Thomson Reuters Corp 5,746 - 5,746 - - 0.00 Thomson Reuters Corp - 5,216 - 5,216 348,569 0.04 Twenty-First Century Fox Inc 21,127 2,650 23,777 - - 0.00 Twenty-First Century Fox Inc 8,815 1,803 10,618 - - 0.00 Twenty-First Century Fox Inc - 17,520 17,520 - - 0.00 Twenty-First Century Fox Inc - 7,824 7,824 - - 0.00 Viacom Inc 7,415 - - 7,415 222,795 0.02 Vivendi SA 20,546 3,409 3,500 20,455 567,730 0.06 Walt Disney Co 30,355 11,165 959 40,561 5,742,622 0.63 Wolters Kluwer NV 5,965 1,353 1,342 5,976 431,853 0.05 17,293,819 1.89 Metal fabricate & hardware Maruichi Steel Tube Ltd 1,300 - - 1,300 34,067 0.00 MISUMI Group Inc 5,700 - - 5,700 128,582 0.02 NSK Ltd 7,700 - - 7,700 65,084 0.01 SKF AB 7,599 - - 7,599 124,611 0.01 Tenaris SA 10,208 - - 10,208 128,103 0.01 480,447 0.05 Food a2 Milk Co Ltd 14,532 - - 14,532 171,104 0.02

BlackRock Investment Funds Switzerland ANNUAL REPORT [69] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Aeon Co Ltd 12,300 4,000 - 16,300 281,199 0.03 Ajinomoto Co Inc 11,000 - - 11,000 196,286 0.02 Associated British Foods PLC 7,126 - - 7,126 209,044 0.02 Calbee Inc 1,600 - - 1,600 45,080 0.01 Campbell Soup Co 3,651 - - 3,651 149,423 0.02 Carrefour SA 11,670 5,101 5,057 11,714 224,732 0.02 Casino Guichard Perrachon SA 1,027 - - 1,027 37,810 0.00 Chr Hansen Holding A/S 1,988 - - 1,988 173,258 0.02 Coles Group Ltd - 32,360 - 32,360 313,552 0.03 Colruyt SA 1,116 780 780 1,116 58,025 0.01 Conagra Brands Inc 8,354 2,547 - 10,901 311,565 0.03 Dairy Farm International Holdings Ltd 10,000 - - 10,000 74,250 0.01 Danone SA 11,984 2,344 1,184 13,144 1,135,873 0.12 Empire Co Ltd 3,201 - - 3,201 84,296 0.01 General Mills Inc 11,712 2,254 - 13,966 734,317 0.08 George Weston Ltd 1,026 588 - 1,614 127,011 0.01 Hershey Co 2,895 880 711 3,064 460,282 0.05 Hormel Foods Corp 5,833 2,020 - 7,853 318,676 0.04 ICA Gruppen AB 1,489 1,119 1,119 1,489 65,952 0.01 Ingredion Inc 1,441 - - 1,441 110,261 0.01 J Sainsbury PLC 32,770 26,183 26,183 32,770 78,117 0.01 Jardine Strategic Holdings Ltd 4,500 - - 4,500 153,698 0.02 Jeronimo Martins SGPS SA 5,053 - - 5,053 81,346 0.01 JM Smucker Co 2,274 897 793 2,378 261,766 0.03 Kellogg Co 5,195 1,381 - 6,576 379,026 0.04 Kerry Group PLC 3,181 792 812 3,161 367,241 0.04 Kikkoman Corp 2,900 - - 2,900 131,552 0.01 Koninklijke Ahold Delhaize NV 25,468 22,681 23,505 24,644 555,644 0.06 Kraft Heinz Co 12,230 1,927 - 14,157 448,634 0.05 Kroger Co 18,027 - - 18,027 377,637 0.04 Lamb Weston Holdings Inc - 3,038 - 3,038 201,871 0.02 Loblaw Cos Ltd 4,361 - - 4,361 225,149 0.02 McCormick & Co Inc/MD 2,402 571 - 2,973 466,626 0.05 MEIJI Holdings Co Ltd 2,400 1,100 - 3,500 241,585 0.03 METRO AG 3,318 - - 3,318 51,202 0.01 Metro Inc/CN 4,849 - - 4,849 188,708 0.02 Mondelez International Inc 30,512 2,570 - 33,082 1,751,861 0.19 Mowi ASA 8,424 9,604 5,303 12,725 305,679 0.03 NH Foods Ltd 2,000 - - 2,000 73,948 0.01 Nisshin Seifun Group Inc 3,700 - - 3,700 69,667 0.01 Nissin Foods Holdings Co Ltd 1,200 - - 1,200 74,294 0.01 Ocado Group PLC - 10,608 - 10,608 160,160 0.02 Orkla ASA 16,419 - - 16,419 139,702 0.02 Saputo Inc 4,266 2,903 - 7,169 215,435 0.02 Seven & i Holdings Co Ltd 15,200 13,500 11,400 17,300 588,068 0.06 Sysco Corp 10,067 1,369 - 11,436 776,325 0.09 Tesco PLC 196,167 35,609 - 231,776 627,384 0.07 Toyo Suisan Kaisha Ltd 1,700 - - 1,700 68,126 0.01 Tyson Foods Inc 5,802 1,515 1,179 6,138 483,091 0.05 Wesfarmers Ltd 22,806 3,789 - 26,595 711,193 0.08 WH Group Ltd 176,000 146,500 146,500 176,000 171,616 0.02 Wilmar International Ltd 65,900 - - 65,900 190,210 0.02 Wm Morrison Supermarkets PLC 44,688 - - 44,688 105,444 0.01 Woolworths Group Ltd 26,039 3,995 - 30,034 729,994 0.08 Yakult Honsha Co Ltd 1,800 1,200 - 3,000 168,776 0.02 Yamazaki Baking Co Ltd 2,400 - - 2,400 36,370 0.00 16,939,141 1.85

[70] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Food Service Aramark 4,918 - - 4,918 176,203 0.02 Compass Group PLC 31,618 28,117 24,004 35,731 902,216 0.10 Sodexo SA 1,817 - - 1,817 207,592 0.02 1,286,011 0.14 Private equity 3i Group PLC 19,455 8,861 7,226 21,090 284,415 0.03 Brookfield Asset Management Inc 16,851 2,248 - 19,099 931,182 0.10 Eurazeo SE 843 42 - 885 59,165 0.01 KKR & Co Inc - 10,326 - 10,326 273,458 0.03 Onex Corp 1,637 - - 1,637 98,399 0.01 1,646,619 0.18 Aerospace & defence Airbus SE 11,536 2,368 782 13,122 1,852,251 0.20 Arconic Inc 7,978 4,848 - 12,826 317,951 0.03 BAE Systems PLC 63,674 15,084 - 78,758 523,753 0.06 Boeing Co 11,287 1,278 470 12,095 4,085,306 0.45 Bombardier Inc 38,681 - - 38,681 66,198 0.01 CAE Inc 5,395 - - 5,395 144,757 0.02 Dassault Aviation SA 48 - - 48 65,607 0.01 Elbit Systems Ltd 439 - - 439 70,196 0.01 General Dynamics Corp 5,111 567 - 5,678 1,045,210 0.11 HEICO Corp - 996 - 996 134,841 0.01 HEICO Corp - 1,765 - 1,765 184,153 0.02 IHI Corp 3,100 - - 3,100 73,662 0.01 Kawasaki Heavy Industries Ltd 3,000 - - 3,000 65,103 0.01 L3 Technologies Inc 1,571 489 2,060 - - 0.00 L3Harris Technologies Inc 2,404 4,585 2,404 4,585 942,328 0.10 Leonardo SpA 1,936 - - 1,936 23,559 0.00 Lockheed Martin Corp 5,228 876 373 5,731 2,054,840 0.22 Meggitt PLC 15,543 - - 15,543 112,407 0.01 MTU Aero Engines AG 1,044 459 - 1,503 375,244 0.04 Northrop Grumman Corp 3,321 410 - 3,731 1,276,429 0.14 Raytheon Co 5,828 607 - 6,435 1,161,306 0.13 Rockwell Collins Inc 3,261 - 3,261 - - 0.00 Rolls-Royce Holdings PLC 33,124 8,373 - 41,497 433,611 0.05 Rolls-Royce Holdings PLC - 1,523,704 1,523,704 - - 0.00 Rolls-Royce Holdings PLC - 2,946,287 2,946,287 - - 0.00 Safran SA 6,619 5,960 5,084 7,495 1,072,754 0.12 Spirit AeroSystems Holdings Inc 2,379 - - 2,379 180,974 0.02 Thales SA 2,124 740 - 2,864 322,161 0.04 TransDigm Group Inc 1,042 - - 1,042 500,770 0.05 United Technologies Corp 15,341 3,128 - 18,469 2,442,784 0.27 19,528,155 2.14 Pipelines AltaGas Ltd 3,436 4,705 - 8,141 124,041 0.01 APA Group 23,719 - - 23,719 178,681 0.02 Cheniere Energy Inc 4,066 1,462 - 5,528 356,548 0.04 Enbridge Inc 35,868 16,442 6,729 45,581 1,514,769 0.17 Equitrans Midstream Corp - 4,200 4,200 - - 0.00 Inter Pipeline Ltd 7,509 - - 7,509 125,734 0.01 Keyera Corp 4,019 - - 4,019 101,746 0.01 Kinder Morgan Inc/DE 40,357 5,580 - 45,937 937,749 0.10 Koninklijke Vopak NV 1,300 - - 1,300 63,909 0.01 ONEOK Inc 8,920 - - 8,920 618,862 0.07 Pembina Pipeline Corp 10,092 2,752 2,665 10,179 367,511 0.04 Plains GP Holdings LP 2,744 - - 2,744 65,632 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [71] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Targa Resources Corp 4,336 2,225 - 6,561 252,736 0.03 TC Energy Corp 19,586 2,218 21,804 - - 0.00 TC Energy Corp - 21,804 1,952 19,852 967,146 0.11 Williams Cos Inc 16,599 11,635 - 28,234 688,729 0.07 6,363,793 0.70 Shipbuilding Huntington Ingalls Industries Inc 911 - - 911 205,901 0.02 Wartsila OYJ Abp 8,907 - - 8,907 111,777 0.01 Yangzijiang Shipbuilding Holdings Ltd 42,300 - - 42,300 43,757 0.01 361,435 0.04 Software Activision Blizzard Inc 14,396 1,939 - 16,335 788,206 0.09 Adobe Inc 9,924 1,476 409 10,991 3,251,923 0.36 Akamai Technologies Inc 3,441 - - 3,441 300,223 0.03 Amadeus IT Group SA 8,817 1,242 - 10,059 791,218 0.09 ANSYS Inc 1,703 595 499 1,799 361,759 0.04 Autodesk Inc 4,631 621 589 4,663 720,939 0.08 BlackBerry Ltd 10,116 - - 10,116 73,444 0.01 Broadridge Financial Solutions Inc 2,341 826 736 2,431 305,938 0.03 CA Inc 6,343 - 6,343 - - 0.00 Cadence Design Systems Inc 5,624 2,064 1,448 6,240 456,586 0.05 CDK Global Inc 2,536 - - 2,536 130,227 0.01 Cerner Corp 5,988 - - 5,988 424,750 0.05 Citrix Systems Inc 3,042 - - 3,042 283,811 0.03 Constellation Software Inc/Canada 404 132 107 429 406,126 0.04 Covetrus Inc - 1,270 1,270 - - 0.00 Dassault Systemes SE 2,603 694 634 2,663 405,076 0.04 DeNA Co Ltd 2,700 1,400 4,100 - - 0.00 DocuSign Inc - 2,379 - 2,379 121,812 0.01 Dropbox Inc - 4,446 - 4,446 103,700 0.01 Electronic Arts Inc 6,197 1,109 - 7,306 669,047 0.07 Fidelity National Information Services Inc 6,675 7,447 - 14,122 1,862,939 0.20 First Data Corp 8,856 3,587 12,443 - - 0.00 Fiserv Inc 8,446 4,963 1,074 12,335 1,287,474 0.14 Intuit Inc 4,885 1,161 374 5,672 1,557,173 0.17 Jack Henry & Associates Inc 1,558 - - 1,558 215,476 0.02 Konami Holdings Corp 1,800 - - 1,800 76,155 0.01 Micro Focus International PLC 1,248 1 1,249 - - 0.00 Micro Focus International PLC 7,456 6,560 14,016 - - 0.00 Micro Focus International PLC - 6,185 - 6,185 130,366 0.01 Micro Focus International PLC - 1,035 - 1,035 21,374 0.00 Microsoft Corp 147,607 22,491 5,848 164,250 22,158,524 2.43 MongoDB Inc - 738 - 738 104,639 0.01 MSCI Inc 1,812 607 519 1,900 427,439 0.05 Nexon Co Ltd 8,000 7,100 - 15,100 238,468 0.03 Open Text Corp 5,300 2,506 - 7,806 331,269 0.04 Oracle Corp 62,688 6,452 12,526 56,614 3,155,495 0.35 Oracle Corp Japan 800 - - 800 66,234 0.01 Paychex Inc 6,492 1,342 - 7,834 644,108 0.07 Paycom Software Inc - 1,160 - 1,160 276,477 0.03 PTC Inc - 2,322 - 2,322 155,811 0.02 Red Hat Inc 3,562 496 4,058 - - 0.00 Sage Group PLC 21,613 - - 21,613 188,636 0.02 salesforce.com Inc 13,703 4,003 - 17,706 2,708,221 0.30 SAP SE 19,526 3,598 976 22,148 2,727,418 0.30 ServiceNow Inc 3,413 892 353 3,952 1,085,283 0.12 Splunk Inc 2,779 904 - 3,683 493,363 0.05

[72] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) SS&C Technologies Holdings Inc 5,228 - - 5,228 248,176 0.03 Synopsys Inc 3,016 1,033 771 3,278 430,835 0.05 Tableau Software Inc - 1,669 - 1,669 280,116 0.03 Take-Two Interactive Software Inc 2,128 843 - 2,971 360,367 0.04 Twilio Inc - 2,190 - 2,190 301,604 0.03 Ubisoft Entertainment SA 2,070 - - 2,070 170,579 0.02 Veeva Systems Inc 2,185 895 - 3,080 505,862 0.05 VMware Inc 1,435 555 - 1,990 343,763 0.04 Workday Inc 2,691 597 - 3,288 650,959 0.07 Worldline SA/France - 2,505 - 2,505 178,924 0.02 52,978,312 5.80 Toys, games & hobbies Bandai Namco Holdings Inc 4,000 3,000 3,000 4,000 215,188 0.02 Hasbro Inc 2,259 1,080 - 3,339 400,508 0.05 Mattel Inc 6,876 5,277 12,153 - - 0.00 Nintendo Co Ltd 2,400 400 300 2,500 914,091 0.10 1,529,787 0.17 Telecommunications 1&1 Drillisch AG 990 - - 990 29,791 0.00 Arista Networks Inc 947 383 - 1,330 360,052 0.04 AT&T Inc 146,361 20,646 3,045 163,962 5,527,077 0.61 BCE Inc 3,069 - - 3,069 137,992 0.02 Bezeq The Israeli Telecommunication Corp Ltd 38,375 - 38,375 - - 0.00 BT Group PLC 168,519 27,654 - 196,173 459,386 0.05 CenturyLink Inc 19,273 5,155 - 24,428 292,381 0.03 Cisco Systems Inc 97,253 13,041 11,093 99,201 5,440,778 0.60 CommScope Holding Co Inc 3,882 - - 3,882 54,881 0.01 Corning Inc 18,344 - - 18,344 558,437 0.06 Deutsche Telekom AG 66,942 13,810 5,642 75,110 1,231,933 0.14 Elisa OYJ 2,856 - - 2,856 133,730 0.02 Eutelsat Communications SA 3,501 2,764 2,764 3,501 66,838 0.01 Hikari Tsushin Inc 400 - - 400 87,935 0.01 HKT Trust & HKT Ltd 76,000 - - 76,000 120,339 0.01 Juniper Networks Inc 7,629 - - 7,629 204,074 0.02 KDDI Corp 36,400 3,700 - 40,100 1,043,344 0.11 Koninklijke KPN NV 68,677 - - 68,677 195,383 0.02 Millicom International Cellular SA 1,330 - - 1,330 68,188 0.01 Motorola Solutions Inc 3,264 730 - 3,994 656,216 0.07 Nice Ltd 1,214 - - 1,214 185,216 0.02 Nippon Telegraph & Telephone Corp 13,900 2,200 2,200 13,900 623,824 0.07 Nokia OYJ 116,077 14,837 - 130,914 704,122 0.08 NTT DOCOMO Inc 27,400 3,900 - 31,300 746,314 0.08 Orange SA 39,612 5,001 - 44,613 660,180 0.07 PCCW Ltd 78,000 - - 78,000 44,095 0.01 Proximus SADP 3,056 2,323 2,323 3,056 86,942 0.01 Rogers Communications Inc 7,264 1,654 - 8,918 460,619 0.05 SES SA 7,347 4,660 4,660 7,347 121,151 0.01 Singapore Telecommunications NPV 164,200 162,900 122,700 204,400 492,379 0.05 Softbank Corp - 37,700 - 37,700 504,973 0.06 SoftBank Group Corp 16,600 21,700 1,100 37,200 1,908,984 0.21 Spark New Zealand Ltd 36,806 - - 36,806 95,715 0.01 Sprint Corp 16,064 - - 16,064 116,572 0.01 Tele2 AB 7,275 7,302 - 14,577 208,274 0.02 Telecom Italia SpA/Milano 229,837 - - 229,837 129,356 0.01 Telecom Italia SpA/Milano 121,026 - - 121,026 64,033 0.01 Telefonaktiebolaget LM Ericsson 61,792 9,794 - 71,586 628,683 0.07 Telefonica Deutschland Holding AG 13,735 - - 13,735 34,533 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [73] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Telefonica SA 99,793 10,007 11,517 98,283 749,780 0.08 Telenor ASA 15,135 4,390 - 19,525 396,396 0.04 Telia Co AB 53,046 19,355 - 72,401 322,403 0.04 Telstra Corp Ltd 83,786 - - 83,786 226,973 0.03 TELUS Corp 3,022 - - 3,022 108,084 0.01 TELUS Corp (Non Canadian) 909 - - 909 32,511 0.00 T-Mobile US Inc 7,401 - - 7,401 584,181 0.06 TPG Telecom Ltd 7,003 - - 7,003 33,354 0.00 Verizon Communications Inc 83,332 11,693 1,908 93,117 5,095,111 0.56 Vodafone Group PLC 537,400 462,263 397,414 602,249 1,095,659 0.12 Zayo Group Holdings Inc 3,710 - - 3,710 123,887 0.01 33,253,059 3.64 Textiles Mohawk Industries Inc 1,269 - - 1,269 156,649 0.02 156,649 0.02 Transportation AP Moller - Maersk A/S 132 - - 132 147,853 0.02 AP Moller - Maersk A/S 78 - - 78 83,188 0.01 Aurizon Holdings Ltd 41,268 - - 41,268 162,199 0.02 Canadian National Railway Co 15,066 2,672 1,246 16,492 1,553,196 0.17 Canadian Pacific Railway Ltd 2,928 482 - 3,410 810,098 0.09 Central Japan Railway Co 2,900 500 - 3,400 679,555 0.07 CH Robinson Worldwide Inc 2,816 1,061 - 3,877 321,375 0.03 ComfortDelGro Corp Ltd 39,900 55,600 - 95,500 187,218 0.02 CSX Corp 16,617 1,787 1,236 17,168 1,196,541 0.13 Deutsche Post AG 19,291 2,455 - 21,746 707,351 0.08 DSV A/S 3,817 1,242 1,050 4,009 381,703 0.04 East Japan Railway Co 5,700 1,000 - 6,700 611,219 0.07 Expeditors International of Washington Inc 3,628 - - 3,628 274,228 0.03 FedEx Corp 5,116 552 - 5,668 956,898 0.10 Getlink SE 9,389 - - 9,389 135,057 0.01 Hankyu Hanshin Holdings Inc 4,900 - - 4,900 171,343 0.02 JB Hunt Transport Services Inc 1,757 - - 1,757 178,065 0.02 Kamigumi Co Ltd 2,100 - - 2,100 48,062 0.01 Kansas City Southern 2,117 - - 2,117 259,338 0.03 Keihan Holdings Co Ltd 1,900 - - 1,900 76,747 0.01 Keikyu Corp 4,700 - - 4,700 78,682 0.01 Keio Corp 2,300 - - 2,300 141,768 0.02 Keisei Electric Railway Co Ltd 2,500 - - 2,500 91,523 0.01 Kintetsu Group Holdings Co Ltd 3,600 - - 3,600 170,035 0.02 Knight-Swift Transportation Holdings Inc 2,676 - - 2,676 94,949 0.01 Kyushu Railway Co 3,100 2,500 2,500 3,100 87,908 0.01 Mitsui OSK Lines Ltd 2,300 - - 2,300 56,351 0.01 MTR Corp Ltd 30,500 17,000 - 47,500 309,679 0.03 Nagoya Railroad Co Ltd 3,700 - - 3,700 101,380 0.01 Nippon Express Co Ltd 1,600 - - 1,600 89,868 0.01 Nippon Yusen KK 3,200 - - 3,200 53,191 0.01 Norfolk Southern Corp 5,787 592 483 5,896 1,115,575 0.12 Odakyu Electric Railway Co Ltd 6,000 - - 6,000 133,380 0.01 Old Dominion Freight Line Inc 1,241 - - 1,241 205,150 0.02 Poste Italiane SpA 11,114 6,983 6,983 11,114 118,341 0.01 Royal Mail PLC 17,101 9,137 26,238 - - 0.00 Seibu Holdings Inc 4,500 3,900 3,900 4,500 70,533 0.01 SG Holdings Co Ltd 3,900 - - 3,900 102,664 0.01 Tobu Railway Co Ltd 3,900 - - 3,900 110,594 0.01 Tokyu Corp 10,700 - - 10,700 186,542 0.02 Union Pacific Corp 16,027 2,119 1,856 16,290 2,902,072 0.32

[74] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) United Parcel Service Inc 13,894 2,623 972 15,545 1,838,589 0.20 West Japan Railway Co 3,300 1,300 - 4,600 374,890 0.04 XPO Logistics Inc 2,370 1,670 1,750 2,290 152,984 0.02 Yamato Holdings Co Ltd 7,000 - - 7,000 136,813 0.01 17,664,695 1.93 Environmental control Kurita Water Industries Ltd 1,800 - - 1,800 45,430 0.00 Pentair PLC 3,456 - - 3,456 132,786 0.01 Republic Services Inc 4,734 - - 4,734 415,473 0.05 Stericycle Inc 1,712 - 1,712 - - 0.00 Waste Connections Inc 5,297 1,711 557 6,451 579,382 0.06 Waste Management Inc 8,877 989 - 9,866 1,142,779 0.13 2,315,850 0.25 Entertainment Aristocrat Leisure Ltd 10,913 3,970 - 14,883 311,267 0.03 Flutter Entertainment PLC 1,607 1,220 1,220 1,607 126,793 0.01 Genting Singapore Ltd 121,500 - - 121,500 80,861 0.01 GVC Holdings PLC 9,543 6,414 - 15,957 114,434 0.01 Live Nation Entertainment Inc 2,899 - - 2,899 206,813 0.02 Merlin Entertainments PLC 13,163 9,403 9,403 13,163 72,043 0.01 Oriental Land Co Ltd/Japan 3,500 900 - 4,400 579,329 0.06 Sankyo Co Ltd 1,200 - - 1,200 41,141 0.01 Sega Sammy Holdings Inc 3,200 2,300 2,300 3,200 40,966 0.01 Stars Group Inc - 4,572 - 4,572 70,799 0.01 Tabcorp Holdings Ltd 38,574 - - 38,574 118,182 0.01 Toho Co Ltd/Tokyo 2,200 - - 2,200 85,254 0.01 Vail Resorts Inc 805 - - 805 196,464 0.02 2,044,346 0.22 Packaging & containers Amcor Ltd/Australia 23,293 9,122 32,415 - - 0.00 Amcor Plc - 32,415 32,415 - - 0.00 Amcor PLC - 32,415 - 32,415 340,163 0.04 Ball Corp 6,708 1,814 1,466 7,056 499,319 0.05 CCL Industries Inc 2,823 - - 2,823 140,467 0.01 Crown Holdings Inc 2,713 - - 2,713 171,923 0.02 Packaging Corp of America 1,893 - - 1,893 189,225 0.02 Sealed Air Corp 3,815 - - 3,815 157,835 0.02 Toyo Seikan Group Holdings Ltd 3,000 - - 3,000 52,220 0.01 Westrock Co 5,100 - - 5,100 182,016 0.02 1,733,168 0.19 Insurance Admiral Group PLC 3,989 3,067 3,067 3,989 104,785 0.01 Aegon NV 35,463 - - 35,463 175,004 0.02 Aflac Inc 15,868 1,976 - 17,844 929,915 0.10 Ageas 3,794 - - 3,794 203,538 0.02 AIA Group Ltd 242,400 41,000 11,200 272,200 2,785,009 0.30 Alleghany Corp 302 - - 302 205,020 0.02 Allianz SE 8,955 708 - 9,663 2,241,011 0.25 Allstate Corp 7,253 1,073 965 7,361 782,666 0.09 American Financial Group Inc/OH 1,502 - - 1,502 152,237 0.02 American International Group Inc 18,138 2,209 - 20,347 1,127,836 0.12 AMP Ltd 58,727 - - 58,727 71,730 0.01 Aon PLC 4,656 1,183 510 5,329 998,428 0.11 Arch Capital Group Ltd 8,235 - - 8,235 315,426 0.03 Arthur J Gallagher & Co 3,616 1,185 - 4,801 429,813 0.05 Assicurazioni Generali SpA 25,073 3,807 5,376 23,504 436,285 0.05 Assurant Inc 1,189 - - 1,189 133,437 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [75] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Athene Holding Ltd 4,093 - - 4,093 165,568 0.02 Aviva PLC 81,204 16,721 18,329 79,596 391,833 0.04 AXA Equitable Holdings Inc - 4,956 - 4,956 110,297 0.01 AXA SA 40,063 4,013 - 44,076 1,112,561 0.12 Axis Capital Holdings Ltd 1,550 - 1,550 - - 0.00 Berkshire Hathaway Inc 25,683 4,752 1,047 29,388 5,976,805 0.65 Brighthouse Financial Inc 1,683 - - 1,683 65,264 0.01 Challenger Ltd 11,671 - - 11,671 56,463 0.01 Chubb Ltd 9,343 1,107 - 10,450 1,581,206 0.17 Cincinnati Financial Corp 3,128 1,047 948 3,227 342,890 0.04 CNP Assurances 3,178 - - 3,178 65,506 0.01 Dai-ichi Life Holdings Inc 21,600 5,300 - 26,900 394,161 0.04 Direct Line Insurance Group PLC 27,490 20,912 20,912 27,490 107,435 0.01 Erie Indemnity Co - 593 - 593 130,782 0.01 Everest Re Group Ltd 873 - - 873 213,164 0.02 Fairfax Financial Holdings Ltd 564 205 - 769 354,493 0.04 Fidelity National Financial Inc 5,206 2,846 2,446 5,606 237,981 0.03 Gjensidige Forsikring ASA 3,714 - - 3,714 72,199 0.01 Great-West Lifeco Inc 5,955 - - 5,955 130,107 0.01 Hannover Rueck SE 1,210 - - 1,210 188,991 0.02 Hartford Financial Services Group Inc 7,313 - - 7,313 417,234 0.05 iA Financial Corp Inc - 2,136 - 2,136 85,284 0.01 Industrial Alliance Insurance & Financial Services Inc 2,136 - 2,136 - - 0.00 Insurance Australia Group Ltd 47,643 63,866 47,643 63,866 376,091 0.04 Insurance Australia Group Ltd - 46,499 46,499 - - 0.00 Intact Financial Corp 2,788 1,181 1,322 2,647 245,499 0.03 Japan Post Holdings Co Ltd 31,600 30,800 23,800 38,600 375,893 0.04 Legal & General Group PLC 119,038 30,043 28,379 120,702 383,054 0.04 Lincoln National Corp 4,446 - - 4,446 287,597 0.03 Loews Corp 5,744 - - 5,744 304,458 0.03 Manulife Financial Corp 39,679 5,174 - 44,853 808,184 0.09 Mapfre SA 28,385 - - 28,385 78,000 0.01 Markel Corp 279 87 91 275 303,267 0.03 Marsh & McLennan Cos Inc 10,288 1,103 - 11,391 1,114,176 0.12 Medibank Pvt Ltd 55,379 42,124 42,124 55,379 136,416 0.01 MetLife Inc 18,160 1,963 2,008 18,115 886,291 0.10 MS&AD Insurance Group Holdings Inc 9,600 3,100 3,000 9,700 316,724 0.03 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 3,085 401 - 3,486 836,896 0.09 NN Group NV 6,120 6,672 4,476 8,316 311,934 0.03 Power Corp of Canada 7,076 - - 7,076 149,264 0.02 Power Financial Corp 5,008 - - 5,008 109,077 0.01 Principal Financial Group Inc 5,801 1,819 1,778 5,842 335,679 0.04 Progressive Corp 11,680 1,473 - 13,153 1,054,479 0.12 Prudential Financial Inc 8,572 1,078 - 9,650 967,865 0.11 Prudential PLC 51,721 6,709 - 58,430 1,202,680 0.13 QBE Insurance Group Ltd 27,582 - - 27,582 235,072 0.03 Reinsurance Group of America Inc 1,296 - - 1,296 200,052 0.02 RenaissanceRe Holdings Ltd 810 - - 810 145,264 0.02 RSA Insurance Group PLC 20,443 15,598 15,598 20,443 138,923 0.01 Sampo Oyj 8,975 1,810 - 10,785 447,819 0.05 SCOR SE 3,466 - - 3,466 142,121 0.02 Sompo Holdings Inc 7,100 - - 7,100 293,396 0.03 Sony Financial Holdings Inc 3,200 - - 3,200 77,351 0.01 Sun Life Financial Inc 12,314 2,476 2,416 12,374 511,597 0.06 Suncorp Group Ltd 26,005 9,269 - 35,274 325,179 0.04 T&D Holdings Inc 10,600 - - 10,600 118,495 0.01 Tokio Marine Holdings Inc 13,600 1,900 - 15,500 819,295 0.09 Torchmark Corp 2,222 - - 2,222 200,884 0.02

[76] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Travelers Cos Inc 5,584 729 651 5,662 821,861 0.09 Tryg A/S 2,225 1,715 1,715 2,225 67,725 0.01 Unum Group 4,725 - - 4,725 149,454 0.02 Voya Financial Inc 3,616 - - 3,616 201,080 0.02 Willis Towers Watson PLC 2,568 575 - 3,143 607,441 0.07 WR Berkley Corp 1,951 975 1 2,926 201,005 0.02 XL Group Ltd 5,184 - 5,184 - - 0.00 39,579,902 4.33 Distribution & wholesale Copart Inc 4,127 1,847 1,346 4,628 355,221 0.04 Fastenal Co 5,779 5,779 - 11,558 352,427 0.04 Ferguson Holdings Ltd 4,799 1,274 6,073 - - 0.00 Ferguson PLC - 6,073 - 6,073 453,777 0.05 HD Supply Holdings Inc 3,843 - - 3,843 154,123 0.02 ITOCHU Corp 30,200 3,900 5,500 28,600 542,940 0.06 Jardine Cycle & Carriage Ltd 1,855 - - 1,855 45,369 0.01 Li & Fung Ltd 110,000 - 110,000 - - 0.00 LKQ Corp 6,201 - - 6,201 165,323 0.02 Marubeni Corp 33,100 - - 33,100 214,285 0.02 Mitsubishi Corp 26,800 3,700 - 30,500 816,649 0.09 Mitsui & Co Ltd 34,200 5,800 - 40,000 648,846 0.07 Rexel SA 6,088 - 6,088 - - 0.00 Sumitomo Corp 23,800 7,400 6,600 24,600 364,160 0.04 Toyota Tsusho Corp 4,300 - - 4,300 124,289 0.01 WW Grainger Inc 1,080 - - 1,080 311,169 0.03 4,548,578 0.50 Water American Water Works Co Inc 3,579 891 840 3,630 412,485 0.05 Severn Trent PLC 4,724 - - 4,724 115,388 0.01 Suez 7,383 - - 7,383 108,073 0.01 United Utilities Group PLC 13,636 - - 13,636 130,353 0.01 Veolia Environnement SA 13,476 - - 13,476 339,417 0.04 1,105,716 0.12 Advertising Dentsu Inc 4,400 2,200 - 6,600 217,850 0.02 Hakuhodo DY Holdings Inc 4,300 3,200 3,200 4,300 67,359 0.01 Interpublic Group of Cos Inc 8,824 - - 8,824 200,224 0.02 JCDecaux SA 1,369 - - 1,369 39,415 0.01 Omnicom Group Inc 4,636 - - 4,636 368,181 0.04 Publicis Groupe SA 4,160 1,504 - 5,664 279,135 0.03 WPP PLC 25,434 7,701 - 33,135 389,775 0.04 1,561,939 0.17 Hand & machine tools Disco Corp 600 - - 600 110,676 0.01 Finning International Inc 3,372 - 3,372 - - 0.00 Fuji Electric Co Ltd 12,000 2,400 12,000 2,400 73,638 0.01 Makita Corp 4,500 - - 4,500 147,508 0.02 Snap-on Inc 1,155 - - 1,155 174,502 0.02 Stanley Black & Decker Inc 3,072 740 - 3,812 556,987 0.06 Techtronic Industries Co Ltd 28,000 21,000 21,000 28,000 208,398 0.02 1,271,709 0.14 Total shares 897,324,067 98.22 Collective investment schemes Money Market Instruments BlackRock ICS US Dollar Liquidity Fund - 9,480,437 - 9,480,437 9,385,633 1.03 9,385,633 1.03

BlackRock Investment Funds Switzerland ANNUAL REPORT [77] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Collective investment schemes (continued) Real estate investment trust Ascendas Real Estate Investment Trust 50,000 45,800 45,200 50,600 112,007 0.01 British Land Co PLC 19,435 - - 19,435 119,681 0.01 H&R Real Estate Investment Trust 2,619 - 2,619 - - 0.00 Suntec Real Estate Investment Trust 50,600 38,900 38,900 50,600 69,913 0.01 United Urban Investment Corp 62 - - 62 104,076 0.01 405,677 0.04 Total collective investment schemes 9,791,310 1.07 Total securities traded on an official stock exchange 907,115,377 99.29 Total securities 907,115,377 99.29

Derivative financial instruments Index Futures EURO STOXX 50 September 2018 12 48 60 - - 0.00 EURO STOXX 50 December 2018 - 80 80 - - 0.00 EURO STOXX 50 March 2019 - 50 50 - - 0.00 EURO STOXX 50 June 2019 - 89 89 - - 0.00 EURO STOXX 50 September 2019 - 72 - 72 52,688 0.01 FTSE 100 Index September 2018 4 8 12 - - 0.00 FTSE 100 Index December 2018 - 18 18 - - 0.00 FTSE 100 Index March 2019 - 15 15 - - 0.00 FTSE 100 Index June 2019 - 15 15 - - 0.00 FTSE 100 Index September 2019 - 18 - 18 27,650 0.00 S&P 500 E-Mini Index September 2018 16 52 68 - - 0.00 S&P 500 E-Mini Index December 2018 - 79 79 - - 0.00 S&P 500 E-Mini Index March 2019 - 67 67 - - 0.00 S&P 500 E-Mini Index June 2019 - 89 89 - - 0.00 S&P 500 E-Mini Index September 2019 - 70 - 70 236,663 0.03 Topix Index September 2018 2 6 8 - - 0.00 Topix Index December 2018 - 11 11 - - 0.00 Topix Index March 2019 - 8 8 - - 0.00 Topix Index June 2019 - 14 14 - - 0.00 Topix Index September 2019 - 10 - 10 14,680 0.00 331,681 0.04 Total derivative financial instruments 331,681 0.04 Total investments 907,447,058 99.33

Sight deposits 4,134,171 0.45 Other assets 1,995,716 0.22 Total sub-fund assets 913,576,945 100.00 Other liabilities (553,842) (0.06) Net sub-fund assets 913,023,103 99.94

1 Inclusive of corporate actions where applicable.

[78] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Energy - alternate sources Algonquin Power & Utilities Corp 51,858 - 5,581 46,277 573,572 0.10 Ballard Power Systems Inc 32,321 - 14,966 17,355 69,477 0.01 Clean Energy Fuels Corp - 20,896 - 20,896 55,234 0.01 Encavis AG 9,101 - - 9,101 72,830 0.01 Enphase Energy Inc - 7,820 - 7,820 217,932 0.04 ERG SpA 5,515 - - 5,515 106,139 0.02 Falck Renewables SpA 27,649 - - 27,649 127,514 0.02 First Solar Inc 8,833 - 1,564 7,269 464,090 0.08 FutureFuel Corp 2,364 - - 2,364 27,265 0.00 Green Plains Inc 3,710 - - 3,710 37,059 0.01 Infigen Energy 136,911 136,911 136,911 136,911 44,376 0.01 Infigen Energy - 136,911 136,911 - - 0.00 John Laing Group PLC 58,118 - - 58,118 271,800 0.05 NEL ASA - 131,836 - 131,836^ 103,584 0.02 NextEra Energy Partners LP 4,624 1,038 - 5,662 272,646 0.05 Nordex SE 7,055 - - 7,055^ 82,897 0.01 Pattern Energy Group Inc 8,121 - - 8,121 184,352 0.03 Plug Power Inc 20,323 - - 20,323 44,465 0.01 Renewable Energy Group Inc 2,886 - - 2,886 38,828 0.01 REX American Resources Corp 852 - - 852 62,924 0.01 Scatec Solar ASA 4,140 8,550 - 12,690^ 130,819 0.02 SolarEdge Technologies Inc 2,992 1,112 - 4,104 265,027 0.04 Stobart Group Ltd 33,477 - - 33,477^ 46,587 0.01 Sunrun Inc 11,141 - 4,092 7,049 132,941 0.02 TerraForm Power Inc 4,237 - - 4,237 64,639 0.01 TPI Composites Inc - 1,513 - 1,513 38,300 0.01 TransAlta Renewables Inc 19,056 - - 19,056 196,678 0.03 3,731,975 0.64 Pharmaceuticals Achaogen Inc 3,587 - 3,587 - - 0.00 Aclaris Therapeutics Inc 2,915 - 2,915 - - 0.00 Adamas Pharmaceuticals Inc 3,568 - 3,568 - - 0.00 Aerie Pharmaceuticals Inc 2,662 1,209 - 3,871 83,046 0.01 Agios Pharmaceuticals Inc 5,595 - - 5,595^ 266,484 0.05 Aimmune Therapeutics Inc 3,751 - - 3,751 71,485 0.01 Akcea Therapeutics Inc - 1,839 - 1,839 39,380 0.01 Akebia Therapeutics Inc 8,284 4,401 - 12,685 52,619 0.01 Akorn Inc 9,870 - - 9,870 36,349 0.01 ALK-Abello A/S 726 - - 726^ 163,646 0.03 Almirall SA 7,375 99 - 7,474 135,438 0.02 Almirall SA - 99 99 - - 0.00 Almirall SA Rights - 7,375 7,375 - - 0.00 Amneal Pharmaceuticals Inc 7,303 3,460 - 10,763 38,999 0.01 Amphastar Pharmaceuticals Inc 3,406 - - 3,406 67,945 0.01 Amplifon SpA 9,497 - - 9,497^ 233,232 0.04 AnGes Inc - 12,500 - 12,500 78,188 0.01 Anika Therapeutics Inc 1,695 - - 1,695 92,444 0.02 Aphria Inc 16,161 7,858 - 24,019 129,655 0.02 Array BioPharma Inc 25,440 2,826 28,266 - - 0.00 ASKA Pharmaceutical Co Ltd 1,645 - - 1,645^ 19,634 0.00 Assertio Therapeutics Inc 6,980 6,980 6,980 6,980 23,702 0.00 Athenex Inc 5,751 - - 5,751 102,483 0.02 Aurora Cannabis Inc 72,722 - 72,722 - - 0.00 Australian Pharmaceutical Industries Ltd 33,702 - - 33,702^ 33,230 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [79] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Axsome Therapeutics Inc - 2,683 - 2,683 67,732 0.01 Bellicum Pharmaceuticals Inc 1,461 16,434 17,895 - - 0.00 BioGaia AB 1,272 - - 1,272^ 52,770 0.01 Blackmores Ltd 1,273 - - 1,273^ 77,900 0.01 Boiron SA 911 - - 911^ 40,418 0.01 BTG PLC 51,037 9,377 24,319 36,095 366,007 0.06 CannTrust Holdings Inc - 12,414 - 12,414 28,919 0.01 Canopy Growth Corp 18,769 - 18,769 - - 0.00 Clinuvel Pharmaceuticals Ltd - 3,877 - 3,877 86,005 0.01 Clovis Oncology Inc 5,116 - - 5,116 53,434 0.01 Coherus Biosciences Inc 2,269 3,133 - 5,402 89,953 0.02 Collegium Pharmaceutical Inc 2,182 - - 2,182 23,697 0.00 Corcept Therapeutics Inc 12,792 - - 12,792 142,598 0.02 CVS Group PLC 10,318 - - 10,318 115,069 0.02 Cyclerion Therapeutics Inc - 1,440 - 1,440 13,244 0.00 Cytokinetics Inc 5,993 - - 5,993 72,324 0.01 DBV Technologies SA 2,412 - - 2,412^ 46,872 0.01 Dechra Pharmaceuticals PLC 12,431 - 2,743 9,688 345,974 0.06 Dermira Inc 2,272 - - 2,272 19,816 0.00 DexCom Inc 9,347 - 9,347 - - 0.00 Diplomat Pharmacy Inc 3,872 - - 3,872 20,201 0.00 Dyax Corp CVR 15,559 - 15,559 - - 0.00 Eagle Pharmaceuticals Inc/DE 833 - - 833 45,241 0.01 Enanta Pharmaceuticals Inc 1,134 478 - 1,612 119,723 0.02 Endo International PLC 19,593 - - 19,593 61,489 0.01 Faes Farma SA 27,397 944 - 28,341 139,796 0.02 Faes Farma SA Rights - 27,397 27,397 - - 0.00 Fagron 4,104 - - 4,104 67,901 0.01 Flexion Therapeutics Inc 3,669 - - 3,669 36,468 0.01 G1 Therapeutics Inc 2,241 - - 2,241 55,043 0.01 Galapagos NV 5,485 622 1,554 4,553^ 792,439 0.14 Global Blood Therapeutics Inc 4,695 1,063 - 5,758 312,383 0.05 Greencross Ltd 9,049 - 9,049 - - 0.00 Herbalife Nutrition Ltd 16,110 - 4,964 11,146 452,637 0.08 Heron Therapeutics Inc 8,918 - 2,710 6,208 107,185 0.02 Heska Corp 785 - - 785 62,281 0.01 HEXO Corp - 22,443 - 22,443 94,414 0.02 Hikma Pharmaceuticals PLC 15,591 - - 15,591 347,845 0.06 Horizon Therapeutics Plc 19,659 20,154 21,863 17,950 442,308 0.08 Indivior PLC 81,119 - - 81,119 53,886 0.01 Insys Therapeutics Inc 2,615 - 2,615 - - 0.00 Intellia Therapeutics Inc 2,246 - - 2,246 40,246 0.01 Intra-Cellular Therapies Inc 5,078 - - 5,078 41,977 0.01 Ironwood Pharmaceuticals Inc 14,407 - - 14,407 151,615 0.03 Jamieson Wellness Inc 4,961 - - 4,961 77,122 0.01 Kaken Pharmaceutical Co Ltd 5,400 - 2,800 2,600^ 125,885 0.02 Katakura Industries Co Ltd 2,081 - - 2,081^ 23,624 0.00 Keryx Biopharmaceuticals Inc 11,758 - 11,758 - - 0.00 Kissei Pharmaceutical Co Ltd 5,400 - - 5,400^ 133,139 0.02 Knight Therapeutics Inc 45,652 - 34,352 11,300 63,809 0.01 Kura Oncology Inc - 3,158 - 3,158 59,777 0.01 KYORIN Holdings Inc 12,108 - 8,100 4,008^ 67,134 0.01 La Jolla Pharmaceutical Co 2,634 - 2,634 - - 0.00 Lannett Co Inc 2,985 - 2,985 - - 0.00 Madrigal Pharmaceuticals Inc 758 - - 758 65,504 0.01 Mallinckrodt PLC 10,493 - 2,752 7,741 52,189 0.01 Mayne Pharma Group Ltd 172,517 - - 172,517^ 62,391 0.01 Mirati Therapeutics Inc 2,758 1,276 1,494 2,540 266,045 0.05

[80] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Mochida Pharmaceutical Co Ltd 3,350 1,550 1,800 3,100^ 129,600 0.02 Momenta Pharmaceuticals Inc 7,069 - - 7,069 79,081 0.01 MyoKardia Inc 4,189 1,355 1,133 4,411 237,690 0.04 Neogen Corp 5,292 - - 5,292 374,070 0.06 Neurocrine Biosciences Inc 10,837 661 2,099 9,399 896,910 0.15 Nichi-iko Pharmaceutical Co Ltd 5,004 - - 5,004^ 57,079 0.01 Nippon Shinyaku Co Ltd 5,532 900 1,400 5,032^ 362,012 0.06 Owens & Minor Inc 6,981 - 6,981 - - 0.00 Pacira BioSciences Inc 3,939 - - 3,939 171,154 0.03 Paratek Pharmaceuticals Inc 3,127 - 3,127 - - 0.00 Phibro Animal Health Corp 1,726 - - 1,726 53,193 0.01 Portola Pharmaceuticals Inc 6,691 - - 6,691^ 176,731 0.03 PRA Health Sciences Inc 5,077 1,472 993 5,556 549,549 0.09 Premier Inc 6,297 - - 6,297^ 241,569 0.04 Prestige Consumer Healthcare Inc 5,747 - - 5,747 196,858 0.03 Progenics Pharmaceuticals Inc 7,353 - - 7,353 39,164 0.01 Ra Pharmaceuticals Inc - 2,393 - 2,393 80,643 0.01 Reata Pharmaceuticals Inc 2,646 - 948 1,698 152,384 0.03 Recipharm AB 3,547 - - 3,547^ 44,108 0.01 Revance Therapeutics Inc 3,569 - - 3,569^ 44,449 0.01 Rhythm Pharmaceuticals Inc - 1,834 - 1,834 34,951 0.01 Rohto Pharmaceutical Co Ltd 11,168 2,300 2,400 11,068^ 318,905 0.05 SanBio Co Ltd 2,000 3,000 1,600 3,400^ 105,405 0.02 Sarepta Therapeutics Inc 6,898 943 850 6,991^ 1,030,204 0.18 Sawai Pharmaceutical Co Ltd 3,595 - - 3,595^ 197,989 0.03 Seikagaku Corp 3,825 - - 3,825^ 41,852 0.01 Ship Healthcare Holdings Inc 4,850 - - 4,850^ 217,577 0.04 Sigma Healthcare Ltd 117,426 - - 117,426^ 47,675 0.01 Sirtex Medical Ltd 6,288 - 6,288 - - 0.00 Sogo Medical Co Ltd 5,000 - 5,000 - - 0.00 Sosei Group Corp 9,000 - - 9,000^ 209,097 0.04 Spectrum Pharmaceuticals Inc 10,623 - - 10,623 79,717 0.01 STADA Arzneimittel AG 2,693 - 2,693 - - 0.00 STADA Arzneimittel AG - 2,693 2,693 - - 0.00 Stallergenes Greer PLC 378 - 378 - - 0.00 Supernus Pharmaceuticals Inc 6,518 - 1,509 5,009 165,479 0.03 Synergy Pharmaceuticals Inc 29,715 - 29,715 - - 0.00 TESARO Inc 4,320 - 4,320 - - 0.00 TG Therapeutics Inc 9,114 - - 9,114 67,581 0.01 TherapeuticsMD Inc 25,181 - - 25,181^ 53,598 0.01 Tilray Inc - 2,429 - 2,429 98,160 0.02 Toho Holdings Co Ltd 5,839 - - 5,839^ 129,322 0.02 Torii Pharmaceutical Co Ltd 1,117 - - 1,117^ 26,654 0.00 Towa Pharmaceutical Co Ltd 1,906 1,612 1,100 2,418^ 60,499 0.01 Tricida Inc - 2,016 - 2,016 62,989 0.01 Tsumura & Co 8,450 2,600 3,900 7,150^ 196,236 0.03 uniQure NV 3,709 - 880 2,829 164,262 0.03 United Laboratories International Holdings Ltd 51,836 - - 51,836^ 28,321 0.01 UroGen Pharma Ltd - 1,785 - 1,785 60,260 0.01 USANA Health Sciences Inc 1,170 - - 1,170 78,822 0.01 Vanda Pharmaceuticals Inc 4,493 - - 4,493 55,378 0.01 Vectura Group PLC 88,375 - - 88,375 86,024 0.01 Virbac SA 346 - - 346^ 63,996 0.01 Vital KSK Holdings Inc 2,375 - - 2,375^ 22,933 0.00 Voyager Therapeutics Inc 1,809 - - 1,809 39,418 0.01 Xencor Inc 5,472 - - 5,472 238,469 0.04 Zealand Pharma A/S 859 4,007 - 4,866^ 109,109 0.02

BlackRock Investment Funds Switzerland ANNUAL REPORT [81] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) ZERIA Pharmaceutical Co Ltd 3,929 - - 3,929^ 71,041 0.01 Zogenix Inc 4,952 - 1,337 3,615 172,393 0.03 15,972,948 2.72 Auto manufacturers Aston Martin Lagonda Global Holdings PLC - 5,980 - 5,980 36,100 0.01 Kyokuto Kaihatsu Kogyo Co Ltd 2,150 - - 2,150^ 26,426 0.00 Navistar International Corp 5,553 - - 5,553 171,741 0.03 NFI Group Inc 6,641 - - 6,641 145,696 0.03 Nissan Shatai Co Ltd 8,238 - - 8,238^ 68,730 0.01 REV Group Inc 5,646 - - 5,646 81,440 0.01 Shinmaywa Industries Ltd 8,486 - - 8,486^ 105,851 0.02 Wabash National Corp 7,301 - - 7,301 114,419 0.02 750,403 0.13 Auto parts & equipment Adient PLC 10,379 - 2,690 7,689 180,788 0.03 Aisan Industry Co Ltd 2,687 - - 2,687^ 17,910 0.00 Akebono Brake Industry Co Ltd 6,204 - 6,204 - - 0.00 AKWEL 530 - - 530^ 10,387 0.00 Allison Transmission Holdings Inc 15,926 - 4,346 11,580 526,780 0.09 American Axle & Manufacturing Holdings Inc 7,881 - - 7,881 94,172 0.02 ARB Corp Ltd 8,010 - - 8,010^ 101,388 0.02 Bertrandt AG 559 - - 559^ 37,401 0.01 CIE Automotive SA 6,055 - - 6,055 153,107 0.03 Cie Plastic Omnium SA 6,590 - - 6,590^ 173,390 0.03 CIR-Compagnie Industriali Riunite SpA 36,958 - - 36,958 40,819 0.01 Cooper Tire & Rubber Co 5,906 - 1,808 4,098 109,215 0.02 Cooper-Standard Holdings Inc 2,233 - - 2,233 109,384 0.02 Daikyonishikawa Corp 8,300 - - 8,300^ 68,264 0.01 Dana Inc 17,018 - - 17,018 281,527 0.05 Delphi Technologies PLC 9,968 - - 9,968 184,932 0.03 Dorman Products Inc 3,577 - 959 2,618 186,300 0.03 Douglas Dynamics Inc 2,774 - - 2,774 112,871 0.02 ElringKlinger AG 3,393 - - 3,393^ 19,261 0.00 Exedy Corp 3,541 - - 3,541^ 72,097 0.01 FCC Co Ltd 3,141 - - 3,141^ 61,175 0.01 Freni Brembo SpA 16,585 - - 16,585^ 169,466 0.03 Futaba Industrial Co Ltd 5,112 - - 5,112^ 35,472 0.01 Garrett Motion Inc - 6,547 - 6,547 91,843 0.02 Gentherm Inc 3,862 - - 3,862 156,414 0.03 Gestamp Automocion SA 29,557 - 15,009 14,548^ 75,881 0.01 Goodyear Tire & Rubber Co - 20,967 - 20,967 284,998 0.05 Grammer AG 1,209 - 1,209 - - 0.00 G-Tekt Corp 3,500 - - 3,500^ 50,902 0.01 GUD Holdings Ltd 9,119 - - 9,119^ 59,175 0.01 Haldex AB 4,821 - - 4,821^ 24,030 0.00 JOST Werke AG - 1,700 - 1,700^ 55,372 0.01 Keihin Corp 4,280 - - 4,280^ 59,202 0.01 Kendrion NV 1,008 - - 1,008^ 19,377 0.00 Kongsberg Automotive ASA 39,159 - - 39,159^ 28,825 0.00 KYB Corp 2,125 - - 2,125^ 60,163 0.01 Linamar Corp - 5,609 - 5,609 189,023 0.03 Mekonomen AB 2,921 1,669 - 4,590^ 33,892 0.01 Mekonomen AB - 1,669 1,669 - - 0.00 Mekonomen AB Rights - 11,684 11,684 - - 0.00 Meritor Inc 10,467 - 3,141 7,326 179,360 0.03 Methode Electronics Inc 3,886 - - 3,886 115,222 0.02 Minth Group Ltd - 74,000 - 74,000 208,702 0.04

[82] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Mitsuba Corp 3,480 - - 3,480^ 20,657 0.00 Modine Manufacturing Co 4,995 - - 4,995 67,846 0.01 Motorcar Parts of America Inc 2,323 - - 2,323 41,120 0.01 Musashi Seimitsu Industry Co Ltd 2,036 2,036 - 4,072^ 53,057 0.01 NHK Spring Co Ltd 29,300 - 13,200 16,100^ 125,516 0.02 Nifco Inc/Japan 12,292 - 5,300 6,992^ 172,008 0.03 Nippon Seiki Co Ltd 3,955 - - 3,955^ 68,951 0.01 Nissin Kogyo Co Ltd 4,077 - - 4,077^ 55,911 0.01 Pacific Industrial Co Ltd 3,550 - - 3,550^ 49,978 0.01 Piolax Inc 2,550 - - 2,550^ 45,596 0.01 Press Kogyo Co Ltd 8,187 - - 8,187^ 37,026 0.01 Rheinmetall AG 4,974 838 1,467 4,345^ 495,218 0.08 Riken Corp 677 - - 677^ 26,266 0.00 SAF-Holland SA 4,633 - - 4,633^ 47,698 0.01 Sanden Holdings Corp 2,200 - 2,200 - - 0.00 Shindengen Electric Manufacturing Co Ltd 682 - - 682^ 22,138 0.00 Showa Corp 5,192 - - 5,192^ 69,734 0.01 Siix Corp 2,500 - - 2,500^ 31,572 0.01 Standard Motor Products Inc 2,167 - - 2,167 98,707 0.02 Sumitomo Riko Co Ltd 3,700 - - 3,700^ 28,676 0.00 Superior Industries International Inc 2,521 - 2,521 - - 0.00 Tachi-S Co Ltd 2,775 - - 2,775^ 35,424 0.01 Taiho Kogyo Co Ltd 1,700 - - 1,700^ 12,060 0.00 Tenneco Inc 6,432 - - 6,432 57,564 0.01 Titan International Inc 4,248 - - 4,248 15,897 0.00 Tokai Rika Co Ltd 5,700 - - 5,700^ 93,084 0.02 Topre Corp 4,224 - - 4,224^ 63,203 0.01 Tower International Inc 2,516 - - 2,516 76,718 0.01 Toyo Tire Corp 10,596 - - 10,596^ 138,257 0.02 Toyota Boshoku Corp 7,650 - 3,900 3,750^ 52,349 0.01 TPR Co Ltd 2,199 - - 2,199^ 38,036 0.01 TS Tech Co Ltd 5,248 - 2,500 2,748^ 75,546 0.01 Unipres Corp 4,203 - - 4,203^ 68,254 0.01 Uni-Select Inc 3,258 - - 3,258 29,475 0.00 Veoneer Inc 4,569 4,814 - 9,383 168,598 0.03 Visteon Corp 3,371 - 982 2,389^ 155,813 0.03 Yorozu Corp 2,000 - - 2,000^ 26,169 0.00 7,102,609 1.21 Banks 1st Source Corp 1,516 - - 1,516 70,464 0.01 77 Bank Ltd 7,400 3,200 4,300 6,300^ 89,326 0.02 Aichi Bank Ltd 1,010 - - 1,010^ 34,489 0.01 Aktia Bank OYJ - 10,369 - 10,369 97,721 0.02 Allegiance Bancshares Inc - 1,213 - 1,213 40,301 0.01 Ameris Bancorp 3,344 2,993 - 6,337 249,502 0.04 Aomori Bank Ltd 3,500 - 3,500 - - 0.00 Arrow Financial Corp 1,259 38 1 1,296 42,674 0.01 Associated Banc-Corp 19,684 - 4,870 14,814 317,809 0.05 Atlantic Union Bankshares Corp 5,128 6,934 5,128 6,934^ 261,063 0.04 Awa Bank Ltd 23,000 4,600 23,000 4,600^ 103,894 0.02 Banca Carige SpA 5,527,027 - - 5,527,027^ 61 0.00 Banca Generali SpA 7,812 - 3,838 3,974^ 115,467 0.02 Banca IFIS SpA 2,518 - - 2,518^ 35,610 0.01 Banca Mediolanum SpA 30,781 12,830 17,223 26,388^ 188,045 0.03 Banca Monte dei Paschi di Siena SpA 31,941 - - 31,941^ 46,192 0.01 Banca Popolare di Sondrio SCPA 59,250 - - 59,250^ 122,847 0.02 BancFirst Corp 1,320 - - 1,320 76,239 0.01 Banco BPM SpA 169,461 - 35,789 133,672^ 248,713 0.04

BlackRock Investment Funds Switzerland ANNUAL REPORT [83] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Banco Comercial Portugues SA 942,090 - - 942,090 240,086 0.04 Bancorp Inc 14,982 - 7,198 7,784 74,596 0.01 BancorpSouth Bank 9,161 - - 9,161^ 271,084 0.05 Bank of Georgia Group PLC 4,067 - - 4,067 69,316 0.01 Bank of Hawaii Corp 5,284 809 2,335 3,758 317,166 0.05 Bank of Iwate Ltd 1,500 - - 1,500^ 36,751 0.01 Bank of Nagoya Ltd 1,750 - - 1,750^ 54,013 0.01 Bank of Okinawa Ltd 2,100 - - 2,100^ 64,242 0.01 Bank of Saga Ltd 1,142 - - 1,142^ 15,828 0.00 Bank of the Ryukyus Ltd 4,399 - - 4,399^ 45,365 0.01 Bank OZK 12,818 - - 12,818^ 388,055 0.07 BankUnited Inc 13,164 - 3,846 9,318 317,426 0.05 Banner Corp 3,675 - - 3,675 215,603 0.04 BAWAG Group AG 4,504 1,785 1,628 4,661 184,647 0.03 Blue Hills Bancorp Inc 3,285 - 3,285 - - 0.00 BOK Financial Corp 2,589 1,405 954 3,040 251,843 0.04 BPER Banca 58,282 - 25,240 33,042 122,703 0.02 Bryn Mawr Bank Corp 1,602 - - 1,602 58,808 0.01 Cadence BanCorp 4,395 8,846 - 13,241 224,681 0.04 Camden National Corp 1,090 - - 1,090 48,247 0.01 Canadian Western Bank 8,885 - - 8,885 206,515 0.04 Carolina Financial Corp 3,917 - 1,870 2,047 71,172 0.01 Cathay General Bancorp 8,332 1,577 2,506 7,403 272,784 0.05 CenterState Bank Corp 8,773 3,880 - 12,653 304,644 0.05 Central Pacific Financial Corp 4,560 - - 4,560 133,039 0.02 Chiba Kogyo Bank Ltd 3,651 - 3,651 - - 0.00 Chugoku Bank Ltd 17,900 - - 17,900^ 155,217 0.03 City Holding Co 1,849 - - 1,849 141,773 0.02 CoBiz Financial Inc 3,809 - 3,809 - - 0.00 Columbia Banking System Inc 8,450 - - 8,450 315,463 0.05 comdirect bank AG 2,597 - - 2,597^ 26,794 0.00 Commerce Bancshares Inc/MO 11,782 416 3,458 8,740 526,338 0.09 Community Bank System Inc 6,631 719 2,274 5,076 331,616 0.06 Community Trust Bancorp Inc 1,579 - - 1,579 66,108 0.01 ConnectOne Bancorp Inc 3,347 - - 3,347 75,747 0.01 Credito Emiliano SpA 9,575 - - 9,575 47,863 0.01 Credito Valtellinese SpA 766,616 - - 766,616^ 45,208 0.01 Cullen/Frost Bankers Inc 6,351 614 1,185 5,780 543,266 0.09 Customers Bancorp Inc 2,738 - - 2,738 55,893 0.01 CVB Financial Corp 10,577 - - 10,577 230,472 0.04 CYBG PLC 100,107 67,257 30,745 136,619^ 284,933 0.05 Dah Sing Banking Group Ltd 24,204 - - 24,204^ 41,815 0.01 Dah Sing Financial Holdings Ltd 16,142 - - 16,142^ 71,962 0.01 Daishi Bank Ltd 3,550 - 3,550 - - 0.00 Daishi Hokuetsu Financial Group Inc - 4,464 - 4,464^ 118,243 0.02 Deutsche Pfandbriefbank AG 11,983 - - 11,983 136,179 0.02 Eagle Bancorp Inc 3,333 - - 3,333 133,010 0.02 Eighteenth Bank Ltd 16,722 1,672 18,394 - - 0.00 Enterprise Financial Services Corp 1,972 - - 1,972 81,371 0.01 Equity Bancshares Inc - 1,362 - 1,362 35,719 0.01 FB Financial Corp 2,679 - - 2,679 100,810 0.02 FCB Financial Holdings Inc 5,780 - 5,780 - - 0.00 Fidelity Southern Corp - 1,452 1,452 - - 0.00 FinecoBank Banca Fineco SpA 49,170 - 49,170 - - 0.00 First BanCorp/Puerto Rico 34,178 - 12,419 21,759 231,786 0.04 First Bancorp/Southern Pines NC 4,025 - - 4,025 147,197 0.03 First Busey Corp 4,125 - - 4,125 110,384 0.02 First Citizens BancShares Inc/NC 761 - - 761 351,848 0.06

[84] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) First Commonwealth Financial Corp 9,696 - - 9,696 132,179 0.02 First Community Bankshares Inc 1,385 - - 1,385 45,344 0.01 First Financial Bancorp 10,441 - - 10,441 263,480 0.04 First Financial Bankshares Inc 5,453 5,453 - 10,906^ 353,600 0.06 First Financial Corp/IN 877 - - 877 37,690 0.01 First Foundation Inc 5,351 - - 5,351 79,674 0.01 First Hawaiian Inc 6,773 5,832 - 12,605^ 333,937 0.06 First Horizon National Corp 36,918 - 9,169 27,749 450,533 0.08 First International Bank Of Israel Ltd 7,165 - - 7,165 184,347 0.03 First Interstate BancSystem Inc 2,310 1,376 - 3,686 146,075 0.02 First Merchants Corp 4,163 1,450 - 5,613 218,996 0.04 First Midwest Bancorp Inc/IL 13,730 - 3,327 10,403 222,767 0.04 Flagstar Bancorp Inc 2,310 - - 2,310 78,852 0.01 FNB Corp/PA 34,073 - - 34,073 406,474 0.07 Franklin Financial Network Inc 2,099 - - 2,099 61,301 0.01 Fulton Financial Corp 19,423 - 5,744 13,679^ 230,218 0.04 German American Bancorp Inc 2,306 - - 2,306 72,027 0.01 Glacier Bancorp Inc 7,941 - - 7,941 329,479 0.06 Great Southern Bancorp Inc 972 - - 972 57,698 0.01 Great Western Bancorp Inc 5,976 - - 5,976 200,087 0.03 Guaranty Bancorp 4,189 - 4,189 - - 0.00 Gunma Bank Ltd 46,800 - 24,100 22,700^ 77,825 0.01 Hachijuni Bank Ltd 40,300 - - 40,300^ 151,026 0.03 Hancock Whitney Corp 8,943 - - 8,943 367,600 0.06 Hanmi Financial Corp 3,495 - 88 3,407 72,484 0.01 Heartland Financial USA Inc 1,978 - - 1,978 94,171 0.02 Heritage Financial Corp/WA 3,254 - - 3,254^ 91,876 0.02 Hilltop Holdings Inc 8,566 - - 8,566 192,334 0.03 Hiroshima Bank Ltd 28,700 - - 28,700^ 136,340 0.02 Hokkoku Bank Ltd 3,150 - 2,300 850^ 23,484 0.00 Hokuetsu Bank Ltd 1,829 - 1,829 - - 0.00 Hokuhoku Financial Group Inc 15,700 - 6,900 8,800^ 87,702 0.01 Home BancShares Inc/AR 19,573 - 5,936 13,637 265,557 0.05 Home Capital Group Inc 7,352 - - 7,352 131,641 0.02 HomeStreet Inc 2,090 - 43 2,047 58,810 0.01 Hope Bancorp Inc 14,393 - - 14,393 210,174 0.04 Horizon Bancorp Inc/IN 5,610 - - 5,610 96,749 0.02 Hyakugo Bank Ltd 26,500 - - 26,500^ 77,322 0.01 Hyakujushi Bank Ltd 25,000 2,500 25,000 2,500^ 49,489 0.01 IBERIABANK Corp 6,169 1,041 1,597 5,613 436,603 0.07 Independent Bank Corp 2,459 758 - 3,217 247,652 0.04 Independent Bank Group Inc 1,178 3,208 - 4,386^ 246,677 0.04 International Bancshares Corp 6,093 - - 6,093 226,987 0.04 Israel Discount Bank Ltd 161,538 23,613 185,151 - - 0.00 Iyo Bank Ltd 23,100 - - 23,100^ 111,633 0.02 Jimoto Holdings Inc 13,300 - 13,300 - - 0.00 Juroku Bank Ltd 3,350 - - 3,350^ 67,995 0.01 Jyske Bank A/S 7,416 - - 7,416^ 235,691 0.04 Kansai Mirai Financial Group Inc 5,899 - - 5,899^ 39,534 0.01 Kearny Financial Corp/MD 11,603 - - 11,603 153,351 0.03 Keiyo Bank Ltd 26,500 13,250 26,500 13,250^ 80,221 0.01 Kiyo Bank Ltd 7,315 - - 7,315^ 94,713 0.02 Kyushu Financial Group Inc 39,100 - - 39,100^ 147,599 0.03 Lakeland Bancorp Inc 3,569 - - 3,569 57,876 0.01 Lakeland Financial Corp 2,619 - - 2,619 119,243 0.02 Laurentian Bank of Canada 4,207 4,310 2,568 5,949 203,665 0.03 LegacyTexas Financial Group Inc 4,817 - - 4,817 203,820 0.03 Liberbank SA 254,523 - - 254,523^ 95,107 0.02

BlackRock Investment Funds Switzerland ANNUAL REPORT [85] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Link Administration Holdings Ltd 48,438 - - 48,438^ 168,235 0.03 Live Oak Bancshares Inc 5,738 - 3,125 2,613 50,366 0.01 MB Financial Inc 8,159 - 8,159 - - 0.00 Metro Bank PLC 7,886 3,311 3,248 7,949^ 34,573 0.01 Miyazaki Bank Ltd 1,617 - - 1,617^ 38,806 0.01 Musashino Bank Ltd 3,400 - - 3,400^ 65,444 0.01 Nanto Bank Ltd 2,450 - - 2,450^ 52,363 0.01 National Bank Holdings Corp 3,849 - - 3,849 138,245 0.02 National Commerce Corp 2,352 - 2,352 - - 0.00 NBT Bancorp Inc 4,934 - - 4,934 189,036 0.03 Nishi-Nippon Financial Holdings Inc 19,300 - 7,800 11,500^ 80,846 0.01 North Pacific Bank Ltd 36,450 - - 36,450^ 80,762 0.01 Norwegian Finans Holding ASA 16,968 - 7,094 9,874^ 68,564 0.01 OFG Bancorp 4,372 - - 4,372 97,949 0.02 Ogaki Kyoritsu Bank Ltd 3,300 - - 3,300^ 70,711 0.01 Oita Bank Ltd 1,707 - - 1,707^ 48,095 0.01 Old National Bancorp/IN 12,813 - - 12,813 223,381 0.04 Opus Bank 1,558 - - 1,558 34,566 0.01 PacWest Bancorp 16,559 - 5,675 10,884 416,244 0.07 Park National Corp 1,150 - - 1,150 107,691 0.02 Peoples Bancorp Inc/OH 1,417 - - 1,417 45,466 0.01 Pinnacle Financial Partners Inc 7,619 - - 7,619 458,150 0.08 Popular Inc 12,598 - 2,894 9,704 552,977 0.09 Preferred Bank/Los Angeles CA 2,509 - - 2,509 134,603 0.02 Prosperity Bancshares Inc 7,153 - - 7,153^ 491,383 0.08 QCR Holdings Inc 2,157 - - 2,157 81,701 0.01 Renasant Corp 6,008 - - 6,008 213,471 0.04 Republic Bancorp Inc/KY 941 - - 941 44,502 0.01 Ringkjoebing Landbobank A/S - 3,705 954 2,751 186,800 0.03 S&T Bancorp Inc 3,237 - - 3,237 122,000 0.02 San ju San Financial Group Inc 969 - - 969^ 14,296 0.00 Sandy Spring Bancorp Inc 4,444 - - 4,444 160,320 0.03 San-In Godo Bank Ltd 16,500 - - 16,500^ 99,146 0.02 Sbanken ASA 12,288 - - 12,288^ 94,192 0.02 Seacoast Banking Corp of Florida 5,903 - - 5,903 158,021 0.03 Senshu Ikeda Holdings Inc 27,930 - - 27,930^ 50,934 0.01 ServisFirst Bancshares Inc 4,742 - - 4,742 159,897 0.03 Shiga Bank Ltd 25,000 5,000 25,000 5,000^ 109,828 0.02 Simmons First National Corp 10,433 - - 10,433 265,963 0.05 South State Corp 4,707 720 1,772 3,655 289,729 0.05 Southside Bancshares Inc 2,420 - - 2,420 82,943 0.01 Spar Nord Bank A/S 9,723 - - 9,723^ 85,254 0.01 SpareBank 1 Nord Norge 9,942 - - 9,942 72,959 0.01 SpareBank 1 SMN 12,139 - - 12,139 133,280 0.02 SpareBank 1 SR-Bank ASA - 21,547 - 21,547 232,082 0.04 State Bank Financial Corp 3,985 - 3,985 - - 0.00 Stock Yards Bancorp Inc 2,694 - - 2,694 102,015 0.02 Suruga Bank Ltd - 18,500 - 18,500^ 69,836 0.01 Sydbank A/S 7,305 - - 7,305^ 126,595 0.02 Synovus Financial Corp 13,571 6,097 3,107 16,561 625,812 0.11 TCF Financial Corp 17,426 - - 17,426 368,842 0.06 TCF Financial Corp 6,847 - - 6,847 284,969 0.05 Texas Capital Bancshares Inc 4,992 - - 4,992 311,005 0.05 Toho Bank Ltd 24,420 - - 24,420^ 58,338 0.01 Tokyo Kiraboshi Financial Group Inc 2,813 - - 2,813^ 37,474 0.01 TOMONY Holdings Inc 15,078 - - 15,078^ 48,669 0.01 Tompkins Financial Corp 932 614 - 1,546 125,458 0.02 Towa Bank Ltd 3,986 - - 3,986^ 26,314 0.00

[86] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Towne Bank/Portsmouth VA 7,611 - - 7,611 212,032 0.04 TriCo Bancshares 2,348 - - 2,348 87,751 0.02 TriState Capital Holdings Inc 2,387 - - 2,387 49,626 0.01 Triumph Bancorp Inc 2,471 - - 2,471 76,349 0.01 TrustCo Bank Corp NY 12,966 - - 12,966 103,974 0.02 Trustmark Corp 6,879 - - 6,879^ 242,035 0.04 UMB Financial Corp 4,348 - - 4,348 293,826 0.05 Umpqua Holdings Corp 23,824 - - 23,824 411,807 0.07 Unicaja Banco SA 136,556 - 53,728 82,828^ 65,278 0.01 Unione di Banche Italiane SpA 117,957 - 26,630 91,327^ 234,050 0.04 United Bankshares Inc/WV 9,961 - - 9,961^ 370,690 0.06 United Community Banks Inc/GA 10,288 - - 10,288 292,313 0.05 Univest Financial Corp 2,425 - - 2,425 65,925 0.01 Valley National Bancorp 33,363 - - 33,363^ 368,608 0.06 Veritex Holdings Inc - 4,324 - 4,324 109,545 0.02 Virgin Money Holdings UK PLC 36,939 - 36,939 - - 0.00 Walker & Dunlop Inc 2,798 - - 2,798 161,603 0.03 Washington Trust Bancorp Inc 1,566 - - 1,566 77,874 0.01 Webster Financial Corp 9,762 - 1,451 8,311 419,622 0.07 WesBanco Inc 3,913 - - 3,913 141,706 0.02 Westamerica Bancorporation 2,851 - - 2,851 180,922 0.03 Western Alliance Bancorp 13,263 1,342 4,159 10,446 511,286 0.09 Wintrust Financial Corp 5,666 - - 5,666 401,292 0.07 Yamagata Bank Ltd 2,665 - - 2,665^ 38,710 0.01 Yamaguchi Financial Group Inc - 19,500 - 19,500 135,308 0.02 32,936,988 5.61 Machinery - construction & mining Aichi Corp 3,239 - - 3,239^ 20,230 0.00 Astec Industries Inc 2,059 - - 2,059 66,636 0.01 Bloom Energy Corp - 5,129 - 5,129 53,062 0.01 BWX Technologies Inc 10,132 - - 10,132^ 540,754 0.09 Danieli&COfficine Meccaniche SpA 1,186 - - 1,186^ 20,629 0.00 Danieli&COfficine Meccaniche SpA 4,674 - - 4,674^ 52,550 0.01 Denyo Co Ltd 1,500 - - 1,500^ 21,569 0.00 Hyster-Yale Materials Handling Inc 963 - - 963 58,956 0.01 Manitou BF SA 1,151 - - 1,151^ 27,087 0.01 Modec Inc 1,816 - - 1,816^ 48,119 0.01 Oshkosh Corp 8,236 619 2,087 6,768 559,946 0.10 Outotec OYJ 17,670 - - 17,670^ 110,552 0.02 Tadano Ltd 12,046 - - 12,046^ 108,629 0.02 Takeuchi Manufacturing Co Ltd 3,300 - - 3,300^ 51,032 0.01 Terex Corp 12,222 - 5,680 6,542^ 197,212 0.03 Wacker Neuson SE 3,207 - - 3,207^ 64,725 0.01 Wajax Corp 2,313 - - 2,313 26,506 0.00 Yoma Strategic Holdings Ltd 128,654 - - 128,654 33,504 0.01 2,061,698 0.35 Engineering & construction Acciona SA 2,812 558 1,014 2,356^ 250,085 0.04 Ackermans & van Haaren NV 2,731 371 782 2,320 337,046 0.06 AECOM 18,211 - 3,915 14,296^ 508,802 0.09 Aecon Group Inc 6,182 - - 6,182 94,705 0.02 Aegion Corp 3,649 - - 3,649 68,096 0.01 AF POYRY AB 6,424 - - 6,424^ 150,754 0.03 AF POYRY AB - 2,141 2,141 - - 0.00 AF POYRY AB Rights - 6,424 6,424 - - 0.00 Akka Technologies 2,277 - 1,077 1,200^ 84,654 0.01 Alten SA 2,841 - - 2,841 351,045 0.06

BlackRock Investment Funds Switzerland ANNUAL REPORT [87] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Altran Technologies SA 32,224 - 10,094 22,130 349,066 0.06 Arcadis NV 7,961 - - 7,961 161,901 0.03 Arcosa Inc - 5,522 1,639 3,883 144,156 0.02 Argan Inc 1,354 - - 1,354 55,160 0.01 Badger Daylighting Ltd 3,950 - - 3,950 141,929 0.02 Balfour Beatty PLC 75,628 - - 75,628 188,854 0.03 BBA Aviation PLC 131,403 19,703 44,587 106,519 413,193 0.07 Bilfinger SE 3,688 - 1,279 2,409^ 70,845 0.01 Boskalis Westminster 9,761 - - 9,761^ 220,456 0.04 BrightView Holdings Inc - 2,759 - 2,759 53,973 0.01 Cellnex Telecom SA 16,801 4,862 21,663 - - 0.00 Cellnex Telecom SA - 4,862 4,862 - - 0.00 Cellnex Telecom SA Rights - 16,801 16,801 - - 0.00 Chiyoda Corp 17,000 - - 17,000^ 45,572 0.01 Chudenko Corp 2,995 - - 2,995^ 65,295 0.01 Cie d'Entreprises CFE 837 - - 837^ 73,439 0.01 Comfort Systems USA Inc 4,027 - - 4,027 167,443 0.03 COMSYS Holdings Corp 15,450 2,900 4,500 13,850^ 348,423 0.06 Costain Group PLC 7,804 - - 7,804^ 14,814 0.00 Downer EDI Ltd 65,257 - - 65,257^ 321,497 0.05 Dycom Industries Inc 3,635 - - 3,635 198,502 0.03 Electra Ltd/Israel 176 - - 176 49,767 0.01 EMCOR Group Inc 6,731 620 1,741 5,610 468,694 0.08 Enav SpA 25,000 - - 25,000 137,342 0.02 Exponent Inc 5,568 - - 5,568 379,248 0.06 Fomento de Construcciones y Contratas SA 8,449 301 - 8,750 110,915 0.02 Fomento de Construcciones y Contratas SA - 301 301 - - 0.00 Fomento de Construcciones y Contratas SA Rights - 8,449 8,449 - - 0.00 frontdoor Inc - 7,609 - 7,609 343,802 0.06 Fudo Tetra Corp 18,950 1,895 20,845 - - 0.00 Fukuda Corp 300 - - 300^ 12,542 0.00 Galliford Try PLC 11,673 - - 11,673^ 83,768 0.01 Gaztransport Et Technigaz SA 3,223 - 1,512 1,711 154,933 0.03 Granite Construction Inc 4,064 - - 4,064 142,829 0.02 Great Lakes Dredge & Dock Corp 6,512 - - 6,512 69,175 0.01 Hazama Ando Corp 17,150 - - 17,150^ 117,907 0.02 Hibiya Engineering Ltd 2,233 - - 2,233^ 40,151 0.01 HomeServe PLC 29,402 8,513 9,990 27,925 386,238 0.07 Hsin Chong Group Holdings Ltd 196,300 - - 196,300^ 4,469 0.00 Infrastrutture Wireless Italiane SpA 26,733 - 8,014 18,719 189,414 0.03 JM AB 8,538 5,620 7,616 6,542^ 168,849 0.03 John Menzies PLC 7,140 - - 7,140 36,005 0.01 Kandenko Co Ltd 9,000 - - 9,000^ 78,288 0.01 KBR Inc 15,812 - 2,712 13,100 342,122 0.06 Keller Group PLC 7,620 - - 7,620 60,780 0.01 Kier Group PLC 10,069 - - 10,069^ 7,525 0.00 Kier Group PLC Rights - 6,645 6,645 - - 0.00 Kinden Corp 14,500 7,300 5,500 16,300^ 246,124 0.04 Koninklijke BAM Groep NV 27,905 - - 27,905^ 93,383 0.02 Koninklijke Volkerwessels NV 5,945 - 3,799 2,146 42,626 0.01 Kumagai Gumi Co Ltd 3,650 - - 3,650^ 97,181 0.02 Kyowa Exeo Corp 9,599 2,000 - 11,599^ 277,834 0.05 Kyudenko Corp 6,900 - 3,000 3,900^ 120,373 0.02 Maeda Corp 13,444 - - 13,444^ 100,519 0.02 Maeda Road Construction Co Ltd 6,276 - - 6,276^ 132,648 0.02 MasTec Inc 7,265 - 1,325 5,940 301,792 0.05 Meitec Corp 3,250 - - 3,250^ 167,432 0.03 Mirait Holdings Corp 5,944 - - 5,944^ 87,638 0.02

[88] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Mistras Group Inc 1,749 - - 1,749 26,250 0.00 Monadelphous Group Ltd 13,300 - 4,788 8,512^ 109,950 0.02 Morgan Sindall Group PLC - 4,338 - 4,338^ 59,106 0.01 Mota-Engil SGPS SA 8,185 - - 8,185^ 16,465 0.00 MYR Group Inc 1,975 - - 1,975 70,624 0.01 NCC AB 9,454 - - 9,454^ 150,639 0.03 Nippo Corp 5,376 - - 5,376^ 102,156 0.02 Nippon Densetsu Kogyo Co Ltd 3,974 - - 3,974^ 75,949 0.01 Nippon Koei Co Ltd 2,200 - - 2,200^ 48,104 0.01 Nippon Road Co Ltd 515 - - 515^ 28,551 0.00 Nishimatsu Construction Co Ltd 7,200 - - 7,200^ 135,700 0.02 NV5 Global Inc - 591 - 591 46,497 0.01 Obrascon Huarte Lain SA 14,233 - - 14,233 17,807 0.00 Okumura Corp 4,400 - 2,500 1,900^ 53,879 0.01 OSJB Holdings Corp 9,350 - - 9,350^ 21,058 0.00 Peab AB 19,354 - - 19,354^ 163,879 0.03 Penta-Ocean Construction Co Ltd 30,347 - - 30,347^ 146,655 0.03 Per Aarsleff Holding A/S 2,050 - - 2,050 67,179 0.01 Porr Ag 874 - - 874^ 19,075 0.00 Primoris Services Corp 4,351 - - 4,351 90,285 0.02 Raito Kogyo Co Ltd 4,800 - - 4,800^ 63,156 0.01 Raiznext Corp 5,883 - - 5,883^ 62,439 0.01 Sacyr SA 40,642 3,124 - 43,766^ 112,403 0.02 Sacyr SA 846 - 846 - - 0.00 Sacyr SA - 1,185 1,185 - - 0.00 Sacyr SA - 1,094 1,094 - - 0.00 Sacyr SA Rights - 41,488 41,488 - - 0.00 Sacyr SA Rights - 42,673 42,673 -^ - 0.00 Salini Impregilo SpA 23,796 - - 23,796^ 45,639 0.01 Sanki Engineering Co Ltd 3,945 - - 3,945^ 44,352 0.01 Shikun & Binui Ltd 26,365 - - 26,365 90,391 0.02 SHO-BOND Holdings Co Ltd 2,069 2,069 - 4,138^ 141,302 0.02 SPIE SA 11,270 - - 11,270^ 208,574 0.04 Stantec Inc 14,943 3,099 4,781 13,261 314,326 0.05 Sumitomo Densetsu Co Ltd 1,900 - - 1,900^ 33,627 0.01 Sumitomo Mitsui Construction Co Ltd 17,460 - - 17,460^ 92,497 0.02 Taihei Dengyo Kaisha Ltd 1,492 - - 1,492^ 30,596 0.01 Taikisha Ltd 2,727 - - 2,727^ 81,060 0.01 Takamatsu Construction Group Co Ltd 1,383 - - 1,383^ 28,979 0.01 Takasago Thermal Engineering Co Ltd 5,664 - - 5,664^ 87,280 0.02 Takuma Co Ltd 7,500 - - 7,500^ 88,902 0.02 Tecnicas Reunidas SA 3,694 - - 3,694^ 89,009 0.02 Tekken Corp 1,350 - - 1,350^ 35,747 0.01 Toa Corp/Tokyo 1,503 - - 1,503^ 19,447 0.00 Toda Corp 22,500 - - 22,500^ 123,095 0.02 Toenec Corp 962 - - 962^ 28,069 0.00 Tokyu Construction Co Ltd 6,875 - - 6,875^ 46,827 0.01 TopBuild Corp 3,974 - - 3,974 319,187 0.05 Toshiba Plant Systems & Services Corp 4,041 3,200 - 7,241^ 120,758 0.02 Totetsu Kogyo Co Ltd 2,700 - - 2,700^ 73,734 0.01 Toyo Construction Co Ltd 7,442 - - 7,442^ 29,246 0.01 Toyo Engineering Corp 2,438 - 2,438 - - 0.00 Tutor Perini Corp 4,106 - - 4,106 53,088 0.01 Veidekke ASA - 14,340 - 14,340^ 129,158 0.02 VSE Corp 914 - - 914 27,110 0.00 WillScot Corp - 4,483 - 4,483 70,656 0.01 Yahagi Construction Co Ltd 1,933 - - 1,933^ 12,408 0.00 Yokogawa Bridge Holdings Corp 3,586 - - 3,586^ 55,684 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [89] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Yumeshin Holdings Co Ltd 3,700 - - 3,700^ 27,023 0.00 Yurtec Corp 3,457 - - 3,457^ 22,916 0.00 14,190,511 2.42 Home builders Bayside Land Corp 68 - - 68 36,424 0.01 Beazer Homes USA Inc 3,027 - - 3,027 35,122 0.01 Bellway PLC 14,651 2,823 5,299 12,175 438,331 0.07 Bonava AB 9,454 - - 9,454^ 112,979 0.02 Bovis Homes Group PLC 14,852 7,742 7,455 15,139 193,242 0.03 Cairn Homes PLC 117,622 - - 117,622 138,467 0.02 Cavco Industries Inc 971 - - 971 170,485 0.03 Countryside Properties PLC 29,549 16,442 - 45,991^ 163,907 0.03 Crest Nicholson Holdings plc 27,501 - - 27,501^ 122,346 0.02 Gateway Lifestyle 58,458 - 58,458 - - 0.00 Glenveagh Properties PLC 112,226 - - 112,226 84,860 0.01 Glenveagh Properties PLC Rights 18,704 - 18,704 - - 0.00 Haseko Corp 34,700 9,400 14,100 30,000^ 324,423 0.05 Hovnanian Enterprises Inc 12,251 - 12,251 - - 0.00 Installed Building Products Inc 1,868 - - 1,868 98,532 0.02 Kaufman & Broad SA 3,575 - 2,023 1,552 63,296 0.01 KB Home 9,054 - - 9,054 235,470 0.04 LCI Industries 2,520 - - 2,520 228,599 0.04 LGI Homes Inc 1,319 - - 1,319 91,785 0.02 M/I Homes Inc 2,744 - - 2,744 96,085 0.02 MDC Holdings Inc 5,093 408 1 5,500 196,782 0.03 Meritage Homes Corp 3,993 - - 3,993 248,292 0.04 Misawa Homes Co Ltd 7,200 - - 7,200^ 69,918 0.01 Open House Co Ltd 3,150 - - 3,150^ 137,722 0.02 Redrow PLC 25,821 - 25,821 - - 0.00 Redrow PLC - 24,591 - 24,591 167,230 0.03 Skyline Champion Corp - 4,898 - 4,898 138,197 0.02 Taylor Morrison Home Corp 13,496 - 3,314 10,182 227,006 0.04 Thor Industries Inc 5,895 1,046 1,235 5,706^ 336,677 0.06 Token Corp 1,567 - 1,000 567^ 32,364 0.01 Toll Brothers Inc - 14,988 - 14,988 533,727 0.09 TRI Pointe Group Inc 16,202 - - 16,202 219,587 0.04 William Lyon Homes 2,100 - - 2,100 40,832 0.01 Winnebago Industries Inc 2,948 - - 2,948 117,616 0.02 YIT OYJ 11,779 - - 11,779^ 65,178 0.01 5,165,481 0.88 Building materials AAON Inc 4,716 - - 4,716 237,177 0.04 Adelaide Brighton Ltd 48,892 - 16,667 32,225^ 77,841 0.01 Alimak Group AB 9,661 - 3,014 6,647^ 92,056 0.02 American Woodmark Corp 1,631 - - 1,631 137,007 0.02 Apogee Enterprises Inc 3,266 - - 3,266^ 131,144 0.02 Armstrong Flooring Inc 2,152 - - 2,152 17,811 0.00 Armstrong World Industries Inc 4,305 - - 4,305 416,435 0.07 Boise Cascade Co 4,059 - - 4,059 108,497 0.02 Brickworks Ltd 10,054 - - 10,054^ 114,912 0.02 Builders FirstSource Inc 11,821 - - 11,821 201,054 0.03 Bunka Shutter Co Ltd 5,362 - - 5,362^ 43,807 0.01 Buzzi Unicem SpA 7,304 - - 7,304 148,138 0.03 Buzzi Unicem SpA 6,050 - - 6,050 85,226 0.01 Caesarstone Ltd 2,725 - - 2,725 37,957 0.01 Cementir Holding SpA 4,517 - - 4,517 31,716 0.01 Central Glass Co Ltd 3,900 - - 3,900^ 88,475 0.02

[90] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Chofu Seisakusho Co Ltd 1,813 - - 1,813^ 36,583 0.01 CI Takiron Corp 2,817 - - 2,817^ 18,006 0.00 Cleanup Corp 1,198 - 1,198 - - 0.00 Continental Building Products Inc 3,248 - - 3,248 79,038 0.01 Cornerstone Building Brands Inc 4,068 - - 4,068 23,439 0.00 CSR Ltd 54,741 - - 54,741^ 150,532 0.03 Daiken Corp 770 - - 770^ 15,214 0.00 Eagle Materials Inc 5,433 1,151 1,885 4,699 385,093 0.07 Forterra PLC 22,160 - - 22,160 75,081 0.01 Fujimi Inc 1,854 - - 1,854^ 38,307 0.01 Fujitec Co Ltd 7,963 - - 7,963^ 98,964 0.02 Gibraltar Industries Inc 3,365 - - 3,365 138,051 0.02 Griffon Corp 4,490 - - 4,490 72,677 0.01 Ibstock PLC 37,762 - - 37,762 105,649 0.02 Inwido AB 5,193 - - 5,193 31,860 0.01 JELD-WEN Holding Inc 5,908 - - 5,908 128,150 0.02 Katitas Co Ltd - 2,500 - 2,500 96,538 0.02 Kingspan Group PLC 17,909 - 17,909 - - 0.00 Louisiana-Pacific Corp 15,640 - - 15,640 404,741 0.07 Marshalls PLC 21,499 - - 21,499 165,749 0.03 Masonite International Corp 2,803 - - 2,803 147,906 0.03 MDU Resources Group Inc 20,378 1,972 3,945 18,405 487,228 0.08 Nibe Industrier AB 41,398 7,114 15,477 33,035 466,033 0.08 Nichias Corp 9,521 8,160 12,921 4,760^ 85,068 0.01 Nichiha Corp 2,249 - - 2,249^ 58,547 0.01 Nippon Sheet Glass Co Ltd 8,950 - - 8,950^ 56,064 0.01 Norbord Inc 4,354 - - 4,354 100,413 0.02 Noritz Corp 3,052 - - 3,052^ 37,207 0.01 Okabe Co Ltd 4,850 - - 4,850^ 37,191 0.01 Patrick Industries Inc 3,157 - 1,377 1,780 80,832 0.01 PGT Innovations Inc 4,981 - - 4,981 79,491 0.01 Polypipe Group plc 20,633 - - 20,633^ 102,147 0.02 Rockwool International A/S 1,251 - 456 795 193,751 0.03 Sanwa Holdings Corp 23,050 - 8,400 14,650^ 163,369 0.03 Sekisui Jushi Corp 2,620 - - 2,620^ 49,762 0.01 Shapir Engineering and Industry Ltd - 14,946 - 14,946 56,700 0.01 Simpson Manufacturing Co Inc 4,495 - - 4,495 274,835 0.05 SPX Corp 3,991 - - 3,991 137,893 0.02 Stella-Jones Inc 4,997 3,278 1,739 6,536 202,868 0.03 STO SE & Co KGaA 266 - - 266 27,180 0.00 Sumitomo Osaka Cement Co Ltd 42,500 5,550 44,301 3,749^ 142,547 0.02 Summit Materials Inc 12,839 - - 12,839^ 234,384 0.04 Takara Standard Co Ltd 4,322 - - 4,322^ 67,389 0.01 Tarkett SA 5,001 - - 5,001^ 83,403 0.01 Trex Co Inc 6,808 - 1,392 5,416^ 438,330 0.07 Universal Forest Products Inc 6,390 - - 6,390 255,764 0.04 US Concrete Inc 1,397 - - 1,397 65,127 0.01 USG Corp 10,288 - 10,288 - - 0.00 Vicat SA 2,034 - - 2,034 91,362 0.02 Victoria PLC 16,251 - - 16,251^ 102,832 0.02 Wienerberger AG 11,594 - - 11,594 264,539 0.05 Xinyi Glass Holdings Ltd 234,413 - 62,000 172,413 173,351 0.03 8,796,438 1.50 Hotels Belmond Ltd 9,609 - 9,609 - - 0.00 Boyd Gaming Corp 8,729 - - 8,729 228,919 0.04 Caesars Entertainment Corp 65,924 - 10,056 55,868^ 654,862 0.11 Choice Hotels International Inc 4,128 - 1,215 2,913 247,465 0.04

BlackRock Investment Funds Switzerland ANNUAL REPORT [91] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Dalata Hotel Group PLC 17,370 - - 17,370 89,031 0.02 Extended Stay America Inc 21,285 - 4,432 16,853 278,964 0.05 Far East Consortium International Ltd/HK 123,846 - - 123,846^ 58,423 0.01 Fattal Holdings 1998 Ltd - 721 - 721 91,446 0.02 Fujita Kanko Inc 609 - - 609^ 15,176 0.00 Hilton Grand Vacations Inc 10,876 - - 10,876 352,089 0.06 ILG Inc 13,443 - 13,443 - - 0.00 Kyoritsu Maintenance Co Ltd 6,586 - 3,700 2,886^ 124,075 0.02 Macau Legend Development Ltd 212,500 - - 212,500 30,100 0.00 Mandarin Oriental International Ltd 35,500 - - 35,500 55,880 0.01 Marcus Corp 1,804 - - 1,804 62,491 0.01 Melco International Development Ltd 89,000 - - 89,000^ 217,464 0.04 Melia Hotels International SA 18,313 8,916 12,117 15,112^ 132,843 0.02 NH Hotel Group SA 21,589 - 21,589 - - 0.00 Pierre & Vacances SA 988 - 988 - - 0.00 Playa Hotels & Resorts NV 6,802 - - 6,802 49,360 0.01 Radisson Hospitality AB 8,445 - 8,445 - - 0.00 Resorttrust Inc 9,894 - - 9,894^ 143,261 0.02 Scandic Hotels Group AB 14,228 - 7,544 6,684 56,045 0.01 SKYCITY Entertainment Group Ltd 69,008 - - 69,008^ 180,359 0.03 St Joe Co 5,527 - - 5,527 105,276 0.02 Star Entertainment Grp Ltd 104,448 - 31,885 72,563^ 204,988 0.03 Wyndham Destinations Inc 9,692 - - 9,692 451,544 0.08 Wyndham Hotels & Resorts Inc 9,999 - - 9,999 559,789 0.10 4,389,850 0.75 Apparel Asics Corp - 16,300 - 16,300 174,486 0.03 boohoo Group PLC 85,079 - - 85,079 247,004 0.04 Brunello Cucinelli SpA 3,098 - - 3,098^ 97,801 0.02 Canada Goose Holdings Inc 6,558 1,494 1,916 6,136 285,934 0.05 Carter's Inc 5,546 - 1,376 4,170 384,015 0.07 Columbia Sportswear Co 3,103 - - 3,103 325,567 0.06 Crocs Inc 8,655 - - 8,655 195,789 0.03 Deckers Outdoor Corp 3,859 305 1,295 2,869 443,884 0.08 Delta Galil Industries Ltd 1,138 - - 1,138 33,023 0.01 Descente Ltd 4,315 - 2,100 2,215 34,213 0.01 Geox SpA 7,171 - - 7,171^ 10,039 0.00 Gerry Weber International AG 2,550 - 2,550 - - 0.00 Global Brands Group Holding Ltd 613,000 - 613,000 - - 0.00 Gunze Ltd 1,800 - - 1,800^ 79,765 0.01 IC Group A/S 877 - 877 - - 0.00 Kontoor Brands Inc - 4,341 - 4,341 126,048 0.02 Nagaileben Co Ltd 4,576 - - 4,576^ 95,174 0.02 New Wave Group AB 4,322 - - 4,322 28,813 0.00 Onward Holdings Co Ltd 12,500 - - 12,500^ 64,055 0.01 Oxford Industries Inc 1,668 - - 1,668 120,860 0.02 Skechers U.S.A. Inc 14,892 - 2,050 12,842 482,353 0.08 SMCP SA - 4,874 - 4,874^ 76,396 0.01 Steven Madden Ltd 6,074 3,037 - 9,111 311,276 0.05 Ted Baker PLC 3,194 - - 3,194^ 35,233 0.01 Tod's SpA 1,381 - - 1,381^ 68,500 0.01 TSI Holdings Co Ltd 22,850 - 9,200 13,650^ 73,433 0.01 Unifi Inc 1,671 - - 1,671 30,952 0.00 Wacoal Holdings Corp 7,000 - 4,300 2,700^ 65,240 0.01 Wolverine World Wide Inc 10,994 - 2,235 8,759 235,429 0.04 4,125,282 0.70

[92] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Mining Acacia Mining PLC 16,411 - - 16,411 44,840 0.01 Alacer Gold Corp 23,726 - - 23,726 93,908 0.02 Alamos Gold Inc 40,124 - - 40,124 261,965 0.04 Alcoa Corp 20,948 - 3,462 17,486 389,328 0.07 Arizona Mining Inc 18,757 - 18,757 - - 0.00 Ausdrill Ltd 34,257 16,083 - 50,340^ 67,841 0.01 Ausdrill Ltd - 16,083 16,083 - - 0.00 B2Gold Corp 134,973 - 36,617 98,356 312,179 0.05 Centamin PLC 124,721 - - 124,721 196,393 0.03 Centerra Gold Inc 35,921 - 14,267 21,654 172,068 0.03 Central Asia Metals PLC 40,346 - - 40,346 100,016 0.02 Century Aluminum Co 5,529 - - 5,529 39,356 0.01 China Gold International Resources Corp Ltd 26,183 - - 26,183 29,610 0.01 Coeur Mining Inc 22,244 - - 22,244^ 101,299 0.02 Compass Minerals International Inc 3,692 - - 3,692 204,136 0.04 Constellium SE 13,632 - - 13,632 162,083 0.03 Contura Energy Inc - 1,860 - 1,860^ 65,977 0.01 Covia Holdings Corp 2,567 - - 2,567 4,422 0.00 Detour Gold Corp 16,974 - - 16,974 257,986 0.04 Dowa Holdings Co Ltd 5,500 2,200 2,900 4,800^ 151,434 0.03 Eldorado Gold Corp 71,003 - 71,003 - - 0.00 Eldorado Gold Corp - 14,200 - 14,200 108,340 0.02 Endeavour Mining Corp 7,827 - - 7,827 145,516 0.03 Eramet 1,689 - 815 874 42,052 0.01 ERO Copper Corp - 6,326 - 6,326 118,897 0.02 Evolution Mining Ltd 132,769 - - 132,769^ 454,792 0.08 First Majestic Silver Corp 14,258 - - 14,258 133,829 0.02 Fortuna Silver Mines Inc 13,448 - - 13,448 50,389 0.01 Furukawa Co Ltd 3,115 - - 3,115^ 40,645 0.01 Galaxy Resources Ltd 41,578 - - 41,578^ 36,315 0.01 Guyana Goldfields Inc 15,827 - 15,827 - - 0.00 Hecla Mining Co 43,441 - - 43,441 79,562 0.01 Hochschild Mining PLC 26,525 - - 26,525 66,880 0.01 Hudbay Minerals Inc 24,648 - - 24,648 119,113 0.02 IAMGOLD Corp 66,530 - 22,967 43,563 157,645 0.03 Iluka Resources Ltd 46,996 - - 46,996^ 308,495 0.05 Independence Group NL 66,394 - 21,203 45,191^ 165,900 0.03 Ivanhoe Mines Ltd 102,844 - 38,345 64,499 201,314 0.03 Kaiser Aluminum Corp 1,930 - 859 1,071 102,074 0.02 Kazakhmys PLC 27,385 - - 27,385 191,874 0.03 Kidman Resources Ltd 54,461 - - 54,461^ 70,236 0.01 Kirkland Lake Gold Ltd 19,931 3,514 23,445 - - 0.00 Lithium Americas Corp 6,374 - - 6,374 23,306 0.00 Livent Corp - 11,918 - 11,918 75,984 0.01 Lucara Diamond Corp 36,248 - - 36,248 40,445 0.01 Lynas Corp Ltd 98,150 - 37,879 60,271 107,340 0.02 MAG Silver Corp 6,046 - - 6,046 67,187 0.01 Major Drilling Group International Inc 9,404 - - 9,404 31,266 0.01 McEwen Mining Inc 22,796 - - 22,796 39,043 0.01 Mitsui Mining & Smelting Co Ltd 6,400 - - 6,400^ 147,757 0.03 Nevsun Resources Ltd 21,479 13,013 34,492 - - 0.00 New Gold Inc 85,379 - - 85,379 113,288 0.02 New South Resources Ltd - 103,601 - 103,601^ 115,936 0.02 NexGen Energy Ltd 33,719 - - 33,719 48,046 0.01 Nippon Denko Co Ltd 9,484 - - 9,484^ 16,258 0.00 Nippon Light Metal Holdings Co Ltd 100,050 - 59,800 40,250^ 73,401 0.01 Nittetsu Mining Co Ltd 390 - - 390^ 16,838 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [93] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Northern Star Resources Ltd 62,074 - - 62,074^ 551,060 0.09 Novagold Resources Inc 26,221 - - 26,221 161,310 0.03 NRW Holdings Ltd - 38,946 - 38,946 65,109 0.01 Nyrstar NV 8,176 - 8,176 - - 0.00 OceanaGold Corp 62,939 - - 62,939^ 169,873 0.03 Orocobre Ltd 23,324 - - 23,324^ 45,359 0.01 Osisko Gold Royalties Ltd 16,268 - - 16,268 190,961 0.03 Osisko Mining Inc 17,485 - - 17,485 44,951 0.01 OZ Minerals Ltd 31,103 - - 31,103^ 218,388 0.04 Pacific Metals Co Ltd 2,033 - - 2,033^ 38,724 0.01 Pan American Silver Corp 17,865 3,246 - 21,111 319,908 0.05 Petra Diamonds Ltd 74,335 - 74,335 - - 0.00 Pilbara Minerals Ltd 146,191 - - 146,191^ 46,885 0.01 Premier Gold Mines Ltd 15,121 - - 15,121 25,308 0.00 Pretium Resources Inc 17,270 - - 17,270 186,317 0.03 Regis Resources Ltd 53,430 30,046 20,134 63,342^ 240,746 0.04 Resolute Mining Ltd 133,961 - 75,758 58,203^ 70,495 0.01 Royal Gold Inc 7,184 - - 7,184 813,987 0.14 Sandfire Resources NL 13,660 - - 13,660^ 62,824 0.01 Sandstorm Gold Ltd 13,671 - - 13,671 83,691 0.01 Saracen Mineral Holdings Ltd 85,865 - - 85,865^ 245,495 0.04 Seabridge Gold Inc 3,901 - - 3,901 53,232 0.01 SEMAFO Inc 29,372 - - 29,372 117,141 0.02 Silvercorp Metals Inc 18,835 - - 18,835 57,652 0.01 Sirius Minerals PLC 405,206 322,801 - 728,007^ 132,551 0.02 Sirius Minerals PLC Rights - 18,417 18,417 - - 0.00 SSR Mining Inc 21,821 - 9,834 11,987 184,267 0.03 St Barbara Ltd 56,650 18,274 - 74,924^ 189,162 0.03 St Barbara Ltd - 914 914 - - 0.00 St Barbara Ltd Rights - 18,273 18,273 - - 0.00 Syrah Resources Ltd 21,014 4,202 - 25,216^ 14,797 0.00 Tahoe Resources Inc 49,960 - 49,960 - - 0.00 Toho Titanium Co Ltd 3,400 - - 3,400^ 26,599 0.00 Torex Gold Resources Inc 8,020 - - 8,020 102,788 0.02 Trevali Mining Corp 129,192 - - 129,192 24,350 0.00 Turquoise Hill Resources Ltd - 63,355 - 63,355 35,823 0.01 United States Lime & Minerals Inc 259 - - 259 20,738 0.00 Vedanta Resources PLC 8,462 - 8,462 - - 0.00 Western Areas Ltd 27,364 - - 27,364^ 41,078 0.01 Westgold Resources Ltd 11,146 - - 11,146^ 14,679 0.00 Yamana Gold Inc 102,393 - - 102,393 301,062 0.05 11,062,114 1.89 Biotechnology Abcam PLC 22,219 3,417 7,180 18,456 292,632 0.05 Abeona Therapeutics Inc 3,194 - - 3,194 8,190 0.00 ACADIA Pharmaceuticals Inc 11,568 2,103 2,867 10,804 262,907 0.04 Acceleron Pharma Inc 5,863 1,222 2,334 4,751 205,354 0.04 Achillion Pharmaceuticals Inc 9,582 - - 9,582 41,834 0.01 Acorda Therapeutics Inc 4,995 - - 4,995 34,269 0.01 Agenus Inc 9,539 - - 9,539 22,759 0.00 AgeX Therapeutics Inc - 2,748 2,748 - - 0.00 Alder Biopharmaceuticals Inc 4,724 - - 4,724 47,329 0.01 Allakos Inc - 1,331 - 1,331 45,816 0.01 Allogene Therapeutics Inc - 2,689 - 2,689 82,525 0.01 AMAG Pharmaceuticals Inc 4,381 - - 4,381 35,825 0.01 Amicus Therapeutics Inc 19,518 - - 19,518^ 239,603 0.04 AnaptysBio Inc 1,199 1,412 - 2,611 138,834 0.02 ANI Pharmaceuticals Inc 817 - - 817 68,419 0.01

[94] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Apellis Pharmaceuticals Inc - 4,485 - 4,485 124,013 0.02 Arbutus Biopharma Corp - 6,162 6,162 - - 0.00 Arena Pharmaceuticals Inc 4,102 952 - 5,054 313,617 0.05 Argenx SE - 3,004 - 3,004 420,854 0.07 ArQule Inc - 14,184 - 14,184 141,685 0.02 Arrowhead Pharmaceuticals Inc 12,268 - 4,544 7,724 222,215 0.04 Assembly Biosciences Inc 1,761 - - 1,761 21,792 0.00 Atara Biotherapeutics Inc 3,108 - - 3,108 43,908 0.01 Audentes Therapeutics Inc 2,075 1,818 - 3,893 150,000 0.03 Bavarian Nordic A/S 6,008 - 3,235 2,773^ 75,748 0.01 BioCryst Pharmaceuticals Inc 6,764 - - 6,764 21,227 0.00 Biohaven Pharmaceutical Holding Co Ltd 1,939 1,527 - 3,466 147,685 0.03 Bio-Rad Laboratories Inc 2,251 - - 2,251 701,751 0.12 Biotest AG 2,078 - 2,078 - - 0.00 BioTime Inc 27,489 - 27,489 - - 0.00 Bluebird Bio Inc 5,160 1,517 962 5,715^ 742,480 0.13 Blueprint Medicines Corp 3,806 - - 3,806^ 377,359 0.06 Cambrex Corp 3,590 - - 3,590 155,670 0.03 Cara Therapeutics Inc 3,314 - - 3,314 78,544 0.01 Cellectis SA 1,773 3,977 - 5,750^ 85,754 0.01 ChemoCentryx Inc - 4,228 - 4,228 33,402 0.01 CK Life Sciences Int'l Holdings Inc 281,331 - 281,331 - - 0.00 CRISPR Therapeutics AG 2,125 - - 2,125 106,639 0.02 Cymabay Therapeutics Inc 9,362 - - 9,362 57,279 0.01 CytomX Therapeutics Inc 2,147 - - 2,147 21,914 0.00 Deciphera Pharmaceuticals Inc - 1,769 - 1,769 38,704 0.01 Denali Therapeutics Inc - 8,234 - 8,234 174,038 0.03 Dicerna Pharmaceuticals Inc - 4,358 - 4,358 58,806 0.01 Dynavax Technologies Corp 4,676 - - 4,676 12,777 0.00 Editas Medicine Inc 4,397 - - 4,397 109,914 0.02 Eiken Chemical Co Ltd 3,000 - - 3,000^ 50,195 0.01 Emergent BioSolutions Inc 5,222 735 1,884 4,073 177,984 0.03 Endocyte Inc 8,771 - 8,771 - - 0.00 Epizyme Inc 5,064 - - 5,064 66,477 0.01 Esperion Therapeutics Inc 2,238 - - 2,238 87,938 0.02 Exact Sciences Corp 12,139 1,703 13,842 - - 0.00 Exelixis Inc 32,399 2,422 4,148 30,673^ 645,891 0.11 Fate Therapeutics Inc 7,616 - - 7,616 166,253 0.03 FibroGen Inc 7,344 - - 7,344 343,607 0.06 Five Prime Therapeutics Inc 1,972 - - 1,972 9,976 0.00 Genfit 2,371 - - 2,371^ 42,103 0.01 Geron Corp 17,876 - - 17,876 21,237 0.00 GlycoMimetics Inc 5,845 - - 5,845 53,410 0.01 GNI Group Ltd 2,200 - - 2,200^ 98,093 0.02 Guardant Health Inc - 1,769 - 1,769 164,606 0.03 Halozyme Therapeutics Inc 13,741 - - 13,741 231,125 0.04 Homology Medicines Inc - 1,944 - 1,944 34,219 0.01 ImmunoGen Inc 11,653 - - 11,653^ 25,957 0.00 Immunomedics Inc 12,856 - - 12,856^ 187,730 0.03 Innate Pharma SA 4,572 - - 4,572^ 31,522 0.01 Innoviva Inc 8,587 - - 8,587 100,993 0.02 Inovio Pharmaceuticals Inc 6,289 - - 6,289 17,184 0.00 Insmed Inc 9,415 - - 9,415 204,593 0.03 Intercept Pharmaceuticals Inc 1,839 634 - 2,473 153,874 0.03 Intrexon Corp 10,220 - - 10,220 80,841 0.01 Ionis Pharmaceuticals Inc 13,295 815 14,110 - - 0.00 Iovance Biotherapeutics Inc 7,215 3,454 - 10,669 259,727 0.04 Japan Tissue Engineering Co Ltd 3,400 - - 3,400^ 28,583 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [95] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) JCR Pharmaceuticals Co Ltd 1,200 - - 1,200^ 84,470 0.01 Karyopharm Therapeutics Inc 7,068 - - 7,068 61,646 0.01 Lexicon Pharmaceuticals Inc 3,984 - - 3,984 5,325 0.00 Ligand Pharmaceuticals Inc 2,433 - 434 1,999 181,099 0.03 Loxo Oncology Inc 2,298 - 2,298 - - 0.00 MacroGenics Inc 2,962 2,139 - 5,101 72,669 0.01 Medicines Co 6,943 - - 6,943^ 246,349 0.04 Mesoblast Ltd 19,840 - - 19,840^ 19,969 0.00 MorphoSys AG 3,652 528 698 3,482^ 419,503 0.07 Myriad Genetics Inc 7,833 - 1,240 6,593 190,199 0.03 NeoGenomics Inc 9,471 2,530 3,028 8,973 216,485 0.04 Novavax Inc 28,602 - 28,602 - - 0.00 Novavax Inc - 1,430 - 1,430 6,102 0.00 Omeros Corp 3,632 - - 3,632 55,769 0.01 Pacific Biosciences of California Inc 8,804 6,438 - 15,242 81,484 0.01 PDL BioPharma Inc 17,876 - - 17,876 50,968 0.01 PeptiDream Inc 9,500 - 9,500 - - 0.00 Pharma Mar SA 18,648 - 18,648 - - 0.00 Pharming Group NV 65,201 - - 65,201^ 72,516 0.01 Probi AB 1,541 - - 1,541^ 47,152 0.01 ProMetic Life Sciences Inc 61,588 - 61,588 - - 0.00 Prothena Corp PLC 3,315 - - 3,315 30,718 0.01 PTC Therapeutics Inc 3,878 1,492 - 5,370 256,086 0.04 Puma Biotechnology Inc 3,457 - - 3,457 33,026 0.01 Radius Health Inc 3,108 - - 3,108 66,031 0.01 REGENXBIO Inc 3,812 - 1,047 2,765 121,566 0.02 Retrophin Inc 2,732 - - 2,732 53,526 0.01 Rigel Pharmaceuticals Inc 30,315 - - 30,315 68,427 0.01 Rocket Pharmaceuticals Inc - 3,176 - 3,176 38,297 0.01 Rubius Therapeutics Inc - 3,154 - 3,154 41,529 0.01 Sage Therapeutics Inc 4,782 455 - 5,237^ 831,304 0.14 Sangamo Therapeutics Inc 12,960 - 4,407 8,553^ 101,694 0.02 Sorrento Therapeutics Inc 12,212 - - 12,212 32,522 0.01 Spark Therapeutics Inc 3,092 - - 3,092 306,169 0.05 Stemline Therapeutics Inc - 4,053 - 4,053 53,245 0.01 Swedish Orphan Biovitrum AB 21,250 3,135 5,503 18,882^ 364,777 0.06 Takara Bio Inc 8,250 3,300 3,200 8,350^ 164,150 0.03 Theravance Biopharma Inc 5,471 - - 5,471 112,930 0.02 Ultragenyx Pharmaceutical Inc 4,819 - - 4,819^ 287,489 0.05 United Therapeutics Corp - 4,493 - 4,493 352,465 0.06 Veracyte Inc - 3,577 - 3,577 100,465 0.02 Vericel Corp - 3,128 - 3,128 59,209 0.01 Viking Therapeutics Inc - 5,443 - 5,443 41,438 0.01 Vitrolife AB 8,935 - - 8,935 171,507 0.03 WaVe Life Sciences Ltd 1,156 1,266 - 2,422 51,336 0.01 ZIOPHARM Oncology Inc 21,823 - - 21,823 149,937 0.03 14,949,737 2.55 Office & business equipment Canon Marketing Japan Inc 5,150 - - 5,150^ 98,425 0.02 Datalogic SpA 5,831 - 3,498 2,333^ 41,017 0.01 Neopost SA 3,723 - - 3,723 74,688 0.01 Pitney Bowes Inc 22,113 - 518 21,595 86,585 0.02 Riso Kagaku Corp 3,747 - - 3,747^ 59,004 0.01 Sato Holdings Corp 2,814 - - 2,814^ 67,892 0.01 Toshiba TEC Corp 13,500 2,700 13,500 2,700^ 79,765 0.01 Zebra Technologies Corp 5,560 504 6,064 - - 0.00 507,376 0.09

[96] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Office Furnishings Herman Miller Inc 6,334 - - 6,334 284,312 0.05 HNI Corp 4,668 - - 4,668 158,234 0.03 Interface Inc 7,342 - - 7,342 100,742 0.02 Itoki Corp 3,700 - 3,700 - - 0.00 Kimball International Inc 3,946 - - 3,946 67,739 0.01 Knoll Inc 5,404 - - 5,404^ 129,737 0.02 Okamura Corp 8,658 - - 8,658^ 84,313 0.01 Steelcase Inc 9,484 - - 9,484 158,771 0.03 983,848 0.17 Chemicals A Schulman Inc 3,212 - 3,212 - - 0.00 ADEKA Corp 9,389 - - 9,389^ 136,976 0.02 AdvanSix Inc 3,745 - - 3,745 95,062 0.02 Aica Kogyo Co Ltd 5,193 - - 5,193^ 149,627 0.03 American Vanguard Corp 2,733 - - 2,733 38,637 0.01 Ashland Global Holdings Inc 6,325 1,510 1,696 6,139 483,048 0.08 Balchem Corp 3,314 - - 3,314 336,748 0.06 Borregaard ASA 11,311 - - 11,311^ 118,260 0.02 Cabot Corp 7,011 - 1,824 5,187 229,643 0.04 Chugoku Marine Paints Ltd 4,958 - - 4,958^ 37,025 0.01 Codexis Inc 7,584 - 3,633 3,951 71,854 0.01 Dainichiseika Color & Chemicals Manufacturing Co Ltd 1,197 - - 1,197^ 32,907 0.01 Denka Co Ltd 10,900 - 3,500 7,400^ 212,881 0.04 DIC Corp 9,100 2,300 4,000 7,400^ 199,386 0.03 DuluxGroup Ltd 41,004 22,263 19,553 43,714^ 278,897 0.05 Element Solutions Inc 25,358 25,358 25,358 25,358 251,546 0.04 Elementis PLC 48,881 12,220 - 61,101^ 111,841 0.02 Elementis PLC Rights - 12,220 12,220 - - 0.00 Elementis PLC Rights - 12,220 12,220 - - 0.00 Ferro Corp 8,780 - - 8,780^ 128,036 0.02 Filtrona PLC 28,451 - - 28,451 147,059 0.02 Fuso Chemical Co Ltd 4,300 - - 4,300^ 89,904 0.01 GCP Applied Technologies Inc 8,496 - - 8,496 185,295 0.03 Hawkins Inc 1,099 - - 1,099 47,513 0.01 HB Fuller Co 5,294 - - 5,294 250,575 0.04 Huntsman Corp 22,724 - - 22,724 462,308 0.08 IMCD NV 6,519 - 1,664 4,855^ 427,585 0.07 Ingevity Corp 5,671 - 1,690 3,981^ 388,365 0.07 Innophos Holdings Inc 2,403 - - 2,403 64,637 0.01 Innospec Inc 2,824 - - 2,824 261,068 0.04 Ishihara Sangyo Kaisha Ltd 3,250 - - 3,250^ 34,672 0.01 JCU Corp 5,000 - - 5,000^ 93,826 0.02 K+S AG - 21,234 - 21,234^ 344,763 0.06 Kemira OYJ 11,278 4,615 7,463 8,430 124,143 0.02 KH Neochem Co Ltd 5,300 - 2,500 2,800^ 69,520 0.01 KMG Chemicals Inc 1,623 - 1,623 - - 0.00 Koatsu Gas Kogyo Co Ltd 1,839 - - 1,839^ 14,035 0.00 Konishi Co Ltd 2,900 - - 2,900^ 41,198 0.01 Koppers Holdings Inc 2,512 - - 2,512 67,892 0.01 Kraton Corp 3,403 - - 3,403 103,326 0.02 Kronos Worldwide Inc 2,183 - - 2,183 28,981 0.00 Kumiai Chemical Industry Co Ltd 8,774 - - 8,774^ 71,762 0.01 Kureha Corp 1,582 - - 1,582^ 104,580 0.02 KWS Saat SE & Co KGaA 243 972 - 1,215 84,373 0.01 Landec Corp 2,385 - - 2,385 26,374 0.00 Lenzing AG 1,457 - - 1,457^ 147,993 0.02 Lintec Corp 4,400 - - 4,400^ 92,316 0.02

BlackRock Investment Funds Switzerland ANNUAL REPORT [97] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Materion Corp 2,466 - - 2,466 151,681 0.03 Minerals Technologies Inc 3,818 - - 3,818 201,275 0.03 Nagase & Co Ltd 11,277 - - 11,277^ 164,006 0.03 NewMarket Corp 962 - - 962^ 401,533 0.07 Nihon Nohyaku Co Ltd 4,799 - - 4,799^ 20,216 0.00 Nihon Parkerizing Co Ltd 9,773 - - 9,773^ 108,627 0.02 Nippon Carbon Co Ltd - 1,100 - 1,100^ 42,326 0.01 Nippon Kayaku Co Ltd 16,500 - 7,100 9,400^ 110,052 0.02 Nippon Shokubai Co Ltd 2,900 - - 2,900^ 188,007 0.03 Nippon Soda Co Ltd 14,521 2,904 14,521 2,904^ 72,870 0.01 NOF Corp 8,211 1,500 3,100 6,611^ 235,694 0.04 Nolato AB 2,246 - - 2,246 128,177 0.02 Nufarm Ltd/Australia 25,566 4,037 - 29,603^ 98,575 0.02 Nufarm Ltd/Australia - 4,037 4,037 - - 0.00 OCI NV 7,002 - - 7,002^ 182,995 0.03 Olin Corp 18,380 - 3,830 14,550^ 289,098 0.05 OMNOVA Solutions Inc 4,200 - - 4,200 41,372 0.01 Osaka Soda Co Ltd 1,458 - - 1,458^ 35,376 0.01 PolyOne Corp 9,730 - 3,015 6,715 217,850 0.04 PQ Group Holdings Inc 6,523 - - 6,523 100,677 0.02 Quaker Chemical Corp 1,500 - - 1,500 278,274 0.05 Rayonier Advanced Materials Inc 4,978 - - 4,978^ 22,916 0.00 Rogers Corp 2,003 - - 2,003^ 314,618 0.05 RPM International Inc 14,521 - 2,001 12,520^ 840,739 0.14 Sakai Chemical Industry Co Ltd 1,898 - - 1,898^ 43,577 0.01 Sakata INX Corp 3,350 - - 3,350^ 33,448 0.01 Sanyo Chemical Industries Ltd 1,430 - - 1,430^ 67,672 0.01 Sensient Technologies Corp 4,064 - - 4,064 274,273 0.05 SGL Carbon SE 6,762 - - 6,762^ 45,802 0.01 Shikoku Chemicals Corp 3,000 - - 3,000^ 31,430 0.01 Showa Denko KK 15,100 - 15,100 - - 0.00 Stepan Co 2,258 - - 2,258 221,642 0.04 Sumitomo Bakelite Co Ltd 20,000 4,000 20,000 4,000^ 135,860 0.02 Sumitomo Seika Chemicals Co Ltd 748 - - 748^ 23,326 0.00 Synthomer PLC 30,245 24,888 11,936 43,197 158,557 0.03 Synthomer PLC - 8,639 8,639 - - 0.00 Synthomer PLC Rights - 8,639 8,639 - - 0.00 T Hasegawa Co Ltd - 2,800 - 2,800^ 49,377 0.01 Taiyo Holdings Co Ltd 2,082 - - 2,082^ 63,691 0.01 Takasago International Corp 1,200 - - 1,200^ 32,825 0.01 Tessenderlo Group SA 3,131 - - 3,131 97,841 0.02 Tikkurila Oyj - 4,277 - 4,277^ 66,379 0.01 Toagosei Co Ltd 11,152 - - 11,152^ 114,904 0.02 Tokai Carbon Co Ltd 20,234 - - 20,234^ 199,071 0.03 Tokuyama Corp 7,700 - 2,900 4,800^ 110,599 0.02 Toyo Ink SC Holdings Co Ltd 3,747 - - 3,747^ 81,690 0.01 Tronox Holdings PLC - 9,341 - 9,341 102,278 0.02 Tronox Ltd 9,341 - 9,341 - - 0.00 Ube Industries Ltd 11,250 3,200 4,600 9,850^ 204,685 0.03 Univar Inc 12,632 3,954 3,325 13,261 290,400 0.05 Valvoline Inc 20,467 - - 20,467^ 409,096 0.07 Venator Materials PLC 5,954 - - 5,954 22,576 0.00 Versum Materials Inc 13,342 1,454 3,801 10,995 565,805 0.10 Victrex PLC 9,345 - - 9,345 231,093 0.04 WR Grace & Co 7,594 - 2,148 5,446 365,600 0.06 Zeon Corp 17,000 - - 17,000^ 197,480 0.03 15,174,368 2.59

[98] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Computers 3D Systems Corp 11,083 - - 11,083 98,969 0.02 Appen Ltd 14,900 - 2,127 12,773^ 267,661 0.05 Avast PLC - 43,056 - 43,056 175,576 0.03 BayCurrent Consulting Inc - 1,400 - 1,400 63,955 0.01 Bechtle AG 3,608 - 860 2,748^ 305,629 0.05 Broadleaf Co Ltd 8,400 - - 8,400^ 44,117 0.01 CACI International Inc 2,402 - - 2,402 511,622 0.09 CANCOM SE 2,912 - - 2,912^ 163,379 0.03 Carbonite Inc 3,492 - - 3,492 61,985 0.01 Computacenter PLC 8,354 - - 8,354 154,433 0.03 Conduent Inc 24,434 - 7,115 17,319 156,027 0.03 Convergys Corp 10,502 - 10,502 - - 0.00 Cray Inc 4,287 - - 4,287 147,017 0.02 Cubic Corp 2,566 - - 2,566 168,171 0.03 CyberArk Software Ltd 4,024 - 4,024 - - 0.00 Diebold Nixdorf AG 720 - 720 - - 0.00 Diebold Nixdorf Inc 6,621 - - 6,621 91,177 0.02 DTS Corp 2,080 2,080 - 4,160^ 90,656 0.01 Econocom Group SA/NV 13,236 - - 13,236^ 43,856 0.01 Elastic NV - 2,789 - 2,789 272,881 0.05 Elecom Co Ltd 1,800 - - 1,800^ 64,912 0.01 Electronics For Imaging Inc 4,961 - 4,961 - - 0.00 Engility Holdings Inc 1,885 - 1,885 - - 0.00 EPAM Systems Inc 5,393 300 5,693 - - 0.00 ExlService Holdings Inc 3,503 - - 3,503 238,562 0.04 Ferrotec Holdings Corp 7,000 - - 7,000^ 60,699 0.01 ForeScout Technologies Inc - 3,457 - 3,457 127,862 0.02 F-Secure OYJ 8,472 - - 8,472^ 24,887 0.00 GB Group PLC 15,105 - - 15,105 109,862 0.02 Gemalto NV 8,787 - 8,787 - - 0.00 Indra Sistemas SA 16,953 10,278 9,568 17,663^ 151,277 0.03 Ines Corp 3,092 - - 3,092^ 32,817 0.01 Infocom Corp - 2,600 - 2,600 64,341 0.01 Information Services International-Dentsu Ltd 839 - - 839^ 29,147 0.00 Insight Enterprises Inc 4,341 - 1,090 3,251 177,081 0.03 Itochu Techno-Solutions Corp 12,200 2,500 14,700 - - 0.00 Japan Cash Machine Co Ltd 1,473 - - 1,473^ 14,653 0.00 Jenoptik AG 6,662 - 6,662 - - 0.00 Jenoptik AG - 6,662 - 6,662^ 187,254 0.03 Kapsch TrafficCom AG 364 - - 364^ 12,759 0.00 KeyW Holding Corp 3,137 - 3,137 - - 0.00 Kornit Digital Ltd - 3,523 - 3,523 108,818 0.02 Lumentum Holdings Inc 6,806 1,917 1,029 7,694^ 431,354 0.07 Matrix IT Ltd 8,818 - 5,417 3,401 53,284 0.01 MAXIMUS Inc 7,155 - 1,309 5,846 425,442 0.07 Melco Holdings Inc 1,245 - - 1,245^ 32,308 0.01 Mercury Systems Inc 4,370 724 - 5,094 411,110 0.07 Mitsubishi Research Institute Inc 700 - - 700^ 25,531 0.00 MTS Systems Corp 1,582 - - 1,582 90,243 0.01 NCC Group PLC 45,501 - - 45,501 101,929 0.02 NCR Corp 12,601 - - 12,601^ 421,779 0.07 NEC Networks & System Integration Corp 2,549 - - 2,549^ 65,798 0.01 NET One Systems Co Ltd 9,300 - - 9,300^ 246,085 0.04 Netcompany Group A/S - 4,273 1,692 2,581^ 100,963 0.02 NetScout Systems Inc 8,871 - - 8,871 228,691 0.04 Nihon Unisys Ltd 13,579 - 6,300 7,279^ 239,267 0.04 NNIT A/S 1,934 - - 1,934^ 29,919 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [99] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) NS Solutions Corp 3,400 - - 3,400 114,396 0.02 Nutanix Inc 11,278 5,243 1,966 14,555 327,095 0.06 OneSpan Inc 3,328 - - 3,328 48,169 0.01 Perspecta Inc 10,291 4,541 - 14,832 342,570 0.06 PlayAGS Inc - 1,920 - 1,920 35,659 0.01 Pure Storage Inc 9,235 12,985 3,008 19,212^ 287,961 0.05 Qualys Inc 3,530 - - 3,530 302,501 0.05 Rapid7 Inc 3,157 1,433 - 4,590 275,600 0.05 Roland DG Corp 1,024 - - 1,024^ 21,354 0.00 S&T AG 6,927 - 2,404 4,523^ 105,993 0.02 Science Applications International Corp 4,492 848 - 5,340 451,317 0.08 SCSK Corp 5,286 - - 5,286^ 250,632 0.04 SHIFT Inc - 900 - 900 41,934 0.01 SLM Solutions Group AG 1,117 - 1,117 - - 0.00 Softcat PLC 21,585 - 11,683 9,902 114,511 0.02 Solutions 30 SE 4,408 - 4,408 - - 0.00 Solutions 30 SE - 8,976 - 8,976^ 91,865 0.02 Sophos Group PLC 33,432 - - 33,432^ 176,290 0.03 Sopra Steria Group 1,709 619 536 1,792 230,315 0.04 Super Micro Computer Inc 4,179 - 4,179 - - 0.00 Sykes Enterprises Inc 4,609 - - 4,609 129,085 0.02 Syntel Inc 3,603 - 3,603 - - 0.00 Tenable Holdings Inc - 3,542 - 3,542 87,875 0.01 Tieto OYJ 5,654 - - 5,654^ 143,839 0.02 Tobii AB 11,050 - - 11,050^ 48,419 0.01 TTEC Holdings Inc 2,195 - - 2,195 101,960 0.02 Unisys Corp 5,819 - - 5,819 71,376 0.01 UT Group Co Ltd 5,300 - 2,700 2,600^ 57,395 0.01 Varonis Systems Inc 3,039 - - 3,039 216,349 0.04 VeriFone Systems Inc 12,429 - 12,429 - - 0.00 Virtusa Corp 3,125 - - 3,125 138,229 0.02 Vocera Communications Inc 2,491 - - 2,491 63,305 0.01 Wacom Co Ltd 18,150 - - 18,150^ 64,046 0.01 Zscaler Inc - 5,914 - 5,914 493,389 0.08 11,959,174 2.04 Miscellaneous manufacturers Aalberts NV 14,159 1,670 5,963 9,866^ 396,501 0.07 Actuant Corp 6,153 - - 6,153 139,495 0.02 AGFA-Gevaert NV 18,139 - - 18,139 72,978 0.01 ALS Ltd 74,254 - 25,295 48,959^ 241,202 0.04 Amano Corp 6,950 - - 6,950^ 208,807 0.04 American Outdoor Brands Corp 5,336 - - 5,336 50,925 0.01 American Railcar Industries Inc 1,078 - 1,078 - - 0.00 AMG Advanced Metallurgical Group NV 2,895 - - 2,895^ 83,287 0.01 Ansell Ltd 17,476 - 4,962 12,514^ 238,239 0.04 AptarGroup Inc 6,485 540 919 6,106 731,559 0.12 Axon Enterprise Inc 5,624 - - 5,624 390,968 0.07 Bando Chemical Industries Ltd 3,770 - - 3,770^ 32,450 0.01 Carlisle Cos Inc 7,082 - 1,498 5,584 797,216 0.14 Chase Corp 1,354 - 665 689 70,653 0.01 DIRTT Environmental Solutions 7,762 - - 7,762 40,495 0.01 Donaldson Co Inc 13,090 - - 13,090 647,307 0.11 Elkem ASA - 26,660 - 26,660^ 72,848 0.01 Enplas Corp 1,166 - - 1,166^ 37,158 0.01 EnPro Industries Inc 2,664 - 1,022 1,642 115,481 0.02 ESCO Technologies Inc 2,821 - - 2,821 233,366 0.04 Fabrinet 3,187 - - 3,187 169,367 0.03 Federal Signal Corp 6,667 - - 6,667 205,600 0.03

[100] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Fukushima Industries Corp 1,600 - - 1,600^ 49,457 0.01 Glory Ltd 6,300 3,300 4,200 5,400^ 142,347 0.02 GWA Group Ltd 20,575 - - 20,575^ 50,261 0.01 Haynes International Inc 1,347 - - 1,347 39,686 0.01 Hexcel Corp 9,620 1,111 2,148 8,583^ 694,729 0.12 Hexpol AB 27,412 - - 27,412^ 208,630 0.04 Hill & Smith Holdings PLC 12,012 - 4,789 7,223^ 98,853 0.02 Hillenbrand Inc 6,668 - 1,903 4,765 158,928 0.03 IMI PLC 30,634 5,195 8,385 27,444 347,815 0.06 Indus Holding AG 2,641 - 1,127 1,514^ 59,994 0.01 Indutrade AB 10,977 - - 10,977 310,843 0.05 ITT Inc 10,467 - 2,851 7,616^ 470,637 0.08 John Bean Technologies Corp 3,369 - - 3,369 395,768 0.07 JSP Corp 1,200 - - 1,200^ 20,778 0.00 Lydall Inc 1,642 - - 1,642 38,364 0.01 Mersen SA 1,267 - - 1,267 45,319 0.01 Mitsuboshi Belting Ltd 4,680 2,340 4,680 2,340^ 42,801 0.01 Morgan Crucible Co PLC 32,163 - - 32,163 98,016 0.02 Morita Holdings Corp 5,300 - - 5,300^ 86,842 0.01 Myers Industries Inc 2,706 - - 2,706 43,318 0.01 Nitta Corp 1,984 - - 1,984^ 54,542 0.01 NOK Corp - 11,600 - 11,600^ 170,184 0.03 Okamoto Industries Inc 3,945 789 3,945 789^ 36,475 0.01 Proto Labs Inc 2,584 - - 2,584^ 266,304 0.04 Raven Industries Inc 4,478 - - 4,478 160,660 0.03 Sekisui Plastics Co Ltd 1,799 - - 1,799^ 12,532 0.00 Semperit AG Holding 1,028 - - 1,028^ 14,323 0.00 Senior PLC 57,367 - 24,187 33,180 80,764 0.01 Standex International Corp 1,479 - - 1,479 103,036 0.02 Sturm Ruger & Co Inc 2,018 - - 2,018 112,877 0.02 Tamron Co Ltd 1,407 - - 1,407^ 31,419 0.00 Tenma Corp 1,528 - - 1,528^ 25,998 0.00 Toyo Tanso Co Ltd 1,606 - - 1,606^ 30,810 0.00 Toyobo Co Ltd 9,350 - 4,600 4,750^ 59,033 0.01 Trelleborg AB 26,722 4,372 7,318 23,776 327,685 0.06 Trinity Industries Inc 16,566 - 4,206 12,360 239,833 0.04 Trinseo SA 5,271 - 1,664 3,607 138,588 0.02 Uponor OYJ 5,675 - - 5,675^ 59,551 0.01 Vesuvius PLC 23,992 - - 23,992 145,852 0.02 10,449,754 1.78 Diversified financial services Aareal Bank AG 5,871 - - 5,871 167,480 0.03 ABC arbitrage 2,558 - - 2,558 17,763 0.00 Afterpay Touch Group Ltd 20,821 4,640 7,844 17,617^ 321,444 0.05 AGF Management Ltd 5,760 - - 5,760 22,234 0.00 Aiful Corp 75,050 25,500 56,100 44,450^ 90,382 0.02 Air Lease Corp 10,590 2,331 3,310 9,611 397,627 0.07 Aircastle Ltd 7,549 - 3,815 3,734 76,854 0.01 Altisource Portfolio Solutions SA 1,641 - - 1,641 34,116 0.01 Anima Holding SpA 24,815 - - 24,815^ 91,249 0.02 Ares Management Corp - 11,057 1,738 9,319 269,855 0.05 Arrow Global Group PLC 17,424 - - 17,424^ 56,859 0.01 Artisan Partners Asset Management Inc 4,081 - - 4,081 119,549 0.02 Aruhi Corp - 3,600 - 3,600 67,259 0.01 Ashmore Group PLC 40,835 - - 40,835 265,570 0.05 Avanza Bank Holding AB 2,209 - 2,209 - - 0.00 Avanza Bank Holding AB - 11,045 - 11,045 98,481 0.02 Azimut Holding SpA 13,667 244 1 13,910^ 259,886 0.04

BlackRock Investment Funds Switzerland ANNUAL REPORT [101] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) BGC Partners Inc 23,541 - - 23,541^ 128,414 0.02 BinckBank NV 5,334 - - 5,334 37,276 0.01 Blucora Inc 3,235 1,501 - 4,736 140,378 0.02 Bolsas y Mercados Espanoles SHMSF SA 8,259 3,272 4,205 7,326^ 172,648 0.03 Boston Private Financial Holdings Inc 9,564 - - 9,564 109,265 0.02 Brewin Dolphin Holdings PLC 29,852 - - 29,852 115,219 0.02 Bright Smart Securities & Commodities Group Ltd 67,000 - - 67,000 11,948 0.00 Brightsphere Investment Group Inc - 6,709 - 6,709 71,068 0.01 Burford Capital Ltd 25,510 3,059 6,004 22,565 411,396 0.07 Canaccord Genuity Group Inc 9,606 - - 9,606 39,976 0.01 Charter Court Financial Services Group PLC - 14,487 - 14,487 51,893 0.01 Close Brothers Group PLC 16,640 - - 16,640 268,477 0.05 CMBC Capital Holdings Ltd 1,270,000 - - 1,270,000^ 30,999 0.01 CME Group Inc - 3 3 - - 0.00 Cohen & Steers Inc 2,187 - - 2,187 113,388 0.02 Collector AB 3,702 - - 3,702^ 20,095 0.00 Columbia Financial Inc - 2,929 - 2,929 44,337 0.01 Cowen Inc 8,560 - 5,603 2,957 51,406 0.01 Credit Acceptance Corp 1,305 107 290 1,122 530,986 0.09 Deluxe Corp 4,979 - - 4,979 219,941 0.04 Diamond Hill Investment Group Inc 499 - - 499 69,631 0.01 DWS Group GmbH & Co KGaA - 5,467 5,467 - - 0.00 Eclipx Group Ltd 47,765 - 47,765 - - 0.00 ECN Capital Corp 42,888 - - 42,888 152,939 0.03 Ellie Mae Inc 3,919 - 3,919 - - 0.00 Encore Capital Group Inc 2,857 - - 2,857 101,767 0.02 Enova International Inc 3,191 - - 3,191 85,137 0.01 Equitable Group Inc 2,977 - 1,387 1,590 110,522 0.02 Euronext NV 6,999 1,098 2,000 6,097 468,756 0.08 Evercore Inc 4,693 691 1,084 4,300^ 367,677 0.06 Federal Agricultural Mortgage Corp 918 - - 918 70,225 0.01 Federated Investors Inc 10,802 - - 10,802 371,616 0.06 Ferratum Oyj 758 - 758 - - 0.00 Fiera Capital Corp 3,525 - - 3,525 29,791 0.01 Financial Products Group Co Ltd 6,950 - - 6,950^ 61,216 0.01 First National Financial Corp 5,071 - - 5,071 125,206 0.02 FlexiGroup Ltd/Australia 26,537 - - 26,537^ 33,047 0.01 Flow Traders 3,110 - - 3,110^ 81,930 0.01 Freeman FinTech Corp Ltd - 71,000 71,000 - - 0.00 Freeman FinTech Corp Ltd 710,000 - 710,000 - - 0.00 Freeman FinTech Corp Ltd - 71,000 71,000 - - 0.00 Funding Circle Holdings PLC - 17,817 - 17,817^ 24,406 0.00 Fuyo General Lease Co Ltd 1,692 - - 1,692^ 100,281 0.02 GAMCO Investors Inc 1,095 - - 1,095 22,006 0.00 Genworth Mortgage Insurance Australia Ltd 75,076 - 45,906 29,170^ 67,476 0.01 Gluskin Sheff + Associates Inc 3,127 - 3,127 - - 0.00 Greenhill & Co Inc 3,104 - - 3,104^ 51,011 0.01 GRENKE AG 3,942 - 1,498 2,444^ 210,127 0.04 Guotai Junan International Holdings Ltd 259,800 - - 259,800^ 41,071 0.01 Haitong International Securities Group Ltd 499,229 - 277,000 222,229^ 65,205 0.01 Hamilton Lane Inc - 1,698 - 1,698 98,676 0.02 Hannon Armstrong Sustainable Infrastructure Capital Inc 8,448 - 3,013 5,435 147,699 0.03 Hitachi Capital Corp 7,650 - 3,800 3,850^ 78,810 0.01 Hoist Finance AB 12,804 - - 12,804^ 77,167 0.01 Houlihan Lokey Inc 2,712 - - 2,712 123,505 0.02 HUB24 Ltd - 5,986 - 5,986 50,812 0.01 Hypoport AG 343 - - 343^ 90,739 0.02 IBJ Leasing Co Ltd 2,888 - - 2,888^ 72,232 0.01

[102] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Ichiyoshi Securities Co Ltd 3,603 - - 3,603^ 23,720 0.00 IG Group Holdings PLC 49,922 - 15,618 34,304 237,775 0.04 Interactive Brokers Group Inc 8,841 821 2,600 7,062 358,378 0.06 International Personal Finance PLC 24,940 - - 24,940 30,656 0.01 Intertrust NV 5,709 2,471 - 8,180 155,625 0.03 INTL. FCStone Inc 1,418 - - 1,418 57,248 0.01 Intrum AB 9,888 - 2,728 7,160^ 187,386 0.03 Investment Technology Group Inc 3,928 - 3,928 - - 0.00 IOOF Holdings Ltd 40,781 - 16,424 24,357 96,896 0.02 J Trust Co Ltd 8,450 - - 8,450^ 36,752 0.01 Jaccs Co Ltd 2,814 - - 2,814^ 55,704 0.01 Janus Henderson Group PLC 21,087 - 2,127 18,960 376,722 0.06 Japan Securities Finance Co Ltd 10,163 - - 10,163^ 51,430 0.01 Jupiter Fund Management PLC 42,152 - - 42,152^ 191,000 0.03 Kenedix Inc 24,250 - - 24,250^ 122,719 0.02 Kyokuto Securities Co Ltd 2,100 - - 2,100^ 17,559 0.00 Legg Mason Inc 11,717 2,366 5,768 8,315 310,011 0.05 LendingClub Corp 37,124 - 37,124 - - 0.00 LendingClub Corp - 7,424 - 7,424 108,629 0.02 LendingTree Inc 830 - - 830 265,031 0.05 LPL Financial Holdings Inc 9,120 - - 9,120 757,245 0.13 Magellan Financial Group Ltd 16,955 2,155 5,241 13,869^ 585,609 0.10 Man Group PLC 221,826 - 221,826 - - 0.00 Man Group PLC/Jersey - 139,674 - 139,674 289,865 0.05 Marusan Securities Co Ltd 5,625 - - 5,625^ 28,158 0.01 Matsui Securities Co Ltd 12,400 - - 12,400^ 102,550 0.02 McMillan Shakespeare Ltd 15,597 - 7,642 7,955 75,234 0.01 Meta Financial Group Inc 1,315 2,630 - 3,945 120,564 0.02 MLP SE 5,663 - - 5,663^ 28,090 0.00 Moelis & Co 4,999 - - 4,999 180,342 0.03 Monex Group Inc 24,100 - - 24,100^ 71,418 0.01 Money Forward Inc - 1,500 - 1,500 45,613 0.01 Mr Cooper Group Inc - 10,449 - 10,449 78,722 0.01 Navient Corp 29,597 - 5,969 23,628 330,993 0.06 NEC Capital Solutions Ltd 611 - - 611^ 11,031 0.00 Nelnet Inc 2,974 - - 2,974^ 184,193 0.03 Netwealth Group Ltd - 9,611 - 9,611 54,629 0.01 NEX Group PLC 45,988 - 45,988 - - 0.00 Ocwen Financial Corp 11,019 - - 11,019 20,727 0.00 Okasan Securities Group Inc 18,000 - - 18,000^ 64,173 0.01 OneMain Holdings Inc 6,763 1,688 - 8,451 346,791 0.06 OneSavings Bank PLC 21,838 11,078 - 32,916^ 145,000 0.02 Orient Corp 152,500 58,600 110,000 101,100^ 117,996 0.02 Paragon Group of Cos PLC 32,594 - 12,375 20,219 102,205 0.02 Pendal Group Ltd 37,045 - - 37,045^ 196,915 0.03 Perpetual Ltd 4,738 - - 4,738 127,736 0.02 PHH Corp 5,332 - 5,332 - - 0.00 Piper Jaffray Cos 1,955 - - 1,955 149,610 0.03 PJT Partners Inc 2,599 - - 2,599 108,478 0.02 Platinum Asset Management Ltd 22,279 - - 22,279 73,275 0.01 Plus500 Ltd 7,585 - - 7,585 55,112 0.01 PRA Group Inc 5,266 - - 5,266^ 162,291 0.03 Provident Financial PLC 27,340 - - 27,340^ 144,465 0.02 Pzena Investment Management Inc 896 - - 896 7,221 0.00 Quilter PLC 189,196 - - 189,196 331,862 0.06 Rathbone Brothers PLC 6,626 - - 6,626^ 177,107 0.03 Resurs Holding AB - 12,491 - 12,491 72,187 0.01 Ricoh Leasing Co Ltd 1,486 - - 1,486^ 45,459 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [103] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Sanne Group PLC 15,329 - - 15,329 102,200 0.02 SG Fleet Group Ltd 11,275 - - 11,275^ 22,696 0.00 SLM Corp 46,042 - - 46,042 415,248 0.07 Sparx Group Co Ltd 7,700 - - 7,700^ 16,008 0.00 Sprott Inc 12,810 - - 12,810 37,472 0.01 Stifel Financial Corp 6,754 - - 6,754^ 399,917 0.07 Sun Hung Kai & Co Ltd 309,500 - 233,000 76,500^ 34,830 0.01 Tamburi Investment Partners SpA 21,100 - - 21,100 133,267 0.02 TMX Group Ltd 5,717 1,624 1,701 5,640 416,787 0.07 Tochigi Bank Ltd 11,886 - 11,886 - - 0.00 Tokai Tokyo Financial Holdings Inc 24,415 - - 24,415^ 73,909 0.01 Tricon Capital Group Inc 11,047 - - 11,047 83,201 0.01 Tullett Prebon PLC 67,113 18,243 18,944 66,412 252,544 0.04 Value Partners Group Ltd 90,628 - - 90,628^ 53,985 0.01 Virtu Financial Inc 5,311 1,841 2,672 4,480^ 96,155 0.02 Virtus Investment Partners Inc 751 - - 751 79,672 0.01 Waddell & Reed Financial Inc 9,205 - - 9,205 159,477 0.03 WageWorks Inc 3,975 - - 3,975 201,367 0.03 Westwood Holdings Group Inc 715 - - 715 22,156 0.00 WisdomTree Investments Inc 12,488 - - 12,488 76,651 0.01 World Acceptance Corp 818 - - 818 102,629 0.02 Wuestenrot & Wuerttembergische AG 2,594 - - 2,594 51,410 0.01 Yamanashi Chuo Bank Ltd 17,124 3,424 17,124 3,424^ 35,529 0.01 Zenkoku Hosho Co Ltd 5,150 - - 5,150^ 200,277 0.03 19,519,895 3.33 Retail Abercrombie & Fitch Co 7,770 - - 7,770 145,615 0.02 Adastria Co Ltd 3,200 - - 3,200^ 62,353 0.01 Alpen Co Ltd 1,617 - - 1,617^ 22,986 0.00 American Eagle Outfitters Inc 17,815 - - 17,815 311,996 0.05 America's Car-Mart Inc/TX - 590 - 590 52,662 0.01 AO World PLC 17,557 - - 17,557^ 15,558 0.00 AOKI Holdings Inc 5,416 - - 5,416^ 52,890 0.01 Aoyama Trading Co Ltd 5,500 - 3,600 1,900^ 35,255 0.01 Arcland Sakamoto Co Ltd 2,700 - - 2,700^ 32,522 0.01 Aritzia Inc - 8,694 - 8,694 119,882 0.02 Asbury Automotive Group Inc 2,604 - 1,074 1,530 139,474 0.02 Ascena Retail Group Inc 8,763 - 8,763 - - 0.00 At Home Group Inc - 5,821 - 5,821 34,519 0.01 Atom Corp 6,600 - - 6,600^ 60,119 0.01 Autobacs Seven Co Ltd 7,440 - - 7,440^ 120,346 0.02 AutoCanada Inc 2,038 - 2,038 - - 0.00 Automotive Holdings Group Ltd 23,136 - - 23,136 49,256 0.01 AutoNation Inc 6,721 - 1,961 4,760 229,400 0.04 B&M European Value Retail SA 93,970 15,351 26,918 82,403 369,591 0.06 Bapcor Ltd 39,545 - - 39,545^ 169,189 0.03 Barnes & Noble Education Inc 2,951 - 2,951 - - 0.00 Barnes & Noble Inc 4,670 - - 4,670 30,144 0.00 Beacon Roofing Supply Inc 8,208 - 2,324 5,884 211,046 0.04 Bed Bath & Beyond Inc 15,467 - - 15,467^ 148,683 0.03 Belluna Co Ltd 5,013 - - 5,013^ 32,362 0.01 Bic Camera Inc 15,150 - 6,900 8,250^ 81,092 0.01 Big Lots Inc 3,806 - - 3,806 96,459 0.02 Biglari Holdings Inc 126 - - 126^ 11,326 0.00 Biglari Holdings Inc 11 - 11 - - 0.00 Bilia AB 8,511 - - 8,511 75,184 0.01 BJ's Restaurants Inc 2,049 - - 2,049 80,532 0.01 BJ's Wholesale Club Holdings Inc - 9,678 - 9,678 225,734 0.04

[104] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Bloomin' Brands Inc 13,356 - 6,043 7,313 123,295 0.02 BMC Stock Holdings Inc 7,726 - - 7,726 161,771 0.03 Boot Barn Holdings Inc - 2,802 - 2,802 86,798 0.01 Brinker International Inc 4,909 - - 4,909 193,667 0.03 Buckle Inc 3,185 - - 3,185 64,167 0.01 Burlington Stores Inc 7,727 - 7,727 - - 0.00 Byggmax Group AB 5,743 - 5,743 - - 0.00 Cafe de Coral Holdings Ltd 40,000 - - 40,000^ 132,035 0.02 Caleres Inc 4,548 - - 4,548 84,557 0.01 Cannae Holdings Inc 8,938 - 2,985 5,953 170,616 0.03 Card Factory PLC 34,158 - - 34,158^ 68,818 0.01 Carvana Co - 4,679 - 4,679 294,423 0.05 Casey's General Stores Inc 4,065 - 597 3,468 555,889 0.09 Cato Corp 2,946 - - 2,946 41,911 0.01 Cawachi Ltd 1,440 - - 1,440^ 26,667 0.00 CECONOMY AG 18,577 - - 18,577^ 118,233 0.02 Cewe Stiftung & Co KGAA 574 - - 574 52,957 0.01 Cheesecake Factory Inc 4,894 - - 4,894^ 208,725 0.04 Chico's FAS Inc 15,971 - - 15,971 50,438 0.01 Children's Place Inc 2,353 - 835 1,518 146,780 0.02 Chiyoda Co Ltd 3,125 - - 3,125^ 45,990 0.01 Chow Sang Sang Holdings International Ltd 41,998 - - 41,998^ 56,939 0.01 Chuy's Holdings Inc 1,909 - - 1,909 44,696 0.01 Citizen Watch Co Ltd 33,400 20,600 13,800 40,200^ 199,769 0.03 Clas Ohlson AB 3,631 - - 3,631^ 32,544 0.01 cocokara fine Inc 1,837 - - 1,837^ 96,480 0.02 Colowide Co Ltd 5,977 - - 5,977^ 116,083 0.02 Conn's Inc 1,782 - - 1,782 36,695 0.01 Conviviality PLC 31,292 - 31,292 - - 0.00 Cosmos Pharmaceutical Corp 1,078 - - 1,078^ 198,258 0.03 Cracker Barrel Old Country Store Inc 1,853 - - 1,853 318,666 0.05 Create Restaurants Holdings Inc 4,900 - - 4,900^ 72,826 0.01 Create SD Holdings Co Ltd 2,898 - - 2,898^ 64,845 0.01 Daisyo Corp 454 - - 454^ 6,719 0.00 Dave & Buster's Entertainment Inc 4,283 - - 4,283 172,363 0.03 DCM Holdings Co Ltd 16,867 12,600 13,100 16,367^ 154,012 0.03 Debenhams PLC 134,728 - 134,728 - - 0.00 Delek Automotive Systems Ltd 4,134 - - 4,134 17,450 0.00 Denny's Corp 9,725 - 3,219 6,506 145,501 0.02 Designer Brands Inc 8,520 5,951 8,520 5,951 108,286 0.02 DFS Furniture PLC 23,718 - - 23,718^ 68,140 0.01 Dick's Sporting Goods Inc 9,141 - 1,855 7,286 268,112 0.05 Dillard's Inc 2,637 - 1,475 1,162^ 83,725 0.01 Dine Brands Global Inc 1,838 - - 1,838 149,373 0.03 Dixons Carphone PLC 106,285 - - 106,285^ 154,027 0.03 Domino's Pizza Group PLC 52,803 - - 52,803^ 158,356 0.03 Doutor Nichires Holdings Co Ltd 3,676 - - 3,676^ 67,305 0.01 Duluth Holdings Inc - 1,857 - 1,857 22,337 0.00 Dunelm Group PLC 10,012 - - 10,012 112,203 0.02 Dunkin' Brands Group Inc 10,110 - 2,463 7,647 606,854 0.10 Dustin Group AB 4,195 599 - 4,794^ 41,360 0.01 Dustin Group AB - 599 599 - - 0.00 Dustin Group AB Rights - 4,195 4,195 - - 0.00 EDION Corp 7,850 - - 7,850^ 74,226 0.01 El Pollo Loco Holdings Inc 1,397 - - 1,397 13,609 0.00 Enterprise Inns PLC 57,429 - - 57,429^ 195,620 0.03 Esprit Holdings Ltd 327,900 - - 327,900^ 53,911 0.01 Europris ASA 10,301 - - 10,301 29,564 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [105] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Express Inc 8,373 - - 8,373 20,474 0.00 EZCORP Inc 4,398 - - 4,398 42,887 0.01 Fiesta Restaurant Group Inc 2,807 - - 2,807 26,539 0.00 FirstCash Inc 5,931 - 1,575 4,356 434,004 0.07 Five Below Inc 5,921 - 661 5,260^ 611,661 0.10 Floor & Decor Holdings Inc 3,703 3,197 - 6,900^ 267,434 0.05 Fnac Darty SA 2,075 - - 2,075 145,123 0.02 Foot Locker Inc 13,389 - 2,131 11,258 457,631 0.08 Freshpet Inc 2,189 1,184 - 3,373 150,768 0.03 Fuji Co Ltd/Ehime 1,695 - - 1,695^ 28,546 0.00 GameStop Corp 11,215 - - 11,215 44,633 0.01 Genesco Inc 2,782 - - 2,782 108,460 0.02 Geo Holdings Corp 3,850 - - 3,850^ 50,551 0.01 Giordano International Ltd 126,000 - - 126,000^ 43,025 0.01 GMS Inc 4,493 - - 4,493 100,126 0.02 GNC Holdings Inc 4,290 - 4,290 - - 0.00 Goldwin Inc 1,400 - - 1,400^ 192,502 0.03 Grafton Group PLC 28,430 - 5,650 22,780 200,754 0.03 Greene King PLC 33,585 - - 33,585 254,612 0.04 Group 1 Automotive Inc 2,667 - 1,132 1,535 127,590 0.02 Guess? Inc 7,065 - - 7,065 117,855 0.02 H2O Retailing Corp 9,608 - - 9,608^ 108,282 0.02 Halfords Group PLC 21,368 - - 21,368 49,733 0.01 Haverty Furniture Cos Inc 2,295 - - 2,295 41,147 0.01 Hibbett Sports Inc 2,799 - - 2,799 50,987 0.01 Hiday Hidaka Corp 2,160 216 - 2,376^ 45,799 0.01 Hornbach Baumarkt AG 856 - 856 - - 0.00 Hornbach Holding AG & Co KGaA 1,627 1,478 1,184 1,921^ 103,226 0.02 Hudson's Bay Co 9,879 - - 9,879 73,138 0.01 Ichibanya Co Ltd 3,500 - 1,100 2,400^ 112,481 0.02 IDOM Inc 7,350 - - 7,350^ 27,679 0.00 Izumi Co Ltd 3,950 - - 3,950^ 147,668 0.03 Jack in the Box Inc 3,105 - 984 2,121 150,828 0.03 JB Hi-Fi Ltd 13,160 - - 13,160^ 270,203 0.05 JC Penney Co Inc 31,559 - - 31,559^ 24,854 0.00 JD Sports Fashion PLC 54,432 - 14,563 39,869 314,045 0.05 JD Wetherspoon PLC 9,562 - 4,053 5,509^ 102,241 0.02 JINS Holdings Inc 1,250 - - 1,250^ 65,536 0.01 Joshin Denki Co Ltd 1,732 - - 1,732^ 32,975 0.01 Joyful Honda Co Ltd 6,400 - - 6,400^ 72,011 0.01 Kappa Create Co Ltd 1,973 - - 1,973^ 25,078 0.00 Keiyo Co Ltd 1,751 - - 1,751^ 7,552 0.00 Kisoji Co Ltd 1,852 - - 1,852^ 44,074 0.01 Kohnan Shoji Co Ltd 2,694 - - 2,694^ 58,463 0.01 KOMEDA Holdings Co Ltd 4,900 - - 4,900^ 90,251 0.02 Komeri Co Ltd 3,650 - - 3,650^ 74,816 0.01 K's Holdings Corp 18,400 - - 18,400^ 167,102 0.03 Kura Sushi Inc 950 - - 950^ 38,807 0.01 Kusuri no Aoki Holdings Co Ltd 1,750 - - 1,750^ 115,686 0.02 Laox Co Ltd 2,700 - 2,700 - - 0.00 La-Z-Boy Inc 5,689 - - 5,689 185,803 0.03 Lifestyle International Holdings Ltd 63,000 - - 63,000^ 85,573 0.01 Lithia Motors Inc 2,583 - - 2,583 337,240 0.06 Lookers PLC 33,008 - - 33,008^ 16,665 0.00 Luk Fook Holdings International Ltd 37,681 - - 37,681^ 112,943 0.02 Lumber Liquidators Holdings Inc 2,755 - - 2,755 23,920 0.00 Maisons du Monde SA 4,721 - - 4,721^ 94,605 0.02 Majestic Wine PLC 7,783 - 7,783 - - 0.00

[106] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Man Wah Holdings Ltd 258,000 - - 258,000^ 123,992 0.02 MarineMax Inc 2,362 - - 2,362 36,105 0.01 Matas A/S 4,277 - - 4,277 43,942 0.01 Matsumotokiyoshi Holdings Co Ltd 10,300 - 3,300 7,000^ 233,606 0.04 Matsuya Co Ltd 3,519 - - 3,519^ 25,926 0.00 Matsuyafoods Holdings Co Ltd 558 - - 558^ 18,291 0.00 Michaels Cos Inc 10,880 - - 10,880 73,998 0.01 Ministop Co Ltd 2,508 - - 2,508^ 34,097 0.01 Mitchells & Butlers PLC 22,429 - - 22,429 82,653 0.01 Mitsui Home Co Ltd 3,421 - 3,421 - - 0.00 MOS Food Services Inc 3,021 - - 3,021^ 67,019 0.01 Movado Group Inc 1,797 - - 1,797 46,842 0.01 MSC Industrial Direct Co Inc 4,698 - - 4,698 330,455 0.06 MTY Food Group Inc 1,871 - - 1,871 92,364 0.02 Myer Holdings Ltd 102,065 - - 102,065^ 37,608 0.01 N Brown Group PLC 17,685 - - 17,685 25,725 0.00 National Vision Holdings Inc 3,581 3,091 - 6,672 208,661 0.04 Nishimatsuya Chain Co Ltd 4,830 - - 4,830^ 38,756 0.01 Nojima Corp 5,400 - 2,700 2,700^ 43,305 0.01 Nu Skin Enterprises Inc 5,997 1,347 1,704 5,640 223,232 0.04 Office Depot Inc 53,553 - - 53,553 108,156 0.02 Ohsho Food Service Corp 1,200 - - 1,200^ 73,529 0.01 Ollie's Bargain Outlet Holdings Inc 6,314 713 1,385 5,642 473,043 0.08 OVS SpA 15,109 - - 15,109^ 26,547 0.00 PAL GROUP Holdings Co Ltd 1,050 - - 1,050^ 32,600 0.01 Papa John's International Inc 3,368 - 1,250 2,118 93,141 0.02 Parco Co Ltd 2,350 - - 2,350^ 25,670 0.00 Party City Holdco Inc 1,597 - - 1,597 10,087 0.00 PC Connection Inc 968 - - 968 31,347 0.01 Pendragon PLC 245,017 - - 245,017^ 38,314 0.01 Penske Automotive Group Inc 4,983 - 2,489 2,494 113,503 0.02 Pepper Food Service Co Ltd 2,400 - - 2,400^ 37,071 0.01 PetIQ Inc - 2,017 - 2,017 68,371 0.01 PetMed Express Inc 2,381 - - 2,381 40,944 0.01 Pets at Home Group Plc 36,640 - - 36,640^ 92,384 0.02 Plenus Co Ltd 2,050 - - 2,050^ 33,459 0.01 Potbelly Corp 1,594 - 1,594 - - 0.00 Premier Investments Ltd 9,713 - - 9,713^ 104,453 0.02 PriceSmart Inc 2,106 - - 2,106 127,181 0.02 Red Robin Gourmet Burgers Inc 1,567 - - 1,567 51,225 0.01 Regis Corp 4,790 - - 4,790 86,780 0.01 Restaurant Brands New Zealand Ltd 19,080 - 16,917 2,163^ 13,921 0.00 Restaurant Group PLC 22,564 32,591 - 55,155^ 101,893 0.02 Restaurant Group PLC Rights - 32,592 32,592 - - 0.00 Restaurant Group PLC Rights - 32,591 32,591 - - 0.00 RH 2,002 - - 2,002 276,288 0.05 Ringer Hut Co Ltd 1,654 - - 1,654^ 38,593 0.01 Rite Aid Corp 102,757 - 102,757 - - 0.00 Rite Aid Corp - 5,137 - 5,137 35,447 0.01 Royal Holdings Co Ltd 2,411 - - 2,411^ 59,576 0.01 Rush Enterprises Inc 3,168 - - 3,168 118,114 0.02 Ruth's Hospitality Group Inc 3,946 - - 3,946 86,999 0.01 Sa Sa International Holdings Ltd 101,826 - - 101,826^ 28,460 0.00 Sac's Bar Holdings Inc 1,550 - - 1,550^ 13,342 0.00 Saizeriya Co Ltd 3,639 - - 3,639^ 84,877 0.01 Sally Beauty Holdings Inc 12,763 - - 12,763 173,610 0.03 Salvatore Ferragamo SpA 5,520 - - 5,520 115,454 0.02 Sankyo Tateyama Inc 2,316 - - 2,316^ 25,953 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [107] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Seiko Holdings Corp 3,247 - - 3,247^ 62,884 0.01 Seria Co Ltd 5,900 - 2,100 3,800^ 88,666 0.01 Shake Shack Inc 2,703 - - 2,703^ 199,788 0.03 Sheng Siong Group Ltd 62,100 - - 62,100 52,110 0.01 Shimachu Co Ltd 5,100 - - 5,100^ 112,396 0.02 Shoe Carnival Inc 1,759 - - 1,759 44,197 0.01 Signet Jewelers Ltd 6,202 - 1,003 5,199 93,367 0.02 Skylark Holdings Co Ltd 22,150 4,900 6,700 20,350^ 353,665 0.06 Sleep Country Canada Holdings Inc 3,410 - - 3,410 47,792 0.01 Sogo Medical Holdings Co Ltd - 5,000 - 5,000^ 75,088 0.01 Sonic Automotive Inc 3,592 - - 3,592 98,041 0.02 Sonic Corp 5,451 - 5,451 - - 0.00 Sports Direct International PLC 30,463 - 19,213 11,250^ 30,929 0.01 St Marc Holdings Co Ltd 1,592 - - 1,592^ 33,634 0.01 Stockmann OYJ Abp 2,921 - 2,921 - - 0.00 Sugi Holdings Co Ltd 4,045 1,300 1,600 3,745^ 179,615 0.03 Super Retail Group Ltd 8,720 - - 8,720^ 53,551 0.01 SuperGroup PLC 4,614 - - 4,614 24,229 0.00 Superior Plus Corp 15,140 - - 15,140 150,440 0.03 Sushiro Global Holdings Ltd 4,000 - 2,100 1,900^ 116,074 0.02 Tailored Brands Inc 4,486 - - 4,486 21,628 0.00 Takashimaya Co Ltd - 15,100 - 15,100 172,518 0.03 Takkt AG 3,883 - - 3,883 52,902 0.01 Texas Roadhouse Inc 6,896 - - 6,896 377,057 0.06 Tile Shop Holdings Inc 2,477 - - 2,477 6,351 0.00 Toridoll Holdings Corp 1,750 - - 1,750^ 39,445 0.01 Travis Perkins PLC - 27,757 - 27,757^ 459,621 0.08 United Arrows Ltd 2,381 - - 2,381^ 67,845 0.01 Urban Outfitters Inc 7,656 - - 7,656 180,466 0.03 Valor Holdings Co Ltd 4,091 - - 4,091^ 84,228 0.01 Vera Bradley Inc 2,688 - - 2,688 31,268 0.01 VT Holdings Co Ltd 6,800 - - 6,800^ 26,599 0.00 WATAMI Co Ltd 1,466 - - 1,466^ 20,465 0.00 Welcia Holdings Co Ltd 8,300 - 8,300 - - 0.00 Wendy's Co 18,188 - - 18,188^ 327,531 0.06 WH Smith PLC 12,867 2,494 4,604 10,757 276,181 0.05 Williams-Sonoma Inc 9,099 - 1,471 7,628 503,549 0.09 Wingstop Inc 2,383 697 - 3,080 291,473 0.05 Winmark Corp 255 - - 255 42,667 0.01 World Fuel Services Corp 7,914 - 1,745 6,169 238,429 0.04 Xebio Holdings Co Ltd 2,532 - - 2,532^ 27,935 0.00 XXL ASA 10,500 - - 10,500^ 32,218 0.01 Yellow Hat Ltd 1,400 1,400 - 2,800^ 35,666 0.01 Yoshinoya Holdings Co Ltd 7,200 - - 7,200^ 138,982 0.02 Zensho Holdings Co Ltd 9,898 - - 9,898^ 211,819 0.04 Zumiez Inc 2,600 - - 2,600 63,758 0.01 26,455,328 4.51 Iron & steel Acerinox SA 18,467 7,882 5,768 20,581^ 172,185 0.03 Aichi Steel Corp 1,400 - - 1,400^ 43,530 0.01 AK Steel Holding Corp 27,348 - - 27,348^ 76,350 0.01 Allegheny Technologies Inc 11,945 - - 11,945^ 257,442 0.04 APERAM SA 5,198 - - 5,198 129,259 0.02 Carpenter Technology Corp 5,702 - 1,489 4,213 187,731 0.03 Cleveland-Cliffs Inc 31,673 - 5,190 26,483^ 279,486 0.05 Commercial Metals Co 12,436 - - 12,436 215,577 0.04 Daido Metal Co Ltd 2,850 - - 2,850^ 17,073 0.00 Daido Steel Co Ltd 3,200 - 1,500 1,700^ 64,483 0.01

[108] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Evraz PLC 41,373 - 41,373 - - 0.00 Ferrexpo PLC 46,907 - 20,921 25,986 81,176 0.01 Godo Steel Ltd 1,292 - - 1,292^ 24,186 0.00 Japan Steel Works Ltd 7,000 - - 7,000^ 121,718 0.02 Kyoei Steel Ltd 1,691 - - 1,691^ 28,540 0.01 Labrador Iron Ore Royalty Corp 7,080 - - 7,080 167,924 0.03 Mineral Resources Ltd 15,531 - - 15,531^ 170,305 0.03 Mitsubishi Steel Manufacturing Co Ltd 1,262 - 1,262 - - 0.00 Nakayama Steel Works Ltd 1,400 - - 1,400^ 6,140 0.00 Nippon Steel Corp - 2,840 2,840 - - 0.00 Nippon Steel Nisshin Co Ltd 10,100 - 10,100 - - 0.00 Osaka Steel Co Ltd 1,392 - - 1,392^ 21,209 0.00 OSAKA Titanium Technologies Co Ltd 2,150 - - 2,150^ 35,150 0.01 Outokumpu OYJ 42,385 - 17,971 24,414^ 70,237 0.01 Reliance Steel & Aluminum Co 7,553 539 1,861 6,231 616,561 0.11 Russel Metals Inc 7,392 5,060 3,072 9,380 148,011 0.03 Salzgitter AG 4,397 - 1,517 2,880^ 63,014 0.01 Sanyo Special Steel Co Ltd 1,773 - - 1,773^ 24,266 0.00 Schnitzer Steel Industries Inc 2,851 - - 2,851 75,163 0.01 SSAB AB 57,227 - - 57,227^ 145,518 0.03 SSAB AB 25,325 - - 25,325 71,845 0.01 Stelco Holdings Inc - 3,319 - 3,319 38,034 0.01 Tokyo Steel Manufacturing Co Ltd 10,550 - - 10,550^ 80,035 0.01 Topy Industries Ltd 2,102 - - 2,102^ 44,734 0.01 United States Steel Corp 19,511 - 2,906 16,605 247,077 0.04 Yamato Kogyo Co Ltd 4,150 - - 4,150^ 107,542 0.02 Yodogawa Steel Works Ltd 2,300 - - 2,300^ 43,516 0.01 3,875,017 0.66 Electrical components & equipment Bekaert SA 4,905 - - 4,905^ 138,301 0.02 Belden Inc 4,622 - 1,221 3,401 153,063 0.03 Encore Wire Corp 2,272 - - 2,272 123,530 0.02 Energizer Holdings Inc 6,863 1,560 1,425 6,998^ 291,531 0.05 EnerSys 4,707 - - 4,707^ 317,388 0.05 Fujikura Ltd 23,500 - - 23,500^ 86,139 0.01 Furukawa Electric Co Ltd 7,550 2,100 2,400 7,250^ 194,485 0.03 Generac Holdings Inc 7,551 - 2,160 5,391 385,872 0.07 GS Yuasa Corp 40,000 11,600 44,400 7,200^ 134,387 0.02 Hubbell Inc 5,471 - - 5,471 703,468 0.12 Icom Inc 6,377 - 2,300 4,077^ 84,386 0.01 Insteel Industries Inc 1,504 - - 1,504 29,050 0.00 Johnson Electric Holdings Ltd 44,125 - - 44,125^ 79,132 0.01 Leoni AG 3,616 - - 3,616^ 48,607 0.01 Littelfuse Inc 2,675 - - 2,675 447,448 0.08 Mabuchi Motor Co Ltd - 6,000 - 6,000^ 206,799 0.04 Nexans SA 2,945 - - 2,945^ 99,365 0.02 Nippon Signal Company Ltd 5,207 - - 5,207^ 57,638 0.01 Nissin Electric Co Ltd 5,159 - - 5,159^ 59,083 0.01 nLight Inc - 2,835 - 2,835 46,141 0.01 Novanta Inc 3,176 - - 3,176 264,399 0.05 OSRAM Licht AG - 9,577 - 9,577 363,140 0.06 Powell Industries Inc 938 - - 938 34,350 0.01 Signify NV 15,906 - 6,136 9,770^ 264,382 0.05 SMA Solar Technology AG 1,356 - - 1,356^ 32,763 0.01 Solar A/S 612 - 612 - - 0.00 SunPower Corp 5,870 - - 5,870 67,934 0.01 Tatsuta Electric Wire and Cable Co Ltd 2,700 - - 2,700^ 11,891 0.00 Universal Display Corp 5,104 - 1,064 4,040 844,236 0.14

BlackRock Investment Funds Switzerland ANNUAL REPORT [109] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Ushio Inc 12,050 - - 12,050^ 153,383 0.03 Varta AG - 1,780 - 1,780^ 134,399 0.02 Vicor Corp 1,655 - - 1,655^ 48,433 0.01 Vossloh AG 1,164 - - 1,164^ 45,548 0.01 Zumtobel Group AG 3,239 - - 3,239 26,848 0.00 5,977,519 1.02 Electric A2A SpA 159,059 - - 159,059 277,014 0.05 ACEA SpA 6,216 - - 6,216 116,204 0.02 Albioma SA 1,632 - - 1,632 43,353 0.01 ALLETE Inc 5,689 576 1,409 4,856 418,007 0.07 Avista Corp 6,621 - - 6,621 301,717 0.05 Black Hills Corp 6,276 726 1,651 5,351 419,296 0.07 Boralex Inc 12,935 - 5,561 7,374 110,965 0.02 Capital Power Corp 12,294 - - 12,294 274,536 0.05 Clearway Energy Inc 4,022 4,022 4,022 4,022 68,367 0.01 Clearway Energy Inc 6,037 6,037 6,037 6,037^ 107,699 0.02 Contact Energy Ltd 77,327 21,472 20,651 78,148^ 397,772 0.07 El Paso Electric Co 4,504 - - 4,504 295,451 0.05 Elia System Operator SA/NV 3,312 413 - 3,725^ 282,489 0.05 Elia System Operator SA/NV Rights - 3,312 3,312 - - 0.00 EVN AG 3,273 - - 3,273 51,879 0.01 Genesis Energy Ltd 51,851 - - 51,851^ 116,206 0.02 Hawaiian Electric Industries Inc 11,653 1,304 2,657 10,300^ 456,826 0.08 Hera SpA 94,494 - - 94,494 351,011 0.06 Hokkaido Electric Power Co Inc 24,100 - 11,300 12,800^ 72,128 0.01 Hokuriku Electric Power Co 21,700 - - 21,700^ 154,729 0.03 IDACORP Inc 5,111 472 849 4,734 478,320 0.08 Infratil Ltd 59,011 7,909 - 66,920^ 203,324 0.03 Infratil Ltd Rights - 7,909 7,909 - - 0.00 Innergex Renewable Energy Inc 10,439 - - 10,439 118,287 0.02 Iren SpA 59,307 - - 59,307 154,409 0.03 Kenon Holdings Ltd/Singapore 1,806 - - 1,806 37,836 0.01 Mercury NZ Ltd 77,564 - - 77,564^ 231,356 0.04 MGE Energy Inc 3,797 - - 3,797 278,732 0.05 Northland Power Inc 12,488 4,331 - 16,819 318,523 0.05 NorthWestern Corp 5,092 701 1,328 4,465 309,071 0.05 NRG Energy Inc 35,945 - 35,945 - - 0.00 Okinawa Electric Power Co Inc 4,536 - - 4,536^ 70,188 0.01 Ormat Technologies Inc 4,025 - - 4,025 261,200 0.04 Otter Tail Corp 3,803 - - 3,803 200,974 0.03 PNM Resources Inc 8,395 - - 8,395^ 412,810 0.07 Portland General Electric Co 11,284 - 3,572 7,712^ 418,773 0.07 REN - Redes Energeticas Nacionais SGPS SA 17,102 - - 17,102 46,091 0.01 Shikoku Electric Power Co Inc 15,900 - - 15,900^ 148,892 0.03 Spark Infrastructure Group 227,453 - 70,971 156,482^ 253,061 0.04 TransAlta Corp 31,255 - - 31,255 190,629 0.03 Unitil Corp 1,509 - - 1,509^ 87,498 0.01 8,535,623 1.45 Electronics ADT Inc - 12,678 - 12,678^ 79,700 0.01 Advanced Energy Industries Inc 4,383 - - 4,383 253,408 0.04 Alarm.com Holdings Inc 2,258 729 - 2,987 147,590 0.03 Alps Alpine Co Ltd - 3,121 3,121 - - 0.00 Anritsu Corp 14,400 - - 14,400^ 265,491 0.05 Applied Optoelectronics Inc 1,769 - - 1,769^ 17,531 0.00 AT&S Austria Technologie & Systemtechnik AG 2,770 - - 2,770^ 44,761 0.01

[110] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Atkore International Group Inc 3,927 - - 3,927 106,096 0.02 Avnet Inc - 12,144 1,431 10,713 481,719 0.08 Azbil Corp 6,850 13,150 8,300 11,700^ 278,973 0.05 Badger Meter Inc 3,662 - 1,261 2,401 127,145 0.02 Barco NV 1,250 - - 1,250 260,135 0.04 Benchmark Electronics Inc 5,913 - 2,558 3,355 89,878 0.02 Brady Corp 5,305 - - 5,305 271,683 0.05 Celestica Inc 29,376 - 17,629 11,747 83,160 0.01 Chiyoda Integre Co Ltd 1,181 - - 1,181^ 22,463 0.00 Coherent Inc 2,715 - 483 2,232 306,814 0.05 Comtech Telecommunications Corp 1,810 - - 1,810 53,327 0.01 Control4 Corp 4,448 - 2,059 2,389 56,550 0.01 Cosel Co Ltd 2,199 - - 2,199^ 21,775 0.00 Dexerials Corp 10,500 - - 10,500^ 69,220 0.01 Eizo Corp 1,452 - - 1,452^ 53,157 0.01 Electro Scientific Industries Inc 5,744 - 5,744 - - 0.00 Electrocomponents PLC 48,951 - - 48,951 361,135 0.06 EVS Broadcast Equipment SA 1,134 - 1,134 - - 0.00 FARO Technologies Inc 1,798 - - 1,798 95,035 0.02 Fingerprint Cards AB - 31,430 - 31,430^ 56,535 0.01 Fitbit Inc 10,252 7,060 - 17,312 71,983 0.01 Fluidigm Corp - 6,594 - 6,594 76,705 0.01 Fujitsu General Ltd 5,425 - - 5,425^ 86,714 0.01 Futaba Corp 3,450 - - 3,450^ 45,802 0.01 Gentex Corp 28,860 - 2,870 25,990 705,519 0.12 GoPro Inc 6,705 - - 6,705 35,115 0.01 Halma PLC 41,995 5,385 47,380 - - 0.00 Horiba Ltd 3,822 - - 3,822^ 205,612 0.03 Hosiden Corp 5,764 - - 5,764^ 64,119 0.01 Ibiden Co Ltd 10,300 - - 10,300^ 183,607 0.03 Idec Corp/Japan 2,582 - - 2,582^ 46,497 0.01 II-VI Inc 5,455 - - 5,455^ 214,398 0.04 Inaba Denki Sangyo Co Ltd 2,777 - - 2,777^ 127,365 0.02 Iriso Electronics Co Ltd 1,900 - - 1,900^ 86,622 0.01 Isra Vision AG 1,820 - - 1,820^ 79,242 0.01 Itron Inc 4,283 - 1,066 3,217 197,459 0.03 Ituran Location and Control Ltd 1,457 - - 1,457 42,090 0.01 Jabil Inc 17,655 - 4,181 13,474 411,916 0.07 Japan Aviation Electronics Industry Ltd 4,218 - - 4,218^ 58,690 0.01 Japan Display Inc 40,200 - - 40,200^ 27,491 0.00 Jeol Ltd 7,899 3,949 7,899 3,949^ 88,542 0.01 Kaga Electronics Co Ltd 1,176 - - 1,176^ 17,779 0.00 KEMET Corp 6,025 - - 6,025 120,011 0.02 Kimball Electronics Inc 2,827 - - 2,827 44,500 0.01 Knowles Corp 9,440 - - 9,440 190,183 0.03 Koa Corp 2,775 - - 2,775^ 33,526 0.01 Macnica Fuji Electronics Holdings Inc 3,086 - - 3,086^ 42,714 0.01 Maruwa Co Ltd/Aichi 1,079 - - 1,079^ 66,803 0.01 Mesa Laboratories Inc - 199 - 199 49,584 0.01 Mycronic AB 6,186 - - 6,186 94,992 0.02 National Instruments Corp 12,501 1,653 2,491 11,663 482,176 0.08 Nichicon Corp 5,250 - - 5,250^ 43,131 0.01 Nichiden Corp 884 - - 884^ 15,412 0.00 Nippon Ceramic Co Ltd 1,795 - - 1,795^ 46,761 0.01 Nissha Co Ltd 3,200 - - 3,200^ 37,231 0.01 Nitto Kogyo Corp 3,113 - - 3,113^ 59,324 0.01 NKT A/S 2,596 - - 2,596^ 38,091 0.01 Nohmi Bosai Ltd 2,340 - - 2,340^ 47,602 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [111] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) NVE Corp 467 - - 467 31,078 0.01 nVent Electric PLC 19,598 - 3,592 16,006 392,821 0.07 Optex Group Co Ltd 6,200 - 3,100 3,100^ 39,177 0.01 Orbotech Ltd 5,866 - 5,866 - - 0.00 OSI Systems Inc 2,067 - 563 1,504 167,597 0.03 Oxford Instruments PLC 5,941 - 5,941 - - 0.00 Park Electrochemical Corp 2,064 2,064 2,064 2,064 37,169 0.01 PerkinElmer Inc 12,207 - 12,207 - - 0.00 Plexus Corp 3,724 - 1,341 2,383 140,866 0.02 Renishaw PLC 3,757 - - 3,757 175,521 0.03 Resideo Technologies Inc - 14,224 - 14,224 265,582 0.05 Rotork PLC 94,377 - - 94,377 352,937 0.06 Sanmina Corp 8,833 - 3,006 5,827 183,157 0.03 Sanyo Denki Co Ltd 882 - - 882^ 38,321 0.01 SCREEN Holdings Co Ltd 4,500 1,500 1,400 4,600^ 250,821 0.04 Smart Metering Systems PLC 15,127 - - 15,127^ 92,052 0.02 SMK Corp 5,672 567 6,239 - - 0.00 Sodick Co Ltd 4,100 - - 4,100^ 36,749 0.01 Spectris PLC 13,019 - 1,864 11,155 344,274 0.06 Star Micronics Co Ltd 4,299 - - 4,299^ 56,368 0.01 Stoneridge Inc - 2,329 - 2,329 75,097 0.01 SYNNEX Corp 3,316 2,342 1,381 4,277 417,241 0.07 Taiyo Yuden Co Ltd 11,050 - - 11,050^ 220,553 0.04 Tech Data Corp 4,270 - 1,148 3,122 313,220 0.05 TKH Group NV 3,979 - - 3,979^ 235,962 0.04 Tokyo Seimitsu Co Ltd 3,900 - - 3,900^ 109,705 0.02 TTM Technologies Inc 7,054 - - 7,054 73,047 0.01 Vishay Intertechnology Inc 14,547 - - 14,547 244,826 0.04 Watts Water Technologies Inc 3,020 - 1,198 1,822 167,445 0.03 Woodward Inc 6,380 899 1,917 5,362 594,751 0.10 12,944,926 2.21 Oil & gas Advantage Oil & Gas Ltd 19,681 - - 19,681 28,043 0.00 Antero Resources Corp - 21,033 - 21,033^ 95,992 0.02 ARC Resources Ltd - 32,440 - 32,440 165,084 0.03 Arrow Exploration Corp - 1,539 1,539 - - 0.00 Athabasca Oil Corp 38,838 83,112 57,292 64,658 34,610 0.01 Baytex Energy Corp 25,192 37,686 - 62,878 95,283 0.02 Beach Energy Ltd 167,992 - - 167,992^ 244,163 0.04 Berry Petroleum Corp - 3,933 - 3,933 38,158 0.01 Birchcliff Energy Ltd 22,935 - - 22,935 45,475 0.01 Bonanza Creek Energy Inc 1,820 - - 1,820 39,279 0.01 Bonavista Energy Corp 22,326 - 22,326 - - 0.00 Bonterra Energy Corp 2,973 - 2,973 - - 0.00 Borr Drilling Ltd 52,826 - 52,826 - - 0.00 Borr Drilling Ltd - 10,564 - 10,564^ 101,293 0.02 Brightoil Petroleum Holdings Ltd 350,226 - - 350,226 38,978 0.01 Cairn Energy PLC 62,211 - - 62,211^ 119,453 0.02 California Resources Corp 3,390 2,163 - 5,553 84,166 0.01 Callon Petroleum Co 22,098 - - 22,098^ 107,635 0.02 Canacol Energy Ltd 12,100 - - 12,100 45,885 0.01 Cardinal Energy Ltd 5,963 - - 5,963 11,194 0.00 Carrizo Oil & Gas Inc 8,324 - - 8,324 78,534 0.01 Centennial Resource Development Inc/DE 19,620 - 4,262 15,358 90,466 0.01 Chesapeake Energy Corp 100,566 38,638 15,909 123,295^ 220,932 0.04 CNX Resources Corp 20,406 - 3,832 16,574 134,876 0.02 Cooper Energy Ltd - 211,305 - 211,305 84,349 0.01 Cosmo Energy Holdings Co Ltd 5,900 - - 5,900^ 121,420 0.02

[112] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Crescent Point Energy Corp - 67,027 - 67,027 221,332 0.04 Crew Energy Inc 14,659 - 14,659 - - 0.00 CVR Energy Inc 1,925 1,130 - 3,055 160,508 0.03 Delek Group Ltd 465 - - 465 70,825 0.01 Delek US Holdings Inc 7,343 - - 7,343 313,173 0.05 Denbury Resources Inc 39,693 - - 39,693 44,405 0.01 Diamond Offshore Drilling Inc 7,637 - - 7,637 68,348 0.01 Diversified Gas & Oil PLC - 68,503 - 68,503 88,437 0.01 DNO ASA 68,885 - - 68,885 115,701 0.02 Drilling Co of 1972 A/S - 2,072 - 2,072 139,655 0.02 Energen Corp 11,617 - 11,617 - - 0.00 Enerplus Corp 22,971 - - 22,971 151,534 0.03 EnQuest PLC 115,423 49,466 - 164,889 46,572 0.01 EnQuest PLC Rights - 49,467 49,467 - - 0.00 EnQuest PLC Rights - 49,466 49,466 - - 0.00 Ensco PLC - 20,131 20,131 - - 0.00 Ensco Rowan plc 44,320 - 44,320 - - 0.00 Ensco Rowan plc - 20,131 - 20,131 163,224 0.03 Ensign Energy Services Inc 15,175 - - 15,175 47,479 0.01 EQT Corp - 25,882 - 25,882 387,166 0.07 Equital Ltd - 1,717 - 1,717 55,890 0.01 Esso SA Francaise 173 - 173 - - 0.00 Extraction Oil & Gas Inc 13,363 - - 13,363 49,081 0.01 Faroe Petroleum PLC 23,579 - 23,579 - - 0.00 Freehold Royalties Ltd 7,788 - - 7,788 47,852 0.01 Frontera Energy Corp - 6,494 - 6,494 65,507 0.01 Gran Tierra Energy Inc 44,264 - - 44,264^ 71,429 0.01 Gulf Keystone Petroleum Ltd 40,539 - - 40,539 115,483 0.02 Gulfport Energy Corp 20,949 - 6,718 14,231^ 53,255 0.01 Halcon Resources Corp 9,362 - 9,362 - - 0.00 HighPoint Resources Corp 5,816 - - 5,816 7,197 0.00 Hurricane Energy PLC 162,752 - - 162,752^ 85,821 0.01 Israel Corp Ltd 511 - - 511 124,704 0.02 Jagged Peak Energy Inc 10,117 - 4,773 5,344 38,833 0.01 Japan Drilling Co Ltd 400 - - 400 88 0.00 Japan Petroleum Exploration Co Ltd 3,750 - - 3,750^ 81,619 0.01 Jerusalem Oil Exploration 935 - 935 - - 0.00 Karoon Energy Ltd 22,669 - 22,669 - - 0.00 Kelt Exploration Ltd 16,806 - - 16,806 52,962 0.01 Kosmos Energy Ltd - 31,119 - 31,119 185,155 0.03 Kosmos Energy Ltd 31,119 - 31,119 - - 0.00 Laredo Petroleum Inc 16,204 - - 16,204^ 53,259 0.01 Magnolia Oil & Gas Corp - 10,018 - 10,018 110,881 0.02 Matador Resources Co 12,800 - 3,125 9,675^ 168,865 0.03 MEG Energy Corp 23,422 - - 23,422 98,003 0.02 Montage Resources Corp 5,559 - 5,559 - - 0.00 Montage Resources Corp - 4,637 1 4,637 15,333 0.00 Murphy Oil Corp 17,702 1,585 2,621 16,666^ 396,644 0.07 Murphy USA Inc 3,245 - - 3,245 283,861 0.05 Nabors Industries Ltd 32,507 - - 32,507 95,259 0.02 Naphtha Israel Petroleum Corp Ltd 2,883 - - 2,883 18,928 0.00 Newfield Exploration Co - 21,981 21,981 - - 0.00 NewOcean Energy Holdings Ltd 113,000 - - 113,000^ 23,723 0.00 Noble Corp plc 26,730 - - 26,730 59,012 0.01 NuVista Energy Ltd 16,501 - - 16,501 33,838 0.01 Oasis Petroleum Inc 30,628 - - 30,628 147,667 0.02 Obsidian Energy Ltd 50,479 - 50,479 - - 0.00 Oil Refineries Ltd 119,529 159,572 - 279,101 149,577 0.03

BlackRock Investment Funds Switzerland ANNUAL REPORT [113] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Ophir Energy PLC 73,216 - 73,216 - - 0.00 Painted Pony Energy Ltd 10,598 - 10,598 - - 0.00 Par Pacific Holdings Inc - 3,011 - 3,011 68,739 0.01 Paramount Resources Ltd 8,171 - - 8,171 48,912 0.01 Parex Resources Inc 15,636 - - 15,636 265,941 0.04 Parkland Fuel Corp 16,704 3,898 3,782 16,820 546,923 0.09 Paz Oil Co Ltd 572 764 - 1,336 188,965 0.03 PBF Energy Inc 11,587 - 1,378 10,209 282,286 0.05 PDC Energy Inc 6,584 - - 6,584 187,267 0.03 Pengrowth Energy Corp 57,201 - 57,201 - - 0.00 Penn Virginia Corp - 836 - 836 28,338 0.00 Peyto Exploration & Development Corp 17,803 - - 17,803 53,688 0.01 Precision Drilling Corp 30,921 - - 30,921 52,918 0.01 Premier Oil PLC 112,674 - 48,150 64,524^ 65,733 0.01 QEP Resources Inc 34,211 - 11,581 22,630 110,898 0.02 Raging River Exploration Inc 20,346 - 20,346 - - 0.00 Range Resources Corp 28,065 - 4,772 23,293^ 131,212 0.02 Resolute Energy Corp 2,787 - 2,787 - - 0.00 Ring Energy Inc 7,893 - - 7,893^ 19,144 0.00 Rowan Cos Plc 13,167 - 13,167 - - 0.00 SandRidge Energy Inc 4,720 - - 4,720^ 31,541 0.00 Saras SpA 57,542 - - 57,542^ 94,506 0.02 Secure Energy Services Inc 14,431 - - 14,431 76,376 0.01 Sembcorp Marine Ltd 156,400 - 80,600 75,800 74,025 0.01 Seven Generations Energy Ltd - 29,431 - 29,431 162,641 0.03 SM Energy Co 12,854 - 3,051 9,803 96,759 0.02 Soco International PLC 19,516 - - 19,516 14,549 0.00 Sound Energy PLC 78,078 - 78,078 - - 0.00 Southwestern Energy Co 67,798 - 12,635 55,163^ 120,145 0.02 SRC Energy Inc 24,981 - - 24,981 100,903 0.02 Surge Energy Inc 24,823 - - 24,823 23,580 0.00 Talos Energy Inc 2,121 - - 2,121 43,214 0.01 Tamarack Valley Energy Ltd - 25,952 - 25,952 42,262 0.01 Tellurian Inc 8,489 - - 8,489 51,853 0.01 Texas Pacific Land Trust 915 - 285 630 497,214 0.08 TORC Oil & Gas Ltd 15,781 - - 15,781 48,899 0.01 Transocean Ltd 49,348 5,507 8,048 46,807 281,741 0.05 Trinidad Drilling Ltd 24,036 - 24,036 - - 0.00 Tullow Oil PLC 152,876 32,928 28,980 156,824 368,324 0.06 Ultra Petroleum Corp 19,303 - 19,303 - - 0.00 Unit Corp 4,879 - - 4,879^ 31,396 0.00 Viva Energy Group Ltd - 135,197 - 135,197^ 221,406 0.04 W&T Offshore Inc - 9,160 - 9,160 40,717 0.01 Whitecap Resources Inc 46,877 - - 46,877 149,846 0.03 Whiting Petroleum Corp 9,210 - - 9,210 161,204 0.03 WPX Energy Inc 50,029 7,131 11,733 45,427 469,515 0.08 Z Energy Ltd 37,663 - - 37,663^ 159,712 0.03 12,146,645 2.07 Oil & gas services Akastor ASA 13,169 - - 13,169^ 16,834 0.00 Aker Solutions ASA 16,323 - - 16,323^ 52,441 0.01 Apergy Corp 8,848 - 1,654 7,194^ 231,681 0.04 Archrock Inc 16,865 - - 16,865 183,326 0.03 Basic Energy Services Inc 3,645 - 3,645 - - 0.00 Bourbon Corp 3,029 - 3,029 - - 0.00 C&J Energy Services Inc 6,380 - - 6,380 69,099 0.01 CES Energy Solutions Corp 21,622 - - 21,622 30,972 0.01 CGG SA 73,322 - - 73,322^ 161,560 0.03

[114] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Core Laboratories NV 4,766 1,316 830 5,252 260,858 0.04 DMC Global Inc - 1,527 - 1,527 78,973 0.01 Dril-Quip Inc 4,402 - - 4,402 229,317 0.04 Enerflex Ltd 8,177 - - 8,177 102,396 0.02 Exterran Corp 3,643 - - 3,643 49,230 0.01 Forum Energy Technologies Inc 6,935 - - 6,935 17,988 0.00 Frank's International NV 5,080 - - 5,080 28,666 0.01 Fugro NV 7,146 - - 7,146^ 58,304 0.01 Helix Energy Solutions Group Inc 11,446 - - 11,446 99,264 0.02 Hunting PLC 13,695 - - 13,695 84,666 0.01 Keane Group Inc 6,835 - - 6,835 42,562 0.01 KLX Energy Services Holdings Inc - 2,328 - 2,328 36,230 0.01 Liberty Oilfield Services Inc - 4,844 - 4,844 67,857 0.01 Maire Tecnimont SpA 27,005 - 14,488 12,517^ 30,160 0.01 Matrix Service Co 3,013 - - 3,013 54,795 0.01 McDermott International Inc 18,764 - - 18,764 119,260 0.02 MRC Global Inc 11,031 - 3,987 7,044 109,067 0.02 Natural Gas Services Group Inc 1,356 - 1,356 - - 0.00 Newpark Resources Inc 9,418 - - 9,418 71,141 0.01 Nine Energy Service Inc - 1,846 - 1,846 23,520 0.00 NOW Inc 11,818 - - 11,818 143,323 0.02 Oceaneering International Inc 10,990 - - 10,990 168,098 0.03 Oil States International Inc 5,498 - - 5,498 81,210 0.01 Pason Systems Inc 7,680 - - 7,680 102,715 0.02 Patterson-UTI Energy Inc 25,551 - 4,864 20,687 238,184 0.04 Petrofac Ltd 28,681 - - 28,681 145,918 0.02 PGS ASA 58,812 - 28,973 29,839^ 42,651 0.01 ProPetro Holding Corp 9,253 - - 9,253 166,079 0.03 RPC Inc 6,918 - - 6,918 42,326 0.01 Saipem SpA 65,497 - 10,193 55,304^ 273,831 0.05 SBM Offshore NV 19,724 2,965 3,509 19,180 379,489 0.06 Schoeller-Bleckmann Oilfield Equipment AG 968 - - 968^ 77,037 0.01 Select Energy Services Inc 7,453 - - 7,453 75,039 0.01 ShawCor Ltd 12,242 - 4,673 7,569 98,606 0.02 Solaris Oilfield Infrastructure Inc - 3,313 - 3,313 46,935 0.01 Subsea 7 SA 29,294 15,821 16,759 28,356^ 305,262 0.05 Superior Energy Services Inc 16,965 - - 16,965 15,237 0.00 TETRA Technologies Inc 10,122 - - 10,122 15,632 0.00 TGS NOPEC Geophysical Co ASA 11,541 - 1,793 9,748 236,364 0.04 Thermon Group Holdings Inc 3,776 - - 3,776 94,727 0.02 Total Energy Services Inc 7,577 - - 7,577 39,758 0.01 Trican Well Service Ltd 41,996 - - 41,996 30,712 0.01 US Silica Holdings Inc 9,253 - - 9,253 126,964 0.02 Weatherford International PLC 106,794 - 106,794 - - 0.00 WorleyParsons Ltd 28,135 19,139 47,274 - - 0.00 WorleyParsons Ltd - 957 957 - - 0.00 WorleyParsons Ltd Rights - 18,182 18,182 - - 0.00 5,256,264 0.90 Airlines Air France-KLM 22,268 5,374 5,758 21,884^ 227,326 0.04 Air New Zealand Ltd 58,888 - - 58,888^ 104,466 0.02 Allegiant Travel Co 473 - - 473 70,170 0.01 Dart Group PLC 6,969 - - 6,969 64,161 0.01 Finnair OYJ 11,142 - 7,428 3,714 26,078 0.00 Hawaiian Holdings Inc 1,803 - - 1,803 46,391 0.01 Norwegian Air Shuttle ASA 3,091 6,182 - 9,273^ 41,656 0.01 Norwegian Air Shuttle ASA Rights - 6,182 6,182 - - 0.00 SAS AB 7,981 21,797 - 29,778^ 40,841 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [115] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) SkyWest Inc 1,296 - - 1,296 77,893 0.01 Spirit Airlines Inc 2,029 - - 2,029 85,230 0.02 WestJet Airlines Ltd - 2,984 - 2,984 69,200 0.01 853,412 0.15 Forest products & paper Altri SGPS SA 8,343 - - 8,343 54,717 0.01 BillerudKorsnas AB 19,287 - - 19,287^ 222,924 0.04 Canfor Corp 9,302 - - 9,302 66,763 0.01 Canfor Pulp Products Inc 4,405 - - 4,405 30,653 0.00 Cascades Inc 7,249 - - 7,249 66,073 0.01 Clearwater Paper Corp 2,168 - - 2,168 42,132 0.01 Daio Paper Corp 9,489 - - 9,489^ 112,997 0.02 Domtar Corp 8,164 1,978 3,174 6,968 292,834 0.05 Ence Energia y Celulosa SA 28,835 - 15,441 13,394 48,573 0.01 Hokuetsu Corp 13,807 - - 13,807^ 68,360 0.01 Holmen AB 11,564 - - 11,564^ 244,645 0.04 Interfor Corp 7,485 - - 7,485 67,547 0.01 Mercer International Inc 9,853 - 4,800 5,053 65,182 0.01 Miquel y Costas & Miquel SA 1,611 966 - 2,577 44,312 0.01 Miquel y Costas & Miquel SA - 966 966 - - 0.00 Miquel y Costas & Miquel SA Rights - 1,611 1,611 - - 0.00 Navigator Co SA 35,325 - 19,119 16,206 54,447 0.01 Neenah Inc 1,874 - - 1,874 121,909 0.02 Nippon Paper Industries Co Ltd 16,750 - 9,100 7,650^ 134,276 0.02 Pack Corp 1,189 - - 1,189^ 35,777 0.01 Papeles y Cartones de Europa SA 4,586 - 4,586 - - 0.00 PH Glatfelter Co 5,010 - - 5,010 80,946 0.01 Quintis Ltd 27,254 - - 27,254 - 0.00 Resolute Forest Products Inc 6,792 - - 6,792 41,017 0.01 Schweitzer-Mauduit International Inc 3,367 - - 3,367 114,767 0.02 Semapa-Sociedade de Investimento e Gestao 5,623 - 3,420 2,203 29,091 0.00 Sumitomo Forestry Co Ltd 15,350 - 6,900 8,450^ 105,556 0.02 Svenska Cellulosa AB SCA 65,552 - 8,808 56,744^ 470,229 0.08 Verso Corp - 2,303 - 2,303 36,890 0.01 Western Forest Products Inc 45,836 - - 45,836 49,070 0.01 2,701,687 0.46 Leisure time Accell Group NV 2,113 - - 2,113^ 50,308 0.01 Accordia Golf Trust 89,800 - - 89,800 34,429 0.01 Amer Sports Oyj 15,594 - 15,594 - - 0.00 Basic-Fit NV 6,058 - - 6,058^ 190,643 0.03 Beneteau SA 7,142 - 3,357 3,785^ 39,489 0.01 BRP Inc 4,619 - - 4,619 161,893 0.03 Brunswick Corp/DE 9,923 - 1,916 8,007 389,688 0.07 Callaway Golf Co 8,378 - - 8,378 152,116 0.03 Camping World Holdings Inc 3,182 - - 3,182 36,952 0.01 Corporate Travel Management Ltd 12,800 - 5,725 7,075^ 111,471 0.02 CTS Eventim AG & Co KGaA 6,326 - - 6,326^ 315,455 0.05 Daiichikosho Co Ltd 4,478 - - 4,478^ 184,352 0.03 Dometic Group AB 34,601 - 7,975 26,626^ 242,683 0.04 Fields Corp 13,500 - 13,500 - - 0.00 Fox Factory Holding Corp 4,204 - - 4,204 333,290 0.06 Heiwa Corp 5,500 - - 5,500^ 112,586 0.02 HIS Co Ltd 4,601 - - 4,601^ 112,055 0.02 KNT-CT Holdings Co Ltd 1,200 - - 1,200^ 14,421 0.00 Koshidaka Holdings Co Ltd 4,600 - - 4,600^ 65,096 0.01 Liberty TripAdvisor Holdings Inc 7,486 - - 7,486 85,599 0.01

[116] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Malibu Boats Inc - 1,926 - 1,926 57,450 0.01 MasterCraft Boat Holdings Inc - 2,078 - 2,078 34,150 0.01 Mizuno Corp 2,424 - - 2,424^ 55,477 0.01 Nautilus Inc 3,699 - 3,699 - - 0.00 On the Beach Group PLC - 12,649 - 12,649 72,373 0.01 Piaggio & C SpA 23,508 - - 23,508 70,377 0.01 Planet Fitness Inc 9,069 - 909 8,160 635,447 0.11 Round One Corp 7,331 - - 7,331^ 110,963 0.02 Saga PLC 149,614 - 55,258 94,356 50,921 0.01 Suncity Group Holdings Ltd - 180,000 - 180,000 32,781 0.00 Technogym SpA 11,140 - - 11,140 119,722 0.02 Thomas Cook Group PLC 158,032 - - 158,032^ 10,659 0.00 Thule Group AB 11,732 - - 11,732^ 256,432 0.04 Tokyo Dome Corp 8,800 - - 8,800^ 80,641 0.01 Tosho Co Ltd 1,600 - - 1,600^ 39,624 0.01 Trigano SA 884 - - 884^ 88,719 0.01 Vista Outdoor Inc 6,970 - - 6,970 49,682 0.01 YETI Holdings Inc - 1,697 - 1,697 58,398 0.01 4,456,342 0.76 Trucking & leasing GATX Corp 4,729 - 1,693 3,036 231,013 0.04 Greenbrier Cos Inc 2,828 - - 2,828 80,940 0.01 Tourism Holdings Ltd 18,840 2,092 - 20,932^ 56,076 0.01 Tourism Holdings Ltd Rights - 2,092 2,092 - - 0.00 368,029 0.06 Gas Ascopiave SpA 7,318 - - 7,318 33,193 0.00 Chesapeake Utilities Corp 1,602 - - 1,602 148,226 0.02 Italgas SpA 43,062 19,771 14,271 48,562 306,074 0.05 Just Energy Group Inc 12,601 - - 12,601 43,605 0.01 K&O Energy Group Inc 1,085 - - 1,085^ 14,583 0.00 Keppel Infrastructure Trust 395,200 46,633 - 441,833 163,006 0.03 Keppel Infrastructure Trust Rights - 46,633 46,633 - - 0.00 National Fuel Gas Co 8,960 1,134 2,629 7,465^ 352,815 0.06 New Jersey Resources Corp 9,278 - - 9,278^ 458,067 0.08 Northwest Natural Holding Co 3,031 3,031 3,031 3,031 214,309 0.04 ONE Gas Inc 5,764 553 1,099 5,218 471,019 0.08 Rubis SCA 8,602 - - 8,602^ 482,618 0.08 Shizuoka Gas Co Ltd 4,397 - - 4,397^ 33,918 0.01 South Jersey Industries Inc 7,347 1,472 - 8,819 297,284 0.05 Southwest Gas Holdings Inc 5,122 - - 5,122^ 450,843 0.08 Spire Inc 4,864 - - 4,864 396,834 0.07 Valener Inc 5,110 - - 5,110 99,780 0.02 Vectren Corp 8,699 - 8,699 - - 0.00 3,966,174 0.68 Healthcare services Acadia Healthcare Co Inc 9,904 - 1,510 8,394^ 265,423 0.05 Addus HomeCare Corp - 689 - 689 54,971 0.01 Ain Holdings Inc 3,555 - 1,100 2,455^ 133,862 0.02 Amedisys Inc 2,681 610 - 3,291 449,258 0.08 Apollo Medical Holdings Inc - 2,250 - 2,250 34,081 0.01 Attendo AB 15,589 - - 15,589^ 70,946 0.01 BML Inc 2,000 - - 2,000^ 54,709 0.01 Brookdale Senior Living Inc 20,343 - - 20,343 156,887 0.03 Capital Senior Living Corp 3,367 - 3,367 - - 0.00 Catalent Inc 14,071 - - 14,071 786,922 0.13 Charles River Laboratories International Inc 5,184 435 629 4,990 664,641 0.11

BlackRock Investment Funds Switzerland ANNUAL REPORT [117] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Chemed Corp 1,924 270 478 1,716 688,693 0.12 Civitas Solutions Inc 1,295 - 1,295 - - 0.00 CMIC Holdings Co Ltd 1,180 - - 1,180^ 20,120 0.00 Community Health Systems Inc 12,838 - - 12,838 26,055 0.01 Encompass Health Corp 11,829 - 2,375 9,454 597,508 0.10 Ensign Group Inc 5,340 - - 5,340 318,571 0.05 Envision Healthcare Corp 13,617 - 13,617 - - 0.00 EPS Holdings Inc 2,600 - - 2,600^ 39,994 0.01 Estia Health Ltd 16,573 - - 16,573^ 30,534 0.01 Evotec SE 14,151 2,180 2,824 13,507^ 383,225 0.07 Extendicare Inc 9,748 - - 9,748 65,848 0.01 Hansa Biopharma AB 2,524 - - 2,524^ 50,428 0.01 Healius Ltd 55,740 10,699 66,439 - - 0.00 Healius Ltd - 10,699 10,699 - - 0.00 Healius Ltd - 66,439 - 66,439^ 132,832 0.02 Healthscope Ltd - 180,586 180,586 - - 0.00 Invitae Corp - 8,488 - 8,488 225,960 0.04 Japara Healthcare Ltd 25,662 - 25,662 - - 0.00 Korian SA 7,074 - 2,919 4,155 163,595 0.03 LHC Group Inc 2,931 - - 2,931 367,296 0.06 LifePoint Health Inc 4,692 - 4,692 - - 0.00 Magellan Health Inc 2,999 - 938 2,061 143,521 0.03 Medical Facilities Corp 3,644 - - 3,644 34,148 0.01 Mediclinic International PLC - 49,265 - 49,265^ 205,016 0.04 MEDNAX Inc 10,103 - - 10,103 245,748 0.04 Medpace Holdings Inc - 2,909 - 2,909 226,822 0.04 Metlifecare Ltd 15,880 - - 15,880^ 45,447 0.01 Miraca Holdings Inc 6,200 - - 6,200^ 139,804 0.02 Molina Healthcare Inc 6,079 359 449 5,989 787,267 0.13 Natera Inc - 3,069 - 3,069 83,797 0.01 National HealthCare Corp 1,126 - - 1,126 97,651 0.02 Orpea 5,012 - 660 4,352^ 543,507 0.09 Providence Service Corp 1,495 - - 1,495 82,498 0.01 R1 RCM Inc - 5,900 - 5,900 73,480 0.01 RadNet Inc - 3,353 - 3,353 48,896 0.01 Raffles Medical Group Ltd 87,171 - - 87,171 64,951 0.01 Regis Healthcare Ltd 13,361 - - 13,361 25,528 0.00 RHOEN-KLINIKUM AG 5,012 - 4,402 610^ 16,137 0.00 Select Medical Holdings Corp 10,221 - - 10,221 169,389 0.03 Sienna Senior Living Inc 3,993 6,904 4,365 6,532 97,506 0.02 Spire Healthcare Group PLC 28,788 - - 28,788 39,573 0.01 Surgery Partners Inc 2,380 - - 2,380 17,978 0.00 Syneos Health Inc 6,281 - - 6,281 317,687 0.05 Teladoc Health Inc 6,576 1,638 1,246 6,968^ 470,741 0.08 Tenet Healthcare Corp 12,741 - 2,995 9,746 227,416 0.04 Tivity Health Inc 3,480 659 - 4,139 71,503 0.01 Town Health International Medical Group Ltd 421,000 - - 421,000 261 0.00 Triple-S Management Corp 2,679 137 - 2,816 66,850 0.01 Tsukui Corp 3,800 - - 3,800^ 17,428 0.00 UDG Healthcare PLC 25,809 - - 25,809 250,287 0.04 US Physical Therapy Inc 1,326 - - 1,326 169,448 0.03 Virtus Health Ltd 8,758 - - 8,758^ 30,598 0.01 WellCare Health Plans Inc 4,956 448 5,404 - - 0.00 10,593,242 1.81 Healthcare - products Abaxis Inc 2,568 - 2,568 - - 0.00 Accelerate Diagnostics Inc 2,759 - - 2,759^ 51,023 0.01 Accuray Inc 7,433 - - 7,433 30,465 0.00

[118] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Advanced Medical Solutions Group PLC 21,669 - - 21,669^ 76,701 0.01 Ambu A/S 15,015 3,441 2,752 15,704^ 228,986 0.04 AngioDynamics Inc 2,698 - - 2,698 54,435 0.01 Arjo AB 49,999 - 22,310 27,689 111,498 0.02 As One Corp 1,600 - - 1,600^ 131,739 0.02 Asahi Intecc Co Ltd 10,200 - 10,200 - - 0.00 Asaleo Care Ltd 33,269 - 33,269 - - 0.00 AtriCure Inc 2,822 - - 2,822 89,625 0.01 Atrion Corp 199 - 82 117 89,131 0.01 Avanos Medical Inc 4,955 - - 4,955 199,750 0.03 Axogen Inc 5,655 - 2,441 3,214 57,210 0.01 Biotage AB 14,943 - 7,893 7,050 76,247 0.01 Bio-Techne Corp 4,698 - 1,037 3,661 761,666 0.13 BioTelemetry Inc 3,857 - - 3,857 179,275 0.03 Bruker Corp 12,967 1,423 3,263 11,127 527,103 0.09 Cantel Medical Corp 4,072 - - 4,072^ 372,007 0.06 Cardiovascular Systems Inc 3,314 - - 3,314 150,362 0.03 CareDx Inc - 4,815 - 4,815 156,210 0.03 Carl Zeiss Meditec AG 4,833 - 4,833 - - 0.00 Cellavision AB - 1,721 - 1,721^ 69,621 0.01 Cerus Corp 8,503 - - 8,503 49,245 0.01 Clinigen Healthcare Ltd 13,040 - - 13,040 159,336 0.03 CONMED Corp 2,735 - - 2,735 236,513 0.04 ConvaTec Group PLC - 148,421 - 148,421 280,850 0.05 CryoLife Inc 3,945 - - 3,945 112,558 0.02 CYBERDYNE Inc - 11,500 - 11,500^ 64,803 0.01 DiaSorin SpA 2,589 - - 2,589 299,645 0.05 Draegerwerk AG & Co KGaA 1,272 - - 1,272^ 68,702 0.01 Elekta AB 45,520 - 10,030 35,490 503,596 0.09 Endologix Inc 6,911 - 6,911 - - 0.00 Fukuda Denshi Co Ltd 800 - 800 - - 0.00 GenMark Diagnostics Inc 4,050 - - 4,050 25,100 0.00 Genomic Health Inc 2,245 - - 2,245 162,180 0.03 Getinge AB 25,757 - 5,744 20,013 293,584 0.05 Glaukos Corp 2,139 844 - 2,983 241,215 0.04 Globus Medical Inc 7,756 - - 7,756^ 349,983 0.06 GN Store Nord A/S 17,765 - 4,247 13,518 640,741 0.11 Guerbet 482 - - 482^ 27,680 0.00 Haemonetics Corp 5,433 - 590 4,843 585,321 0.10 Hanger Inc - 2,660 - 2,660 45,426 0.01 Hill-Rom Holdings Inc 7,189 770 1,219 6,740 711,566 0.12 Hogy Medical Co Ltd 2,526 - - 2,526^ 69,903 0.01 ICU Medical Inc 1,557 590 - 2,147^ 540,820 0.09 Inogen Inc 2,209 - 482 1,727 105,148 0.02 Inspire Medical Systems Inc - 825 - 825 55,237 0.01 Insulet Corp 6,055 - - 6,055^ 736,958 0.13 Integer Holdings Corp 2,736 - - 2,736 237,087 0.04 Integra LifeSciences Holdings Corp 6,620 1,862 1,280 7,202 451,969 0.08 Intersect ENT Inc 1,743 1,368 - 3,111 60,889 0.01 Invacare Corp 3,545 - 3,545 - - 0.00 Ion Beam Applications 2,066 - - 2,066^ 39,556 0.01 iRhythm Technologies Inc 1,843 862 - 2,705 222,645 0.04 Japan Lifeline Co Ltd 7,200 - - 7,200^ 126,968 0.02 K2M Group Holdings Inc 2,497 - 2,497 - - 0.00 Lantheus Holdings Inc 4,546 - - 4,546 101,802 0.02 LeMaitre Vascular Inc - 1,601 - 1,601 52,447 0.01 Lifco AB - 4,841 - 4,841^ 247,594 0.04 LivaNova PLC 5,546 - 912 4,634 353,479 0.06

BlackRock Investment Funds Switzerland ANNUAL REPORT [119] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Luminex Corp 4,091 - - 4,091 88,009 0.01 Mani Inc 2,200 - - 2,200^ 157,871 0.03 Masimo Corp 5,333 - - 5,333 833,396 0.14 Mazor Robotics Ltd 6,421 - 6,421 - - 0.00 Menicon Co Ltd - 2,500 - 2,500 91,751 0.02 Meridian Bioscience Inc 4,407 - - 4,407 52,137 0.01 Merit Medical Systems Inc 4,890 781 - 5,671 221,540 0.04 Microport Scientific Corp - 82,000 - 82,000 68,757 0.01 MiMedx Group Inc 10,078 - 10,078 - - 0.00 Nakanishi Inc 11,400 - 4,300 7,100^ 129,218 0.02 Nanosonics Ltd 41,040 - - 41,040^ 154,302 0.03 NanoString Technologies Inc - 3,365 - 3,365 109,468 0.02 Natus Medical Inc 3,579 - - 3,579 110,088 0.02 Nevro Corp 3,295 - - 3,295 218,101 0.04 Nihon Kohden Corp 12,869 - 4,800 8,069^ 220,575 0.04 Nipro Corp 16,300 - - 16,300^ 180,283 0.03 Novocure Ltd 5,654 2,090 - 7,744 638,011 0.11 NuVasive Inc 5,227 - - 5,227 344,637 0.06 NxStage Medical Inc 6,161 - 6,161 - - 0.00 OPKO Health Inc 35,289 - - 35,289 73,715 0.01 OraSure Technologies Inc 5,641 - - 5,641 46,631 0.01 Orthofix International NV 2,057 - 2,057 - - 0.00 Orthofix Medical Inc - 2,057 - 2,057 108,847 0.02 Paramount Bed Holdings Co Ltd 3,698 - 1,800 1,898^ 72,253 0.01 Patterson Cos Inc 9,307 - - 9,307 182,436 0.03 Penumbra Inc 3,313 - - 3,313^ 549,706 0.09 Quidel Corp 3,082 697 - 3,779 220,844 0.04 Quotient Ltd - 5,081 - 5,081 53,119 0.01 Repligen Corp 3,594 - - 3,594 335,845 0.06 Rockwell Medical Inc 1,378 18,751 8,248 11,881 31,287 0.01 Sartorius Stedim Biotech 3,229 - 3,229 - - 0.00 Sientra Inc - 4,531 4,531 - - 0.00 STAAR Surgical Co 3,269 - - 3,269 94,856 0.02 STERIS PLC - 7,997 7,997 - - 0.00 STERIS PLC/UK 10,305 - 10,305 - - 0.00 STRATEC SE 430 - - 430^ 28,107 0.00 Surmodics Inc 1,981 - - 1,981 81,782 0.01 Tactile Systems Technology Inc 2,367 634 853 2,148 122,785 0.02 Tandem Diabetes Care Inc - 6,195 797 5,398 338,971 0.06 Topcon Corp 14,777 - 5,900 8,877^ 103,929 0.02 TransEnterix Inc - 14,955 - 14,955 20,284 0.00 Varex Imaging Corp 4,240 - - 4,240 133,442 0.02 ViewRay Inc - 5,809 - 5,809 51,528 0.01 West Pharmaceutical Services Inc 8,986 508 1,934 7,560 1,027,384 0.17 Wright Medical Group NV 10,078 2,511 - 12,589 359,685 0.06 19,329,180 3.29 Beverages AG Barr PLC - 9,534 - 9,534 79,282 0.01 Boston Beer Co Inc 982 - 182 800 310,717 0.05 Britvic PLC 25,709 12,521 11,697 26,533 294,939 0.05 C&C Group PLC 38,446 - - 38,446 172,901 0.03 Coca-Cola Consolidated Inc 605 - - 605 175,810 0.03 Cott Corp 13,218 - - 13,218 168,312 0.03 DyDo Group Holdings Inc 1,088 - - 1,088^ 42,559 0.01 Farmer Brothers Co 951 - - 951 15,290 0.00 Fevertree Drinks PLC 10,545 - - 10,545 298,604 0.05 Ito En Ltd 6,400 - - 6,400^ 278,650 0.05 Key Coffee Inc 2,842 - - 2,842^ 55,222 0.01

[120] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Lassonde Industries Inc - 335 - 335 46,724 0.01 Marston's PLC 62,466 - - 62,466^ 80,946 0.01 MGP Ingredients Inc 1,553 - - 1,553 76,858 0.01 National Beverage Corp 1,276 - - 1,276 54,989 0.01 Royal Unibrew A/S 4,858 - - 4,858 360,994 0.06 Sapporo Holdings Ltd 6,900 4,700 5,800 5,800^ 130,415 0.02 Stock Spirits Group PLC 20,011 - - 20,011 55,550 0.01 Takara Holdings Inc 18,250 - 4,000 14,250^ 146,565 0.03 2,845,327 0.48 Commercial services 2U Inc 5,768 - - 5,768 73,092 0.01 AA PLC 65,438 - - 65,438^ 39,630 0.01 Aaron's Inc 7,185 - - 7,185 448,484 0.08 ABM Industries Inc 6,159 - - 6,159 256,640 0.04 Adapteo Oyj - 7,036 7,036 - - 0.00 Adtalem Global Education Inc 6,697 - 1,175 5,522 258,961 0.04 Aeon Delight Co Ltd 2,237 - - 2,237^ 66,393 0.01 Aggreko PLC 24,316 - - 24,316 245,712 0.04 ALD SA 16,023 - 6,521 9,502^ 141,395 0.02 Altus Group Ltd/Canada 3,431 - - 3,431 86,679 0.02 Amadeus Fire AG 745 - - 745 101,170 0.02 American Public Education Inc 1,849 - - 1,849 60,443 0.01 AMN Healthcare Services Inc 5,354 - - 5,354 282,939 0.05 Applus Services SA 10,794 - - 10,794 151,817 0.03 Arlo Technologies Inc - 6,895 - 6,895 29,352 0.01 ASGN Inc 5,148 - - 5,148 321,336 0.06 Assystem SA 1,212 - - 1,212 51,167 0.01 ASTM SpA 3,877 - - 3,877 133,589 0.02 Atlas Arteria Ltd 89,797 21,688 42,982 68,503^ 382,830 0.07 Avis Budget Group Inc 6,999 - - 6,999 252,147 0.04 Babcock International Group PLC - 23,635 - 23,635 136,491 0.02 Barrett Business Services Inc 1,186 - - 1,186 102,737 0.02 BCA Marketplace PLC - 89,315 - 89,315^ 262,009 0.04 Benefit One Inc 3,600 3,600 - 7,200^ 122,963 0.02 Booz Allen Hamilton Holding Corp 18,482 - 4,800 13,682 931,231 0.16 Bravida Holding AB 22,687 - - 22,687 188,472 0.03 Bright Horizons Family Solutions Inc 6,194 885 1,196 5,883 885,682 0.15 Brink's Co 5,075 - - 5,075 452,986 0.08 Brunel International NV 1,850 - - 1,850^ 26,387 0.00 Capella Education Co 1,154 - 1,154 - - 0.00 Capita PLC 189,387 - 33,970 155,417^ 219,577 0.04 Cardtronics PLC 4,794 - - 4,794 135,168 0.02 Care.com Inc - 1,892 - 1,892 20,529 0.00 Career Education Corp 5,454 - - 5,454 102,374 0.02 Carriage Services Inc 1,695 - - 1,695 32,084 0.01 Cass Information Systems Inc 1,068 214 1 1,281 64,564 0.01 Caverion OYJ 10,267 - - 10,267^ 67,902 0.01 CBIZ Inc 3,982 - - 3,982 92,129 0.02 Chegg Inc 9,608 - - 9,608 427,275 0.07 Cimpress NV 2,247 - - 2,247 214,556 0.04 Colliers International Group Inc 3,545 - - 3,545 256,251 0.04 CoreLogic Inc/United States 9,460 - 2,260 7,200 324,823 0.06 CorVel Corp 1,201 - - 1,201 101,302 0.02 Cramo OYJ 3,518 3,518 - 7,036 71,427 0.01 Credit Corp Group Ltd 3,696 - - 3,696 63,428 0.01 Cross Country Healthcare Inc 7,014 - - 7,014 65,897 0.01 CTT-Correios de Portugal SA 21,560 - - 21,560^ 45,771 0.01 De La Rue PLC 10,314 - - 10,314^ 29,194 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [121] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Dignity PLC 4,898 - - 4,898^ 32,062 0.01 Duskin Co Ltd 5,086 - - 5,086^ 134,301 0.02 Element Fleet Management Corp 42,831 - - 42,831 324,200 0.06 Elis SA 25,533 3,345 7,892 20,986^ 388,157 0.07 Enercare Inc 9,832 - 9,832 - - 0.00 Ennis Inc 2,583 - - 2,583 51,987 0.01 Equiniti Group PLC 72,071 - 39,362 32,709^ 83,424 0.01 Euronet Worldwide Inc 5,292 - - 5,292 816,825 0.14 Europcar Mobility Group 9,217 - - 9,217^ 57,605 0.01 EVERTEC Inc 7,316 - - 7,316 231,916 0.04 Evo Payments Inc - 2,589 - 2,589 79,764 0.01 Forrester Research Inc 879 - - 879 41,187 0.01 FTI Consulting Inc 4,422 - 748 3,674 379,912 0.06 Funai Soken Holdings Inc 7,050 - 2,900 4,150^ 94,714 0.02 Future Corp 1,150 - - 1,150^ 20,479 0.00 G8 Education Ltd 69,530 - 38,434 31,096 61,534 0.01 GL Events 573 143 - 716 19,415 0.00 GL Events Rights - 573 573 - - 0.00 Global Dominion Access SA 3,978 - - 3,978^ 19,030 0.00 GMO Payment Gateway Inc 3,000 3,000 6,000 - - 0.00 Graham Holdings Co 501 - - 501 368,387 0.06 Grand Canyon Education Inc 4,709 - - 4,709^ 507,076 0.09 Green Dot Corp 4,221 923 - 5,144 258,142 0.04 GreenSky Inc - 4,998 - 4,998 56,556 0.01 Groupe Crit 356 - - 356 23,898 0.00 Hamburger Hafen und Logistik AG 2,279 - - 2,279 57,426 0.01 Harsco Corp 9,096 - - 9,096 211,258 0.04 Hays PLC 174,448 - 53,638 120,810 225,674 0.04 Healthcare Services Group Inc 7,599 - - 7,599 179,875 0.03 HealthEquity Inc 5,973 1,814 1,119 6,668 541,176 0.09 Heidrick & Struggles International Inc 1,670 - - 1,670 49,103 0.01 Herc Holdings Inc 2,676 - - 2,676 119,587 0.02 Hertz Global Holdings Inc 8,030 2,731 4,061 6,700 102,944 0.02 Hertz Global Holdings Inc Rights - 3,969 3,969 - - 0.00 HMS Holdings Corp 9,471 - - 9,471 327,233 0.06 Huron Consulting Group Inc 2,457 - - 2,457 148,305 0.03 Hutchison Port Holdings Trust 588,600 - - 588,600 128,197 0.02 ICF International Inc 2,058 - - 2,058 173,568 0.03 IDP Education Ltd 14,092 - - 14,092^ 184,815 0.03 Insperity Inc 3,520 362 - 3,882 408,722 0.07 InvoCare Ltd 11,646 - - 11,646^ 124,208 0.02 IPH Ltd 8,460 11,907 - 20,367^ 115,906 0.02 ITE Group PLC 71,754 - - 71,754^ 63,757 0.01 IWG PLC 87,526 - 23,555 63,971 293,822 0.05 K12 Inc 3,364 - - 3,364 99,411 0.02 Kanamoto Co Ltd 2,700 - - 2,700^ 69,253 0.01 Kelly Services Inc 3,779 - - 3,779 104,118 0.02 Keywords Studios PLC 4,934 - - 4,934^ 99,464 0.02 Kforce Inc 2,788 - - 2,788 94,092 0.02 Korn Ferry 5,373 - - 5,373 208,941 0.04 Laureate Education Inc 5,103 3,696 - 8,799 142,773 0.02 LiveRamp Holdings Inc 8,353 8,353 9,575 7,131 371,975 0.06 Loomis AB 9,401 - 2,976 6,425 220,796 0.04 LSC Communications Inc 2,819 - 2,819 - - 0.00 Macquarie Infrastructure Corp 9,083 - 2,037 7,046 289,066 0.05 MarketAxess Holdings Inc 4,080 - 4,080 - - 0.00 Matthews International Corp 3,645 - - 3,645 123,232 0.02 Medifast Inc 809 370 - 1,179^ 130,319 0.02

[122] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Meiko Network Japan Co Ltd 2,100 - - 2,100^ 18,018 0.00 Michael Page International PLC 31,827 - - 31,827 173,151 0.03 Mitie Group PLC 39,352 - - 39,352^ 78,709 0.01 MoneyGram International Inc 3,231 - 3,231 - - 0.00 Monro Inc 3,504 - - 3,504 292,121 0.05 Morneau Shepell Inc 5,017 4,065 2,791 6,291 144,088 0.02 Morningstar Inc 2,298 - - 2,298 345,758 0.06 National Research Corp - 922 - 922 61,540 0.01 Navigant Consulting Inc 6,453 - 2,767 3,686 88,893 0.02 Navitas Ltd 26,998 - 26,998 - - 0.00 Net 1 UEPS Technologies Inc 5,316 - 5,316 - - 0.00 NichiiGakkan Co Ltd 4,400 - - 4,400^ 69,407 0.01 Nihon M&A Center Inc 18,100 - 4,700 13,400^ 360,684 0.06 Nippon Kanzai Co Ltd 1,400 - - 1,400^ 23,437 0.00 Nippon Parking Development Co Ltd 19,850 - - 19,850^ 30,769 0.01 Nishio Rent All Co Ltd 1,600 - - 1,600^ 44,569 0.01 Nissin Corp 1,805 - - 1,805^ 28,785 0.01 Nomura Co Ltd 3,900 3,900 - 7,800^ 105,473 0.02 Northgate PLC 14,874 - - 14,874^ 59,320 0.01 Nutrisystem Inc 3,080 - 3,080 - - 0.00 OFX Group Ltd 22,614 - - 22,614^ 21,063 0.00 Outsourcing Inc 12,500 - - 12,500^ 149,765 0.03 Paylocity Holding Corp 3,724 - - 3,724 376,381 0.06 Prestige International Inc - 4,200 - 4,200 64,261 0.01 Prosegur Cash SA - 33,925 - 33,925^ 68,806 0.01 Prosegur Cia de Seguridad SA 30,003 - - 30,003^ 139,495 0.02 QinetiQ Group PLC 66,641 - - 66,641 233,623 0.04 Quad/Graphics Inc 2,354 - - 2,354 26,358 0.00 Quanta Services Inc 17,189 1,569 4,438 14,320 530,496 0.09 Raksul Inc - 1,600 - 1,600 55,438 0.01 Ramirent OYJ 8,594 - 8,594 - - 0.00 Redde PLC 28,083 - - 28,083 38,944 0.01 Rent-A-Center Inc/TX 5,902 - - 5,902 157,936 0.03 Rentokil Initial PLC 221,253 - 221,253 - - 0.00 Restore PLC 17,357 - - 17,357^ 90,473 0.02 Ritchie Bros Auctioneers Inc 13,046 - 2,868 10,178 365,634 0.06 Rosetta Stone Inc - 2,075 - 2,075 47,166 0.01 RPS Group PLC 23,140 - - 23,140^ 35,175 0.01 RR Donnelley & Sons Co 7,517 - - 7,517 15,033 0.00 RWS Holdings PLC - 24,383 8,256 16,127 127,070 0.02 Savills PLC 13,697 - - 13,697^ 157,983 0.03 Serco Group PLC 121,703 - - 121,703 217,458 0.04 Service Corp International/US 20,991 - 3,953 17,038 778,272 0.13 ServiceMaster Global Holdings Inc 15,218 - 2,481 12,737 671,211 0.11 ServiceSource International Inc 6,512 - 6,512 - - 0.00 Sixt SE 1,817 - 688 1,129^ 115,299 0.02 Sixt SE 1,738 - - 1,738^ 115,327 0.02 SmartGroup Corp Ltd - 10,961 - 10,961 70,306 0.01 Societa Iniziative Autostradali e Servizi SpA 7,273 - - 7,273^ 137,728 0.02 Sotheby's 3,371 - - 3,371 199,270 0.03 SP Plus Corp 1,605 - - 1,605 54,866 0.01 Strategic Education Inc 1,087 2,096 1,087 2,096 369,336 0.06 Synergie SA 727 - - 727^ 23,119 0.00 Team Inc 3,112 - - 3,112 51,019 0.01 TechnoPro Holdings Inc 5,500 - 2,000 3,500^ 198,502 0.03 TKC Corp 3,900 - 1,100 2,800^ 115,910 0.02 Toppan Forms Co Ltd 5,050 - - 5,050^ 43,882 0.01 Transcontinental Inc 6,552 - - 6,552 74,984 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [123] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Travelport Worldwide Ltd 13,502 - 13,502 - - 0.00 TriNet Group Inc 4,339 - - 4,339 315,899 0.05 TrueBlue Inc 4,517 - - 4,517 88,408 0.02 Viad Corp 2,055 - - 2,055 140,662 0.02 Weight Watchers International Inc 3,319 - - 3,319 71,138 0.01 WEX Inc 4,851 437 829 4,459 962,650 0.16 Zip Co Ltd - 22,568 - 22,568 50,202 0.01 27,777,842 4.73 Savings & loans Axos Financial Inc 5,556 5,556 5,556 5,556 161,218 0.03 Banc of California Inc 3,040 - - 3,040 47,040 0.01 Beneficial Bancorp Inc 8,155 - 8,155 - - 0.00 Berkshire Hills Bancorp Inc 3,345 1,491 - 4,836 157,034 0.03 Brookline Bancorp Inc 8,336 - - 8,336 122,387 0.02 Capitol Federal Financial Inc 16,458 - - 16,458^ 222,568 0.04 Dime Community Bancshares Inc 3,438 - - 3,438 68,685 0.01 First Defiance Financial Corp 3,318 - - 3,318 94,340 0.02 Flushing Financial Corp 3,146 - - 3,146 63,412 0.01 HomeTrust Bancshares Inc 2,005 - - 2,005 51,867 0.01 Investors Bancorp Inc 33,161 - 10,623 22,538^ 253,471 0.04 Meridian Bancorp Inc 3,606 - - 3,606 65,473 0.01 New York Community Bancorp Inc - 52,284 - 52,284 596,806 0.10 Northfield Bancorp Inc 5,166 - - 5,166 80,039 0.01 Northwest Bancshares Inc 10,804 - - 10,804 183,436 0.03 OceanFirst Financial Corp 3,898 - - 3,898 94,160 0.02 Oritani Financial Corp 3,695 - - 3,695 66,211 0.01 Pacific Premier Bancorp Inc 5,390 - - 5,390 168,781 0.03 Provident Financial Services Inc 6,488 - - 6,488 155,311 0.03 Sterling Bancorp/DE 24,633 - 4,256 20,377^ 440,785 0.07 TFS Financial Corp 8,771 - - 8,771^ 155,952 0.03 United Financial Bancorp Inc 4,884 - - 4,884 69,336 0.01 Washington Federal Inc 10,837 1,799 4,979 7,657 277,292 0.05 Waterstone Financial Inc 3,561 - - 3,561 59,579 0.01 WSFS Financial Corp 3,654 2,457 - 6,111 256,334 0.04 3,911,517 0.67 Semiconductors Advantest Corp 16,700 9,200 25,900 - - 0.00 AIXTRON SE 11,198 - - 11,198^ 126,147 0.02 Ambarella Inc 3,221 - - 3,221 159,280 0.03 Amkor Technology Inc 11,661 - - 11,661 106,555 0.02 ASM International NV 4,999 1,953 1,790 5,162 421,166 0.07 AVX Corp 6,796 - - 6,796 102,468 0.02 Axcelis Technologies Inc 4,931 - - 4,931 78,351 0.01 BE Semiconductor Industries NV 6,828 - - 6,828^ 203,134 0.03 Brooks Automation Inc 7,559 - - 7,559^ 290,356 0.05 Cabot Microelectronics Corp 2,651 324 - 2,975 358,290 0.06 CEVA Inc 2,059 - - 2,059 56,627 0.01 Cirrus Logic Inc 6,640 - - 6,640 322,435 0.06 Cohu Inc 2,196 1,376 - 3,572 53,610 0.01 Cree Inc 11,454 1,290 2,291 10,453 643,468 0.11 CTS Corp 3,702 - - 3,702 115,520 0.02 Cypress Semiconductor Corp 37,193 5,172 7,370 34,995 795,797 0.14 Dialog Semiconductor PLC 8,806 - 2,115 6,691 304,082 0.05 Diodes Inc 3,840 - - 3,840 161,948 0.03 Entegris Inc 13,857 - - 13,857 596,889 0.10 FormFactor Inc 6,344 - - 6,344 105,388 0.02 Inphi Corp 3,297 - - 3,297 196,527 0.03

[124] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Integrated Device Technology Inc 14,819 - 14,819 - - 0.00 IQE PLC 112,255 - - 112,255^ 90,287 0.02 Japan Material Co Ltd 12,000 - 5,000 7,000^ 91,464 0.02 Kulicke & Soffa Industries Inc 8,772 - 2,880 5,892 132,003 0.02 Lasertec Corp 4,200 - - 4,200^ 201,820 0.03 Lattice Semiconductor Corp 13,705 - - 13,705 262,404 0.04 MACOM Technology Solutions Holdings Inc 4,923 - - 4,923 95,623 0.02 MaxLinear Inc 7,519 - - 7,519 163,615 0.03 Megachips Corp 2,408 - - 2,408^ 35,943 0.01 Melexis NV 2,285 - - 2,285^ 156,410 0.03 Mellanox Technologies Ltd 5,630 598 1,446 4,782 533,163 0.09 Micronics Japan Co Ltd 3,200 - - 3,200^ 30,608 0.01 MKS Instruments Inc 5,978 864 1,222 5,620^ 473,646 0.08 Monolithic Power Systems Inc 4,178 - - 4,178^ 612,822 0.10 Nanometrics Inc 2,030 - - 2,030 63,064 0.01 Nordic Semiconductor ASA 13,792 - - 13,792^ 68,781 0.01 Nova Measuring Instruments Ltd 5,174 - 2,375 2,799 81,936 0.01 NuFlare Technology Inc 500 - - 500^ 35,287 0.01 Photronics Inc 7,483 - - 7,483 71,341 0.01 Power Integrations Inc 3,243 - - 3,243 292,387 0.05 Rambus Inc 12,773 - - 12,773 157,560 0.03 REC Silicon ASA 223,901 - 223,901 - - 0.00 Restar Holdings Corp 3,800 - - 3,800^ 57,101 0.01 Rudolph Technologies Inc 2,924 - - 2,924 77,927 0.01 Ryosan Co Ltd 3,320 - - 3,320^ 80,857 0.01 Sanken Electric Co Ltd 19,000 3,800 19,000 3,800^ 79,658 0.01 Semtech Corp 7,378 - 1,311 6,067^ 317,555 0.05 Shin-Etsu Polymer Co Ltd 4,611 - - 4,611^ 32,374 0.01 Shinko Electric Industries Co Ltd 15,000 - 8,900 6,100^ 49,335 0.01 Silicon Laboratories Inc 4,242 - - 4,242 471,235 0.08 Siltronic AG 2,776 - 899 1,877^ 146,275 0.03 SOITEC 2,034 - - 2,034 212,206 0.04 Synaptics Inc 3,972 - - 3,972 126,541 0.02 Teradyne Inc 22,081 - 4,595 17,486 964,750 0.16 Tokyo Ohka Kogyo Co Ltd 4,470 - - 4,470^ 151,212 0.03 Tower Semiconductor Ltd 12,185 - 3,604 8,581 169,327 0.03 Ultra Clean Holdings Inc 4,412 - - 4,412 63,727 0.01 Ulvac Inc 4,850 - - 4,850^ 203,425 0.03 V Technology Co Ltd 736 736 - 1,472^ 69,660 0.01 Veeco Instruments Inc 5,402 - - 5,402 63,694 0.01 Xcerra Corp 6,526 - 6,526 - - 0.00 X-Fab Silicon Foundries SE 12,639 - - 12,639^ 60,672 0.01 Xperi Corp 5,071 - - 5,071 107,183 0.02 12,352,916 2.11 Housewares ACCO Brands Corp 12,948 - - 12,948 125,365 0.02 Central Garden & Pet Co 3,207 1,683 - 4,890 133,372 0.02 Cronos Group Inc - 16,708 16,708 - - 0.00 Helen of Troy Ltd 2,931 - 471 2,460 361,121 0.06 Mitsubishi Pencil Co Ltd 7,594 - 4,000 3,594^ 55,481 0.01 Ontex Group NV 10,199 - 3,437 6,762^ 111,281 0.02 Oriola Oyj 12,716 - - 12,716^ 28,594 0.01 Pilot Corp 3,500 - - 3,500^ 131,483 0.02 Quanex Building Products Corp 4,013 - - 4,013 73,975 0.01 Spectrum Brands Holdings Inc 2,606 1,960 958 3,608 178,989 0.03 WD-40 Co 1,502 - - 1,502 269,976 0.05 1,469,637 0.25

BlackRock Investment Funds Switzerland ANNUAL REPORT [125] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Household products & wares Breville Group Ltd 8,770 - - 8,770^ 115,078 0.02 Scotts Miracle-Gro Co 4,650 603 1,271 3,982 442,234 0.07 Toro Co 12,230 966 2,930 10,266 740,094 0.13 Tupperware Brands Corp 4,804 - - 4,804 72,814 0.01 1,370,220 0.23 Home furnishings Alpine Electronics Inc 4,591 - 4,591 - - 0.00 Bang & Olufsen A/S 4,450 - - 4,450^ 28,548 0.01 Canon Electronics Inc 1,949 - - 1,949^ 31,775 0.01 Clarion Co Ltd 10,554 2,110 12,664 - - 0.00 Corona Corp 800 - - 800^ 7,353 0.00 Daktronics Inc 3,979 - - 3,979 24,975 0.00 De' Longhi SpA 5,879 - - 5,879^ 117,810 0.02 Dolby Laboratories Inc 7,427 1,313 2,601 6,139 413,885 0.07 Dorel Industries Inc 2,758 - - 2,758 19,400 0.00 Ethan Allen Interiors Inc 3,080 - - 3,080 62,752 0.01 Foster Electric Co Ltd 5,382 - 3,800 1,582^ 27,609 0.01 France Bed Holdings Co Ltd 1,500 - - 1,500^ 13,636 0.00 Hamilton Beach Brands Holding Co 344 - - 344 5,589 0.00 Hamilton Beach Brands Holding Co 344 - - 344 5,589 0.00 Hooker Furniture Corp 1,936 - - 1,936 39,962 0.01 Howden Joinery Group PLC 78,861 - 23,501 55,360 372,448 0.06 iRobot Corp 3,078 392 633 2,837 205,311 0.04 JVCKenwood Corp 11,942 - - 11,942^ 26,678 0.00 Kokuyo Co Ltd 7,650 - - 7,650^ 102,747 0.02 Maxell Holdings Ltd 3,550 - - 3,550^ 45,252 0.01 Nilfisk Holding A/S 2,596 - - 2,596^ 65,988 0.01 Nobia AB 12,003 - - 12,003^ 77,666 0.01 Pioneer Corp 72,250 - 72,250 - - 0.00 Rational AG 382 - - 382^ 259,376 0.04 Sleep Number Corp 5,798 - 2,512 3,286 159,957 0.03 SodaStream International Ltd 2,374 - 2,374 - - 0.00 Tempur Sealy International Inc 5,497 - 1,455 4,042 321,007 0.05 Universal Electronics Inc 1,658 - - 1,658 70,286 0.01 VTech Holdings Ltd 20,278 - 6,700 13,578^ 118,402 0.02 Zojirushi Corp 3,000 - - 3,000^ 35,998 0.01 2,659,999 0.45 Holding companies - diversified operations Drax Group PLC 42,434 - - 42,434 155,551 0.03 Washington H Soul Pattinson & Co Ltd 17,482 - 17,482 - - 0.00 155,551 0.03 Real estate ADLER Real Estate AG 3,506 - - 3,506^ 48,075 0.01 ADO Properties SA 4,307 - 1,358 2,949^ 126,578 0.02 Aedas Homes SAU 2,701 - - 2,701^ 60,735 0.01 Africa Israel Properties Ltd 1,495 - - 1,495 45,711 0.01 Airport City Ltd 7,795 - - 7,795 142,843 0.02 Alexander & Baldwin Inc 7,014 - - 7,014 163,250 0.03 Alony Hetz Properties & Investments Ltd 19,604 - 3,755 15,849 215,330 0.04 Amot Investments Ltd 11,253 - - 11,253 79,136 0.01 Australian Property Systems Ltd 21,140 - 21,140 - - 0.00 Aveo Group 39,688 - - 39,688 55,517 0.01 CA Immobilien Anlagen AG 8,359 - - 8,359^ 293,000 0.05 Capital & Counties Properties PLC 85,240 - - 85,240^ 204,694 0.04 Castellum AB 31,745 - 7,628 24,117 489,057 0.08 Cedar Woods Properties Ltd 5,498 - - 5,498^ 24,085 0.00

[126] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Chip Eng Seng Corp Ltd 29,500 - - 29,500 15,045 0.00 Citycon OYJ 71,628 - 71,628 - - 0.00 Citycon OYJ - 2,586 - 2,586^ 26,267 0.00 Corestate Capital Holding SA - 2,242 - 2,242 81,676 0.01 Countrywide PLC 24,142 28,969 53,111 - - 0.00 Countrywide PLC Rights - 28,969 28,969 - - 0.00 CSI Properties Ltd 603,166 - - 603,166^ 26,699 0.00 Cushman & Wakefield PLC - 8,752 - 8,752^ 171,903 0.03 Daibiru Corp 5,102 - - 5,102^ 47,172 0.01 Daikyo Inc 4,566 - 4,566 - - 0.00 Deutsche EuroShop AG 6,755 - - 6,755^ 181,975 0.03 DIC Asset AG 4,675 - - 4,675 52,665 0.01 DIC Asset AG Rights - 4,675 4,675 - - 0.00 Dios Fastigheter AB 6,771 - - 6,771 57,997 0.01 DREAM Unlimited Corp 12,136 - - 12,136 76,581 0.01 Emperor International Holdings Ltd 347,886 - - 347,886^ 86,675 0.02 Empiric Student Property PLC 97,643 - - 97,643 106,882 0.02 Entra ASA 27,575 - 13,775 13,800 200,053 0.03 Fabege AB 33,382 - 7,643 25,739 397,239 0.07 Fastighets AB Balder 12,593 - - 12,593 431,721 0.07 FirstService Corp 3,545 - 3,545 - - 0.00 FirstService Corp - 3,545 - 3,545 370,158 0.06 Forestar Group Inc 429 - - 429 8,774 0.00 Gazit-Globe Ltd 10,010 - - 10,010 89,665 0.02 Goldcrest Co Ltd 1,658 - - 1,658^ 29,827 0.01 Grainger PLC 45,781 21,364 - 67,145 185,089 0.03 Grainger PLC Rights - 21,364 21,364 - - 0.00 Grainger PLC Rights - 21,364 21,364 - - 0.00 Grand City Properties SA 13,731 - 3,827 9,904 223,140 0.04 Great Eagle Holdings Ltd 29,517 - 29,517 - - 0.00 Hang Lung Group Ltd - 85,000 - 85,000 217,150 0.04 Heiwa Real Estate Co Ltd 5,101 - - 5,101^ 106,977 0.02 Helical PLC 10,351 - - 10,351^ 44,669 0.01 Hembla AB - 3,712 - 3,712 69,260 0.01 Hemfosa Fastigheter AB 17,792 - - 17,792 160,109 0.03 HFF Inc 3,987 - 3,987 - - 0.00 Hopewell Holdings Ltd 76,250 - 76,250 - - 0.00 Howard Hughes Corp 4,924 653 1,416 4,161 556,118 0.10 Hufvudstaden AB 12,385 5,025 6,406 11,004 193,619 0.03 Ichigo Inc 43,800 - 23,400 20,400^ 73,846 0.01 IMMOFINANZ AG 6,830 3,362 2,938 7,254^ 193,339 0.03 Instone Real Estate Group AG - 3,376 3,376 - - 0.00 Japan Wool Textile Co Ltd 5,315 - - 5,315^ 43,762 0.01 Jerusalem Economy Ltd - 23,683 - 23,683 95,879 0.02 K Wah International Holdings Ltd 274,000 101,000 251,000 124,000^ 64,298 0.01 Klovern AB 45,064 - - 45,064^ 74,176 0.01 Kungsleden AB 21,695 - - 21,695 188,627 0.03 Lai Sun Development Co Ltd 29,585 - - 29,585^ 41,457 0.01 LEG Immobilien AG 6,992 841 1,186 6,647^ 767,112 0.13 Leopalace21 Corp 25,950 - - 25,950^ 53,948 0.01 Liu Chong Hing Investment Ltd 19,000 - 19,000 - - 0.00 Marcus & Millichap Inc 2,613 - - 2,613 85,884 0.01 McCarthy & Stone PLC 53,322 - - 53,322 89,781 0.02 McGrath RentCorp 2,585 - - 2,585 174,304 0.03 Melisron Ltd 1,653 - - 1,653 86,763 0.02 Neinor Homes SA 11,114 - - 11,114^ 136,471 0.02 Newmark Group Inc - 10,920 - 10,920 106,594 0.02 Nexity SA 5,089 - - 5,089 243,786 0.04

BlackRock Investment Funds Switzerland ANNUAL REPORT [127] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Norstar Holdings Inc 951 - - 951 15,249 0.00 Norwegian Property ASA 28,142 - 28,142 - - 0.00 NTT Urban Development Corp 10,900 - 10,900 - - 0.00 Nyfosa AB - 17,792 - 17,792^ 109,524 0.02 OUE Ltd 33,500 - - 33,500 36,350 0.01 Pandox AB 7,101 - - 7,101 129,415 0.02 Pressance Corp 4,000 - - 4,000^ 55,475 0.01 RE/MAX Holdings Inc 1,803 - - 1,803 51,907 0.01 Realogy Holdings Corp 13,774 - - 13,774 71,045 0.01 Redfin Corp 4,678 3,008 - 7,686 137,269 0.02 Relo Group Inc 11,500 - - 11,500^ 304,194 0.05 RHT Health Trust 60,500 - 60,500 - - 0.00 RMR Group Inc 682 - - 682 33,246 0.01 S IMMO AG 5,241 - - 5,241 115,424 0.02 Selvaag Bolig ASA 2,210 - - 2,210^ 11,584 0.00 Shun Tak Holdings Ltd 160,500 - - 160,500 59,069 0.01 Sirius Real Estate Ltd 140,272 - - 140,272^ 113,246 0.02 St Modwen Properties PLC 20,680 - - 20,680 104,285 0.02 Starts Corp Inc 2,550 - - 2,550^ 60,128 0.01 Summerset Group Holdings Ltd 20,288 - - 20,288^ 74,897 0.01 Sun Frontier Fudousan Co Ltd 2,050 - - 2,050^ 20,842 0.00 TAG Immobilien AG 19,333 - 8,742 10,591^ 249,359 0.04 Takara Leben Co Ltd 8,000 - - 8,000^ 27,865 0.00 Technopolis OYJ 14,238 - 14,238 - - 0.00 TLG Immobilien AG 10,102 - - 10,102 295,637 0.05 TOC Co Ltd 4,512 - - 4,512^ 28,593 0.01 Tokyo Tatemono Co Ltd - 23,200 - 23,200^ 270,137 0.05 Tosei Corp 3,900 - - 3,900^ 40,930 0.01 United Engineers Ltd 47,500 - - 47,500 89,683 0.02 Unizo Holdings Co Ltd 1,300 - - 1,300^ 42,080 0.01 Wallenstam AB 28,291 - 11,056 17,235^ 179,819 0.03 Wihlborgs Fastigheter AB 16,734 - - 16,734 243,842 0.04 Wing Tai Holdings Ltd 44,700 - - 44,700 68,228 0.01 Yanlord Land Group Ltd 61,950 - - 61,950 58,258 0.01 11,780,723 2.01 Real estate investment trust Abacus Property Group 30,411 - - 30,411^ 86,117 0.01 Acadia Realty Trust 7,333 - - 7,333 203,779 0.03 Activia Properties Inc 87 28 45 70^ 318,815 0.05 Advance Residence Investment Corp 161 41 50 152^ 467,760 0.08 Aedifica SA 2,256 752 - 3,008 314,652 0.05 Aedifica SA Rights - 2,256 2,256 - - 0.00 AEON REIT Investment Corp 228 - 86 142^ 182,951 0.03 AG Mortgage Investment Trust Inc 2,706 - - 2,706 43,827 0.01 Agree Realty Corp 3,977 727 1,106 3,598 238,121 0.04 Alexander's Inc 236 - - 236 87,498 0.02 Allied Properties Real Estate Investment Trust 6,224 3,317 3,135 6,406 236,310 0.04 alstria office REIT-AG 16,893 3,804 5,036 15,661 252,034 0.04 American Assets Trust Inc 3,249 - - 3,249 149,246 0.03 American Campus Communities Inc 16,892 - 4,203 12,689 587,279 0.10 American Finance Trust Inc - 9,203 - 9,203 106,689 0.02 American Homes 4 Rent 30,651 - 4,844 25,807 618,540 0.11 Americold Realty Trust 6,070 11,244 - 17,314 574,733 0.10 Annaly Capital Management Inc - 6,593 6,593 - - 0.00 Anworth Mortgage Asset Corp 11,441 - - 11,441 43,607 0.01 Apartment Investment & Management Co 20,438 - 20,438 - - 0.00 Apartment Investment & Management Co - 14,160 1 14,159 694,422 0.12 Apollo Commercial Real Estate Finance Inc 10,892 - - 10,892 202,938 0.03

[128] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Apple Hospitality REIT Inc 26,510 - 7,607 18,903 293,996 0.05 Arbor Realty Trust Inc - 6,310 - 6,310 76,150 0.01 Armada Hoffler Properties Inc 9,206 - 4,282 4,924 82,530 0.01 ARMOUR Residential REIT Inc 5,202 - - 5,202 92,030 0.02 Artis Real Estate Investment Trust 7,633 - - 7,633 67,214 0.01 Ascendas Hospitality Trust 72,300 - - 72,300 54,393 0.01 Ascott Residence Trust 132,738 - - 132,738 125,789 0.02 Ashford Hospitality Trust Inc 20,194 - - 20,194 54,178 0.01 Assura PLC 319,311 - 78,855 240,456 188,297 0.03 Beni Stabili SpA SIIQ 119,621 10 119,631 - - 0.00 Beni Stabili SpA SIIQ Rights - 119,621 119,621 - - 0.00 Big Yellow Group PLC 16,254 - - 16,254 194,865 0.03 Blackstone Mortgage Trust Inc 8,758 3,182 - 11,940 419,868 0.07 Boardwalk Real Estate Investment Trust 2,733 - - 2,733 86,518 0.01 Braemar Hotels & Resorts Inc 2,704 - - 2,704 24,414 0.00 Brandywine Realty Trust 19,681 - - 19,681 287,392 0.05 Brixmor Property Group Inc 34,212 - 5,697 28,515 535,803 0.09 BWP Trust 56,347 - - 56,347^ 144,568 0.02 Cache Logistics Trust 89,208 - - 89,208 49,690 0.01 Canadiaartment Properties REIT 13,118 3,655 9,312 7,461 273,991 0.05 CapitaLand Retail China Trust 67,555 - - 67,555 77,701 0.01 Capstead Mortgage Corp 11,073 - - 11,073 92,412 0.02 CareTrust REIT Inc 10,021 - - 10,021 230,460 0.04 CatchMark Timber Trust Inc 3,508 - - 3,508 35,285 0.01 Cedar Realty Trust Inc 8,432 - - 8,432 23,207 0.00 Champion REIT 277,394 - 75,000 202,394^ 148,974 0.03 Charter Hall Group 73,247 - 22,616 50,631^ 391,088 0.07 Charter Hall Long Wale REIT - 39,595 - 39,595^ 140,223 0.02 Charter Hall Long Wale REIT - 4,351 4,351 - - 0.00 Charter Hall Retail REIT 39,448 - - 39,448^ 121,668 0.02 Chatham Lodging Trust 4,268 - - 4,268 75,464 0.01 Chesapeake Lodging Trust 6,337 - - 6,337 172,337 0.03 Chimera Investment Corp 19,446 - 3,002 16,444^ 313,870 0.05 Choice Properties Real Estate Investment Trust 15,313 - 15,313 - - 0.00 Civitas Social Housing PLC - 63,534 - 63,534 64,001 0.01 Cofinimmo SA 2,330 627 777 2,180 286,911 0.05 Colony Capital Inc 54,912 - 10,723 44,189 247,171 0.04 Colony Credit Real Estate Inc 9,401 - - 9,401 150,773 0.03 Comforia Residential REIT Inc 49 - - 49^ 145,429 0.02 Community Healthcare Trust Inc - 1,349 - 1,349 54,876 0.01 CoreCivic Inc 12,713 - - 12,713 213,582 0.04 CorePoint Lodging Inc 5,147 - - 5,147 59,771 0.01 CoreSite Realty Corp 3,783 - - 3,783 392,531 0.07 Corporate Office Properties Trust 10,198 - - 10,198 281,881 0.05 Cousins Properties Inc 41,115 - 41,115 - - 0.00 Cousins Properties Inc - 14,352 - 14,352 499,854 0.09 Crombie Real Estate Investment Trust 5,018 - - 5,018 59,055 0.01 Cromwell Property Group 129,905 19,986 - 149,891^ 120,690 0.02 Cromwell Property Group - 19,986 19,986 - - 0.00 CT Real Estate Investment Trust 2,717 - - 2,717 29,845 0.01 CubeSmart 22,534 - 5,191 17,343 582,907 0.10 CyrusOne Inc 10,824 892 1,187 10,529 598,321 0.10 CYS Investments Inc 17,695 - 17,695 - - 0.00 Daiwa Office Investment Corp 35 - - 35^ 256,903 0.04 DCT Industrial Trust Inc 11,106 - 11,106 - - 0.00 Derwent London PLC 13,113 - 3,780 9,333^ 330,355 0.06 DiamondRock Hospitality Co 21,621 - - 21,621 215,546 0.04 Douglas Emmett Inc 19,017 2,016 4,284 16,749 676,857 0.12

BlackRock Investment Funds Switzerland ANNUAL REPORT [129] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Dream Industrial Real Estate Investment Trust 3,143 - - 3,143 28,743 0.01 Dream Office Real Estate Investment Trust 7,491 - 4,324 3,167 58,712 0.01 Dynex Capital Inc 5,200 - 5,200 - - 0.00 Dynex Capital Inc - 1,733 - 1,733 27,965 0.00 Easterly Government Properties Inc 7,357 - - 7,357 137,438 0.02 EastGroup Properties Inc 3,697 - - 3,697 440,960 0.08 Education Realty Trust Inc 6,987 - 6,987 - - 0.00 Empire State Realty Trust Inc 15,371 - - 15,371 213,194 0.04 EPR Properties 7,275 684 - 7,959 586,464 0.10 Equity Commonwealth 13,719 2,764 4,266 12,217 406,144 0.07 Equity LifeStyle Properties Inc 10,023 430 10,453 - - 0.00 ESR-REIT 104,388 244,300 - 348,688 132,425 0.02 Essential Properties Realty Trust Inc - 4,828 - 4,828 100,948 0.02 Eurocommercial Properties NV 5,249 - - 5,249^ 131,800 0.02 Exantas Capital Corp 3,430 - - 3,430 37,998 0.01 Far East Hospitality Trust 83,052 - 83,052 - - 0.00 First Industrial Realty Trust Inc 12,323 - - 12,323 465,909 0.08 First Real Estate Investment Trust 62,627 - - 62,627 50,287 0.01 Forest City Realty Trust Inc 25,022 - 25,022 - - 0.00 Four Corners Property Trust Inc 8,069 - - 8,069 215,205 0.04 Franklin Street Properties Corp 10,443 - - 10,443 83,329 0.01 Frasers Centrepoint Trust 57,698 70,477 35,800 92,375 174,409 0.03 Frasers Centrepoint Trust Rights - 2,777 2,777 - - 0.00 Frasers Commercial Trust 100,425 - - 100,425 116,961 0.02 Frasers Logistics & Industrial Trust 138,710 209,000 127,300 220,410 191,332 0.03 Front Yard Residential Corp 6,530 - - 6,530 77,641 0.01 Frontier Real Estate Investment Corp 64 - 26 38^ 162,503 0.03 Fukuoka REIT Corp 70 58 28 100^ 164,217 0.03 Gaming and Leisure Properties Inc 23,384 - 4,713 18,671 697,043 0.12 GCP Student Living PLC - 61,251 - 61,251^ 121,620 0.02 GDI Property Group 46,396 - - 46,396^ 45,272 0.01 GEO Group Inc 12,244 - - 12,244 215,885 0.04 Getty Realty Corp 2,913 - - 2,913 86,458 0.01 Global Net Lease Inc 6,277 - - 6,277 121,302 0.02 GLP J-Reit 315 175 101 389^ 430,600 0.07 Goodman Property Trust 176,675 - 57,010 119,665^ 160,288 0.03 Gramercy Property Trust 19,434 - 19,434 - - 0.00 Granite Point Mortgage Trust Inc 3,786 - - 3,786 71,589 0.01 Granite Real Estate Investment Trust 2,359 2,026 2,123 2,262 104,606 0.02 Great Portland Estates PLC 38,605 - 17,263 21,342 171,214 0.03 Green REIT plc 72,632 - - 72,632 143,467 0.02 Growthpoint Properties Australia Ltd 19,104 21,704 - 40,808 122,242 0.02 Growthpoint Properties Australia Ltd Rights - 54 54 - - 0.00 Hammerson PLC - 75,090 - 75,090 195,066 0.03 Hankyu Hanshin REIT Inc 71 54 33 92^ 130,024 0.02 Hansteen Holdings PLC 37,563 - - 37,563 39,888 0.01 Healthcare Realty Trust Inc 15,200 - 3,992 11,208 354,848 0.06 Healthcare Trust of America Inc 24,699 - 5,359 19,340 515,618 0.09 Heiwa Real Estate REIT Inc 81 53 - 134^ 162,625 0.03 Hersha Hospitality Trust 5,070 - - 5,070 78,401 0.01 Highwoods Properties Inc 10,482 - - 10,482 470,398 0.08 Hoshino Resorts REIT Inc 28 - - 28^ 143,738 0.02 Hospitality Properties Trust 16,871 - - 16,871 412,714 0.07 Hudson Pacific Properties Inc 17,835 1,889 3,348 16,376 572,292 0.10 Hulic Reit Inc 79 148 79 148^ 262,069 0.04 Ichigo Office REIT Investment 106 - - 106^ 100,035 0.02 Immobiliare Grande Distribuzione SIIQ SpA 12,533 - - 12,533 80,402 0.01 Independence Realty Trust Inc 16,159 - 7,395 8,764 107,153 0.02

[130] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Industrial & Infrastructure Fund Investment Corp 144 - - 144^ 186,973 0.03 Industrial Logistics Properties Trust - 5,894 - 5,894 124,754 0.02 InfraREIT Inc 2,310 2,833 5,143 - - 0.00 Inmobiliaria Colonial Socimi SA 28,515 - - 28,515^ 317,454 0.05 Innovative Industrial Properties Inc - 994 - 994 103,986 0.02 InterRent Real Estate Investment Trust 7,119 - - 7,119 79,057 0.01 Intervest Offices & Warehouses NV 635 180 - 815 23,267 0.00 Intervest Offices & Warehouses NV Rights - 635 635 - - 0.00 Intu Properties PLC 95,104 - - 95,104^ 55,164 0.01 Invesco Mortgage Capital Inc 13,153 - - 13,153 214,594 0.04 Investa Office Fund 65,805 - 65,805 - - 0.00 Investors Real Estate Trust 14,203 - 14,203 - - 0.00 Investors Real Estate Trust - 1,420 - 1,420 89,620 0.02 Invincible Investment Corp 737 219 264 692^ 394,359 0.07 iStar Inc 9,043 - - 9,043 118,174 0.02 Japan Excellent Inc 127 - - 127^ 187,596 0.03 Japan Hotel REIT Investment Corp 411 130 85 456^ 377,534 0.06 Japan Logistics Fund Inc 112 - 37 75^ 178,692 0.03 Japan Rental Housing Investments Inc 157 - - 157^ 130,843 0.02 JBG SMITH Properties 12,619 - - 12,619 488,844 0.08 Kenedix Office Investment Corp 52 - - 52^ 370,779 0.06 Kenedix Residential Next Investment Corp 78 - - 78^ 136,980 0.02 Kenedix Retail REIT Corp 65 - - 65^ 154,274 0.03 Killam Apartment Real Estate Investment Trust 6,878 - - 6,878 101,686 0.02 Kilroy Realty Corp 10,202 2,529 2,098 10,633 836,449 0.14 Kite Realty Group Trust 9,280 - - 9,280 146,168 0.03 Kiwi Property Group Ltd 155,250 - - 155,250^ 164,333 0.03 Ladder Capital Corp 12,138 67 4,430 7,775 129,545 0.02 Lamar Advertising Co 8,768 - 897 7,871^ 630,552 0.11 Lar Espana Real Estate Socimi SA 11,674 - - 11,674 89,689 0.02 LaSalle Hotel Properties 12,218 - 12,218 - - 0.00 LaSalle Logiport REIT 116 - - 116^ 144,165 0.02 Lexington Realty Trust 22,232 - - 22,232 217,236 0.04 Life Storage Inc 5,026 484 823 4,687 452,366 0.08 Lippo Malls Indonesia Retail Trust 189,170 - - 189,170 32,843 0.01 LondonMetric Property PLC 64,947 - - 64,947 159,820 0.03 LTC Properties Inc 3,850 - - 3,850 175,672 0.03 Mack-Cali Realty Corp 9,091 - - 9,091 214,022 0.04 Mapletree Commercial Trust 363,624 - 201,200 162,424 243,218 0.04 Mapletree Industrial Trust 137,365 41,500 45,000 133,865 217,883 0.04 Mapletree North Asia Commercial Trust 206,000 112,000 147,300 170,700 175,346 0.03 MCUBS MidCity Investment Corp 205 - - 205^ 202,623 0.03 Medical Properties Trust Inc 40,157 8,281 4,790 43,648 756,202 0.13 Mercialys SA 5,682 - - 5,682^ 64,009 0.01 Merlin Properties Socimi SA 44,429 4,726 13,201 35,954 489,441 0.08 MFA Financial Inc 40,225 - - 40,225 285,927 0.05 MGM Growth Properties LLC 9,191 2,503 3,052 8,642 255,470 0.04 Mirai Corp - 198 - 198 102,004 0.02 Mitsui Fudosan Logistics Park Inc 44 - - 44^ 157,871 0.03 Monmouth Real Estate Investment Corp 5,843 - - 5,843 79,769 0.01 Montea C.V.A - 946 - 946^ 79,770 0.01 Morguard Real Estate Investment Trust 3,463 - - 3,463 32,008 0.01 Mori Hills REIT Investment Corp 143 83 57 169^ 247,016 0.04 Mori Trust Sogo Reit Inc 105 - - 105^ 173,386 0.03 MTGE Investment Corp 5,452 - 5,452 - - 0.00 National Health Investors Inc 3,971 - - 3,971 312,066 0.05 National Storage Affiliates Trust 8,790 - 3,079 5,711 171,256 0.03 New Residential Investment Corp 33,187 6,052 - 39,239 609,503 0.10

BlackRock Investment Funds Switzerland ANNUAL REPORT [131] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) New Senior Investment Group Inc 8,758 - - 8,758 61,820 0.01 New York Mortgage Trust Inc 11,072 - - 11,072 66,973 0.01 New York REIT Inc 1,739 - 1,739 - - 0.00 NewRiver REIT PLC 43,337 - - 43,337^ 86,155 0.01 Nippon Accommodations Fund Inc 53 - - 53^ 309,770 0.05 NIPPON REIT Investment Corp 43 - - 43^ 171,339 0.03 NorthStar Realty Europe Corp 6,594 - - 6,594 110,977 0.02 Northview Apartment Real Estate Investment Trust 1,613 2,862 - 4,475 91,766 0.02 NorthWest Healthcare Properties Real Estate Investment Trust 15,411 - 5,151 10,260 91,120 0.02 NSI NV 3,356 - - 3,356 142,419 0.02 Office Properties Income Trust 5,211 - 5,211 - - 0.00 Office Properties Income Trust - 3,116 - 3,116 86,900 0.02 Omega Healthcare Investors Inc 22,083 2,731 3,460 21,354 767,399 0.13 One Liberty Properties Inc 1,242 - - 1,242 35,240 0.01 Orix JREIT Inc 366 - 113 253^ 487,445 0.08 OUE Hospitality Trust 101,789 - - 101,789 54,857 0.01 Outfront Media Inc 12,972 - - 12,972 349,053 0.06 Paramount Group Inc 29,465 - 10,996 18,469 252,872 0.04 Park Hotels & Resorts Inc 22,617 - 4,047 18,570 485,529 0.08 Pebblebrook Hotel Trust 8,849 11,240 7,405 12,684 351,475 0.06 Pennsylvania Real Estate Investment Trust 7,653 - - 7,653 45,307 0.01 PennyMac Mortgage Investment Trust 4,990 - - 4,990 108,830 0.02 Physicians Realty Trust 15,563 2,511 - 18,074 307,943 0.05 Piedmont Office Realty Trust Inc 15,811 - 5,891 9,920 204,371 0.04 PotlatchDeltic Corp 6,647 449 - 7,096^ 258,662 0.04 Precinct Properties New Zealand Ltd 106,023 - - 106,023^ 123,657 0.02 Preferred Apartment Communities Inc 6,587 - - 6,587 94,491 0.02 Premier Investment Corp 140 - - 140^ 187,268 0.03 Primary Health Properties PLC 102,633 52,080 54,176 100,537^ 160,383 0.03 PS Business Parks Inc 2,184 317 538 1,963 340,090 0.06 QTS Realty Trust Inc 4,763 - - 4,763 218,227 0.04 Ramco-Gershenson Properties Trust 8,564 - 8,564 - - 0.00 RDI REIT PLC 102,794 - 102,794 - - 0.00 RDI REIT PLC - 20,559 1 20,558^ 26,167 0.00 Redwood Trust Inc 9,243 - - 9,243 154,828 0.03 Regal Real Estate Investment Trust 126,748 - 126,748 - - 0.00 Reit 1 Ltd 15,697 11,244 - 26,941 139,807 0.02 Retail Opportunity Investments Corp 10,077 - - 10,077 180,969 0.03 Retail Properties of America Inc 22,507 - - 22,507 270,948 0.05 Retail Value Inc 1,461 39 - 1,500 55,895 0.01 Rexford Industrial Realty Inc 11,120 2,063 2,512 10,671 437,362 0.07 RLJ Lodging Trust 20,464 - 4,384 16,080 275,084 0.05 RPT Realty - 8,564 - 8,564 103,860 0.02 Ryman Hospitality Properties Inc 5,330 714 1,070 4,974 369,319 0.06 Sabana Shari'ah Compliant Industrial Real Estate Investment Trust 136,558 - - 136,558 44,947 0.01 Sabra Health Care REIT Inc 15,905 - - 15,905 324,996 0.06 Saul Centers Inc 1,397 - - 1,397 75,776 0.01 Schroder Real Estate Investment Trust Ltd 50,638 - - 50,638^ 34,191 0.01 Sekisui House Reit Inc 359 - - 359^ 276,275 0.05 Select Income REIT 6,975 - 6,975 - - 0.00 Senior Housing Properties Trust 25,210 - - 25,210 204,655 0.04 Seritage Growth Properties 3,581 - - 3,581 148,083 0.03 Shaftesbury PLC 24,734 - 10,937 13,797^ 131,541 0.02 Shopping Centres Australasia Property Group 73,627 33,852 - 107,479^ 178,947 0.03 SITE Centers Corp 14,623 - 14,623 - - 0.00 SITE Centers Corp - 14,623 - 14,623 206,294 0.04 Soilbuild Business Space REIT 71,170 - - 71,170 30,118 0.01 SPH REIT 149,050 - 79,100 69,950 54,143 0.01

[132] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Spirit MTA REIT 4,550 - - 4,550 37,883 0.01 Spirit Realty Capital Inc 45,502 - 45,502 - - 0.00 Spirit Realty Capital Inc - 9,100 - 9,100 397,477 0.07 STAG Industrial Inc 12,140 - - 12,140 357,193 0.06 Starwood Property Trust Inc 28,360 2,020 5,975 24,405 561,259 0.10 STORE Capital Corp 17,370 3,173 - 20,543 695,748 0.12 Summit Hotel Properties Inc 9,879 - - 9,879 108,658 0.02 Sun Communities Inc 9,073 1,088 10,161 - - 0.00 Sunstone Hotel Investors Inc 23,696 - - 23,696 309,894 0.05 Tanger Factory Outlet Centers Inc 9,248 - - 9,248 145,390 0.02 Taubman Centers Inc 6,517 - - 6,517 261,428 0.04 Terreno Realty Corp 6,131 - - 6,131 296,565 0.05 Tier REIT Inc 3,239 2,230 5,469 - - 0.00 Tokyu REIT Inc 104 - - 104^ 187,097 0.03 Tritax Big Box REIT PLC - 15,323 15,323 - - 0.00 Two Harbors Investment Corp 19,977 8,281 4,944 23,314 310,668 0.05 UK Commercial Property REIT Ltd - 43,127 - 43,127 43,444 0.01 UNITE Group PLC 29,971 - - 29,971 374,936 0.06 Uniti Group Inc 17,459 - - 17,459 145,535 0.03 Universal Health Realty Income Trust 1,529 - - 1,529 139,503 0.02 Urban Edge Properties 11,059 - - 11,059 183,167 0.03 Urstadt Biddle Properties Inc 6,055 - 3,129 2,926 62,541 0.01 Vastned Retail NV 2,052 - - 2,052^ 59,826 0.01 VICI Properties Inc 31,259 12,712 4,270 39,701 838,747 0.14 Viva Energy REIT 92,631 - 46,012 46,619^ 84,617 0.01 Warehouses De Pauw CVA 2,907 - 800 2,107^ 350,694 0.06 Washington Prime Group Inc 20,154 - - 20,154 72,427 0.01 Washington Real Estate Investment Trust 7,244 - - 7,244 193,274 0.03 Weingarten Realty Investors 15,713 - 5,152 10,561 291,810 0.05 Wereldhave NV 5,308 - 2,230 3,078^ 65,345 0.01 Western Asset Mortgage Capital Corp 4,222 - - 4,222 42,467 0.01 Winthrop Realty Trust 3,666 - - 3,666 1,016 0.00 Workspace Group PLC 13,008 - - 13,008 133,164 0.02 WP Carey Inc 13,601 - 13,601 - - 0.00 Xenia Hotels & Resorts Inc 11,644 - - 11,644 247,036 0.04 54,330,003 9.26 Internet 1-800-Flowers.com Inc 2,065 - - 2,065 40,028 0.01 8x8 Inc 10,544 - - 10,544 252,300 0.04 Adevinta ASA - 14,741 - 14,741^ 163,677 0.03 ANGI Homeservices Inc 4,372 2,886 - 7,258 99,518 0.02 ASKUL Corp 2,200 - - 2,200^ 54,683 0.01 ASOS PLC 5,881 - - 5,881^ 185,781 0.03 Atea ASA 13,132 - 4,794 8,338^ 106,210 0.02 Boingo Wireless Inc 3,566 - - 3,566 53,026 0.01 Cargurus Inc - 7,706 - 7,706 284,331 0.05 Cars.com Inc 8,705 - 2,401 6,304 118,578 0.02 carsales.com Ltd 23,598 - - 23,598^ 237,831 0.04 Catena Media PLC - 7,999 - 7,999 48,704 0.01 Cerved Group SpA 20,121 - - 20,121 158,467 0.03 ChannelAdvisor Corp 2,197 - - 2,197 19,858 0.00 Cogent Communications Holdings Inc 4,889 - - 4,889 304,975 0.05 Com Hem Holding AB 20,981 - 20,981 - - 0.00 comScore Inc - 4,270 - 4,270 13,950 0.00 COOKPAD Inc 5,612 - - 5,612^ 15,761 0.00 Digital Arts Inc - 2,100 1,300 800^ 81,115 0.01 Digital Garage Inc 4,500 - - 4,500^ 154,894 0.03 Dip Corp 2,500 - - 2,500^ 51,335 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [133] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Domain Holdings Australia Ltd 26,967 - - 26,967 55,387 0.01 Endurance International Group Holdings Inc 6,670 - - 6,670 31,300 0.01 en-japan Inc 5,200 - 2,100 3,100^ 127,480 0.02 ePlus Inc 1,356 - - 1,356 101,891 0.02 Etsy Inc 10,447 1,424 - 11,871 787,638 0.13 F@N Communications Inc 4,200 - - 4,200^ 21,178 0.00 FireEye Inc 20,711 3,425 3,322 20,814 309,088 0.05 GMO internet Inc 7,539 - - 7,539^ 122,497 0.02 GoCo Group PLC 33,042 - - 33,042 34,366 0.01 Groupon Inc 51,991 - - 51,991^ 162,134 0.03 GrubHub Inc 9,202 1,044 10,246 - - 0.00 Gurunavi Inc 2,900 - - 2,900^ 17,849 0.00 HealthStream Inc 3,264 - - 3,264 91,254 0.02 Imperva Inc 2,978 - 2,978 - - 0.00 Infomart Corp 7,200 5,300 - 12,500^ 169,141 0.03 Internet Initiative Japan Inc 3,500 - - 3,500^ 65,422 0.01 IRESS Ltd 14,348 - - 14,348^ 137,067 0.02 Istyle Inc 4,800 - - 4,800^ 36,195 0.01 Jumbo Interactive Ltd - 4,997 - 4,997 66,217 0.01 Just Eat PLC 59,315 13,522 8,854 63,983^ 590,546 0.10 kabu.com Securities Co Ltd 15,400 - 15,400 - - 0.00 Lands' End Inc 1,932 - - 1,932 20,848 0.00 Liberty Expedia Holdings Inc 4,721 - 4,721 - - 0.00 LIFULL Co Ltd 5,900 - - 5,900^ 27,329 0.00 Masmovil Ibercom SA 1,348 - 1,348 - - 0.00 Masmovil Ibercom SA - 6,740 - 6,740^ 152,300 0.03 Mimecast Ltd - 5,296 - 5,296 249,569 0.04 Moneysupermarket.com Group PLC 63,901 - 17,986 45,915 205,324 0.04 MonotaRO Co Ltd 6,900 6,900 13,800 - - 0.00 nearmap Ltd - 43,854 - 43,854 100,844 0.02 New Media Investment Group Inc 5,068 - - 5,068 54,036 0.01 NIC Inc 6,342 - - 6,342 113,893 0.02 Overstock.com Inc 1,547 - - 1,547^ 34,490 0.01 Pandora Media LLC 21,663 - 21,663 - - 0.00 Perficient Inc 4,110 - - 4,110 139,034 0.02 Proofpoint Inc 5,402 453 - 5,855 731,512 0.12 Proto Corp 1,250 1,250 - 2,500^ 25,964 0.00 Purplebricks Group PLC 23,357 - - 23,357^ 33,013 0.01 Q2 Holdings Inc 3,811 - - 3,811^ 301,341 0.05 QuinStreet Inc - 3,467 - 3,467 55,913 0.01 Reply SpA 1,912 - - 1,912^ 127,822 0.02 Rightmove PLC 10,594 - 10,594 - - 0.00 Rightmove PLC - 114,739 25,519 89,220 571,480 0.10 RingCentral Inc 7,464 1,014 1,525 6,953 977,315 0.17 Rocket Internet SE 9,715 - 3,530 6,185^ 173,983 0.03 Roku Inc - 8,260 - 8,260 844,971 0.14 RPA Holdings Inc - 1,600 - 1,600 24,437 0.00 SafeCharge International Group Ltd 5,920 5,920 5,920 5,920^ 32,365 0.01 Scout24 AG 12,116 - 2,116 10,000 553,888 0.09 Shutterfly Inc 4,159 - 1,340 2,819 141,466 0.02 Shutterstock Inc 2,000 - - 2,000 75,973 0.01 SMS Co Ltd 13,400 - 6,200 7,200^ 159,859 0.03 Solocal Group 83,129 - - 83,129^ 68,494 0.01 Stamps.com Inc 1,621 - - 1,621 76,629 0.01 Stitch Fix Inc - 4,510 - 4,510 116,445 0.02 SUNeVision Holdings Ltd 74,500 - - 74,500^ 54,648 0.01 TechTarget Inc - 2,332 - 2,332 53,146 0.01 Trade Me Group Ltd 45,915 - 45,915 - - 0.00

[134] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) TrueCar Inc 9,339 - - 9,339 46,968 0.01 Tucows Inc 1,422 - - 1,422 68,883 0.01 Upwork Inc - 5,358 - 5,358 87,205 0.01 Wayfair Inc 6,504 - 6,504 - - 0.00 Web.com Group Inc 5,114 - 5,114 - - 0.00 Webjet Ltd 15,371 1,708 - 17,079^ 158,145 0.03 Webjet Ltd - 1,708 1,708 - - 0.00 Wix.com Ltd 4,691 950 5,641 - - 0.00 XING SE 293 - - 293^ 111,745 0.02 XO Group Inc 2,631 - 2,631 - - 0.00 Yelp Inc 8,219 - - 8,219 285,195 0.05 Yume No Machi Souzou Iinkai Co Ltd - 2,500 - 2,500^ 37,521 0.01 Zendesk Inc 11,042 - - 11,042^ 913,443 0.16 zooplus AG 516 - - 516^ 66,887 0.01 13,445,995 2.29 Investment companies Aker ASA 2,699 - - 2,699^ 142,692 0.02 Asian Pay Television Trust 157,100 - 157,100 - - 0.00 BrightSphere Investment Group PLC 12,989 - 12,989 - - 0.00 China Financial International Investments Ltd 315,000 - 315,000 - - 0.00 China LNG Group Ltd 397,250 - 397,250 - - 0.00 Corp Financiera Alba SA 4,490 - 1,208 3,282 168,039 0.03 DeA Capital SpA 41,958 - - 41,958 60,031 0.01 FFP 663 - - 663 67,161 0.01 Georgia Capital PLC 4,067 - 4,067 - - 0.00 IntegraFin Holdings PLC 22,385 - - 22,385^ 104,471 0.02 Investment AB Oresund 2,896 - - 2,896 36,760 0.01 Italmobiliare SpA 986 - - 986 21,954 0.00 KBC Ancora 3,449 - - 3,449 147,354 0.03 Langham Hospitality Investments and Langham Hospitality Investments Ltd 219,000 - - 219,000^ 78,383 0.01 OP Financial Ltd 192,000 - - 192,000^ 47,351 0.01 Sofina SA 1,922 - 593 1,329 256,652 0.04 Uranium Participation Corp 11,217 - - 11,217 36,617 0.01 1,167,465 0.20 Coal Arch Coal Inc 2,306 - 714 1,592 140,523 0.02 CONSOL Energy Inc 2,550 - - 2,550 54,251 0.01 Coronado Global Resources Inc - 25,346 - 25,346 56,036 0.01 New Hope Corp Ltd - 51,658 - 51,658^ 88,476 0.01 Peabody Energy Corp 10,036 - 2,377 7,659 159,686 0.03 SunCoke Energy Inc 7,310 - - 7,310 54,928 0.01 Warrior Met Coal Inc 3,682 - - 3,682 90,182 0.02 Whitehaven Coal Ltd 76,088 - - 76,088^ 192,101 0.03 836,183 0.14 Cosmetics & personal care Avon Products Inc 47,317 - - 47,317 199,086 0.03 Ci:z Holdings Co Ltd 3,000 - 3,000 - - 0.00 Earth Corp 1,949 - - 1,949^ 83,081 0.02 Edgewell Personal Care Co 5,994 - 1,567 4,427 133,367 0.02 Fancl Corp 3,720 5,220 1,900 7,040^ 176,655 0.03 Inter Parfums Inc 2,061 - - 2,061 141,358 0.02 Interparfums SA 1,274 127 - 1,401 66,172 0.01 Mandom Corp 4,238 - - 4,238^ 99,118 0.02 Milbon Co Ltd 1,900 - - 1,900^ 92,513 0.02 Noevir Holdings Co Ltd 1,450 - - 1,450^ 75,361 0.01 Oriflame Holding AG 5,661 - 5,661 - - 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [135] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Pigeon Corp 14,958 - 14,958 - - 0.00 PZ Cussons PLC 25,000 - - 25,000^ 66,520 0.01 1,133,231 0.19 Storage & warehousing ID Logistics Group 215 - - 215^ 40,098 0.01 Mitsui-Soko Holdings Co Ltd 9,097 1,819 9,097 1,819^ 25,708 0.00 Mobile Mini Inc 4,887 - - 4,887 164,303 0.03 Safestore Holdings PLC 21,802 - - 21,802 165,178 0.03 Sumitomo Warehouse Co Ltd 13,342 6,671 13,343 6,670^ 85,814 0.01 Westshore Terminals Investment Corp 6,787 - 3,056 3,731 58,564 0.01 539,665 0.09 Agriculture Andersons Inc 3,152 - - 3,152 83,785 0.01 Australian Agricultural Co Ltd 38,889 - - 38,889^ 26,403 0.00 BayWa AG 1,410 - - 1,410^ 36,679 0.01 Bumitama Agri Ltd 60,650 - - 60,650 25,447 0.00 Costa Group Holdings Ltd 58,843 - 29,465 29,378^ 79,584 0.01 Darling Ingredients Inc 18,145 2,965 5,179 15,931 320,638 0.05 Elders Ltd - 13,328 - 13,328 67,026 0.01 Elders Ltd - 1,731 1,731 - - 0.00 First Resources Ltd 59,200 - - 59,200 66,807 0.01 Genus PLC 6,920 - - 6,920^ 221,455 0.04 Hokuto Corp 2,061 - - 2,061^ 34,954 0.01 Inghams Group Ltd 39,874 - - 39,874^ 110,466 0.02 Japfa Ltd 33,000 - - 33,000 12,175 0.00 Origin Enterprises PLC 8,482 - - 8,482 46,233 0.01 Sakata Seed Corp 3,172 - - 3,172^ 102,531 0.02 Scandinavian Tobacco Group A/S 7,471 - 3,679 3,792 39,798 0.01 Schouw & Co A/S 1,327 - - 1,327^ 98,530 0.02 Tejon Ranch Co 1,731 - - 1,731 31,755 0.01 Turning Point Brands Inc - 1,150 - 1,150 42,272 0.01 Universal Corp/VA 2,318 - - 2,318 136,542 0.02 Vector Group Ltd 10,955 548 1 11,502 131,520 0.02 Village Farms International Inc - 4,130 - 4,130 46,892 0.01 1,761,492 0.30 Machinery - diversified Ag Growth International Inc 1,870 - - 1,870 76,102 0.01 AGCO Corp - 7,305 904 6,401 487,948 0.08 Aida Engineering Ltd 6,404 - - 6,404^ 50,685 0.01 Alamo Group Inc 989 - - 989 95,845 0.02 Albany International Corp 3,279 - - 3,279 279,142 0.05 Altra Industrial Motion Corp 2,779 3,401 - 6,180 175,776 0.03 Applied Industrial Technologies Inc 4,305 - 1,316 2,989 180,032 0.03 ATS Automation Tooling Systems Inc 9,040 - - 9,040 144,145 0.03 Biesse SpA 1,158 - - 1,158^ 14,424 0.00 Briggs & Stratton Corp 5,226 - - 5,226 49,306 0.01 Cactus Inc 2,824 1,289 - 4,113 119,591 0.02 Chart Industries Inc 3,479 - 1,046 2,433^ 181,927 0.03 CKD Corp 6,323 - - 6,323^ 69,761 0.01 Columbus McKinnon Corp/NY 1,898 - - 1,898 72,230 0.01 Crane Co 5,125 - 1,276 3,849 318,940 0.05 CSW Industrials Inc 3,145 - 2,778 367 25,655 0.00 Curtiss-Wright Corp 4,720 787 1,087 4,420 555,333 0.10 Daihen Corp 10,440 2,088 10,440 2,088^ 57,782 0.01 Daiwa Industries Ltd 2,161 - - 2,161^ 21,320 0.00 Deutz AG 9,391 - - 9,391^ 65,110 0.01 Duerr AG 5,712 - - 5,712^ 170,814 0.03

[136] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) DXP Enterprises Inc/TX 1,293 - - 1,293 43,458 0.01 Eagle Industry Co Ltd 2,849 - - 2,849^ 28,367 0.01 Ebara Corp 9,900 2,300 3,500 8,700^ 233,699 0.04 FLSmidth & Co A/S 5,437 - 1,928 3,509^ 143,429 0.03 Fuji Corp/Aichi 7,227 - - 7,227^ 96,143 0.02 Gardner Denver Holdings Inc 12,269 - - 12,269 400,464 0.07 Gates Industrial Corp PLC 6,525 - - 6,525 70,928 0.01 Giken Ltd 750 1,900 - 2,650^ 77,322 0.01 Graco Inc 18,240 1,288 3,444 16,084 765,586 0.13 GrafTech International Ltd - 6,275 - 6,275 71,130 0.01 Harmonic Drive Systems Inc 4,900 - 1,900 3,000^ 113,794 0.02 Haulotte Group SA 1,303 - - 1,303^ 10,054 0.00 Heidelberger Druckmaschinen AG 26,750 - - 26,750^ 29,161 0.01 Hirata Corp 1,100 - - 1,100^ 67,501 0.01 Hisaka Works Ltd 1,551 - - 1,551^ 12,134 0.00 Ichor Holdings Ltd 2,134 - - 2,134 53,260 0.01 Interpump Group SpA 7,844 - - 7,844 220,304 0.04 Iseki & Co Ltd 1,509 - - 1,509^ 19,703 0.00 Jungheinrich AG 5,061 - - 5,061^ 112,352 0.02 Kadant Inc 1,348 - - 1,348 124,724 0.02 Koenig & Bauer AG 1,463 - - 1,463^ 58,828 0.01 Komori Corp 6,150 - - 6,150^ 62,021 0.01 Kongsberg Gruppen ASA - 11,008 - 11,008^ 139,476 0.02 Krones AG 1,537 - - 1,537^ 87,928 0.02 Lindsay Corp 1,870 - 1,094 776 70,079 0.01 Makino Milling Machine Co Ltd 10,957 2,191 10,957 2,191^ 91,598 0.02 Manitowoc Co Inc 3,537 - - 3,537 62,854 0.01 Max Co Ltd 2,892 - - 2,892^ 45,461 0.01 Mitsubishi Logisnext Co Ltd 3,000 - - 3,000^ 30,692 0.01 Miura Co Ltd 14,995 - 6,300 8,695^ 240,225 0.04 Mueller Water Products Inc 18,689 - - 18,689 188,166 0.03 Nikkiso Co Ltd 5,486 - - 5,486^ 70,281 0.01 Nippon Sharyo Ltd 4,784 478 4,784 478^ 10,900 0.00 Nippon Thompson Co Ltd 5,541 - - 5,541^ 25,413 0.00 Nitto Kohki Co Ltd 1,192 - - 1,192^ 23,781 0.00 Nittoku Engineering Co Ltd 3,100 - - 3,100^ 85,788 0.02 NN Inc 2,441 - - 2,441 19,840 0.00 Nordson Corp 5,723 - 999 4,724^ 662,510 0.11 Obara Group Inc 1,326 - - 1,326^ 45,884 0.01 OKUMA Corp 3,000 - 1,500 1,500^ 78,097 0.01 Optorun Co Ltd - 2,300 - 2,300 58,029 0.01 Organo Corp 441 - - 441^ 15,562 0.00 Pfeiffer Vacuum Technology AG 1,006 - 511 495^ 68,694 0.01 Ponsse Oyj - 3,103 - 3,103 97,137 0.02 Scapa Group PLC 19,956 - - 19,956^ 47,753 0.01 Shibuya Corp 1,400 - - 1,400^ 38,679 0.01 Shima Seiki Manufacturing Ltd 2,850 - - 2,850^ 83,287 0.01 Sintokogio Ltd 5,121 - - 5,121^ 43,052 0.01 Spirax-Sarco Engineering PLC 9,045 676 9,721 - - 0.00 SPX FLOW Inc 3,991 - - 3,991 160,256 0.03 Stabilus SA 2,781 - - 2,781^ 127,398 0.02 Talgo SA 8,435 - - 8,435 45,279 0.01 Teikoku Sen-I Co Ltd 2,200 - - 2,200^ 40,039 0.01 Tennant Co 1,948 - - 1,948 146,780 0.03 Toromont Industries Ltd 8,494 - - 8,494 423,927 0.07 Toshiba Machine Co Ltd 10,253 2,050 10,253 2,050^ 45,123 0.01 Toyo Kanetsu KK 1,044 - 1,044 - - 0.00 Tsubakimoto Chain Co 15,172 3,034 15,172 3,034^ 99,177 0.02

BlackRock Investment Funds Switzerland ANNUAL REPORT [137] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Tsugami Corp 5,913 - - 5,913^ 47,715 0.01 Tsurumi Manufacturing Co Ltd 1,350 - - 1,350^ 22,637 0.00 Valmet OYJ 12,725 - - 12,725 247,004 0.04 Washtec AG 2,013 - - 2,013^ 106,505 0.02 Welbilt Inc 14,151 - - 14,151^ 230,036 0.04 Yushin Precision Equipment Co Ltd 2,250 - - 2,250^ 19,736 0.00 Zardoya Otis SA 23,589 - 11,596 11,993 81,961 0.01 10,300,969 1.76 Media Altice Europe NV - 57,041 - 57,041 211,887 0.04 AMC Networks Inc 6,162 - 1,875 4,287 226,552 0.04 Atresmedia Corp de Medios de Comunicacion SA 7,685 - - 7,685 29,868 0.01 Cable One Inc 514 106 163 457 550,517 0.09 Cairo Communication SpA 7,890 - - 7,890 22,699 0.00 Cogeco Communications Inc 1,687 - - 1,687 132,565 0.02 Corus Entertainment Inc 20,465 - - 20,465 78,224 0.01 Daily Mail & General Trust PLC 30,346 - 30,346 - - 0.00 Daily Mail & General Trust PLC - 16,262 - 16,262^ 156,126 0.03 Entercom Communications Corp 13,582 - - 13,582 76,374 0.01 Entravision Communications Corp 5,507 - - 5,507 17,773 0.00 Euromoney Institutional Investor PLC - 11,142 1 11,141^ 186,372 0.03 Euskaltel SA 10,080 - - 10,080^ 87,776 0.01 EW Scripps Co 5,782 - - 5,782 87,752 0.01 FactSet Research Systems Inc 4,319 523 4,842 - - 0.00 Fairfax Media Ltd 269,670 - 269,670 - - 0.00 Future PLC - 6,414 - 6,414 87,858 0.01 Gannett Co Inc 14,857 - - 14,857 150,761 0.03 Gray Television Inc 6,688 3,042 - 9,730 170,980 0.03 Houghton Mifflin Harcourt Co 13,918 - - 13,918 80,606 0.01 HT&E Ltd 25,570 - - 25,570^ 30,534 0.01 John Wiley & Sons Inc 5,166 - - 5,166 232,754 0.04 Kadokawa Dwango 5,775 - - 5,775^ 73,141 0.01 Lagardere SCA 11,813 - 3,010 8,803 198,917 0.03 Liberty Latin America Ltd 7,476 - - 7,476 121,306 0.02 Liberty Latin America Ltd 11,938 2,483 4,137 10,284 166,971 0.03 Liberty Media Corp-Liberty Braves 3,760 - - 3,760 107,093 0.02 Mediaset Espana Comunicacion SA 20,103 8,665 13,266 15,502 90,939 0.02 Mediaset SpA 79,648 - 46,053 33,595^ 98,168 0.02 Meredith Corp 3,956 - - 3,956 214,856 0.04 Metropole Television SA 6,708 - 4,068 2,640 45,687 0.01 Modern Times Group MTG AB 6,364 - - 6,364^ 58,911 0.01 MSG Networks Inc 6,870 - - 6,870 129,157 0.02 New York Times Co 14,693 - - 14,693^ 519,004 0.09 Nexstar Media Group Inc 4,559 - - 4,559 459,330 0.08 Nine Entertainment Co Holdings Ltd 64,885 236,080 105,088 195,877^ 269,990 0.05 Nordic Entertainment Group AB - 6,364 - 6,364^ 152,367 0.03 NOS SGPS SA 19,566 - - 19,566 121,314 0.02 ProSiebenSat.1 Media SE - 23,299 - 23,299 301,246 0.05 Quebecor Inc 18,144 - 18,144 - - 0.00 Sanoma OYJ 9,009 - - 9,009 88,876 0.02 Scholastic Corp 2,515 - - 2,515 85,078 0.01 Seven West Media Ltd 129,881 - - 129,881^ 38,552 0.01 Sinclair Broadcast Group Inc 9,540 - 2,506 7,034 349,924 0.06 SKY Network Television Ltd 41,747 - - 41,747^ 34,642 0.01 SKY Perfect JSAT Holdings Inc 17,700 - - 17,700^ 69,559 0.01 Southern Cross Media Group Ltd 58,206 - - 58,206^ 53,221 0.01 TEGNA Inc 20,955 - - 20,955 315,123 0.05 Television Broadcasts Ltd 49,800 - - 49,800 79,484 0.01

[138] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Television Francaise 1 15,631 - 11,055 4,576 45,648 0.01 Tokyo Broadcasting System Holdings Inc 4,250 - - 4,250 71,730 0.01 Tribune Media Co 8,913 - - 8,913 410,045 0.07 Tribune Publishing Co 2,097 2,097 2,097 2,097 17,169 0.00 TV Asahi Holdings Corp 2,000 - - 2,000 32,698 0.01 World Wrestling Entertainment Inc 3,743 1,069 - 4,812 346,715 0.06 Wowow Inc 650 - - 650 15,587 0.00 7,800,426 1.33 Metal fabricate & hardware Advanced Drainage Systems Inc 3,604 - - 3,604 117,493 0.02 Aurubis AG 4,749 - 1,703 3,046^ 132,823 0.02 AZZ Inc 2,908 - - 2,908 134,100 0.02 Bodycote PLC 20,270 - - 20,270^ 180,968 0.03 CIRCOR International Inc 1,650 - - 1,650 62,073 0.01 Daiichi Jitsugyo Co Ltd 799 - - 799^ 21,856 0.00 Global Brass & Copper Holdings Inc 2,103 - 2,103 - - 0.00 Granges AB 5,632 5,630 - 11,262 112,154 0.02 Hanwa Co Ltd 3,939 - - 3,939^ 107,318 0.02 Helios Technologies Inc 2,334 2,334 2,334 2,334 108,509 0.02 Kitz Corp 10,083 - - 10,083^ 68,402 0.01 Kloeckner & Co SE 10,226 - - 10,226^ 50,723 0.01 Lindab International AB 7,766 - - 7,766 88,479 0.02 Martinrea International Inc 9,547 - - 9,547 77,806 0.01 Mitsui High-Tec Inc 2,600 - - 2,600^ 30,653 0.01 Mueller Industries Inc 6,027 - - 6,027 180,136 0.03 Nachi-Fujikoshi Corp 1,883 - - 1,883^ 79,323 0.01 Neturen Co Ltd 2,806 - - 2,806^ 21,568 0.00 Nippon Steel Trading Corp 1,516 - - 1,516^ 60,614 0.01 Norma Group SE 3,423 - - 3,423^ 122,398 0.02 NTN Corp 49,000 22,500 29,200 42,300^ 117,252 0.02 Oiles Corp 2,884 - - 2,884^ 40,812 0.01 Park-Ohio Holdings Corp 842 - - 842 25,508 0.00 RBC Bearings Inc 2,675 - - 2,675^ 430,844 0.07 Reliance Worldwide Corp Ltd 52,509 28,246 - 80,755^ 202,782 0.03 Rexnord Corp 11,181 - - 11,181 324,217 0.06 Ryobi Ltd 2,783 - - 2,783^ 51,411 0.01 Sims Metal Management Ltd 18,901 - - 18,901 140,709 0.02 Timken Co 7,854 - 1,327 6,527 295,366 0.05 TimkenSteel Corp 3,816 - - 3,816 26,407 0.00 Tocalo Co Ltd 5,476 - - 5,476^ 40,943 0.01 Toho Zinc Co Ltd 1,254 - - 1,254^ 26,950 0.00 Tredegar Corp 2,528 - - 2,528 41,720 0.01 TriMas Corp 5,042 - - 5,042 149,697 0.03 Tsubaki Nakashima Co Ltd 7,500 - 3,400 4,100^ 70,731 0.01 Tubacex SA 12,574 - - 12,574^ 40,055 0.01 UACJ Corp 2,900 - - 2,900^ 47,200 0.01 Vallourec SA 32,894 - - 32,894^ 113,705 0.02 Valmont Industries Inc 2,544 653 1,144 2,053 279,668 0.05 Worthington Industries Inc 5,670 - 1,952 3,718 148,043 0.03 4,371,416 0.74 Food AAK AB 19,164 - - 19,164^ 391,387 0.07 AGT Food & Ingredients Inc 2,209 - 2,209 - - 0.00 Arcs Co Ltd 3,666 - - 3,666^ 76,047 0.01 Ariake Japan Co Ltd 2,200 - - 2,200^ 136,006 0.02 Atria Oyj 664 - 664 - - 0.00 Ausnutria Dairy Corp Ltd - 57,000 - 57,000 102,365 0.02

BlackRock Investment Funds Switzerland ANNUAL REPORT [139] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Austevoll Seafood ASA 8,282 - - 8,282 84,304 0.01 Axfood AB 16,351 - 7,663 8,688 182,366 0.03 B&G Foods Inc 6,321 - - 6,321 114,392 0.02 Bakkafrost P/F 6,510 - 2,517 3,993^ 229,559 0.04 Bega Cheese Ltd 14,002 - - 14,002^ 42,326 0.01 Belc Co Ltd 1,050 - - 1,050^ 48,445 0.01 Bellamy's Australia Ltd 9,017 - - 9,017^ 62,144 0.01 Bonduelle SCA 1,137 - - 1,137^ 33,462 0.01 Calavo Growers Inc 1,559 - - 1,559 136,499 0.02 Cal-Maine Foods Inc 3,470 - - 3,470 136,622 0.02 Chefs' Warehouse Inc 2,207 - - 2,207^ 79,684 0.01 Cloetta AB 23,244 - - 23,244 68,988 0.01 Corbion NV 6,299 - - 6,299^ 204,962 0.04 Cranswick PLC - 6,232 - 6,232^ 201,100 0.03 Daikokutenbussan Co Ltd 570 - - 570^ 17,021 0.00 Dairy Crest Group PLC 15,342 - 15,342 - - 0.00 Dean Foods Co 10,114 - 10,114 - - 0.00 Distribuidora Internacional de Alimentacion SA 67,211 - - 67,211^ 38,717 0.01 Ebro Foods SA 7,711 - 2,842 4,869^ 97,786 0.02 euglena Co Ltd 6,650 - - 6,650^ 65,244 0.01 Ezaki Glico Co Ltd 4,700 - - 4,700^ 203,134 0.03 First Pacific Co Ltd 268,000 - - 268,000^ 111,512 0.02 Flowers Foods Inc 20,555 - - 20,555^ 482,282 0.08 Fresh Del Monte Produce Inc 3,663 - - 3,663 109,988 0.02 Fuji Oil Holdings Inc 6,731 - - 6,731^ 206,217 0.04 Fujicco Co Ltd 1,530 - - 1,530^ 27,497 0.00 Fujiya Co Ltd 1,452 - - 1,452^ 25,618 0.00 Glanbia PLC 21,713 - - 21,713 282,415 0.05 GrainCorp Ltd 21,582 - - 21,582^ 126,355 0.02 Greencore Group PLC 97,301 - 56,013 41,288 107,006 0.02 Greggs PLC 11,031 - - 11,031 298,994 0.05 Grieg Seafood ASA - 5,733 - 5,733^ 81,558 0.01 Hain Celestial Group Inc 11,929 - 3,399 8,530 183,841 0.03 Health & Happiness H&H International Holdings Ltd 33,000 - 12,000 21,000^ 122,038 0.02 Heiwado Co Ltd 3,267 - - 3,267^ 59,608 0.01 HelloFresh SE - 15,643 - 15,643^ 150,184 0.03 Hostess Brands Inc 15,354 - 6,373 8,981 125,544 0.02 House Foods Group Inc 6,150 - - 6,150^ 225,427 0.04 Ingles Markets Inc 1,424 - - 1,424 44,379 0.01 Itoham Yonekyu Holdings Inc 22,600 13,300 13,000 22,900^ 149,713 0.03 J&J Snack Foods Corp 1,698 - 480 1,218 224,090 0.04 John B Sanfilippo & Son Inc 782 - - 782 67,284 0.01 J-Oil Mills Inc 798 - - 798^ 28,450 0.01 Kagome Co Ltd 8,233 - - 8,233^ 190,301 0.03 Kameda Seika Co Ltd 1,150 - - 1,150^ 53,373 0.01 Kato Sangyo Co Ltd 2,921 - - 2,921^ 86,028 0.01 Kesko OYJ 7,156 - - 7,156^ 432,568 0.07 Kewpie Corp 11,050 - - 11,050^ 249,268 0.04 Kobe Bussan Co Ltd 1,000 4,000 2,800 2,200^ 122,766 0.02 Kotobuki Spirits Co Ltd 3,800 - 1,700 2,100^ 123,696 0.02 La Doria SpA 1,171 - - 1,171^ 10,391 0.00 Lamb Weston Holdings Inc 16,466 - 16,466 - - 0.00 Lancaster Colony Corp 2,043 291 523 1,811 279,368 0.05 Leroy Seafood Group ASA 28,540 - - 28,540^ 180,163 0.03 Maple Leaf Foods Inc 8,255 2,372 3,424 7,203 168,072 0.03 Marudai Food Co Ltd 8,466 1,693 8,466 1,693^ 31,461 0.01 Maruha Nichiro Corp 4,278 - - 4,278^ 124,628 0.02 Megmilk Snow Brand Co Ltd 4,983 - - 4,983^ 106,319 0.02

[140] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Metcash Ltd 97,477 - - 97,477^ 187,570 0.03 Mitsubishi Shokuhin Co Ltd 1,250 - - 1,250^ 31,230 0.01 Mitsui Sugar Co Ltd 1,310 - - 1,310^ 27,807 0.00 Morinaga & Co Ltd/Japan 4,530 2,000 1,600 4,930^ 230,606 0.04 Morinaga Milk Industry Co Ltd 3,703 - - 3,703^ 143,330 0.02 Naturex 759 - 759 - - 0.00 Nichirei Corp 12,750 - 3,400 9,350^ 215,864 0.04 Nippon Beet Sugar Manufacturing Co Ltd 1,415 - - 1,415^ 25,882 0.00 Nippon Flour Mills Co Ltd 7,512 - - 7,512^ 118,154 0.02 Nippon Suisan Kaisha Ltd 47,112 - 22,700 24,412^ 153,366 0.03 Nisshin Oillio Group Ltd 2,806 - - 2,806^ 81,490 0.01 North West Co Inc 5,461 - - 5,461 124,378 0.02 Ocado Group PLC 69,659 - 69,659 - - 0.00 Okuwa Co Ltd 4,090 - - 4,090^ 40,202 0.01 Performance Food Group Co 11,087 - - 11,087 481,303 0.08 Pilgrim's Pride Corp - 8,295 - 8,295 222,218 0.04 Pinnacle Foods Inc 13,165 - 13,165 - - 0.00 Post Holdings Inc 6,840 - - 6,840 726,051 0.12 Premier Foods PLC 78,040 - - 78,040^ 31,975 0.01 Premium Brands Holdings Corp 3,840 1,404 1,523 3,721 269,450 0.05 Prima Meat Packers Ltd 20,606 4,121 20,606 4,121^ 77,068 0.01 QAF Ltd 13,409 - 13,409 - - 0.00 Rallye SA 2,427 - 2,427 - - 0.00 Rami Levy Chain Stores Hashikma Marketing 2006 Ltd 712 - - 712 37,432 0.01 Rogers Sugar Inc 7,783 - - 7,783 33,094 0.01 S Foods Inc 1,105 - - 1,105^ 33,854 0.01 Salmar ASA 5,908 1,184 1,055 6,037 278,676 0.05 San-A Co Ltd 1,856 - - 1,856^ 74,293 0.01 Sanderson Farms Inc 2,233 - - 2,233^ 289,642 0.05 Scandi Standard AB 4,669 - - 4,669 29,729 0.01 Seaboard Corp 33 - - 33 133,347 0.02 Select Harvests Ltd 5,012 - - 5,012^ 25,513 0.00 Shoei Foods Corp 3,200 - 1,900 1,300^ 37,042 0.01 Showa Sangyo Co Ltd 2,167 - - 2,167^ 60,660 0.01 Shufersal Ltd 9,030 15,370 - 24,400 179,189 0.03 Simply Good Foods Co 11,232 - 4,826 6,406 172,691 0.03 Smart & Final Stores Inc 2,993 - 2,993 - - 0.00 Sonae SGPS SA 90,142 - - 90,142 83,960 0.01 SpartanNash Co 4,339 - - 4,339 50,774 0.01 Sprouts Farmers Market Inc 12,244 - - 12,244^ 205,218 0.04 SSP Group Plc 47,137 5,544 52,681 - - 0.00 SSP Group Plc - 48,765 - 48,765 417,339 0.07 Strauss Group Ltd 4,561 - - 4,561 137,390 0.02 Suedzucker AG 9,452 - 3,611 5,841^ 90,265 0.02 SUPERVALU Inc 3,188 - 3,188 - - 0.00 Takeaway.com NV 2,725 863 - 3,588^ 321,140 0.05 Tassal Group Ltd 15,058 - - 15,058^ 52,916 0.01 Tate & Lyle PLC 50,284 7,093 10,082 47,295 433,080 0.07 Telepizza Group SA 25,688 - 25,688 - - 0.00 Tootsie Roll Industries Inc 2,355 71 1 2,425 89,692 0.02 TreeHouse Foods Inc 6,367 - 1,226 5,141^ 302,016 0.05 United Natural Foods Inc 5,368 - - 5,368^ 52,399 0.01 United Super Markets Holdings Inc 5,122 - - 5,122^ 45,255 0.01 US Foods Holding Corp 24,227 1,311 3,912 21,626 757,263 0.13 Village Super Market Inc 682 - - 682 16,900 0.00 Viscofan SA 5,082 - 1,613 3,469^ 169,469 0.03 Warabeya Nichiyo Holdings Co Ltd 1,300 - - 1,300^ 20,388 0.00 Weis Markets Inc 1,475 - - 1,475 53,226 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [141] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Wessanen 8,962 - - 8,962^ 111,726 0.02 Yaoko Co Ltd 1,900 - - 1,900^ 86,795 0.01 Yokohama Reito Co Ltd 3,565 - - 3,565^ 33,319 0.01 16,254,598 2.77 Food Service Autogrill SpA 14,341 - - 14,341^ 150,805 0.03 DO & CO AG 372 - - 372^ 32,803 0.00 Elior Group SA 13,996 - 4,546 9,450^ 123,226 0.02 306,834 0.05 Private equity Alaris Royalty Corp 5,667 - - 5,667 86,730 0.02 Allied Minds PLC 20,075 - 20,075 - - 0.00 Argosy Property Ltd 85,500 - - 85,500^ 79,329 0.01 AURELIUS Equity Opportunities SE & Co KGaA 2,095 - - 2,095^ 84,426 0.01 Bure Equity AB 5,631 - - 5,631^ 104,833 0.02 Deutsche Beteiligungs AG 793 - - 793^ 27,622 0.00 Gimv NV 2,193 - - 2,193 128,357 0.02 Intermediate Capital Group PLC 30,135 - - 30,135 507,765 0.09 Jafco Co Ltd 4,000 - 1,800 2,200^ 81,543 0.01 Kennedy-Wilson Holdings Inc 12,805 - - 12,805 272,808 0.05 NexPoint Residential Trust Inc - 1,248 - 1,248 53,325 0.01 PATRIZIA AG 5,101 - - 5,101 98,621 0.02 Ratos AB 22,548 - - 22,548^ 57,242 0.01 1,582,601 0.27 Aerospace & defence AAR Corp 3,586 - - 3,586 148,609 0.03 Aerojet Rocketdyne Holdings Inc 5,600 1,195 - 6,795 287,380 0.05 AeroVironment Inc 2,059 - - 2,059 111,807 0.02 Astronics Corp 1,763 264 - 2,027 73,928 0.01 Astronics Corp - 264 264 - - 0.00 Barnes Group Inc 5,439 - - 5,439 280,215 0.05 Boeing Distribution Services Inc 5,820 - 5,820 - - 0.00 Chemring Group PLC 27,951 - - 27,951 61,530 0.01 Cobham PLC 269,242 - - 269,242^ 539,501 0.09 Ducommun Inc - 1,014 - 1,014 42,313 0.01 Esterline Technologies Corp 3,246 - 3,246 - - 0.00 FACC AG 2,054 - - 2,054^ 24,474 0.00 HEICO Corp 4,368 - 4,368 - - 0.00 HEICO Corp 8,252 - 8,252 - - 0.00 Jamco Corp 900 - - 900^ 16,363 0.00 Kaman Corp 2,619 - - 2,619 164,384 0.03 Kratos Defense & Security Solutions Inc 4,925 2,657 - 7,582^ 185,027 0.03 LISI 1,688 - - 1,688^ 48,748 0.01 Magellan Aerospace Corp 1,728 - - 1,728 21,300 0.00 Moog Inc 3,882 - 867 3,015 243,146 0.04 National Presto Industries Inc 468 - - 468 42,612 0.01 OHB SE 432 - - 432^ 15,762 0.00 Saab AB 9,289 4,576 3,421 10,444^ 328,623 0.06 Saab AB - 1,466 1,466 - - 0.00 Saab AB Rights - 5,868 5,868 - - 0.00 Teledyne Technologies Inc 3,783 - - 3,783 1,090,893 0.19 Triumph Group Inc 5,484 - - 5,484 131,549 0.02 Ultra Electronics Holdings PLC 7,411 - - 7,411 176,349 0.03 Wesco Aircraft Holdings Inc 7,676 - - 7,676 80,020 0.01 4,114,533 0.70 Pipelines Antero Midstream Corp 8,386 - 8,386 - - 0.00

[142] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Antero Midstream Corp - 21,818 - 21,818 196,990 0.03 Enbridge Energy Management LLC 8,121 543 8,664 - - 0.00 Enbridge Inc - 2,902 2,902 - - 0.00 Enbridge Inc - 2,902 2,902 - - 0.00 Enbridge Income Fund Holdings Inc 21,780 - 21,780 - - 0.00 EnLink Midstream LLC 5,661 20,228 - 25,889 246,049 0.04 Equitrans Midstream Corp - 21,972 - 21,972^ 360,870 0.06 Gibson Energy Inc 13,963 - - 13,963 240,750 0.04 Kinder Morgan Canada Ltd 16,605 - 16,605 - - 0.00 Kinder Morgan Canada Ltd - 3,440 - 3,440 29,280 0.01 SemGroup Corp 6,741 - - 6,741^ 84,555 0.01 Tallgrass Energy LP 11,447 5,956 3,295 14,108 267,746 0.05 TOKAI Holdings Corp 10,025 - - 10,025^ 85,376 0.02 1,511,616 0.26 Shipbuilding Austal Ltd 24,887 - 24,887 - - 0.00 COSCO Shipping International Singapore Co Ltd 122,500 - - 122,500 27,914 0.01 Fincantieri SpA 56,911 - - 56,911^ 58,716 0.01 Mitsui E&S Holdings Co Ltd 8,200 - - 8,200^ 71,853 0.01 Namura Shipbuilding Co Ltd 4,304 - 4,304 - - 0.00 158,483 0.03 Software ACI Worldwide Inc 12,513 - - 12,513^ 415,737 0.07 Allscripts Healthcare Solutions Inc 18,884 - - 18,884 192,560 0.03 Altair Engineering Inc - 3,689 - 3,689 151,964 0.03 Alteryx Inc - 4,553 - 4,553 529,808 0.09 Altium Ltd 10,164 3,026 - 13,190^ 331,121 0.06 Appfolio Inc - 1,502 - 1,502 143,568 0.02 Appian Corp - 2,505 - 2,505 97,437 0.02 Apptio Inc - 4,550 4,550 - - 0.00 Aspen Technology Inc 8,719 - 1,815 6,904 901,326 0.15 Ateam Inc 1,000 - - 1,000^ 10,212 0.00 athenahealth Inc 4,402 - 4,402 - - 0.00 Avaya Holdings Corp 12,387 - - 12,387^ 147,648 0.02 AVEVA Group PLC 6,823 - - 6,823 330,174 0.06 Axway Software SA 461 - 461 - - 0.00 Bandwidth Inc - 1,656 - 1,656 122,138 0.02 Benefitfocus Inc 2,737 - 1,406 1,331 32,929 0.01 Black Knight Inc 16,061 1,183 2,788 14,456 906,200 0.15 Blackbaud Inc 5,084 - - 5,084 458,018 0.08 Blackline Inc 2,638 919 - 3,557 157,056 0.03 Blue Prism Group plc 4,148 7,550 5,807 5,891^ 101,618 0.02 Bottomline Technologies DE Inc 4,611 - - 4,611 192,136 0.03 Box Inc 13,638 - - 13,638 223,317 0.04 Bravura Solutions Ltd - 29,324 - 29,324 98,447 0.02 Capcom Co Ltd 10,020 3,000 2,700 10,320 215,675 0.04 Castlight Health Inc 3,032 - - 3,032 4,833 0.00 Ceridian HCM Holding Inc - 4,217 - 4,217 222,560 0.04 Cision Ltd - 6,978 - 6,978 71,776 0.01 Cloudera Inc 10,971 10,505 - 21,476 127,142 0.02 COLOPL Inc 5,600 - - 5,600^ 34,262 0.01 CommVault Systems Inc 4,810 - - 4,810 216,381 0.04 CompuGroup Medical SE 2,833 - - 2,833^ 218,434 0.04 Computer Modelling Group Ltd 14,716 - - 14,716 72,780 0.01 Computer Programs & Systems Inc 1,175 - - 1,175 30,023 0.00 Comture Corp - 1,200 - 1,200 46,119 0.01 Cornerstone OnDemand Inc 5,152 - - 5,152 301,948 0.05

BlackRock Investment Funds Switzerland ANNUAL REPORT [143] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Cotiviti Holdings Inc 3,264 - 3,264 - - 0.00 Coupa Software Inc 4,813 1,015 - 5,828 783,009 0.13 Covetrus Inc - 10,178 - 10,178 238,504 0.04 CSG Systems International Inc 3,711 - - 3,711 188,250 0.03 DeNA Co Ltd - 11,700 - 11,700 222,432 0.04 Descartes Systems Group Inc 9,033 2,841 4,138 7,736 279,657 0.05 Donnelley Financial Solutions Inc 2,819 - - 2,819^ 38,039 0.01 Dun & Bradstreet Corp 4,078 - 4,078 - - 0.00 Ebix Inc 3,168 994 1,365 2,797 127,458 0.02 EMIS Group PLC 10,153 - 8,758 1,395 20,732 0.00 Enghouse Systems Ltd 2,300 2,300 - 4,600 119,854 0.02 Envestnet Inc 5,611 878 1,490 4,999 353,409 0.06 Everbridge Inc 2,750 725 - 3,475 351,938 0.06 Evolent Health Inc 6,856 - - 6,856 46,290 0.01 Fair Isaac Corp 3,453 191 772 2,872 987,812 0.17 First Derivatives PLC - 1,819 - 1,819 65,048 0.01 Five9 Inc 5,487 - - 5,487 268,184 0.05 Fuji Soft Inc 1,800 - - 1,800^ 80,914 0.01 GFT Technologies SE 1,633 - 1,633 - - 0.00 Glu Mobile Inc 12,021 - - 12,021 88,780 0.01 Gree Inc 11,750 - - 11,750^ 55,176 0.01 Guidewire Software Inc 8,524 1,468 1,928 8,064^ 814,941 0.14 GungHo Online Entertainment Inc 36,200 3,620 36,200 3,620 95,128 0.02 Hilan Ltd - 2,341 - 2,341 81,188 0.01 Hortonworks Inc 5,405 - 5,405 - - 0.00 HubSpot Inc 3,784 320 358 3,746 662,790 0.11 InnerWorkings Inc 4,184 - 4,184 - - 0.00 Inovalon Holdings Inc 4,325 3,475 - 7,800 115,830 0.02 Instructure Inc 3,030 - - 3,030 119,058 0.02 InterXion Holding NV 9,288 914 3,177 7,025 523,693 0.09 j2 Global Inc 4,923 - - 4,923 434,204 0.07 Justsystems Corp 2,400 - - 2,400^ 80,969 0.01 Kinaxis Inc 2,327 2,179 1,965 2,541 159,041 0.03 KLab Inc 3,600 - - 3,600^ 29,543 0.00 Koei Tecmo Holdings Co Ltd 4,700 940 - 5,640^ 108,098 0.02 Learning Technologies Group PLC - 45,475 - 45,475^ 62,291 0.01 LivePerson Inc 6,450 - - 6,450 211,935 0.04 Manhattan Associates Inc 8,612 775 2,466 6,921 582,334 0.10 ManTech International Corp/VA 2,782 - - 2,782 189,433 0.03 Marvelous Inc 3,050 - - 3,050^ 21,609 0.00 Medidata Solutions Inc 5,889 - - 5,889 532,697 0.09 MicroStrategy Inc 1,069 - - 1,069 144,703 0.02 MINDBODY Inc 4,088 - 4,088 - - 0.00 Miroku Jyoho Service Co Ltd - 1,900 - 1,900 59,509 0.01 Mixi Inc 4,800 - - 4,800^ 90,423 0.02 MobileIron Inc 3,042 - - 3,042 20,780 0.00 Monotype Imaging Holdings Inc 4,869 - - 4,869 96,262 0.02 MYOB Group Ltd 44,065 - 44,065 - - 0.00 Nemetschek SE 2,036 4,072 - 6,108^ 343,028 0.06 NetEnt AB 17,208 - 17,208 - - 0.00 NetEnt AB - 17,208 - 17,208 51,055 0.01 NetEnt AB - 17,208 17,208 - - 0.00 New Relic Inc 4,660 1,151 701 5,110 471,338 0.08 NextGen Healthcare Inc 4,845 4,845 4,845 4,845 78,472 0.01 NSD Co Ltd 3,659 - - 3,659^ 112,434 0.02 Nuance Communications Inc 31,162 - 3,658 27,504 453,090 0.08 OBIC Business Consultants Co Ltd 950 950 - 1,900^ 81,511 0.01 Omnicell Inc 3,930 - - 3,930 292,620 0.05

[144] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Otello Corp ASA 13,864 - 13,864 - - 0.00 Paradox Interactive AB - 3,329 - 3,329 52,872 0.01 Paycom Software Inc 5,371 262 5,633 - - 0.00 PDF Solutions Inc 2,955 - - 2,955 39,055 0.01 Pegasystems Inc 4,291 - - 4,291 321,156 0.05 Pivotal Software Inc - 7,238 - 7,238^ 67,930 0.01 PKSHA Technology Inc - 1,200 - 1,200^ 64,775 0.01 Playtech Plc 33,089 - - 33,089 178,011 0.03 Pluralsight Inc - 5,233 - 5,233 158,995 0.03 Pro Medicus Ltd - 4,452 - 4,452 93,414 0.02 Progress Software Corp 5,098 - - 5,098 218,486 0.04 PROS Holdings Inc 2,561 1,158 - 3,719 266,416 0.04 PTC Inc 13,136 - 13,136 - - 0.00 QAD Inc 905 - - 905 38,651 0.01 Radware Ltd 12,054 2,415 8,043 6,426 167,823 0.03 RealPage Inc 6,764 4,236 3,088 7,912 489,398 0.08 RIB Software SE 3,165 - - 3,165^ 68,483 0.01 SailPoint Technologies Holding Inc 5,147 2,005 - 7,152 149,681 0.03 Silverlake Axis Ltd 101,520 - - 101,520 38,188 0.01 SimCorp A/S 4,068 - - 4,068^ 366,603 0.06 Smartsheet Inc - 7,372 - 7,372 364,257 0.06 Software AG 6,052 - 1,968 4,084^ 115,377 0.02 SPS Commerce Inc 1,723 - - 1,723 190,756 0.03 Square Enix Holdings Co Ltd 12,700 - 4,500 8,200^ 280,008 0.05 SVMK Inc - 2,937 - 2,937 49,343 0.01 Systena Corp 15,200 - 7,700 7,500^ 124,804 0.02 Tableau Software Inc 7,646 - 7,646 - - 0.00 Tabula Rasa HealthCare Inc 2,402 - 811 1,591 94,931 0.02 Technology One Ltd 43,526 - 18,402 25,124^ 131,320 0.02 Teradata Corp 14,591 - 3,311 11,280 408,943 0.07 THQ Nordic AB - 5,662 - 5,662^ 133,457 0.02 TIS Inc 8,030 - - 8,030^ 416,613 0.07 TiVo Corp 14,828 - - 14,828 111,272 0.02 TomTom NV 10,720 - 10,720 - - 0.00 TomTom NV - 6,029 - 6,029^ 71,147 0.01 Transcosmos Inc 5,726 - 3,300 2,426^ 51,696 0.01 Twilio Inc 6,562 4,234 10,796 - - 0.00 Tyler Technologies Inc 3,900 668 584 3,984 920,370 0.16 Ultimate Software Group Inc 3,046 398 3,444 - - 0.00 Upland Software Inc - 2,489 - 2,489 108,396 0.02 Verint Systems Inc 6,645 - - 6,645 380,701 0.06 Verra Mobility Corp - 3,955 - 3,955 54,229 0.01 VSTECS Holdings Ltd 68,600 - - 68,600^ 37,393 0.01 WiseTech Global Ltd 9,729 - - 9,729 212,039 0.04 Workiva Inc - 3,546 - 3,546 201,821 0.03 Worldline SA/France 3,953 - 3,953 - - 0.00 Yext Inc 4,707 - - 4,707 96,973 0.02 Zenrin Co Ltd 3,190 - - 3,190^ 58,581 0.01 Zuora Inc - 7,000 - 7,000 104,019 0.02 Zynga Inc 84,096 - - 84,096 531,167 0.09 26,570,390 4.53 Toys, games & hobbies Games Workshop Group PLC 3,460 - - 3,460 190,251 0.03 Mattel Inc - 34,157 - 34,157 493,705 0.09 Sanrio Co Ltd 7,900 - 4,400 3,500^ 70,369 0.01 Spin Master Corp 2,798 - - 2,798 79,104 0.01 Tomy Co Ltd 7,550 - - 7,550^ 96,241 0.02 929,670 0.16

BlackRock Investment Funds Switzerland ANNUAL REPORT [145] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Telecommunications Acacia Communications Inc 2,356 1,017 - 3,373 224,299 0.04 accesso Technology Group PLC 2,860 - - 2,860^ 35,709 0.01 ADTRAN Inc 5,790 - - 5,790 63,684 0.01 ADVA Optical Networking SE 6,193 - - 6,193^ 48,057 0.01 ARRIS International PLC 20,623 - 20,623 - - 0.00 ATN International Inc 1,098 - - 1,098 61,167 0.01 B Communications Ltd 825 - 825 - - 0.00 Bezeq The Israeli Telecommunication Corp Ltd - 170,111 - 170,111 115,583 0.02 CalAmp Corp 3,941 - - 3,941 43,542 0.01 Casa Systems Inc - 3,914 - 3,914 25,535 0.00 Cellcom Israel Ltd 7,999 - - 7,999 22,827 0.00 Chorus Ltd 47,217 - - 47,217^ 170,455 0.03 Ciena Corp 14,066 1,541 - 15,607 698,691 0.12 Cincinnati Bell Inc 4,538 - - 4,538 17,162 0.00 CITIC Telecom International Holdings Ltd 138,778 - - 138,778^ 56,866 0.01 CONEXIO Corp 2,200 - - 2,200^ 29,608 0.01 Consolidated Communications Holdings Inc 6,979 - - 6,979 32,542 0.01 Denki Kogyo Co Ltd 4,803 - 1,900 2,903^ 81,395 0.01 Digital Domain Holdings Ltd 730,000 - - 730,000^ 9,786 0.00 DNA Oyj 9,849 - 4,667 5,182 119,608 0.02 EchoStar Corp 4,869 - - 4,869 219,421 0.04 Ei Towers SpA 2,626 - 2,626 - - 0.00 Eltel AB 9,296 - - 9,296^ 21,345 0.00 Extreme Networks Inc 9,159 - - 9,159 73,809 0.01 FIH Mobile Ltd 358,000 - - 358,000^ 50,257 0.01 Finisar Corp 11,388 - - 11,388 265,280 0.05 Freenet AG 13,767 2,597 4,148 12,216^ 239,009 0.04 Frontier Communications Corp 10,900 - - 10,900 14,244 0.00 GCI Liberty Inc 10,294 - - 10,294^ 608,712 0.10 Globalstar Inc 38,874 - - 38,874 18,288 0.00 Gogo Inc 5,599 - - 5,599 23,225 0.00 GTT Communications Inc 4,020 - - 4,020 48,156 0.01 Harmonic Inc - 8,589 - 8,589 63,518 0.01 HKBN Ltd 101,000 - - 101,000^ 181,129 0.03 Hutchison Telecommunications Hong Kong Holdings Ltd 195,192 - - 195,192^ 41,966 0.01 Infinera Corp 16,170 - - 16,170^ 61,792 0.01 Inmarsat PLC 49,242 - - 49,242 341,793 0.06 InterDigital Inc 3,940 1,099 1,709 3,330 212,406 0.04 Iridium Communications Inc 8,714 - - 8,714 219,467 0.04 KCOM Group PLC 57,089 - 57,089 - - 0.00 LogMeIn Inc 5,964 - 1,102 4,862 365,673 0.06 Loral Space & Communications Inc 1,727 - - 1,727 62,901 0.01 M1 Ltd/Singapore 40,550 - 40,550 - - 0.00 Maxar Technologies Inc - 5,800 5,800 - - 0.00 Maxar Technologies Ltd 4,043 1,757 5,800 - - 0.00 Mitel Networks Corp 16,803 - 16,803 - - 0.00 NETGEAR Inc 3,482 - - 3,482 116,687 0.02 NetLink NBN Trust 336,600 168,200 192,900 311,900 195,167 0.03 NEXTDC Ltd 41,596 - - 41,596^ 195,278 0.03 Nisshinbo Holdings Inc 15,795 - - 15,795^ 122,994 0.02 Oclaro Inc 14,034 - 14,034 - - 0.00 Oki Electric Industry Co Ltd 12,750 5,100 7,900 9,950^ 132,731 0.02 Orange Belgium SA 3,674 - - 3,674 83,627 0.01 ORBCOMM Inc 6,455 - - 6,455 37,448 0.01 Partner Communications Co Ltd 21,239 - - 21,239 86,466 0.02 pdvWireless Inc - 1,114 - 1,114 49,066 0.01 Plantronics Inc 4,267 944 1,436 3,775 143,510 0.02

[146] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Quantenna Communications Inc - 3,361 3,361 - - 0.00 Ribbon Communications Inc 4,894 - - 4,894 23,838 0.00 Service Stream Ltd - 35,771 - 35,771 72,982 0.01 Shenandoah Telecommunications Co 4,910 - - 4,910 191,325 0.03 Sierra Wireless Inc 6,638 - 3,462 3,176 37,281 0.01 SmarTone Telecommunications Holdings Ltd 43,563 - - 43,563^ 39,778 0.01 SpeedCast International Ltd 45,001 - 21,886 23,115 29,732 0.01 Spok Holdings Inc 1,971 - - 1,971^ 25,347 0.00 StarHub Ltd 68,200 - - 68,200 74,497 0.01 TalkTalk Telecom Group PLC 57,075 - - 57,075^ 72,854 0.01 Technicolor SA 34,730 - - 34,730^ 29,400 0.01 Telecom Plus PLC 6,583 - - 6,583^ 106,293 0.02 Telekom Austria AG 20,070 - 7,513 12,557 92,736 0.02 Telephone & Data Systems Inc 10,404 - - 10,404 333,101 0.06 T-Gaia Corp 2,550 - - 2,550^ 51,246 0.01 Ubiquiti Networks Inc 2,586 - 2,586 - - 0.00 United States Cellular Corp 2,478 - 1,249 1,229 58,268 0.01 ViaSat Inc 5,893 - 2,163 3,730 301,287 0.05 Viavi Solutions Inc 25,290 - - 25,290 367,294 0.06 Vocus Group Ltd 64,164 - - 64,164^ 141,419 0.02 Vonage Holdings Corp 18,645 4,092 - 22,737^ 279,119 0.05 Windstream Holdings Inc 3,894 - 3,894 - - 0.00 8,479,678 1.44 Textiles Coats Group PLC 159,573 - - 159,573 154,265 0.03 Fujibo Holdings Inc 850 - - 850^ 20,507 0.00 Kurabo Industries Ltd 17,413 1,741 17,413 1,741^ 33,448 0.01 Maeda Kosen Co Ltd 1,100 - - 1,100^ 18,365 0.00 Nitto Boseki Co Ltd 3,886 - - 3,886^ 87,200 0.02 Pacific Textiles Holdings Ltd 165,845 - 83,000 82,845^ 64,751 0.01 Seiren Co Ltd 5,622 - - 5,622^ 77,201 0.01 Texwinca Holdings Ltd 76,000 - - 76,000^ 22,299 0.00 Tokai Corp/Gifu 1,800 - - 1,800^ 35,271 0.01 UniFirst Corp/MA 1,629 493 584 1,538 299,758 0.05 Unitika Ltd 14,692 - 14,692 - - 0.00 813,065 0.14 Transportation Air Transport Services Group Inc 1,850 - - 1,850 42,692 0.01 ArcBest Corp 2,845 - - 2,845 84,299 0.01 Atlas Air Worldwide Holdings Inc 756 - - 756 34,166 0.01 bpost SA 10,741 - - 10,741^ 99,806 0.02 BW LPG Ltd 7,624 - - 7,624 34,875 0.01 BW Offshore Ltd 10,368 - - 10,368^ 58,554 0.01 Cargotec Oyj 3,813 - - 3,813^ 113,143 0.02 Cia de Distribucion Integral Logista Holdings SA 4,152 - - 4,152 86,406 0.01 Construcciones y Auxiliar de Ferrocarriles SA 2,540 - - 2,540 114,650 0.02 Covenant Transportation Group Inc 1,146 - - 1,146 19,117 0.00 D/S Norden A/S 3,378 - - 3,378^ 50,463 0.01 Dfds A/S 3,035 - - 3,035^ 111,555 0.02 Dorian LPG Ltd 430 - 430 - - 0.00 Echo Global Logistics Inc 2,582 - - 2,582 53,833 0.01 Euronav NV 17,455 - - 17,455^ 146,417 0.03 Exmar NV 3,153 - - 3,153 20,783 0.00 Firstgroup PLC 119,363 - - 119,363 166,107 0.03 FLEX LNG Ltd - 5,054 - 5,054 63,239 0.01 Forward Air Corp 3,283 - - 3,283 204,761 0.04 Freightways Ltd 15,142 - 15,142 - - 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [147] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Frontline Ltd/Bermuda 4,932 - - 4,932 36,138 0.01 Fuji Kyuko Co Ltd 2,749 - - 2,749^ 105,151 0.02 Fukuyama Transporting Co Ltd 2,500 - - 2,500^ 94,145 0.02 Genesee & Wyoming Inc 7,379 617 2,235 5,761 626,289 0.11 Go-Ahead Group PLC 4,689 - - 4,689 121,297 0.02 Golden Ocean Group Ltd 16,358 - 8,472 7,886^ 47,959 0.01 Hapag-Lloyd AG 4,862 - 4,862 - - 0.00 Heartland Express Inc 5,514 - - 5,514 108,304 0.02 Hitachi Transport System Ltd 4,893 - - 4,893^ 152,137 0.03 Hoegh LNG Holdings Ltd 4,398 - - 4,398^ 18,120 0.00 Hub Group Inc 3,988 - - 3,988 179,047 0.03 Iino Kaiun Kaisha Ltd 9,109 - - 9,109^ 30,399 0.01 Irish Continental Group PLC 18,294 - 18,294 - - 0.00 Kawasaki Kisen Kaisha Ltd 11,500 - 5,000 6,500^ 82,856 0.01 Kerry Logistics Network Ltd 73,500 - - 73,500^ 125,119 0.02 Kintetsu World Express Inc 3,600 - - 3,600^ 48,253 0.01 Kirby Corp 1,528 - - 1,528 118,537 0.02 Konoike Transport Co Ltd 2,650 - - 2,650^ 40,836 0.01 Landstar System Inc 4,303 - - 4,303 474,007 0.08 Marten Transport Ltd 4,750 - - 4,750 94,379 0.02 Maruzen Showa Unyu Co Ltd 6,392 1,278 6,392 1,278^ 37,872 0.01 Matson Inc 942 - - 942 38,152 0.01 Mitsubishi Logistics Corp 7,500 - - 7,500^ 198,524 0.03 Mullen Group Ltd 9,839 - - 9,839 74,845 0.01 Nankai Electric Railway Co Ltd 15,699 2,500 7,300 10,899^ 260,073 0.04 National Express Group PLC 46,198 - - 46,198^ 234,982 0.04 Nikkon Holdings Co Ltd 5,929 - - 5,929^ 138,235 0.02 Nishi-Nippon Railroad Co Ltd 12,200 - 5,900 6,300^ 132,524 0.02 Nobina AB 9,908 - - 9,908 57,720 0.01 NS United Kaiun Kaisha Ltd 983 - - 983^ 21,780 0.00 Ocean Yield ASA 3,836 - - 3,836^ 22,702 0.00 Oesterreichische Post AG 3,828 - 1,409 2,419^ 80,525 0.01 Pacific Basin Shipping Ltd 382,000 - - 382,000^ 78,265 0.01 PostNL NV 36,083 - - 36,083^ 61,787 0.01 Qube Holdings Ltd 197,122 33,458 69,754 160,826^ 346,781 0.06 Royal Mail PLC - 85,710 - 85,710 217,874 0.04 Ryder System Inc 6,403 - 1,724 4,679 246,712 0.04 Saia Inc 2,704 - - 2,704 204,252 0.04 Sakai Moving Service Co Ltd - 1,000 - 1,000 59,268 0.01 Sankyu Inc 5,792 - - 5,792^ 308,951 0.05 Schneider National Inc - 4,764 - 4,764 91,026 0.02 SEACOR Holdings Inc 1,942 - - 1,942 91,592 0.02 Seino Holdings Co Ltd 15,850 - - 15,850^ 197,273 0.03 Senko Group Holdings Co Ltd 9,097 - - 9,097^ 70,920 0.01 Singapore Post Ltd 172,150 - - 172,150 120,174 0.02 SITC International Holdings Co Ltd 128,026 - - 128,026^ 139,895 0.02 Sotetsu Holdings Inc 9,601 - 2,300 7,301^ 191,925 0.03 Stagecoach Group PLC 48,438 - - 48,438 76,332 0.01 Stolt-Nielsen Ltd 2,235 - - 2,235^ 25,749 0.00 TFI International Inc 9,788 - - 9,788 308,086 0.05 Tidewater Inc 3,787 2,023 2,080 3,730 84,895 0.01 Trancom Co Ltd 600 - - 600^ 34,467 0.01 Universal Logistics Holdings Inc 735 - - 735 14,327 0.00 VTG AG - 987 987 - - 0.00 VTG AG 987 - 987 - - 0.00 Wallenius Wilhelmsen ASA 6,767 - - 6,767^ 20,581 0.00

[148] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Werner Enterprises Inc 5,155 - - 5,155 169,179 0.03 YRC Worldwide Inc 1,681 - - 1,681 5,425 0.00 8,471,509 1.44 Environmental control Advanced Disposal Services Inc 8,143 2,127 2,607 7,663 245,571 0.04 Asahi Holdings Inc 3,012 - - 3,012^ 62,233 0.01 Befesa SA - 1,753 - 1,753^ 62,992 0.01 Biffa PLC 41,908 - - 41,908^ 111,508 0.02 Bingo Industries Ltd - 46,277 - 46,277^ 76,102 0.01 Casella Waste Systems Inc 4,760 - - 4,760 205,461 0.04 Clean Harbors Inc 5,467 - - 5,467 421,133 0.07 Cleanaway Waste Management Ltd 231,338 - - 231,338^ 382,010 0.07 Covanta Holding Corp 12,934 - - 12,934^ 220,496 0.04 Daiseki Co Ltd 4,191 - - 4,191^ 99,204 0.02 Derichebourg SA 7,423 - - 7,423^ 27,426 0.00 Evoqua Water Technologies Corp 6,075 - - 6,075 85,523 0.01 Fluidra SA - 9,070 4,747 4,323^ 53,655 0.01 Heritage-Crystal Clean Inc - 1,749 - 1,749 48,569 0.01 Hitachi Zosen Corp 16,546 - - 16,546^ 59,140 0.01 METAWATER Co Ltd 1,300 - - 1,300^ 43,325 0.01 Oyo Corp 1,631 - - 1,631^ 16,448 0.00 Shanks Group PLC 53,697 - - 53,697^ 19,007 0.00 SIIC Environment Holdings Ltd 76,870 - - 76,870 13,068 0.00 Sinanen Holdings Co Ltd 846 - - 846^ 13,738 0.00 Stericycle Inc - 9,334 - 9,334^ 424,701 0.07 Sweco AB 8,287 - - 8,287^ 230,906 0.04 Tetra Tech Inc 6,630 - 1,342 5,288 414,621 0.07 Tomra Systems ASA - 12,586 - 12,586^ 371,434 0.06 Tsukishima Kikai Co Ltd 3,371 - - 3,371^ 39,743 0.01 US Ecology Inc 2,424 - - 2,424 152,697 0.03 3,900,711 0.66 Entertainment 888 Holdings PLC 40,321 - - 40,321 74,489 0.01 Ainsworth Game Technology Ltd 11,592 - 11,592 - - 0.00 AMC Entertainment Holdings Inc 6,851 - - 6,851 80,237 0.01 Ardent Leisure Group 44,970 - 44,970 - - 0.00 Ardent Leisure Group Ltd - 44,970 - 44,970^ 36,056 0.01 Avex Inc 3,853 - - 3,853^ 49,220 0.01 Betsson AB 12,730 - 12,730 - - 0.00 Betsson AB - 12,730 - 12,730^ 67,394 0.01 Betsson AB - 12,730 12,730 - - 0.00 Borussia Dortmund GmbH & Co KGaA 6,852 - - 6,852^ 68,277 0.01 Churchill Downs Inc 1,403 2,806 662 3,547 420,155 0.07 Cinemark Holdings Inc 11,168 - - 11,168 441,368 0.07 Cineplex Inc 8,817 - 2,833 5,984 106,920 0.02 Cineworld Group PLC 109,560 18,715 20,190 108,085 334,235 0.06 Codere SA/Spain 4,689 - 4,689 - - 0.00 Eldorado Resorts Inc 7,304 2,070 2,595 6,779 302,810 0.05 Entertainment One Ltd 53,667 - 16,655 37,012 197,860 0.03 Everi Holdings Inc - 6,219 - 6,219 73,943 0.01 Evolution Gaming Group AB 4,007 - 4,007 - - 0.00 Evolution Gaming Group AB - 10,545 - 10,545^ 229,616 0.04 Golden Entertainment Inc - 2,606 - 2,606 36,171 0.01 Great Canadian Gaming Corp 4,981 2,676 2,129 5,528 182,625 0.03 IMAX Corp 8,082 - 2,884 5,198 112,955 0.02 International Speedway Corp 2,783 - - 2,783 124,203 0.02 JPJ Group PLC 5,094 - - 5,094^ 42,546 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [149] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Juventus Football Club SpA 57,574 - - 57,574^ 98,207 0.02 Kambi Group PLC - 4,409 - 4,409 56,420 0.01 Kindred Group PLC 29,074 29,074 37,312 20,836 127,940 0.02 Kinepolis Group NV 1,590 - - 1,590^ 93,764 0.02 Landing International Development Ltd 165,000 - - 165,000^ 23,163 0.00 LeoVegas AB 7,824 - - 7,824^ 30,682 0.01 Lions Gate Entertainment Corp 6,223 - - 6,223 79,535 0.01 Lions Gate Entertainment Corp 11,133 - - 11,133 134,354 0.02 Madison Square Garden Co 2,290 - 616 1,674 480,672 0.08 Marriott Vacations Worldwide Corp 3,423 2,856 2,125 4,154 420,417 0.07 Mars Group Holdings Corp 976 - - 976^ 18,155 0.00 Mega Expo Holdings Ltd - 150,000 - 150,000 33,199 0.01 Penn National Gaming Inc 7,743 3,335 - 11,078 214,080 0.04 Pinnacle Entertainment Inc 7,942 - 7,942 - - 0.00 RAI Way SpA 9,653 - - 9,653 56,925 0.01 Red Rock Resorts Inc 7,213 - - 7,213^ 148,816 0.03 Scientific Games Corp/DE 5,367 - - 5,367^ 108,658 0.02 SeaWorld Entertainment Inc 7,889 - 2,893 4,996 151,200 0.03 Shochiku Co Ltd 1,504 - 700 804^ 87,825 0.01 Six Flags Entertainment Corp 8,028 1,224 1,613 7,639 399,533 0.07 SkiStar AB 2,251 - 2,251 - - 0.00 SkiStar AB - 4,502 - 4,502^ 52,221 0.01 Stars Group Inc 12,446 4,934 17,380 - - 0.00 Studio City International Holdings Ltd - 22 22 - - 0.00 Toei Co Ltd 766 - - 766^ 104,697 0.02 Tokyotokeiba Co Ltd 1,369 - - 1,369^ 38,759 0.01 Twin River Worldwide Holdings Inc - 2,404 - 2,404^ 62,807 0.01 Universal Entertainment Corp 2,238 - - 2,238^ 70,198 0.01 Vector Inc - 6,200 - 6,200^ 53,423 0.01 Village Roadshow Ltd 8,952 - - 8,952^ 16,187 0.00 William Hill PLC 121,904 - 48,301 73,603^ 136,108 0.02 Yomiuri Land Co Ltd 301 - - 301^ 13,229 0.00 6,292,254 1.07 Packaging & containers Achilles Corp 1,635 - - 1,635^ 30,427 0.00 Bemis Co Inc 11,075 - 11,075 - - 0.00 Berry Global Group Inc 14,426 1,073 2,543 12,956 577,831 0.10 DS Smith PLC 158,686 16,700 33,721 141,665^ 612,551 0.10 FP Corp 2,654 - - 2,654^ 163,105 0.03 Fuji Seal International Inc 4,454 - - 4,454^ 130,365 0.02 Fujimori Kogyo Co Ltd 1,150 - - 1,150^ 30,744 0.00 Gerresheimer AG 3,329 - - 3,329^ 260,163 0.04 Graphic Packaging Holding Co 31,218 - - 31,218 459,261 0.08 Greif Inc 2,624 - - 2,624 90,818 0.02 Huhtamaki OYJ 11,524 - - 11,524^ 436,458 0.07 Intertape Polymer Group Inc 6,068 - - 6,068 83,169 0.01 KapStone Paper and Packaging Corp 9,578 - 9,578 - - 0.00 Metsa Board OYJ 19,927 - - 19,927 99,237 0.02 Multi-Color Corp 1,424 - 1,424 - - 0.00 Orora Ltd 170,839 - 53,169 117,670^ 271,390 0.05 Owens-Illinois Inc 17,408 - - 17,408 292,460 0.05 Pact Group Holdings Ltd 20,733 - - 20,733 39,754 0.01 Rengo Co Ltd 20,382 - - 20,382^ 154,438 0.03 RPC Group PLC 41,972 - 41,972 - - 0.00 Silgan Holdings Inc 8,480 - - 8,480 252,360 0.04 Sonoco Products Co 10,125 - 1,463 8,662 514,780 0.09

[150] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Winpak Ltd 2,880 - - 2,880 98,706 0.02 Zignago Vetro SpA 5,530 - - 5,530^ 62,418 0.01 4,660,435 0.79 Insurance Alm Brand A/S 8,143 - - 8,143 72,723 0.01 Ambac Financial Group Inc 5,252 - - 5,252 94,735 0.02 American Equity Investment Life Holding Co 9,747 - 1,817 7,930 202,548 0.03 American National Insurance Co 1,215 - 628 587 70,328 0.01 AMERISAFE Inc 1,976 - - 1,976 127,273 0.02 AmTrust Financial Services Inc 7,948 - 7,948 - - 0.00 Anicom Holdings Inc - 1,500 - 1,500 52,042 0.01 Argo Group International Holdings Ltd 3,908 - 941 2,967^ 201,031 0.03 Aspen Insurance Holdings Ltd 6,355 - 6,355 - - 0.00 ASR Nederland NV 16,282 - 2,172 14,110^ 529,268 0.09 Assured Guaranty Ltd 14,829 - 4,375 10,454 452,168 0.08 Axis Capital Holdings Ltd - 8,968 - 8,968^ 565,283 0.10 Beazley PLC 54,899 - - 54,899^ 383,654 0.07 Brown & Brown Inc 26,694 2,543 4,491 24,746 880,233 0.15 Citizens Inc/TX 5,875 - - 5,875 43,331 0.01 Clal Insurance Enterprises Holdings Ltd 1,927 - - 1,927 31,096 0.01 CNO Financial Group Inc 14,025 - - 14,025 234,791 0.04 Coface SA 14,507 - 6,563 7,944 98,072 0.02 Donegal Group Inc 640 - - 640 9,409 0.00 eHealth Inc - 1,840 - 1,840 188,991 0.03 EMC Insurance Group Inc 899 - - 899 31,987 0.01 Employers Holdings Inc 3,459 - - 3,459 150,332 0.03 Enstar Group Ltd 1,149 430 405 1,174 205,894 0.03 Erie Indemnity Co 2,532 - 2,532 - - 0.00 Essent Group Ltd 8,534 899 - 9,433 431,073 0.07 esure Group PLC 33,042 - 33,042 - - 0.00 FBL Financial Group Inc 1,226 - - 1,226 76,101 0.01 FGL Holdings 15,691 - - 15,691 126,603 0.02 First American Financial Corp 11,966 - 1,801 10,165 581,863 0.10 Genworth Financial Inc 54,067 - - 54,067 213,570 0.04 Genworth MI Canada Inc 11,278 - 7,610 3,668 134,700 0.02 Global Indemnity Ltd 871 - - 871 24,394 0.00 Greenlight Capital Re Ltd 3,673 - - 3,673 30,363 0.00 Grupo Catalana Occidente SA 3,273 - - 3,273 116,710 0.02 Hanover Insurance Group Inc 4,927 517 1,089 4,355 559,238 0.10 Harel Insurance Investments & Financial Services Ltd 13,578 - - 13,578 105,942 0.02 Hastings Group Holdings PLC 30,275 - - 30,275 70,867 0.01 HCI Group Inc 1,041 - - 1,041 41,316 0.01 Heritage Insurance Holdings Inc 2,573 - - 2,573 34,235 0.01 Hiscox Ltd 34,827 - 7,601 27,226 561,060 0.10 Horace Mann Educators Corp 4,645 - - 4,645 199,761 0.03 IDI Insurance Co Ltd 604 - - 604 21,631 0.00 James River Group Holdings Ltd 3,700 - - 3,700 175,201 0.03 Just Group PLC 111,513 - - 111,513^ 63,749 0.01 Kemper Corp 6,061 - 859 5,202 453,301 0.08 Kinsale Capital Group Inc 2,273 - - 2,273 202,209 0.03 Lancashire Holdings Ltd 20,569 - - 20,569 172,916 0.03 Maiden Holdings Ltd 6,376 91,432 97,808 - - 0.00 MBIA Inc 15,900 - 6,468 9,432 87,121 0.01 Menora Mivtachim Holdings Ltd 3,249 - - 3,249 51,731 0.01 Mercury General Corp 2,648 - - 2,648 148,666 0.03 MGIC Investment Corp 36,304 4,300 5,830 34,774 442,377 0.08 Migdal Insurance & Financial Holding Ltd 49,047 - - 49,047 59,708 0.01 National General Holdings Corp 7,103 - - 7,103 173,901 0.03

BlackRock Investment Funds Switzerland ANNUAL REPORT [151] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) National Western Life Group Inc 420 - - 420 111,850 0.02 Navigators Group Inc 2,496 - 2,496 - - 0.00 nib holdings Ltd/Australia 51,219 - - 51,219^ 279,248 0.05 NMI Holdings Inc 5,675 - - 5,675 139,782 0.02 Old Republic International Corp 25,929 - - 25,929 585,526 0.10 Phoenix Group Holdings 71,077 - 71,077 - - 0.00 Phoenix Group Holdings PLC - 54,417 - 54,417 458,850 0.08 Phoenix Holdings Ltd 26,037 - 11,425 14,612 91,009 0.02 Primerica Inc 5,569 - 1,437 4,132 501,886 0.09 ProAssurance Corp 5,336 - - 5,336 206,498 0.03 Protective Insurance Corp 1,669 1,669 1,669 1,669 27,346 0.00 Protector Forsikring ASA 5,852 - - 5,852^ 31,664 0.01 Radian Group Inc 22,742 - - 22,742 513,332 0.09 RLI Corp 4,344 - - 4,344 387,609 0.07 Sabre Insurance Group PLC - 36,971 - 36,971^ 118,540 0.02 Safety Insurance Group Inc 1,412 - - 1,412 137,915 0.02 Selective Insurance Group Inc 6,605 - 1,094 5,511 410,283 0.07 Societa Cattolica di Assicurazioni SC 16,060 - - 16,060^ 135,689 0.02 State Auto Financial Corp 1,519 - - 1,519 52,002 0.01 Steadfast Group Ltd 89,873 - - 89,873^ 233,037 0.04 Stewart Information Services Corp 2,334 - - 2,334 87,412 0.01 Storebrand ASA 51,317 8,277 15,284 44,310 299,594 0.05 Third Point Reinsurance Ltd 6,481 - - 6,481 64,675 0.01 Topdanmark A/S 8,021 - 4,094 3,927 200,918 0.03 Trupanion Inc 3,415 - - 3,415 108,728 0.02 Unipol Gruppo SpA 47,646 - - 47,646 243,529 0.04 UNIQA Insurance Group AG 13,799 6,838 5,974 14,663 130,916 0.02 United Fire Group Inc 2,071 - - 2,071 107,169 0.02 United Insurance Holdings Corp 1,809 - - 1,809 20,291 0.00 Universal Insurance Holdings Inc 3,631 - - 3,631 89,184 0.01 Vienna Insurance Group AG Wiener Versicherung Gruppe 5,578 4,146 3,807 5,917^ 151,313 0.03 White Mountains Insurance Group Ltd 477 - 243 234^ 249,266 0.04 16,160,557 2.75 Distribution & wholesale Ahlsell AB 28,995 - 28,995 - - 0.00 Ai Holdings Corp 4,450 - - 4,450^ 69,303 0.01 Anixter International Inc 3,109 - - 3,109 198,094 0.03 Arata Corp - 1,400 - 1,400^ 45,126 0.01 Chori Co Ltd 1,500 - - 1,500^ 23,320 0.00 Core-Mark Holding Co Inc 5,030 - - 5,030 186,390 0.03 Daiwabo Holdings Co Ltd 1,611 - - 1,611^ 78,000 0.01 D'ieteren SA/NV 2,691 - - 2,691 125,618 0.02 Diploma PLC 11,798 - - 11,798 216,955 0.04 Doshisha Co Ltd 2,200 - - 2,200^ 34,102 0.01 Elematec Corp 950 950 - 1,900^ 17,758 0.00 Essendant Inc 4,216 - 4,216 - - 0.00 Fossil Group Inc 4,838 - - 4,838 52,877 0.01 Gecoss Corp 1,050 - - 1,050^ 8,980 0.00 G-III Apparel Group Ltd 4,415 - - 4,415 125,269 0.02 H&E Equipment Services Inc 3,026 - - 3,026 91,700 0.02 IAA Inc - 13,345 - 13,345 617,640 0.11 Inabata & Co Ltd 4,767 - - 4,767^ 61,852 0.01 Inchcape PLC 50,889 6,715 16,273 41,331 312,885 0.05 Itochu Enex Co Ltd 4,591 - - 4,591^ 37,005 0.01 Itochu-Shokuhin Co Ltd 244 - - 244^ 9,945 0.00 Iwatani Corp 3,983 - - 3,983^ 130,925 0.02 Jacquet Metal Service SA 1,263 - - 1,263^ 22,470 0.00 Japan Pulp & Paper Co Ltd 1,439 - - 1,439^ 48,154 0.01

[152] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Kamei Corp 2,700 - - 2,700^ 27,450 0.00 Kanematsu Corp 7,670 - - 7,670^ 87,840 0.01 Kanematsu Electronics Ltd 1,200 - - 1,200^ 32,825 0.01 KAR Auction Services Inc 15,400 772 2,827 13,345 353,277 0.06 Li & Fung Ltd - 792,000 - 792,000^ 110,181 0.02 MARR SpA 3,670 - - 3,670^ 78,884 0.01 Matsuda Sangyo Co Ltd 1,474 - - 1,474^ 20,657 0.00 Mimasu Semiconductor Industry Co Ltd 1,855 - - 1,855^ 30,868 0.01 Nippon Gas Co Ltd 4,350 - - 4,350^ 121,768 0.02 PALTAC CORPORATION 3,275 - - 3,275^ 160,060 0.03 Pool Corp 4,341 - 609 3,732 699,662 0.12 Rexel SA - 24,558 - 24,558^ 273,807 0.05 Richelieu Hardware Ltd - 4,086 - 4,086 80,277 0.01 Ryoyo Electro Corp 2,152 - - 2,152^ 35,516 0.01 Safilo Group SpA 3,107 - 3,107 - - 0.00 San-Ai Oil Co Ltd 4,147 - - 4,147^ 39,741 0.01 Sangetsu Corp 5,636 - - 5,636^ 101,700 0.02 ScanSource Inc 3,370 - - 3,370 113,267 0.02 Seven Group Holdings Ltd 14,568 4,960 4,516 15,012 185,511 0.03 SIG PLC 58,979 - - 58,979^ 94,159 0.02 SiteOne Landscape Supply Inc 3,333 739 - 4,072 297,791 0.05 Sojitz Corp 178,800 22,100 73,800 127,100^ 396,348 0.07 Titan Machinery Inc 1,684 - - 1,684 34,577 0.01 Triton International Ltd/Bermuda 6,274 - - 6,274^ 205,468 0.03 Trusco Nakayama Corp 3,844 - - 3,844^ 78,793 0.01 Veritiv Corp 1,003 - - 1,003 17,298 0.00 Wakita & Co Ltd 4,400 - - 4,400^ 44,011 0.01 Watsco Inc 2,987 - - 2,987 480,889 0.08 WESCO International Inc 5,222 - 2,358 2,864 143,866 0.02 Yamazen Corp 4,564 - - 4,564^ 43,321 0.01 Yondoshi Holdings Inc 1,650 - - 1,650^ 39,327 0.01 Yuasa Trading Co Ltd 1,568 - - 1,568^ 44,107 0.01 6,987,614 1.19 Water American States Water Co 4,181 - - 4,181 320,663 0.05 Aqua America Inc 21,776 3,922 4,661 21,037^ 873,677 0.15 California Water Service Group 5,477 - - 5,477 289,493 0.05 Connecticut Water Service Inc 1,274 - - 1,274 88,162 0.02 Middlesex Water Co 1,390 - - 1,390 86,185 0.01 Pennon Group PLC 46,650 - 10,549 36,101^ 313,860 0.05 SJW Group 1,565 764 - 2,329 149,618 0.03 2,121,658 0.36 Advertising Ascential PLC 45,690 - - 45,690^ 220,546 0.04 Clear Channel Outdoor Holdings Inc 3,608 - 3,608 - - 0.00 Clear Channel Outdoor Holdings Inc - 3,608 - 3,608 10,823 0.00 DA Consortium Holdings Inc - 2,800 2,800 - - 0.00 IPSOS 3,915 - - 3,915 106,805 0.02 Macromill Inc - 6,500 - 6,500^ 75,566 0.01 MDC Partners Inc 11,446 - 11,446 - - 0.00 National CineMedia Inc 7,277 - - 7,277 51,294 0.01 oOh!media Ltd - 24,185 - 24,185 73,768 0.01 Quotient Technology Inc 5,780 - - 5,780 60,198 0.01 Relia Inc 4,332 - - 4,332^ 51,113 0.01 Stroeer SE & Co KGaA 4,256 - 1,493 2,763^ 217,605 0.04

BlackRock Investment Funds Switzerland ANNUAL REPORT [153] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Trade Desk Inc 2,790 848 - 3,638 948,343 0.16 UNITED Inc/Japan 1,800 - - 1,800^ 23,207 0.00 1,839,268 0.31 Hand & machine tools Asahi Diamond Industrial Co Ltd 5,104 - - 5,104^ 31,367 0.01 Colfax Corp 9,417 - - 9,417 258,056 0.04 DMG Mori AG 4,647 - 4,647 - - 0.00 DMG Mori Co Ltd 11,250 - - 11,250^ 163,408 0.03 Finning International Inc - 14,049 - 14,049 241,703 0.04 Franklin Electric Co Inc 4,443 - - 4,443 206,117 0.04 IMA Industria Macchine Automatiche SpA 2,817 - 469 2,348^ 183,757 0.03 Kennametal Inc 8,778 - - 8,778^ 300,508 0.05 Konecranes OYJ 6,891 - - 6,891^ 202,046 0.03 Lincoln Electric Holdings Inc 6,416 754 1,867 5,303^ 443,727 0.08 Meidensha Corp 16,139 3,227 16,139 3,227^ 49,756 0.01 Milacron Holdings Corp 7,713 - - 7,713 128,588 0.02 MSA Safety Inc 3,415 - - 3,415 356,173 0.06 Noritake Co Ltd/Nagoya Japan 1,701 - - 1,701^ 66,150 0.01 OSG Corp 10,550 - 4,500 6,050^ 120,093 0.02 Regal Beloit Corp 4,339 - - 4,339 342,017 0.06 Rhi Magnesita NV 308 - 308 - - 0.00 Rhi Magnesita NV 3,893 308 1,154 3,047 165,399 0.03 Union Tool Co 968 - - 968^ 28,774 0.00 YAMABIKO Corp 2,600 - - 2,600^ 22,000 0.00 3,309,639 0.56 Total shares 575,765,527 98.12 Collective investment schemes Money Market Instruments BlackRock ICS US Dollar Liquidity Fund 16,323,035 24,815,126 34,808,276 6,329,884 6,266,585 1.07 6,266,585 1.07 Real estate investment trust Befimmo SA 2,944 - 1,537 1,407 79,250 0.01 CBL & Associates Properties Inc 18,537 - 18,537 - - 0.00 CDL Hospitality Trusts 80,575 - - 80,575 95,591 0.02 Columbia Property Trust Inc 12,890 - - 12,890 279,851 0.05 Cominar Real Estate Investment Trust 9,975 - - 9,975 93,778 0.02 Dream Global Real Estate Investment Trust 19,853 - - 19,853 210,891 0.04 Global One Real Estate Investment Corp 76 58 - 134^ 169,101 0.03 Hamborner REIT AG 8,822 - - 8,822 87,314 0.01 Hibernia REIT plc 74,847 - - 74,847 124,577 0.02 Invesco Office J-Reit Inc 584 639 419 804^ 141,781 0.02 Keppel DC REIT 141,466 - 66,700 74,766 92,486 0.02 Keppel REIT 213,283 - 77,300 135,983 121,978 0.02 Manulife US Real Estate Investment Trust 108,800 - - 108,800 95,864 0.02 Mapletree Logistics Trust 261,864 119,300 75,300 305,864 340,740 0.06 P2P Global Investments PLC/Fund 7,983 - - 7,983 82,061 0.01 Parkway Life Real Estate Investment Trust 37,546 - - 37,546 83,111 0.01 Prosperity REIT 116,920 - - 116,920^ 48,206 0.01 Rayonier Inc 18,607 - 5,331 13,276 381,680 0.07 Starhill Global REIT 145,982 - - 145,982 83,954 0.01 Sunlight Real Estate Investment Trust 113,099 - - 113,099^ 82,246 0.01 Tritax Big Box REIT PLC 204,944 54,427 87,461 171,910 318,837 0.05 3,013,297 0.51 Total collective investment schemes 9,279,882 1.58 Total securities traded on an official stock exchange 585,045,409 99.70

Securities not listed

[154] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES WORLD ex SWITZERLAND SMALL CAP EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares Pharmaceuticals Faes Farma SA - 944 944 - - 0.00 -0.00 Total shares -0.00 Total securities not listed -0.00 Total securities 585,045,409 99.70

Derivative financial instruments Index Futures E-Mini Russel 2000 Index September 2018 264 53 317 - - 0.00 E-Mini Russel 2000 Index December 2018 - 407 407 - - 0.00 E-Mini Russel 2000 Index March 2019 - 163 163 - - 0.00 E-Mini Russel 2000 Index June 2019 - 143 143 - - 0.00 E-Mini Russel 2000 Index September 2019 - 98 15 83 139,215 0.02 139,215 0.02 Warrants Abengoa SA B Shares 31.03.2025 67,372 - - 67,372 743 0.00 Ezion Holdings Ltd 03.04.2019 112,099 - - 112,099 - 0.00 Ezion Holdings Ltd 24.04.2020 31,990 - - 31,990 23 0.00 Westgold Resources Ltd 30.06.2019 2,229 - 2,229 - - 0.00 766 0.00 Total derivative financial instruments 139,981 0.02 Total investments 585,185,390 99.72

Sight deposits 879,020 0.15 Other assets 760,470 0.13 Total sub-fund assets 586,824,880 100.00 Other liabilities (96,093) (0.02) Net sub-fund assets 586,728,787 99.98

1 Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

BlackRock Investment Funds Switzerland ANNUAL REPORT [155] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Energy - alternate sources China Everbright International Ltd 21,000 7,777 - 28,777 25,294 0.06 China Everbright International Ltd Rights - 7,777 7,777 - - 0.00 Energy Absolute PCL 5,400 6,400 - 11,800 19,847 0.04 GCL-Poly Energy Holdings Ltd 69,000 - 69,000 - - 0.00 LONGi Green Energy Technology Co Ltd - 1,400 - 1,400 5,175 0.01 OCI Co Ltd 211 - 55 156 9,829 0.02 Xinyi Solar Holdings Ltd 40,000 - 14,000 26,000 14,205 0.03 Xinyi Solar Holdings Ltd Rights - 4,000 4,000 - - 0.00 74,350 0.16 Pharmaceuticals Celltrion Healthcare Co Ltd 268 177 - 445 17,203 0.04 Celltrion Inc 707 14 - 721 102,866 0.23 Celltrion Pharm Inc 161 - - 161 4,837 0.01 China Resources Pharmaceutical Group Ltd 10,000 6,000 3,500 12,500 13,548 0.03 China Traditional Chinese Medicine Holdings Co Ltd 14,000 - - 14,000 6,374 0.01 CSPC Pharmaceutical Group Ltd 40,000 - - 40,000 69,609 0.15 Hanmi Pharm Co Ltd 63 1 12 52 12,619 0.03 Hanmi Science Co ltd 65 1 - 66 2,593 0.01 Helixmith Co Ltd 112 - - 112 18,510 0.04 Helixmith Co Ltd Rights - 7 - 7 360 0.00 Hypera SA 3,268 - - 3,268 25,951 0.06 Jiangsu Hengrui Medicine Co Ltd - 720 - 720 6,924 0.01 Kalbe Farma Tbk PT 125,200 80,400 38,700 166,900 17,328 0.04 Luye Pharma Group Ltd 12,000 - - 12,000 9,273 0.02 Richter Gedeon Nyrt 1,479 - 335 1,144 20,073 0.04 Shanghai Fosun Pharmaceutical Group Co Ltd 3,000 2,500 - 5,500 16,312 0.04 Sihuan Pharmaceutical Holdings Group Ltd 19,000 - - 19,000 3,893 0.01 Sino Biopharmaceutical Ltd 53,000 8,000 5,000 56,000 68,557 0.15 Sinopharm Group Co Ltd 9,600 - - 9,600 35,452 0.08 SSY Group Ltd 12,000 - - 12,000 10,669 0.02 Tong Ren Tang Technologies Co Ltd 7,000 - - 7,000 8,322 0.02 WuXi AppTec Co Ltd - 1,400 - 1,400 12,854 0.03 Wuxi Biologics Cayman Inc 3,500 1,000 - 4,500 48,005 0.11 Yuhan Corp 104 5 30 79 14,312 0.03 Zhangzhou Pientzehuang Pharmaceutical Co Ltd - 400 - 400 5,976 0.01 552,420 1.22 Auto manufacturers BAIC Motor Corp Ltd 14,000 - - 14,000 8,853 0.02 Brilliance China Automotive Holdings Ltd 24,000 - - 24,000 26,164 0.06 BYD Co Ltd 5,500 - - 5,500 34,293 0.08 BYD Co Ltd - 700 - 700 5,626 0.01 China First Capital Group Ltd 38,000 - 14,000 24,000 7,285 0.02 Chongqing Changan Automobile Co Ltd 12,700 - 12,700 - - 0.00 Dongfeng Motor Group Co Ltd 26,000 - - 26,000 23,116 0.05 Ford Otomotiv Sanayi AS 335 - - 335 3,644 0.01 Geely Automobile Holdings Ltd 44,000 - 4,000 40,000 61,414 0.14 Great Wall Motor Co Ltd 29,000 - - 29,000 19,695 0.04 GT Capital Holdings Inc 460 404 - 864 15,582 0.03 Guangzhou Automobile Group Co Ltd 19,600 10,000 6,000 23,600 24,027 0.05 Hyundai Motor Co 325 - - 325 22,409 0.05 Hyundai Motor Co 286 - 97 189 11,640 0.03 Hyundai Motor Co 1,373 - 149 1,224 129,564 0.28 Kia Motors Corp 2,207 - - 2,207 80,797 0.18 NIO Inc - 5,604 - 5,604 19,252 0.04 SAIC Motor Corp Ltd - 1,300 - 1,300 4,639 0.01

[156] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Sinotruk Hong Kong Ltd 4,500 - - 4,500 6,613 0.01 Tofas Turk Otomobil Fabrikasi AS 597 - 597 - - 0.00 UMW Holdings Bhd 2,800 - 2,800 - - 0.00 504,613 1.11 Auto parts & equipment Cheng Shin Rubber Industry Co Ltd 19,000 - 4,000 15,000 19,293 0.04 Fuyao Glass Industry Group Co Ltd 6,400 - 2,000 4,400 13,300 0.03 Hankook Tire & Technology Co Ltd 574 - - 574 14,842 0.03 Hanon Systems 2,213 - 572 1,641 16,066 0.04 Hyundai Mobis Co Ltd 585 - 27 558 112,529 0.25 Nexteer Automotive Group Ltd 9,000 - - 9,000 9,345 0.02 Weichai Power Co Ltd 12,000 7,000 3,000 16,000 24,687 0.05 Weichai Power Co Ltd - 3,100 - 3,100 5,420 0.01 215,482 0.47 Banks Absa Group Ltd 5,907 - - 5,907 65,882 0.14 Abu Dhabi Commercial Bank PJSC 16,623 8,169 2,016 22,776 55,248 0.12 Agricultural Bank of China Ltd 247,000 20,000 28,000 239,000 96,422 0.21 Agricultural Bank of China Ltd - 16,800 - 16,800 8,688 0.02 Akbank T.A.S. 18,444 5,533 - 23,977 32,223 0.07 Akbank T.A.S. Rights - 18,444 18,444 - - 0.00 Al Rajhi Bank - 5,229 216 5,013 91,039 0.20 Alinma Bank - 3,138 - 3,138 20,832 0.05 Alior Bank SA 1,039 - 292 747 9,014 0.02 Alliance Bank Malaysia Bhd 5,200 5,600 - 10,800 9,535 0.02 Alpha Bank AE 11,677 - - 11,677 22,692 0.05 AMMB Holdings Bhd 9,400 8,600 4,400 13,600 13,802 0.03 Banco BBVA Argentina SA - 639 - 639 7,332 0.02 Banco Bradesco SA 28,583 7,183 2,768 32,998 299,539 0.66 Banco Bradesco SA 9,543 1,909 1,553 9,899 81,029 0.18 Banco de Chile 201,714 - - 201,714 28,772 0.06 Banco de Credito e Inversiones SA 378 50 - 428 26,808 0.06 Banco de Credito e Inversiones SA Rights - 29 29 - - 0.00 Banco do Brasil SA 8,299 - 1,264 7,035 91,107 0.20 Banco Macro SA - 402 69 333 22,839 0.05 Banco Santander Brasil SA 3,447 - - 3,447 38,863 0.09 Banco Santander Chile 648,137 - 108,342 539,795 38,864 0.09 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 17,583 - 2,627 14,956 21,357 0.05 Bancolombia SA 3,296 840 436 3,700 45,903 0.10 Bancolombia SA 2,206 - 340 1,866 22,050 0.05 Bangkok Bank PCL 3,300 - - 3,300 19,227 0.04 Bank AlBilad - 1,606 - 1,606 12,294 0.03 Bank Al-Jazira - 1,777 - 1,777 7,102 0.02 Bank Central Asia Tbk PT 80,200 7,300 6,800 80,700 176,406 0.39 Bank Danamon Indonesia Tbk PT 16,100 8,900 25,000 - - 0.00 Bank Handlowy w Warszawie SA 156 - 156 - - 0.00 Bank Mandiri Persero Tbk PT 153,300 - - 153,300 86,348 0.19 Bank Millennium SA 7,418 - 2,082 5,336 10,382 0.02 Bank Negara Indonesia Persero Tbk PT 59,100 - - 59,100 35,376 0.08 Bank of Beijing Co Ltd - 5,900 - 5,900 4,772 0.01 Bank of China Ltd 690,000 20,000 60,000 650,000 263,059 0.58 Bank of China Ltd - 9,060 - 9,060 4,829 0.01 Bank of Communications Co Ltd 71,000 12,000 11,000 72,000 52,177 0.11 Bank of Communications Co Ltd - 10,300 - 10,300 8,597 0.02 Bank of Jiangsu Co Ltd - 4,700 - 4,700 4,699 0.01 Bank of Nanjing Co Ltd - 4,047 - 4,047 4,820 0.01 Bank of Ningbo Co Ltd - 1,500 - 1,500 5,083 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [157] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Bank of Shanghai Co Ltd - 4,030 - 4,030 5,390 0.01 Bank of the Philippine Islands 11,304 - - 11,304 19,792 0.04 Bank Polska Kasa Opieki SA 1,453 - - 1,453 38,547 0.08 Bank Rakyat Indonesia Persero Tbk PT 498,300 - 44,000 454,300 143,748 0.32 Bank Tabungan Negara Persero Tbk PT 58,100 - 23,400 34,700 6,029 0.01 Banque Saudi Fransi - 2,316 355 1,961 20,938 0.05 BDO Unibank Inc 14,443 - - 14,443 41,305 0.09 Chang Hwa Commercial Bank Ltd 44,818 15,792 13,000 47,610 33,044 0.07 China CITIC Bank Corp Ltd 69,000 15,000 11,000 73,000 40,253 0.09 China CITIC Bank Corp Ltd - 6,000 - 6,000 5,120 0.01 China Construction Bank Corp 822,000 42,000 77,000 787,000 604,162 1.33 China Construction Bank Corp - 4,995 - 4,995 5,288 0.01 China Everbright Bank Co Ltd 13,000 19,000 - 32,000 14,327 0.03 China Everbright Bank Co Ltd - 8,899 - 8,899 5,024 0.01 China Merchants Bank Co Ltd 33,000 2,500 3,500 32,000 158,847 0.35 China Merchants Bank Co Ltd 2,800 2,600 - 5,400 28,361 0.06 China Minsheng Banking Corp Ltd 52,200 - - 52,200 35,782 0.08 China Minsheng Banking Corp Ltd - 9,400 - 9,400 8,197 0.02 Chongqing Rural Commercial Bank Co Ltd 16,000 - - 16,000 8,337 0.02 CIMB Group Holdings Bhd 41,649 - 3,200 38,449 46,860 0.10 CITIC Ltd 49,000 - - 49,000 64,449 0.14 Commercial Bank PQSC 2,274 20,466 6,510 16,230 21,076 0.05 Commercial International Bank Egypt SAE 5,907 1,476 - 7,383 31,914 0.07 Credicorp Ltd 561 40 46 555 119,775 0.26 Doha Bank QPSC 372 - 372 - - 0.00 Dubai Islamic Bank PJSC 7,894 11,966 6,377 13,483 19,333 0.04 Eurobank Ergasias SA 21,447 23,127 25,588 18,986 18,437 0.04 First Abu Dhabi Bank PJSC 12,301 11,866 1,870 22,297 95,432 0.21 FirstRand Ltd 28,159 1,808 2,422 27,545 118,804 0.26 Grupo Aval Acciones y Valores SA 44,676 - 12,654 32,022 12,180 0.03 Grupo Financiero Banorte SAB de CV 21,152 1,869 1,782 21,239 106,871 0.24 Grupo Financiero Galicia SA - 880 - 880 32,008 0.07 Grupo Financiero Inbursa SAB de CV 19,379 - - 19,379 23,771 0.05 Habib Bank Ltd 2,100 - - 2,100 1,567 0.00 Hong Leong Bank Bhd 5,800 1,400 1,900 5,300 22,837 0.05 Huaxia Bank Co Ltd - 3,800 - 3,800 4,127 0.01 Industrial & Commercial Bank of China Ltd 594,000 22,000 83,000 533,000 357,267 0.79 Industrial & Commercial Bank of China Ltd 16,100 - - 16,100 13,045 0.03 Industrial Bank Co Ltd 5,900 - - 5,900 16,214 0.04 Industrial Bank of Korea 2,061 - - 2,061 22,679 0.05 Itau CorpBanca 1,662,595 - - 1,662,595 12,820 0.03 Itau Unibanco Holding SA 27,684 15,302 3,327 39,659 363,344 0.80 Kasikornbank PCL 6,400 1,500 1,000 6,900 38,314 0.08 Kasikornbank PCL 8,700 1,500 700 9,500 52,904 0.12 Komercni banka as 651 - - 651 25,014 0.06 Krung Thai Bank PCL 39,300 - - 39,300 24,795 0.05 Malayan Banking Bhd 34,998 - 3,300 31,698 65,781 0.14 Masraf Al Rayan QSC 3,037 27,333 - 30,370 31,468 0.07 mBank SA 181 - 51 130 11,682 0.03 Metropolitan Bank & Trust Co 8,773 8,520 - 17,293 25,484 0.06 Moneta Money Bank AS 6,780 - - 6,780 23,199 0.05 National Bank of Greece SA 26,289 - 26,289 - - 0.00 National Bank of Greece SA - 7,425 2,628 4,797 14,012 0.03 National Commercial Bank - 5,123 255 4,868 70,544 0.16 Nedbank Group Ltd 1,864 1,454 291 3,027 50,984 0.11 OTP Bank Nyrt 2,034 - 201 1,833 76,296 0.17 Ping An Bank Co Ltd - 2,700 - 2,700 5,481 0.01 Piraeus Bank SA 1,333 - 1,333 - - 0.00

[158] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Postal Savings Bank of China Co Ltd 20,000 50,000 - 70,000 40,458 0.09 Powszechna Kasa Oszczednosci Bank Polski SA 7,857 - 696 7,161 75,273 0.17 Public Bank Bhd 25,600 - - 25,600 134,505 0.30 Qatar Islamic Bank SAQ 888 7,992 - 8,880 39,519 0.09 Qatar National Bank QPSC 4,034 33,336 330 37,040 195,503 0.43 RHB Bank Bhd 12,612 - 4,400 8,212 10,836 0.02 Riyad Bank - 5,123 540 4,583 31,453 0.07 Samba Financial Group - 4,184 397 3,787 32,688 0.07 Santander Bank Polska SA 291 - - 291 24,504 0.05 Saudi British Bank - 983 - 983 10,275 0.02 Sberbank of Russia PJSC 5,000 6,032 2,378 8,654 128,083 0.28 Sberbank of Russia PJSC 50,490 - - 50,490 184,006 0.40 Security Bank Corp 3,190 - - 3,190 11,326 0.02 Shanghai Commercial & Savings Bank Ltd - 23,000 - 23,000 37,638 0.08 Shanghai Pudong Development Bank Co Ltd - 7,400 - 7,400 12,619 0.03 Siam Commercial Bank PCL 18,100 - 10,600 7,500 33,196 0.07 Standard Bank Group Ltd 11,336 - 739 10,597 132,898 0.29 Taiwan Business Bank 22,048 881 - 22,929 9,782 0.02 TMB Bank PCL 256,000 - - 256,000 15,575 0.03 Turkiye Garanti Bankasi AS 19,900 - - 19,900 34,891 0.08 Turkiye Halk Bankasi AS 2,994 - 2,994 - - 0.00 Turkiye Is Bankasi AS 17,164 - 4,303 12,861 14,285 0.03 Turkiye Vakiflar Bankasi TAO 3,590 - 3,590 - - 0.00 United Bank Ltd/Pakistan 1,800 - 1,800 - - 0.00 VTB Bank PJSC 24,830,000 - - 24,830,000 16,471 0.04 Woori Bank 3,681 - 3,681 - - 0.00 Woori Financial Group Inc - 3,681 - 3,681 40,351 0.09 Yapi ve Kredi Bankasi AS 8,032 - 8,032 - - 0.00 6,374,405 14.02 Machinery - construction & mining Doosan Bobcat Inc 178 303 137 344 10,334 0.02 Doosan Heavy Industries & Construction Co Ltd 280 - 280 - - 0.00 Sany Heavy Industry Co Ltd - 2,900 - 2,900 5,882 0.02 Shanghai Electric Group Co Ltd 14,000 - - 14,000 4,834 0.01 21,050 0.05 Engineering & construction Airports of Thailand PCL 41,200 - - 41,200 95,488 0.21 Beijing Capital International Airport Co Ltd 20,000 - 6,000 14,000 10,978 0.02 China Communications Construction Co Ltd 36,000 - - 36,000 30,232 0.07 China Communications Construction Co Ltd - 3,200 - 3,200 5,038 0.01 China Communications Services Corp Ltd 12,000 16,000 8,000 20,000 13,912 0.03 China Railway Construction Corp Ltd 23,000 - 5,500 17,500 20,163 0.05 China Railway Construction Corp Ltd - 3,660 - 3,660 5,105 0.01 China Railway Group Ltd 35,000 - - 35,000 24,434 0.05 China State Construction Engineering Corp Ltd - 10,200 - 10,200 8,631 0.02 China State Construction International Holdings Ltd 11,250 8,000 - 19,250 19,720 0.04 China Tower Corp Ltd - 346,000 - 346,000 89,268 0.20 Daelim Industrial Co Ltd 280 - 52 228 20,128 0.04 Daewoo Engineering & Construction Co Ltd 600 - - 600 2,058 0.01 DMCI Holdings Inc 29,100 - - 29,100 5,741 0.01 Dubai Investments PJSC 25,650 - 25,650 - - 0.00 Gamuda Bhd 10,600 9,600 6,100 14,100 12,550 0.03 Grupo Aeroportuario del Pacifico SAB de CV 3,127 - 377 2,750 27,582 0.06 Grupo Aeroportuario del Sureste SAB de CV 1,892 - 236 1,656 25,128 0.06 GS Engineering & Construction Corp 531 - - 531 15,063 0.03 Hyundai Engineering & Construction Co Ltd 634 - - 634 22,839 0.05 Jasa Marga Persero Tbk PT 10,459 - - 10,459 4,432 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [159] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) KEPCO Plant Service & Engineering Co Ltd 96 - 96 - - 0.00 Malaysia Airports Holdings Bhd 3,960 - - 3,960 7,971 0.02 Metallurgical Corp of China Ltd 41,000 - 18,000 23,000 5,585 0.01 Power Construction Corp of China Ltd - 7,100 - 7,100 5,059 0.01 Samsung Engineering Co Ltd 1,369 - - 1,369 18,844 0.04 Shanghai International Airport Co Ltd - 500 - 500 5,946 0.01 TAV Havalimanlari Holding AS 782 - - 782 3,494 0.01 Waskita Karya Persero Tbk PT 24,200 - 24,200 - - 0.00 505,389 1.11 Home builders Land & Houses PCL 18,900 35,300 - 54,200 19,715 0.04 19,715 0.04 Building materials Anhui Conch Cement Co Ltd 10,500 - - 10,500 60,753 0.14 Anhui Conch Cement Co Ltd - 900 - 900 5,111 0.01 Asia Cement Corp 21,000 - 3,000 18,000 23,955 0.05 BBMG Corp 32,000 - 14,000 18,000 5,236 0.01 Cementos Argos SA 2,687 - - 2,687 6,213 0.02 Cemex SAB de CV 119,251 - - 119,251 42,354 0.09 China National Building Material Co Ltd 28,000 12,000 8,000 32,000 28,168 0.06 China Resources Cement Holdings Ltd 24,000 - - 24,000 22,006 0.05 Grupo Argos SA/Colombia 1,827 - - 1,827 9,240 0.02 Indocement Tunggal Prakarsa Tbk PT 19,900 - 4,800 15,100 23,969 0.05 Lucky Cement Ltd 100 - 100 - - 0.00 Saudi Cement Co - 329 - 329 6,166 0.01 Semen Indonesia Persero Tbk PT 32,800 - 8,500 24,300 22,097 0.05 Taiwan Cement Corp 41,800 - 4,000 37,800 53,794 0.12 Titan Cement Co SA 217 195 412 - - 0.00 Titan Cement International SA - 216 - 216 4,671 0.01 313,733 0.69 Hotels Genting Bhd 17,400 - - 17,400 28,679 0.06 Genting Malaysia Bhd 24,800 - - 24,800 23,026 0.05 Huazhu Group Ltd 1,233 - 160 1,073 34,800 0.08 Kangwon Land Inc 1,026 - - 1,026 26,400 0.06 Minor International PCL 26,950 - - 26,950 34,917 0.08 147,822 0.33 Apparel Eclat Textile Co Ltd 1,042 1,000 1,000 1,042 13,635 0.03 Feng TAY Enterprise Co Ltd 3,153 215 1,000 2,368 15,719 0.03 Fila Korea Ltd - 416 - 416 23,497 0.05 LPP SA 13 - 3 10 20,177 0.04 Pou Chen Corp 21,000 - 4,000 17,000 20,810 0.05 Shenzhou International Group Holdings Ltd 6,000 1,000 800 6,200 85,234 0.19 179,072 0.39 Mining Alrosa PJSC 19,900 6,211 - 26,111 33,215 0.07 Aluminum Corp of China Ltd 32,000 - - 32,000 10,482 0.02 Anglo American Platinum Ltd 258 220 - 478 28,517 0.06 AngloGold Ashanti Ltd 3,691 - 310 3,381 59,941 0.13 China Hongqiao Group Ltd - 16,500 - 16,500 11,999 0.03 China Molybdenum Co Ltd 48,000 - 18,000 30,000 8,575 0.02 China Molybdenum Co Ltd - 8,727 - 8,727 4,539 0.01 China Zhongwang Holdings Ltd 22,400 - 9,200 13,200 6,694 0.02 Cia de Minas Buenaventura SAA 1,159 596 - 1,755 26,479 0.06 Gold Fields Ltd 7,372 - 794 6,578 34,937 0.08 Grupo Mexico SAB de CV 28,318 3,769 3,416 28,671 70,115 0.15

[160] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Industrias Penoles SAB de CV 1,292 - 310 982 9,085 0.02 Jiangxi Copper Co Ltd 6,000 10,000 6,000 10,000 12,331 0.03 KGHM Polska Miedz SA 1,296 - 156 1,140 27,678 0.06 Korea Zinc Co Ltd 77 - 11 66 24,438 0.05 MMC Norilsk Nickel PJSC 508 54 - 562 128,473 0.28 MMG Ltd 16,000 - - 16,000 4,998 0.01 Press Metal Aluminium Holdings Bhd 13,300 - - 13,300 14,518 0.03 Southern Copper Corp 719 180 203 696 24,661 0.06 Zhaojin Mining Industry Co Ltd 16,000 - 7,000 9,000 10,415 0.02 Zijin Mining Group Co Ltd 58,000 - 12,000 46,000 18,384 0.04 570,474 1.25 Biotechnology 3SBio Inc 14,000 - 3,500 10,500^ 17,794 0.04 Hutchison China MediTech Ltd - 463 - 463 9,585 0.02 Medy-Tox Inc 39 1 - 40 13,988 0.03 Samsung Biologics Co Ltd 159 - 24 135 31,630 0.07 TaiMed Biologics Inc 1,000 - - 1,000 5,317 0.01 78,314 0.17 Chemicals Advanced Petrochemical Co - 427 - 427 6,605 0.02 Barito Pacific Tbk PT - 46,700 - 46,700 12,798 0.03 Braskem SA 1,748 - - 1,748 15,656 0.03 Formosa Chemicals & Fibre Corp 32,000 - 3,000 29,000 87,712 0.19 Formosa Plastics Corp 38,000 - 2,000 36,000 115,188 0.25 Grupa Azoty SA 237 - 237 - - 0.00 Hanwha Chemical Corp 609 452 219 842 13,176 0.03 Indorama Ventures PCL 14,300 - - 14,300 18,873 0.04 Industries Qatar QSC 1,784 13,365 299 14,850 45,116 0.10 IRPC PCL 47,900 53,300 - 101,200^ 15,637 0.03 KCC Corp 70 - 22 48 9,780 0.02 Kingboard Holdings Ltd 7,000 - 1,500 5,500 13,550 0.03 Kingboard Laminates Holdings Ltd 10,500 - - 10,500 8,658 0.02 Kumho Petrochemical Co Ltd 109 - - 109 7,452 0.02 LG Chem Ltd 387 27 38 376 106,188 0.23 LG Chem Ltd 35 49 25 59 8,862 0.02 Lotte Chemical Corp 167 - 27 140 27,296 0.06 Mesaieed Petrochemical Holding Co - 37,540 - 37,540 26,405 0.06 Mexichem SAB de CV 10,199 - 1,768 8,431 15,438 0.03 Nan Ya Plastics Corp 44,000 - 2,000 42,000 95,340 0.21 Petkim Petrokimya Holding AS 5,027 - 5,027 - - 0.00 Petronas Chemicals Group Bhd 19,100 - - 19,100 34,322 0.08 PhosAgro PJSC 1,537 - 583 954 11,777 0.03 PTT Global Chemical PCL 11,900 7,100 - 19,000 37,002 0.08 Rabigh Refining & Petrochemical Co - 961 - 961 4,921 0.01 Sahara International Petrochemical Co - 1,570 - 1,570 8,297 0.02 Sasol Ltd 4,778 300 477 4,601 99,865 0.22 Saudi Arabian Fertilizer Co - 711 - 711 16,497 0.04 Saudi Arabian Mining Co - 1,746 - 1,746 21,661 0.05 Saudi Basic Industries Corp - 3,202 133 3,069 87,004 0.19 Saudi Kayan Petrochemical Co - 3,212 - 3,212 9,581 0.02 Sinopec Shanghai Petrochemical Co Ltd 40,000 - 12,000 28,000 9,703 0.02 Sociedad Quimica y Minera de Chile SA 1,145 - 209 936 27,297 0.06 Yanbu National Petrochemical Co - 961 - 961 14,966 0.03 1,032,623 2.27 Computers Acer Inc 27,000 - - 27,000 16,290 0.04 Advantech Co Ltd 2,099 1,000 - 3,099 25,949 0.06

BlackRock Investment Funds Switzerland ANNUAL REPORT [161] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Asustek Computer Inc 6,000 - - 6,000 42,407 0.09 BOE Technology Group Co Ltd - 10,100 - 10,100 5,876 0.01 Chicony Electronics Co Ltd 8,070 5,000 8,000 5,070 12,816 0.03 Compal Electronics Inc 40,000 - 8,000 32,000 19,459 0.04 Foxconn Technology Co Ltd 11,080 - 3,000 8,080 16,541 0.04 Globant SA - 295 41 254 26,655 0.06 Innolux Corp 78,000 - - 78,000 17,954 0.04 Inventec Corp 24,000 - - 24,000 17,803 0.04 Lenovo Group Ltd 64,000 - 6,000 58,000 46,653 0.10 Lite-On Technology Corp 20,100 - 3,000 17,100 24,118 0.05 Phison Electronics Corp 1,000 1,000 1,000 1,000 9,774 0.02 Quanta Computer Inc 27,000 - 6,000 21,000 38,444 0.09 Samsung SDS Co Ltd 284 47 46 285 49,724 0.11 Wistron Corp 26,022 764 - 26,786 19,870 0.04 390,333 0.86 Miscellaneous manufacturers Airtac International Group 1,000 - - 1,000 10,299 0.02 China Railway Signal & Communication Corp Ltd 19,000 - 7,000 12,000 7,968 0.02 CRRC Corp Ltd 36,800 - - 36,800 28,809 0.06 CRRC Corp Ltd - 6,500 - 6,500 7,358 0.02 Hartalega Holdings Bhd 13,600 - - 13,600 16,151 0.04 Hiwin Technologies Corp 2,133 70 - 2,203 19,639 0.04 Largan Precision Co Ltd 500 500 - 1,000 135,309 0.30 POSCO Chemical Co Ltd - 260 85 175 7,131 0.02 Sunny Optical Technology Group Co Ltd 6,200 - - 6,200 72,453 0.16 Top Glove Corp Bhd 6,300 6,300 - 12,600 13,724 0.03 Zhuzhou CRRC Times Electric Co Ltd 5,100 - - 5,100 24,284 0.05 343,125 0.76 Diversified financial services B3 SA - Brasil Bolsa Balcao 18,834 - 1,982 16,852 187,072 0.41 Banco BTG Pactual SA - 1,557 - 1,557 24,482 0.05 BNK Financial Group Inc 2,542 - - 2,542 14,890 0.03 BOC Aviation Ltd 2,100 - - 2,100 18,007 0.04 Capitec Bank Holdings Ltd 395 - - 395 32,556 0.07 Chailease Holding Co Ltd 10,363 310 - 10,673 44,684 0.10 China Cinda Asset Management Co Ltd 80,000 - - 80,000 17,402 0.04 China Development Financial Holding Corp 104,000 - - 104,000 30,727 0.07 China Everbright Ltd 12,000 - 4,000 8,000 10,543 0.02 China Galaxy Securities Co Ltd 17,500 18,500 7,500 28,500 15,211 0.03 China Huarong Asset Management Co Ltd 79,000 - - 79,000 13,288 0.03 China International Capital Corp Ltd 9,200 - - 9,200 17,406 0.04 China Merchants Securities Co Ltd - 1,600 - 1,600 3,887 0.01 Chong Sing Holdings FinTech Gr 108,000 - 108,000 - - 0.00 CITIC Securities Co Ltd 19,500 - 2,500 17,000 32,594 0.07 CITIC Securities Co Ltd - 2,600 - 2,600 8,677 0.02 Coronation Fund Managers Ltd 1,087 - 1,087 - - 0.00 CTBC Financial Holding Co Ltd 154,048 - - 154,048 99,561 0.22 DGB Financial Group Inc 2,035 - 2,035 - - 0.00 E.Sun Financial Holding Co Ltd 92,622 5,661 13,000 85,283 70,595 0.16 East Money Information Co Ltd - 2,700 - 2,700 5,644 0.01 Far East Horizon Ltd 22,000 - 4,000 18,000 16,641 0.04 First Financial Holding Co Ltd 91,565 915 12,000 80,480 59,957 0.13 Fubon Financial Holding Co Ltd 61,000 - 7,000 54,000 74,270 0.16 GF Securities Co Ltd 16,400 - 5,200 11,200 12,564 0.03 GF Securities Co Ltd - 2,600 - 2,600 5,009 0.01 Guotai Junan Securities Co Ltd 6,000 - - 6,000 9,667 0.02 Guotai Junan Securities Co Ltd - 1,700 - 1,700 4,423 0.01

[162] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Haitong Securities Co Ltd 23,600 8,400 6,400 25,600 25,416 0.06 Haitong Securities Co Ltd - 2,900 - 2,900 5,774 0.01 Haitong Securities Co Ltd Rights - 1,142 1,142 - - 0.00 Hana Financial Group Inc 2,419 239 200 2,458 71,474 0.16 Hong Leong Financial Group Bhd 1,090 1,000 - 2,090 9,015 0.02 Hua Nan Financial Holdings Co Ltd 67,184 3,023 9,000 61,207 42,773 0.09 Huatai Securities Co Ltd 15,400 - - 15,400 24,930 0.05 Huatai Securities Co Ltd - 1,900 - 1,900 5,546 0.01 Investec Ltd 3,425 - 907 2,518 14,413 0.03 KB Financial Group Inc 3,487 - 236 3,251 118,065 0.26 Korea Investment Holdings Co Ltd 353 - - 353 22,006 0.05 Mega Financial Holding Co Ltd 88,896 11,000 11,000 88,896 90,850 0.20 Meritz Securities Co Ltd - 2,648 - 2,648 11,234 0.02 Mirae Asset Daewoo Co Ltd 3,481 - - 3,481 21,963 0.05 Moscow Exchange MICEX-RTS PJSC 15,993 - - 15,993 23,255 0.05 Muangthai Capital PCL - 5,800 2,300 3,500 6,816 0.01 NH Investment & Securities Co Ltd 1,636 - 484 1,152 12,628 0.03 Noah Holdings Ltd 213 - - 213 6,820 0.01 Old Mutual Ltd 45,300 - 4,854 40,446 54,297 0.12 Orient Securities Co Ltd/China - 3,300 - 3,300 4,940 0.01 Rand Merchant Investment Holdings Ltd 7,552 - 1,718 5,834 12,591 0.03 RMB Holdings Ltd 5,643 - - 5,643 29,865 0.07 Samsung Card Co Ltd 165 - - 165 5,012 0.01 Samsung Securities Co Ltd 738 - 189 549 16,814 0.04 Shenwan Hongyuan Group Co Ltd - 5,100 - 5,100 3,583 0.01 Shinhan Financial Group Co Ltd 3,649 290 252 3,687 134,207 0.30 SinoPac Financial Holdings Co Ltd 99,334 1,986 14,000 87,320 34,473 0.08 Taishin Financial Holding Co Ltd 73,737 3,269 - 77,006 35,794 0.08 Taiwan Cooperative Financial Holding Co Ltd 65,685 1,970 - 67,655 45,233 0.10 Yuanta Financial Holding Co Ltd 79,865 - - 79,865 44,497 0.10 1,764,041 3.88 Retail Alsea SAB de CV 4,859 - - 4,859 9,901 0.02 ANTA Sports Products Ltd 9,000 - - 9,000 66,928 0.15 Astra International Tbk PT 162,500 10,000 7,400 165,100 81,625 0.18 Atacadao SA 2,400 1,133 - 3,533 21,762 0.05 BGF retail Co Ltd 39 29 - 68 11,636 0.03 Bidvest Group Ltd 2,598 - 280 2,318 29,988 0.07 CCC SA 155 125 97 183 7,060 0.02 CJ ENM Co Ltd 91 - - 91 12,618 0.03 Clicks Group Ltd 1,959 - - 1,959 27,948 0.06 CP ALL PCL 21,100 - - 21,100 58,582 0.13 CP ALL PCL 18,000 12,400 3,700 26,700 74,559 0.16 El Puerto de Liverpool SAB de CV 900 1,276 698 1,478 7,175 0.02 E-MART Inc 179 - - 179 18,274 0.04 FF Group 160 - - 160 2 0.00 Foschini Group Ltd 1,893 - - 1,893 21,962 0.05 GOME Retail Holdings Ltd 49,000 - - 49,000 5,205 0.01 GS Retail Co Ltd 137 - - 137 4,276 0.01 Home Product Center PCL 18,987 - - 18,987 10,512 0.02 Home Product Center PCL - 33,300 7,400 25,900 14,340 0.03 Hotai Motor Co Ltd 2,000 - - 2,000 28,685 0.06 Hotel Shilla Co Ltd 265 - - 265 17,452 0.04 Hyundai Department Store Co Ltd 72 109 66 115 7,131 0.02 Jarir Marketing Co - 257 - 257 11,315 0.02 Jollibee Foods Corp 2,740 1,530 - 4,270 21,515 0.05 JUMBO SA 1,268 - 377 891 17,334 0.04 Li Ning Co Ltd - 17,000 - 17,000 41,839 0.09

BlackRock Investment Funds Switzerland ANNUAL REPORT [163] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Lojas Americanas SA 6,492 - - 6,492 31,003 0.07 Lojas Renner SA 7,080 708 1,306 6,482 80,944 0.18 Lotte Shopping Co Ltd 129 - 36 93 10,584 0.02 Magazine Luiza SA 647 - - 647 44,895 0.10 Matahari Department Store Tbk PT 13,000 - 13,000 - - 0.00 Motus Holdings Ltd - 1,810 1,810 - - 0.00 Mr Price Group Ltd 2,016 - - 2,016 24,876 0.05 Pick n Pay Stores Ltd 4,492 - 1,245 3,247 15,095 0.03 President Chain Store Corp 6,000 - 1,000 5,000 47,756 0.10 Raia Drogasil SA 1,813 - - 1,813 39,598 0.09 Robinson PCL - 4,100 - 4,100 8,381 0.02 Ruentex Industries Ltd 3,000 1,800 3,000 1,800 3,811 0.01 SACI Falabella 6,801 235 876 6,160 37,843 0.08 SACI Falabella Rights - 235 235 - - 0.00 Samsung C&T Corp 623 86 - 709 54,404 0.12 Shanghai Pharmaceuticals Holding Co Ltd 5,500 - - 5,500 10,517 0.02 Shinsegae Inc 65 - - 65 13,788 0.03 SM Investments Corp 2,060 - - 2,060 40,057 0.09 Sun Art Retail Group Ltd 20,500 - - 20,500 20,637 0.04 Suning.com Co Ltd - 3,200 - 3,200 4,933 0.01 Truworths International Ltd 4,196 - 781 3,415 14,913 0.03 Wal-Mart de Mexico SAB de CV 44,712 - 1,840 42,872 126,420 0.28 Yum China Holdings Inc 3,071 - 124 2,947 132,748 0.29 Zhongsheng Group Holdings Ltd 4,500 - - 4,500 12,521 0.03 1,405,348 3.09 Iron & steel Angang Steel Co Ltd 6,000 1,800 - 7,800 2,959 0.01 Baoshan Iron & Steel Co Ltd - 5,145 - 5,145 4,716 0.01 China Oriental Group Co Ltd - 14,000 - 14,000 6,215 0.01 China Steel Corp 102,000 12,000 17,000 97,000 74,117 0.16 Cia Siderurgica Nacional SA 3,400 1,903 - 5,303 23,064 0.05 Eregli Demir ve Celik Fabrikalari TAS 13,510 - 2,974 10,536 13,934 0.03 Gerdau SA 8,088 1,483 - 9,571 34,626 0.07 Hyundai Steel Co 647 - - 647 21,006 0.05 Inner Mongolia BaoTou Steel Union Co Ltd - 20,300 - 20,300 4,608 0.01 Kumba Iron Ore Ltd 651 - 127 524 17,437 0.04 Maanshan Iron & Steel Co Ltd - 30,000 14,000 16,000 6,071 0.01 Magnitogorsk Iron & Steel Works PJSC 21,183 - - 21,183 14,178 0.03 Novolipetsk Steel PJSC 11,156 - - 11,156 26,276 0.06 POSCO 677 36 71 642 121,142 0.27 Severstal PJSC 1,658 618 - 2,276 36,548 0.08 Vale SA 27,327 799 2,177 25,949 340,083 0.75 746,980 1.64 Electrical components & equipment Delta Electronics Inc 16,472 2,000 2,000 16,472 79,451 0.18 LG Innotek Co Ltd 141 - - 141 13,332 0.03 Xinjiang Goldwind Science & Technology Co Ltd - 9,520 - 9,520 10,607 0.02 Xinjiang Goldwind Science & Technology Co Ltd Rights - 1,520 1,520 - - 0.00 103,390 0.23 Electric Aboitiz Power Corp 7,100 - - 7,100 4,890 0.01 Centrais Eletricas Brasileiras SA 1,100 1,000 - 2,100 21,881 0.05 Centrais Eletricas Brasileiras SA 1,109 1,424 754 1,779 18,438 0.04 CEZ AS 1,282 - - 1,282 28,675 0.06 CGN Power Co Ltd 99,000 - - 99,000 28,422 0.06 China Longyuan Power Group Corp Ltd 28,000 - - 28,000 17,033 0.04 China National Nuclear Power Co Ltd - 6,050 - 6,050 4,893 0.01

[164] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) China Power International Development Ltd 54,000 - 18,000 36,000 8,969 0.02 China Resources Power Holdings Co Ltd 18,055 - - 18,055 25,803 0.06 China Yangtze Power Co Ltd - 1,900 - 1,900 5,110 0.01 Cia Energetica de Minas Gerais 9,639 - 2,088 7,551 28,093 0.06 Colbun SA 86,104 - 21,521 64,583 12,058 0.03 Datang International Power Generation Co Ltd 40,000 - 16,000 24,000 5,372 0.01 EDP - Energias do Brasil SA 1,534 - 1,534 - - 0.00 Electricity Generating PCL 1,800 800 400 2,200 23,299 0.05 Enel Americas SA 218,544 71,246 - 289,790 47,539 0.10 Enel Americas SA Rights - 71,246 71,246 - - 0.00 Enel Chile SA 267,908 - - 267,908 24,143 0.05 Energisa SA - 1,457 - 1,457 18,938 0.04 Engie Brasil Energia SA 2,204 551 968 1,787 22,696 0.05 Equatorial Energia SA 1,850 - 528 1,322 32,871 0.07 Glow Energy PCL 2,500 - 2,500 - - 0.00 Gulf Energy Development PCL - 4,700 1,200 3,500 14,252 0.03 Huadian Power International Corp Ltd - 20,000 - 20,000 8,322 0.02 Huaneng Power International Inc 38,000 - 8,000 30,000 17,377 0.04 Huaneng Renewables Corp Ltd 24,000 - - 24,000 6,496 0.01 Infraestructura Energetica Nova SAB de CV 5,571 - 1,177 4,394 16,960 0.04 Inter RAO UES PJSC 342,435 - - 342,435 23,900 0.05 Interconexion Electrica SA ESP 4,411 - 785 3,626 19,407 0.04 Korea Electric Power Corp 1,997 277 184 2,090 48,794 0.11 Manila Electric Co 2,230 - - 2,230 15,835 0.04 Pampa Energia SA - 540 - 540 17,588 0.04 PGE Polska Grupa Energetyczna SA 9,418 - 2,532 6,886 15,737 0.04 Qatar Electricity & Water Co QSC 412 3,708 - 4,120 17,399 0.04 Ratch Group PCL - 6,300 2,000 4,300 9,343 0.02 RusHydro PJSC 1,690,782 - 1,690,782 - - 0.00 Saudi Electricity Co - 3,557 - 3,557 18,365 0.04 Tenaga Nasional Bhd 27,100 - 1,500 25,600 84,879 0.19 713,777 1.57 Electronics AAC Technologies Holdings Inc 6,000 - - 6,000 32,440 0.07 AU Optronics Corp 69,000 16,000 14,000 71,000 18,694 0.04 BYD Electronic International Co Ltd 4,500 - - 4,500 7,068 0.02 Delta Electronics Thailand PCL 2,400 - 2,400 - - 0.00 General Interface Solution Holding Ltd 2,000 - 2,000 - - 0.00 Hangzhou Hikvision Digital Technology Co Ltd 2,100 - - 2,100 9,313 0.02 Hon Hai Precision Industry Co Ltd 141,620 113,296 152,620 102,296 255,988 0.56 LG Display Co Ltd 1,923 - - 1,923 23,332 0.05 Luxshare Precision Industry Co Ltd - 2,210 - 2,210 6,858 0.02 Micro-Star International Co Ltd 4,000 2,000 - 6,000 16,772 0.04 Pegatron Corp 16,000 5,000 4,000 17,000 27,549 0.06 Samsung Electro-Mechanics Co Ltd 490 - 49 441 33,950 0.08 Synnex Technology International Corp 15,300 - 4,000 11,300 13,797 0.03 Tatung Co Ltd - 17,000 - 17,000 10,933 0.02 Walsin Technology Corp 3,000 - - 3,000 16,906 0.04 WPG Holdings Ltd 16,000 14,720 16,000 14,720 19,308 0.04 Yageo Corp 2,396 - - 2,396 20,291 0.04 Zhen Ding Technology Holding Ltd 3,000 - - 3,000 10,888 0.02 524,087 1.15 Oil & gas China Petroleum & Chemical Corp 220,000 12,000 24,000 208,000 133,108 0.29 China Petroleum & Chemical Corp - 6,300 - 6,300 4,770 0.01 CNOOC Ltd 153,000 6,000 13,000 146,000 238,933 0.53 Cosan SA 1,695 - 360 1,335 17,872 0.04

BlackRock Investment Funds Switzerland ANNUAL REPORT [165] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Ecopetrol SA 37,950 9,933 7,502 40,381 35,697 0.08 Empresas COPEC SA 3,779 - 588 3,191 29,112 0.06 Formosa Petrochemical Corp 10,000 - - 10,000 33,748 0.07 Gazprom PJSC 23,733 - 4,795 18,938 137,690 0.30 Gazprom PJSC 45,923 3,647 - 49,570 183,291 0.40 Grupa Lotos SA 440 380 - 820 18,432 0.04 Hyundai Heavy Industries Holdings Co Ltd 84 - - 84 22,914 0.05 Kunlun Energy Co Ltd 30,000 - - 30,000 26,066 0.06 LUKOIL PJSC 1,320 211 944 587 47,839 0.11 LUKOIL PJSC 2,493 299 - 2,792 227,763 0.50 MOL Hungarian Oil & Gas PLC 3,157 - - 3,157 32,050 0.07 Motor Oil Hellas Corinth Refineries SA - 541 - 541 13,358 0.03 Novatek PJSC 797 - 52 745 154,738 0.34 Oil & Gas Development Co Ltd 9,000 - - 9,000 7,071 0.02 Petrobras Distribuidora SA 3,361 2,322 - 5,683 39,775 0.09 PetroChina Co Ltd 190,000 - 18,000 172,000 90,492 0.20 PetroChina Co Ltd - 4,800 - 4,800 4,489 0.01 Petroleo Brasileiro SA 24,933 1,475 2,044 24,364 184,560 0.41 Petroleo Brasileiro SA 34,450 2,237 2,301 34,386 235,959 0.52 Petronas Dagangan Bhd 1,200 - - 1,200 6,766 0.01 Polski Koncern Naftowy ORLEN SA 2,406 327 283 2,450 61,349 0.13 Polskie Gornictwo Naftowe i Gazownictwo SA 16,329 - 2,664 13,665 19,787 0.04 PTT Exploration & Production PCL 10,500 - - 10,500 45,798 0.10 PTT Exploration & Production PCL - 1,700 1,000 700 3,053 0.01 PTT PCL 79,700 14,000 - 93,700^ 142,515 0.31 PTT PCL - 7,300 7,300 - - 0.00 Qatar Fuel QSC - 4,370 - 4,370 25,004 0.06 Rosneft Oil Co PJSC 5,580 - - 5,580 36,750 0.08 SK Holdings Co Ltd 250 39 - 289 53,445 0.12 SK Innovation Co Ltd 588 - 134 454 64,963 0.14 S-Oil Corp 384 - - 384 30,237 0.07 Surgutneftegas PJSC 66,728 - - 66,728 28,183 0.06 Surgutneftegas PJSC 63,109 - - 63,109 30,674 0.07 Tatneft PJSC 8,258 1,591 - 9,849 114,250 0.25 Tatneft PJSC 909 - 469 440 30,396 0.07 Thai Oil PCL 9,200 - - 9,200 20,434 0.04 Tupras Turkiye Petrol Rafinerileri AS 1,240 - - 1,240 30,901 0.07 Ultrapar Participacoes SA 2,881 2,881 - 5,762 30,155 0.07 YPF SA - 1,511 - 1,511 24,607 0.05 2,718,994 5.98 Oil & gas services China Oilfield Services Ltd 24,000 - 10,000 14,000 15,758 0.04 Dialog Group Bhd 31,700 - - 31,700 26,238 0.06 Sinopec Engineering Group Co Ltd 13,500 - - 13,500 10,535 0.02 52,531 0.12 Airlines Air China Ltd 20,000 - - 20,000 19,477 0.04 AirAsia Group Bhd 10,100 - - 10,100 4,749 0.01 China Airlines Ltd 13,000 14,000 - 27,000 8,218 0.02 China Eastern Airlines Corp Ltd 16,000 - - 16,000 8,802 0.02 China Southern Airlines Co Ltd 10,072 - - 10,072 6,458 0.01 Eva Airways Corp 9,733 18,045 9,000 18,778 8,729 0.02 Korean Air Lines Co Ltd 212 277 144 345 7,376 0.02 Latam Airlines Group SA 2,625 - - 2,625 24,875 0.05 Turk Hava Yollari AO 3,856 - - 3,856^ 8,552 0.02 97,236 0.21

[166] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Forest products & paper Empresas CMPC SA 10,346 - - 10,346 24,123 0.05 Fibria Celulose S/A 1,934 - 1,934 - - 0.00 Indah Kiat Pulp & Paper Corp Tbk PT 21,100 - - 21,100 11,140 0.03 Mondi Ltd 1,084 - 1,084 - - 0.00 Nine Dragons Paper Holdings Ltd 17,000 - - 17,000 13,738 0.03 Pabrik Kertas Tjiwi Kimia Tbk PT - 12,400 - 12,400 10,510 0.02 Sappi Ltd 4,801 1,232 1,389 4,644 16,926 0.04 Suzano SA 3,357 1,249 - 4,606 37,169 0.08 113,606 0.25 Leisure time China International Travel Service Corp Ltd - 500 - 500 6,501 0.02 China Travel International Investment Hong Kong Ltd 32,000 - 32,000 - - 0.00 Giant Manufacturing Co Ltd 2,000 - - 2,000 15,186 0.03 21,687 0.05 Gas Beijing Enterprises Holdings Ltd 5,000 - 1,000 4,000 19,451 0.04 China Gas Holdings Ltd 13,000 3,000 1,400 14,600 60,287 0.13 China Resources Gas Group Ltd 6,000 2,000 - 8,000 40,370 0.09 ENN Energy Holdings Ltd 7,000 - 600 6,400 65,765 0.15 Korea Gas Corp 358 - 131 227 8,120 0.02 Perusahaan Gas Negara Tbk PT 151,800 - 55,800 96,000 13,900 0.03 Towngas China Co Ltd 14,000 - 6,000 8,000 6,050 0.01 213,943 0.47 Healthcare services Aier Eye Hospital Group Co Ltd - 1,300 - 1,300 5,694 0.01 Bangkok Dusit Medical Services PCL 52,500 - - 52,500 42,249 0.09 Bangkok Dusit Medical Services PCL - 30,000 5,600 24,400 19,636 0.04 Bumrungrad Hospital PCL 4,100 - - 4,100 22,502 0.05 Genscript Biotech Corp 4,000 8,000 4,000 8,000 19,628 0.04 IHH Healthcare Bhd 20,000 - - 20,000 27,542 0.06 Life Healthcare Group Holdings Ltd 12,462 - - 12,462 19,768 0.05 Netcare Ltd 10,620 - - 10,620 12,417 0.03 Notre Dame Intermedica Participacoes SA - 2,483 - 2,483 28,550 0.06 SillaJen Inc 396 144 87 453 16,774 0.04 214,760 0.47 Healthcare - products Aspen Pharmacare Holdings Ltd 3,424 - - 3,424 21,601 0.05 China Medical System Holdings Ltd 13,000 - - 13,000 12,397 0.03 Hengan International Group Co Ltd 7,000 - 1,000 6,000 44,960 0.10 Shandong Weigao Group Medical Polymer Co Ltd 8,000 12,000 - 20,000 19,021 0.04 97,979 0.22 Beverages Ambev SA 40,264 - 1,662 38,602 204,456 0.45 Anadolu Efes Biracilik Ve Malt Sanayii AS 993 - - 993 3,790 0.01 Arca Continental SAB de CV 4,456 - 846 3,610 19,191 0.04 China Resources Beer Holdings Co Ltd 12,054 - - 12,054 56,406 0.12 Cia Cervecerias Unidas SA 1,516 - 306 1,210 16,866 0.04 Coca-Cola Femsa SAB de CV 4,712 - 4,712 - - 0.00 Coca-Cola Femsa SAB de CV - 4,712 617 4,095 25,150 0.05 Coca-Cola Icecek AS 364 - 364 - - 0.00 Embotelladora Andina SA 1,362 - - 1,362 4,761 0.01 Fomento Economico Mexicano SAB de CV 16,385 - 466 15,919 144,212 0.32 Fraser & Neave Holdings Bhd 1,500 - 500 1,000 8,277 0.02 Jiangsu Yanghe Brewery Joint-Stock Co Ltd - 400 - 400 6,695 0.01 Kweichow Moutai Co Ltd 100 200 - 300 41,916 0.09 Luzhou Laojiao Co Ltd - 500 - 500 5,792 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [167] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Tsingtao Brewery Co Ltd 2,000 - - 2,000 11,661 0.03 Wuliangye Yibin Co Ltd 1,200 - - 1,200 20,809 0.05 569,982 1.25 Commercial services Bangkok Expressway & Metro PCL 148,300 - 79,400 68,900 23,288 0.05 CAR Inc 12,000 - 12,000 - - 0.00 CCR SA 10,825 - 1,114 9,711 38,199 0.08 China Conch Venture Holdings Ltd 16,000 - 2,500 13,500 46,184 0.10 China Education Group Holdings Ltd - 5,000 - 5,000 7,778 0.02 China Merchants Port Holdings Co Ltd 8,455 6,000 4,000 10,455 17,216 0.04 Cielo SA 9,243 - - 9,243 17,608 0.04 COSCO SHIPPING Ports Ltd 8,095 12,000 6,000 14,095 12,229 0.03 DP World PLC 1,352 368 361 1,359 20,719 0.05 International Container Terminal Services Inc 2,430 4,200 - 6,630 17,413 0.04 Jiangsu Expressway Co Ltd 6,000 8,000 4,000 10,000 13,381 0.03 Kroton Educacional SA 11,804 - - 11,804 39,009 0.09 Localiza Rent a Car SA 3,525 1,006 - 4,531 52,456 0.11 New Oriental Education & Technology Group Inc 1,200 - - 1,200 123,920 0.27 Promotora y Operadora de Infraestructura SAB de CV 2,919 - 911 2,008 18,078 0.04 S-1 Corp 90 - - 90 7,870 0.02 Shanghai International Port Group Co Ltd - 4,700 - 4,700 4,915 0.01 Shenzhen International Holdings Ltd 6,000 - - 6,000 11,033 0.02 TAL Education Group 2,858 303 251 2,910 92,765 0.20 Westports Holdings Bhd 5,200 - - 5,200 4,990 0.01 Zhejiang Expressway Co Ltd 20,000 - 8,000 12,000 11,564 0.03 580,615 1.28 Semiconductors ASE Technology Holding Co Ltd 31,984 - 4,000 27,984 62,277 0.14 Globalwafers Co Ltd 2,000 - - 2,000 21,427 0.05 Hanergy Thin Film Power Group Ltd 6,000 - 6,000 - - 0.00 Hua Hong Semiconductor Ltd - 4,000 - 4,000 8,276 0.02 Macronix International 15,000 300 15,300 - - 0.00 MediaTek Inc 14,000 - 2,000 12,000 120,154 0.26 Nanya Technology Corp 8,000 4,000 - 12,000 28,272 0.06 Novatek Microelectronics Corp 5,000 - - 5,000 26,425 0.06 Powertech Technology Inc 7,000 - - 7,000 19,077 0.04 Realtek Semiconductor Corp 6,000 - 2,000 4,000 26,680 0.06 Samsung Electronics Co Ltd 41,174 1,534 3,622 39,086 1,483,243 3.26 Samsung Electronics Co Ltd 7,505 - 770 6,735 208,523 0.46 Semiconductor Manufacturing International Corp 23,700 - - 23,700 27,845 0.06 SK Hynix Inc 4,987 179 697 4,469 287,574 0.63 Taiwan Semiconductor Manufacturing Co Ltd 212,000 8,000 18,000 202,000 1,668,885 3.67 United Microelectronics Corp 110,000 - 13,000 97,000 42,618 0.09 Vanguard International Semiconductor Corp 8,000 - - 8,000 16,122 0.03 Win Semiconductors Corp 3,000 - - 3,000 25,597 0.06 Winbond Electronics Corp 27,000 - - 27,000 16,547 0.04 4,089,542 8.99 Housewares Kimberly-Clark de Mexico SAB de CV 15,668 - 3,194 12,474 25,912 0.06 Unilever Indonesia Tbk PT 11,900 - - 11,900 36,645 0.08 62,557 0.14 Household products & wares Turkiye Sise ve Cam Fabrikalari AS 6,174 - - 6,174 5,418 0.01 5,418 0.01 Home furnishings Arcelik AS 1,537 - - 1,537 4,774 0.01 Gree Electric Appliances Inc of Zhuhai - 1,900 - 1,900 15,037 0.03

[168] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Haier Electronics Group Co Ltd 11,000 - - 11,000 25,793 0.06 Haier Smart Home Co Ltd - 2,100 - 2,100 5,077 0.01 Hanssem Co Ltd 50 - 50 - - 0.00 LG Electronics Inc 1,005 - 134 871 47,593 0.10 Midea Group Co Ltd 1,500 - - 1,500 11,787 0.03 Nien Made Enterprise Co Ltd 1,000 1,000 1,000 1,000 7,657 0.02 Skyworth Group Ltd 26,000 - 26,000 - - 0.00 Woongjin Coway Co Ltd 404 - - 404 28,363 0.06 146,081 0.32 Holding companies - diversified operations Aboitiz Equity Ventures Inc 23,640 - - 23,640 24,375 0.05 Alfa SAB de CV 26,364 - - 26,364 22,825 0.05 Alliance Global Group Inc 21,000 - - 21,000 6,365 0.01 CJ Corp 89 - - 89 6,941 0.02 CJ Corp - 13 - 13 399 0.00 Grupo Carso SAB de CV 2,800 1,165 - 3,965 12,782 0.03 Haci Omer Sabanci Holding AS 12,329 - 4,814 7,515 13,203 0.03 IJM Corp Bhd 33,200 - 10,900 22,300 12,466 0.03 KOC Holding AS 7,856 - 1,629 6,227 20,749 0.05 National Industrialization Co - 1,438 - 1,438 5,868 0.01 Siam Cement PCL 1,600 - - 1,600 22,250 0.05 Siam Cement PCL 1,500 3,700 400 4,800 67,058 0.15 YTL Corp Bhd 20,910 - - 20,910 5,167 0.01 220,448 0.49 Real estate Agile Group Holdings Ltd 16,000 - 4,000 12,000 15,450 0.03 Aldar Properties PJSC 37,945 - 7,900 30,045 18,706 0.04 Ayala Corp 1,860 530 - 2,390 44,521 0.10 Ayala Land Inc 69,700 - - 69,700 67,528 0.15 Barwa Real Estate Co 465 16,445 - 16,910 16,332 0.04 BR Malls Participacoes SA 8,139 - 1,717 6,422 25,363 0.06 Bumi Serpong Damai Tbk PT 35,200 - - 35,200 3,530 0.01 Central Pattana PCL 12,100 - - 12,100 28,531 0.06 Central Pattana PCL - 7,600 1,700 5,900 13,912 0.03 China Aoyuan Group Ltd - 11,000 11,000 - - 0.00 China Aoyuan Group Ltd - 11,000 - 11,000 14,746 0.03 China Evergrande Group 22,000 - 6,000 16,000 42,292 0.09 China Fortune Land Development Co Ltd - 1,200 - 1,200 5,034 0.01 China Jinmao Holdings Group Ltd 42,000 - - 42,000 27,090 0.06 China Merchants Shekou Industrial Zone Holdings Co Ltd - 1,300 - 1,300 3,853 0.01 China Overseas Land & Investment Ltd 30,000 4,000 2,000 32,000 108,866 0.24 China Resources Land Ltd 22,000 4,000 2,000 24,000 102,441 0.23 China Vanke Co Ltd 11,800 - - 11,800 44,248 0.10 China Vanke Co Ltd - 2,500 - 2,500 10,329 0.02 CIFI Holdings Group Co Ltd 32,000 - 10,000 22,000 14,051 0.03 Country Garden Holdings Co Ltd 64,000 - - 64,000 86,445 0.19 Country Garden Services Holdings Co Ltd - 12,000 2,000 10,000 24,105 0.05 DAMAC Properties Dubai Co PJSC 9,258 - 9,258 - - 0.00 Dar Al Arkan Real Estate Development Co - 2,341 - 2,341 7,082 0.02 Emaar Development PJSC 9,905 - 3,688 6,217 8,043 0.02 Emaar Economic City - 2,051 1,584 467 1,280 0.00 Emaar Malls PJSC 12,217 - - 12,217 6,981 0.02 Emaar Properties PJSC 27,553 - - 27,553 41,067 0.09 Emlak Konut Gayrimenkul Yatirim Ortakligi AS 12,607 - 12,607 - - 0.00 Ezdan Holding Group QSC 4,110 2,949 7,059 - - 0.00 Future Land Development Holdings Ltd 16,000 - - 16,000 13,456 0.03 Greenland Holdings Corp Ltd - 4,100 - 4,100 4,094 0.01

BlackRock Investment Funds Switzerland ANNUAL REPORT [169] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Greentown China Holdings Ltd 9,000 - 9,000 - - 0.00 Greentown Service Group Co Ltd - 12,000 - 12,000 10,092 0.02 Guangzhou R&F Properties Co Ltd 11,600 - 3,200 8,400 15,192 0.03 HDC Hyundai Development Co-Engineering & Construction 198 178 144 232 7,231 0.02 Highwealth Construction Corp 5,200 - - 5,200 8,079 0.02 IOI Properties Group Bhd 10,125 - 10,125 - - 0.00 Jiayuan International Group Ltd 6,000 - 6,000 - - 0.00 Kaisa Group Holdings Ltd 26,000 - - 26,000 10,785 0.02 Kaisa Group Holdings Ltd Rights - 13 13 - - 0.00 KWG Group Holdings Ltd 9,500 - - 9,500 8,843 0.02 Logan Property Holdings Co Ltd 10,000 - - 10,000 15,126 0.03 Longfor Group Holdings Ltd 12,500 3,000 - 15,500 57,241 0.13 Megaworld Corp 54,000 - - 54,000 6,429 0.01 Multiplan Empreendimentos Imobiliarios SA 3,888 - 1,412 2,476 18,495 0.04 NEPI Rockcastle PLC 3,534 - 460 3,074 27,842 0.06 Pakuwon Jati Tbk PT 110,500 - - 110,500 5,736 0.01 Poly Developments and Holdings Group Co Ltd - 2,100 - 2,100 4,287 0.01 Robinsons Land Corp 10,657 - - 10,657 5,670 0.01 Ruentex Development Co Ltd 6,804 4,082 6,804 4,082 5,387 0.01 Seazen Holdings Co Ltd - 900 - 900 3,404 0.01 Shanghai Industrial Holdings Ltd 2,000 4,000 2,000 4,000 8,155 0.02 Shanghai Lujiazui Finance & Trade Zone Development Co Ltd 13,800 2,760 7,600 8,960 10,449 0.02 Shenzhen Investment Ltd 34,000 - - 34,000 12,126 0.03 Shimao Property Holdings Ltd 10,500 - - 10,500 29,016 0.06 Shui On Land Ltd 48,000 - 18,500 29,500 6,268 0.01 Sime Darby Property Bhd 14,903 - - 14,903 3,486 0.01 Sino-Ocean Group Holding Ltd 16,500 - - 16,500 6,636 0.02 SM Prime Holdings Inc 77,800 12,300 - 90,100 63,980 0.14 SOHO China Ltd 9,000 - - 9,000 2,868 0.01 SP Setia Bhd Group 18,600 - - 18,600 8,746 0.02 Sunac China Holdings Ltd 19,000 3,000 2,000 20,000 90,553 0.20 Yuexiu Property Co Ltd 68,000 - - 68,000 15,308 0.03 Yuzhou Properties Co Ltd 21,000 - - 21,000 9,853 0.02 1,276,659 2.81 Real estate investment trust Fibra Uno Administracion SA de CV 25,148 6,900 7,033 25,015 32,133 0.07 Fortress REIT Ltd 16,114 - 5,675 10,439 15,567 0.03 Fortress REIT Ltd 4,082 - 4,082 - - 0.00 Growthpoint Properties Ltd 23,114 4,879 3,678 24,315 40,523 0.09 Hyprop Investments Ltd 3,059 - 3,059 - - 0.00 Redefine Properties Ltd 43,174 - - 43,174 26,537 0.06 114,760 0.25 Internet 51job Inc 251 - 55 196 15,048 0.03 58.com Inc 872 - 103 769 42,923 0.10 Alibaba Group Holding Ltd 9,888 2,658 908 11,638 1,994,508 4.39 Autohome Inc 542 - 63 479 40,308 0.09 B2W Cia Digital - 1,623 - 1,623 16,202 0.04 Baidu Inc 2,362 105 197 2,270 251,023 0.55 Baozun Inc - 311 - 311 15,274 0.03 China Literature Ltd 1,400 2,200 1,600 2,000 7,980 0.02 Ctrip.com International Ltd 3,458 283 394 3,347 129,161 0.28 Fang Holdings Ltd 2,843 - 2,843 - - 0.00 HengTen Networks Group Ltd - 288,000 - 288,000 5,427 0.01 iQIYI Inc - 1,195 - 1,195 21,993 0.05 JD.com Inc 6,346 - 333 6,013 178,050 0.39 Kakao Corp 342 103 38 407 43,253 0.10

[170] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Meituan Dianping - 8,500 - 8,500 68,746 0.15 Naspers Ltd 3,770 121 301 3,590 879,496 1.93 NAVER Corp 246 984 83 1,147 132,451 0.29 NCSoft Corp 132 24 21 135 54,393 0.12 Pinduoduo Inc - 1,802 242 1,560 34,394 0.08 SINA Corp/China 615 - 96 519 20,100 0.04 Tencent Holdings Ltd 48,700 2,000 4,000 46,700 2,174,656 4.78 Vipshop Holdings Ltd 3,837 - - 3,837 28,870 0.06 Weibo Corp 424 - - 424 16,442 0.04 YY Inc 408 - - 408 25,928 0.06 6,196,626 13.63 Investment companies China Ding Yi Feng Holdings Ltd - 8,000 8,000 - - 0.00 Grupo de Inversiones Suramericana SA 680 - - 680 6,502 0.02 Grupo de Inversiones Suramericana SA 1,340 849 393 1,796 18,631 0.04 Itausa - Investimentos Itau SA 40,925 - 4,777 36,147 118,600 0.26 Legend Holdings Corp 4,300 - - 4,300 10,061 0.02 Legend Holdings Corp Rights - 330 - 330 - 0.00 PSG Group Ltd 1,410 - 241 1,169 18,681 0.04 Reinet Investments SCA 1,220 - - 1,220 21,531 0.05 Saudi Industrial Investment Group - 976 - 976 6,090 0.01 200,096 0.44 Coal Adaro Energy Tbk PT 152,300 - 43,700 108,600 9,741 0.02 Banpu PCL - 28,600 8,300 20,300 9,344 0.02 Banpu PCL 10,000 - - 10,000 4,603 0.01 Bukit Asam Tbk PT - 30,100 - 30,100 5,825 0.01 China Coal Energy Co Ltd 28,000 - 11,000 17,000 6,558 0.01 China Shenhua Energy Co Ltd 29,000 - - 29,000 57,215 0.13 China Shenhua Energy Co Ltd - 1,858 - 1,858 5,128 0.01 Exxaro Resources Ltd 2,349 - 346 2,003 23,413 0.05 Inner Mongolia Yitai Coal Co Ltd 10,400 - - 10,400 10,440 0.02 Jastrzebska Spolka Weglowa SA 269 - - 269 2,707 0.01 Shaanxi Coal Industry Co Ltd - 3,800 - 3,800 5,164 0.01 Yanzhou Coal Mining Co Ltd 18,000 - - 18,000 15,844 0.04 155,982 0.34 Cosmetics & personal care Amorepacific Corp 266 26 29 263 30,810 0.07 Amorepacific Corp 52 - - 52 3,390 0.01 AMOREPACIFIC Group 272 - - 272 13,087 0.03 LG Household & Health Care Ltd 82 - 5 77 80,992 0.18 LG Household & Health Care Ltd 13 - - 13 8,746 0.02 Natura Cosmeticos SA 2,101 - 513 1,588 25,559 0.05 162,584 0.36 Agriculture British American Tobacco Malaysia Bhd 2,100 - 900 1,200 6,501 0.01 Charoen Pokphand Indonesia Tbk PT 79,100 - 18,700 60,400 22,929 0.05 China Agri-Industries Holdings Ltd 31,000 - 13,000 18,000 5,441 0.01 FGV Holdings Bhd 6,200 - 6,200 - - 0.00 Genting Plantations Bhd 1,100 - - 1,100 2,560 0.01 Gudang Garam Tbk PT 4,800 - 900 3,900 20,797 0.05 Hanjaya Mandala Sampoerna Tbk PT 89,800 - 16,700 73,100 15,644 0.03 HAP Seng Consolidated Bhd 8,700 - 3,200 5,500 13,063 0.03 IOI Corp Bhd 13,900 - - 13,900 13,973 0.03 KT&G Corp 1,001 - 47 954 76,876 0.17 Kuala Lumpur Kepong Bhd 4,400 - 900 3,500 19,834 0.04 Muyuan Foodstuff Co Ltd - 600 - 600 6,602 0.02

BlackRock Investment Funds Switzerland ANNUAL REPORT [171] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) New Hope Liuhe Co Ltd - 2,000 - 2,000 5,559 0.01 QL Resources Bhd - 5,800 - 5,800 9,559 0.02 Sime Darby Plantation Bhd 24,403 - 6,200 18,203 20,132 0.04 Wens Foodstuffs Group Co Ltd - 1,329 - 1,329 7,727 0.02 247,197 0.54 Machinery - diversified Haitian International Holdings Ltd 3,000 4,000 2,000 5,000 10,092 0.02 NARI Technology Co Ltd - 1,600 - 1,600 4,335 0.01 Teco Electric and Machinery Co Ltd 9,000 13,000 22,000 - - 0.00 WEG SA 6,936 - - 6,936 43,471 0.10 57,898 0.13 Media Cyfrowy Polsat SA 1,357 - - 1,357 10,484 0.02 Grupo Televisa SAB 20,210 - - 20,210 38,293 0.09 MultiChoice Group Ltd - 3,891 468 3,423 32,136 0.07 Surya Citra Media Tbk PT 37,900 - - 37,900 4,149 0.01 85,062 0.19 Metal fabricate & hardware Catcher Technology Co Ltd 6,000 - 1,000 5,000 36,772 0.08 36,772 0.08 Food Almarai Co JSC - 1,067 - 1,067 14,251 0.03 Berli Jucker PCL 13,800 - 4,000 9,800 16,325 0.04 Bid Corp Ltd 3,126 - 381 2,745 57,527 0.13 BIM Birlesik Magazalar AS 2,029 1,740 289 3,480 29,027 0.06 BRF SA 4,919 - 562 4,357 38,301 0.08 Cencosud SA 11,824 - - 11,824 23,211 0.05 Charoen Pokphand Foods PCL 30,900 - - 30,900 27,602 0.06 Charoen Pokphand Foods PCL - 5,900 5,100 800 715 0.00 China Huishan Dairy Holdings Co Ltd 18,864 - - 18,864 41 0.00 China Mengniu Dairy Co Ltd 23,000 - - 23,000 92,501 0.20 Cia Brasileira de Distribuicao 1,187 - - 1,187 29,217 0.06 CJ CheilJedang Corp 74 - - 74 17,648 0.04 Dali Foods Group Co Ltd 19,500 - - 19,500 12,060 0.03 Dino Polska SA 503 - 119 384 14,429 0.03 Dongsuh Cos Inc 178 - 178 - - 0.00 Foshan Haitian Flavouring & Food Co Ltd - 600 - 600 8,611 0.02 Gruma SAB de CV 2,211 - 481 1,730 15,846 0.03 Grupo Bimbo SAB de CV 15,294 - 1,906 13,388 25,486 0.06 GS Holdings Corp 483 - 91 392 16,499 0.04 Henan Shuanghui Investment & Development Co Ltd - 1,400 - 1,400 4,829 0.01 Indofood CBP Sukses Makmur Tbk PT 32,400 - 11,900 20,500 15,492 0.03 Indofood Sukses Makmur Tbk PT 45,800 - 9,900 35,900 17,939 0.04 Inner Mongolia Yili Industrial Group Co Ltd - 1,100 - 1,100 4,930 0.01 JBS SA 8,929 - - 8,929 58,499 0.13 JG Summit Holdings Inc 28,140 - - 28,140 35,721 0.08 Lotte Corp 192 - - 192 5,463 0.01 M Dias Branco SA 600 - - 600 6,177 0.01 Magnit PJSC 3,330 - - 3,330 47,802 0.11 Nestle Malaysia Bhd 500 - - 500 17,826 0.04 Oceana Group Ltd - 354 354 - - 0.00 Orion Corp/Republic of Korea 212 - - 212 14,334 0.03 Ottogi Corp 6 - - 6 3,238 0.01 Pioneer Foods Group Ltd 653 - 653 - - 0.00 PPB Group Bhd 5,760 - 1,100 4,660 20,907 0.05 Remgro Ltd 4,409 - - 4,409 55,155 0.12 Savola Group - 1,143 - 1,143 9,655 0.02

[172] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Shoprite Holdings Ltd 4,105 - 347 3,758 40,554 0.09 SPAR Group Ltd 2,113 - 423 1,690 21,743 0.05 Standard Foods Corp 2,539 - - 2,539 4,858 0.01 Thai Union Group PCL 8,800 - - 8,800 5,354 0.01 Thai Union Group PCL - 22,100 6,700 15,400 9,369 0.02 Tiger Brands Ltd 1,372 - - 1,372 21,359 0.05 Tingyi Cayman Islands Holding Corp 16,000 - - 16,000 23,756 0.05 Ulker Biskuvi Sanayi AS 735 - 735 - - 0.00 Uni-President China Holdings Ltd 12,000 - - 12,000 14,129 0.03 Uni-President Enterprises Corp 43,920 - 4,000 39,920 102,693 0.23 Universal Robina Corp 10,430 - - 10,430 32,385 0.07 Want Want China Holdings Ltd 41,000 - - 41,000 31,786 0.07 Woolworths Holdings Ltd/South Africa 8,036 2,507 3,008 7,535 28,947 0.06 X5 Retail Group NV 972 347 - 1,319 43,244 0.10 Yihai International Holding Ltd - 4,000 - 4,000 21,171 0.05 Yonghui Superstores Co Ltd - 3,400 - 3,400 4,723 0.01 1,163,335 2.56 Food Service Saudi Airlines Catering Co - 223 175 48 1,147 0.00 1,147 0.00 Aerospace & defence Aselsan Elektronik Sanayi Ve Ticaret AS 3,734 - 1,193 2,541 8,571 0.02 AviChina Industry & Technology Co Ltd 12,000 - - 12,000 6,420 0.01 Embraer SA 5,373 - - 5,373 27,299 0.06 Korea Aerospace Industries Ltd 661 - - 661 20,437 0.05 62,727 0.14 Pipelines Petronas Gas Bhd 6,100 - 1,200 4,900 18,903 0.04 Transneft PJSC 5 - - 5 12,307 0.03 Transportadora de Gas del Sur SA - 688 - 688 10,633 0.02 41,843 0.09 Shipbuilding China Shipbuilding Industry Co Ltd - 6,800 - 6,800 5,861 0.01 Daewoo Shipbuilding & Marine Engineering Co Ltd - 333 - 333 8,178 0.02 HLB Inc 254 - - 254 5,771 0.01 Korea Shipbuilding & Offshore Engineering Co Ltd 322 - - 322 29,235 0.07 Samsung Heavy Industries Co Ltd 3,785 - - 3,785 22,392 0.05 71,437 0.16 Software Alibaba Health Information Technology Ltd 30,000 - - 30,000 26,976 0.06 CD Projekt SA 537 99 85 551 32,594 0.07 Kingdee International Software Group Co Ltd 24,000 - 5,000 19,000^ 18,190 0.04 Kingsoft Corp Ltd 5,000 - - 5,000 10,801 0.02 Momo Inc 1,120 308 248 1,180 39,684 0.09 NetEase Inc 692 - 116 576 131,623 0.29 Netmarble Corp 200 44 39 205 15,576 0.03 Pearl Abyss Corp 71 - 23 48 6,893 0.02 Tencent Music Entertainment Group - 795 - 795 11,231 0.02 TravelSky Technology Ltd 9,000 - - 9,000 17,574 0.04 311,142 0.68 Telecommunications Advanced Info Service PCL 10,100 - - 10,100 69,250 0.15 Advanced Info Service PCL - 800 800 - - 0.00 America Movil SAB de CV 279,821 18,878 23,224 275,475 193,669 0.43 Axiata Group Bhd 25,630 - - 25,630 30,929 0.07 China Mobile Ltd 52,500 2,000 4,000 50,500 426,317 0.94

BlackRock Investment Funds Switzerland ANNUAL REPORT [173] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) China Telecom Corp Ltd 132,000 - 18,000 114,000 50,750 0.11 China Unicom Hong Kong Ltd 52,000 - - 52,000 50,376 0.11 China United Network Communications Ltd - 5,300 - 5,300 4,515 0.01 Chunghwa Telecom Co Ltd 33,000 - 2,000 31,000 106,592 0.23 DiGi.Com Bhd 27,300 - - 27,300 32,748 0.07 Emirates Telecommunications Group Co PJSC 15,047 - 891 14,156 65,777 0.14 Empresa Nacional de Telecomunicaciones SA 993 - - 993 9,045 0.02 Etihad Etisalat Co - 1,649 - 1,649 10,638 0.02 Far EasTone Telecommunications Co Ltd 13,000 - - 13,000 29,593 0.07 GDS Holdings Ltd 565 - - 565 23,034 0.05 Globe Telecom Inc 160 120 - 280 11,701 0.03 Hellenic Telecommunications Organization SA 2,181 - 280 1,901 26,067 0.06 HTC Corp 3,000 - 3,000 - - 0.00 Intouch Holdings PCL - 18,400 2,200 16,200 33,244 0.07 KT Corp 312 - 312 - - 0.00 LG Uplus Corp - 968 - 968 10,530 0.02 Maxis Bhd 19,900 - - 19,900 27,118 0.06 Megacable Holdings SAB de CV - 2,658 - 2,658 11,316 0.02 Meitu Inc 13,000 - - 13,000 3,798 0.01 Mobile TeleSystems PJSC 5,301 - 1,212 4,089 33,073 0.07 MTN Group Ltd 14,554 - 675 13,879 109,282 0.24 O2 Czech Republic AS 316 - 316 - - 0.00 Ooredoo QPSC 1,012 5,895 357 6,550 12,670 0.03 Orange Polska SA 5,271 - - 5,271 9,164 0.02 PLAY Communications SA 1,698 - 1,698 - - 0.00 PLDT Inc 1,035 - - 1,035 23,156 0.05 Samsung SDI Co Ltd 502 - 52 450 93,762 0.21 Saudi Telecom Co - 1,708 135 1,573 44,843 0.10 SK Telecom Co Ltd 158 - - 158 32,855 0.07 Taiwan Mobile Co Ltd 13,000 - - 13,000 45,320 0.10 Telecom Argentina SA - 768 - 768 12,849 0.03 Telefonica Brasil SA 3,343 706 385 3,664 50,420 0.11 Telekom Malaysia Bhd 13,000 - - 13,000 12,756 0.03 Telekomunikasi Indonesia Persero Tbk PT 439,900 - 34,500 405,400 123,121 0.27 Telkom SA SOC Ltd 1,121 1,886 706 2,301 13,848 0.03 TIM Participacoes SA 7,518 - - 7,518 24,172 0.05 Total Access Communication PCL - 6,300 2,500 3,800 7,156 0.02 Tower Bersama Infrastructure Tbk PT 9,200 - 9,200 - - 0.00 True Corp PCL 41,818 - - 41,818 8,682 0.02 True Corp PCL - 62,700 24,000 38,700 8,035 0.02 Turkcell Iletisim Hizmetleri AS 9,963 - 1,793 8,170 18,993 0.04 Vodacom Group Ltd 4,516 1,038 462 5,092 41,847 0.09 Xiaomi Corp - 31,600 3,400 28,200 32,277 0.07 ZTE Corp 3,600 2,200 - 5,800 17,385 0.04 ZTE Corp - 1,000 - 1,000 4,729 0.01 2,007,402 4.41 Textiles Far Eastern New Century Corp 30,300 - 4,000 26,300 24,785 0.05 Formosa Taffeta Co Ltd 4,000 - - 4,000 4,495 0.01 29,280 0.06 Transportation BTS Group Holdings PCL 27,900 27,900 27,900 27,900 11,136 0.02 BTS Group Holdings PCL - 29,300 10,700 18,600 7,424 0.02 CJ Logistics Corp 50 - - 50 5,732 0.01 COSCO SHIPPING Development Co Ltd 68,000 - 68,000 - - 0.00 COSCO SHIPPING Energy Transportation Co Ltd - 18,000 8,000 10,000 5,691 0.01 COSCO SHIPPING Holdings Co Ltd 26,000 - - 26,000 9,668 0.02

[174] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Daqin Railway Co Ltd - 4,200 - 4,200 4,767 0.01 Evergreen Marine Corp Taiwan Ltd 9,000 16,988 - 25,988 11,915 0.02 Hyundai Glovis Co Ltd 224 - 59 165 21,263 0.05 Imperial Logistics Ltd 1,810 - 1,810 - - 0.00 MISC Bhd 7,100 3,400 - 10,500 18,263 0.04 Pan Ocean Co Ltd 1,090 1,210 - 2,300 9,267 0.02 Rumo SA 8,447 - - 8,447 48,718 0.11 Sinotrans Ltd 13,000 - - 13,000 4,472 0.01 Taiwan High Speed Rail Corp 9,000 10,000 3,000 16,000 21,191 0.05 ZTO Express Cayman Inc - 2,490 - 2,490 48,439 0.11 227,946 0.50 Entertainment Alibaba Pictures Group Ltd 70,000 80,000 - 150,000 30,164 0.07 Astro Malaysia Holdings Bhd 7,600 - 7,600 - - 0.00 OPAP SA 2,176 - 352 1,824 20,467 0.04 50,631 0.11 Packaging & containers Klabin SA 5,412 - - 5,412 22,841 0.05 Lee & Man Paper Manufacturing Ltd 12,000 - - 12,000 7,300 0.02 30,141 0.07 Insurance BB Seguridade Participacoes SA 5,457 1,111 839 5,729 48,915 0.11 Bupa Arabia for Cooperative Insurance Co - 217 159 58 1,534 0.00 Cathay Financial Holding Co Ltd 69,000 - 7,000 62,000 80,536 0.18 China Life Insurance Co Ltd 66,000 - 5,000 61,000 155,452 0.34 China Life Insurance Co Ltd - 1,375 - 1,375 5,865 0.01 China Life Insurance Co Ltd/Taiwan 27,187 3,498 8,000 22,685 18,597 0.04 China Pacific Insurance Group Co Ltd 24,400 - 2,800 21,600 92,061 0.20 China Pacific Insurance Group Co Ltd - 1,700 - 1,700 9,427 0.02 China Reinsurance Group Corp 58,000 - - 58,000 10,123 0.02 China Taiping Insurance Holdings Co Ltd 12,000 3,600 2,400 13,200 36,560 0.08 Co for Cooperative Insurance - 269 - 269 5,276 0.01 DB Insurance Co Ltd 461 - 75 386 18,120 0.04 Discovery Ltd 2,838 - - 2,838 26,225 0.06 Fosun International Ltd 19,452 7,000 5,500 20,952 27,399 0.06 Fosun International Ltd Rights - 48 48 - - 0.00 Hanwha Life Insurance Co Ltd 1,589 1,256 - 2,845 6,249 0.01 Hyundai Marine & Fire Insurance Co Ltd 623 - 153 470 10,992 0.02 IRB Brasil Resseguros S/A 1,080 642 - 1,722 43,043 0.10 Liberty Holdings Ltd 548 866 543 871 6,609 0.02 MMI Holdings Ltd/South Africa 4,881 7,936 12,817 - - 0.00 Momentum Metropolitan Holdings - 7,882 - 7,882 9,326 0.02 New China Life Insurance Co Ltd 5,700 2,400 1,300 6,800 33,798 0.08 New China Life Insurance Co Ltd - 700 - 700 5,586 0.01 Odontoprev SA 1,200 - 1,200 - - 0.00 Orange Life Insurance Ltd 333 - - 333 7,914 0.02 People's Insurance Co Group of China Ltd 60,000 - - 60,000 25,117 0.06 PICC Property & Casualty Co Ltd 62,000 - 6,000 56,000 66,362 0.15 Ping An Insurance Group Co of China Ltd 44,500 5,000 4,000 45,500 537,463 1.18 Ping An Insurance Group Co of China Ltd 1,300 1,500 - 2,800 35,433 0.08 Porto Seguro SA 500 619 325 794 10,884 0.02 Powszechny Zaklad Ubezpieczen SA 5,124 - 354 4,770 51,293 0.11 Qatar Insurance Co SAQ 859 11,871 - 12,730 12,019 0.03 Samsung Fire & Marine Insurance Co Ltd 243 38 29 252 55,459 0.12 Samsung Life Insurance Co Ltd 572 - - 572 36,425 0.08 Sanlam Ltd 14,431 1,498 1,315 14,614 76,199 0.17 Shin Kong Financial Holding Co Ltd 73,633 28,060 16,000 85,693 24,663 0.05

BlackRock Investment Funds Switzerland ANNUAL REPORT [175] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Sul America SA 925 1,072 - 1,997 22,079 0.05 ZhongAn Online P&C Insurance Co Ltd 2,000 - - 2,000 4,477 0.01 1,617,480 3.56 Distribution & wholesale AKR Corporindo Tbk PT 9,200 - 9,200 - - 0.00 Hanwha Corp 214 300 178 336 6,705 0.01 LG Corp 777 - - 777 45,968 0.10 Posco International Corp 217 - - 217 3,405 0.01 Sime Darby Bhd 14,903 7,400 - 22,303 11,718 0.03 United Tractors Tbk PT 13,900 - - 13,900 24,470 0.05 92,266 0.20 Water Aguas Andinas SA 12,505 - - 12,505 6,959 0.01 Beijing Enterprises Water Group Ltd 60,000 - 12,000 48,000 25,193 0.05 Cia de Saneamento Basico do Estado de Sao Paulo 3,409 - 612 2,797 39,299 0.09 Guangdong Investment Ltd 24,000 - - 24,000 50,082 0.11 Metro Pacific Investments Corp 78,200 - - 78,200 7,303 0.02 128,836 0.28 Advertising Cheil Worldwide Inc 386 454 234 606 13,691 0.03 Focus Media Information Technology Co Ltd - 6,500 - 6,500 4,725 0.01 18,416 0.04 Total shares 40,173,587 88.34 Collective investment schemes Money Market Instruments BlackRock ICS US Dollar Liquidity Fund - 492,694 - 492,694 487,767 1.07 487,767 1.07 Real estate investment trust iShares MSCI India ETF 116,111 6,206 122,317 - - 0.00 iShares MSCI India UCITS ETF - 737,022 - 737,022 3,786,017 8.33 Resilient REIT Ltd 1,257 1,197 2,454 - - 0.00 3,786,017 8.33 Total collective investment schemes 4,273,784 9.40 Total securities traded on an official stock exchange 44,447,371 97.74

Securities not listed Shares Energy - alternate sources China Renewable Energy Investment Ltd - 6,000 - 6,000 - 0.00 - 0.00 Investment companies China Ding Yi Feng Holdings Ltd - 8,000 8,000 - - 0.00 - 0.00 Total shares - 0.00 Total securities not listed - 0.00 Total securities 44,447,371 97.74

Derivative financial instruments Index Futures MSCI Emerging Markets Index September 2018 23 4 27 - - 0.00 MSCI Emerging Markets Index December 2018 - 30 30 - - 0.00 MSCI Emerging Markets Index June 2019 - 30 30 - - 0.00 MSCI Emerging Markets Index March 2019 - 33 33 - - 0.00 MSCI Emerging Markets Index September 2019 - 19 - 19 (4,616) (0.01) (4,616) (0.01)

[176] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Warrants BTS Group Holdings PCL 29.11.2019 - 3,100 - 3,100 201 0.00 Minor International PCL 30.09.2021 - 1,348 - 1,348 239 0.00 440 0.00 Total derivative financial instruments (4,176) (0.01) Total investments 44,443,195 97.73

Sight deposits 776,122 1.71 Other assets 256,711 0.56 Total sub-fund assets 45,476,028 100.00 Loans (454,703) (1.00) Other liabilities (60,309) (0.13) Net sub-fund assets 44,961,016 98.87

1 Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

List of closed forward exchange transactions for the year ended 31 July 2019*

Counter- Maturity Transaction Currency Amount currency Countervalue 07.03.2019 Bought BRL 132,443 USD 35,304 10.06.2019 Bought CHF 12,287 QAR 44,686 10.06.2019 Bought CHF 397 QAR 1,443 11.06.2019 Bought CHF 222 AED 810 11.06.2019 Bought CHF 103 AED 377 11.06.2019 Bought CHF 34 QAR 126 11.06.2019 Bought CHF 88 QAR 323 11.06.2019 Bought CHF 689 QAR 2,508 11.06.2019 Bought QAR 86,862 CHF 23,581

* The forward exchange transactions are over-the-counter (“OTC”) transactions. The counterparty for these OTC transactions is State Street Bank and Trust Company.

BlackRock Investment Funds Switzerland ANNUAL REPORT [177] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Bonds Australia Australia Government Bond 1.75% 21.11.2020 610,000 - 270,000 340,000 234,586 0.49 Australia Government Bond 2.25% 21.05.2028 450,000 210,000 230,000 430,000 320,071 0.66 Australia Government Bond 2.75% 21.04.2024 300,000 - - 300,000 222,711 0.46 Australia Government Bond 2.75% 21.11.2027 410,000 - - 410,000 315,527 0.65 Australia Government Bond 2.75% 21.06.2035 550,000 - 100,000 450,000 363,106 0.75 Australia Government Bond 2.75% 21.05.2041 - 60,000 - 60,000 48,401 0.10 Australia Government Bond 3% 21.03.2047 180,000 20,000 - 200,000 170,106 0.35 Australia Government Bond 3.25% 21.04.2029 - 100,000 - 100,000 81,128 0.17 Australia Government Bond 3.25% 21.06.2039 40,000 - - 40,000 34,683 0.07 Australia Government Bond 4.25% 21.04.2026 1,200,000 - 330,000 870,000 718,098 1.49 Australia Government Bond 4.5% 21.04.2033 90,000 - - 90,000 85,808 0.18 Australia Government Bond 5.75% 15.07.2022 1,720,000 - 560,000 1,160,000 905,381 1.88 3,499,606 7.25 Belgium Kingdom of Belgium Government Bond 0.9% 22.06.2029 - 100,000 - 100,000 121,405 0.25 Kingdom of Belgium Government Bond 1.45% 22.06.2037 - 120,000 - 120,000 156,438 0.32 Kingdom of Belgium Government Bond 1.6% 22.06.2047 20,000 - 20,000 - - 0.00 Kingdom of Belgium Government Bond 1.9% 22.06.2038 10,000 - 10,000 - - 0.00 Kingdom of Belgium Government Bond 2.15% 22.06.2066 - 20,000 - 20,000 31,110 0.07 Kingdom of Belgium Government Bond 2.25% 22.06.2057 10,000 - 10,000 - - 0.00 Kingdom of Belgium Government Bond 3.75% 28.09.2020 100,000 - 100,000 - - 0.00 Kingdom of Belgium Government Bond 4% 28.03.2032 40,000 - 40,000 - - 0.00 308,953 0.64 Chile Bonos de la Tesoreria de la Republica en pesos 4.5% 01.03.2026 - 75,000,000 - 75,000,000 117,589 0.24 Bonos de la Tesoreria de la Republica en pesos 5% 01.03.2035 - 25,000,000 - 25,000,000 43,894 0.09 Bonos de la Tesoreria de la Republica en pesos 6% 01.01.2043 - 25,000,000 - 25,000,000 51,836 0.11 213,319 0.44 China China Government Bond 2.74% 04.08.2026 - 2,500,000 - 2,500,000 347,963 0.72 China Government Bond 2.79% 17.11.2023 - 1 - 1 - 0.00 China Government Bond 3.22% 06.12.2025 - 100,000 100,000 - - 0.00 347,963 0.72 Denmark Denmark Government Bond 0.5% 15.11.2027 400,000 580,000 - 980,000 157,415 0.33 Denmark Government Bond 1.5% 15.11.2023 3,880,000 - 1,620,000 2,260,000 366,216 0.76 Denmark Government Bond 3% 15.11.2021 2,010,000 - 720,000 1,290,000 207,197 0.43 Denmark Government Bond 4.5% 15.11.2039 2,080,000 - 900,000 1,180,000 338,923 0.70 1,069,751 2.22 Germany Bundesobligation 0% 09.04.2021 - 740,000 300,000 440,000 491,481 1.02 Bundesobligation 0% 08.04.2022 - 250,000 - 250,000 281,690 0.58 Bundesrepublik Deutschland Bundesanleihe 0% 15.08.2026 30,000 130,000 - 160,000 184,736 0.38 Bundesrepublik Deutschland Bundesanleihe 0.25% 15.02.2027 - 40,000 - 40,000 47,087 0.10 Bundesrepublik Deutschland Bundesanleihe 0.25% 15.08.2028 - 160,000 - 160,000 188,920 0.39 Bundesrepublik Deutschland Bundesanleihe 0.5% 15.02.2028 50,000 60,000 - 110,000 132,495 0.27 Bundesrepublik Deutschland Bundesanleihe 1% 15.08.2024 760,000 - 240,000 520,000 624,827 1.29 Bundesrepublik Deutschland Bundesanleihe 1.25% 15.08.2048 - 120,000 40,000 80,000 116,395 0.24 Bundesrepublik Deutschland Bundesanleihe 1.75% 04.07.2022 540,000 - - 540,000^ 640,455 1.33 Bundesrepublik Deutschland Bundesanleihe 2.5% 04.07.2044 180,000 - 60,000 120,000 212,431 0.44 Bundesrepublik Deutschland Bundesanleihe 2.5% 15.08.2046 60,000 - - 60,000 108,663 0.23 Bundesrepublik Deutschland Bundesanleihe 3.75% 04.01.2019 570,000 - 570,000 - - 0.00 Bundesrepublik Deutschland Bundesanleihe 4% 04.01.2037 190,000 - 40,000 150,000 287,096 0.60 Bundesrepublik Deutschland Bundesanleihe 4.25% 04.07.2039 70,000 - - 70,000 144,655 0.30 Bundesrepublik Deutschland Bundesanleihe 4.75% 04.07.2034 30,000 70,000 - 100,000 194,359 0.40

[178] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Bundesrepublik Deutschland Bundesanleihe 5.5% 04.01.2031 20,000 - - 20,000 37,382 0.08 Bundesrepublik Deutschland Bundesanleihe 5.625% 04.01.2028 300,000 - - 300,000 508,618 1.05 4,201,290 8.70 Finland Finland Government Bond 0.75% 15.04.2031 20,000 - - 20,000 24,221 0.05 Finland Government Bond 0.875% 15.09.2025 - 40,000 - 40,000 47,941 0.10 Finland Government Bond 1.375% 15.04.2047 - 10,000 - 10,000 14,014 0.03 Finland Government Bond 1.5% 15.04.2023 150,000 - - 150,000 178,922 0.37 Finland Government Bond 2.625% 04.07.2042 80,000 - 20,000 60,000 101,522 0.21 Finland Government Bond 2.75% 04.07.2028 90,000 - 50,000 40,000 56,316 0.11 Finland Government Bond 3.375% 15.04.2020 210,000 - 130,000 80,000 90,692 0.19 513,628 1.06 France French Republic Government Bond OAT 0.5% 25.05.2025 770,000 - 310,000 460,000 538,230 1.12 French Republic Government Bond OAT 0.75% 25.11.2028 - 80,000 30,000 50,000 60,197 0.12 French Republic Government Bond OAT 1% 25.05.2027 260,000 - 100,000 160,000 195,456 0.40 French Republic Government Bond OAT 1.25% 25.05.2034 - 30,000 - 30,000 38,307 0.08 French Republic Government Bond OAT 1.5% 25.05.2031 - 90,000 40,000 50,000 65,111 0.13 French Republic Government Bond OAT 1.75% 25.05.2066 - 10,000 - 10,000 14,465 0.03 French Republic Government Bond OAT 2.25% 25.10.2022 560,000 - 220,000 340,000 411,363 0.85 French Republic Government Bond OAT 2.5% 25.05.2030 320,000 - 130,000 190,000 269,156 0.56 French Republic Government Bond OAT 3.5% 25.04.2020 530,000 - 530,000 - - 0.00 French Republic Government Bond OAT 4% 25.10.2038 240,000 - 100,000 140,000 260,188 0.54 French Republic Government Bond OAT 4% 25.04.2055 110,000 - 80,000 30,000 65,940 0.14 French Republic Government Bond OAT 4% 25.04.2060 30,000 - 10,000 20,000 45,871 0.10 French Republic Government Bond OAT 4.5% 25.04.2041 10,000 - - 10,000 20,366 0.04 French Republic Government Bond OAT 5.75% 25.10.2032 30,000 20,000 20,000 30,000 58,203 0.12 2,042,853 4.23 Ireland Ireland Government Bond 0.9% 15.05.2028 50,000 - - 50,000 59,692 0.12 Ireland Government Bond 1.7% 15.05.2037 40,000 20,000 - 60,000 77,690 0.16 Ireland Government Bond 2% 18.02.2045 50,000 20,000 - 70,000 97,302 0.20 Ireland Government Bond 2.4% 15.05.2030 80,000 - 50,000 30,000 40,936 0.09 Ireland Government Bond 3.9% 20.03.2023 110,000 - - 110,000 140,772 0.29 Ireland Government Bond 5% 18.10.2020 150,000 - - 150,000 176,634 0.37 Ireland Government Bond 5.4% 13.03.2025 120,000 - 50,000 70,000 102,132 0.21 Ireland Government Bond 5.9% 18.10.2019 120,000 - 120,000 - - 0.00 695,158 1.44 Israel Israel Government Bond - Fixed 2% 31.03.2027 120,000 - - 120,000 36,475 0.07 Israel Government Bond - Fixed 4.25% 31.03.2023 220,000 - - 220,000 70,697 0.15 Israel Government Bond - Fixed 5.5% 31.01.2042 170,000 - - 170,000 76,350 0.16 Israel Government Bond - Fixed 6% 28.02.2019 490,000 - 490,000 - - 0.00 183,522 0.38 Italy Italy Buoni Poliennali Del Tesoro 0.35% 01.11.2021 - 440,000 - 440,000 487,718 1.01 Italy Buoni Poliennali Del Tesoro 1.45% 15.05.2025 330,000 - - 330,000 373,740 0.77 Italy Buoni Poliennali Del Tesoro 2% 01.02.2028 110,000 - - 110,000 128,186 0.27 Italy Buoni Poliennali Del Tesoro 2.45% 01.09.2033 - 230,000 - 230,000 270,890 0.56 Italy Buoni Poliennali Del Tesoro 2.7% 01.03.2047 20,000 100,000 40,000 80,000 92,663 0.19 Italy Buoni Poliennali Del Tesoro 2.8% 01.12.2028 - 70,000 - 70,000 86,411 0.18 Italy Buoni Poliennali Del Tesoro 2.8% 01.03.2067 40,000 - - 40,000 44,222 0.09 Italy Buoni Poliennali Del Tesoro 3.45% 01.03.2048 20,000 - - 20,000 26,154 0.05 Italy Buoni Poliennali Del Tesoro 4% 01.09.2020 690,000 - 200,000 490,000 564,696 1.17 Italy Buoni Poliennali Del Tesoro 4.5% 01.03.2024 400,000 - - 400,000 515,437 1.07 Italy Buoni Poliennali Del Tesoro 4.75% 01.09.2044 20,000 50,000 - 70,000 108,688 0.22 Italy Buoni Poliennali Del Tesoro 5% 01.08.2034 40,000 - - 40,000 61,091 0.13

BlackRock Investment Funds Switzerland ANNUAL REPORT [179] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Italy Buoni Poliennali Del Tesoro 5% 01.08.2039 160,000 - 40,000 120,000 188,024 0.39 Italy Buoni Poliennali Del Tesoro 5.25% 01.11.2029 400,000 - 170,000 230,000 341,191 0.71 3,289,111 6.81 Japan Japan Government Five Year Bond 0.1% 20.06.2020 120,000,000 - 120,000,000 - - 0.00 Japan Government Five Year Bond 0.1% 20.06.2023 - 10,000,000 2,700,000 7,300,000 67,471 0.14 Japan Government Five Year Bond 0.2% 20.03.2019 30,000,000 - 30,000,000 - - 0.00 Japan Government Forty Year Bond 0.9% 20.03.2057 10,900,000 - 10,900,000 - - 0.00 Japan Government Forty Year Bond 1.4% 20.03.2055 5,650,000 - 1,550,000 4,100,000 50,091 0.10 Japan Government Ten Year Bond 0.1% 20.09.2027 22,000,000 - 6,000,000 16,000,000 149,972 0.31 Japan Government Ten Year Bond 0.1% 20.03.2028 20,000,000 15,000,000 9,500,000 25,500,000 238,994 0.49 Japan Government Ten Year Bond 0.3% 20.12.2025 41,000,000 - 41,000,000 - - 0.00 Japan Government Ten Year Bond 0.4% 20.09.2025 60,000,000 - 36,300,000 23,700,000 224,901 0.47 Japan Government Ten Year Bond 0.6% 20.06.2024 - 15,000,000 - 15,000,000 142,477 0.29 Japan Government Ten Year Bond 0.8% 20.06.2022 80,350,000 - 21,850,000 58,500,000 549,178 1.14 Japan Government Thirty Year Bond 0.8% 20.03.2046 17,000,000 - 8,600,000 8,400,000 86,168 0.18 Japan Government Thirty Year Bond 0.8% 20.03.2048 - 9,050,000 2,450,000 6,600,000 67,823 0.14 Japan Government Thirty Year Bond 1.5% 20.03.2045 25,000,000 - 25,000,000 - - 0.00 Japan Government Thirty Year Bond 1.9% 20.06.2043 - 6,000,000 - 6,000,000 75,342 0.16 Japan Government Thirty Year Bond 2.2% 20.03.2041 11,500,000 - 3,150,000 8,350,000 107,637 0.22 Japan Government Thirty Year Bond 2.3% 20.03.2040 5,500,000 - 1,500,000 4,000,000 51,760 0.11 Japan Government Twenty Year Bond 0.4% 20.03.2036 32,000,000 - 32,000,000 - - 0.00 Japan Government Twenty Year Bond 0.5% 20.09.2036 11,000,000 - 3,000,000 8,000,000 77,643 0.16 Japan Government Twenty Year Bond 0.5% 20.06.2038 - 13,000,000 13,000,000 - - 0.00 Japan Government Twenty Year Bond 1.4% 20.09.2034 35,000,000 - 16,800,000 18,200,000 199,848 0.41 Japan Government Twenty Year Bond 1.6% 20.06.2030 8,000,000 - 2,200,000 5,800,000 62,862 0.13 Japan Government Twenty Year Bond 1.7% 20.12.2032 7,000,000 - 1,900,000 5,100,000 57,222 0.12 Japan Government Twenty Year Bond 2.1% 20.12.2030 47,000,000 - 32,800,000 14,200,000 162,139 0.34 2,371,528 4.91 Canada Canadian Government Bond 0.75% 01.03.2021 280,000 450,000 - 730,000 542,833 1.13 Canadian Government Bond 1% 01.09.2022 150,000 - - 150,000 111,311 0.23 Canadian Government Bond 1.5% 01.03.2020 440,000 - 440,000 - - 0.00 Canadian Government Bond 1.75% 01.09.2019 500,000 - 500,000 - - 0.00 Canadian Government Bond 2.5% 01.06.2024 270,000 - - 270,000 213,396 0.44 Canadian Government Bond 2.75% 01.06.2022 800,000 - - 800,000 623,522 1.29 Canadian Government Bond 2.75% 01.12.2048 70,000 50,000 - 120,000 112,442 0.23 Canadian Government Bond 2.75% 01.12.2064 110,000 - - 110,000 111,327 0.23 Canadian Government Bond 3.5% 01.12.2045 400,000 - 310,000 90,000 93,488 0.19 Canadian Government Bond 4% 01.06.2041 90,000 - - 90,000 96,091 0.20 Canadian Government Bond 5% 01.06.2037 270,000 - - 270,000 308,082 0.64 Canadian Government Bond 5.75% 01.06.2033 150,000 - - 150,000 171,305 0.36 Canadian Government Bond 8% 01.06.2027 680,000 - 80,000 600,000 669,375 1.39 3,053,172 6.33 Mexico Mexican Bonos 5.75% 05.03.2026 - 2,000,000 2,000,000 - - 0.00 Mexican Bonos 7.5% 03.06.2027 1,000,000 - 1,000,000 - - 0.00 Mexican Bonos 8% 07.11.2047 1,000,000 - 1,000,000 - - 0.00 Mexican Bonos 10% 05.12.2024 - 1,000,000 1,000,000 - - 0.00 -0.00 New Zealand New Zealand Government Bond 4.5% 15.04.2027 250,000 - 150,000 100,000 80,611 0.17 New Zealand Government Bond 5.5% 15.04.2023 - 150,000 - 150,000 113,801 0.24 New Zealand Government Bond 6% 15.05.2021 350,000 - 240,000 110,000 78,190 0.16 272,602 0.57 Netherlands Netherlands Government Bond 0.5% 15.07.2026 - 200,000 90,000 110,000 130,254 0.27

[180] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Netherlands Government Bond 0.75% 15.07.2028 60,000 50,000 - 110,000 134,045 0.28 Netherlands Government Bond 2% 15.07.2024 480,000 - 160,000 320,000 400,396 0.83 Netherlands Government Bond 2.25% 15.07.2022 - 100,000 - 100,000 120,296 0.25 Netherlands Government Bond 2.5% 15.01.2033 - 100,000 - 100,000 150,157 0.31 Netherlands Government Bond 2.75% 15.01.2047 90,000 10,000 30,000 70,000 131,640 0.27 Netherlands Government Bond 3.5% 15.07.2020 290,000 - - 290,000 332,552 0.69 Netherlands Government Bond 3.75% 15.01.2042 30,000 70,000 - 100,000 201,158 0.42 Netherlands Government Bond 4% 15.01.2037 90,000 - - 90,000 169,566 0.35 Netherlands Government Bond 5.5% 15.01.2028 60,000 - - 60,000 100,244 0.21 1,870,308 3.88 Norway Norway Government Bond 1.5% 19.02.2026 900,000 - 900,000 - - 0.00 Norway Government Bond 1.75% 13.03.2025 2,200,000 - 1,620,000 580,000 67,095 0.14 Norway Government Bond 1.75% 17.02.2027 550,000 - 550,000 - - 0.00 Norway Government Bond 2% 24.05.2023 2,800,000 - 560,000 2,240,000 259,450 0.54 Norway Government Bond 2% 26.04.2028 - 990,000 - 990,000 117,636 0.24 Norway Government Bond 4.5% 22.05.2019 2,380,000 - 2,380,000 - - 0.00 444,181 0.92 Austria Republic of Austria Government Bond 0% 20.09.2022 - 260,000 - 260,000 292,906 0.61 Republic of Austria Government Bond 0.5% 20.04.2027 50,000 - - 50,000 59,002 0.12 Republic of Austria Government Bond 0.5% 20.02.2029 - 150,000 - 150,000 176,834 0.37 Republic of Austria Government Bond 1.5% 20.02.2047 - 80,000 - 80,000 111,527 0.23 Republic of Austria Government Bond 1.5% 02.11.2086 30,000 10,000 10,000 30,000 44,408 0.09 Republic of Austria Government Bond 1.65% 21.10.2024 410,000 - 150,000 260,000 320,599 0.66 Republic of Austria Government Bond 2.4% 23.05.2034 - 90,000 90,000 - - 0.00 Republic of Austria Government Bond 3.5% 15.09.2021 - 140,000 - 140,000 168,261 0.35 Republic of Austria Government Bond 3.8% 26.01.2062 - 40,000 - 40,000 96,190 0.20 Republic of Austria Government Bond 4.15% 15.03.2037 40,000 - - 40,000 74,231 0.15 1,343,958 2.78 Poland Republic of Poland Government Bond 2.25% 25.10.2024 - 1,320,000 - 1,320,000 345,531 0.71 Republic of Poland Government Bond 2.75% 25.10.2029 - 600,000 - 600,000 162,433 0.34 Republic of Poland Government Bond 3.25% 25.07.2025 420,000 - 420,000 - - 0.00 Republic of Poland Government Bond 5.25% 25.10.2020 950,000 - 950,000 - - 0.00 Republic of Poland Government Bond 5.75% 25.04.2029 250,000 - 250,000 - - 0.00 507,964 1.05 Russia Russian Federal Bond - OFZ 8.15% 03.02.2027 9,500,000 - 9,500,000 - - 0.00 -0.00 Sweden Sweden Government Bond 2.25% 01.06.2032 140,000 - - 140,000 18,521 0.04 Sweden Government Bond 2.5% 12.05.2025 2,900,000 - 2,340,000 560,000 68,003 0.14 Sweden Government Bond 3.5% 30.03.2039 1,850,000 - 740,000 1,110,000 182,792 0.38 Sweden Government Bond 5% 01.12.2020 3,530,000 - 500,000 3,030,000 336,337 0.69 605,653 1.25 Singapore Singapore Government Bond 2.125% 01.06.2026 - 100,000 - 100,000 73,750 0.15 Singapore Government Bond 2.25% 01.08.2036 60,000 - - 60,000 43,788 0.09 Singapore Government Bond 2.75% 01.04.2042 80,000 - 50,000 30,000 23,516 0.05 Singapore Government Bond 2.75% 01.03.2046 70,000 50,000 20,000 100,000 77,442 0.16 Singapore Government Bond 2.875% 01.09.2030 300,000 - - 300,000 235,119 0.49 Singapore Government Bond 3.125% 01.09.2022 1,280,000 - 380,000 900,000 678,893 1.41 1,132,508 2.35

BlackRock Investment Funds Switzerland ANNUAL REPORT [181] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Slovakia Slovakia Government Bond 0.75% 09.04.2030 - 60,000 - 60,000 70,336 0.15 Slovakia Government Bond 1.375% 21.01.2027 - 90,000 90,000 - - 0.00 70,336 0.15 Slovenia Slovenia Government Bond 1% 06.03.2028 - 20,000 20,000 - - 0.00 Slovenia Government Bond 1.1875% 14.03.2029 - 80,000 - 80,000 97,645 0.20 Slovenia Government Bond 1.5% 25.03.2035 - 30,000 - 30,000 37,455 0.08 135,100 0.28 Spain Spain Government Bond 0.05% 31.10.2021 - 130,000 - 130,000 145,044 0.30 Spain Government Bond 0.35% 30.07.2023 - 400,000 - 400,000 453,706 0.94 Spain Government Bond 0.75% 30.07.2021 - 110,000 - 110,000 124,288 0.26 Spain Government Bond 1.4% 30.04.2028 70,000 110,000 180,000 - - 0.00 Spain Government Bond 1.4% 30.07.2028 - 300,000 - 300,000 367,263 0.76 Spain Government Bond 1.6% 30.04.2025 550,000 - 550,000 - - 0.00 Spain Government Bond 1.85% 30.07.2035 - 70,000 - 70,000 90,073 0.19 Spain Government Bond 1.95% 30.04.2026 - 280,000 - 280,000 350,960 0.73 Spain Government Bond 3.45% 30.07.2066 50,000 30,000 50,000 30,000 53,309 0.11 Spain Government Bond 4% 30.04.2020 290,000 - 290,000 - - 0.00 Spain Government Bond 4.9% 30.07.2040 20,000 60,000 - 80,000 154,658 0.32 Spain Government Bond 5.15% 31.10.2044 15,000 70,000 30,000 55,000 114,189 0.23 Spain Government Bond 5.75% 30.07.2032 170,000 - 80,000 90,000 165,640 0.34 2,019,130 4.18 South Korea Korea Treasury Bond 1.5% 10.06.2019 700,000,000 - 700,000,000 - - 0.00 Korea Treasury Bond 1.5% 10.12.2026 140,000,000 - - 140,000,000 118,134 0.24 Korea Treasury Bond 1.875% 10.06.2026 290,000,000 - - 290,000,000 250,472 0.52 Korea Treasury Bond 2% 10.03.2021 1,570,000,000 - 500,000,000 1,070,000,000 905,352 1.88 Korea Treasury Bond 2% 10.12.2021 - 500,000,000 - 500,000,000 425,107 0.88 Korea Treasury Bond 2% 10.03.2046 105,000,000 - 25,000,000 80,000,000 76,524 0.16 Korea Treasury Bond 2.125% 10.06.2027 330,000,000 - - 330,000,000 291,188 0.60 Korea Treasury Bond 2.125% 10.03.2047 132,780,000 - - 132,780,000 130,649 0.27 Korea Treasury Bond 2.25% 10.12.2025 360,000,000 - - 360,000,000 317,263 0.66 Korea Treasury Bond 2.625% 10.03.2048 - 195,000,000 - 195,000,000 211,781 0.44 Korea Treasury Bond 2.75% 10.12.2044 21,000,000 - - 21,000,000 22,890 0.05 Korea Treasury Bond 3% 10.12.2042 410,000,000 - - 410,000,000 453,389 0.94 Korea Treasury Bond 3.5% 10.03.2024 480,000,000 - - 480,000,000 440,248 0.91 Korea Treasury Bond 3.75% 10.12.2033 1,154,000,000 - 400,000,000 754,000,000 825,062 1.71 Korea Treasury Bond 5% 10.06.2020 640,000,000 - - 640,000,000 552,225 1.14 Korea Treasury Bond 5.5% 10.03.2028 100,000,000 - - 100,000,000 111,182 0.23 5,131,466 10.63 Thailand Thailand Government Bond 2.875% 17.06.2046 3,150,000 - - 3,150,000 112,387 0.23 Thailand Government Bond 3.625% 16.06.2023 3,700,000 - - 3,700,000 127,512 0.27 Thailand Government Bond 3.65% 17.12.2021 8,060,000 - 3,000,000 5,060,000 170,331 0.35 Thailand Government Bond 3.8% 14.06.2041 1,268,000 - - 1,268,000 50,049 0.10 Thailand Government Bond 3.85% 12.12.2025 2,000,000 1,000,000 - 3,000,000 108,655 0.23 Thailand Government Bond 4% 17.06.2066 1,230,000 - - 1,230,000 49,249 0.10 Thailand Government Bond 4.26% 12.12.2037 3,800,000 1,000,000 - 4,800,000 181,596 0.38 Thailand Government Bond 4.675% 29.06.2044 1,340,000 - 1,000,000 340,000 15,577 0.03 Thailand Government Bond 4.875% 22.06.2029 12,150,000 - 7,000,000 5,150,000 210,583 0.44 1,025,939 2.13 Czech Republic Czech Republic Government Bond 0.95% 15.05.2030 500,000 - - 500,000 20,658 0.04 Czech Republic Government Bond 2.5% 25.08.2028 4,000,000 - 2,500,000 1,500,000 71,111 0.15 Czech Republic Government Bond 3.75% 12.09.2020 10,000,000 - 10,000,000 - - 0.00

[182] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Czech Republic Government Bond 4.2% 04.12.2036 880,000 1,000,000 1,880,000 - - 0.00 Czech Republic Government Bond 4.85% 26.11.2057 400,000 - - 400,000 27,379 0.06 Czech Republic Government Bond 5.7% 25.05.2024 800,000 3,000,000 - 3,800,000 198,373 0.41 317,521 0.66 Hungary Hungary Government Bond 3% 26.06.2024 - 63,000,000 - 63,000,000 231,823 0.48 Hungary Government Bond 5.5% 24.06.2025 13,000,000 - 13,000,000 - - 0.00 231,823 0.48 United States United States Treasury Note/Bond 0.875% 15.04.2019 830,000 - 830,000 - - 0.00 United States Treasury Note/Bond 1.25% 31.10.2021 80,000 - - 80,000 78,086 0.16 United States Treasury Note/Bond 1.375% 30.09.2020 310,000 - 50,000 260,000 255,490 0.53 United States Treasury Note/Bond 1.375% 30.04.2021 1,730,000 - 860,000 870,000 853,023 1.77 United States Treasury Note/Bond 1.5% 15.08.2026 30,000 350,000 - 380,000 365,326 0.76 United States Treasury Note/Bond 2% 31.12.2021 700,000 - - 700,000 695,220 1.44 United States Treasury Note/Bond 2.25% 31.12.2023 450,000 - 240,000 210,000 211,360 0.44 United States Treasury Note/Bond 2.25% 15.08.2027 120,000 - - 120,000 121,306 0.25 United States Treasury Note/Bond 2.25% 15.08.2046 110,000 - - 110,000 102,757 0.21 United States Treasury Note/Bond 2.375% 15.05.2029 - 110,000 - 110,000^ 112,235 0.23 United States Treasury Note/Bond 2.5% 15.05.2024 1,000,000 - 260,000 740,000 754,349 1.56 United States Treasury Note/Bond 2.5% 15.02.2046 450,000 - 130,000 320,000 315,068 0.65 United States Treasury Note/Bond 2.75% 15.11.2047 30,000 - - 30,000 30,962 0.06 United States Treasury Note/Bond 2.875% 31.05.2025 100,000 - - 100,000 104,360 0.22 United States Treasury Note/Bond 2.875% 15.05.2028 160,000 - - 160,000 169,612 0.35 United States Treasury Note/Bond 2.875% 15.05.2049 - 20,000 - 20,000 21,205 0.04 United States Treasury Note/Bond 3% 15.11.2044 70,000 - - 70,000 75,634 0.16 United States Treasury Note/Bond 3.375% 15.11.2048 - 30,000 - 30,000 34,962 0.07 United States Treasury Note/Bond 4.375% 15.05.2041 360,000 - 230,000 130,000 171,593 0.36 United States Treasury Note/Bond 5% 15.05.2037 50,000 - - 50,000 69,656 0.15 United States Treasury Note/Bond 5.375% 15.02.2031 100,000 - 100,000 - - 0.00 United States Treasury Note/Bond 6.375% 15.08.2027 120,000 - - 120,000 157,614 0.33 4,699,818 9.74 United Kingdom United Kingdom Gilt 1.5% 22.07.2026 110,000 80,000 60,000 130,000 168,922 0.35 United Kingdom Gilt 1.625% 22.10.2071 10,000 40,000 10,000 40,000 55,539 0.12 United Kingdom Gilt 1.75% 07.09.2022 710,000 - - 710,000 897,537 1.86 United Kingdom Gilt 1.75% 07.09.2037 150,000 10,000 30,000 130,000 172,627 0.36 United Kingdom Gilt 1.75% 22.07.2057 90,000 60,000 - 150,000 207,836 0.43 United Kingdom Gilt 2.75% 07.09.2024 240,000 50,000 150,000 140,000 189,958 0.39 United Kingdom Gilt 3.25% 22.01.2044 - 20,000 - 20,000 34,106 0.07 United Kingdom Gilt 3.5% 22.07.2068 120,000 - 60,000 60,000 131,747 0.27 United Kingdom Gilt 3.75% 07.09.2020 70,000 60,000 - 130,000 163,202 0.34 United Kingdom Gilt 3.75% 22.07.2052 425,000 - 160,000 265,000 532,433 1.10 United Kingdom Gilt 4.25% 07.12.2027 440,000 20,000 120,000 340,000 538,115 1.12 United Kingdom Gilt 4.25% 07.12.2040 - 100,000 - 100,000 189,845 0.39 United Kingdom Gilt 4.5% 07.03.2019 460,000 - 460,000 - - 0.00 United Kingdom Gilt 4.5% 07.09.2034 470,000 - 270,000 200,000 361,572 0.75 United Kingdom Gilt 4.5% 07.12.2042 370,000 - 90,000 280,000 561,275 1.16 4,204,714 8.71 Total bonds 45,802,875 94.89 Total securities traded on an official stock exchange 45,802,875 94.89

Securities not listed Bonds Malaysia Malaysia Government Bond 3.492% 31.03.2020 2,010,000 - 2,010,000 - - 0.00 Malaysia Government Bond 3.885% 15.08.2029 - 1,300,000 - 1,300,000 319,653 0.66

BlackRock Investment Funds Switzerland ANNUAL REPORT [183] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Malaysia Government Bond 3.899% 16.11.2027 470,000 - 470,000 - - 0.00 Malaysia Government Bond 3.9% 30.11.2026 - 1,100,000 - 1,100,000 269,224 0.56 Malaysia Government Bond 4.127% 15.04.2032 900,000 - 900,000 - - 0.00 Malaysia Government Bond 4.16% 15.07.2021 - 1,000,000 - 1,000,000 244,056 0.51 Malaysia Government Bond 4.254% 31.05.2035 270,000 - 270,000 - - 0.00 Malaysia Government Bond 4.498% 15.04.2030 350,000 - 350,000 - - 0.00 Malaysia Government Investment Issue 4.444% 22.05.2024 800,000 1,300,000 2,100,000 - - 0.00 Malaysia Government Investment Issue 4.467% 15.09.2039 - 520,000 - 520,000 132,683 0.27 965,616 2.00 New Zealand New Zealand Government Bond 2.75% 15.04.2037 140,000 - 50,000 90,000 66,768 0.14 66,768 0.14 Total bonds 1,032,384 2.14 Total securities not listed 1,032,384 2.14 Total securities 46,835,259 97.03

Derivative financial instruments Open forwards exchange transactions* CAD/USD Maturity 02.08.2019 - 450,000 344,619 - (1,912) 0.00 CAD/USD Maturity 02.08.2019 - 10,000 7,658 - (43) 0.00 CHF/USD Maturity 02.08.2019 - 9,365,000 9,634,437 - (173,092) (0.36) CHF/USD Maturity 02.08.2019 - 9,365,000 9,631,405 - (170,091) (0.35) CHF/USD Maturity 02.08.2019 - 9,365,000 9,630,335 - (169,032) (0.35) CHF/USD Maturity 02.08.2019 - 9,365,000 9,626,603 - (165,337) (0.34) CHF/USD Maturity 02.08.2019 - 9,358,000 9,616,392 - (162,228) (0.34) CHF/USD Maturity 02.08.2019 - 440,000 452,613 - (8,087) (0.02) CHF/USD Maturity 02.08.2019 - 80,000 81,458 - (644) 0.00 CZK/USD Maturity 02.08.2019 - 1,530,000 68,527 - (2,155) 0.00 DKK/USD Maturity 02.08.2019 - 640,000 97,917 - (2,465) (0.01) JPY/USD Maturity 02.08.2019 - 14,600,000 135,837 - (1,354) 0.00 NOK/USD Maturity 02.08.2019 - 790,000 92,755 - (2,774) (0.01) NZD/USD Maturity 02.08.2019 - 100,000 67,213 - (1,201) 0.00 SEK/USD Maturity 02.08.2019 - 1,490,000 160,973 - (5,597) (0.01) USD/AUD Maturity 02.08.2019 - 56,201 80,000 - 1,050 0.00 USD/AUD Maturity 02.08.2019 - 718,909 1,025,000 - 12,304 0.02 USD/AUD Maturity 02.08.2019 - 718,955 1,025,000 - 12,349 0.03 USD/AUD Maturity 02.08.2019 - 719,044 1,025,000 - 12,437 0.03 USD/AUD Maturity 02.08.2019 - 719,140 1,025,000 - 12,532 0.03 USD/AUD Maturity 02.08.2019 - 722,802 1,030,000 - 12,746 0.03 USD/CAD Maturity 02.08.2019 - 695,836 910,000 - 2,817 0.01 USD/CAD Maturity 02.08.2019 - 695,951 910,000 - 2,931 0.01 USD/CAD Maturity 02.08.2019 - 695,955 910,000 - 2,935 0.01 USD/CAD Maturity 02.08.2019 - 703,595 920,000 - 2,960 0.01 USD/CAD Maturity 02.08.2019 - 696,003 910,000 - 2,983 0.01 USD/CNY Maturity 02.08.2019 - 14,546 100,000 - 22 0.00 USD/CNY Maturity 02.08.2019 - 341,848 2,350,000 - 545 0.00 USD/CZK Maturity 02.08.2019 - 423,410 9,460,000 - 13,036 0.03 USD/DKK Maturity 02.08.2019 - 1,230,560 8,050,000 - 29,957 0.06 USD/EUR Maturity 02.08.2019 - 45,425 40,000 - 880 0.00 USD/EUR Maturity 02.08.2019 - 353,928 310,000 - 8,686 0.02 USD/EUR Maturity 02.08.2019 - 399,596 350,000 - 9,807 0.02 USD/EUR Maturity 02.08.2019 - 3,251,351 2,850,000 - 77,380 0.16 USD/EUR Maturity 02.08.2019 - 3,241,613 2,840,000 - 78,762 0.16 USD/EUR Maturity 02.08.2019 - 3,253,785 2,850,000 - 79,790 0.16 USD/EUR Maturity 02.08.2019 - 3,253,802 2,850,000 - 79,807 0.16 USD/EUR Maturity 02.08.2019 - 3,253,888 2,850,000 - 79,891 0.17 USD/GBP Maturity 02.08.2019 - 878,004 690,000 - 32,802 0.07

[184] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Open forwards exchange transactions* (continued) USD/GBP Maturity 02.08.2019 - 884,159 695,000 - 32,835 0.07 USD/GBP Maturity 02.08.2019 - 884,486 695,000 - 33,158 0.07 USD/GBP Maturity 02.08.2019 - 884,504 695,000 - 33,176 0.07 USD/GBP Maturity 02.08.2019 - 884,599 695,000 - 33,270 0.07 USD/HUF Maturity 02.08.2019 - 70,540 20,000,000 - 2,154 0.00 USD/HUF Maturity 02.08.2019 - 185,977 52,610,000 - 6,083 0.01 USD/ILS Maturity 02.08.2019 - 188,147 670,000 - (3,417) (0.01) USD/JPY Maturity 02.08.2019 - 515,298 55,390,000 - 5,092 0.01 USD/JPY Maturity 02.08.2019 - 515,346 55,390,000 - 5,140 0.01 USD/JPY Maturity 02.08.2019 - 515,347 55,390,000 - 5,141 0.01 USD/JPY Maturity 02.08.2019 - 515,400 55,390,000 - 5,193 0.01 USD/JPY Maturity 02.08.2019 - 515,625 55,400,000 - 5,325 0.01 USD/MXN Maturity 02.08.2019 - 7,272 140,000 - (102) 0.00 USD/NOK Maturity 02.08.2019 - 607,611 5,170,000 - 18,741 0.04 USD/NZD Maturity 02.08.2019 - 423,001 630,000 - 7,129 0.01 USD/PLN Maturity 02.08.2019 - 34,855 130,000 - 1,072 0.00 USD/PLN Maturity 02.08.2019 - 536,750 2,000,000 - 16,996 0.03 USD/SEK Maturity 02.08.2019 - 819,387 7,590,000 - 27,916 0.06 USD/SGD Maturity 02.08.2019 - 1,205,628 1,630,000 - 14,441 0.03 USD/THB Maturity 02.08.2019 - 1,020,628 31,280,000 - 3,522 0.01 USD/KRW Maturity 18.09.2019 - 5,203,485 6,142,350,000 - 4,785 0.01 USD/MYR Maturity 18.09.2019 - 837,835 3,490,000 - (7,117) (0.02) USD/MYR Maturity 18.09.2019 - 145,068 600,000 - (211) 0.00 USD/RUB Maturity 18.09.2019 - 16,167 1,060,000 - (439) 0.00 USD/CLP Maturity 23.09.2019 - 216,695 147,060,000 - 6,766 0.01 (39,954) (0.08) Total derivative financial instruments (39,954) (0.08) Total investments 46,795,305 96.95

Sight deposits 1,153,892 2.39 Other assets 319,306 0.66 Total sub-fund assets 48,268,503 100.00 Loans (351,409) (0.73) Other liabilities (17,822) (0.04) Net sub-fund assets 47,899,272 99.23

1 Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

List of closed forward exchange transactions for the year ended 31 July 2019*

Counter- Maturity Transaction Currency Amount currency Countervalue 02.08.2018 Bought CHF 11,978,000 USD 12,092,626 02.08.2018 Bought CHF 11,980,000 USD 12,095,915 02.08.2018 Bought CHF 11,980,000 USD 12,086,253 02.08.2018 Bought CHF 11,980,000 USD 12,081,423 02.08.2018 Bought CHF 11,980,000 USD 12,086,848 02.08.2018 Bought USD 14,778 AUD 20,000 02.08.2018 Bought USD 7,388 AUD 10,000 02.08.2018 Bought USD 886,674 AUD 1,200,000 02.08.2018 Bought USD 882,971 AUD 1,195,000 02.08.2018 Bought USD 882,914 AUD 1,195,000

BlackRock Investment Funds Switzerland ANNUAL REPORT [185] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.08.2018 Bought USD 882,607 AUD 1,195,000 02.08.2018 Bought USD 882,675 AUD 1,195,000 02.08.2018 Bought USD 3,830,836 CAD 5,050,000 02.08.2018 Bought USD 29,206 CZK 650,000 02.08.2018 Bought USD 803,722 CZK 17,910,000 02.08.2018 Bought USD 1,674,018 DKK 10,690,000 02.08.2018 Bought USD 93,604 EUR 80,000 02.08.2018 Bought USD 3,295,470 EUR 2,825,000 02.08.2018 Bought USD 3,302,185 EUR 2,830,000 02.08.2018 Bought USD 3,295,136 EUR 2,825,000 02.08.2018 Bought USD 3,295,744 EUR 2,825,000 02.08.2018 Bought USD 3,295,490 EUR 2,825,000 02.08.2018 Bought USD 1,212,183 GBP 920,000 02.08.2018 Bought USD 39,661 GBP 30,000 02.08.2018 Bought USD 1,198,106 GBP 910,000 02.08.2018 Bought USD 1,211,528 GBP 920,000 02.08.2018 Bought USD 1,212,003 GBP 920,000 02.08.2018 Bought USD 1,211,911 GBP 920,000 02.08.2018 Bought USD 70,767 HUF 20,000,000 02.08.2018 Bought USD 315,390 ILS 1,150,000 02.08.2018 Bought USD 1,143,730 JPY 126,405,000 02.08.2018 Bought USD 1,144,397 JPY 126,410,000 02.08.2018 Bought USD 1,144,150 JPY 126,405,000 02.08.2018 Bought USD 1,143,322 JPY 126,405,000 02.08.2018 Bought USD 1,143,802 JPY 126,405,000 02.08.2018 Bought USD 239,611 MXN 4,730,000 02.08.2018 Bought USD 1,139,265 NOK 9,300,000 02.08.2018 Bought USD 554,325 NZD 820,000 02.08.2018 Bought USD 471,779 PLN 1,770,000 02.08.2018 Bought USD 1,141,743 SEK 10,220,000 02.08.2018 Bought USD 1,379,537 SGD 1,880,000 02.08.2018 Bought USD 1,221,240 THB 40,420,000 05.09.2018 Bought CHF 11,980,000 USD 12,162,007 05.09.2018 Bought CHF 11,978,000 USD 12,160,320 05.09.2018 Bought CHF 11,980,000 USD 12,166,173 05.09.2018 Bought CHF 11,980,000 USD 12,161,757 05.09.2018 Bought CHF 11,980,000 USD 12,159,597 05.09.2018 Bought CHF 180,000 USD 182,125 05.09.2018 Bought EUR 120,000 USD 140,750 05.09.2018 Bought GBP 40,000 USD 52,542 05.09.2018 Bought USD 898,811 AUD 1,210,000 05.09.2018 Bought USD 891,288 AUD 1,200,000 05.09.2018 Bought USD 889,332 AUD 1,200,000 05.09.2018 Bought USD 891,130 AUD 1,200,000 05.09.2018 Bought USD 891,366 AUD 1,200,000 05.09.2018 Bought USD 775,380 CAD 1,010,000 05.09.2018 Bought USD 775,289 CAD 1,010,000 05.09.2018 Bought USD 774,926 CAD 1,010,000 05.09.2018 Bought USD 774,939 CAD 1,010,000 05.09.2018 Bought USD 775,099 CAD 1,010,000 05.09.2018 Bought USD 151,921 CHF 150,000 05.09.2018 Bought USD 170,833 CZK 3,720,000 05.09.2018 Bought USD 170,363 CZK 3,710,000

[186] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 05.09.2018 Bought USD 170,445 CZK 3,710,000 05.09.2018 Bought USD 170,358 CZK 3,710,000 05.09.2018 Bought USD 170,481 CZK 3,710,000 05.09.2018 Bought USD 1,688,814 DKK 10,690,000 05.09.2018 Bought USD 3,354,248 EUR 2,850,000 05.09.2018 Bought USD 3,341,686 EUR 2,840,000 05.09.2018 Bought USD 3,340,615 EUR 2,840,000 05.09.2018 Bought USD 3,341,686 EUR 2,840,000 05.09.2018 Bought USD 3,340,976 EUR 2,840,000 05.09.2018 Bought USD 58,557 EUR 50,000 05.09.2018 Bought USD 1,218,882 GBP 925,000 05.09.2018 Bought USD 1,218,543 GBP 925,000 05.09.2018 Bought USD 1,218,553 GBP 925,000 05.09.2018 Bought USD 1,218,641 GBP 925,000 05.09.2018 Bought USD 1,212,416 GBP 920,000 05.09.2018 Bought USD 73,404 HUF 20,000,000 05.09.2018 Bought USD 314,733 ILS 1,150,000 05.09.2018 Bought USD 35,901 JPY 4,010,000 05.09.2018 Bought USD 1,136,618 JPY 126,405,000 05.09.2018 Bought USD 1,135,857 JPY 126,405,000 05.09.2018 Bought USD 1,135,975 JPY 126,405,000 05.09.2018 Bought USD 1,136,077 JPY 126,405,000 05.09.2018 Bought USD 1,136,737 JPY 126,410,000 05.09.2018 Bought USD 17,921 JPY 2,000,000 05.09.2018 Bought USD 42,560 JPY 4,750,000 05.09.2018 Bought USD 253,821 MXN 4,730,000 05.09.2018 Bought USD 1,146,938 NOK 9,300,000 05.09.2018 Bought USD 558,983 NZD 820,000 05.09.2018 Bought USD 486,115 PLN 1,770,000 05.09.2018 Bought USD 1,172,202 SEK 10,220,000 05.09.2018 Bought USD 1,382,009 SGD 1,880,000 05.09.2018 Bought USD 1,217,213 THB 40,420,000 06.09.2018 Bought KRW 6,748,620,000 USD 6,062,361 06.09.2018 Bought MYR 4,840,000 USD 1,174,757 06.09.2018 Bought RUB 11,000,000 USD 161,196 02.10.2018 Bought CHF 11,985,000 USD 12,424,942 02.10.2018 Bought CHF 11,985,000 USD 12,425,615 02.10.2018 Bought CHF 11,985,000 USD 12,407,539 02.10.2018 Bought CHF 11,985,000 USD 12,420,333 02.10.2018 Bought CHF 11,988,000 USD 12,412,700 02.10.2018 Bought CHF 230,000 USD 237,657 02.10.2018 Bought EUR 40,000 USD 46,784 02.10.2018 Bought USD 867,893 AUD 1,200,000 02.10.2018 Bought USD 875,084 AUD 1,210,000 02.10.2018 Bought USD 867,840 AUD 1,200,000 02.10.2018 Bought USD 866,963 AUD 1,200,000 02.10.2018 Bought USD 867,023 AUD 1,200,000 02.10.2018 Bought USD 72,318 AUD 100,000 02.10.2018 Bought USD 36,159 AUD 50,000 02.10.2018 Bought USD 777,398 CAD 1,010,000 02.10.2018 Bought USD 777,381 CAD 1,010,000 02.10.2018 Bought USD 777,330 CAD 1,010,000 02.10.2018 Bought USD 776,898 CAD 1,010,000

BlackRock Investment Funds Switzerland ANNUAL REPORT [187] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.10.2018 Bought USD 776,995 CAD 1,010,000 02.10.2018 Bought USD 214,842 CAD 280,000 02.10.2018 Bought USD 23,001 CAD 30,000 02.10.2018 Bought USD 103,646 CHF 100,000 02.10.2018 Bought USD 144,983 CHF 140,000 02.10.2018 Bought USD 842,706 CZK 18,560,000 02.10.2018 Bought USD 1,675,750 DKK 10,690,000 02.10.2018 Bought USD 3,295,353 EUR 2,820,000 02.10.2018 Bought USD 3,306,889 EUR 2,830,000 02.10.2018 Bought USD 3,307,124 EUR 2,830,000 02.10.2018 Bought USD 3,303,552 EUR 2,830,000 02.10.2018 Bought USD 3,303,722 EUR 2,830,000 02.10.2018 Bought USD 34,888 EUR 30,000 02.10.2018 Bought USD 128,005 EUR 110,000 02.10.2018 Bought USD 209,747 EUR 180,000 02.10.2018 Bought USD 234,219 GBP 180,000 02.10.2018 Bought USD 1,197,311 GBP 920,000 02.10.2018 Bought USD 1,190,937 GBP 915,000 02.10.2018 Bought USD 1,190,886 GBP 915,000 02.10.2018 Bought USD 1,188,152 GBP 915,000 02.10.2018 Bought USD 1,188,258 GBP 915,000 02.10.2018 Bought USD 51,573 GBP 40,000 02.10.2018 Bought USD 25,789 GBP 20,000 02.10.2018 Bought USD 71,646 HUF 20,000,000 02.10.2018 Bought USD 319,762 ILS 1,150,000 02.10.2018 Bought USD 1,162,612 JPY 128,550,000 02.10.2018 Bought USD 1,162,660 JPY 128,560,000 02.10.2018 Bought USD 1,162,597 JPY 128,560,000 02.10.2018 Bought USD 1,161,967 JPY 128,560,000 02.10.2018 Bought USD 1,161,834 JPY 128,560,000 02.10.2018 Bought USD 92,887 JPY 10,280,000 02.10.2018 Bought USD 246,015 MXN 4,730,000 02.10.2018 Bought USD 1,116,699 NOK 9,300,000 02.10.2018 Bought USD 544,386 NZD 820,000 02.10.2018 Bought USD 480,750 PLN 1,770,000 02.10.2018 Bought USD 24,325 PLN 90,000 02.10.2018 Bought USD 1,122,879 SEK 10,220,000 02.10.2018 Bought USD 1,372,223 SGD 1,880,000 02.10.2018 Bought USD 1,235,141 THB 40,420,000 02.11.2018 Bought CAD 60,000 USD 46,451 02.11.2018 Bought CHF 11,985,000 USD 12,305,181 02.11.2018 Bought CHF 11,985,000 USD 12,304,749 02.11.2018 Bought CHF 11,985,000 USD 12,303,665 02.11.2018 Bought CHF 11,978,000 USD 12,300,267 02.11.2018 Bought CHF 11,985,000 USD 12,311,501 02.11.2018 Bought CHF 110,000 USD 112,232 02.11.2018 Bought GBP 100,000 USD 130,584 02.11.2018 Bought USD 887,866 AUD 1,230,000 02.11.2018 Bought USD 887,847 AUD 1,230,000 02.11.2018 Bought USD 895,472 AUD 1,240,000 02.11.2018 Bought USD 888,265 AUD 1,230,000 02.11.2018 Bought USD 887,728 AUD 1,230,000 02.11.2018 Bought USD 824,885 CAD 1,070,000

[188] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.11.2018 Bought USD 824,490 CAD 1,070,000 02.11.2018 Bought USD 824,428 CAD 1,070,000 02.11.2018 Bought USD 832,591 CAD 1,080,000 02.11.2018 Bought USD 825,016 CAD 1,070,000 02.11.2018 Bought USD 431,157 CHF 420,000 02.11.2018 Bought USD 835,754 CZK 18,560,000 02.11.2018 Bought USD 1,664,323 DKK 10,690,000 02.11.2018 Bought USD 3,348,951 EUR 2,885,000 02.11.2018 Bought USD 3,349,846 EUR 2,885,000 02.11.2018 Bought USD 3,349,817 EUR 2,885,000 02.11.2018 Bought USD 3,350,780 EUR 2,885,000 02.11.2018 Bought USD 3,343,997 EUR 2,880,000 02.11.2018 Bought USD 46,576 EUR 40,000 02.11.2018 Bought USD 1,259,406 GBP 965,000 02.11.2018 Bought USD 1,259,605 GBP 965,000 02.11.2018 Bought USD 1,259,679 GBP 965,000 02.11.2018 Bought USD 1,253,553 GBP 960,000 02.11.2018 Bought USD 1,259,184 GBP 965,000 02.11.2018 Bought USD 317,034 ILS 1,150,000 02.11.2018 Bought USD 110,031 JPY 12,470,000 02.11.2018 Bought USD 1,154,093 JPY 130,615,000 02.11.2018 Bought USD 1,154,012 JPY 130,615,000 02.11.2018 Bought USD 1,154,655 JPY 130,610,000 02.11.2018 Bought USD 1,154,025 JPY 130,615,000 02.11.2018 Bought USD 1,154,087 JPY 130,615,000 02.11.2018 Bought USD 1,138,988 NOK 9,300,000 02.11.2018 Bought USD 119,351 NZD 180,000 02.11.2018 Bought USD 542,381 NZD 820,000 02.11.2018 Bought USD 13,261 NZD 20,000 02.11.2018 Bought USD 503,991 PLN 1,860,000 02.11.2018 Bought USD 1,152,069 SEK 10,220,000 02.11.2018 Bought USD 1,374,852 SGD 1,880,000 02.11.2018 Bought USD 1,250,913 THB 40,420,000 05.11.2018 Bought USD 71,732 HUF 20,000,000 05.11.2018 Bought USD 249,783 MXN 4,730,000 04.12.2018 Bought AUD 110,000 USD 77,990 04.12.2018 Bought CHF 11,928,000 USD 11,883,911 04.12.2018 Bought CHF 11,920,000 USD 11,869,389 04.12.2018 Bought CHF 11,920,000 USD 11,875,822 04.12.2018 Bought CHF 11,920,000 USD 11,877,526 04.12.2018 Bought CHF 11,920,000 USD 11,875,289 04.12.2018 Bought EUR 50,000 USD 56,793 04.12.2018 Bought JPY 39,000,000 USD 346,168 04.12.2018 Bought USD 2,183,350 AUD 3,080,000 04.12.2018 Bought USD 2,183,806 AUD 3,080,000 04.12.2018 Bought USD 4,038,988 CAD 5,300,000 04.12.2018 Bought USD 813,858 CZK 18,560,000 04.12.2018 Bought USD 1,629,288 DKK 10,690,000 04.12.2018 Bought USD 3,291,065 EUR 2,900,000 04.12.2018 Bought USD 3,277,549 EUR 2,890,000 04.12.2018 Bought USD 3,279,610 EUR 2,890,000 04.12.2018 Bought USD 3,279,543 EUR 2,890,000 04.12.2018 Bought USD 3,278,916 EUR 2,890,000

BlackRock Investment Funds Switzerland ANNUAL REPORT [189] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 04.12.2018 Bought USD 6,029,965 GBP 4,720,000 04.12.2018 Bought USD 70,015 HUF 20,000,000 04.12.2018 Bought USD 309,985 ILS 1,150,000 04.12.2018 Bought USD 5,890,037 JPY 665,540,000 04.12.2018 Bought USD 233,872 MXN 4,730,000 04.12.2018 Bought USD 986,687 NOK 8,300,000 04.12.2018 Bought USD 668,047 NZD 1,020,000 04.12.2018 Bought USD 487,646 PLN 1,860,000 04.12.2018 Bought USD 1,117,902 SEK 10,220,000 04.12.2018 Bought USD 1,358,403 SGD 1,880,000 04.12.2018 Bought USD 1,219,372 THB 40,420,000 11.12.2018 Bought IDR 400,000,000 USD 26,570 11.12.2018 Bought MYR 640,000 USD 154,701 11.12.2018 Bought USD 26,098 IDR 400,000,000 11.12.2018 Bought USD 6,079,838 KRW 6,748,620,000 11.12.2018 Bought USD 140,764 KRW 156,670,000 11.12.2018 Bought USD 18,561 KRW 20,800,000 11.12.2018 Bought USD 65,191 KRW 74,200,000 11.12.2018 Bought USD 1,169,647 MYR 4,840,000 11.12.2018 Bought USD 159,582 RUB 11,000,000 04.01.2019 Bought CHF 80,000 USD 80,349 04.01.2019 Bought CHF 11,920,000 USD 11,989,750 04.01.2019 Bought CHF 11,920,000 USD 11,987,056 04.01.2019 Bought CHF 11,920,000 USD 11,986,284 04.01.2019 Bought CHF 11,928,000 USD 12,002,596 04.01.2019 Bought CHF 11,920,000 USD 11,985,079 04.01.2019 Bought CHF 180,000 USD 180,992 04.01.2019 Bought GBP 30,000 USD 38,352 04.01.2019 Bought USD 883,984 AUD 1,210,000 04.01.2019 Bought USD 884,009 AUD 1,210,000 04.01.2019 Bought USD 884,096 AUD 1,210,000 04.01.2019 Bought USD 883,760 AUD 1,210,000 04.01.2019 Bought USD 883,780 AUD 1,210,000 04.01.2019 Bought USD 797,023 CAD 1,060,000 04.01.2019 Bought USD 797,379 CAD 1,060,000 04.01.2019 Bought USD 797,359 CAD 1,060,000 04.01.2019 Bought USD 797,592 CAD 1,060,000 04.01.2019 Bought USD 797,412 CAD 1,060,000 04.01.2019 Bought USD 815,473 CZK 18,560,000 04.01.2019 Bought USD 1,633,109 DKK 10,690,000 04.01.2019 Bought USD 102,226 EUR 90,000 04.01.2019 Bought USD 170,372 EUR 150,000 04.01.2019 Bought USD 3,284,280 EUR 2,880,000 04.01.2019 Bought USD 3,283,056 EUR 2,880,000 04.01.2019 Bought USD 3,282,244 EUR 2,880,000 04.01.2019 Bought USD 3,294,195 EUR 2,890,000 04.01.2019 Bought USD 3,282,140 EUR 2,880,000 04.01.2019 Bought USD 56,930 EUR 50,000 04.01.2019 Bought USD 1,208,277 GBP 945,000 04.01.2019 Bought USD 1,207,672 GBP 945,000 04.01.2019 Bought USD 1,207,786 GBP 945,000 04.01.2019 Bought USD 1,202,034 GBP 940,000 04.01.2019 Bought USD 1,207,667 GBP 945,000

[190] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 04.01.2019 Bought USD 70,442 HUF 20,000,000 04.01.2019 Bought USD 310,516 ILS 1,150,000 04.01.2019 Bought USD 36,491 JPY 4,130,000 04.01.2019 Bought USD 35,342 JPY 4,000,000 04.01.2019 Bought USD 1,107,454 JPY 125,310,000 04.01.2019 Bought USD 1,107,341 JPY 125,310,000 04.01.2019 Bought USD 1,107,218 JPY 125,310,000 04.01.2019 Bought USD 1,107,390 JPY 125,310,000 04.01.2019 Bought USD 1,107,365 JPY 125,300,000 04.01.2019 Bought USD 231,617 MXN 4,730,000 04.01.2019 Bought USD 970,213 NOK 8,300,000 04.01.2019 Bought USD 700,165 NZD 1,020,000 04.01.2019 Bought USD 493,058 PLN 1,860,000 04.01.2019 Bought USD 1,129,496 SEK 10,220,000 04.01.2019 Bought USD 1,371,437 SGD 1,880,000 04.01.2019 Bought USD 29,293 SGD 40,000 04.01.2019 Bought USD 54,049 THB 1,780,000 04.01.2019 Bought USD 1,231,086 THB 40,420,000 07.01.2019 Bought AUD 60,000 USD 42,244 07.01.2019 Bought JPY 1,900,000 USD 17,318 04.02.2019 Bought CHF 460,000 USD 468,021 04.02.2019 Bought CHF 11,975,000 USD 12,200,900 04.02.2019 Bought CHF 11,968,000 USD 12,198,428 04.02.2019 Bought CHF 11,975,000 USD 12,202,304 04.02.2019 Bought CHF 11,975,000 USD 12,202,081 04.02.2019 Bought CHF 11,975,000 USD 12,204,257 04.02.2019 Bought CHF 30,000 USD 30,467 04.02.2019 Bought USD 70,444 AUD 100,000 04.02.2019 Bought USD 42,268 AUD 60,000 04.02.2019 Bought USD 854,544 AUD 1,210,000 04.02.2019 Bought USD 854,744 AUD 1,210,000 04.02.2019 Bought USD 853,595 AUD 1,210,000 04.02.2019 Bought USD 854,423 AUD 1,210,000 04.02.2019 Bought USD 854,490 AUD 1,210,000 04.02.2019 Bought USD 80,604 CAD 110,000 04.02.2019 Bought USD 7,328 CAD 10,000 04.02.2019 Bought USD 778,925 CAD 1,060,000 04.02.2019 Bought USD 779,091 CAD 1,060,000 04.02.2019 Bought USD 778,336 CAD 1,060,000 04.02.2019 Bought USD 778,393 CAD 1,060,000 04.02.2019 Bought USD 778,256 CAD 1,060,000 04.02.2019 Bought USD 826,472 CZK 18,560,000 04.02.2019 Bought USD 1,642,657 DKK 10,690,000 04.02.2019 Bought USD 3,374,356 EUR 2,940,000 04.02.2019 Bought USD 3,371,504 EUR 2,940,000 04.02.2019 Bought USD 3,374,973 EUR 2,940,000 04.02.2019 Bought USD 3,375,723 EUR 2,940,000 04.02.2019 Bought USD 3,374,988 EUR 2,940,000 04.02.2019 Bought USD 102,049 GBP 80,000 04.02.2019 Bought USD 76,535 GBP 60,000 04.02.2019 Bought USD 1,203,355 GBP 940,000 04.02.2019 Bought USD 1,204,004 GBP 940,000 04.02.2019 Bought USD 1,204,869 GBP 940,000

BlackRock Investment Funds Switzerland ANNUAL REPORT [191] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 04.02.2019 Bought USD 1,205,057 GBP 940,000 04.02.2019 Bought USD 1,192,221 GBP 930,000 04.02.2019 Bought USD 71,411 HUF 20,000,000 04.02.2019 Bought USD 307,309 ILS 1,150,000 04.02.2019 Bought USD 31,880 JPY 3,490,000 04.02.2019 Bought USD 17,356 JPY 1,900,000 04.02.2019 Bought USD 1,158,187 JPY 126,935,000 04.02.2019 Bought USD 1,157,881 JPY 126,935,000 04.02.2019 Bought USD 1,157,976 JPY 126,935,000 04.02.2019 Bought USD 1,157,860 JPY 126,935,000 04.02.2019 Bought USD 1,158,046 JPY 126,930,000 04.02.2019 Bought USD 9,252 NOK 80,000 04.02.2019 Bought USD 34,694 NOK 300,000 04.02.2019 Bought USD 957,279 NOK 8,300,000 04.02.2019 Bought USD 685,088 NZD 1,020,000 04.02.2019 Bought USD 495,431 PLN 1,860,000 04.02.2019 Bought USD 1,144,153 SEK 10,220,000 04.02.2019 Bought USD 1,410,598 SGD 1,920,000 04.02.2019 Bought USD 42,733 THB 1,390,000 04.02.2019 Bought USD 1,305,754 THB 42,200,000 05.02.2019 Bought USD 239,278 MXN 4,730,000 04.03.2019 Bought AUD 60,000 USD 42,413 04.03.2019 Bought CAD 110,000 USD 82,682 04.03.2019 Bought CHF 160,000 USD 161,699 04.03.2019 Bought CHF 12,070,000 USD 12,185,356 04.03.2019 Bought CHF 12,078,000 USD 12,191,810 04.03.2019 Bought CHF 12,070,000 USD 12,184,547 04.03.2019 Bought CHF 12,070,000 USD 12,190,491 04.03.2019 Bought CHF 12,070,000 USD 12,193,336 04.03.2019 Bought CHF 150,000 USD 151,536 04.03.2019 Bought CZK 120,000 USD 5,233 04.03.2019 Bought CZK 10,170,000 USD 443,471 04.03.2019 Bought DKK 2,640,000 USD 399,577 04.03.2019 Bought EUR 400,000 USD 460,060 04.03.2019 Bought EUR 190,000 USD 214,581 04.03.2019 Bought GBP 90,000 USD 118,559 04.03.2019 Bought GBP 620,000 USD 798,389 04.03.2019 Bought JPY 35,430,000 USD 321,395 04.03.2019 Bought MXN 340,000 USD 17,611 04.03.2019 Bought MXN 4,250,000 USD 220,124 04.03.2019 Bought NOK 3,510,000 USD 402,844 04.03.2019 Bought NZD 170,000 USD 114,526 04.03.2019 Bought SEK 2,630,000 USD 283,203 04.03.2019 Bought THB 4,390,000 USD 139,667 04.03.2019 Bought USD 902,639 AUD 1,240,000 04.03.2019 Bought USD 909,671 AUD 1,250,000 04.03.2019 Bought USD 902,850 AUD 1,240,000 04.03.2019 Bought USD 902,887 AUD 1,240,000 04.03.2019 Bought USD 902,949 AUD 1,240,000 04.03.2019 Bought USD 825,950 CAD 1,085,000 04.03.2019 Bought USD 825,948 CAD 1,085,000 04.03.2019 Bought USD 825,751 CAD 1,085,000 04.03.2019 Bought USD 822,010 CAD 1,080,000

[192] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 04.03.2019 Bought USD 825,736 CAD 1,085,000 04.03.2019 Bought USD 30,465 CAD 40,000 04.03.2019 Bought USD 4,878,623 CHF 4,890,000 04.03.2019 Bought USD 828,624 CZK 18,560,000 04.03.2019 Bought USD 1,649,193 DKK 10,690,000 04.03.2019 Bought USD 3,386,486 EUR 2,940,000 04.03.2019 Bought USD 3,385,278 EUR 2,940,000 04.03.2019 Bought USD 3,386,186 EUR 2,940,000 04.03.2019 Bought USD 3,386,336 EUR 2,940,000 04.03.2019 Bought USD 3,385,983 EUR 2,940,000 04.03.2019 Bought USD 68,993 EUR 60,000 04.03.2019 Bought USD 1,268,656 GBP 965,000 04.03.2019 Bought USD 1,274,701 GBP 970,000 04.03.2019 Bought USD 1,268,275 GBP 965,000 04.03.2019 Bought USD 1,268,284 GBP 965,000 04.03.2019 Bought USD 1,267,899 GBP 965,000 04.03.2019 Bought USD 26,168 GBP 20,000 04.03.2019 Bought USD 72,880 HUF 20,000,000 04.03.2019 Bought USD 316,884 ILS 1,150,000 04.03.2019 Bought USD 1,180,688 JPY 128,010,000 04.03.2019 Bought USD 1,180,740 JPY 128,020,000 04.03.2019 Bought USD 1,180,956 JPY 128,010,000 04.03.2019 Bought USD 1,180,587 JPY 128,010,000 04.03.2019 Bought USD 1,180,839 JPY 128,010,000 04.03.2019 Bought USD 247,740 MXN 4,730,000 04.03.2019 Bought USD 1,032,814 NOK 8,680,000 04.03.2019 Bought USD 707,193 NZD 1,020,000 04.03.2019 Bought USD 501,012 PLN 1,860,000 04.03.2019 Bought USD 1,134,766 SEK 10,220,000 04.03.2019 Bought USD 1,427,987 SGD 1,920,000 04.03.2019 Bought USD 1,396,220 THB 43,590,000 20.03.2019 Bought KRW 61,150,000 USD 55,041 20.03.2019 Bought KRW 43,790,000 USD 38,916 20.03.2019 Bought MYR 930,000 USD 227,941 20.03.2019 Bought RUB 4,050,000 USD 61,565 20.03.2019 Bought RUB 5,890,000 USD 89,020 20.03.2019 Bought USD 72,511 KRW 80,610,000 20.03.2019 Bought USD 6,267,382 KRW 7,000,290,000 20.03.2019 Bought USD 104,434 KRW 116,090,000 20.03.2019 Bought USD 1,008,646 MYR 4,200,000 20.03.2019 Bought USD 162,996 RUB 11,000,000 02.04.2019 Bought CHF 11,158,000 USD 11,267,907 02.04.2019 Bought CHF 11,155,000 USD 11,265,936 02.04.2019 Bought CHF 11,155,000 USD 11,263,542 02.04.2019 Bought CHF 11,155,000 USD 11,263,558 02.04.2019 Bought CHF 11,155,000 USD 11,263,012 02.04.2019 Bought GBP 40,000 USD 53,285 02.04.2019 Bought ILS 480,000 USD 132,724 02.04.2019 Bought PLN 1,040,000 USD 275,495 02.04.2019 Bought SGD 290,000 USD 214,719 02.04.2019 Bought USD 35,590 AUD 50,000 02.04.2019 Bought USD 878,774 AUD 1,230,000 02.04.2019 Bought USD 878,685 AUD 1,230,000

BlackRock Investment Funds Switzerland ANNUAL REPORT [193] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.04.2019 Bought USD 878,515 AUD 1,230,000 02.04.2019 Bought USD 878,186 AUD 1,230,000 02.04.2019 Bought USD 878,663 AUD 1,230,000 02.04.2019 Bought USD 811,853 CAD 1,070,000 02.04.2019 Bought USD 813,096 CAD 1,070,000 02.04.2019 Bought USD 813,079 CAD 1,070,000 02.04.2019 Bought USD 812,402 CAD 1,070,000 02.04.2019 Bought USD 812,766 CAD 1,070,000 02.04.2019 Bought USD 241,578 CHF 240,000 02.04.2019 Bought USD 368,575 CZK 8,270,000 02.04.2019 Bought USD 1,234,718 DKK 8,050,000 02.04.2019 Bought USD 513,664 EUR 450,000 02.04.2019 Bought USD 3,244,465 EUR 2,835,000 02.04.2019 Bought USD 3,242,900 EUR 2,835,000 02.04.2019 Bought USD 3,243,209 EUR 2,835,000 02.04.2019 Bought USD 3,243,801 EUR 2,835,000 02.04.2019 Bought USD 3,238,318 EUR 2,830,000 02.04.2019 Bought USD 1,105,416 GBP 830,000 02.04.2019 Bought USD 1,105,261 GBP 830,000 02.04.2019 Bought USD 1,105,220 GBP 830,000 02.04.2019 Bought USD 1,105,390 GBP 830,000 02.04.2019 Bought USD 1,092,233 GBP 820,000 02.04.2019 Bought USD 72,439 HUF 20,000,000 02.04.2019 Bought USD 319,658 ILS 1,150,000 02.04.2019 Bought USD 1,094,384 JPY 120,925,000 02.04.2019 Bought USD 1,093,831 JPY 120,925,000 02.04.2019 Bought USD 1,094,339 JPY 120,925,000 02.04.2019 Bought USD 1,093,839 JPY 120,925,000 02.04.2019 Bought USD 1,094,484 JPY 120,930,000 02.04.2019 Bought USD 7,274 MXN 140,000 02.04.2019 Bought USD 607,998 NOK 5,170,000 02.04.2019 Bought USD 581,974 NZD 850,000 02.04.2019 Bought USD 493,467 PLN 1,860,000 02.04.2019 Bought USD 829,385 SEK 7,590,000 02.04.2019 Bought USD 1,424,987 SGD 1,920,000 02.04.2019 Bought USD 1,244,729 THB 39,200,000 03.05.2019 Bought AUD 250,000 USD 177,901 03.05.2019 Bought CAD 750,000 USD 562,107 03.05.2019 Bought CAD 20,000 USD 14,990 03.05.2019 Bought CHF 900,000 USD 906,365 03.05.2019 Bought CHF 11,110,000 USD 11,182,325 03.05.2019 Bought CHF 11,110,000 USD 11,181,720 03.05.2019 Bought CHF 11,110,000 USD 11,180,718 03.05.2019 Bought CHF 11,110,000 USD 11,181,303 03.05.2019 Bought CHF 11,098,000 USD 11,166,372 03.05.2019 Bought EUR 460,000 USD 517,049 03.05.2019 Bought GBP 650,000 USD 851,276 03.05.2019 Bought NZD 220,000 USD 148,749 03.05.2019 Bought THB 4,090,000 USD 128,697 03.05.2019 Bought USD 92,401 AUD 130,000 03.05.2019 Bought USD 879,079 AUD 1,240,000 03.05.2019 Bought USD 879,301 AUD 1,240,000 03.05.2019 Bought USD 879,448 AUD 1,240,000

[194] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 03.05.2019 Bought USD 879,507 AUD 1,240,000 03.05.2019 Bought USD 879,262 AUD 1,240,000 03.05.2019 Bought USD 89,895 CAD 120,000 03.05.2019 Bought USD 801,350 CAD 1,070,000 03.05.2019 Bought USD 801,305 CAD 1,070,000 03.05.2019 Bought USD 801,469 CAD 1,070,000 03.05.2019 Bought USD 801,505 CAD 1,070,000 03.05.2019 Bought USD 801,285 CAD 1,070,000 03.05.2019 Bought USD 4,892,672 CHF 4,880,000 03.05.2019 Bought USD 360,410 CZK 8,270,000 03.05.2019 Bought USD 1,214,762 DKK 8,050,000 03.05.2019 Bought USD 315,218 EUR 280,000 03.05.2019 Bought USD 686,729 EUR 610,000 03.05.2019 Bought USD 3,293,067 EUR 2,925,000 03.05.2019 Bought USD 3,292,334 EUR 2,925,000 03.05.2019 Bought USD 3,293,056 EUR 2,925,000 03.05.2019 Bought USD 3,293,453 EUR 2,925,000 03.05.2019 Bought USD 3,285,818 EUR 2,920,000 03.05.2019 Bought USD 169,659 GBP 130,000 03.05.2019 Bought USD 1,069,445 GBP 820,000 03.05.2019 Bought USD 1,069,482 GBP 820,000 03.05.2019 Bought USD 1,069,952 GBP 820,000 03.05.2019 Bought USD 1,069,625 GBP 820,000 03.05.2019 Bought USD 1,069,444 GBP 820,000 03.05.2019 Bought USD 70,148 HUF 20,000,000 03.05.2019 Bought USD 185,081 ILS 670,000 03.05.2019 Bought USD 7,211 MXN 140,000 03.05.2019 Bought USD 601,983 NOK 5,170,000 03.05.2019 Bought USD 578,768 NZD 850,000 03.05.2019 Bought USD 821,606 SEK 7,590,000 03.05.2019 Bought USD 1,204,258 SGD 1,630,000 03.05.2019 Bought USD 1,236,652 THB 39,200,000 06.05.2019 Bought PLN 690,000 USD 180,602 06.05.2019 Bought USD 214,405 PLN 820,000 07.05.2019 Bought JPY 152,660,000 USD 1,371,352 07.05.2019 Bought JPY 91,145,000 USD 818,347 07.05.2019 Bought JPY 91,150,000 USD 818,272 07.05.2019 Bought JPY 91,145,000 USD 818,472 07.05.2019 Bought JPY 91,145,000 USD 818,104 07.05.2019 Bought JPY 91,145,000 USD 818,281 07.05.2019 Bought USD 34,062 JPY 3,760,000 07.05.2019 Bought USD 1,093,808 JPY 120,925,000 07.05.2019 Bought USD 1,093,800 JPY 120,925,000 07.05.2019 Bought USD 1,093,750 JPY 120,925,000 07.05.2019 Bought USD 1,093,730 JPY 120,925,000 07.05.2019 Bought USD 1,093,877 JPY 120,930,000 04.06.2019 Bought AUD 430,000 USD 302,896 04.06.2019 Bought CHF 10,310,000 USD 10,146,440 04.06.2019 Bought CHF 10,318,000 USD 10,152,194 04.06.2019 Bought CHF 10,310,000 USD 10,147,758 04.06.2019 Bought CHF 10,310,000 USD 10,145,940 04.06.2019 Bought CHF 10,310,000 USD 10,145,423 04.06.2019 Bought CHF 50,000 USD 49,465

BlackRock Investment Funds Switzerland ANNUAL REPORT [195] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 04.06.2019 Bought EUR 30,000 USD 33,713 04.06.2019 Bought GBP 60,000 USD 78,358 04.06.2019 Bought USD 856,502 AUD 1,215,000 04.06.2019 Bought USD 860,278 AUD 1,220,000 04.06.2019 Bought USD 856,678 AUD 1,215,000 04.06.2019 Bought USD 856,671 AUD 1,215,000 04.06.2019 Bought USD 857,043 AUD 1,215,000 04.06.2019 Bought USD 699,449 CAD 940,000 04.06.2019 Bought USD 699,726 CAD 940,000 04.06.2019 Bought USD 699,459 CAD 940,000 04.06.2019 Bought USD 699,366 CAD 940,000 04.06.2019 Bought USD 699,486 CAD 940,000 04.06.2019 Bought USD 334,692 CHF 340,000 04.06.2019 Bought USD 361,718 CZK 8,270,000 04.06.2019 Bought USD 1,213,000 DKK 8,050,000 04.06.2019 Bought USD 3,386,024 EUR 3,010,000 04.06.2019 Bought USD 3,386,873 EUR 3,010,000 04.06.2019 Bought USD 3,386,551 EUR 3,010,000 04.06.2019 Bought USD 3,386,434 EUR 3,010,000 04.06.2019 Bought USD 3,386,504 EUR 3,010,000 04.06.2019 Bought USD 932,735 GBP 715,000 04.06.2019 Bought USD 939,151 GBP 720,000 04.06.2019 Bought USD 932,642 GBP 715,000 04.06.2019 Bought USD 932,930 GBP 715,000 04.06.2019 Bought USD 932,691 GBP 715,000 04.06.2019 Bought USD 69,654 HUF 20,000,000 04.06.2019 Bought USD 186,243 ILS 670,000 04.06.2019 Bought USD 820,211 JPY 91,145,000 04.06.2019 Bought USD 820,120 JPY 91,150,000 04.06.2019 Bought USD 820,332 JPY 91,145,000 04.06.2019 Bought USD 819,939 JPY 91,145,000 04.06.2019 Bought USD 820,132 JPY 91,145,000 04.06.2019 Bought USD 7,329 MXN 140,000 04.06.2019 Bought USD 600,604 NOK 5,170,000 04.06.2019 Bought USD 420,882 NZD 630,000 04.06.2019 Bought USD 34,062 PLN 130,000 04.06.2019 Bought USD 802,679 SEK 7,590,000 04.06.2019 Bought USD 1,198,737 SGD 1,630,000 04.06.2019 Bought USD 1,097,911 THB 35,110,000 19.06.2019 Bought KRW 63,980,000 USD 54,831 19.06.2019 Bought KRW 1,082,640,000 USD 918,262 19.06.2019 Bought KRW 6,142,350,000 USD 5,188,234 19.06.2019 Bought MYR 3,220,000 USD 788,250 19.06.2019 Bought MYR 3,490,000 USD 838,942 19.06.2019 Bought RUB 1,060,000 USD 16,368 19.06.2019 Bought USD 6,260,803 KRW 7,092,050,000 19.06.2019 Bought USD 119,401 KRW 135,520,000 19.06.2019 Bought USD 51,562 KRW 61,400,000 19.06.2019 Bought USD 799,023 MYR 3,270,000 19.06.2019 Bought USD 820,806 MYR 3,440,000 19.06.2019 Bought USD 15,993 RUB 1,060,000 02.07.2019 Bought AUD 620,000 USD 433,349 02.07.2019 Bought CAD 200,000 USD 149,328

[196] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.07.2019 Bought CHF 470,000 USD 468,542 02.07.2019 Bought CHF 10,255,000 USD 10,223,777 02.07.2019 Bought CHF 10,255,000 USD 10,224,837 02.07.2019 Bought CHF 10,255,000 USD 10,226,353 02.07.2019 Bought CHF 10,255,000 USD 10,223,832 02.07.2019 Bought CHF 10,248,000 USD 10,223,719 02.07.2019 Bought CHF 100,000 USD 100,315 02.07.2019 Bought EUR 1,050,000 USD 1,184,605 02.07.2019 Bought GBP 130,000 USD 165,682 02.07.2019 Bought JPY 178,770,000 USD 1,658,133 02.07.2019 Bought THB 3,830,000 USD 122,337 02.07.2019 Bought USD 69,345 AUD 100,000 02.07.2019 Bought USD 782,082 AUD 1,130,000 02.07.2019 Bought USD 782,082 AUD 1,130,000 02.07.2019 Bought USD 782,170 AUD 1,130,000 02.07.2019 Bought USD 782,423 AUD 1,130,000 02.07.2019 Bought USD 782,491 AUD 1,130,000 02.07.2019 Bought USD 694,837 CAD 940,000 02.07.2019 Bought USD 694,616 CAD 940,000 02.07.2019 Bought USD 694,731 CAD 940,000 02.07.2019 Bought USD 694,665 CAD 940,000 02.07.2019 Bought USD 694,555 CAD 940,000 02.07.2019 Bought USD 44,469 CAD 60,000 02.07.2019 Bought USD 4,911,094 CHF 4,850,000 02.07.2019 Bought USD 174,484 CHF 170,000 02.07.2019 Bought USD 357,539 CZK 8,270,000 02.07.2019 Bought USD 51,366 CZK 1,190,000 02.07.2019 Bought USD 1,204,977 DKK 8,050,000 02.07.2019 Bought USD 156,380 EUR 140,000 02.07.2019 Bought USD 3,360,116 EUR 3,005,000 02.07.2019 Bought USD 3,360,416 EUR 3,005,000 02.07.2019 Bought USD 3,360,131 EUR 3,005,000 02.07.2019 Bought USD 3,360,116 EUR 3,005,000 02.07.2019 Bought USD 3,355,875 EUR 3,000,000 02.07.2019 Bought USD 67,223 EUR 60,000 02.07.2019 Bought USD 79,811 EUR 70,000 02.07.2019 Bought USD 100,979 GBP 80,000 02.07.2019 Bought USD 888,032 GBP 705,000 02.07.2019 Bought USD 888,207 GBP 705,000 02.07.2019 Bought USD 888,201 GBP 705,000 02.07.2019 Bought USD 888,344 GBP 705,000 02.07.2019 Bought USD 882,123 GBP 700,000 02.07.2019 Bought USD 68,885 HUF 20,000,000 02.07.2019 Bought USD 184,833 ILS 670,000 02.07.2019 Bought USD 839,408 JPY 91,145,000 02.07.2019 Bought USD 839,657 JPY 91,145,000 02.07.2019 Bought USD 839,536 JPY 91,145,000 02.07.2019 Bought USD 839,346 JPY 91,145,000 02.07.2019 Bought USD 839,814 JPY 91,150,000 02.07.2019 Bought USD 7,095 MXN 140,000 02.07.2019 Bought USD 589,597 NOK 5,170,000 02.07.2019 Bought USD 410,387 NZD 630,000 02.07.2019 Bought USD 33,863 PLN 130,000

BlackRock Investment Funds Switzerland ANNUAL REPORT [197] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND (continued)

For the financial year ended 31 July 2019

List of closed forward exchange transactions for the year ended 31 July 2019* (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.07.2019 Bought USD 797,765 SEK 7,590,000 02.07.2019 Bought USD 1,182,557 SGD 1,630,000 02.07.2019 Bought USD 1,109,994 THB 35,110,000

* The forward exchange transactions are OTC transactions. The counterparty for these OTC transactions is State Street Bank and Trust Company.

[198] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SPI® EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Energy - alternate sources Landis+Gyr Group AG 4,756 645 1,569 3,832 309,242 0.12 Meyer Burger Technology AG 110,845 10,386 7,750 113,481 46,437 0.02 355,679 0.14 Pharmaceuticals Cassiopea SpA 843 - 58 785 34,776 0.01 COSMO Pharmaceuticals NV 1,337 15 467 885 76,995 0.03 Galenica AG 8,911 1,370 1,473 8,808 451,850 0.17 IVF Hartmann Holding AG 140 - - 140 21,420 0.01 Novartis AG 427,045 94,733 74,895 446,883 40,871,919 15.83 ObsEva SA 4,621 267 412 4,476 42,970 0.02 Roche Holding AG 125,110 20,547 21,429 124,228 33,125,396 12.83 Santhera Pharmaceuticals Holding AG 955 1,130 537 1,548 23,065 0.01 Siegfried Holding AG 687 202 134 755^ 280,105 0.11 Vifor Pharma AG 6,988 1,195 1,343 6,840^ 1,010,268 0.39 Ypsomed Holding AG 731 114 170 675^ 85,455 0.03 76,024,219 29.44 Auto manufacturers Autoneum Holding AG 511 - 36 475 51,965 0.02 51,965 0.02 Auto parts & equipment Adval Tech Holding AG 46 - - 46 8,004 0.00 Georg Fischer AG 731 127 126 732 629,520 0.25 KTM Industries AG 1,497 - 116 1,381 81,341 0.03 718,865 0.28 Banks Bank Cler AG 728 - 728 - - 0.00 Bank Linth LLB AG 37 - 3 34 16,116 0.01 Banque Cantonale de Geneve 351 - 24 327 65,073 0.02 Banque Cantonale du Jura SA 135 - - 135 7,830 0.00 Banque Cantonale Vaudoise 510 84 85 509 376,660 0.15 Banque Profil de Gestion SA 772 - 772 - - 0.00 Banque Profil de Gestion SA - 772 772 - - 0.00 Basellandschaftliche Kantonalbank 102 32 25 109 99,190 0.04 Basler Kantonalbank 1,058 - 81 977 70,539 0.03 Berner Kantonalbank AG 804 144 143 805^ 181,930 0.07 Cembra Money Bank AG 5,033 756 834 4,955 475,928 0.18 Credit Suisse Group AG 455,166 70,531 97,117 428,580 5,155,817 2.00 Glarner Kantonalbank 643 - 38 605 18,150 0.01 Graubuendner Kantonalbank 135 13 13 135 194,400 0.07 Hypothekarbank Lenzburg AG 13 6 4 15 67,500 0.03 Liechtensteinische Landesbank AG 2,005 239 169 2,075 125,538 0.05 Luzerner Kantonalbank AG 587 106 117 576 253,440 0.10 Schweizerische Nationalbank 14 6 4 16 81,280 0.03 St Galler Kantonalbank AG 452 117 50 519 220,834 0.08 St Galler Kantonalbank AG Rights - 428 428 - - 0.00 Thurgauer Kantonalbank 705 - 43 662 71,496 0.03 UBS Group AG 686,403 114,819 118,591 682,631 7,573,791 2.93 Valiant Holding AG 2,833 455 533 2,755 282,112 0.11 VP Bank AG 563 90 151 502 78,011 0.03 Walliser Kantonalbank 850 110 66 894 105,492 0.04 Zuger Kantonalbank AG 25 11 10 26 160,160 0.06 15,681,287 6.07

BlackRock Investment Funds Switzerland ANNUAL REPORT [199] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Engineering & construction Flughafen Zurich AG 3,372 606 600 3,378 613,445 0.24 Implenia AG 2,600 29 230 2,399^ 63,957 0.02 677,402 0.26 Building materials Arbonia AG 8,126 2,894 712 10,308 119,367 0.05 Belimo Holding AG 89 16 16 89 521,540 0.20 Forbo Holding AG 195 31 50 176 273,504 0.10 Geberit AG 6,602 1,107 1,157 6,552 3,010,644 1.17 LafargeHolcim Ltd 85,638 14,391 15,035 84,994 4,160,456 1.61 Meier Tobler Group AG 566 - - 566 9,056 0.00 Sika AG 22,546 3,790 3,952 22,384 3,223,296 1.25 11,317,863 4.38 Apparel Calida Holding AG 960 - 58 902 24,895 0.01 24,895 0.01 Biotechnology Addex Therapeutics Ltd 4,663 - - 4,663 7,321 0.00 Bachem Holding AG 872 231 169 934 123,662 0.05 Bachem Holding AG Rights - 858 858 - - 0.00 Basilea Pharmaceutica AG 1,935 - 134 1,801 64,044 0.02 BB Biotech AG - 11,527 1,656 9,871^ 645,070 0.25 Evolva Holding SA 137,128 - 8,674 128,454 22,916 0.01 Idorsia Ltd 12,115 3,291 2,476 12,930 275,150 0.11 Kuros Biosciences AG 484 1,182 - 1,666 2,832 0.00 Kuros Biosciences AG Rights - 484 484 - - 0.00 Molecular Partners AG 2,839 - 186 2,653^ 35,232 0.01 Newron Pharmaceuticals SpA 2,902 - 223 2,679^ 16,181 0.01 Polyphor AG 1,563 - - 1,563 7,057 0.00 1,199,465 0.46 Chemicals Clariant AG 36,118 14,204 6,678 43,644 795,630 0.31 CPH Chemie & Papier Holding AG 461 - 35 426 35,188 0.02 Daetwyler Holding AG 1,396 176 177 1,395^ 214,272 0.08 EMS-Chemie Holding AG 1,263 208 217 1,254^ 781,242 0.30 Givaudan SA 1,418 256 267 1,407 3,722,922 1.44 OC Oerlikon Corp AG 35,516 5,713 5,763 35,466 378,777 0.15 5,928,031 2.30 Computers Crealogix Holding AG 137 - 28 109 10,006 0.00 Logitech International SA 30,853 5,227 5,407 30,673 1,264,341 0.49 1,274,347 0.49 Miscellaneous manufacturers Gurit Holding AG 68 - 10 58 63,220 0.03 Stadler Rail AG - 7,253 605 6,648 304,080 0.12 Sulzer AG 2,195 1,492 522 3,165 318,082 0.12 685,382 0.27 Diversified financial services Bellevue Group AG 1,455 - - 1,455 30,846 0.01 Cie Financiere Tradition SA 423 12 14 421 43,363 0.02 EFG International AG 14,107 514 693 13,928 89,836 0.04 GAM Holding AG 28,648 5,779 4,979 29,448 128,747 0.05 Julius Baer Group Ltd 39,890 6,691 6,991 39,590 1,688,117 0.65 Leonteq AG 1,545 288 260 1,573^ 55,904 0.02 Leonteq AG Rights 1,545 - 1,545 - - 0.00 LumX Group Ltd 11,220 - - 11,220 1,055 0.00

[200] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Swissquote Group Holding SA 1,910 33 173 1,770 71,756 0.03 Valartis Group AG 407 - - 407 4,233 0.00 Vontobel Holding AG 5,025 850 973 4,902 257,110 0.10 VZ Holding AG 562 55 50 567 155,641 0.06 2,526,608 0.98 Retail Cie Financiere Richemont SA 92,956 15,650 16,269 92,337 7,885,580 3.06 Dufry AG 6,262 1,507 1,509 6,260^ 548,626 0.21 Mobilezone Holding AG 7,183 - 1,169 6,014 55,329 0.02 Swatch Group AG 5,497 922 964 5,455 1,580,859 0.61 Swatch Group AG 11,255 1,980 1,962 11,273 613,251 0.24 Valora Holding AG 549 77 56 570 156,465 0.06 Zur Rose Group AG 871 535 46 1,360^ 129,064 0.05 Zur Rose Group AG Rights - 860 860 - - 0.00 10,969,174 4.25 Iron & steel Schmolz + Bickenbach AG 83,394 - 6,092 77,302 25,123 0.01 25,123 0.01 Electrical components & equipment Burkhalter Holding AG 829 - 61 768 56,448 0.02 Huber + Suhner AG 2,442 574 214 2,802 222,479 0.09 Leclanche SA 8,117 2,934 - 11,051 18,400 0.01 297,327 0.12 Electric BKW AG 3,548 626 679 3,495 225,078 0.09 Romande Energie Holding SA 61 1 4 58 72,500 0.03 297,578 0.12 Electronics ABB Ltd 324,128 54,519 56,677 321,970 6,054,646 2.34 Cicor Technologies Ltd 355 - - 355 17,856 0.01 dormakaba Holding AG 548 95 98 545^ 397,850 0.15 LEM Holding SA 102 11 8 105 144,270 0.06 Phoenix Mecano AG 112 - 8 104 45,656 0.02 Schaffner Holding AG 88 - - 88 17,952 0.01 Von Roll Holding AG 13,421 26,121 1,115 38,427 39,964 0.01 6,718,194 2.60 Forest products & paper Cham Group AG 78 - 7 71 30,388 0.01 30,388 0.01 Leisure time Bergbahnen Engelberg-Truebsee-Titlis AG 106 - 7 99 33,660 0.01 33,660 0.01 Healthcare services Lonza Group AG 13,273 2,269 2,369 13,173 4,495,945 1.74 4,495,945 1.74 Healthcare - products Alcon Inc - 96,346 9,899 86,447 5,013,926 1.94 Coltene Holding AG 467 377 133 711 59,795 0.02 Coltene Holding AG Rights - 467 467 - - 0.00 Comet Holding AG 1,391 249 213 1,427^ 131,213 0.05 Medacta Group SA - 977 33 944 82,128 0.03 Medartis Holding AG 516 278 51 743 39,750 0.02 Sonova Holding AG 9,776 1,643 1,695 9,724 2,231,658 0.87 Straumann Holding AG 2,005 328 343 1,990 1,617,870 0.63 Tecan Group AG 2,095 319 336 2,078 525,734 0.20 9,702,074 3.76

BlackRock Investment Funds Switzerland ANNUAL REPORT [201] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Commercial services Adecco Group AG 30,505 4,840 5,879 29,466 1,604,718 0.62 MCH Group AG 627 - - 627 13,857 0.01 Orell Fuessli Holding AG 144 - - 144 13,176 0.00 Poenina Holding AG 169 148 26 291 13,502 0.01 Poenina Holding AG Rights - 169 169 - - 0.00 SGS SA 925 154 161 918 2,258,280 0.87 3,903,533 1.51 Semiconductors ams AG 11,707 4,177 1,677 14,207^ 745,583 0.29 Sensirion Holding AG 1,154 566 167 1,553 55,753 0.02 801,336 0.31 Holding companies - diversified operations Metall Zug AG 35 1 4 32 68,800 0.03 68,800 0.03 Real estate Allreal Holding AG 2,555 387 424 2,518^ 437,125 0.17 BFW Liegenschaften AG 743 - 301 442 19,183 0.01 Fundamenta Real Estate AG - 4,440 294 4,146^ 59,910 0.02 Hiag Immobilien Holding AG 498 - 30 468 59,904 0.02 Intershop Holding AG 234 30 41 223 111,723 0.04 Investis Holding SA 484 - 20 464 31,459 0.01 Mobimo Holding AG 1,116 308 275 1,149 305,059 0.12 Orascom Development Holding AG 1,952 - 135 1,817 27,219 0.01 Peach Property Group AG 741 - - 741 24,453 0.01 Plazza AG 223 - 15 208 52,416 0.02 PSP Swiss Property AG 7,177 1,243 1,120 7,300 870,160 0.34 SF Urban Properties AG 481 - 29 452 42,488 0.02 Swiss Prime Site AG 12,740 3,022 2,298 13,464 1,178,773 0.46 Swiss Prime Site AG Rights - 12,600 12,600 - - 0.00 Varia US Properties AG 806 - 58 748 27,451 0.01 Warteck Invest AG 24 10 3 31 59,520 0.02 Warteck Invest AG Rights - 24 24 - - 0.00 Zueblin Immobilien Holding AG 340 - - 340 9,112 0.00 Zug Estates Holding AG 51 1 4 48 88,080 0.04 3,404,035 1.32 Real estate investment trust Private Equity Holding AG 453 - 55 398 23,084 0.01 23,084 0.01 Internet Asmallworld AG 567 141 - 708 1,664 0.00 Asmallworld AG Rights - 567 567 - - 0.00 Lastminute.com NV 907 - 47 860 25,800 0.01 WISeKey International Holding Ltd 4,404 565 - 4,969^ 12,422 0.01 39,886 0.02 Investment companies AEVIS VICTORIA SA 651 - 651 - - 0.00 AEVIS VICTORIA SA - 3,255 252 3,003 36,787 0.02 Blackstone Resources AG 1,924 - 1,924 - - 0.00 Blackstone Resources AG - 1,924 - 1,924 2,164 0.00 Pargesa Holding SA 6,757 954 1,055 6,656 497,203 0.19 536,154 0.21 Cosmetics & personal care Lalique Group SA 299 - 21 278 11,064 0.00 Lalique Group SA Rights - 278 278 - - 0.00 11,064 0.00

[202] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Machinery - diversified Airopack Technology Group AG 1,726 - - 1,726 104 0.00 Bobst Group SA 1,363 182 279 1,266^ 62,895 0.02 Bucher Industries AG 1,192 196 199 1,189 353,846 0.14 Burckhardt Compression Holding AG 534 64 51 547 131,827 0.05 Carlo Gavazzi Holding AG 70 - 5 65 17,940 0.01 Conzzeta AG 262 55 55 262 204,884 0.08 Feintool International Holding AG 323 42 27 338 21,125 0.01 Inficon Holding AG 311 29 27 313 194,842 0.07 Interroll Holding AG 118 25 26 117 236,340 0.09 Kardex AG 1,051 102 92 1,061^ 152,147 0.06 Klingelnberg AG 811 - 58 753 25,602 0.01 Komax Holding AG 686 74 56 704 131,648 0.05 Rieter Holding AG 581 - 45 536 69,948 0.03 SIG Combibloc Group AG - 27,726 4,505 23,221^ 282,832 0.11 Zehnder Group AG 1,744 - 129 1,615 60,886 0.02 1,946,866 0.75 Media Tamedia AG 545 47 50 542 59,295 0.02 59,295 0.02 Metal fabricate & hardware SFS Group AG 3,030 533 577 2,986 228,578 0.09 VAT Group AG 4,794 665 749 4,710^ 588,279 0.23 816,857 0.32 Food Aryzta AG 16,603 198,621 38,169 177,055^ 146,814 0.06 Aryzta AG Rights - 166,190 166,190 - - 0.00 Barry Callebaut AG 405 166 87 484 943,316 0.36 Bell Food Group AG 380 96 77 399 106,134 0.04 Chocoladefabriken Lindt & Spruengli AG 189 41 39 191 1,400,030 0.54 Chocoladefabriken Lindt & Spruengli AG 19 6 6 19 1,563,700 0.61 Emmi AG 359 58 67 350^ 291,025 0.11 Groupe Minoteries SA 46 - 6 40 14,720 0.01 HOCHDORF Holding AG 207 - - 207 15,525 0.01 Nestle SA 554,203 87,017 99,682 541,538 57,240,567 22.17 Orior AG 1,050 129 100 1,079 87,183 0.03 61,809,014 23.94 Private equity Airesis SA 5,413 - - 5,413 6,658 0.00 Arundel AG 1,262 - 1,262 - - 0.00 Partners Group Holding AG 4,043 680 710 4,013 3,187,125 1.24 3,193,783 1.24 Software Kudelski SA 6,950 - 387 6,563^ 44,300 0.02 Temenos AG 10,883 2,532 1,962 11,453 2,016,874 0.78 2,061,174 0.80 Telecommunications Ascom Holding AG 6,406 113 561 5,958 77,454 0.03 Sunrise Communications Group AG 6,063 960 1,491 5,532 407,708 0.16 Swisscom AG 4,529 761 795 4,495 2,168,838 0.84 u-blox Holding AG 1,176 313 155 1,334 108,654 0.04 2,762,654 1.07 Transportation BVZ Holding AG 20 - 3 17 14,960 0.01 Ceva Logistics AG 5,935 105 6,040 - - 0.00 Jungfraubahn Holding AG 817 182 158 841 125,477 0.05

BlackRock Investment Funds Switzerland ANNUAL REPORT [203] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Kuehne + Nagel International AG 9,999 1,678 1,753 9,924 1,456,347 0.56 Panalpina Welttransport Holding AG 1,782 304 316 1,770 397,896 0.15 1,994,680 0.77 Packaging & containers Aluflexpack AG - 1,209 - 1,209 24,180 0.01 Vetropack Holding AG 36 7 4 39 79,560 0.03 103,740 0.04 Insurance Baloise Holding AG 8,698 1,459 1,525 8,632 1,552,897 0.60 Helvetia Holding AG 1,168 64 1,232 - - 0.00 Helvetia Holding AG - 5,970 160 5,810 736,127 0.28 Swiss Life Holding AG 6,100 1,023 1,069 6,054 2,915,001 1.13 Swiss Re AG 56,036 8,870 11,003 53,903 5,204,874 2.02 Vaudoise Assurances Holding SA 168 - 12 156 78,936 0.03 Zurich Insurance Group AG 26,952 4,494 4,674 26,772 9,276,498 3.59 19,764,333 7.65 Distribution & wholesale ALSO Holding AG 1,114 112 97 1,129 172,511 0.07 Bossard Holding AG 985 1,103 1,079 1,009^ 138,940 0.05 311,451 0.12 Advertising APG SGA SA 241 - 19 222 59,274 0.02 DKSH Holding AG 5,733 1,789 1,087 6,435 323,681 0.13 382,955 0.15 Hand & machine tools Mikron Holding AG 1,211 - - 1,211 9,470 0.00 Schindler Holding AG 7,257 1,216 1,271 7,202 1,657,901 0.64 Schindler Holding AG 3,460 578 598 3,440 771,248 0.30 Schlatter Industries AG 68 - - 68 2,883 0.00 Schweiter Technologies AG 176 36 36 176 172,832 0.07 Starrag Group Holding AG 169 - - 169 8,247 0.00 Tornos Holding AG 1,422 - - 1,422 11,106 0.01 2,633,687 1.02 Total shares 255,663,852 99.02 Total securities traded on an official stock exchange 255,663,852 99.02 Total securities 255,663,852 99.02

Derivative financial instruments Index Futures Swiss Market Index September 2018 23 6 29 - - 0.00 Swiss Market Index December 2018 - 54 54 - - 0.00 Swiss Market Index March 2019 - 33 33 - - 0.00 Swiss Market Index June 2019 - 69 69 - - 0.00 Swiss Market Index September 2019 - 27 3 24 19,905 0.01 19,905 0.01 Total derivative financial instruments 19,905 0.01 Total investments 255,683,757 99.03

Sight deposits 396,845 0.15 Other assets 2,113,647 0.82 Total sub-fund assets 258,194,249 100.00 Other liabilities (13,117) (0.01) Net sub-fund assets 258,181,132 99.99

1 Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

[204] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SMI® EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Pharmaceuticals Novartis AG 625,949 420,713 377,176 669,486 61,231,190 18.08 Roche Holding AG 200,544 131,982 116,875 215,651 57,503,339 16.98 118,734,529 35.06 Banks Credit Suisse Group AG 729,605 567,471 432,115 864,961 10,405,481 3.07 UBS Group AG 1,100,264 958,878 681,453 1,377,689 15,285,459 4.51 25,690,940 7.58 Building materials Geberit AG 10,573 9,193 6,542 13,224 6,076,428 1.79 LafargeHolcim Ltd 137,154 119,261 84,879 171,536 8,396,687 2.48 Sika AG 36,109 31,420 22,354 45,175 6,505,200 1.92 20,978,315 6.19 Chemicals Givaudan SA 2,270 1,977 1,407 2,840 7,514,640 2.22 7,514,640 2.22 Diversified financial services Julius Baer Group Ltd 63,886 53,814 117,700 - - 0.00 -0.00 Retail Cie Financiere Richemont SA 149,003 129,634 92,282 186,355 15,914,717 4.70 Swatch Group AG 8,803 7,612 5,443 10,972 3,179,686 0.94 19,094,403 5.64 Electronics ABB Ltd 519,559 452,025 321,782 649,802 12,219,527 3.61 12,219,527 3.61 Healthcare services Lonza Group AG 21,257 18,494 13,165 26,586 9,073,802 2.68 9,073,802 2.68 Healthcare - products Alcon Inc - 255,151 80,684 174,467 10,119,086 2.99 10,119,086 2.99 Commercial services Adecco Group AG 48,852 39,980 29,364 59,468 3,238,627 0.96 SGS SA 1,482 1,287 916 1,853 4,558,380 1.34 7,797,007 2.30 Food Nestle SA 629,358 351,815 392,163 589,010 62,258,357 18.38 62,258,357 18.38 Telecommunications Swisscom AG 7,253 6,305 4,487 9,071 4,376,757 1.29 4,376,757 1.29 Insurance Swiss Life Holding AG 9,769 8,494 6,045 12,218 5,882,967 1.74 Swiss Re AG 89,745 72,909 53,867 108,787 10,504,473 3.10 Zurich Insurance Group AG 43,202 37,586 26,756 54,032 18,722,088 5.53 35,109,528 10.37 Total shares 332,966,891 98.31 Total securities traded on an official stock exchange 332,966,891 98.31 Total securities 332,966,891 98.31

Derivative financial instruments Index Futures Swiss Market Index September 2018 22 23 45 - - 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [205] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SMI® EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Index Futures (continued) Swiss Market Index December 2018 - 104 104 - - 0.00 Swiss Market Index March 2019 - 95 95 - - 0.00 Swiss Market Index June 2019 - 163 163 - - 0.00 Swiss Market Index September 2019 - 100 38 62 557 0.00 557 0.00 Total derivative financial instruments 557 0.00 Total investments 332,967,448 98.31

Sight deposits 1,262,685 0.37 Other assets 4,468,276 1.32 Total sub-fund assets 338,698,409 100.00 Other liabilities (97,110) (0.03) Net sub-fund assets 338,601,299 99.97

1 Inclusive of corporate actions where applicable.

[206] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Bonds Australia AMP Group Finance Services Ltd 0.75% 19.12.2022 - 100,000 - 100,000 101,850 0.06 AMP Group Finance Services Ltd 0.8% 18.07.2023 - 100,000 - 100,000 102,150 0.06 Boral Ltd 2.25% 20.02.2020 50,000 - 50,000 - - 0.00 Commonwealth Bank of Australia 0.4% 25.09.2026 100,000 200,000 100,000 200,000 209,300 0.12 Commonwealth Bank of Australia 0.875% 11.02.2020 50,000 - 50,000 - - 0.00 Commonwealth Bank of Australia 1.5% 07.02.2022 75,000 - - 75,000 78,787 0.05 Macquarie Bank Ltd 0.625% 04.09.2023 80,000 - - 80,000 82,600 0.05 Macquarie Bank Ltd/London 0.75% 05.02.2024 75,000 - - 75,000 78,188 0.04 National Australia Bank Ltd 0.125% 21.06.2027 - 100,000 - 100,000 102,650 0.06 National Australia Bank Ltd 0.25% 19.01.2023 100,000 - - 100,000 102,600 0.06 National Australia Bank Ltd 0.25% 13.03.2024 100,000 200,000 - 300,000 309,750 0.18 National Australia Bank Ltd 0.3% 31.10.2025 - 100,000 100,000 - - 0.00 National Australia Bank Ltd 1% 17.04.2020 125,000 - 125,000 - - 0.00 National Australia Bank Ltd 1.5% 07.02.2024 100,000 - - 100,000 110,350 0.06 National Australia Bank Ltd 1.625% 05.09.2023 125,000 - - 125,000 135,625 0.08 Transurban Queensland Finance Pty Ltd 0.625% 23.06.2023 50,000 - - 50,000 51,225 0.03 Transurban Queensland Finance Pty Ltd 0.65% 02.11.2026 100,000 - - 100,000 103,550 0.06 Transurban Queensland Finance Pty Ltd 1% 08.12.2025 50,000 - - 50,000 52,900 0.03 Westpac Banking Corp 0.25% 29.01.2027 - 150,000 50,000 100,000 105,550 0.06 Westpac Banking Corp 0.3% 28.11.2025 50,000 - - 50,000 51,975 0.03 Westpac Banking Corp 0.4% 06.06.2024 100,000 - - 100,000 104,050 0.06 Westpac Banking Corp 0.5% 02.02.2022 120,000 - - 120,000 122,760 0.07 Westpac Banking Corp 0.5% 16.05.2028 50,000 - - 50,000 52,700 0.03 Woodside Finance Ltd 1% 11.12.2023 50,000 - - 50,000 52,125 0.03 2,110,685 1.22 Bermuda CBQ Finance Ltd 0.697% 22.03.2021 100,000 - - 100,000 101,000 0.06 CBQ Finance Ltd 1.115% 17.10.2022 - 100,000 - 100,000 102,750 0.06 Holcim Overseas Finance Ltd 3.375% 10.06.2021 150,000 150,000 150,000 150,000 159,975 0.09 363,725 0.21 Virgin Islands (British) Sinochem Offshore Capital Co Ltd 0.76% 17.06.2022 50,000 - - 50,000 51,100 0.03 51,100 0.03 Chile Banco de Chile 0.568% 21.11.2023 - 100,000 - 100,000 103,000 0.06 Banco de Chile 1.5% 03.12.2019 50,000 - 50,000 - - 0.00 Banco de Credito e Inversiones SA 0.25% 17.06.2020 50,000 - 50,000 - - 0.00 Banco de Credito e Inversiones SA 0.4% 22.11.2024 - 100,000 - 100,000 102,750 0.06 Banco del Estado de Chile 0.6925% 04.12.2024 - 50,000 - 50,000 51,750 0.03 Banco Santander Chile 0.35% 30.05.2025 55,000 - - 55,000 56,100 0.03 Banco Santander Chile 0.384% 27.09.2024 - 50,000 - 50,000 51,200 0.03 Banco Santander Chile 0.441% 21.12.2023 - 100,000 - 100,000 102,500 0.06 Coopeuch Ltda 1.05% 15.10.2021 75,000 - - 75,000 76,313 0.04 Tanner Servicios Financieros SA 1% 03.12.2021 - 100,000 - 100,000 102,300 0.06 645,913 0.37 Denmark Danske Bank A/S 0.625% 24.11.2022 - 200,000 - 200,000 202,800 0.12 Kommunekredit 0.625% 09.07.2027 100,000 - - 100,000 109,800 0.06 Kommunekredit 2.125% 09.10.2020 100,000 - 100,000 - - 0.00 Kommunekredit 2.875% 13.10.2031 100,000 150,000 100,000 150,000 209,850 0.12 522,450 0.30 Germany Commerzbank AG 1.1% 11.07.2025 50,000 - - 50,000 52,250 0.03 Commerzbank AG 3.125% 14.07.2025 100,000 - - 100,000 121,950 0.07 Deutsche Bahn Finance GMBH 0.1% 19.06.2029 - 100,000 - 100,000 103,550 0.06

BlackRock Investment Funds Switzerland ANNUAL REPORT [207] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Deutsche Bahn Finance GMBH 0.45% 08.11.2030 75,000 - - 75,000 80,250 0.05 Deutsche Bahn Finance GMBH 0.5% 18.07.2028 100,000 100,000 - 200,000 214,300 0.12 Deutsche Bahn Finance GMBH 0.5% 19.06.2034 - 100,000 - 100,000 106,500 0.06 Deutsche Bahn Finance GMBH 1.375% 24.07.2023 140,000 340,000 240,000 240,000 260,640 0.15 Deutsche Bahn Finance GMBH 1.5% 26.08.2024 100,000 - - 100,000 110,600 0.06 Deutsche Bahn Finance GMBH 1.75% 03.06.2020 135,000 - 135,000 - - 0.00 Deutsche Bank AG 0.625% 08.02.2023 50,000 - - 50,000 49,775 0.03 Deutsche Bank AG 0.625% 19.12.2023 50,000 - - 50,000 49,775 0.03 Deutsche Bank AG 0.75% 05.07.2021 50,000 - - 50,000 50,350 0.03 Deutsche Bank AG 0.75% 21.03.2022 100,000 - - 100,000 100,350 0.06 Deutsche Bank AG 1.625% 12.09.2022 - 125,000 - 125,000 128,187 0.07 Deutsche Pfandbriefbank AG 0.125% 05.06.2023 - 100,000 - 100,000 100,300 0.06 Deutsche Pfandbriefbank AG 0.3% 02.11.2021 50,000 - - 50,000 50,100 0.03 Kreditanstalt fuer Wiederaufbau 2.25% 12.08.2020 100,000 - 100,000 - - 0.00 Kreditanstalt fuer Wiederaufbau 2.5% 25.08.2025 300,000 300,000 - 600,000 721,500 0.42 Kreditanstalt fuer Wiederaufbau 2.75% 16.02.2037 50,000 - - 50,000 75,350 0.04 Muenchener Hypothekenbank eG 0.001% 19.02.2024 - 100,000 - 100,000 103,300 0.06 Muenchener Hypothekenbank eG 0.1% 31.10.2024 - 100,000 - 100,000 104,100 0.06 Muenchener Hypothekenbank eG 0.25% 26.02.2029 - 100,000 - 100,000 105,750 0.06 Muenchener Hypothekenbank eG 0.5% 14.06.2028 100,000 - - 100,000 108,100 0.06 Muenchener Hypothekenbank eG 0.55% 15.03.2034 - 50,000 - 50,000 54,075 0.03 State of North Rhine-Westphalia Germany 0.875% 29.07.2024 120,000 - - 120,000 130,020 0.08 2,981,072 1.72 Finland Municipality Finance PLC 0.875% 01.02.2023 100,000 - - 100,000 106,150 0.06 Municipality Finance PLC 1.375% 08.06.2027 100,000 100,000 - 200,000 231,700 0.14 Municipality Finance PLC 2.25% 10.12.2019 50,000 - 50,000 - - 0.00 Municipality Finance PLC 2.375% 30.03.2026 75,000 - - 75,000 90,637 0.05 Nordea Bank Abp 0.25% 27.11.2023 - 100,000 - 100,000 103,250 0.06 OP Corporate Bank PLC 1% 14.07.2021 65,000 - - 65,000 66,983 0.04 598,720 0.35 France Accor SA 1.75% 27.06.2022 50,000 - - 50,000 52,425 0.03 Agence Francaise de Developpement EPIC 1.875% 12.11.2029 65,000 - - 65,000 79,690 0.05 Auchan Holding SADIR 1.5% 03.06.2024 50,000 - - 50,000 51,000 0.03 Banque Federative du Credit Mutuel SA 0.2% 12.06.2026 - 130,000 - 130,000 132,990 0.08 Banque Federative du Credit Mutuel SA 0.32% 10.02.2025 100,000 - - 100,000 102,600 0.06 Banque Federative du Credit Mutuel SA 0.366% 10.10.2024 75,000 - - 75,000 77,513 0.04 Banque Federative du Credit Mutuel SA 0.4% 12.02.2024 - 200,000 - 200,000 206,400 0.12 Banque Federative du Credit Mutuel SA 0.55% 08.12.2023 55,000 - - 55,000 56,870 0.03 Banque Federative du Credit Mutuel SA 0.6% 05.04.2027 50,000 - - 50,000 52,250 0.03 Banque Federative du Credit Mutuel SA 1.125% 22.05.2020 50,000 - 50,000 - - 0.00 Banque Federative du Credit Mutuel SA 2% 22.05.2024 50,000 - - 50,000 55,600 0.03 BNP Paribas Home Loan SFH SA 2.375% 07.10.2020 50,000 - - 50,000 51,800 0.03 BNP Paribas SA 1% 06.06.2025 125,000 - - 125,000 130,687 0.08 BNP Paribas SA 1.75% 05.06.2025 50,000 - - 50,000 54,250 0.03 BPCE SA 0.5% 08.11.2023 - 100,000 - 100,000 103,150 0.06 Caisse d'Amortissement de la Dette Sociale 2.5% 09.12.2025 55,000 - - 55,000 65,753 0.04 Caisse d'Amortissement de la Dette Sociale 3% 21.04.2021 50,000 - - 50,000 53,225 0.03 Caisse de Refinancement de l'Habitat SA 1.375% 15.03.2023 50,000 100,000 - 150,000 161,625 0.09 Caisse de Refinancement de l'Habitat SA 1.75% 26.06.2025 100,000 - - 100,000 113,600 0.07 Caisse de Refinancement de l'Habitat SA 1.875% 23.05.2022 100,000 - - 100,000 107,450 0.06 Caisse de Refinancement de l'Habitat SA 2.5% 29.03.2021 100,000 - - 100,000 105,450 0.06 Caisse des Depots et Consignations 0.3% 12.11.2027 200,000 - - 200,000 211,500 0.12 Caisse Francaise de Financement Local 3.5% 28.08.2019 100,000 - 100,000 - - 0.00 Cie de Financement Foncier SA 2.25% 13.10.2021 100,000 - - 100,000 106,650 0.06 Cie de Financement Foncier SA 2.5% 24.02.2031 100,000 200,000 100,000 200,000 261,200 0.15

[208] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Cie de Financement Foncier SA 2.875% 10.09.2019 200,000 - 200,000 - - 0.00 Credit Agricole Home Loan SFH SA 0.1% 26.01.2026 - 200,000 - 200,000 207,600 0.12 Credit Agricole Home Loan SFH SA 0.25% 18.06.2026 50,000 - - 50,000 52,450 0.03 Credit Agricole Home Loan SFH SA 0.25% 08.12.2026 50,000 75,000 - 125,000 131,062 0.08 Credit Agricole Home Loan SFH SA 0.25% 27.07.2027 100,000 - - 100,000 105,050 0.06 Credit Agricole Home Loan SFH SA 0.45% 24.01.2029 - 50,000 - 50,000 53,350 0.03 Credit Agricole Home Loan SFH SA 0.5% 16.03.2027 100,000 - - 100,000 106,900 0.06 Credit Agricole SA/London 0.2% 30.10.2023 50,000 - - 50,000 51,200 0.03 Credit Agricole SA/London 0.3% 18.04.2024 50,000 - - 50,000 51,500 0.03 Credit Agricole SA/London 0.45% 14.03.2022 100,000 - - 100,000 101,950 0.06 Credit Agricole SA/London 0.625% 15.09.2023 150,000 - - 150,000 156,225 0.09 Credit Agricole SA/London 0.625% 12.07.2024 50,000 - - 50,000 51,575 0.03 Credit Agricole SA/London 1% 08.10.2021 100,000 - - 100,000 103,200 0.06 Credit Agricole SA/London 1% 27.01.2025 65,000 - - 65,000 69,550 0.04 Credit Agricole SA/London 2.125% 30.10.2024 - 200,000 - 200,000 225,600 0.13 Electricite de France SA 0.3% 14.10.2024 70,000 - - 70,000 72,275 0.04 Electricite de France SA 0.65% 13.10.2028 50,000 - - 50,000 52,425 0.03 Engie SA 1.125% 09.10.2020 125,000 - - 125,000 127,300 0.07 mFinance France SA 1.005% 28.03.2023 100,000 - - 100,000 103,000 0.06 Orange SA 0.2% 24.11.2025 - 200,000 - 200,000 204,100 0.12 RCI Banque SA 0.5% 20.04.2022 100,000 - - 100,000 101,950 0.06 RCI Banque SA 0.5% 18.07.2024 - 130,000 - 130,000 132,600 0.08 Regie Autonome des Transports Parisiens 2.625% 06.11.2019 70,000 - 70,000 - - 0.00 SNCF Mobilites 2.625% 13.12.2021 150,000 - - 150,000 162,075 0.09 SNCF Reseau 2.625% 10.03.2031 60,000 140,000 60,000 140,000 184,590 0.11 SNCF Reseau 2.625% 11.03.2037 60,000 - - 60,000 85,710 0.05 SNCF Reseau 2.875% 26.02.2021 120,000 - - 120,000 126,840 0.07 Societe Generale SA 0.4% 22.02.2022 100,000 - - 100,000 101,500 0.06 Societe Generale SA 0.875% 28.02.2024 - 200,000 - 200,000 207,900 0.12 Total Capital International SA 0.166% 21.12.2029 - 100,000 - 100,000 103,250 0.06 Total Capital International SA 0.288% 13.07.2026 100,000 - - 100,000 104,150 0.06 Total Capital International SA 0.5% 01.06.2027 50,000 - - 50,000 53,000 0.03 Total Capital International SA 1% 29.08.2024 165,000 265,000 165,000 265,000 284,610 0.16 6,068,165 3.50 Guernsey Credit Suisse Group Funding Guernsey Ltd 0.625% 21.08.2020 100,000 200,000 100,000 200,000 202,480 0.12 Credit Suisse Group Funding Guernsey Ltd 1% 14.04.2023 300,000 300,000 - 600,000 626,100 0.36 828,580 0.48 India Bharat Petroleum Corp Ltd 3% 20.12.2019 100,000 - 100,000 - - 0.00 -0.00 Ireland Russian Railways Via RZD Capital PLC 2.1% 02.10.2023 200,000 - - 200,000 212,000 0.12 UniCredit Bank Ireland PLC 4.25% 19.10.2022 50,000 - - 50,000 56,050 0.03 268,050 0.15 Jersey Glencore Finance Europe Ltd 1.25% 01.12.2020 115,000 - - 115,000 117,151 0.07 Glencore Finance Europe Ltd 1.25% 09.10.2024 - 100,000 - 100,000 105,700 0.06 Glencore Finance Europe Ltd 2.25% 10.05.2021 100,000 - - 100,000 103,950 0.06 Heathrow Funding Ltd 0.45% 15.10.2028 - 130,000 - 130,000 135,070 0.08 Heathrow Funding Ltd 0.5% 17.05.2024 100,000 - - 100,000 103,350 0.06 565,221 0.33 Cayman Islands ADCB Finance Cayman Ltd 0.375% 23.01.2023 100,000 - - 100,000 100,750 0.06 ADCB Finance Cayman Ltd 0.5% 29.11.2024 - 100,000 - 100,000 102,200 0.06 202,950 0.12

BlackRock Investment Funds Switzerland ANNUAL REPORT [209] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Canada Bank of Montreal 0.05% 30.12.2022 - 100,000 - 100,000 101,950 0.06 Bank of Nova Scotia 0.2% 19.11.2025 - 100,000 - 100,000 104,600 0.06 Bank of Nova Scotia 0.3% 16.09.2022 70,000 - - 70,000 71,890 0.04 Canadian Imperial Bank of Commerce 0.1% 30.04.2025 100,000 100,000 - 200,000 208,000 0.12 Canadian Imperial Bank of Commerce 0.1% 30.04.2025 - 100,000 100,000 - - 0.00 Canadian Imperial Bank of Commerce 0.125% 22.12.2025 - 75,000 - 75,000 78,225 0.05 Canadian Imperial Bank of Commerce 0.6% 30.01.2025 - 200,000 - 200,000 210,000 0.12 Province of Alberta Canada 0.375% 07.02.2029 - 100,000 - 100,000 106,300 0.06 Province of British Columbia Canada 2.875% 27.11.2018 50,000 - 50,000 - - 0.00 Province of Manitoba Canada 0.25% 15.03.2029 - 100,000 - 100,000 105,100 0.06 Province of Manitoba Canada 0.8% 15.03.2039 - 100,000 - 100,000 112,100 0.06 Province of New Brunswick Canada 0.2% 07.11.2031 85,000 100,000 50,000 135,000 139,590 0.08 Province of New Brunswick Canada 0.25% 19.01.2029 50,000 - - 50,000 52,525 0.03 Province of Ontario Canada 0.25% 28.06.2029 100,000 50,000 - 150,000 157,425 0.09 Province of Ontario Canada 2.5% 04.12.2019 150,000 - 150,000 - - 0.00 Province of Quebec Canada 0.75% 21.11.2024 135,000 235,000 135,000 235,000 252,272 0.15 Province of Quebec Canada 2.875% 17.12.2021 130,000 - - 130,000 141,310 0.08 Royal Bank of Canada 0.1% 18.07.2023 100,000 - - 100,000 102,100 0.06 Royal Bank of Canada 2.25% 21.04.2021 100,000 200,000 100,000 200,000 210,400 0.12 2,153,787 1.24 Kazakhstan Kazakhstan Temir Zholy National Co JSC 3.25% 05.12.2023 - 50,000 50,000 - - 0.00 -0.00 Liechtenstein Hilti AG 0.4% 08.11.2027 50,000 - - 50,000 52,775 0.03 LGT Bank AG 0.375% 05.07.2028 - 200,000 - 200,000 207,400 0.12 LGT Bank AG 0.5% 12.05.2027 100,000 - - 100,000 105,050 0.06 LGT Bank AG 0.625% 25.11.2025 105,000 205,000 105,000 205,000 217,300 0.13 LGT Bank AG 1.5% 10.05.2021 120,000 - - 120,000 124,500 0.07 Liechtensteinische Landesbank AG 0.125% 28.05.2026 - 100,000 - 100,000 103,000 0.06 VP Bank AG 0.5% 07.04.2021 50,000 - - 50,000 50,650 0.03 860,675 0.50 Luxembourg Africa Finance Corp 0.85% 27.12.2019 50,000 - 50,000 - - 0.00 ArcelorMittal 2.5% 03.07.2020 - 100,000 - 100,000 102,500 0.06 Aroundtown SA 0.732% 30.01.2025 50,000 - - 50,000 51,425 0.03 Aroundtown SA 1.72% 05.03.2026 - 100,000 - 100,000 108,950 0.06 Asian Development Bank 2.75% 12.02.2030 50,000 - - 50,000 67,275 0.04 Central American Bank for Economic Integration 0.194% 19.11.2021 100,000 - - 100,000 101,700 0.06 Central American Bank for Economic Integration 0.2% 25.03.2024 - 100,000 - 100,000 102,450 0.06 Central American Bank for Economic Integration 1.5% 04.02.2020 50,000 - - 50,000 50,555 0.03 Central American Bank for Economic Integration 1.875% 25.02.2022 150,000 50,000 - 200,000 212,000 0.12 Corp Andina de Fomento 0.15% 24.02.2022 - 200,000 - 200,000 202,600 0.12 Corp Andina de Fomento 1.375% 11.02.2021 200,000 - - 200,000 205,300 0.12 Corp Andina de Fomento 1.5% 01.12.2028 100,000 - - 100,000 111,550 0.06 Corp Andina de Fomento 2% 05.02.2024 100,000 - - 100,000 109,650 0.06 Council Of Europe Development Bank 1% 06.03.2023 - 100,000 - 100,000 106,600 0.06 Council Of Europe Development Bank 3.375% 06.11.2020 60,000 - - 60,000 63,192 0.04 CPI Property Group SA 1.63% 25.10.2023 - 100,000 - 100,000 102,600 0.06 DH Switzerland Finance SA 0.5% 08.12.2023 115,000 50,000 50,000 115,000 118,623 0.07 DH Switzerland Finance SA 1.125% 08.12.2028 100,000 - - 100,000 110,100 0.06 EUROFIMA 0.625% 30.06.2021 100,000 200,000 - 300,000 308,100 0.18 EUROFIMA 2.875% 04.02.2030 100,000 - - 100,000 133,600 0.08 EUROFIMA 3% 22.05.2024 100,000 - - 100,000 117,900 0.07 EUROFIMA 3% 15.05.2026 225,000 450,000 150,000 525,000 653,100 0.38 EUROFIMA 3.375% 29.12.2020 260,000 260,000 310,000 210,000 222,453 0.13

[210] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) European Investment Bank 1.125% 26.04.2023 150,000 - - 150,000 161,100 0.09 European Investment Bank 1.375% 21.02.2028 - 100,000 - 100,000 116,850 0.07 European Investment Bank 1.5% 02.08.2024 295,000 200,000 200,000 295,000 329,515 0.19 European Investment Bank 1.625% 23.11.2023 100,000 300,000 150,000 250,000 276,875 0.16 European Investment Bank 1.625% 04.02.2025 150,000 100,000 - 250,000 283,750 0.16 European Investment Bank 1.625% 02.04.2026 150,000 - - 150,000 173,625 0.10 European Investment Bank 1.75% 28.06.2033 75,000 50,000 - 125,000 159,937 0.09 European Investment Bank 2.375% 10.07.2020 335,000 - 150,000 185,000 190,809 0.11 European Investment Bank 2.625% 11.02.2025 100,000 - 100,000 - - 0.00 European Investment Bank 3.125% 30.06.2036 50,000 100,000 - 150,000 233,400 0.13 European Investment Bank 3.375% 15.10.2027 125,000 - - 125,000 166,562 0.09 Fondo Financiero para el Desarrollo de la Cuenca del Plata 0.578% 11.03.2024 - 100,000 - 100,000 102,350 0.06 Gazprom OAO Via Gaz Capital SA 2.85% 25.10.2019 450,000 - - 450,000 452,880 0.26 Grand City Properties SA 0.57% 24.06.2024 - 100,000 - 100,000 102,400 0.06 International Bank for Reconstruction & Development 0% 26.11.2021 100,000 - - 100,000 102,050 0.06 Mediobanca International Luxembourg SA 0.55% 02.03.2023 100,000 100,000 100,000 100,000 101,950 0.06 North American Development Bank 0.2% 26.10.2027 100,000 - - 100,000 104,650 0.06 6,420,926 3.70 Mexico Banco Mercantil del Norte SA 1.55% 11.10.2022 - 100,000 - 100,000 103,950 0.06 Banco Mercantil del Norte SA/Grand Cayman 0.875% 14.12.2021 50,000 - - 50,000 50,500 0.03 Minera y Metalurgica del Boleo SAPI de CV 0.75% 12.11.2019 50,000 - 50,000 - - 0.00 Petroleos Mexicanos 1.5% 08.12.2020 100,000 - 100,000 - - 0.00 Petroleos Mexicanos 1.75% 04.12.2023 100,000 - 100,000 - - 0.00 Petroleos Mexicanos 2.375% 14.12.2021 50,000 - 50,000 - - 0.00 154,450 0.09 New Zealand ANZ New Zealand Int'l Ltd/London 0.35% 22.10.2024 175,000 - - 175,000 181,125 0.10 ASB Finance Ltd 0.2% 02.08.2024 60,000 - - 60,000 61,710 0.04 ASB Finance Ltd/London 0.45% 30.01.2025 - 100,000 - 100,000 104,050 0.06 Auckland Council 1.125% 07.02.2024 60,000 100,000 - 160,000 173,040 0.10 BNZ International Funding Ltd/London 0.25% 24.06.2022 75,000 - - 75,000 76,688 0.04 BNZ International Funding Ltd/London 1.125% 20.09.2019 50,000 - 50,000 - - 0.00 BNZ International Funding Ltd/London 1.375% 03.02.2021 65,000 - - 65,000 66,885 0.04 Kiwibank Ltd 1% 23.12.2020 100,000 - - 100,000 102,640 0.06 Westpac Securities NZ Ltd/London 0.125% 15.12.2022 50,000 250,000 50,000 250,000 255,000 0.15 Westpac Securities NZ Ltd/London 0.625% 02.09.2020 100,000 - - 100,000 101,420 0.06 1,122,558 0.65 Netherlands ABN AMRO Bank NV 0.3% 18.12.2024 - 100,000 - 100,000 103,100 0.06 ABN AMRO Bank NV 0.5% 29.07.2022 110,000 - - 110,000 113,355 0.06 ABN AMRO Bank NV 2.625% 27.04.2021 100,000 - - 100,000 106,050 0.06 ABN AMRO Bank NV 3.375% 15.08.2031 100,000 - - 100,000 143,400 0.08 Achmea Bank NV 0.5% 15.11.2022 - 50,000 - 50,000 50,950 0.03 Achmea Bank NV 0.5% 27.10.2023 50,000 - - 50,000 51,125 0.03 Achmea Bank NV 0.5% 03.10.2025 50,000 - - 50,000 51,075 0.03 Bharti Airtel International Netherlands 3% 31.03.2020 50,000 - 50,000 - - 0.00 BMW International Investment BV 0.3% 05.09.2024 - 100,000 - 100,000 103,300 0.06 BMW International Investment BV 0.75% 03.09.2027 - 100,000 - 100,000 105,650 0.06 BNG Bank NV 1.125% 13.09.2022 - 200,000 - 200,000 212,300 0.12 BNG Bank NV 1.125% 19.04.2023 100,000 - - 100,000 107,300 0.06 BNG Bank NV 1.25% 30.04.2024 155,000 - - 155,000 170,190 0.10 BNG Bank NV 2.125% 09.11.2029 50,000 - - 50,000 63,100 0.04 BNG Bank NV 2.25% 14.10.2020 130,000 - - 130,000 134,797 0.08 BNG Bank NV 2.25% 23.02.2021 105,000 - - 105,000 109,988 0.06 BNG Bank NV 2.5% 21.07.2025 215,000 140,000 70,000 285,000 340,575 0.20

BlackRock Investment Funds Switzerland ANNUAL REPORT [211] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Cooperatieve Rabobank UA 0.25% 25.11.2027 - 200,000 - 200,000 205,000 0.12 Cooperatieve Rabobank UA 1.125% 08.04.2021 100,000 - - 100,000 103,000 0.06 Cooperatieve Rabobank UA 1.25% 15.10.2020 100,000 200,000 100,000 200,000 204,780 0.12 Cooperatieve Rabobank UA 2% 16.09.2021 100,000 - - 100,000 105,600 0.06 Cooperatieve Rabobank UA 3.125% 15.09.2026 100,000 - - 100,000 125,450 0.07 Cooperatieve Rabobank UA 3.5% 31.08.2023 100,000 - - 100,000 116,800 0.07 Daimler International Finance BV 0.25% 14.11.2022 - 200,000 - 200,000 204,200 0.12 EBN BV 1.625% 03.10.2023 200,000 100,000 - 300,000 327,600 0.19 EBN BV 2.125% 27.04.2020 110,000 - 110,000 - - 0.00 Enel Finance International NV 0.55% 03.09.2024 50,000 - - 50,000 51,775 0.03 Enel Finance International NV 3% 23.06.2020 100,000 - - 100,000 102,720 0.06 ING Bank NV 2.625% 23.03.2021 50,000 - - 50,000 52,700 0.03 ING Bank NV 3.125% 04.03.2021 100,000 - - 100,000 105,450 0.06 Nederlandse Waterschapsbank NV 0.625% 21.08.2037 100,000 - - 100,000 111,700 0.06 Nederlandse Waterschapsbank NV 1.375% 13.09.2027 65,000 215,000 65,000 215,000 249,077 0.14 Nederlandse Waterschapsbank NV 1.875% 03.02.2020 100,000 - 100,000 - - 0.00 Nederlandse Waterschapsbank NV 2.25% 24.02.2021 - 100,000 - 100,000 104,800 0.06 Nederlandse Waterschapsbank NV 2.375% 19.08.2020 215,000 - - 215,000 222,203 0.13 Nederlandse Waterschapsbank NV 2.625% 07.02.2022 115,000 200,000 100,000 215,000 234,242 0.13 Nederlandse Waterschapsbank NV 3.25% 07.08.2029 50,000 - 50,000 - - 0.00 Shell International Finance BV 0.375% 21.08.2023 180,000 200,000 - 380,000 394,250 0.23 Shell International Finance BV 0.875% 21.08.2028 110,000 - - 110,000 120,010 0.07 5,107,612 2.94 Norway DNB Bank ASA 0.05% 13.03.2024 - 100,000 - 100,000 102,150 0.06 DNB Bank ASA 0.125% 30.11.2023 - 100,000 - 100,000 102,300 0.06 DNB Boligkreditt AS 2% 02.09.2030 75,000 - - 75,000 93,713 0.05 Eksportfinans ASA 2.25% 11.02.2021 50,000 - - 50,000 51,800 0.03 Norske Tog AS 1.125% 02.05.2023 - 100,000 - 100,000 106,650 0.06 SpareBank 1 Nord Norge 0.125% 11.12.2025 - 100,000 - 100,000 101,700 0.06 SpareBank 1 Nord Norge 0.875% 02.12.2020 50,000 - - 50,000 50,925 0.03 SpareBank 1 SMN 0.35% 05.04.2023 50,000 - - 50,000 51,425 0.03 660,663 0.38 Austria BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG 0.01% 15.09.2021 50,000 - - 50,000 50,150 0.03 Bundesimmobiliengesellschaft mbH 3.125% 01.09.2031 - 70,000 - 70,000 98,455 0.06 HYPO NOE Landesbank fuer Niederoesterreich und Wien AG 0.1% 27.11.2024 - 50,000 - 50,000 50,748 0.03 HYPO NOE Landesbank fuer Niederoesterreich und Wien AG 0.125% 17.10.2023 60,000 - - 60,000 61,080 0.03 HYPO NOE Landesbank fuer Niederoesterreich und Wien AG 0.2% 31.03.2022 50,000 - - 50,000 50,775 0.03 Hypo Vorarlberg Bank AG 0.125% 06.10.2021 50,000 - - 50,000 50,625 0.03 Hypo Vorarlberg Bank AG 0.45% 05.03.2024 50,000 - - 50,000 51,700 0.03 Kommunalkredit Austria AG 2.375% 26.08.2020 50,000 - - 50,000 51,275 0.03 Kommunalkredit Austria AG 3.375% 22.06.2026 70,000 - - 70,000 86,065 0.05 Oesterreichische Kontrollbank AG 1% 28.09.2021 - 100,000 - 100,000 104,000 0.06 Oesterreichische Kontrollbank AG 1.125% 24.07.2020 100,000 - - 100,000 101,910 0.06 Oesterreichische Kontrollbank AG 1.75% 24.05.2023 - 100,000 - 100,000 109,900 0.06 Oesterreichische Kontrollbank AG 2.625% 22.11.2024 135,000 185,000 135,000 185,000 218,855 0.13 Oesterreichische Kontrollbank AG 2.875% 25.02.2030 400,000 200,000 200,000 400,000 540,400 0.31 Oesterreichische Kontrollbank AG 3% 14.06.2022 200,000 100,000 100,000 200,000 222,300 0.13 Raiffeisen Bank International AG 4.75% 24.10.2022 50,000 50,000 - 100,000 112,400 0.06 State of Lower Austria 0.2% 07.08.2020 100,000 - - 100,000 100,970 0.06 State of Lower Austria 0.375% 27.04.2021 60,000 - - 60,000 61,140 0.03 2,122,748 1.22

[212] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Poland Powszechna Kasa Oszczednosci Bank Polski SA 0.3% 02.11.2021 100,000 - - 100,000 101,150 0.06 Republic of Poland Government International Bond 1% 17.09.2021 100,000 - - 100,000 103,500 0.06 204,650 0.12 Sweden Akademiska Hus AB 0.25% 17.11.2025 50,000 - - 50,000 52,725 0.03 Akademiska Hus AB 0.3% 08.10.2029 100,000 100,000 - 200,000 212,500 0.12 Kommuninvest I Sverige AB 1.25% 28.02.2022 50,000 200,000 100,000 150,000 158,175 0.09 Lansforsakringar Hypotek AB 0.2% 17.04.2026 100,000 - - 100,000 105,200 0.06 Lansforsakringar Hypotek AB 1.125% 11.04.2023 70,000 - 70,000 - - 0.00 Nordea Bank Abp 0.55% 23.06.2025 100,000 - - 100,000 105,450 0.06 Nordea Bank Abp 0.875% 25.09.2018 105,000 - 105,000 - - 0.00 Nordea Bank Abp 1.125% 02.10.2020 110,000 - - 110,000 112,178 0.07 Svensk Exportkredit AB 1.25% 17.07.2023 50,000 - - 50,000 54,175 0.03 Svenska Handelsbanken AB 0.625% 11.12.2018 50,000 - 50,000 - - 0.00 Svenska Handelsbanken AB 1.375% 05.10.2022 100,000 - - 100,000 106,250 0.06 Swedbank Hypotek AB 2.5% 03.06.2022 - 200,000 - 200,000 219,100 0.13 1,125,753 0.65 Switzerland Aargauische Kantonalbank 0% 08.03.2022 50,000 - - 50,000 50,950 0.03 Aargauische Kantonalbank 0.05% 16.12.2022 100,000 - 100,000 - - 0.00 Aargauische Kantonalbank 0.11% 21.02.2024 100,000 - - 100,000 103,200 0.06 Aargauische Kantonalbank 0.125% 11.02.2026 - 100,000 - 100,000 103,950 0.06 Aargauische Kantonalbank 0.25% 03.04.2025 100,000 - - 100,000 104,450 0.06 Aargauische Kantonalbank 0.25% 07.09.2026 100,000 - - 100,000 104,900 0.06 Aargauische Kantonalbank 0.5% 15.11.2027 - 200,000 - 200,000 214,000 0.12 Aargauische Kantonalbank 0.625% 13.04.2028 70,000 - - 70,000 75,705 0.04 Aargauische Kantonalbank 1% 19.06.2023 100,000 200,000 - 300,000 319,200 0.18 Aargauische Kantonalbank 1.6% 18.05.2037 50,000 - - 50,000 63,375 0.04 ABB Ltd 0.3% 06.08.2024 - 150,000 50,000 100,000 103,050 0.06 ABB Ltd 1% 07.05.2029 - 100,000 - 100,000 107,950 0.06 ABB Ltd 2.25% 11.10.2021 100,000 - - 100,000 106,250 0.06 Adecco Group AG 0.875% 18.09.2026 - 100,000 - 100,000 106,200 0.06 Aduno Holding AG 1.125% 16.07.2021 50,000 - - 50,000 51,500 0.03 Aeroport International de Geneve 0.31% 27.06.2029 - 100,000 - 100,000 102,300 0.06 Aeroport International de Geneve 0.4% 20.09.2027 - 100,000 - 100,000 103,650 0.06 AKEB AG fuer Kernenergie Beteiligungen 1.625% 09.06.2023 50,000 - - 50,000 51,250 0.03 Allreal Holding AG 0.625% 10.05.2024 50,000 - - 50,000 51,650 0.03 Allreal Holding AG 0.75% 19.06.2026 50,000 - - 50,000 52,475 0.03 Allreal Holding AG 0.875% 30.03.2027 50,000 - - 50,000 52,500 0.03 Allreal Holding AG 1.375% 31.03.2025 50,000 - - 50,000 54,075 0.03 Allreal Holding AG 2% 23.09.2020 50,000 - - 50,000 51,265 0.03 Alpiq Holding AG 2.125% 30.06.2023 70,000 - - 70,000 75,180 0.04 Alpiq Holding AG 2.25% 20.09.2021 100,000 - 80,000 20,000 20,960 0.01 Alpiq Holding AG 2.625% 29.07.2024 60,000 - - 60,000 66,930 0.04 Alpiq Holding AG 3% 16.05.2022 60,000 - - 60,000 64,980 0.04 Amag Leasing AG 0.125% 12.07.2022 - 100,000 - 100,000 100,400 0.06 Amag Leasing AG 0.35% 27.10.2021 100,000 - - 100,000 101,000 0.06 Amag Leasing AG 0.55% 10.02.2023 100,000 - - 100,000 101,750 0.06 Axpo Holding AG 1.75% 29.05.2024 120,000 - - 120,000 129,060 0.07 Axpo Holding AG 2.625% 26.02.2020 100,000 - 100,000 - - 0.00 Axpo Holding AG 3.125% 26.02.2025 50,000 - - 50,000 58,175 0.03 Baloise Holding AG 0.5% 28.11.2025 - 100,000 - 100,000 103,900 0.06 Baloise Holding AG 1.125% 19.12.2024 75,000 - - 75,000 80,400 0.05 Baloise Holding AG 1.75% 26.04.2023 105,000 - - 105,000 113,190 0.07 Baloise Holding AG 2.875% 14.10.2020 100,000 - - 100,000 104,170 0.06 Banca Dello Stato del Cantone Ticino 0.05% 10.07.2029 - 100,000 - 100,000 102,150 0.06

BlackRock Investment Funds Switzerland ANNUAL REPORT [213] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Banca Dello Stato del Cantone Ticino 0.375% 08.02.2028 50,000 - - 50,000 52,800 0.03 Banca Dello Stato del Cantone Ticino 0.45% 26.02.2029 - 200,000 - 200,000 212,000 0.12 Banca Dello Stato del Cantone Ticino 0.5% 24.06.2024 50,000 - - 50,000 52,400 0.03 Bank Cler AG 0.375% 26.04.2027 - 100,000 - 100,000 103,300 0.06 Bank Cler AG 0.5% 28.11.2025 50,000 - - 50,000 52,250 0.03 Banque Cantonale de Fribourg 0.2% 20.02.2026 75,000 - - 75,000 78,150 0.05 Banque Cantonale de Fribourg 0.25% 24.05.2029 - 100,000 - 100,000 105,050 0.06 Banque Cantonale de Fribourg 0.3% 17.02.2027 50,000 - - 50,000 52,650 0.03 Banque Cantonale de Fribourg 0.5% 23.02.2028 - 100,000 100,000 - - 0.00 Banque Cantonale de Fribourg 0.5% 23.02.2028 - 100,000 - 100,000 107,150 0.06 Banque Cantonale de Fribourg 0.55% 03.02.2025 - 100,000 - 100,000 106,000 0.06 Banque Cantonale de Fribourg 0.6% 09.04.2027 100,000 - - 100,000 107,650 0.06 Banque Cantonale de Fribourg 1.125% 05.02.2021 50,000 - - 50,000 51,400 0.03 Banque Cantonale de Fribourg 1.125% 01.02.2022 100,000 - - 100,000 104,550 0.06 Banque Cantonale de Fribourg 1.125% 28.03.2023 125,000 - - 125,000 133,125 0.08 Banque Cantonale de Fribourg 1.25% 03.06.2024 - 200,000 100,000 100,000 108,900 0.06 Banque Cantonale de Geneve 0.5% 10.06.2024 50,000 - - 50,000 52,275 0.03 Banque Cantonale de Geneve 1.125% 28.06.2027 50,000 - - 50,000 52,450 0.03 Banque Cantonale Neuchateloise 0.35% 14.09.2026 - 100,000 - 100,000 105,000 0.06 Banque Cantonale Neuchateloise 1.25% 26.04.2021 50,000 - - 50,000 51,650 0.03 Banque Cantonale Vaudoise 0.25% 28.11.2025 50,000 - - 50,000 52,050 0.03 Banque Cantonale Vaudoise 0.4% 07.04.2031 60,000 - - 60,000 62,880 0.04 Banque Cantonale Vaudoise 1.5% 28.03.2024 50,000 - - 50,000 54,875 0.03 Banque Cantonale Vaudoise 2.5% 25.03.2020 60,000 - - 60,000 61,278 0.04 Basellandschaftliche Kantonalbank 0.25% 13.05.2025 50,000 200,000 - 250,000 261,375 0.15 Basellandschaftliche Kantonalbank 0.25% 25.01.2027 150,000 - - 150,000 157,350 0.09 Basellandschaftliche Kantonalbank 0.25% 04.08.2027 - 100,000 - 100,000 105,050 0.06 Basellandschaftliche Kantonalbank 0.375% 23.03.2026 - 100,000 - 100,000 105,650 0.06 Basellandschaftliche Kantonalbank 0.75% 30.03.2028 50,000 - - 50,000 54,675 0.03 Basellandschaftliche Kantonalbank 1.125% 27.03.2023 150,000 - - 150,000 159,750 0.09 Basellandschaftliche Kantonalbank 1.75% 09.11.2020 220,000 - - 220,000 226,996 0.13 Basler Kantonalbank 0% 11.04.2022 100,000 - - 100,000 101,900 0.06 Basler Kantonalbank 0.15% 02.04.2027 - 200,000 - 200,000 208,700 0.12 Basler Kantonalbank 0.3% 22.06.2027 100,000 - - 100,000 105,400 0.06 Basler Kantonalbank 1.5% 02.03.2027 50,000 - - 50,000 57,375 0.03 Basler Kantonalbank 1.875% 26.10.2026 100,000 - - 100,000 116,950 0.07 Basler Kantonalbank 2.5% 24.03.2021 90,000 - - 90,000 94,770 0.05 Basler Kantonalbank 3.25% 29.06.2022 100,000 - - 100,000 111,600 0.06 Bell Food Group AG 0.375% 01.02.2024 45,000 - - 45,000 45,900 0.03 Bell Food Group AG 0.625% 24.03.2025 100,000 - - 100,000 103,850 0.06 Bell Food Group AG 0.75% 01.02.2028 50,000 - - 50,000 52,975 0.03 Berner Kantonalbank AG 0.4% 03.05.2027 100,000 - - 100,000 105,700 0.06 Berner Kantonalbank AG 0.75% 14.07.2025 50,000 - - 50,000 53,675 0.03 BKW AG 0.25% 29.07.2027 - 100,000 - 100,000 102,350 0.06 BKW AG 0.75% 15.10.2025 - 200,000 - 200,000 210,600 0.12 BKW AG 2.5% 15.10.2030 50,000 - - 50,000 62,625 0.04 BKW AG 3.375% 29.07.2019 165,000 - 165,000 - - 0.00 BLS AG 0.4% 12.12.2028 - 140,000 - 140,000 150,220 0.09 Bobst Group SA 1.125% 27.09.2024 - 100,000 - 100,000 102,800 0.06 Bucher Industries AG 1.375% 02.10.2024 50,000 - - 50,000 53,800 0.03 Buehler Holding AG 0.6% 21.12.2026 100,000 - - 100,000 104,200 0.06 Canton of Aargau 0.25% 11.12.2029 - 50,000 - 50,000 53,500 0.03 Canton of Aargau 0.375% 17.02.2031 50,000 - - 50,000 54,275 0.03 Canton of Aargau 2% 15.12.2028 70,000 - - 70,000 86,695 0.05 Canton of Basel-City 0% 22.02.2023 - 150,000 - 150,000 154,275 0.09 Canton of Basel-City 0% 05.09.2023 300,000 - - 300,000 309,450 0.18 Canton of Basel-City 0% 22.11.2024 50,000 - - 50,000 51,925 0.03 Canton of Basel-City 0% 30.05.2025 - 100,000 - 100,000 104,046 0.06

[214] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Canton of Basel-City 0% 24.09.2025 - 100,000 - 100,000 104,300 0.06 Canton of Basel-City 0% 05.09.2029 50,000 - - 50,000 52,100 0.03 Canton of Basel-City 0.5% 22.02.2034 - 100,000 - 100,000 110,200 0.06 Canton of Basel-City 0.5% 23.02.2035 50,000 - - 50,000 55,150 0.03 Canton of Basel-Landschaft 0.125% 26.02.2026 - 200,000 - 200,000 210,300 0.12 Canton of Basel-Landschaft 0.5% 30.03.2022 100,000 - - 100,000 103,550 0.06 Canton of Basel-Landschaft 1% 30.03.2027 250,000 - - 250,000 280,625 0.16 Canton of Basel-Landschaft 1.375% 29.09.2034 110,000 - - 110,000 136,125 0.08 Canton of Basel-Landschaft 1.5% 26.06.2028 - 100,000 - 100,000 118,200 0.07 Canton of Basel-Landschaft 1.75% 26.06.2043 60,000 - - 60,000 84,570 0.05 Canton of Basel-Landschaft 2.625% 10.05.2030 50,000 100,000 - 150,000 199,875 0.12 Canton of Berne 0.35% 08.05.2034 - 150,000 - 150,000 161,850 0.09 Canton of Berne 0.5% 28.09.2037 50,000 - - 50,000 55,275 0.03 Canton of Berne 0.625% 11.02.2032 50,000 - - 50,000 55,875 0.03 Canton of Berne 1.25% 30.03.2027 - 100,000 - 100,000 114,250 0.07 Canton of Berne 1.25% 07.02.2028 100,000 - - 100,000 115,500 0.07 Canton of Berne 1.25% 12.09.2030 220,000 - - 220,000 260,370 0.15 Canton of Berne 1.75% 24.09.2025 100,000 300,000 100,000 300,000 345,300 0.20 Canton of Berne 2.25% 31.05.2023 100,000 - - 100,000 111,650 0.06 Canton of Berne 2.375% 25.03.2022 120,000 - - 120,000 130,320 0.08 Canton of Berne 2.625% 24.04.2020 145,000 100,000 245,000 - - 0.00 Canton of Geneva Switzerland 0.02% 27.11.2024 110,000 - - 110,000 113,850 0.07 Canton of Geneva Switzerland 0.4% 28.04.2036 210,000 510,000 210,000 510,000 541,365 0.31 Canton of Geneva Switzerland 0.5% 27.11.2030 110,000 - - 110,000 119,185 0.07 Canton of Geneva Switzerland 0.5% 28.11.2031 - 100,000 - 100,000 108,450 0.06 Canton of Geneva Switzerland 0.5% 31.10.2056 50,000 - - 50,000 54,900 0.03 Canton of Geneva Switzerland 0.6% 24.03.2038 50,000 - - 50,000 54,775 0.03 Canton of Geneva Switzerland 0.6% 04.07.2046 100,000 150,000 100,000 150,000 166,200 0.10 Canton of Geneva Switzerland 1% 26.10.2022 - 100,000 - 100,000 105,750 0.06 Canton of Geneva Switzerland 1% 29.09.2026 75,000 - - 75,000 83,100 0.05 Canton of Geneva Switzerland 1.25% 29.12.2022 - 100,000 - 100,000 106,900 0.06 Canton of Geneva Switzerland 1.25% 22.03.2023 115,000 - - 115,000 123,280 0.07 Canton of Geneva Switzerland 1.5% 14.10.2024 100,000 - - 100,000 111,300 0.06 Canton of Geneva Switzerland 1.5% 05.03.2032 105,000 - - 105,000 127,260 0.07 Canton of Geneva Switzerland 1.625% 28.11.2023 200,000 - - 200,000 220,100 0.13 Canton of Geneva Switzerland 1.625% 30.07.2029 - 100,000 - 100,000 119,750 0.07 Canton of Geneva Switzerland 1.75% 24.05.2034 125,000 285,000 125,000 285,000 362,662 0.21 Canton of Geneva Switzerland 2.125% 15.06.2020 180,000 - 180,000 - - 0.00 Canton of Geneva Switzerland 2.125% 27.10.2028 150,000 - 100,000 50,000 61,725 0.04 Canton of Geneva Switzerland 2.25% 22.02.2021 - 100,000 - 100,000 104,650 0.06 Canton of Geneva Switzerland 2.5% 06.04.2022 115,000 - - 115,000 125,120 0.07 Canton of Graubuenden 0.25% 26.11.2027 50,000 - - 50,000 53,375 0.03 Canton of Lucerne 0.125% 20.06.2029 75,000 - - 75,000 79,125 0.05 Canton of Lucerne 1.52% 12.06.2043 50,000 - - 50,000 67,800 0.04 Canton of Neuchatel 0.04% 11.11.2024 60,000 - - 60,000 62,190 0.04 Canton of Neuchatel 0.3% 19.07.2039 - 100,000 - 100,000 104,400 0.06 Canton of Neuchatel 0.75% 28.11.2033 - 100,000 - 100,000 112,600 0.07 Canton of Solothurn 0% 27.10.2025 100,000 - - 100,000 104,150 0.06 Canton of Solothurn 0.5% 16.10.2030 250,000 100,000 - 350,000 384,300 0.22 Canton of Solothurn 1% 20.02.2045 50,000 - - 50,000 62,125 0.04 Canton of Solothurn 1.125% 29.11.2027 - 100,000 - 100,000 114,300 0.07 Canton of St Gallen Switzerland 1.75% 18.07.2028 100,000 - - 100,000 120,600 0.07 Canton of St Gallen Switzerland 2% 16.07.2038 65,000 - - 65,000 90,480 0.05 Canton of Thurgau 0.375% 12.06.2025 60,000 - - 60,000 63,780 0.04 Canton of Ticino 0% 18.04.2029 - 150,000 - 150,000 155,775 0.09 Canton of Ticino 0.01% 22.12.2025 100,000 - - 100,000 104,050 0.06 Canton of Ticino 0.25% 08.05.2028 - 100,000 - 100,000 106,300 0.06 Canton of Ticino 0.4% 27.06.2044 55,000 - - 55,000 57,998 0.03

BlackRock Investment Funds Switzerland ANNUAL REPORT [215] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Canton of Ticino 1.375% 21.11.2022 100,000 - - 100,000 107,200 0.06 Canton of Ticino 1.875% 18.03.2038 55,000 - - 55,000 73,755 0.04 Canton of Ticino 2.5% 04.11.2021 100,000 - - 100,000 107,400 0.06 Canton of Vaud 1% 07.06.2022 80,000 - - 80,000 84,200 0.05 Canton of Vaud 2% 24.10.2033 135,000 - - 135,000 178,470 0.10 Canton of Zurich 0% 14.03.2023 - 200,000 - 200,000 205,800 0.12 Canton of Zurich 0% 27.06.2025 100,000 - - 100,000 104,250 0.06 Canton of Zurich 0.01% 07.09.2026 50,000 - - 50,000 52,325 0.03 Canton of Zurich 0.25% 12.07.2039 - 200,000 - 200,000 210,500 0.12 Canton of Zurich 1.25% 07.03.2024 420,000 100,000 - 520,000 568,360 0.33 Canton of Zurich 1.25% 03.12.2032 100,000 - - 100,000 120,400 0.07 Canton of Zurich 1.625% 29.07.2026 - 100,000 - 100,000 116,100 0.07 Canton of Zurich 2% 29.07.2038 60,000 - - 60,000 83,490 0.05 Cembra Money Bank AG 0.25% 23.05.2024 50,000 - - 50,000 50,700 0.03 Cembra Money Bank AG 0.375% 27.06.2025 100,000 - - 100,000 102,050 0.06 Cembra Money Bank AG 0.875% 08.06.2026 50,000 - - 50,000 52,675 0.03 Cembra Money Bank AG 1.25% 14.10.2022 70,000 - - 70,000 73,290 0.04 Chocoladefabriken Lindt & Spruengli AG 0.3% 06.10.2027 75,000 - - 75,000 78,038 0.05 Chocoladefabriken Lindt & Spruengli AG 0.5% 08.10.2020 120,000 - - 120,000 121,608 0.07 Chocoladefabriken Lindt & Spruengli AG 1% 08.10.2024 - 150,000 - 150,000 161,100 0.09 City of Bern Switzerland 0.04% 31.03.2027 100,000 - - 100,000 103,450 0.06 City of Bern Switzerland 0.625% 13.06.2039 100,000 - 100,000 - - 0.00 City of Bern Switzerland 0.7% 30.01.2034 - 200,000 - 200,000 220,300 0.13 City of Bern Switzerland 1.5% 25.02.2028 - 100,000 - 100,000 116,250 0.07 City of Bern Switzerland 2.5% 26.09.2025 120,000 - - 120,000 142,800 0.08 City of Bern Switzerland 2.5% 01.04.2041 50,000 - - 50,000 74,625 0.04 City of Biel Switzerland 0.625% 12.04.2027 - 100,000 - 100,000 107,130 0.06 City of Biel Switzerland 1.375% 24.09.2029 50,000 - - 50,000 57,525 0.03 City of Biel Switzerland 2.625% 03.03.2026 50,000 - - 50,000 60,000 0.03 City of Geneva Switzerland 0.125% 12.02.2025 - 100,000 - 100,000 103,800 0.06 City of Geneva Switzerland 1.625% 12.12.2024 100,000 - - 100,000 111,950 0.06 City of Lausanne Switzerland 0.875% 06.10.2042 100,000 100,000 100,000 100,000 110,600 0.06 City of Lausanne Switzerland 1% 29.04.2022 50,000 - - 50,000 52,250 0.03 City of Lausanne Switzerland 1.2% 26.10.2037 - 70,000 - 70,000 81,165 0.05 City of Lausanne Switzerland 1.25% 07.06.2024 100,000 100,000 - 200,000 216,900 0.13 City of Lugano Switzerland 0.25% 20.12.2027 100,000 - - 100,000 106,000 0.06 City of Lugano Switzerland 0.875% 09.12.2024 100,000 - - 100,000 108,050 0.06 City of Lugano Switzerland 1.125% 01.06.2022 - 100,000 - 100,000 105,250 0.06 City of St Gallen 0.6% 21.09.2037 50,000 - - 50,000 54,450 0.03 City of Zurich Switzerland 0.4% 21.11.2046 60,000 - - 60,000 62,730 0.04 City of Zurich Switzerland 0.7% 24.11.2039 50,000 - - 50,000 55,375 0.03 City of Zurich Switzerland 0.95% 19.12.2042 - 170,000 50,000 120,000 141,120 0.08 City of Zurich Switzerland 1% 05.12.2023 100,000 - - 100,000 107,100 0.06 City of Zurich Switzerland 1.5% 12.04.2032 100,000 - - 100,000 120,700 0.07 City of Zurich Switzerland 1.625% 26.09.2024 - 150,000 - 150,000 167,325 0.10 City of Zurich Switzerland 2.125% 26.09.2033 100,000 - - 100,000 131,150 0.08 City of Zurich Switzerland 2.55% 10.03.2036 75,000 100,000 - 175,000 248,238 0.14 City of Zurich Switzerland 2.625% 10.06.2038 85,000 - - 85,000 125,460 0.07 City of Zurich Switzerland 2.75% 14.02.2025 175,000 - 125,000 50,000 59,375 0.03 City of Zurich Switzerland 2.875% 21.04.2021 100,000 100,000 - 200,000 212,500 0.12 City of Zurich Switzerland 3% 08.06.2022 145,000 345,000 145,000 345,000 381,742 0.22 City of Zurich Switzerland 3.5% 14.08.2020 150,000 - 150,000 - - 0.00 Clariant AG 1.125% 15.04.2026 - 100,000 - 100,000 106,200 0.06 Coop-Gruppe Genossenschaft 0.25% 30.09.2022 125,000 - - 125,000 127,750 0.07 Coop-Gruppe Genossenschaft 0.5% 29.09.2027 100,000 - - 100,000 104,550 0.06 Coop-Gruppe Genossenschaft 0.75% 06.06.2025 50,000 - - 50,000 52,725 0.03 Coop-Gruppe Genossenschaft 0.875% 16.06.2021 200,000 - 100,000 100,000 102,750 0.06 Coop-Gruppe Genossenschaft 0.875% 31.07.2024 - 150,000 - 150,000 158,175 0.09

[216] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Coop-Gruppe Genossenschaft 1% 29.09.2023 50,000 - - 50,000 52,850 0.03 Credit Suisse AG 0.75% 11.07.2019 110,000 - 110,000 - - 0.00 Credit Suisse AG 3.375% 16.03.2020 50,000 - - 50,000 51,175 0.03 Credit Suisse AG/Guernsey 3.125% 12.11.2030 50,000 - - 50,000 65,650 0.04 Credit Suisse Schweiz AG 0% 16.07.2029 - 100,000 - 100,000 102,200 0.06 CRH Finance Switzerland AG 1.375% 30.09.2022 50,000 - - 50,000 52,425 0.03 Daetwyler Holding AG 0.625% 30.05.2024 50,000 - - 50,000 51,050 0.03 dormakaba Finance AG 0.375% 13.10.2021 100,000 - - 100,000 100,950 0.06 dormakaba Finance AG 1% 13.10.2025 100,000 - - 100,000 104,700 0.06 Electricite D'emosson SA 1.375% 02.11.2022 45,000 - - 45,000 46,530 0.03 Emissions- und Finanz AG 0.45% 11.07.2022 100,000 - - 100,000 101,100 0.06 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.125% 27.05.2025 200,000 - - 200,000 209,100 0.12 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.32% 09.05.2036 50,000 - - 50,000 53,425 0.03 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.375% 22.06.2032 50,000 - - 50,000 54,075 0.03 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.44% 28.05.2037 - 70,000 - 70,000 76,405 0.04 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.5% 09.03.2034 75,000 50,000 - 125,000 137,563 0.08 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.77% 16.05.2033 50,000 50,000 - 100,000 113,850 0.07 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 1.25% 15.06.2027 50,000 - - 50,000 57,175 0.03 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 1.75% 14.09.2026 70,000 - - 70,000 81,865 0.05 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 1.75% 24.07.2028 150,000 200,000 100,000 250,000 301,000 0.17 EMMI Finanz AG 1.625% 12.07.2023 50,000 200,000 100,000 150,000 162,000 0.09 Engadiner Kraftwerk AG 1.625% 25.04.2024 50,000 - - 50,000 54,025 0.03 FCA Capital Suisse SA 0.2% 24.07.2020 50,000 - 50,000 - - 0.00 FCA Capital Suisse SA 0.75% 29.11.2021 50,000 - - 50,000 50,750 0.03 First Swiss Mobility 2017-1 0.14% 16.04.2027 50,000 - - 50,000 50,040 0.03 Flughafen Zurich AG 0.625% 24.05.2029 100,000 60,000 - 160,000 171,200 0.10 Flughafen Zurich AG 1.25% 03.07.2020 50,000 - - 50,000 50,900 0.03 Flughafen Zurich AG 1.5% 17.04.2023 60,000 - - 60,000 64,440 0.04 Galenica AG 0.5% 15.06.2023 100,000 - - 100,000 102,750 0.06 Geberit AG 0.1% 17.10.2024 - 125,000 - 125,000 128,870 0.07 Geberit AG 0.3% 17.04.2023 50,000 - - 50,000 51,425 0.03 Geberit AG 0.6% 17.10.2028 - 50,000 - 50,000 53,770 0.03 Georg Fischer AG 1.05% 20.04.2028 50,000 200,000 100,000 150,000 159,450 0.09 Georg Fischer Finanz AG 2.5% 12.09.2022 55,000 - - 55,000 59,235 0.03 Givaudan SA 0% 07.12.2022 - 100,000 - 100,000 101,600 0.06 Givaudan SA 0.625% 05.12.2031 50,000 - - 50,000 51,250 0.03 Givaudan SA 1.75% 19.03.2024 200,000 - - 200,000 218,500 0.13 Glarner Kantonalbank 0.375% 26.02.2027 50,000 - - 50,000 52,800 0.03 Glarner Kantonalbank 1% 04.10.2019 50,000 - 50,000 - - 0.00 Grande Dixence SA 1.75% 12.05.2022 100,000 - - 100,000 105,300 0.06 Grande Dixence SA 2.375% 10.06.2021 50,000 - - 50,000 52,475 0.03 Graubuendner Kantonalbank 0.125% 29.05.2024 50,000 - - 50,000 51,775 0.03 Graubuendner Kantonalbank 0.3% 20.02.2026 100,000 - - 100,000 105,100 0.06 Graubuendner Kantonalbank 0.375% 28.05.2032 - 100,000 - 100,000 105,624 0.06 Graubuendner Kantonalbank 0.625% 20.04.2029 80,000 - - 80,000 86,960 0.05 Graubuendner Kantonalbank 0.75% 07.05.2021 70,000 - - 70,000 71,785 0.04 Graubuendner Kantonalbank 1.375% 11.03.2025 100,000 - - 100,000 111,050 0.06 Helvetia Holding AG 1.125% 08.04.2019 80,000 - 80,000 - - 0.00 Hiag Immobilien Holding AG 1% 01.07.2021 50,000 - - 50,000 50,875 0.03 Hiag Immobilien Holding AG 1% 26.10.2022 - 100,000 - 100,000 102,500 0.06 Hiag Immobilien Holding AG 1% 04.07.2023 50,000 - - 50,000 51,875 0.03 Implenia AG 1.625% 15.10.2024 50,000 - - 50,000 54,300 0.03

BlackRock Investment Funds Switzerland ANNUAL REPORT [217] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Intershop Holding AG 1.5% 14.02.2019 50,000 - 50,000 - - 0.00 Investis Holding SA 0.75% 03.10.2022 100,000 - - 100,000 101,600 0.06 Julius Baer Group Ltd 0.375% 06.12.2024 50,000 - - 50,000 51,250 0.03 Kantonsspital Aarau AG 0.75% 28.05.2032 50,000 - - 50,000 54,500 0.03 Kernkraftwerk Leibstadt AG 1.5% 16.12.2022 50,000 - - 50,000 52,250 0.03 Kernkraftwerk Leibstadt AG 2% 14.02.2025 - 100,000 - 100,000 108,800 0.06 Kernkraftwerk Leibstadt AG 2.5% 29.03.2019 50,000 - 50,000 - - 0.00 Kinderspital Zuerich-Eleonorenstiftung 0.75% 28.07.2036 50,000 - - 50,000 53,750 0.03 Kraftwerk Hinterrhein AG 2.375% 28.07.2022 50,000 - - 50,000 53,850 0.03 Kraftwerke Linth-Limmern AG 1.5% 06.12.2022 130,000 - - 130,000 136,825 0.08 Kraftwerke Linth-Limmern AG 2% 11.12.2023 100,000 - - 100,000 108,500 0.06 Kraftwerke Linth-Limmern AG 2.375% 10.12.2026 - 50,000 - 50,000 57,325 0.03 Kraftwerke Linth-Limmern AG 2.75% 10.03.2022 - 100,000 - 100,000 107,550 0.06 Kraftwerke Linth-Limmern AG 2.875% 30.06.2031 65,000 210,000 140,000 135,000 167,400 0.10 Kraftwerke Linth-Limmern AG 2.875% 27.03.2042 75,000 - - 75,000 87,975 0.05 Kraftwerke Linth-Limmern AG 3% 27.09.2052 50,000 - - 50,000 61,425 0.04 Kraftwerke Oberhasli AG 0.7% 30.01.2026 50,000 - - 50,000 52,050 0.03 Kuehne + Nagel International AG 0.02% 18.11.2022 - 50,000 - 50,000 50,300 0.03 Kuehne + Nagel International AG 0.2% 18.06.2025 - 75,000 - 75,000 76,275 0.04 LafargeHolcim Ltd 0.375% 03.12.2021 65,000 - - 65,000 66,073 0.04 LafargeHolcim Ltd 1% 11.12.2024 - 200,000 - 200,000 212,200 0.12 LafargeHolcim Ltd 2% 09.06.2022 75,000 - - 75,000 79,988 0.05 LafargeHolcim Ltd 3% 22.11.2022 130,000 230,000 130,000 230,000 255,530 0.15 Lonza Swiss Finanz AG 0.125% 01.11.2021 110,000 - - 110,000 110,660 0.06 Lonza Swiss Finanz AG 0.2% 12.07.2021 50,000 - - 50,000 50,475 0.03 Lonza Swiss Finanz AG 1.25% 22.09.2023 100,000 - - 100,000 105,850 0.06 Luzerner Kantonalbank AG 0.1% 08.05.2024 50,000 - - 50,000 51,650 0.03 Luzerner Kantonalbank AG 0.1% 15.09.2031 125,000 75,000 75,000 125,000 128,188 0.07 Luzerner Kantonalbank AG 0.35% 05.02.2027 150,000 - - 150,000 158,625 0.09 Luzerner Kantonalbank AG 0.375% 30.01.2023 105,000 - - 105,000 108,780 0.06 Luzerner Kantonalbank AG 0.41% 31.01.2029 - 250,000 - 250,000 266,375 0.15 Luzerner Kantonalbank AG 0.5% 26.07.2041 - 100,000 - 100,000 106,750 0.06 Luzerner Kantonalbank AG 1.125% 30.06.2023 100,000 - - 100,000 107,000 0.06 Luzerner Kantonalbank AG 1.625% 20.07.2037 100,000 - - 100,000 127,250 0.07 Luzerner Kantonalbank AG 1.875% 30.06.2020 100,000 - - 100,000 102,430 0.06 Luzerner Kantonalbank AG 2% 27.12.2039 100,000 - - 100,000 137,150 0.08 Luzerner Kantonalbank AG 2.125% 04.10.2041 - 50,000 - 50,000 71,025 0.04 Luzerner Kantonalbank AG 3% 11.03.2025 200,000 - - 200,000 240,300 0.14 Mobimo Holding AG 0.75% 20.03.2026 50,000 - - 50,000 52,050 0.03 Mobimo Holding AG 0.875% 02.10.2023 - 100,000 - 100,000 104,800 0.06 Mobimo Holding AG 1.625% 19.05.2021 - 100,000 - 100,000 103,350 0.06 Mobimo Holding AG 1.875% 16.09.2024 50,000 - - 50,000 55,450 0.03 Nant de Drance SA 1.5% 15.02.2021 55,000 - - 55,000 56,348 0.03 Nant de Drance SA 1.55% 19.08.2025 100,000 - - 100,000 107,100 0.06 Nant de Drance SA 1.75% 18.07.2024 115,000 - - 115,000 123,625 0.07 Nant de Drance SA 2.375% 15.02.2028 50,000 100,000 50,000 100,000 113,850 0.07 Nestle SA 0.25% 28.06.2024 185,000 985,000 585,000 585,000 613,665 0.35 Nestle SA 0.75% 28.06.2028 300,000 - 100,000 200,000 217,100 0.13 Nidwaldner Kantonalbank 0.2% 28.03.2025 50,000 - - 50,000 52,150 0.03 Nidwaldner Kantonalbank 0.25% 27.05.2026 50,000 - - 50,000 52,425 0.03 Novartis AG 0.25% 13.05.2025 175,000 - - 175,000 182,788 0.11 Novartis AG 0.625% 13.11.2029 85,000 370,000 270,000 185,000 199,800 0.12 Novartis AG 1.05% 11.05.2035 65,000 - - 65,000 74,945 0.04 OC Oerlikon Corp AG 2.625% 17.06.2024 - 100,000 - 100,000 113,250 0.07 Orior AG 0.625% 26.09.2023 50,000 - - 50,000 50,925 0.03 Panalpina Welttransport Holding AG 1% 12.12.2022 - 200,000 50,000 150,000 155,925 0.09 Partners Group Holding AG 0.15% 07.06.2024 50,000 - - 50,000 50,625 0.03 Partners Group Holding AG 0.4% 21.06.2027 - 200,000 - 200,000 205,700 0.12

[218] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefbank schweizerischer Hypothekarinstitute AG 0% 26.03.2021 350,000 - - 350,000 354,655 0.20 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0% 02.07.2021 235,000 - - 235,000 238,596 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0% 05.07.2022 - 1,000,000 - 1,000,000 1,022,100 0.59 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0% 16.05.2023 300,000 - - 300,000 308,070 0.18 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0% 29.07.2024 - 1,500,000 - 1,500,000 1,549,050 0.89 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 25.03.2024 100,000 700,000 350,000 450,000 466,740 0.27 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 26.04.2024 300,000 - - 300,000 311,100 0.18 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 06.05.2025 120,000 - - 120,000 124,896 0.07 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 06.09.2028 260,000 - - 260,000 270,920 0.16 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 10.12.2030 - 300,000 - 300,000 311,100 0.18 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 23.09.2032 100,000 - - 100,000 102,900 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 17.11.2025 600,000 - 600,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 27.04.2026 150,000 - - 150,000 157,725 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 05.08.2026 670,000 - - 670,000 704,907 0.41 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 18.09.2026 100,000 - - 100,000 105,230 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 20.10.2026 350,000 - - 350,000 368,375 0.21 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 16.11.2026 - 150,000 - 150,000 157,890 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 18.01.2027 100,000 - - 100,000 105,280 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 26.04.2034 - 100,000 - 100,000 104,221 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 14.10.2036 140,000 - - 140,000 144,970 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 17.05.2040 275,000 - - 275,000 282,150 0.16 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 15.10.2025 200,000 - - 200,000 211,560 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 21.03.2028 100,000 - - 100,000 106,420 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 10.07.2028 - 200,000 - 200,000 213,000 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 21.01.2030 250,000 - - 250,000 266,500 0.15 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 08.07.2039 150,000 - - 150,000 157,680 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 15.06.2046 - 100,000 - 100,000 105,150 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 15.06.2046 - 100,000 100,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 24.01.2025 300,000 - 150,000 150,000 159,150 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 22.01.2029 150,000 - - 150,000 161,400 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 15.06.2029 275,000 - - 275,000 296,312 0.17 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 05.10.2035 285,000 - 285,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 17.06.2041 - 150,000 50,000 100,000 107,880 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 25.01.2044 - 900,000 - 900,000 971,820 0.56

BlackRock Investment Funds Switzerland ANNUAL REPORT [219] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 19.03.2025 135,000 400,000 200,000 335,000 358,215 0.21 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 18.10.2030 200,000 - - 200,000 218,840 0.13 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 16.05.2031 200,000 - - 200,000 219,000 0.13 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 25.04.2033 535,000 - 535,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 25.01.2034 - 600,000 - 600,000 657,900 0.38 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 23.01.2037 50,000 - - 50,000 55,100 0.03 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 18.10.2039 50,000 - - 50,000 55,120 0.03 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.75% 18.10.2038 750,000 - - 750,000 845,250 0.49 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 07.05.2035 300,000 - - 300,000 340,830 0.20 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 25.06.2037 180,000 - - 180,000 206,262 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 15.03.2040 - 450,000 200,000 250,000 288,950 0.17 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 19.06.2043 - 900,000 - 900,000 1,053,990 0.61 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 13.08.2021 1,140,000 3,140,000 1,940,000 2,340,000 2,426,346 1.40 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 10.05.2022 200,000 - - 200,000 209,800 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 21.05.2024 - 500,000 - 500,000 540,100 0.31 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 07.07.2026 - 600,000 - 600,000 663,240 0.38 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 23.01.2043 - 200,000 - 200,000 239,800 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 25.01.2045 150,000 - - 150,000 181,140 0.10 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.125% 03.03.2021 350,000 - - 350,000 360,745 0.21 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.125% 18.10.2047 - 400,000 100,000 300,000 378,060 0.22 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.25% 10.05.2021 150,000 - - 150,000 155,415 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.25% 29.09.2023 265,000 - - 265,000 286,624 0.17 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 30.11.2021 - 300,000 - 300,000 315,270 0.18 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 14.02.2024 280,000 - - 280,000 306,264 0.18 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 14.11.2024 230,000 - - 230,000 254,587 0.15 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 13.08.2027 120,000 - - 120,000 137,556 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.5% 16.01.2023 200,000 700,000 200,000 700,000 754,180 0.44 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.5% 21.01.2028 400,000 - - 400,000 464,920 0.27 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.5% 14.02.2040 195,000 - - 195,000 250,750 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 03.08.2020 - 200,000 - 200,000 204,900 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 15.03.2022 290,000 - - 290,000 308,241 0.18 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 03.07.2030 110,000 - - 110,000 132,572 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 29.11.2041 200,000 - - 200,000 266,760 0.15 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.75% 15.07.2025 135,000 - - 135,000 154,035 0.09

[220] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.875% 13.05.2020 290,000 - 290,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.875% 15.09.2031 200,000 - 100,000 100,000 125,100 0.07 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.125% 28.06.2023 300,000 - - 300,000 333,540 0.19 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.125% 28.11.2033 150,000 - - 150,000 197,550 0.11 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.125% 03.03.2044 50,000 - - 50,000 73,980 0.04 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.25% 25.02.2020 200,000 - 200,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.25% 13.08.2032 - 200,000 - 200,000 262,780 0.15 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.375% 30.10.2019 285,000 - 285,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.375% 27.01.2021 100,000 250,000 - 350,000 366,590 0.21 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.375% 27.06.2025 200,000 - - 200,000 235,480 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.5% 13.12.2019 255,000 - 255,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.75% 16.10.2020 335,000 - - 335,000 349,371 0.20 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.875% 14.02.2022 220,000 - - 220,000 240,548 0.14 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0% 15.07.2020 205,000 - - 205,000 206,579 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0% 15.12.2021 230,000 - - 230,000 234,278 0.14 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0% 25.07.2023 400,000 - - 400,000 411,200 0.24 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0% 14.06.2024 400,000 - - 400,000 413,000 0.24 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0% 27.01.2027 - 400,000 - 400,000 413,600 0.24 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.05% 06.11.2026 190,000 - - 190,000 196,821 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 12.03.2024 290,000 - - 290,000 300,353 0.17 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 17.07.2024 280,000 - - 280,000 290,500 0.17 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 31.10.2024 - 1,500,000 - 1,500,000 1,557,900 0.90 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 16.04.2025 100,000 - - 100,000 104,040 0.06 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 21.02.2020 590,000 - 590,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 01.12.2025 550,000 - - 550,000 577,005 0.33 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 12.05.2026 - 500,000 - 500,000 525,150 0.30 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 20.07.2026 - 100,000 - 100,000 105,120 0.06 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 11.02.2028 300,000 - - 300,000 315,930 0.18 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.3% 09.04.2029 - 200,000 - 200,000 211,420 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.3% 06.06.2031 150,000 - - 150,000 158,295 0.09 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.375% 14.02.2025 200,000 - - 200,000 210,660 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.375% 21.09.2027 200,000 - - 200,000 212,580 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.375% 24.07.2028 250,000 - - 250,000 265,700 0.15 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 06.04.2020 200,000 - - 200,000 201,760 0.12

BlackRock Investment Funds Switzerland ANNUAL REPORT [221] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 20.10.2023 200,000 - 200,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 19.05.2028 350,000 200,000 - 550,000 591,800 0.34 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 24.11.2028 100,000 - 100,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 30.04.2030 150,000 - - 150,000 161,880 0.09 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 20.09.2030 250,000 - - 250,000 269,750 0.16 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 15.05.2034 - 300,000 - 300,000 323,580 0.19 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.6% 11.12.2035 100,000 455,000 - 555,000 608,113 0.35 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.6% 11.12.2035 - 455,000 455,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.625% 08.03.2029 - 200,000 100,000 100,000 108,950 0.06 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.625% 12.02.2030 330,000 - - 330,000 360,261 0.21 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.625% 01.11.2030 260,000 - - 260,000 283,998 0.16 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.65% 15.02.2033 350,000 200,000 - 550,000 605,275 0.35 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.7% 04.03.2039 - 220,000 - 220,000 246,246 0.14 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.7% 04.03.2039 - 70,000 70,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 15.04.2024 1,000,000 - 200,000 800,000 852,960 0.49 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 23.09.2024 150,000 - - 150,000 160,605 0.09 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 01.10.2032 - 300,000 - 300,000 334,020 0.19 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 21.06.2033 600,000 500,000 900,000 200,000 222,920 0.13 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.875% 10.06.2021 280,000 - - 280,000 288,596 0.17 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.875% 20.06.2022 230,000 - - 230,000 240,856 0.14 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1% 17.02.2021 - 300,000 - 300,000 308,340 0.18 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1% 09.09.2022 - 300,000 - 300,000 316,320 0.18 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1% 22.09.2028 125,000 - - 125,000 140,313 0.08 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.125% 28.04.2023 280,000 - - 280,000 299,152 0.17 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.25% 29.10.2021 200,000 1,000,000 - 1,200,000 1,255,800 0.72 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.25% 03.02.2022 175,000 1,375,000 175,000 1,375,000 1,445,400 0.83 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 12.12.2022 510,000 - - 510,000 546,618 0.32 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 16.04.2025 185,000 - - 185,000 205,924 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 19.03.2027 100,000 - - 100,000 114,400 0.07 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 05.11.2027 430,000 - - 430,000 493,640 0.28 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.5% 03.09.2020 320,000 - - 320,000 327,936 0.19 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.5% 05.02.2029 300,000 - - 300,000 352,230 0.20 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.75% 02.09.2026 140,000 - - 140,000 162,302 0.09 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 2% 30.10.2025 250,000 - - 250,000 290,300 0.17

[222] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Pfandbriefzentrale der schweizerischen Kantonalbanken AG 2.125% 06.04.2020 150,000 - - 150,000 152,970 0.09 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 2.375% 06.04.2026 205,000 - - 205,000 245,119 0.14 PSP Swiss Property AG 0% 01.09.2023 150,000 - - 150,000 151,275 0.09 PSP Swiss Property AG 0.5% 16.02.2024 100,000 - - 100,000 103,300 0.06 PSP Swiss Property AG 0.55% 04.02.2028 - 225,000 75,000 150,000 156,825 0.09 PSP Swiss Property AG 0.7% 08.02.2027 - 100,000 - 100,000 104,950 0.06 Raiffeisen Schweiz Genossenschaft 0.125% 07.05.2024 - 100,000 - 100,000 102,250 0.06 Raiffeisen Schweiz Genossenschaft 0.3% 22.04.2025 50,000 - - 50,000 51,575 0.03 Raiffeisen Schweiz Genossenschaft 0.35% 16.02.2024 200,000 100,000 100,000 200,000 206,400 0.12 Raiffeisen Schweiz Genossenschaft 2% 21.09.2023 100,000 - - 100,000 109,900 0.06 Raiffeisen Schweiz Genossenschaft 2.625% 04.02.2026 50,000 - - 50,000 59,350 0.03 Raiffeisen Schweiz Genossenschaft 3.875% 21.12.2021 150,000 100,000 100,000 150,000 164,400 0.10 Rhaetische Bahn Stamm 0% 01.09.2025 50,000 - - 50,000 51,800 0.03 Roche Kapitalmarkt AG 0.1% 23.09.2024 195,000 695,000 395,000 495,000 513,810 0.30 Roche Kapitalmarkt AG 0.25% 24.09.2025 - 100,000 - 100,000 104,750 0.06 Roche Kapitalmarkt AG 0.45% 23.03.2029 75,000 100,000 100,000 75,000 79,500 0.05 Roche Kapitalmarkt AG 0.75% 24.09.2030 - 200,000 - 200,000 217,800 0.13 Roche Kapitalmarkt AG 1.625% 23.09.2022 75,000 - - 75,000 80,175 0.05 Schaffhauser Kantonalbank 0.5% 31.05.2028 100,000 - - 100,000 107,300 0.06 Schaffhauser Kantonalbank 1.125% 24.04.2023 70,000 - - 70,000 74,655 0.04 Schindler Holding AG 0.25% 05.06.2023 100,000 - - 100,000 102,500 0.06 Schwyzer Kantonalbank 0.1% 25.10.2028 100,000 - - 100,000 103,650 0.06 Schwyzer Kantonalbank 0.25% 04.03.2027 100,000 100,000 - 200,000 210,100 0.12 Schwyzer Kantonalbank 0.75% 12.03.2020 60,000 - - 60,000 60,576 0.04 Schwyzer Kantonalbank 0.75% 05.10.2020 50,000 - - 50,000 50,925 0.03 Schwyzer Kantonalbank 1.375% 24.09.2021 115,000 - - 115,000 120,175 0.07 See-Spital 1.25% 03.07.2026 100,000 - - 100,000 106,350 0.06 SGS SA 0.55% 03.03.2026 50,000 200,000 - 250,000 261,000 0.15 SGS SA 0.75% 29.10.2025 - 70,000 - 70,000 73,745 0.04 SGS SA 0.875% 08.05.2030 50,000 - - 50,000 54,925 0.03 SGS SA 1.25% 27.10.2028 - 100,000 - 100,000 112,550 0.07 SGS SA 1.375% 25.02.2022 175,000 - - 175,000 183,050 0.11 SGS SA 1.75% 27.02.2024 40,000 - - 40,000 43,640 0.03 SGS SA 2.625% 08.03.2019 50,000 - 50,000 - - 0.00 SGS SA 3% 27.05.2021 100,000 - - 100,000 106,600 0.06 Sika AG 0.6% 27.03.2026 50,000 - - 50,000 52,600 0.03 Sika AG 0.625% 12.07.2024 100,000 200,000 - 300,000 313,650 0.18 Sika AG 1.125% 12.07.2028 100,000 - 100,000 - - 0.00 Sika AG 1.875% 14.11.2023 70,000 - - 70,000 76,650 0.04 Sonova Holding AG 0.01% 11.10.2021 150,000 100,000 150,000 100,000 101,400 0.06 Spital Limmattal 1.875% 29.11.2023 50,000 - - 50,000 55,400 0.03 St Galler Kantonalbank AG 0.25% 28.01.2021 110,000 - - 110,000 111,650 0.06 St Galler Kantonalbank AG 0.35% 24.01.2028 - 150,000 - 150,000 158,775 0.09 St Galler Kantonalbank AG 0.5% 24.06.2025 - 200,000 - 200,000 212,300 0.12 St Galler Kantonalbank AG 0.625% 09.09.2022 285,000 - - 285,000 296,542 0.17 St Galler Kantonalbank AG 0.625% 23.01.2032 100,000 - - 100,000 109,200 0.06 St Galler Kantonalbank AG 1% 30.11.2027 100,000 - - 100,000 106,400 0.06 St Galler Kantonalbank AG 1.5% 12.02.2031 100,000 - - 100,000 119,200 0.07 St Galler Kantonalbank AG 2.5% 12.12.2018 50,000 - 50,000 - - 0.00 St Galler Kantonalbank AG 2.625% 30.06.2021 - 50,000 - 50,000 52,700 0.03 Sulzer AG 0.375% 11.07.2022 135,000 - - 135,000 137,160 0.08 Sulzer AG 0.625% 22.10.2021 - 100,000 - 100,000 101,900 0.06 Sulzer AG 1.3% 06.07.2023 100,000 - - 100,000 105,950 0.06 Sulzer AG 1.6% 22.10.2024 - 50,000 - 50,000 53,575 0.03 Sunrise Communications AG 1.5% 27.06.2024 100,000 - - 100,000 106,450 0.06 Swiss Car ABS 2016-2 AG 0.3% 18.04.2026 100,000 - - 100,000 100,250 0.06 Swiss Confederation Government Bond 0% 22.06.2029 2,250,000 4,450,000 4,350,000 2,350,000 2,539,410 1.46

BlackRock Investment Funds Switzerland ANNUAL REPORT [223] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Swiss Confederation Government Bond 0% 26.06.2034 - 500,000 - 500,000 535,300 0.31 Swiss Confederation Government Bond 0.5% 27.05.2030 400,000 2,350,000 1,500,000 1,250,000 1,419,750 0.82 Swiss Confederation Government Bond 0.5% 27.06.2032 - 4,800,000 1,200,000 3,600,000 4,105,800 2.37 Swiss Confederation Government Bond 0.5% 28.06.2045 200,000 600,000 400,000 400,000 479,760 0.28 Swiss Confederation Government Bond 0.5% 24.05.2055 250,000 250,000 250,000 250,000 310,975 0.18 Swiss Confederation Government Bond 0.5% 30.05.2058 687,000 687,000 687,000 687,000 861,154 0.50 Swiss Confederation Government Bond 1.25% 11.06.2024 1,075,000 2,300,000 2,300,000 1,075,000 1,194,217 0.69 Swiss Confederation Government Bond 1.25% 28.05.2026 313,000 2,439,000 1,789,000 963,000 1,105,139 0.64 Swiss Confederation Government Bond 1.25% 27.06.2037 615,000 500,000 250,000 865,000 1,118,531 0.65 Swiss Confederation Government Bond 1.5% 24.07.2025 610,000 1,600,000 600,000 1,610,000 1,848,280 1.07 Swiss Confederation Government Bond 1.5% 30.04.2042 650,000 300,000 150,000 800,000 1,127,200 0.65 Swiss Confederation Government Bond 2% 28.04.2021 1,230,000 930,000 1,230,000 930,000 979,011 0.56 Swiss Confederation Government Bond 2% 25.05.2022 1,120,000 2,740,000 2,240,000 1,620,000 1,760,292 1.02 Swiss Confederation Government Bond 2% 25.06.2064 434,000 - - 434,000 846,083 0.49 Swiss Confederation Government Bond 2.25% 06.07.2020 1,000,000 - 150,000 850,000 876,180 0.51 Swiss Confederation Government Bond 2.25% 22.06.2031 395,000 1,590,000 1,190,000 795,000 1,074,681 0.62 Swiss Confederation Government Bond 2.5% 08.03.2036 803,000 - - 803,000 1,198,076 0.69 Swiss Confederation Government Bond 3.25% 27.06.2027 548,000 1,098,000 948,000 698,000 929,596 0.54 Swiss Confederation Government Bond 3.5% 08.04.2033 1,275,000 450,000 450,000 1,275,000 1,995,502 1.15 Swiss Confederation Government Bond 4% 11.02.2023 652,000 - 100,000 552,000 651,194 0.38 Swiss Confederation Government Bond 4% 08.04.2028 845,000 2,490,000 2,090,000 1,245,000 1,795,663 1.04 Swiss Confederation Government Bond 4% 06.01.2049 443,000 200,000 100,000 543,000 1,224,411 0.71 Swiss Life Holding AG 0.25% 11.10.2023 - 100,000 - 100,000 102,550 0.06 Swiss Life Holding AG 1.875% 21.06.2023 - 100,000 - 100,000 108,600 0.06 Swiss Prime Site AG 0.5% 03.11.2025 70,000 - - 70,000 71,575 0.04 Swiss Prime Site AG 0.825% 11.05.2026 100,000 - - 100,000 104,400 0.06 Swiss Prime Site AG 1% 16.07.2024 75,000 - - 75,000 78,600 0.05 Swiss Prime Site AG 1.25% 02.04.2027 - 100,000 - 100,000 108,000 0.06 Swiss Prime Site AG 1.25% 02.04.2027 - 100,000 100,000 - - 0.00 Swiss Prime Site AG 2% 21.10.2020 140,000 - - 140,000 143,962 0.08 Swiss Prime Site AG 2% 10.12.2024 - 150,000 - 150,000 165,825 0.10 Swiss Reinsurance Co Ltd 0.75% 21.01.2027 50,000 - - 50,000 53,275 0.03 Swiss Reinsurance Co Ltd 1% 17.09.2024 50,000 - - 50,000 53,450 0.03 Swisscom AG 0.125% 15.09.2032 150,000 50,000 50,000 150,000 150,900 0.09 Swisscom AG 0.25% 17.04.2023 - 100,000 - 100,000 103,000 0.06 Swisscom AG 0.375% 31.05.2027 100,000 - - 100,000 105,600 0.06 Swisscom AG 0.375% 31.03.2028 100,000 - - 100,000 104,900 0.06 Swisscom AG 0.5% 15.03.2029 - 100,000 - 100,000 106,100 0.06 Swisscom AG 0.75% 12.10.2028 - 100,000 - 100,000 108,000 0.06 Swisscom AG 0.75% 24.11.2033 50,000 50,000 - 100,000 109,400 0.06 Swisscom AG 0.75% 24.11.2033 - 50,000 50,000 - - 0.00 Swisscom AG 1% 17.04.2035 - 100,000 - 100,000 112,250 0.07 Swisscom AG 1.5% 14.07.2026 - 100,000 - 100,000 113,400 0.07 Swisscom AG 1.5% 28.09.2029 100,000 100,000 100,000 100,000 116,900 0.07 Swisscom AG 1.75% 10.07.2024 200,000 - - 200,000 223,100 0.13 Swissgrid AG 0.625% 25.02.2030 100,000 - - 100,000 106,400 0.06 Swissgrid AG 1% 30.01.2020 50,000 - 50,000 - - 0.00 Thurgauer Kantonalbank 0.375% 23.10.2020 - 100,000 - 100,000 101,410 0.06 Thurgauer Kantonalbank 0.375% 31.03.2025 - 100,000 - 100,000 105,200 0.06 Thurgauer Kantonalbank 0.375% 08.02.2028 100,000 - - 100,000 106,000 0.06 Thurgauer Kantonalbank 0.5% 16.02.2029 100,000 - - 100,000 107,450 0.06 Thurgauer Kantonalbank 0.7% 22.03.2030 100,000 200,000 100,000 200,000 219,300 0.13 Thurgauer Kantonalbank 1.5% 04.03.2027 50,000 - - 50,000 57,350 0.03 Thurgauer Kantonalbank 1.75% 30.09.2024 100,000 - 100,000 - - 0.00 Thurgauer Kantonalbank 2.25% 25.02.2021 130,000 - - 130,000 136,045 0.08 Transports Publics Genevois 0.9% 21.05.2035 50,000 - - 50,000 57,425 0.03 UBS Group Funding Switzerland AG 0.625% 18.05.2024 - 200,000 200,000 - - 0.00 UBS Group Funding Switzerland AG 0.75% 22.02.2022 200,000 - - 200,000 205,500 0.12

[224] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) UBS Group Funding Switzerland AG 0.875% 30.01.2025 - 200,000 - 200,000 210,000 0.12 Universitaetsspital Zuerich 0.55% 28.09.2028 - 100,000 - 100,000 106,800 0.06 Valiant Bank AG 0% 31.07.2029 - 200,000 - 200,000 204,100 0.12 Valiant Bank AG 0.125% 23.04.2024 170,000 - - 170,000 176,120 0.10 Valiant Bank AG 0.2% 29.01.2027 - 100,000 - 100,000 104,550 0.06 Valiant Bank AG 0.375% 06.12.2027 50,000 100,000 - 150,000 159,375 0.09 Valiant Bank AG 1% 20.11.2018 50,000 - 50,000 - - 0.00 Vifor Pharma AG 0.75% 13.09.2022 - 200,000 - 200,000 204,400 0.12 Walliser Kantonalbank 0.2% 02.02.2026 60,000 - - 60,000 62,340 0.04 Walliser Kantonalbank 0.25% 16.03.2023 85,000 285,000 85,000 285,000 293,692 0.17 Walliser Kantonalbank 0.3% 01.02.2027 - 100,000 - 100,000 104,900 0.06 Walliser Kantonalbank 0.35% 07.09.2027 - 100,000 - 100,000 105,350 0.06 Walliser Kantonalbank 0.375% 15.12.2021 100,000 - - 100,000 102,400 0.06 Walliser Kantonalbank 0.4% 15.09.2025 50,000 - - 50,000 52,650 0.03 Walliser Kantonalbank 2.375% 18.05.2021 55,000 - - 55,000 57,970 0.03 Winterthur City Of 0.05% 17.03.2026 100,000 - - 100,000 103,250 0.06 Winterthur City Of 0.1% 20.03.2028 - 100,000 - 100,000 103,650 0.06 Winterthur City Of 0.15% 26.03.2025 100,000 - - 100,000 103,850 0.06 Winterthur City Of 1.5% 24.01.2036 80,000 - - 80,000 98,440 0.06 Zuercher Kantonalbank 0.125% 06.06.2029 - 200,000 - 200,000 207,600 0.12 Zuercher Kantonalbank 0.15% 25.01.2027 - 240,000 70,000 170,000 177,820 0.10 Zuercher Kantonalbank 0.25% 08.05.2025 150,000 - - 150,000 157,125 0.09 Zuercher Kantonalbank 0.25% 27.01.2026 200,000 - 150,000 50,000 52,425 0.03 Zuercher Kantonalbank 0.3% 25.01.2028 250,000 100,000 200,000 150,000 158,325 0.09 Zuercher Kantonalbank 0.75% 28.10.2030 100,000 - - 100,000 110,350 0.06 Zuercher Kantonalbank 0.875% 17.05.2021 100,000 - - 100,000 102,950 0.06 Zuercher Kantonalbank 1.125% 29.01.2024 200,000 150,000 - 350,000 378,350 0.22 Zuercher Kantonalbank 1.25% 31.01.2022 100,000 - - 100,000 105,050 0.06 Zuercher Kantonalbank 1.625% 12.04.2027 215,000 - - 215,000 249,292 0.14 Zuercher Kantonalbank 2% 21.01.2021 70,000 - - 70,000 72,800 0.04 Zuercher Kantonalbank 2% 08.09.2025 100,000 100,000 - 200,000 231,200 0.13 Zuercher Kantonalbank 2% 30.11.2034 - 130,000 - 130,000 169,130 0.10 Zuercher Kantonalbank 2.125% 29.06.2022 195,000 - - 195,000 211,380 0.12 Zuercher Kantonalbank 2.375% 29.03.2023 - 200,000 - 200,000 222,800 0.13 Zug Estates Holding AG 0.7% 17.02.2022 50,000 - - 50,000 50,800 0.03 Zuger Kantonalbank AG 0.125% 27.06.2030 - 100,000 - 100,000 103,400 0.06 Zuger Kantonalbank AG 0.375% 15.12.2027 100,000 - - 100,000 106,050 0.06 Zuger Kantonalbank AG 0.55% 08.03.2028 50,000 - - 50,000 53,825 0.03 Zuger Kantonalbank AG 1% 26.09.2022 - 100,000 - 100,000 105,350 0.06 Zuger Kantonalbank AG 1.125% 29.10.2020 100,000 - 100,000 - - 0.00 Zuger Kantonalbank AG 1.5% 27.09.2021 150,000 - - 150,000 157,200 0.09 Zuger Kantonalbank AG 1.5% 20.11.2037 110,000 - - 110,000 137,940 0.08 Zuger Kantonalbank AG 2.375% 25.05.2021 100,000 - - 100,000 105,600 0.06 Zurich Insurance Co Ltd 0.5% 18.12.2024 100,000 - - 100,000 104,150 0.06 Zurich Insurance Co Ltd 0.75% 22.10.2027 - 200,000 - 200,000 213,100 0.12 Zurich Insurance Co Ltd 1% 30.10.2028 - 100,000 100,000 - - 0.00 Zurich Insurance Co Ltd 1.125% 18.09.2019 150,000 - 150,000 - - 0.00 Zurich Insurance Co Ltd 1.875% 18.09.2023 150,000 - - 150,000 164,250 0.10 Zurich Insurance Co Ltd 2.875% 27.07.2021 - 100,000 - 100,000 107,000 0.06 125,458,695 72.34 Slovakia Slovakia Government International Bond 2.125% 16.10.2023 75,000 - - 75,000 83,888 0.05 83,888 0.05 Spain Banco Santander SA 0.75% 12.06.2023 200,000 - - 200,000 207,000 0.12 Banco Santander SA 1% 10.12.2024 - 50,000 - 50,000 52,725 0.03 Instituto de Credito Oficial 3.25% 28.06.2024 65,000 - - 65,000 76,668 0.04

BlackRock Investment Funds Switzerland ANNUAL REPORT [225] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Santander Consumer Finance 0.5% 05.10.2020 - 100,000 - 100,000 100,740 0.06 Telefonica Emisiones SA 2.595% 23.10.2020 50,000 - - 50,000 51,860 0.03 Telefonica Emisiones SA 2.718% 14.12.2018 60,000 - 60,000 - - 0.00 488,993 0.28 South Korea Export-Import Bank of Korea 0.17% 18.07.2025 100,000 - - 100,000 102,550 0.06 Export-Import Bank of Korea 0.253% 06.03.2023 100,000 200,000 - 300,000 307,500 0.17 Export-Import Bank of Korea 0.3825% 11.07.2024 100,000 - 100,000 - - 0.00 GS Caltex Corp 0.633% 31.01.2024 50,000 - - 50,000 51,250 0.03 Hyundai Capital Services Inc 0.695% 27.06.2023 100,000 - - 100,000 102,850 0.06 Hyundai Capital Services Inc 0.7325% 26.02.2024 - 100,000 - 100,000 103,100 0.06 Industrial Bank of Korea 0.0219% 16.07.2025 - 100,000 - 100,000 102,550 0.06 KEB Hana Bank 0.4075% 14.09.2023 - 100,000 - 100,000 102,500 0.06 Korea Development Bank 0.303% 14.06.2023 100,000 - - 100,000 102,550 0.06 Korea Gas Corp 0% 28.11.2023 - 100,000 - 100,000 102,500 0.06 Korea Gas Corp 0.2075% 02.08.2023 - 100,000 - 100,000 102,450 0.06 Korea Gas Corp 1.125% 12.02.2020 50,000 - - 50,000 50,455 0.03 Korea Hydro & Nuclear Power Co Ltd 0% 19.07.2024 - 100,000 - 100,000 102,350 0.06 Korea Hydro & Nuclear Power Co Ltd 0.05% 19.07.2027 - 100,000 - 100,000 100,850 0.05 Korea National Oil Corp 0.373% 01.06.2023 200,000 - - 200,000 206,000 0.12 Korea Railroad Corp 1% 16.11.2018 50,000 - 50,000 - - 0.00 Korea Railroad Corp 1.5% 02.12.2019 50,000 - 50,000 - - 0.00 Korea Water Resources Corp 0.15% 20.09.2023 - 100,000 - 100,000 102,150 0.06 Korea Western Power Co Ltd 0.125% 27.02.2024 - 85,000 35,000 50,000 51,125 0.03 1,792,730 1.03 United Arab Emirates Emirates NBD PJSC 0.625% 09.02.2023 100,000 - - 100,000 101,850 0.06 First Abu Dhabi Bank PJSC 0.205% 04.12.2025 - 50,000 - 50,000 51,025 0.03 First Abu Dhabi Bank PJSC 0.3225% 27.09.2023 - 50,000 - 50,000 50,875 0.03 First Abu Dhabi Bank PJSC 0.401% 02.10.2024 - 100,000 - 100,000 103,150 0.06 First Gulf Bank PJSC 0.625% 27.05.2022 100,000 - - 100,000 102,350 0.06 409,250 0.24 United States Amgen Inc 0.41% 08.03.2023 180,000 100,000 - 280,000 288,260 0.17 Apple Inc 0.375% 25.11.2024 200,000 - - 200,000 208,700 0.12 Apple Inc 0.75% 25.02.2030 70,000 170,000 70,000 170,000 183,175 0.10 AT&T Inc 0.5% 04.12.2019 100,000 - 100,000 - - 0.00 AT&T Inc 1.375% 04.12.2024 50,000 250,000 50,000 250,000 270,375 0.16 AT&T Inc 1.875% 04.12.2030 65,000 - - 65,000 73,483 0.04 Bank of America Corp 0.2525% 12.06.2026 - 200,000 - 200,000 204,800 0.12 Citigroup Inc 0.5% 22.11.2024 100,000 - - 100,000 103,900 0.06 Citigroup Inc 0.75% 02.04.2026 - 150,000 - 150,000 158,475 0.09 Citigroup Inc 3.125% 27.09.2021 75,000 - - 75,000 80,775 0.05 Coca-Cola Co 0.25% 22.12.2022 100,000 - - 100,000 102,650 0.06 Coca-Cola Co 1% 02.10.2028 150,000 - - 150,000 166,050 0.10 Eli Lilly & Co 0.15% 24.05.2024 185,000 - - 185,000 189,625 0.11 Eli Lilly & Co 0.45% 24.05.2028 70,000 170,000 70,000 170,000 179,775 0.10 General Electric Co 3.125% 06.12.2019 175,000 - 175,000 - - 0.00 Goldman Sachs Group Inc 0.5% 04.12.2024 100,000 - - 100,000 103,600 0.06 Goldman Sachs Group Inc 1% 24.11.2025 75,000 100,000 - 175,000 185,937 0.11 Goldman Sachs Group Inc 1.625% 06.02.2020 105,000 - 105,000 - - 0.00 Jackson National Life Global Funding 0.3% 18.12.2023 50,000 - - 50,000 51,700 0.03 Jackson National Life Global Funding 0.375% 18.07.2025 100,000 - - 100,000 104,050 0.06 JPMorgan Chase & Co 0.45% 11.11.2026 50,000 - - 50,000 52,600 0.03 JPMorgan Chase & Co 0.5% 04.12.2023 165,000 - - 165,000 172,012 0.10 JPMorgan Chase & Co 1.125% 06.11.2020 75,000 - - 75,000 76,560 0.04 McDonald's Corp 0.17% 04.10.2024 125,000 - - 125,000 127,062 0.07

[226] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Bonds (continued) Metropolitan Life Global Funding I 0.125% 11.06.2027 - 100,000 - 100,000 102,700 0.06 Metropolitan Life Global Funding I 0.3% 19.01.2026 75,000 - - 75,000 77,775 0.04 Metropolitan Life Global Funding I 1% 19.09.2022 125,000 - - 125,000 131,250 0.08 Mondelez International Inc 0.05% 30.03.2020 100,000 - 100,000 - - 0.00 Mondelez International Inc 0.625% 30.12.2021 105,000 - - 105,000 107,100 0.06 Mondelez International Inc 0.65% 26.07.2022 50,000 100,000 50,000 100,000 102,950 0.06 Mondelez International Inc 1.125% 21.12.2023 - 100,000 - 100,000 105,650 0.06 Mondelez International Inc 1.125% 30.12.2025 80,000 - - 80,000 84,920 0.05 Nestle Holdings Inc 0.55% 04.10.2032 100,000 - - 100,000 106,350 0.06 New York Life Global Funding 0.25% 18.10.2027 - 350,000 - 350,000 363,125 0.21 New York Life Global Funding 0.375% 02.02.2022 130,000 - - 130,000 133,250 0.08 Philip Morris International Inc 0.875% 11.03.2019 80,000 - 80,000 - - 0.00 Philip Morris International Inc 1% 18.09.2020 100,000 - - 100,000 101,920 0.06 Philip Morris International Inc 1.625% 16.05.2024 55,000 - - 55,000 59,895 0.03 Philip Morris International Inc 2% 06.12.2021 - 100,000 - 100,000 105,700 0.06 Verizon Communications Inc 0.375% 31.05.2023 175,000 200,000 - 375,000 383,250 0.22 Verizon Communications Inc 1% 30.11.2027 100,000 - - 100,000 106,650 0.06 Wells Fargo & Co 0.375% 02.06.2022 100,000 - - 100,000 102,500 0.06 Wells Fargo & Co 0.5% 02.11.2023 100,000 - - 100,000 103,900 0.06 Wells Fargo & Co 0.625% 03.09.2020 - 100,000 - 100,000 101,360 0.06 Wells Fargo & Co 1.25% 03.09.2024 55,000 - - 55,000 59,483 0.03 5,523,292 3.18 United Kingdom Barclays PLC 1.125% 12.07.2023 - 200,000 - 200,000 207,300 0.12 BAT International Finance PLC 0.625% 08.09.2021 60,000 - - 60,000 60,900 0.03 BAT International Finance PLC 1.375% 08.09.2026 50,000 150,000 50,000 150,000 161,850 0.09 BP Capital Markets PLC 0.75% 27.09.2021 60,000 - - 60,000 61,830 0.04 BP Capital Markets PLC 1% 28.08.2020 100,000 - 100,000 - - 0.00 BP Capital Markets PLC 1.75% 28.02.2024 50,000 - - 50,000 54,675 0.03 Lloyds Banking Group PLC 1% 04.03.2025 - 100,000 - 100,000 103,650 0.06 Nationwide Building Society 0% 11.07.2025 - 100,000 - 100,000 103,000 0.06 Nationwide Building Society 0.1675% 11.07.2031 - 150,000 50,000 100,000 103,000 0.06 Nationwide Building Society 0.485% 11.07.2044 - 100,000 - 100,000 103,850 0.06 Network Rail Infrastructure Finance PLC 2.75% 06.10.2021 60,000 200,000 100,000 160,000 172,560 0.10 Vodafone Group PLC 0.375% 03.12.2024 55,000 - - 55,000 56,320 0.03 Vodafone Group PLC 0.5% 19.09.2031 50,000 - - 50,000 48,975 0.03 Vodafone Group PLC 0.625% 15.03.2027 50,000 - - 50,000 51,400 0.03 1,289,310 0.74 Total bonds 170,186,611 98.13 Total securities traded on an official stock exchange 170,186,611 98.13 Total securities 170,186,611 98.13 Total investments 170,186,611 98.13

Sight deposits 2,184,055 1.26 Other assets 1,053,257 0.61 Total sub-fund assets 173,423,923 100.00 Other liabilities (1,060,568) (0.61) Net sub-fund assets 172,363,355 99.39

1 Inclusive of corporate actions where applicable.

BlackRock Investment Funds Switzerland ANNUAL REPORT [227] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Securities traded on an official stock exchange Bonds Egypt Egypt Government International Bond 5.577% 21.02.2023 550,000 2,200,000 1,000,000 1,750,000 1,815,625 0.18 Egypt Government International Bond 5.75% 29.04.2020 450,000 500,000 950,000 - - 0.00 Egypt Government International Bond 5.875% 11.06.2025 900,000 2,000,000 300,000 2,600,000^ 2,700,750 0.26 Egypt Government International Bond 6.125% 31.01.2022 1,225,000 3,600,000 1,450,000 3,375,000 3,535,312 0.35 Egypt Government International Bond 6.588% 21.02.2028 600,000 2,000,000 400,000 2,200,000 2,263,250 0.22 Egypt Government International Bond 6.875% 30.04.2040 250,000 200,000 - 450,000 439,875 0.04 Egypt Government International Bond 7.5% 31.01.2027 1,050,000 2,600,000 500,000 3,150,000 3,441,375 0.34 Egypt Government International Bond 7.6003% 01.03.2029 - 1,300,000 - 1,300,000 1,392,625 0.14 Egypt Government International Bond 7.903% 21.02.2048 700,000 1,750,000 - 2,450,000 2,541,875 0.25 Egypt Government International Bond 8.5% 31.01.2047 1,300,000 3,400,000 400,000 4,300,000 4,697,750 0.46 Egypt Government International Bond 8.7002% 01.03.2049 - 1,000,000 - 1,000,000 1,092,500 0.11 23,920,937 2.35 Angola Angolan Government International Bond 8.25% 09.05.2028 850,000 2,200,000 200,000 2,850,000 3,043,266 0.30 Angolan Government International Bond 9.375% 08.05.2048 900,000 2,500,000 500,000 2,900,000 3,198,156 0.31 Angolan Government International Bond 9.5% 12.11.2025 800,000 1,600,000 - 2,400,000 2,775,000 0.27 9,016,422 0.88 Argentina Argentine Republic Government International Bond 3.75% 31.12.2038 1,225,000 2,600,000 500,000 3,325,000 1,999,156 0.20 Argentine Republic Government International Bond 4.625% 11.01.2023 200,000 1,700,000 900,000 1,000,000 837,187 0.08 Argentine Republic Government International Bond 5.625% 26.01.2022 575,000 1,800,000 300,000 2,075,000 1,794,875 0.18 Argentine Republic Government International Bond 5.875% 11.01.2028 650,000 2,700,000 600,000 2,750,000 2,176,797 0.21 Argentine Republic Government International Bond 6.625% 06.07.2028 300,000 400,000 - 700,000 563,719 0.05 Argentine Republic Government International Bond 6.875% 22.04.2021 950,000 1,800,000 - 2,750,000 2,477,750 0.24 Argentine Republic Government International Bond 6.875% 26.01.2027 800,000 1,500,000 - 2,300,000 1,900,375 0.19 Argentine Republic Government International Bond 6.875% 11.01.2048 500,000 1,600,000 250,000 1,850,000 1,404,266 0.14 Argentine Republic Government International Bond 7.125% 06.07.2036 300,000 1,400,000 600,000 1,100,000 866,250 0.08 Argentine Republic Government International Bond 7.125% 28.06.2117 575,000 1,380,000 200,000 1,755,000 1,347,511 0.13 Argentine Republic Government International Bond 7.5% 22.04.2026 1,450,000 3,200,000 500,000 4,150,000 3,565,109 0.35 Argentine Republic Government International Bond 7.625% 22.04.2046 650,000 1,400,000 200,000 1,850,000 1,488,094 0.15 Argentine Republic Government International Bond 8.28% 31.12.2033 1,331,936 1,962,853 210,306 3,084,483 2,670,006 0.26 Argentine Republic Government International Bond 8.28% 31.12.2033 - 841,223 - 841,223 704,261 0.07 23,795,356 2.33 Armenia Republic of Armenia International Bond 6% 30.09.2020 400,000 200,000 - 600,000 617,625 0.06 Republic of Armenia International Bond 7.15% 26.03.2025 200,000 900,000 - 1,100,000 1,274,350 0.13 1,891,975 0.19 Azerbaijan Republic of Azerbaijan International Bond 4.75% 18.03.2024 750,000 1,500,000 200,000 2,050,000 2,186,325 0.22 Southern Gas Corridor CJSC 6.875% 24.03.2026 1,000,000 2,900,000 700,000 3,200,000 3,748,680 0.37 State Oil Co of the Azerbaijan Republic 4.75% 13.03.2023 450,000 1,350,000 200,000 1,600,000 1,672,500 0.16 State Oil Co of the Azerbaijan Republic 6.95% 18.03.2030 450,000 850,000 - 1,300,000 1,555,531 0.15 9,163,036 0.90 Ethiopia Ethiopia International Bond 6.625% 11.12.2024 600,000 1,250,000 200,000 1,650,000 1,715,484 0.17 1,715,484 0.17

[228] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Australia Baosteel Financing 2015 Pty Ltd 3.875% 28.01.2020 200,000 200,000 400,000 - - 0.00 CNOOC Curtis Funding No 1 Pty Ltd 4.5% 03.10.2023 200,000 400,000 - 600,000 639,938 0.06 639,938 0.06 Bahrain Bahrain Government International Bond 6% 19.09.2044 - 1,350,000 - 1,350,000 1,330,594 0.13 Bahrain Government International Bond 6.125% 05.07.2022 - 1,000,000 - 1,000,000 1,065,000 0.10 Bahrain Government International Bond 6.125% 01.08.2023 - 1,800,000 - 1,800,000 1,939,500 0.19 Bahrain Government International Bond 6.75% 20.09.2029 - 1,650,000 - 1,650,000 1,835,625 0.18 Bahrain Government International Bond 7% 26.01.2026 - 1,000,000 - 1,000,000 1,126,250 0.11 Bahrain Government International Bond 7% 12.10.2028 - 2,050,000 - 2,050,000 2,322,266 0.23 Bahrain Government International Bond 7.5% 20.09.2047 - 1,100,000 - 1,100,000 1,249,531 0.12 CBB International Sukuk Co 5 Spc 5.624% 12.02.2024 - 1,150,000 - 1,150,000 1,226,187 0.12 CBB International Sukuk Co 6 Spc 5.25% 20.03.2025 - 1,000,000 - 1,000,000 1,050,937 0.10 CBB International Sukuk Co 7 SPC 6.875% 05.10.2025 - 1,500,000 - 1,500,000 1,710,000 0.17 Oil and Gas Holding Co BSCC 7.625% 07.11.2024 - 700,000 - 700,000 782,469 0.08 Oil and Gas Holding Co BSCC 8.375% 07.11.2028 - 1,000,000 - 1,000,000 1,172,514 0.12 16,810,873 1.65 Belize Belize Government International Bond 4.9375% 20.02.2034 310,000 600,000 - 910,000 549,413 0.05 549,413 0.05 Bolivia Bolivian Government International Bond 4.5% 20.03.2028 700,000 1,600,000 200,000 2,100,000 2,047,500 0.20 Bolivian Government International Bond 4.875% 29.10.2022 350,000 700,000 - 1,050,000 1,097,578 0.11 3,145,078 0.31 Brazil Banco Nacional de Desenvolvimento Economico e Social 5.5% 12.07.2020 - 300,000 300,000 - - 0.00 Banco Nacional de Desenvolvimento Economico e Social 5.75% 26.09.2023 400,000 900,000 200,000 1,100,000 1,198,959 0.12 Brazilian Government International Bond 2.625% 05.01.2023 700,000 2,000,000 750,000 1,950,000 1,942,688 0.19 Brazilian Government International Bond 4.25% 07.01.2025 1,200,000 2,800,000 300,000 3,700,000 3,906,969 0.38 Brazilian Government International Bond 4.5% 30.05.2029 - 500,000 - 500,000 520,781 0.05 Brazilian Government International Bond 4.625% 13.01.2028 800,000 2,000,000 300,000 2,500,000 2,654,687 0.26 Brazilian Government International Bond 4.875% 22.01.2021 700,000 750,000 - 1,450,000 1,508,000 0.15 Brazilian Government International Bond 5% 27.01.2045 900,000 2,350,000 450,000 2,800,000 2,898,875 0.29 Brazilian Government International Bond 5.625% 07.01.2041 550,000 1,200,000 - 1,750,000 1,953,984 0.19 Brazilian Government International Bond 5.625% 21.02.2047 700,000 2,200,000 500,000 2,400,000 2,673,750 0.26 Brazilian Government International Bond 6% 07.04.2026 500,000 1,500,000 200,000 1,800,000 2,077,875 0.20 Brazilian Government International Bond 7.125% 20.01.2037 475,000 1,200,000 - 1,675,000 2,146,617 0.21 Brazilian Government International Bond 8.25% 20.01.2034 375,000 1,400,000 300,000 1,475,000 2,035,961 0.20 Brazilian Government International Bond 8.75% 04.02.2025 150,000 600,000 - 750,000 968,672 0.10 Brazilian Government International Bond 8.875% 15.04.2024 250,000 1,000,000 500,000 750,000 953,672 0.09 Brazilian Government International Bond 10.125% 15.05.2027 250,000 450,000 - 700,000 1,000,563 0.10 28,442,053 2.79 Virgin Islands (British) CCTI 2017 Ltd 3.625% 08.08.2022 - 200,000 - 200,000 196,250 0.02 CDBI Treasure I Ltd 2.25% 02.08.2021 - 200,000 - 200,000 196,563 0.02 Charming Light Investments Ltd 2.375% 30.08.2021 200,000 - 200,000 - - 0.00 Charming Light Investments Ltd 4.375% 21.12.2027 200,000 500,000 700,000 - - 0.00 China Great Wall International Holdings III Ltd 2.25% 27.10.2019 200,000 - 200,000 - - 0.00 China Great Wall International Holdings III Ltd 2.625% 27.10.2021 - 300,000 300,000 - - 0.00 China Great Wall International Holdings III Ltd 3.125% 31.08.2022 - 800,000 800,000 - - 0.00 China Great Wall International Holdings III Ltd 3.875% 31.08.2027 200,000 200,000 400,000 - - 0.00 China Great Wall International Holdings III Ltd 4.375% 25.05.2023 - 300,000 300,000 - - 0.00 China Huadian Overseas Development 2018 Ltd 3.875% 17.05.2023 - 400,000 200,000 200,000 207,174 0.02 China Huadian Overseas Development Management Co Ltd 4% 31.12.2099 - 430,000 - 430,000 434,837 0.04

BlackRock Investment Funds Switzerland ANNUAL REPORT [229] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Chinalco Capital Holdings Ltd 4% 25.08.2021 200,000 - - 200,000 199,813 0.02 CNPC General Capital Ltd 2.7% 25.11.2019 - 200,000 200,000 - - 0.00 CNRC Capitale Ltd 3.9% 31.12.2099 - 200,000 - 200,000 200,250 0.02 Dianjian Haixing Ltd 4.05% 29.10.2049 - 400,000 - 400,000 401,125 0.04 Dianjian Haiyu Ltd 4.3% 31.12.2099 - 200,000 - 200,000 202,250 0.02 Huaneng Hong Kong Capital Ltd 3.6% 31.12.2099 - 250,000 - 250,000 245,391 0.03 JIC Zhixin Ltd 3% 24.11.2022 - 200,000 - 200,000 199,688 0.02 King Power Capital Ltd 5.625% 03.11.2024 200,000 200,000 - 400,000 447,596 0.04 Leader Goal International Ltd 4.25% 31.12.2099 - 200,000 - 200,000 202,438 0.02 Minmetals Bounteous Finance BVI Ltd 4.2% 27.07.2026 - 300,000 - 300,000 312,000 0.03 Minmetals Bounteous Finance BVI Ltd 4.75% 30.07.2025 200,000 200,000 - 400,000 432,000 0.04 Prosperous Ray Ltd 4.625% 12.11.2023 200,000 - - 200,000 212,375 0.02 Rongshi International Finance Ltd 2.875% 04.05.2022 200,000 - - 200,000 200,430 0.02 Rongshi International Finance Ltd 3.25% 21.05.2024 - 500,000 200,000 300,000 305,350 0.03 Rongshi International Finance Ltd 3.625% 04.05.2027 - 200,000 - 200,000 206,625 0.02 Rongshi International Finance Ltd 3.75% 21.05.2029 - 465,000 - 465,000 483,280 0.05 Sinochem Overseas Capital Co Ltd 4.5% 12.11.2020 500,000 700,000 500,000 700,000 717,062 0.07 Sinochem Overseas Capital Co Ltd 6.3% 12.11.2040 - 200,000 - 200,000 263,250 0.03 Sinopec Group Overseas Development 2012 Ltd 3.9% 17.05.2022 300,000 700,000 - 1,000,000 1,032,500 0.10 Sinopec Group Overseas Development 2013 Ltd 4.375% 17.10.2023 400,000 300,000 - 700,000 744,061 0.07 Sinopec Group Overseas Development 2015 Ltd 2.5% 28.04.2020 400,000 500,000 900,000 - - 0.00 Sinopec Group Overseas Development 2015 Ltd 3.25% 28.04.2025 400,000 650,000 - 1,050,000 1,071,656 0.11 Sinopec Group Overseas Development 2015 Ltd 4.1% 28.04.2045 - 200,000 - 200,000 211,496 0.02 Sinopec Group Overseas Development 2016 Ltd 1.75% 29.09.2019 - 600,000 600,000 - - 0.00 Sinopec Group Overseas Development 2016 Ltd 2% 29.09.2021 300,000 700,000 250,000 750,000 739,687 0.07 Sinopec Group Overseas Development 2016 Ltd 2.75% 03.05.2021 400,000 300,000 - 700,000 702,625 0.07 Sinopec Group Overseas Development 2016 Ltd 2.75% 29.09.2026 - 300,000 - 300,000 295,219 0.03 Sinopec Group Overseas Development 2017 Ltd 2.375% 12.04.2020 - 800,000 800,000 - - 0.00 Sinopec Group Overseas Development 2017 Ltd 3.25% 13.09.2027 200,000 200,000 - 400,000 406,000 0.04 Sinopec Group Overseas Development 2018 Ltd 4.25% 12.09.2028 - 300,000 - 300,000 328,031 0.03 SPIC 2016 US dollar Bond Co Ltd 3% 06.12.2021 200,000 200,000 - 400,000 401,125 0.04 State Grid Overseas Investment 2013 Ltd 3.125% 22.05.2023 200,000 500,000 - 700,000 710,937 0.07 State Grid Overseas Investment 2013 Ltd 4.375% 22.05.2043 - 250,000 - 250,000 278,545 0.03 State Grid Overseas Investment 2014 Ltd 4.125% 07.05.2024 500,000 500,000 400,000 600,000 637,500 0.06 State Grid Overseas Investment 2014 Ltd 4.85% 07.05.2044 - 200,000 - 200,000 238,136 0.02 State Grid Overseas Investment 2016 Ltd 2.125% 18.05.2021 - 200,000 - 200,000 198,500 0.02 State Grid Overseas Investment 2016 Ltd 2.25% 04.05.2020 200,000 - 200,000 - - 0.00 State Grid Overseas Investment 2016 Ltd 2.75% 04.05.2022 - 1,000,000 200,000 800,000 800,500 0.08 State Grid Overseas Investment 2016 Ltd 2.875% 18.05.2026 300,000 - - 300,000 300,000 0.03 State Grid Overseas Investment 2016 Ltd 3.5% 04.05.2027 200,000 800,000 - 1,000,000 1,037,325 0.10 State Grid Overseas Investment 2016 Ltd 3.75% 02.05.2023 200,000 - - 200,000 207,500 0.02 State Grid Overseas Investment 2016 Ltd 4% 04.05.2047 200,000 - - 200,000 213,750 0.02 State Grid Overseas Investment 2016 Ltd 4.25% 02.05.2028 - 500,000 - 500,000 548,677 0.05 Sunny Express Enterprises Corp 3.5% 21.03.2022 - 750,000 500,000 250,000 254,524 0.03 17,624,041 1.73 Chile Banco del Estado de Chile 2.668% 08.01.2021 - 1,000,000 - 1,000,000 1,002,500 0.10 Banco del Estado de Chile 3.875% 08.02.2022 200,000 400,000 - 600,000 621,750 0.06 Banco del Estado de Chile 4.125% 07.10.2020 100,000 - - 100,000 102,281 0.01 Chile Government International Bond 2.25% 30.10.2022 400,000 300,000 700,000 - - 0.00 Chile Government International Bond 3.125% 21.01.2026 700,000 400,000 - 1,100,000 1,146,062 0.11 Chile Government International Bond 3.24% 06.02.2028 400,000 2,300,000 300,000 2,400,000 2,515,500 0.25 Chile Government International Bond 3.25% 14.09.2021 200,000 700,000 900,000 - - 0.00 Chile Government International Bond 3.5% 25.01.2050 - 700,000 - 700,000 711,550 0.07 Chile Government International Bond 3.86% 21.06.2047 450,000 1,400,000 - 1,850,000 2,008,984 0.20 Chile Government International Bond 3.875% 05.08.2020 250,000 100,000 350,000 - - 0.00 Corp Nacional del Cobre de Chile 3% 17.07.2022 450,000 1,000,000 1,450,000 - - 0.00 Corp Nacional del Cobre de Chile 3.625% 01.08.2027 600,000 2,000,000 250,000 2,350,000 2,445,469 0.24

[230] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Corp Nacional del Cobre de Chile 4.25% 17.07.2042 350,000 2,150,000 1,250,000 1,250,000 1,314,453 0.13 Corp Nacional del Cobre de Chile 4.375% 05.02.2049 - 1,075,000 - 1,075,000 1,154,281 0.11 Corp Nacional del Cobre de Chile 4.5% 13.08.2023 200,000 800,000 1,000,000 - - 0.00 Corp Nacional del Cobre de Chile 4.5% 16.09.2025 1,050,000 1,500,000 400,000 2,150,000 2,331,406 0.23 Corp Nacional del Cobre de Chile 4.5% 01.08.2047 400,000 800,000 - 1,200,000 1,308,000 0.13 Corp Nacional del Cobre de Chile 4.875% 04.11.2044 200,000 1,200,000 - 1,400,000 1,603,000 0.16 Corp Nacional del Cobre de Chile 5.625% 21.09.2035 100,000 - - 100,000 123,813 0.01 Corp Nacional del Cobre de Chile 5.625% 18.10.2043 400,000 1,000,000 - 1,400,000 1,762,250 0.17 Corp Nacional del Cobre de Chile 6.15% 24.10.2036 250,000 100,000 - 350,000 456,641 0.04 Empresa de Transporte de Pasajeros Metro SA 4.75% 04.02.2024 200,000 700,000 - 900,000 976,078 0.09 Empresa Nacional del Petroleo 4.375% 30.10.2024 250,000 400,000 - 650,000 689,102 0.07 Empresa Nacional del Petroleo 5.25% 06.11.2029 - 600,000 - 600,000 679,980 0.07 22,953,100 2.25 China Agricultural Development Bank of China 2.93125% 27.09.2021 - 300,000 - 300,000 300,786 0.03 China Development Bank 2.125% 01.06.2021 200,000 300,000 - 500,000 497,969 0.05 China Development Bank 2.5% 09.10.2020 550,000 900,000 - 1,450,000 1,451,120 0.14 China Development Bank 2.625% 24.01.2022 - 1,000,000 - 1,000,000 1,005,312 0.10 China Development Bank 3% 01.06.2026 200,000 400,000 400,000 200,000 200,750 0.02 China Development Bank 3.375% 24.01.2027 250,000 - - 250,000 257,891 0.03 China Development Bank 4% 24.01.2037 - 200,000 - 200,000 209,250 0.02 China Government International Bond 2.625% 02.11.2027 300,000 600,000 250,000 650,000 660,156 0.07 China Government International Bond 3.25% 19.10.2023 - 1,000,000 - 1,000,000 1,040,832 0.10 China Government International Bond 3.5% 19.10.2028 - 300,000 - 300,000 326,156 0.03 China Government International Bond 4% 19.10.2048 - 300,000 - 300,000 336,000 0.03 China Minmetals Corp 3.75% 31.12.2099 200,000 700,000 400,000 500,000 497,188 0.05 Export-Import Bank of China 2% 26.04.2021 200,000 300,000 - 500,000 496,250 0.05 Export-Import Bank of China 2.5% 31.07.2019 200,000 300,000 500,000 - - 0.00 Export-Import Bank of China 2.625% 14.03.2022 200,000 600,000 250,000 550,000 551,279 0.05 Export-Import Bank of China 2.75% 28.11.2022 200,000 - - 200,000 201,374 0.02 Export-Import Bank of China 2.875% 26.04.2026 250,000 400,000 - 650,000 650,000 0.06 Export-Import Bank of China 3.25% 28.11.2027 - 600,000 - 600,000 613,313 0.06 Export-Import Bank of China 3.375% 14.03.2027 - 250,000 - 250,000 257,109 0.03 Export-Import Bank of China 3.625% 31.07.2024 400,000 - - 400,000 417,500 0.04 Export-Import Bank of China 4% 28.11.2047 - 200,000 - 200,000 215,375 0.02 10,185,610 1.00 Costa Rica Costa Rica Government International Bond 4.25% 26.01.2023 350,000 1,500,000 - 1,850,000 1,830,344 0.18 Costa Rica Government International Bond 4.375% 30.04.2025 500,000 600,000 300,000 800,000 779,000 0.08 Costa Rica Government International Bond 5.625% 30.04.2043 400,000 700,000 200,000 900,000 801,844 0.08 Costa Rica Government International Bond 7% 04.04.2044 400,000 1,450,000 250,000 1,600,000 1,636,500 0.16 Costa Rica Government International Bond 7.158% 12.03.2045 500,000 1,200,000 - 1,700,000 1,766,937 0.17 Instituto Costarricense de Electricidad 6.375% 15.05.2043 200,000 500,000 - 700,000 588,219 0.06 Instituto Costarricense de Electricidad 6.95% 10.11.2021 400,000 900,000 500,000 800,000 837,250 0.08 8,240,094 0.81 Dominican Republic Dominican Republic International Bond 5.5% 27.01.2025 800,000 2,000,000 - 2,800,000 2,982,875 0.29 Dominican Republic International Bond 5.875% 18.04.2024 800,000 1,750,000 500,000 2,050,000 2,197,344 0.22 Dominican Republic International Bond 5.95% 25.01.2027 850,000 2,500,000 500,000 2,850,000 3,105,609 0.31 Dominican Republic International Bond 6% 19.07.2028 175,000 2,300,000 500,000 1,975,000 2,160,773 0.21 Dominican Republic International Bond 6.4% 05.06.2049 - 1,475,000 - 1,475,000 1,577,328 0.16 Dominican Republic International Bond 6.5% 15.02.2048 500,000 1,700,000 500,000 1,700,000 1,832,813 0.18 Dominican Republic International Bond 6.6% 28.01.2024 200,000 100,000 - 300,000 333,844 0.03 Dominican Republic International Bond 6.85% 27.01.2045 1,000,000 2,100,000 - 3,100,000 3,459,406 0.34 Dominican Republic International Bond 6.875% 29.01.2026 700,000 2,100,000 - 2,800,000 3,185,000 0.31

BlackRock Investment Funds Switzerland ANNUAL REPORT [231] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Dominican Republic International Bond 7.45% 30.04.2044 825,000 1,800,000 - 2,625,000 3,104,062 0.30 Dominican Republic International Bond 7.5% 06.05.2021 650,000 1,400,000 1,350,000 700,000 738,938 0.07 24,677,992 2.42 Ecuador Ecuador Government International Bond 7.875% 23.01.2028 1,100,000 3,950,000 350,000 4,700,000 4,578,094 0.45 Ecuador Government International Bond 7.95% 20.06.2024 1,000,000 2,700,000 1,000,000 2,700,000 2,791,125 0.28 Ecuador Government International Bond 8.75% 02.06.2023 650,000 2,000,000 1,000,000 1,650,000 1,769,625 0.17 Ecuador Government International Bond 8.875% 23.10.2027 1,350,000 2,700,000 300,000 3,750,000 3,866,250 0.38 Ecuador Government International Bond 9.625% 02.06.2027 450,000 900,000 - 1,350,000 1,434,375 0.14 Ecuador Government International Bond 9.65% 13.12.2026 850,000 1,600,000 - 2,450,000 2,629,156 0.26 Ecuador Government International Bond 10.5% 24.03.2020 500,000 2,350,000 2,850,000 - - 0.00 Ecuador Government International Bond 10.75% 28.03.2022 1,200,000 3,300,000 500,000 4,000,000 4,420,000 0.43 Ecuador Government International Bond 10.75% 31.01.2029 - 2,225,000 - 2,225,000 2,475,312 0.24 23,963,937 2.35 El Salvador El Salvador Government International Bond 5.875% 30.01.2025 600,000 2,300,000 1,200,000 1,700,000 1,746,219 0.17 El Salvador Government International Bond 6.375% 18.01.2027 300,000 1,400,000 300,000 1,400,000 1,445,062 0.14 El Salvador Government International Bond 7.1246% 20.01.2050 - 375,000 - 375,000 380,625 0.04 El Salvador Government International Bond 7.375% 01.12.2019 400,000 - 400,000 - - 0.00 El Salvador Government International Bond 7.625% 01.02.2041 - 700,000 - 700,000 754,687 0.07 El Salvador Government International Bond 7.65% 15.06.2035 800,000 1,275,000 40,000 2,035,000 2,212,427 0.22 El Salvador Government International Bond 7.75% 24.01.2023 - 700,000 - 700,000 771,094 0.08 El Salvador Government International Bond 8.25% 10.04.2032 150,000 - - 150,000 170,672 0.02 El Salvador Government International Bond 8.625% 28.02.2029 675,000 1,100,000 - 1,775,000 2,074,531 0.20 9,555,317 0.94 Ivory Coast Ivory Coast Government International Bond 5.375% 23.07.2024 300,000 400,000 - 700,000^ 714,000 0.07 Ivory Coast Government International Bond 5.75% 31.12.2032 925,000 1,850,000 135,000 2,640,000 2,584,725 0.25 Ivory Coast Government International Bond 6.125% 15.06.2033 650,000 2,200,000 500,000 2,350,000 2,218,547 0.22 Ivory Coast Government International Bond 6.375% 03.03.2028 400,000 1,100,000 - 1,500,000 1,505,625 0.15 7,022,897 0.69 Gabon Gabon Government International Bond 6.375% 12.12.2024 700,000 2,000,000 - 2,700,000 2,678,062 0.26 Gabon Government International Bond 6.95% 16.06.2025 500,000 600,000 - 1,100,000 1,100,344 0.11 3,778,406 0.37 Georgia Georgia Government International Bond 6.875% 12.04.2021 250,000 600,000 - 850,000 896,750 0.09 Georgian Railway JSC 7.75% 11.07.2022 200,000 500,000 - 700,000 768,250 0.07 1,665,000 0.16 Ghana Ghana Government International Bond 7.625% 16.05.2029 500,000 1,500,000 - 2,000,000^ 2,041,250 0.20 Ghana Government International Bond 7.875% 07.08.2023 500,000 1,400,000 577,903 1,322,097 1,446,044 0.14 Ghana Government International Bond 7.875% 26.03.2027 - 750,000 - 750,000 793,125 0.08 Ghana Government International Bond 8.125% 18.01.2026 500,000 1,050,000 - 1,550,000 1,672,547 0.16 Ghana Government International Bond 8.125% 26.03.2032 - 2,125,000 200,000 1,925,000 1,958,086 0.19 Ghana Government International Bond 8.627% 16.06.2049 550,000 1,250,000 - 1,800,000 1,827,562 0.18 Ghana Government International Bond 8.95% 26.03.2051 - 1,650,000 - 1,650,000^ 1,706,203 0.17 11,444,817 1.12 Guatemala Guatemala Government Bond 4.375% 05.06.2027 400,000 500,000 - 900,000 908,156 0.09 Guatemala Government Bond 4.5% 03.05.2026 500,000 1,000,000 - 1,500,000 1,526,719 0.15 Guatemala Government Bond 4.875% 13.02.2028 300,000 1,000,000 - 1,300,000 1,360,125 0.13 Guatemala Government Bond 4.9% 01.06.2030 - 700,000 - 700,000 728,437 0.07 Guatemala Government Bond 5.75% 06.06.2022 200,000 600,000 - 800,000 851,500 0.08 Guatemala Government Bond 6.125% 01.06.2050 - 975,000 - 975,000 1,057,875 0.11 6,432,812 0.63

[232] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Honduras Honduras Government International Bond 6.25% 19.01.2027 450,000 700,000 - 1,150,000 1,245,594 0.12 Honduras Government International Bond 7.5% 15.03.2024 200,000 850,000 - 1,050,000 1,161,235 0.11 Honduras Government International Bond 8.75% 16.12.2020 200,000 350,000 - 550,000 587,984 0.06 2,994,813 0.29 Hong Kong CGNPC International Ltd 2.75% 02.07.2024 - 400,000 - 400,000 397,829 0.04 CNAC HK Finbridge Co Ltd 3.375% 19.06.2024 - 200,000 - 200,000 200,139 0.02 CNAC HK Finbridge Co Ltd 3.5% 19.07.2022 200,000 300,000 - 500,000 503,130 0.05 CNAC HK Finbridge Co Ltd 3.875% 19.06.2029 - 200,000 - 200,000 201,755 0.02 CNAC HK Finbridge Co Ltd 4.125% 14.03.2021 - 300,000 - 300,000 304,969 0.03 CNAC HK Finbridge Co Ltd 4.125% 19.07.2027 200,000 200,000 - 400,000 416,125 0.04 CNAC HK Finbridge Co Ltd 4.625% 14.03.2023 200,000 900,000 250,000 850,000 887,719 0.09 CNAC HK Finbridge Co Ltd 4.875% 14.03.2025 200,000 500,000 200,000 500,000 537,187 0.05 CNAC HK Finbridge Co Ltd 5.125% 14.03.2028 200,000 800,000 200,000 800,000 889,362 0.09 4,338,215 0.43 India Export-Import Bank of India 2.75% 01.04.2020 200,000 - 200,000 - - 0.00 Export-Import Bank of India 2.75% 12.08.2020 - 1,200,000 1,200,000 - - 0.00 Export-Import Bank of India 3.125% 20.07.2021 600,000 1,200,000 - 1,800,000 1,814,062 0.18 Export-Import Bank of India 3.875% 02.10.2019 250,000 800,000 1,050,000 - - 0.00 Export-Import Bank of India 3.875% 12.03.2024 - 500,000 - 500,000 517,656 0.05 Export-Import Bank of India 3.875% 01.02.2028 450,000 500,000 - 950,000 988,000 0.10 Export-Import Bank of India 4% 14.01.2023 400,000 600,000 - 1,000,000 1,032,188 0.10 Indian Railway Finance Corp Ltd 3.73% 29.03.2024 - 700,000 - 700,000 715,694 0.07 Indian Railway Finance Corp Ltd 3.835% 13.12.2027 200,000 750,000 - 950,000 973,156 0.09 6,040,756 0.59 Indonesia Indonesia Asahan Aluminium Persero PT 5.23% 15.11.2021 - 500,000 - 500,000 524,688 0.05 Indonesia Asahan Aluminium Persero PT 5.71% 15.11.2023 - 575,000 - 575,000 632,773 0.06 Indonesia Asahan Aluminium Persero PT 6.53% 15.11.2028 - 400,000 - 400,000 480,500 0.05 Indonesia Asahan Aluminium Persero PT 6.757% 15.11.2048 - 400,000 - 400,000 497,001 0.05 Indonesia Government International Bond 2.95% 11.01.2023 - 700,000 - 700,000 705,250 0.07 Indonesia Government International Bond 3.375% 15.04.2023 400,000 450,000 - 850,000 868,859 0.09 Indonesia Government International Bond 3.4% 18.09.2029 - 400,000 - 400,000 408,600 0.04 Indonesia Government International Bond 3.5% 11.01.2028 200,000 600,000 - 800,000 820,000 0.08 Indonesia Government International Bond 3.7% 08.01.2022 - 200,000 - 200,000 205,000 0.02 Indonesia Government International Bond 3.75% 25.04.2022 400,000 1,000,000 500,000 900,000 926,437 0.09 Indonesia Government International Bond 3.85% 18.07.2027 200,000 400,000 - 600,000 628,500 0.06 Indonesia Government International Bond 4.1% 24.04.2028 250,000 400,000 - 650,000 695,703 0.07 Indonesia Government International Bond 4.125% 15.01.2025 300,000 1,200,000 400,000 1,100,000 1,165,312 0.11 Indonesia Government International Bond 4.35% 08.01.2027 300,000 400,000 - 700,000 756,219 0.07 Indonesia Government International Bond 4.35% 11.01.2048 200,000 500,000 - 700,000 735,000 0.07 Indonesia Government International Bond 4.45% 11.02.2024 - 200,000 - 200,000 213,500 0.02 Indonesia Government International Bond 4.625% 15.04.2043 250,000 300,000 - 550,000 592,109 0.06 Indonesia Government International Bond 4.75% 08.01.2026 400,000 900,000 - 1,300,000 1,426,750 0.14 Indonesia Government International Bond 4.75% 11.02.2029 - 375,000 - 375,000 422,344 0.04 Indonesia Government International Bond 4.75% 18.07.2047 - 500,000 - 500,000 548,281 0.05 Indonesia Government International Bond 4.875% 05.05.2021 400,000 1,600,000 1,500,000 500,000 520,313 0.05 Indonesia Government International Bond 5.125% 15.01.2045 300,000 300,000 - 600,000 688,312 0.07 Indonesia Government International Bond 5.25% 17.01.2042 400,000 1,000,000 250,000 1,150,000 1,333,641 0.13 Indonesia Government International Bond 5.25% 08.01.2047 300,000 800,000 250,000 850,000 993,969 0.10 Indonesia Government International Bond 5.35% 11.02.2049 - 325,000 - 325,000 392,133 0.04 Indonesia Government International Bond 5.375% 17.10.2023 250,000 600,000 400,000 450,000 497,672 0.05 Indonesia Government International Bond 5.875% 13.03.2020 200,000 300,000 500,000 - - 0.00 Indonesia Government International Bond 5.875% 15.01.2024 400,000 200,000 - 600,000 677,250 0.07 Indonesia Government International Bond 5.95% 08.01.2046 200,000 700,000 250,000 650,000 825,500 0.08

BlackRock Investment Funds Switzerland ANNUAL REPORT [233] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Indonesia Government International Bond 6.625% 17.02.2037 200,000 200,000 - 400,000 525,875 0.05 Indonesia Government International Bond 6.75% 15.01.2044 400,000 1,100,000 250,000 1,250,000 1,723,437 0.17 Indonesia Government International Bond 7.75% 17.01.2038 350,000 1,000,000 200,000 1,150,000 1,674,687 0.16 Indonesia Government International Bond 8.5% 12.10.2035 200,000 500,000 - 700,000 1,061,375 0.10 Lembaga Pembiayaan Ekspor Indonesia 3.875% 06.04.2024 - 200,000 - 200,000 207,313 0.02 Pelabuhan Indonesia II PT 4.25% 05.05.2025 - 600,000 - 600,000 629,437 0.06 Pelabuhan Indonesia II PT 5.375% 05.05.2045 200,000 200,000 200,000 200,000 215,438 0.02 Pelabuhan Indonesia III Persero PT 4.5% 02.05.2023 - 250,000 - 250,000 263,125 0.03 Pelabuhan Indonesia III Persero PT 4.875% 01.10.2024 200,000 200,000 - 400,000 430,875 0.04 Pertamina Persero PT 3.65% 30.07.2029 - 200,000 - 200,000 201,188 0.02 Pertamina Persero PT 4.3% 20.05.2023 200,000 900,000 300,000 800,000 839,500 0.08 Pertamina Persero PT 4.7% 30.07.2049 - 200,000 - 200,000 199,060 0.02 Pertamina Persero PT 4.875% 03.05.2022 200,000 500,000 - 700,000 738,937 0.07 Pertamina Persero PT 5.25% 23.05.2021 - 300,000 - 300,000 313,313 0.03 Pertamina Persero PT 5.625% 20.05.2043 200,000 400,000 - 600,000 674,062 0.07 Pertamina Persero PT 6% 03.05.2042 300,000 700,000 200,000 800,000 935,500 0.09 Pertamina Persero PT 6.45% 30.05.2044 300,000 800,000 - 1,100,000 1,365,375 0.13 Perusahaan Listrik Negara PT 4.125% 15.05.2027 500,000 500,000 300,000 700,000 728,000 0.07 Perusahaan Listrik Negara PT 5.25% 24.10.2042 200,000 200,000 - 400,000 429,625 0.04 Perusahaan Listrik Negara PT 5.25% 15.05.2047 - 250,000 - 250,000 270,156 0.03 Perusahaan Listrik Negara PT 5.375% 25.01.2029 - 500,000 250,000 250,000 283,125 0.03 Perusahaan Listrik Negara PT 5.45% 21.05.2028 200,000 400,000 - 600,000 680,606 0.07 Perusahaan Listrik Negara PT 5.5% 22.11.2021 200,000 200,000 - 400,000 424,375 0.04 Perusahaan Listrik Negara PT 6.15% 21.05.2048 - 700,000 250,000 450,000 546,188 0.05 Perusahaan Listrik Negara PT 6.25% 25.01.2049 - 500,000 200,000 300,000 367,875 0.04 Perusahaan Penerbit SBSN Indonesia III 3.3% 21.11.2022 200,000 400,000 - 600,000 609,188 0.06 Perusahaan Penerbit SBSN Indonesia III 3.4% 29.03.2021 200,000 600,000 800,000 - - 0.00 Perusahaan Penerbit SBSN Indonesia III 3.4% 29.03.2022 - 350,000 - 350,000 355,688 0.04 Perusahaan Penerbit SBSN Indonesia III 3.75% 01.03.2023 200,000 700,000 - 900,000 930,375 0.09 Perusahaan Penerbit SBSN Indonesia III 3.9% 20.08.2024 - 400,000 - 400,000 417,500 0.04 Perusahaan Penerbit SBSN Indonesia III 4.15% 29.03.2027 400,000 800,000 - 1,200,000 1,270,875 0.13 Perusahaan Penerbit SBSN Indonesia III 4.325% 28.05.2025 300,000 1,000,000 500,000 800,000 851,000 0.08 Perusahaan Penerbit SBSN Indonesia III 4.35% 10.09.2024 250,000 200,000 - 450,000 478,593 0.05 Perusahaan Penerbit SBSN Indonesia III 4.4% 01.03.2028 400,000 700,000 - 1,100,000 1,186,969 0.12 Perusahaan Penerbit SBSN Indonesia III 4.45% 20.02.2029 - 275,000 - 275,000 298,289 0.03 Perusahaan Penerbit SBSN Indonesia III 4.55% 29.03.2026 200,000 650,000 - 850,000 915,875 0.09 42,224,415 4.14 Iraq Iraq International Bond 5.8% 15.01.2028 1,550,000 3,300,000 550,000 4,300,000 4,269,094 0.42 Iraq International Bond 6.752% 09.03.2023 400,000 1,300,000 - 1,700,000 1,759,500 0.17 6,028,594 0.59 Ireland GTLK Europe DAC 5.125% 31.05.2024 - 400,000 - 400,000 409,000 0.04 GTLK Europe DAC 5.95% 19.07.2021 200,000 - - 200,000 207,938 0.02 Russian Railways Via RZD Capital PLC 5.7% 05.04.2022 200,000 1,000,000 500,000 700,000 743,531 0.07 SCF Capital Designated Activity Co 5.375% 16.06.2023 200,000 250,000 - 450,000 469,828 0.05 Vnesheconombank Via VEB Finance PLC 5.942% 21.11.2023 400,000 450,000 - 850,000 922,250 0.09 Vnesheconombank Via VEB Finance PLC 6.025% 05.07.2022 200,000 650,000 300,000 550,000 589,188 0.06 Vnesheconombank Via VEB Finance PLC 6.8% 22.11.2025 200,000 650,000 - 850,000 972,187 0.09 Vnesheconombank Via VEB Finance PLC 6.902% 09.07.2020 350,000 750,000 1,100,000 - - 0.00 4,313,922 0.42 Jamaica Jamaica Government International Bond 6.75% 28.04.2028 900,000 2,500,000 300,000 3,100,000 3,597,938 0.35 Jamaica Government International Bond 7.625% 09.07.2025 400,000 600,000 - 1,000,000 1,170,938 0.12 Jamaica Government International Bond 7.875% 28.07.2045 550,000 1,300,000 200,000 1,650,000 2,094,984 0.21 Jamaica Government International Bond 8% 15.03.2039 625,000 1,600,000 200,000 2,025,000 2,577,445 0.25 9,441,305 0.93

[234] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Jordan Jordan Government International Bond 5.75% 31.01.2027 500,000 1,650,000 500,000 1,650,000 1,689,187 0.17 Jordan Government International Bond 6.125% 29.01.2026 500,000 1,000,000 - 1,500,000 1,578,750 0.15 Jordan Government International Bond 7.375% 10.10.2047 550,000 2,950,000 1,750,000 1,750,000 1,856,094 0.18 5,124,031 0.50 Cayman Islands Amber Circle Funding Ltd 3.25% 04.12.2022 200,000 300,000 - 500,000 507,500 0.05 Avi Funding Co Ltd 2.85% 16.09.2020 - 200,000 - 200,000 200,651 0.02 Avi Funding Co Ltd 3.8% 16.09.2025 - 600,000 - 600,000 624,187 0.06 Chinalco Capital Holdings Ltd 4.25% 21.04.2022 - 400,000 - 400,000 400,180 0.04 ICD Funding Ltd 4.625% 21.05.2024 - 400,000 - 400,000 417,875 0.04 KSA Sukuk Ltd 2.894% 20.04.2022 - 1,500,000 - 1,500,000 1,521,750 0.15 KSA Sukuk Ltd 3.628% 20.04.2027 - 1,500,000 - 1,500,000 1,571,250 0.15 KSA Sukuk Ltd 4.303% 19.01.2029 - 700,000 - 700,000 767,550 0.08 Lamar Funding Ltd 3.958% 07.05.2025 400,000 400,000 - 800,000 736,500 0.07 Mumtalakat Sukuk Holding Co 5.625% 27.02.2024 - 750,000 - 750,000 774,285 0.08 OmGrid Funding Ltd 5.196% 16.05.2027 200,000 650,000 - 850,000 806,969 0.08 RAK Capital 3.094% 31.03.2025 - 900,000 - 900,000 901,125 0.09 Sharjah Sukuk Ltd 3.764% 17.09.2024 - 200,000 - 200,000 207,250 0.02 Sharjah Sukuk Program Ltd 3.854% 03.04.2026 - 1,300,000 - 1,300,000 1,355,656 0.13 Sharjah Sukuk Program Ltd 4.226% 14.03.2028 - 400,000 - 400,000 423,000 0.04 SPARC EM SPC Panama Metro Line 2 SP 0% 05.12.2022 300,000 500,000 116,669 683,331 646,815 0.06 Three Gorges Finance I Cayman Islands Ltd 2.3% 02.06.2021 200,000 - - 200,000 198,625 0.02 Three Gorges Finance I Cayman Islands Ltd 3.15% 02.06.2026 200,000 700,000 400,000 500,000 505,156 0.05 Three Gorges Finance I Cayman Islands Ltd 3.7% 10.06.2025 - 300,000 - 300,000 314,063 0.03 12,880,387 1.26 Cameroon Republic of Cameroon International Bond 9.5% 19.11.2025 300,000 900,000 - 1,200,000^ 1,303,875 0.13 1,303,875 0.13 Kazakhstan Development Bank of Kazakhstan JSC 4.125% 10.12.2022 400,000 1,000,000 - 1,400,000 1,433,600 0.14 KazAgro National Management Holding JSC 4.625% 24.05.2023 400,000 900,000 1,300,000 - - 0.00 Kazakhstan Government International Bond 3.875% 14.10.2024 600,000 1,000,000 - 1,600,000 1,693,600 0.17 Kazakhstan Government International Bond 4.875% 14.10.2044 450,000 1,400,000 200,000 1,650,000 1,909,875 0.19 Kazakhstan Government International Bond 5.125% 21.07.2025 1,050,000 3,500,000 700,000 3,850,000 4,335,100 0.43 Kazakhstan Government International Bond 6.5% 21.07.2045 700,000 1,300,000 - 2,000,000 2,780,000 0.27 Kazakhstan Temir Zholy National Co JSC 4.85% 17.11.2027 200,000 1,000,000 - 1,200,000 1,299,000 0.13 KazMunayGas National Co JSC 3.875% 19.04.2022 - 1,500,000 800,000 700,000 717,850 0.07 KazMunayGas National Co JSC 4.75% 24.04.2025 200,000 400,000 - 600,000 649,800 0.06 KazMunayGas National Co JSC 4.75% 19.04.2027 400,000 1,200,000 - 1,600,000 1,729,600 0.17 KazMunayGas National Co JSC 5.375% 24.04.2030 700,000 1,650,000 500,000 1,850,000 2,073,156 0.20 KazMunayGas National Co JSC 5.75% 19.04.2047 600,000 1,100,000 - 1,700,000 1,946,500 0.19 KazMunayGas National Co JSC 6.375% 24.10.2048 550,000 1,900,000 450,000 2,000,000 2,420,000 0.24 22,988,081 2.26 Qatar Qatar Government International Bond 3.25% 02.06.2026 - 1,600,000 - 1,600,000 1,657,584 0.16 Qatar Government International Bond 3.375% 14.03.2024 - 1,425,000 - 1,425,000 1,481,555 0.15 Qatar Government International Bond 3.875% 23.04.2023 - 2,000,000 - 2,000,000 2,105,000 0.21 Qatar Government International Bond 4% 14.03.2029 - 2,675,000 - 2,675,000 2,917,422 0.29 Qatar Government International Bond 4.5% 23.04.2028 - 1,700,000 - 1,700,000 1,916,750 0.19 Qatar Government International Bond 4.625% 02.06.2046 - 1,450,000 - 1,450,000 1,681,547 0.16 Qatar Government International Bond 4.817% 14.03.2049 - 3,125,000 - 3,125,000 3,613,281 0.35 Qatar Government International Bond 5.103% 23.04.2048 - 4,100,000 - 4,100,000 4,936,656 0.48 Qatar Government International Bond 5.75% 20.01.2042 - 450,000 - 450,000 594,984 0.06 Qatar Government International Bond 6.4% 20.01.2040 - 400,000 - 400,000 562,750 0.05

BlackRock Investment Funds Switzerland ANNUAL REPORT [235] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Qatar Government International Bond 9.75% 15.06.2030 - 700,000 - 700,000 1,136,625 0.11 SoQ Sukuk A QSC 3.241% 18.01.2023 - 950,000 - 950,000 977,075 0.10 23,581,229 2.31 Kenya Kenya Government International Bond 6.875% 24.06.2024 1,125,000 2,800,000 500,000 3,425,000^ 3,681,875 0.36 Kenya Government International Bond 7% 22.05.2027 - 1,250,000 - 1,250,000 1,307,812 0.13 Kenya Government International Bond 7.25% 28.02.2028 450,000 1,400,000 - 1,850,000 1,933,250 0.19 Kenya Government International Bond 8% 22.05.2032 - 1,725,000 - 1,725,000 1,828,500 0.18 Kenya Government International Bond 8.25% 28.02.2048 500,000 1,200,000 - 1,700,000 1,774,375 0.17 10,525,812 1.03 Colombia Colombia Government International Bond 2.625% 15.03.2023 400,000 1,000,000 500,000 900,000 900,000 0.09 Colombia Government International Bond 3.875% 25.04.2027 1,000,000 2,600,000 500,000 3,100,000 3,234,850 0.32 Colombia Government International Bond 4% 26.02.2024 650,000 1,700,000 200,000 2,150,000 2,258,037 0.22 Colombia Government International Bond 4.375% 12.07.2021 1,000,000 1,800,000 750,000 2,050,000 2,126,234 0.21 Colombia Government International Bond 4.5% 28.01.2026 550,000 1,400,000 500,000 1,450,000 1,565,275 0.15 Colombia Government International Bond 4.5% 15.03.2029 - 700,000 - 700,000 764,094 0.07 Colombia Government International Bond 5% 15.06.2045 1,400,000 3,700,000 - 5,100,000 5,661,000 0.56 Colombia Government International Bond 5.2% 15.05.2049 - 500,000 - 500,000 575,469 0.06 Colombia Government International Bond 5.625% 26.02.2044 950,000 2,700,000 550,000 3,100,000 3,709,344 0.36 Colombia Government International Bond 6.125% 18.01.2041 775,000 2,600,000 500,000 2,875,000 3,595,547 0.35 Colombia Government International Bond 7.375% 18.09.2037 675,000 900,000 - 1,575,000 2,173,008 0.21 Colombia Government International Bond 8.125% 21.05.2024 300,000 750,000 - 1,050,000 1,294,781 0.13 Colombia Government International Bond 11.75% 25.02.2020 - 200,000 200,000 - - 0.00 27,857,639 2.73 Croatia Croatia Government International Bond 5.5% 04.04.2023 900,000 1,500,000 - 2,400,000 2,641,500 0.26 Croatia Government International Bond 6% 26.01.2024 1,000,000 2,200,000 250,000 2,950,000 3,365,766 0.33 Croatia Government International Bond 6.375% 24.03.2021 700,000 2,100,000 500,000 2,300,000 2,440,875 0.24 Croatia Government International Bond 6.625% 14.07.2020 650,000 2,000,000 2,650,000 - - 0.00 Croatia Government International Bond 6.75% 05.11.2019 600,000 1,500,000 2,100,000 - - 0.00 Hrvatska Elektroprivreda 5.875% 23.10.2022 200,000 800,000 - 1,000,000 1,086,875 0.11 9,535,016 0.94 Kuwait Kuwait International Government Bond 3.5% 20.03.2027 - 5,150,000 - 5,150,000 5,478,312 0.54 5,478,312 0.54 Latvia Latvia Government International Bond 2.75% 12.01.2020 400,000 600,000 1,000,000 - - 0.00 -0.00 Lebanon Lebanon Government International Bond 5.45% 28.11.2019 400,000 1,500,000 1,900,000 - - 0.00 Lebanon Government International Bond 6% 27.01.2023 400,000 1,800,000 400,000 1,800,000 1,490,063 0.15 Lebanon Government International Bond 6.1% 04.10.2022 850,000 1,200,000 - 2,050,000 1,730,969 0.17 Lebanon Government International Bond 6.2% 26.02.2025 200,000 - - 200,000 157,875 0.02 Lebanon Government International Bond 6.25% 04.11.2024 200,000 - - 200,000 157,688 0.01 Lebanon Government International Bond 6.375% 09.03.2020 600,000 800,000 1,400,000 - - 0.00 Lebanon Government International Bond 6.6% 27.11.2026 800,000 2,350,000 250,000 2,900,000 2,255,656 0.22 Lebanon Government International Bond 6.65% 22.04.2024 500,000 2,000,000 1,000,000 1,500,000 1,217,813 0.12 Lebanon Government International Bond 6.65% 03.11.2028 - 1,100,000 - 1,100,000 845,281 0.08 Lebanon Government International Bond 6.65% 26.02.2030 800,000 1,600,000 - 2,400,000 1,806,750 0.18 Lebanon Government International Bond 6.75% 29.11.2027 550,000 1,100,000 - 1,650,000 1,265,859 0.12 Lebanon Government International Bond 6.85% 23.03.2027 440,000 2,000,000 500,000 1,940,000 1,511,987 0.15 Lebanon Government International Bond 7% 23.03.2032 400,000 1,550,000 400,000 1,550,000 1,194,469 0.12 Lebanon Government International Bond 7.05% 02.11.2035 200,000 200,000 - 400,000 301,375 0.03

[236] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Lebanon Government International Bond 7.25% 23.03.2037 275,000 1,350,000 - 1,625,000 1,234,492 0.12 Lebanon Government International Bond 8.25% 12.04.2021 700,000 3,200,000 900,000 3,000,000 2,806,875 0.27 17,977,152 1.76 Lithuania Lithuania Government International Bond 6.125% 09.03.2021 750,000 2,000,000 800,000 1,950,000 2,063,178 0.20 Lithuania Government International Bond 6.625% 01.02.2022 800,000 2,300,000 500,000 2,600,000 2,862,862 0.28 Lithuania Government International Bond 7.375% 11.02.2020 950,000 2,000,000 2,950,000 - - 0.00 4,926,040 0.48 Luxembourg Russian Agricultural Bank OJSC Via RSHB Capital SA 8.5% 16.10.2023 200,000 300,000 - 500,000 553,906 0.06 SPIC Luxembourg Latin America Renewable Energy Investment Co Sarl 4.65% 30.10.2023 - 300,000 - 300,000 316,162 0.03 870,068 0.09 Malaysia Export-Import Bank of Malaysia Bhd 2.48% 20.10.2021 200,000 200,000 - 400,000 398,375 0.04 Malaysia Sovereign Sukuk Bhd 3.043% 22.04.2025 600,000 1,500,000 250,000 1,850,000 1,897,984 0.19 Malaysia Sovereign Sukuk Bhd 4.236% 22.04.2045 400,000 600,000 - 1,000,000 1,158,750 0.11 Malaysia Sukuk Global Bhd 3.179% 27.04.2026 575,000 1,600,000 600,000 1,575,000 1,619,789 0.16 Malaysia Sukuk Global Bhd 4.08% 27.04.2046 250,000 400,000 - 650,000 737,953 0.07 Petroliam Nasional Bhd 7.625% 15.10.2026 400,000 400,000 - 800,000 1,041,198 0.10 Petronas Capital Ltd 5.25% 12.08.2019 650,000 1,000,000 1,650,000 - - 0.00 Petronas Capital Ltd 7.875% 22.05.2022 300,000 1,000,000 - 1,300,000 1,484,438 0.15 Petronas Global Sukuk Ltd 2.707% 18.03.2020 550,000 1,500,000 2,050,000 - - 0.00 Wakala Global Sukuk Bhd 4.646% 06.07.2021 250,000 900,000 - 1,150,000 1,197,078 0.12 9,535,565 0.94 Morocco Morocco Government International Bond 4.25% 11.12.2022 1,000,000 2,450,000 500,000 2,950,000 3,075,375 0.30 Morocco Government International Bond 5.5% 11.12.2042 300,000 650,000 - 950,000 1,108,531 0.11 4,183,906 0.41 Mexico Banco Nacional de Comercio Exterior SNC/Cayman Islands 3.8% 11.08.2026 200,000 - - 200,000 202,375 0.02 Banco Nacional de Comercio Exterior SNC/Cayman Islands 4.375% 14.10.2025 - 500,000 - 500,000 514,375 0.05 Comision Federal de Electricidad 4.75% 23.02.2027 300,000 900,000 600,000 600,000 617,438 0.06 Comision Federal de Electricidad 4.875% 15.01.2024 200,000 200,000 - 400,000 417,625 0.04 Comision Federal de Electricidad 5.75% 14.02.2042 200,000 200,000 - 400,000 422,875 0.04 Comision Federal de Electricidad 6.125% 16.06.2045 - 300,000 - 300,000 335,344 0.03 Mexico City Airport Trust 3.875% 30.04.2028 200,000 500,000 358,000 342,000 330,992 0.03 Mexico City Airport Trust 4.25% 31.10.2026 250,000 524,000 450,000 324,000 322,886 0.03 Mexico City Airport Trust 5.5% 31.10.2046 - 600,000 364,000 236,000 234,348 0.02 Mexico City Airport Trust 5.5% 31.07.2047 450,000 1,300,000 912,000 838,000 832,553 0.08 Mexico Government International Bond 3.5% 21.01.2021 200,000 - - 200,000 203,500 0.02 Mexico Government International Bond 3.6% 30.01.2025 450,000 1,200,000 - 1,650,000 1,690,425 0.17 Mexico Government International Bond 3.625% 15.03.2022 200,000 1,700,000 1,000,000 900,000 926,156 0.09 Mexico Government International Bond 3.75% 11.01.2028 400,000 500,000 - 900,000 910,350 0.09 Mexico Government International Bond 4% 02.10.2023 600,000 1,750,000 - 2,350,000 2,466,031 0.24 Mexico Government International Bond 4.125% 21.01.2026 400,000 600,000 - 1,000,000 1,045,500 0.10 Mexico Government International Bond 4.15% 28.03.2027 400,000 1,400,000 500,000 1,300,000 1,353,300 0.13 Mexico Government International Bond 4.35% 15.01.2047 250,000 900,000 200,000 950,000 931,000 0.09 Mexico Government International Bond 4.5% 22.04.2029 - 225,000 - 225,000 239,625 0.03 Mexico Government International Bond 4.5% 31.01.2050 - 500,000 - 500,000 494,250 0.05 Mexico Government International Bond 4.6% 23.01.2046 300,000 1,000,000 - 1,300,000 1,316,656 0.13 Mexico Government International Bond 4.6% 10.02.2048 200,000 900,000 - 1,100,000 1,119,250 0.11 Mexico Government International Bond 4.75% 08.03.2044 700,000 1,750,000 500,000 1,950,000 2,020,078 0.20 Mexico Government International Bond 5.55% 21.01.2045 400,000 900,000 - 1,300,000 1,505,969 0.15 Mexico Government International Bond 5.75% 12.10.2110 370,000 950,000 250,000 1,070,000 1,165,631 0.12

BlackRock Investment Funds Switzerland ANNUAL REPORT [237] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Mexico Government International Bond 6.05% 11.01.2040 400,000 700,000 - 1,100,000 1,321,650 0.13 Mexico Government International Bond 6.75% 27.09.2034 350,000 500,000 - 850,000 1,091,984 0.11 Mexico Government International Bond 7.5% 08.04.2033 - 100,000 - 100,000 134,469 0.01 Mexico Government International Bond 8.3% 15.08.2031 150,000 - - 150,000 211,406 0.02 Petroleos Mexicanos 3.5% 30.01.2023 - 1,000,000 - 1,000,000 953,010 0.09 Petroleos Mexicanos 4.875% 18.01.2024 200,000 300,000 - 500,000 490,950 0.05 Petroleos Mexicanos 5.35% 12.02.2028 125,000 600,000 725,000 - - 0.00 Petroleos Mexicanos 5.375% 13.03.2022 100,000 1,000,000 1,000,000 100,000 101,288 0.01 Petroleos Mexicanos 6.10063% 11.03.2022 250,000 400,000 - 650,000 656,325 0.07 Petroleos Mexicanos 6.35% 12.02.2048 450,000 1,500,000 1,950,000 - - 0.00 Petroleos Mexicanos 6.35% 12.02.2048 - 1,700,000 350,000 1,350,000 1,184,625 0.12 Petroleos Mexicanos 6.5% 13.03.2027 600,000 2,200,000 250,000 2,550,000 2,535,950 0.25 Petroleos Mexicanos 6.5% 23.01.2029 - 975,000 - 975,000 951,295 0.09 Petroleos Mexicanos 6.625% 29.09.2049 - 350,000 - 350,000 298,703 0.03 Petroleos Mexicanos 6.75% 21.09.2047 775,000 1,900,000 200,000 2,475,000 2,244,129 0.22 33,794,316 3.32 Mongolia Development Bank of Mongolia LLC 7.25% 23.10.2023 - 950,000 - 950,000 993,641 0.10 Mongolia Government International Bond 5.125% 05.12.2022 650,000 1,200,000 - 1,850,000 1,867,344 0.18 Mongolia Government International Bond 5.625% 01.05.2023 450,000 1,800,000 500,000 1,750,000 1,787,734 0.18 Mongolia Government International Bond 8.75% 09.03.2024 250,000 500,000 - 750,000 849,375 0.08 Mongolia Government International Bond 10.875% 06.04.2021 200,000 300,000 - 500,000 554,219 0.05 Trade & Development Bank of Mongolia LLC 9.375% 19.05.2020 200,000 300,000 500,000 - - 0.00 6,052,313 0.59 Mozambique Mozambique International Bond 10.5% 18.01.2023 275,000 800,000 - 1,075,000^ 1,096,500 0.11 1,096,500 0.11 Namibia Namibia International Bonds 5.25% 29.10.2025 450,000 900,000 - 1,350,000^ 1,376,578 0.13 Namibia International Bonds 5.5% 03.11.2021 250,000 300,000 - 550,000 572,860 0.06 1,949,438 0.19 Netherlands Kazakhstan Temir Zholy Finance BV 6.95% 10.07.2042 550,000 1,100,000 200,000 1,450,000 1,856,000 0.18 MDC-GMTN BV 2.75% 11.05.2023 - 300,000 - 300,000 303,000 0.03 MDC-GMTN BV 3% 19.04.2024 - 800,000 - 800,000 818,500 0.08 MDC-GMTN BV 3.75% 19.04.2029 - 200,000 - 200,000 212,333 0.02 MDC-GMTN BV 4.5% 07.11.2028 - 1,050,000 - 1,050,000 1,184,925 0.12 MDC-GMTN BV 6.875% 01.11.2041 - 250,000 - 250,000 375,703 0.04 4,750,461 0.47 Nigeria Nigeria Government International Bond 6.375% 12.07.2023 200,000 400,000 - 600,000 639,000 0.06 Nigeria Government International Bond 6.5% 28.11.2027 800,000 2,000,000 400,000 2,400,000 2,459,250 0.24 Nigeria Government International Bond 6.75% 28.01.2021 300,000 500,000 - 800,000 832,000 0.08 Nigeria Government International Bond 7.143% 23.02.2030 600,000 2,000,000 600,000 2,000,000 2,065,000 0.20 Nigeria Government International Bond 7.625% 21.11.2025 - 1,925,000 - 1,925,000 2,142,766 0.21 Nigeria Government International Bond 7.625% 28.11.2047 750,000 1,850,000 - 2,600,000 2,614,625 0.26 Nigeria Government International Bond 7.696% 23.02.2038 650,000 2,000,000 500,000 2,150,000 2,221,219 0.22 Nigeria Government International Bond 7.875% 16.02.2032 800,000 1,850,000 400,000 2,250,000 2,390,625 0.23 Nigeria Government International Bond 8.747% 21.01.2031 - 1,875,000 200,000 1,675,000 1,893,273 0.19 Nigeria Government International Bond 9.248% 21.01.2049 - 1,400,000 250,000 1,150,000 1,315,672 0.13 18,573,430 1.82 Oman Mazoon Assets Co SAOC 5.2% 08.11.2027 275,000 450,000 - 725,000 698,719 0.07 Oman Government International Bond 3.625% 15.06.2021 400,000 1,500,000 - 1,900,000 1,894,063 0.19 Oman Government International Bond 3.875% 08.03.2022 650,000 1,300,000 500,000 1,450,000 1,442,750 0.14 Oman Government International Bond 4.125% 17.01.2023 - 900,000 - 900,000 897,750 0.09

[238] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Oman Government International Bond 4.75% 15.06.2026 1,225,000 2,600,000 800,000 3,025,000 2,911,563 0.29 Oman Government International Bond 4.875% 01.02.2025 - 550,000 - 550,000 548,074 0.05 Oman Government International Bond 5.375% 08.03.2027 1,300,000 1,800,000 1,500,000 1,600,000 1,568,000 0.15 Oman Government International Bond 5.625% 17.01.2028 500,000 3,000,000 450,000 3,050,000 3,015,687 0.30 Oman Government International Bond 6% 01.08.2029 - 625,000 - 625,000 628,125 0.06 Oman Government International Bond 6.5% 08.03.2047 1,000,000 2,000,000 700,000 2,300,000 2,129,656 0.21 Oman Government International Bond 6.75% 17.01.2048 750,000 2,400,000 - 3,150,000 2,968,875 0.29 Oman Sovereign Sukuk SAOC 4.397% 01.06.2024 800,000 2,000,000 - 2,800,000 2,775,500 0.27 Oman Sovereign Sukuk SAOC 5.932% 31.10.2025 - 1,150,000 - 1,150,000 1,201,750 0.12 22,680,512 2.23 Pakistan Pakistan Government International Bond 6.875% 05.12.2027 750,000 2,200,000 400,000 2,550,000 2,648,812 0.26 Pakistan Government International Bond 8.25% 15.04.2024 650,000 1,200,000 300,000 1,550,000 1,729,219 0.17 Pakistan Government International Bond 8.25% 30.09.2025 200,000 600,000 - 800,000 894,000 0.09 Second Pakistan International Sukuk Co Ltd 6.75% 03.12.2019 500,000 1,000,000 1,500,000 - - 0.00 Third Pakistan International Sukuk Co Ltd 5.5% 13.10.2021 500,000 1,200,000 - 1,700,000 1,724,437 0.17 Third Pakistan International Sukuk Co Ltd 5.625% 05.12.2022 450,000 1,200,000 - 1,650,000 1,680,938 0.16 8,677,406 0.85 Panama Aeropuerto Internacional de Tocumen SA 5.625% 18.05.2036 200,000 700,000 - 900,000 1,029,938 0.10 Aeropuerto Internacional de Tocumen SA 6% 18.11.2048 - 1,200,000 - 1,200,000 1,459,500 0.14 Empresa de Transmision Electrica SA 5.125% 02.05.2049 - 750,000 - 750,000 813,516 0.08 Panama Government International Bond 3.16% 23.01.2030 - 350,000 - 350,000 352,975 0.04 Panama Government International Bond 3.75% 16.03.2025 800,000 1,600,000 500,000 1,900,000 2,003,312 0.20 Panama Government International Bond 3.875% 17.03.2028 600,000 2,600,000 1,400,000 1,800,000 1,925,438 0.19 Panama Government International Bond 4% 22.09.2024 700,000 2,000,000 800,000 1,900,000 2,016,375 0.20 Panama Government International Bond 4.3% 29.04.2053 400,000 800,000 - 1,200,000 1,320,750 0.13 Panama Government International Bond 4.5% 15.05.2047 675,000 1,600,000 250,000 2,025,000 2,282,555 0.22 Panama Government International Bond 4.5% 16.04.2050 450,000 2,400,000 250,000 2,600,000 2,916,062 0.29 Panama Government International Bond 5.2% 30.01.2020 600,000 1,000,000 1,600,000 - - 0.00 Panama Government International Bond 6.7% 26.01.2036 1,000,000 3,550,000 1,150,000 3,400,000 4,679,250 0.46 Panama Government International Bond 7.125% 29.01.2026 400,000 1,300,000 - 1,700,000 2,123,937 0.21 Panama Government International Bond 8.875% 30.09.2027 600,000 1,000,000 - 1,600,000 2,262,500 0.22 Panama Government International Bond 9.375% 01.04.2029 500,000 - - 500,000 750,625 0.07 25,936,733 2.55 Papua New Guinea Papua New Guinea Government International Bond 8.375% 04.10.2028 - 900,000 - 900,000 971,719 0.10 971,719 0.10 Paraguay Paraguay Government International Bond 4.625% 25.01.2023 400,000 1,200,000 250,000 1,350,000 1,420,875 0.14 Paraguay Government International Bond 4.7% 27.03.2027 300,000 - - 300,000 327,188 0.03 Paraguay Government International Bond 5% 15.04.2026 200,000 700,000 - 900,000 988,875 0.10 Paraguay Government International Bond 5.4% 30.03.2050 - 700,000 - 700,000 788,156 0.08 Paraguay Government International Bond 5.6% 13.03.2048 400,000 600,000 - 1,000,000 1,147,188 0.11 Paraguay Government International Bond 6.1% 11.08.2044 400,000 1,600,000 200,000 1,800,000 2,172,937 0.21 6,845,219 0.67 Peru Corp Financiera de Desarrollo SA 3.25% 15.07.2019 250,000 - 250,000 - - 0.00 Corp Financiera de Desarrollo SA 4.75% 15.07.2025 400,000 500,000 - 900,000 970,739 0.10 Peruvian Government International Bond 4.125% 25.08.2027 700,000 2,200,000 750,000 2,150,000 2,392,547 0.23 Peruvian Government International Bond 5.625% 18.11.2050 1,300,000 3,500,000 450,000 4,350,000 6,045,141 0.59 Peruvian Government International Bond 6.55% 14.03.2037 600,000 1,400,000 - 2,000,000 2,845,000 0.28 Peruvian Government International Bond 7.35% 21.07.2025 850,000 2,100,000 - 2,950,000 3,764,016 0.37 Peruvian Government International Bond 8.75% 21.11.2033 1,100,000 3,000,000 550,000 3,550,000 5,799,812 0.57

BlackRock Investment Funds Switzerland ANNUAL REPORT [239] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Petroleos del Peru SA 4.75% 19.06.2032 520,000 1,300,000 - 1,820,000 1,963,798 0.19 Petroleos del Peru SA 5.625% 19.06.2047 525,000 1,300,000 250,000 1,575,000 1,791,562 0.18 25,572,615 2.51 Philippines Philippine Government International Bond 3% 01.02.2028 900,000 1,850,000 200,000 2,550,000 2,620,125 0.26 Philippine Government International Bond 3.7% 01.03.2041 650,000 2,000,000 600,000 2,050,000 2,240,266 0.22 Philippine Government International Bond 3.7% 02.02.2042 650,000 2,200,000 800,000 2,050,000 2,247,312 0.22 Philippine Government International Bond 3.75% 14.01.2029 - 400,000 - 400,000 438,750 0.04 Philippine Government International Bond 3.95% 20.01.2040 500,000 1,800,000 400,000 1,900,000 2,132,750 0.21 Philippine Government International Bond 4% 15.01.2021 600,000 1,800,000 1,250,000 1,150,000 1,176,234 0.12 Philippine Government International Bond 4.2% 21.01.2024 500,000 2,700,000 1,250,000 1,950,000 2,097,469 0.21 Philippine Government International Bond 5% 13.01.2037 550,000 600,000 - 1,150,000 1,446,844 0.14 Philippine Government International Bond 5.5% 30.03.2026 400,000 1,000,000 - 1,400,000 1,650,250 0.16 Philippine Government International Bond 6.375% 15.01.2032 300,000 400,000 - 700,000 947,406 0.09 Philippine Government International Bond 6.375% 23.10.2034 600,000 1,800,000 - 2,400,000 3,367,500 0.33 Philippine Government International Bond 6.5% 20.01.2020 200,000 - 200,000 - - 0.00 Philippine Government International Bond 7.5% 25.09.2024 200,000 - - 200,000 240,625 0.02 Philippine Government International Bond 7.75% 14.01.2031 600,000 900,000 - 1,500,000 2,216,719 0.22 Philippine Government International Bond 9.5% 02.02.2030 550,000 2,000,000 - 2,550,000 4,099,922 0.40 Philippine Government International Bond 10.625% 16.03.2025 400,000 700,000 - 1,100,000 1,577,125 0.16 Power Sector Assets & Liabilities Management Corp 7.39% 02.12.2024 300,000 950,000 - 1,250,000 1,546,094 0.15 30,045,391 2.95 Poland Republic of Poland Government International Bond 3% 17.03.2023 1,000,000 2,300,000 - 3,300,000 3,384,563 0.33 Republic of Poland Government International Bond 3.25% 06.04.2026 900,000 2,000,000 - 2,900,000 3,048,741 0.30 Republic of Poland Government International Bond 4% 22.01.2024 1,050,000 2,400,000 - 3,450,000 3,702,057 0.36 Republic of Poland Government International Bond 5% 23.03.2022 1,600,000 3,800,000 800,000 4,600,000 4,940,687 0.49 Republic of Poland Government International Bond 5.125% 21.04.2021 1,000,000 3,250,000 1,000,000 3,250,000 3,409,445 0.33 18,485,493 1.81 Romania Romanian Government International Bond 4.375% 22.08.2023 800,000 2,500,000 250,000 3,050,000 3,230,141 0.32 Romanian Government International Bond 4.875% 22.01.2024 600,000 2,000,000 750,000 1,850,000 1,995,109 0.20 Romanian Government International Bond 5.125% 15.06.2048 332,000 2,200,000 400,000 2,132,000 2,363,189 0.23 Romanian Government International Bond 6.125% 22.01.2044 500,000 800,000 - 1,300,000 1,648,156 0.16 Romanian Government International Bond 6.75% 07.02.2022 850,000 1,750,000 - 2,600,000 2,852,688 0.28 12,089,283 1.19 Russia Russian Foreign Bond - Eurobond 4.25% 23.06.2027 600,000 1,800,000 400,000 2,000,000 2,087,000 0.20 Russian Foreign Bond - Eurobond 4.375% 21.03.2029 200,000 1,400,000 600,000 1,000,000 1,045,000 0.10 Russian Foreign Bond - Eurobond 4.5% 04.04.2022 400,000 1,800,000 - 2,200,000 2,294,600 0.23 Russian Foreign Bond - Eurobond 4.75% 27.05.2026 600,000 2,000,000 400,000 2,200,000 2,365,000 0.23 Russian Foreign Bond - Eurobond 4.875% 16.09.2023 600,000 1,800,000 - 2,400,000 2,577,600 0.25 Russian Foreign Bond - Eurobond 5% 29.04.2020 700,000 1,500,000 2,200,000 - - 0.00 Russian Foreign Bond - Eurobond 5.1% 28.03.2035 - 1,000,000 - 1,000,000 1,085,500 0.11 Russian Foreign Bond - Eurobond 5.25% 23.06.2047 1,600,000 4,400,000 200,000 5,800,000 6,517,750 0.64 Russian Foreign Bond - Eurobond 5.625% 04.04.2042 600,000 1,800,000 - 2,400,000 2,836,800 0.28 Russian Foreign Bond - Eurobond 5.875% 16.09.2043 400,000 600,000 - 1,000,000 1,223,000 0.12 Russian Foreign Bond - Eurobond 7.5% 31.03.2030 934,500 1,987,500 447,000 2,475,000 2,791,336 0.27 Russian Foreign Bond - Eurobond 12.75% 24.06.2028 475,000 800,000 - 1,275,000 2,105,025 0.21 26,928,611 2.64 Zambia Zambia Government International Bond 5.375% 20.09.2022 500,000 700,000 - 1,200,000 841,125 0.08 Zambia Government International Bond 8.5% 14.04.2024 500,000 1,500,000 200,000 1,800,000 1,296,000 0.13 Zambia Government International Bond 8.97% 30.07.2027 600,000 1,500,000 - 2,100,000 1,510,687 0.15 3,647,812 0.36

[240] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Saudi Arabia Saudi Arabian Oil Co 2.75% 16.04.2022 - 700,000 - 700,000 705,950 0.07 Saudi Arabian Oil Co 2.875% 16.04.2024 - 500,000 - 500,000 504,268 0.05 Saudi Arabian Oil Co 3.5% 16.04.2029 - 1,225,000 - 1,225,000 1,253,959 0.12 Saudi Arabian Oil Co 4.25% 16.04.2039 - 1,250,000 - 1,250,000 1,293,594 0.13 Saudi Arabian Oil Co 4.375% 16.04.2049 - 1,200,000 - 1,200,000 1,238,550 0.12 Saudi Government International Bond 2.875% 04.03.2023 - 1,250,000 - 1,250,000 1,268,125 0.12 Saudi Government International Bond 3.25% 26.10.2026 - 2,500,000 - 2,500,000 2,581,250 0.25 Saudi Government International Bond 3.625% 04.03.2028 - 2,000,000 - 2,000,000 2,089,000 0.21 Saudi Government International Bond 4% 17.04.2025 - 2,000,000 - 2,000,000 2,139,000 0.21 Saudi Government International Bond 4.375% 16.04.2029 - 1,750,000 - 1,750,000 1,931,125 0.19 Saudi Government International Bond 4.5% 17.04.2030 - 1,000,000 - 1,000,000 1,113,500 0.11 Saudi Government International Bond 4.5% 26.10.2046 - 2,850,000 - 2,850,000 3,016,725 0.30 Saudi Government International Bond 4.625% 04.10.2047 - 1,550,000 - 1,550,000 1,662,762 0.16 Saudi Government International Bond 5% 17.04.2049 - 1,350,000 - 1,350,000 1,534,950 0.15 Saudi Government International Bond 5.25% 16.01.2050 - 1,475,000 - 1,475,000 1,732,203 0.17 24,064,961 2.36 Senegal Senegal Government International Bond 6.25% 30.07.2024 200,000 300,000 - 500,000^ 545,156 0.05 Senegal Government International Bond 6.25% 23.05.2033 500,000 1,500,000 - 2,000,000 1,983,125 0.20 Senegal Government International Bond 6.75% 13.03.2048 600,000 1,300,000 200,000 1,700,000 1,635,719 0.16 4,164,000 0.41 Serbia Serbia International Bond 4.875% 25.02.2020 700,000 2,150,000 2,850,000 - - 0.00 Serbia International Bond 7.25% 28.09.2021 1,150,000 2,400,000 941,000 2,609,000 2,843,810 0.28 2,843,810 0.28 Slovakia Slovakia Government International Bond 4.375% 21.05.2022 800,000 1,800,000 300,000 2,300,000 2,426,500 0.24 2,426,500 0.24 Sri Lanka Sri Lanka Government International Bond 5.75% 18.01.2022 200,000 200,000 - 400,000 403,000 0.04 Sri Lanka Government International Bond 5.75% 18.04.2023 650,000 2,100,000 500,000 2,250,000 2,252,813 0.22 Sri Lanka Government International Bond 5.875% 25.07.2022 450,000 2,150,000 450,000 2,150,000 2,165,453 0.21 Sri Lanka Government International Bond 6.125% 03.06.2025 300,000 900,000 - 1,200,000 1,185,000 0.12 Sri Lanka Government International Bond 6.2% 11.05.2027 850,000 2,000,000 - 2,850,000 2,753,812 0.27 Sri Lanka Government International Bond 6.25% 04.10.2020 500,000 600,000 - 1,100,000 1,115,125 0.11 Sri Lanka Government International Bond 6.25% 27.07.2021 400,000 2,000,000 800,000 1,600,000 1,625,500 0.16 Sri Lanka Government International Bond 6.35% 28.06.2024 - 500,000 - 500,000 504,375 0.05 Sri Lanka Government International Bond 6.75% 18.04.2028 650,000 1,600,000 - 2,250,000 2,205,000 0.22 Sri Lanka Government International Bond 6.825% 18.07.2026 650,000 900,000 - 1,550,000 1,572,281 0.15 Sri Lanka Government International Bond 6.85% 14.03.2024 - 1,425,000 - 1,425,000 1,465,969 0.14 Sri Lanka Government International Bond 6.85% 03.11.2025 700,000 1,900,000 - 2,600,000 2,647,125 0.26 Sri Lanka Government International Bond 7.55% 28.03.2030 - 675,000 - 675,000 688,500 0.07 Sri Lanka Government International Bond 7.85% 14.03.2029 - 2,125,000 - 2,125,000 2,211,992 0.22 22,795,945 2.24 South Africa Eskom Holdings SOC Ltd 5.75% 26.01.2021 600,000 1,750,000 500,000 1,850,000 1,857,400 0.18 Eskom Holdings SOC Ltd 6.35% 10.08.2028 - 950,000 - 950,000 1,018,471 0.10 Eskom Holdings SOC Ltd 6.75% 06.08.2023 400,000 500,000 - 900,000 925,245 0.09 Eskom Holdings SOC Ltd 7.125% 11.02.2025 500,000 1,300,000 - 1,800,000 1,871,100 0.18 Eskom Holdings SOC Ltd 8.45% 10.08.2028 - 600,000 - 600,000^ 660,679 0.07 Republic of South Africa Government International Bond 4.3% 12.10.2028 800,000 1,200,000 - 2,000,000 1,935,625 0.19 Republic of South Africa Government International Bond 4.665% 17.01.2024 600,000 1,400,000 - 2,000,000 2,067,500 0.20 Republic of South Africa Government International Bond 4.85% 27.09.2027 300,000 1,000,000 - 1,300,000 1,312,594 0.13

BlackRock Investment Funds Switzerland ANNUAL REPORT [241] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Republic of South Africa Government International Bond 4.875% 14.04.2026 400,000 900,000 - 1,300,000 1,331,281 0.13 Republic of South Africa Government International Bond 5% 12.10.2046 400,000 700,000 - 1,100,000 1,040,875 0.10 Republic of South Africa Government International Bond 5.375% 24.07.2044 325,000 700,000 - 1,025,000 1,002,898 0.10 Republic of South Africa Government International Bond 5.5% 09.03.2020 500,000 1,200,000 1,700,000 - - 0.00 Republic of South Africa Government International Bond 5.65% 27.09.2047 600,000 1,300,000 200,000 1,700,000 1,707,969 0.17 Republic of South Africa Government International Bond 5.875% 30.05.2022 350,000 800,000 - 1,150,000 1,226,188 0.12 Republic of South Africa Government International Bond 5.875% 16.09.2025 700,000 2,000,000 500,000 2,200,000 2,385,625 0.23 Republic of South Africa Government International Bond 5.875% 22.06.2030 500,000 1,700,000 600,000 1,600,000 1,704,000 0.17 Republic of South Africa Government International Bond 6.25% 08.03.2041 300,000 600,000 - 900,000 982,406 0.10 Republic of South Africa Government International Bond 6.3% 22.06.2048 - 650,000 - 650,000 697,734 0.07 Transnet SOC Ltd 4% 26.07.2022 400,000 900,000 200,000 1,100,000 1,102,063 0.11 ZAR Sovereign Capital Fund Pty Ltd 3.903% 24.06.2020 200,000 400,000 600,000 - - 0.00 24,829,653 2.44 Suriname Suriname Government International Bond 9.25% 26.10.2026 200,000 800,000 - 1,000,000 929,063 0.09 929,063 0.09 Tajikistan Republic of Tajikistan International Bond 7.125% 14.09.2027 250,000 650,000 - 900,000 840,375 0.08 840,375 0.08 Trinidad and Tobago Trinidad & Tobago Government International Bond 4.375% 16.01.2024 200,000 400,000 - 600,000 612,000 0.06 Trinidad & Tobago Government International Bond 4.5% 04.08.2026 650,000 1,700,000 - 2,350,000 2,355,140 0.23 Trinidad Generation UnLtd 5.25% 04.11.2027 250,000 400,000 - 650,000 654,855 0.07 3,621,995 0.36 Tunisia Banque Centrale de Tunisie International Bond 5.75% 30.01.2025 400,000 1,400,000 - 1,800,000 1,678,500 0.17 1,678,500 0.17 Turkey Export Credit Bank of Turkey 5% 23.09.2021 200,000 - - 200,000 194,730 0.02 Export Credit Bank of Turkey 5.375% 08.02.2021 200,000 200,000 - 400,000 395,000 0.04 Export Credit Bank of Turkey 5.375% 24.10.2023 200,000 400,000 - 600,000 571,125 0.06 Export Credit Bank of Turkey 6.125% 03.05.2024 200,000 300,000 200,000 300,000 288,938 0.03 Export Credit Bank of Turkey 8.25% 24.01.2024 - 325,000 - 325,000 341,047 0.03 Hazine Mustesarligi Varlik Kiralama AS 4.251% 08.06.2021 200,000 600,000 - 800,000 794,080 0.08 Hazine Mustesarligi Varlik Kiralama AS 4.489% 25.11.2024 200,000 200,000 - 400,000 375,040 0.04 Hazine Mustesarligi Varlik Kiralama AS 5.004% 06.04.2023 200,000 800,000 - 1,000,000 978,750 0.10 Hazine Mustesarligi Varlik Kiralama AS 5.8% 21.02.2022 - 200,000 - 200,000 202,000 0.02 TC Ziraat Bankasi AS 4.75% 29.04.2021 - 300,000 - 300,000 291,000 0.03 TC Ziraat Bankasi AS 5.125% 03.05.2022 200,000 500,000 - 700,000 661,938 0.06 TC Ziraat Bankasi AS 5.125% 29.09.2023 - 200,000 - 200,000 183,250 0.02 Turkey Government International Bond 3.25% 23.03.2023 250,000 200,000 - 450,000 416,813 0.04 Turkey Government International Bond 4.25% 14.04.2026 300,000 300,000 - 600,000 534,750 0.05 Turkey Government International Bond 4.875% 09.10.2026 500,000 1,500,000 - 2,000,000 1,828,750 0.18 Turkey Government International Bond 4.875% 16.04.2043 600,000 1,300,000 300,000 1,600,000 1,260,000 0.12 Turkey Government International Bond 5.125% 25.03.2022 200,000 400,000 - 600,000 600,750 0.06 Turkey Government International Bond 5.125% 17.02.2028 400,000 1,000,000 - 1,400,000 1,280,125 0.13 Turkey Government International Bond 5.625% 30.03.2021 500,000 1,250,000 700,000 1,050,000 1,071,000 0.10 Turkey Government International Bond 5.75% 22.03.2024 350,000 1,800,000 500,000 1,650,000 1,631,437 0.16 Turkey Government International Bond 5.75% 11.05.2047 600,000 1,700,000 400,000 1,900,000 1,606,094 0.16 Turkey Government International Bond 6% 25.03.2027 600,000 2,000,000 500,000 2,100,000 2,037,656 0.20

[242] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Turkey Government International Bond 6% 14.01.2041 400,000 1,200,000 - 1,600,000 1,406,500 0.14 Turkey Government International Bond 6.125% 24.10.2028 200,000 1,000,000 - 1,200,000 1,159,500 0.11 Turkey Government International Bond 6.25% 26.09.2022 500,000 1,500,000 300,000 1,700,000 1,732,406 0.17 Turkey Government International Bond 6.35% 10.08.2024 - 400,000 - 400,000 403,788 0.04 Turkey Government International Bond 6.625% 17.02.2045 600,000 1,100,000 - 1,700,000 1,595,875 0.16 Turkey Government International Bond 6.75% 30.05.2040 450,000 1,000,000 400,000 1,050,000 1,006,359 0.10 Turkey Government International Bond 6.875% 17.03.2036 500,000 1,400,000 300,000 1,600,000 1,568,000 0.15 Turkey Government International Bond 7% 05.06.2020 200,000 400,000 600,000 - - 0.00 Turkey Government International Bond 7.25% 23.12.2023 - 1,255,000 - 1,255,000 1,319,711 0.13 Turkey Government International Bond 7.25% 05.03.2038 200,000 200,000 - 400,000 406,750 0.04 Turkey Government International Bond 7.375% 05.02.2025 500,000 1,000,000 - 1,500,000 1,582,031 0.15 Turkey Government International Bond 7.5% 07.11.2019 300,000 200,000 500,000 - - 0.00 Turkey Government International Bond 7.625% 26.04.2029 - 400,000 - 400,000 420,625 0.04 Turkey Government International Bond 8% 14.02.2034 400,000 750,000 250,000 900,000 974,250 0.09 Turkey Government International Bond 11.875% 15.01.2030 200,000 900,000 - 1,100,000 1,494,625 0.15 32,614,693 3.20 Ukraine Ukraine Government International Bond 7.375% 25.09.2032 1,100,000 3,200,000 - 4,300,000 4,371,219 0.43 Ukraine Government International Bond 7.75% 01.09.2020 650,000 2,000,000 1,500,000 1,150,000 1,188,094 0.11 Ukraine Government International Bond 7.75% 01.09.2021 600,000 1,200,000 - 1,800,000 1,884,600 0.18 Ukraine Government International Bond 7.75% 01.09.2022 600,000 1,600,000 400,000 1,800,000 1,908,900 0.19 Ukraine Government International Bond 7.75% 01.09.2023 600,000 1,800,000 400,000 2,000,000 2,138,000 0.21 Ukraine Government International Bond 7.75% 01.09.2024 600,000 1,500,000 - 2,100,000 2,241,750 0.22 Ukraine Government International Bond 7.75% 01.09.2025 725,000 1,500,000 500,000 1,725,000 1,825,050 0.18 Ukraine Government International Bond 7.75% 01.09.2026 550,000 1,300,000 - 1,850,000 1,951,750 0.19 Ukraine Government International Bond 7.75% 01.09.2027 600,000 1,600,000 300,000 1,900,000 2,008,062 0.20 Ukraine Government International Bond 8.994% 01.02.2024 - 450,000 - 450,000^ 499,950 0.05 Ukraine Government International Bond 9.75% 01.11.2028 - 1,925,000 - 1,925,000 2,246,234 0.22 22,263,609 2.18 Hungary Hungary Government International Bond 5.375% 21.02.2023 1,000,000 2,500,000 500,000 3,000,000 3,292,500 0.32 Hungary Government International Bond 5.375% 25.03.2024 1,050,000 2,200,000 - 3,250,000 3,638,984 0.36 Hungary Government International Bond 5.75% 22.11.2023 1,000,000 2,900,000 550,000 3,350,000 3,782,359 0.37 Hungary Government International Bond 6.25% 29.01.2020 1,000,000 1,250,000 2,250,000 - - 0.00 Hungary Government International Bond 6.375% 29.03.2021 1,350,000 4,200,000 1,500,000 4,050,000 4,302,599 0.42 Hungary Government International Bond 7.625% 29.03.2041 640,000 1,600,000 200,000 2,040,000 3,234,675 0.32 Magyar Export-Import Bank Zrt 4% 30.01.2020 200,000 700,000 900,000 - - 0.00 MFB Magyar Fejlesztesi Bank Zrt 6.25% 21.10.2020 400,000 800,000 - 1,200,000 1,251,000 0.12 19,502,117 1.91 Uruguay Uruguay Government International Bond 4.125% 20.11.2045 - 1,000,000 - 1,000,000 1,028,750 0.10 Uruguay Government International Bond 4.375% 27.10.2027 1,400,000 3,000,000 1,150,000 3,250,000 3,544,531 0.35 Uruguay Government International Bond 4.375% 23.01.2031 - 1,725,000 - 1,725,000 1,886,180 0.18 Uruguay Government International Bond 4.5% 14.08.2024 1,000,000 2,500,000 750,000 2,750,000 2,957,969 0.29 Uruguay Government International Bond 4.975% 20.04.2055 800,000 2,250,000 200,000 2,850,000 3,213,375 0.31 Uruguay Government International Bond 5.1% 18.06.2050 2,200,000 5,100,000 650,000 6,650,000 7,616,328 0.75 Uruguay Government International Bond 7.625% 21.03.2036 1,000,000 1,500,000 - 2,500,000 3,625,781 0.36 Uruguay Government International Bond 7.875% 15.01.2033 - 500,000 - 500,000 729,688 0.07 24,602,602 2.41 Venezuela Petroleos de Venezuela SA 5.375% 12.04.2027 575,000 1,400,000 200,000 1,775,000 248,500 0.02 Petroleos de Venezuela SA 5.5% 12.04.2037 250,000 720,000 - 970,000 135,800 0.01 Petroleos de Venezuela SA 6% 16.05.2024 900,000 2,400,000 - 3,300,000 462,000 0.05 Petroleos de Venezuela SA 9.75% 17.05.2035 550,000 1,400,000 - 1,950,000 273,000 0.03 Petroleos de Venezuela SA 12.75% 17.02.2022 500,000 1,400,000 1,300,000 600,000 84,000 0.01 Venezuela Government International Bond 6% 09.12.2020 250,000 700,000 - 950,000 133,000 0.01 Venezuela Government International Bond 7% 31.03.2038 300,000 500,000 700,000 100,000 14,000 0.00

BlackRock Investment Funds Switzerland ANNUAL REPORT [243] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Venezuela Government International Bond 7.65% 21.04.2025 300,000 600,000 - 900,000 126,000 0.01 Venezuela Government International Bond 7.75% 13.10.2019 475,000 1,200,000 - 1,675,000 234,500 0.02 Venezuela Government International Bond 8.25% 13.10.2024 500,000 1,300,000 1,400,000 400,000 56,000 0.01 Venezuela Government International Bond 9% 17.05.2023 350,000 900,000 700,000 550,000 77,000 0.01 Venezuela Government International Bond 9.25% 15.09.2027 800,000 1,400,000 - 2,200,000 308,000 0.03 Venezuela Government International Bond 9.25% 07.05.2028 400,000 1,000,000 - 1,400,000 196,000 0.02 Venezuela Government International Bond 9.375% 13.01.2034 250,000 800,000 - 1,050,000 147,000 0.01 Venezuela Government International Bond 11.75% 21.10.2026 550,000 1,500,000 700,000 1,350,000 189,000 0.02 Venezuela Government International Bond 11.95% 05.08.2031 800,000 2,000,000 2,200,000 600,000 84,000 0.01 Venezuela Government International Bond 12.75% 23.08.2022 500,000 1,600,000 - 2,100,000 294,000 0.03 3,061,800 0.30 United Arab Emirates Abu Dhabi Crude Oil Pipeline LLC 3.65% 02.11.2029 - 700,000 - 700,000 747,250 0.07 Abu Dhabi Crude Oil Pipeline LLC 4.6% 02.11.2047 - 1,400,000 - 1,400,000 1,578,500 0.16 Abu Dhabi Government International Bond 2.5% 11.10.2022 - 1,950,000 - 1,950,000 1,960,725 0.19 Abu Dhabi Government International Bond 3.125% 03.05.2026 - 1,700,000 - 1,700,000 1,763,750 0.17 Abu Dhabi Government International Bond 3.125% 11.10.2027 - 3,350,000 - 3,350,000 3,475,625 0.34 Abu Dhabi Government International Bond 4.125% 11.10.2047 - 2,100,000 - 2,100,000 2,323,125 0.23 Emirate of Dubai Government International Bonds 5.25% 30.01.2043 - 400,000 - 400,000 442,125 0.04 Emirates Development Bank PJSC 3.516% 06.03.2024 - 1,250,000 - 1,250,000 1,289,062 0.13 13,580,162 1.33 United Kingdom State Savings Bank of Ukraine Via SSB #1 PLC 9.375% 10.03.2023 400,000 600,000 1,000,000 - - 0.00 State Savings Bank of Ukraine Via SSB #1 PLC 9.625% 20.03.2025 200,000 600,000 - 800,000 840,000 0.08 Ukraine Railways Via Rail Capital Markets PLC 8.25% 09.07.2024 - 475,000 - 475,000 487,587 0.05 Ukreximbank Via Biz Finance PLC 9.625% 27.04.2022 200,000 1,000,000 1,200,000 - - 0.00 Ukreximbank Via Biz Finance PLC 9.75% 22.01.2025 400,000 500,000 - 900,000 956,250 0.09 2,283,837 0.22 Uzbekistan Republic of Uzbekistan Bond 4.75% 20.02.2024 - 750,000 - 750,000 789,375 0.08 Republic of Uzbekistan Bond 5.375% 20.02.2029 - 800,000 - 800,000 855,000 0.08 1,644,375 0.16 Vietnam Vietnam Government International Bond 4.8% 19.11.2024 600,000 2,000,000 900,000 1,700,000 1,847,755 0.18 Vietnam Government International Bond 6.75% 29.01.2020 400,000 - 400,000 - - 0.00 1,847,755 0.18 Belarus Development Bank of the Republic of Belarus JSC 6.75% 02.05.2024 - 700,000 - 700,000 732,550 0.07 Republic of Belarus International Bond 6.2% 28.02.2030 300,000 600,000 - 900,000 951,300 0.10 Republic of Belarus International Bond 6.875% 28.02.2023 450,000 1,000,000 - 1,450,000 1,542,800 0.15 Republic of Belarus International Bond 7.625% 29.06.2027 300,000 1,000,000 300,000 1,000,000 1,128,500 0.11 4,355,150 0.43 Total bonds 960,831,875 94.27 Total securities traded on an official stock exchange 960,831,875 94.27

Securities which are traded on another regulated market open to the public Bonds Bahrain Oil and Gas Holding Co BSCC 7.5% 25.10.2027 - 500,000 - 500,000 555,375 0.06 555,375 0.06 Brazil Banco Nacional de Desenvolvimento Economico e Social 4.75% 09.05.2024 400,000 850,000 1,250,000 - - 0.00 Caixa Economica Federal 3.5% 07.11.2022 300,000 400,000 - 700,000 707,438 0.07 707,438 0.07

[244] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Virgin Islands (British) 1MDB Global Investments Ltd 4.4% 09.03.2023 1,000,000 8,000,000 4,000,000 5,000,000 4,839,063 0.48 Charming Light Investments Ltd 3.75% 03.09.2019 - 500,000 500,000 - - 0.00 Sinopec Group Overseas Development 2012 Ltd 4.875% 17.05.2042 400,000 400,000 - 800,000 939,000 0.09 Sinopec Group Overseas Development 2017 Ltd 2.5% 13.09.2022 - 1,100,000 - 1,100,000 1,095,531 0.11 Sinopec Group Overseas Development 2017 Ltd 3.625% 12.04.2027 200,000 1,000,000 - 1,200,000 1,246,345 0.12 Sinopec Group Overseas Development 2018 Ltd 3.75% 12.09.2023 - 200,000 - 200,000 207,750 0.02 8,327,689 0.82 Chile Empresa de Transporte de Pasajeros Metro SA 5% 25.01.2047 200,000 200,000 - 400,000 445,125 0.04 Empresa Nacional del Petroleo 3.75% 05.08.2026 200,000 900,000 - 1,100,000 1,127,459 0.11 Empresa Nacional del Petroleo 4.5% 14.09.2047 250,000 700,000 - 950,000 971,375 0.10 2,543,959 0.25 Costa Rica Banco Nacional de Costa Rica 5.875% 25.04.2021 200,000 600,000 800,000 - - 0.00 Banco Nacional de Costa Rica 6.25% 01.11.2023 200,000 400,000 - 600,000 639,300 0.06 639,300 0.06 India Export-Import Bank of India 3.375% 05.08.2026 600,000 1,600,000 - 2,200,000 2,217,518 0.22 2,217,518 0.22 Kazakhstan KazTransGas JSC 4.375% 26.09.2027 200,000 700,000 - 900,000 934,031 0.09 934,031 0.09 Malaysia Petronas Capital Ltd 3.125% 18.03.2022 400,000 1,000,000 - 1,400,000 1,422,313 0.14 Petronas Capital Ltd 3.5% 18.03.2025 700,000 1,800,000 - 2,500,000 2,616,606 0.26 Petronas Capital Ltd 4.5% 18.03.2045 700,000 2,150,000 200,000 2,650,000 3,106,297 0.30 7,145,216 0.70 Mexico Petroleos Mexicanos 3.5% 23.07.2020 200,000 - 200,000 - - 0.00 Petroleos Mexicanos 4.25% 15.01.2025 50,000 300,000 - 350,000 326,200 0.03 Petroleos Mexicanos 4.5% 23.01.2026 200,000 900,000 400,000 700,000 641,200 0.06 Petroleos Mexicanos 4.625% 21.09.2023 350,000 - - 350,000 343,941 0.03 Petroleos Mexicanos 4.875% 24.01.2022 300,000 800,000 500,000 600,000 604,680 0.06 Petroleos Mexicanos 5.35% 12.02.2028 - 725,000 - 725,000 668,087 0.07 Petroleos Mexicanos 5.5% 21.01.2021 400,000 900,000 - 1,300,000 1,329,250 0.13 Petroleos Mexicanos 5.5% 27.06.2044 250,000 200,000 - 450,000 366,188 0.04 Petroleos Mexicanos 5.625% 23.01.2046 400,000 700,000 400,000 700,000 570,937 0.06 Petroleos Mexicanos 6% 05.03.2020 - 200,000 200,000 - - 0.00 Petroleos Mexicanos 6.375% 04.02.2021 250,000 600,000 200,000 650,000 670,800 0.07 Petroleos Mexicanos 6.375% 23.01.2045 400,000 700,000 - 1,100,000 965,800 0.09 Petroleos Mexicanos 6.5% 23.01.2029 - 975,000 975,000 - - 0.00 Petroleos Mexicanos 6.5% 02.06.2041 400,000 1,200,000 100,000 1,500,000 1,340,970 0.13 Petroleos Mexicanos 6.625% 15.06.2035 400,000 600,000 - 1,000,000 938,250 0.09 Petroleos Mexicanos 6.875% 04.08.2026 400,000 900,000 - 1,300,000 1,325,155 0.13 Petroleos Mexicanos 8% 03.05.2019 173,000 - 173,000 - - 0.00 10,091,458 0.99 Peru Corp Financiera de Desarrollo SA 4.75% 08.02.2022 200,000 750,000 - 950,000 995,422 0.10 Fondo MIVIVIENDA SA 3.5% 31.01.2023 350,000 700,000 - 1,050,000 1,066,432 0.10 2,061,854 0.20 Trinidad and Tobago Trinidad Petroleum Holdings Ltd 9.75% 15.06.2026 - 750,000 - 750,000 839,062 0.08 839,062 0.08 Venezuela Petroleos de Venezuela SA 6% 15.11.2026 900,000 2,000,000 - 2,900,000 406,000 0.04

BlackRock Investment Funds Switzerland ANNUAL REPORT [245] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES EMERGING MARKETS BOND INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value USD assets

Bonds (continued) Petroleos de Venezuela SA 8.5% 27.10.2020 525,000 1,550,000 550,000 1,525,000 1,021,750 0.10 Petroleos de Venezuela SA 9% 17.11.2021 450,000 1,100,000 700,000 850,000 119,000 0.01 1,546,750 0.15 Total bonds 37,609,650 3.69 Total securities which are traded on another regulated market open to the public 37,609,650 3.69

Securities not listed Bonds Azerbaijan Republic of Azerbaijan International Bond 3.5% 01.09.2032 500,000 1,400,000 200,000 1,700,000 1,629,344 0.16 1,629,344 0.16 Cayman Islands Brazil Minas SPE via State of Minas Gerais 5.333% 15.02.2028 200,000 800,000 100,000 900,000 955,406 0.10 955,406 0.10 Total bonds 2,584,750 0.26 Total securities not listed 2,584,750 0.26 Total securities 1,001,026,275 98.22 Total investments 1,001,026,275 98.22

Sight deposits 4,798,763 0.47 Other assets 13,387,371 1.31 Total sub-fund assets 1,019,212,409 100.00 Other liabilities (2,425,485) (0.24) Net sub-fund assets 1,016,786,924 99.76

1 Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

[246] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES JAPAN EQUITY INDEX FUND (CH)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Securities traded on an official stock exchange Shares Pharmaceuticals Alfresa Holdings Corp 4,200 1,400 - 5,600 134,853 0.14 Astellas Pharma Inc 45,300 13,800 2,700 56,400 798,906 0.80 Chugai Pharmaceutical Co Ltd 5,000 1,700 - 6,700 476,513 0.48 Daiichi Sankyo Co Ltd 12,800 4,200 - 17,000 1,030,339 1.03 Eisai Co Ltd 5,800 1,800 - 7,600 409,272 0.41 Hisamitsu Pharmaceutical Co Inc 1,400 400 200 1,600 64,265 0.06 Kobayashi Pharmaceutical Co Ltd 1,100 400 - 1,500 106,682 0.11 Kyowa Kirin Co Ltd 5,800 2,100 600 7,300 120,012 0.12 Medipal Holdings Corp 3,800 1,700 - 5,500 116,548 0.12 Mitsubishi Tanabe Pharma Corp 5,000 2,500 800 6,700 75,570 0.08 Ono Pharmaceutical Co Ltd 9,000 2,400 - 11,400 206,126 0.21 Otsuka Holdings Co Ltd 8,700 3,000 - 11,700 428,542 0.43 Santen Pharmaceutical Co Ltd 8,100 2,900 - 11,000 176,627 0.18 Shionogi & Co Ltd 6,500 2,000 400 8,100 447,351 0.45 Sumitomo Dainippon Pharma Co Ltd 3,500 1,300 - 4,800 87,840 0.09 Suzuken Co Ltd/Aichi Japan 1,600 600 - 2,200 120,961 0.12 Taisho Pharmaceutical Holdings Co Ltd 700 600 200 1,100 83,549 0.08 Takeda Pharmaceutical Co Ltd 16,200 28,400 - 44,600 1,478,239 1.48 6,362,195 6.39 Auto manufacturers Hino Motors Ltd 5,800 2,800 - 8,600 68,771 0.07 Honda Motor Co Ltd 37,300 11,600 - 48,900 1,208,547 1.21 Isuzu Motors Ltd 12,300 4,200 - 16,500 182,269 0.18 Mazda Motor Corp 12,600 4,400 - 17,000 167,254 0.17 Mitsubishi Motors Corp 14,900 5,200 - 20,100 88,338 0.09 Nissan Motor Co Ltd 51,600 19,400 1,400 69,600 451,089 0.45 Subaru Corp 13,700 4,700 - 18,400 426,899 0.43 Suzuki Motor Corp 7,600 3,700 300 11,000 428,178 0.43 Toyota Motor Corp 52,100 17,000 600 68,500 4,387,129 4.41 7,408,474 7.44 Auto parts & equipment Aisin Seiki Co Ltd 3,800 1,100 - 4,900 158,386 0.16 Bridgestone Corp 14,100 4,200 1,200 17,100 639,272 0.64 Denso Corp 10,100 2,900 - 13,000 549,768 0.55 JTEKT Corp 5,000 1,200 - 6,200 73,379 0.07 Koito Manufacturing Co Ltd 2,400 700 - 3,100 155,181 0.15 NGK Insulators Ltd 5,800 2,100 - 7,900 117,558 0.12 NGK Spark Plug Co Ltd 3,700 1,000 - 4,700 89,396 0.09 Stanley Electric Co Ltd 3,100 800 - 3,900 96,298 0.10 Sumitomo Electric Industries Ltd 16,800 5,800 - 22,600 279,018 0.28 Sumitomo Rubber Industries Ltd 4,100 1,000 - 5,100 55,477 0.05 Toyoda Gosei Co Ltd 1,400 600 - 2,000 36,655 0.04 Toyota Industries Corp 3,500 900 - 4,400 227,479 0.23 Yokohama Rubber Co Ltd 2,600 1,000 - 3,600 66,012 0.07 2,543,879 2.55 Banks AEON Financial Service Co Ltd 2,500 900 - 3,400 54,687 0.05 Aozora Bank Ltd 2,600 900 - 3,500 79,720 0.08 Bank of Kyoto Ltd 1,300 300 - 1,600 61,785 0.06 Chiba Bank Ltd 14,800 4,000 1,900 16,900 83,212 0.08 Concordia Financial Group Ltd 26,300 5,900 - 32,200 113,037 0.11 Fukuoka Financial Group Inc 17,000 5,200 17,000 5,200 94,923 0.10 Japan Post Bank Co Ltd 9,000 3,100 - 12,100 116,728 0.12 Mitsubishi UFJ Financial Group Inc 267,900 105,500 4,600 368,800 1,762,761 1.77 Mizuho Financial Group Inc 548,600 174,700 - 723,300 1,018,289 1.02

BlackRock Investment Funds Switzerland ANNUAL REPORT [247] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Resona Holdings Inc 49,100 13,600 - 62,700 254,066 0.26 Seven Bank Ltd 13,300 4,600 - 17,900 48,148 0.05 Shinsei Bank Ltd 3,700 1,000 - 4,700 70,711 0.07 Shizuoka Bank Ltd 11,000 2,800 - 13,800 94,624 0.10 Sumitomo Mitsui Financial Group Inc 30,600 9,700 400 39,900 1,385,036 1.39 Sumitomo Mitsui Trust Holdings Inc 7,400 2,500 - 9,900 337,066 0.34 Suruga Bank Ltd 3,900 - 3,900 - - 0.00 Yamaguchi Financial Group Inc 4,000 900 4,900 - - 0.00 5,574,793 5.60 Machinery - construction & mining Hitachi Construction Machinery Co Ltd 2,400 800 - 3,200 75,338 0.07 Hitachi Ltd 110,000 29,000 110,000 29,000 1,029,144 1.03 Komatsu Ltd 21,000 6,700 - 27,700 617,665 0.62 Mitsubishi Electric Corp 42,100 12,600 - 54,700 714,475 0.72 Mitsubishi Heavy Industries Ltd 7,100 2,500 - 9,600 394,603 0.40 2,831,225 2.84 Engineering & construction Japan Airport Terminal Co Ltd 1,000 500 - 1,500 61,958 0.06 JGC Corp 4,600 2,000 - 6,600 85,756 0.09 Kajima Corp 20,000 13,500 20,000 13,500 173,317 0.17 Obayashi Corp 14,400 5,100 - 19,500 184,204 0.19 Shimizu Corp 12,300 5,400 - 17,700 142,185 0.14 Taisei Corp 4,900 1,200 - 6,100 209,690 0.21 857,110 0.86 Home builders Daiwa House Industry Co Ltd 12,600 4,400 - 17,000 482,230 0.48 Iida Group Holdings Co Ltd 3,300 1,100 - 4,400 71,975 0.07 Sekisui Chemical Co Ltd 8,900 2,200 - 11,100 164,063 0.17 Sekisui House Ltd 14,100 4,500 - 18,600 311,296 0.31 1,029,564 1.03 Building materials AGC Inc/Japan 4,400 1,100 - 5,500 168,001 0.17 Daikin Industries Ltd 5,700 1,800 - 7,500 929,023 0.93 LIXIL Group Corp 5,900 2,100 - 8,000 137,866 0.14 Rinnai Corp 800 200 - 1,000 67,200 0.07 Taiheiyo Cement Corp 2,700 900 - 3,600 100,938 0.10 TOTO Ltd 3,100 1,100 - 4,200 167,928 0.17 1,570,956 1.58 Apparel Asics Corp 3,600 - 3,600 - - 0.00 -0.00 Mining Mitsubishi Materials Corp 2,500 900 - 3,400 93,160 0.09 Sumitomo Metal Mining Co Ltd 5,500 1,500 - 7,000 198,820 0.20 291,980 0.29 Biotechnology PeptiDream Inc - 2,800 - 2,800 155,993 0.16 155,993 0.16 Office & business equipment Canon Inc 23,000 7,000 - 30,000 812,561 0.82 Konica Minolta Inc 10,600 3,000 - 13,600 112,846 0.11 Ricoh Co Ltd 15,700 4,400 - 20,100 183,641 0.19 Seiko Epson Corp 6,200 2,200 - 8,400 123,314 0.12 1,232,362 1.24 Chemicals Air Water Inc 3,300 1,200 - 4,500 73,323 0.07

[248] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Asahi Kasei Corp 28,100 9,700 - 37,800 383,612 0.38 Daicel Corp 6,200 1,700 - 7,900 66,703 0.07 Hitachi Chemical Co Ltd 2,300 800 - 3,100 84,742 0.09 JSR Corp 4,300 1,500 - 5,800 95,669 0.10 Kaneka Corp 6,000 1,500 6,000 1,500 55,598 0.06 Kansai Paint Co Ltd 4,500 800 - 5,300^ 104,191 0.10 Kuraray Co Ltd 7,900 1,700 - 9,600 113,444 0.11 Mitsubishi Chemical Holdings Corp 30,000 8,400 - 38,400 271,916 0.27 Mitsubishi Gas Chemical Co Inc 4,000 900 - 4,900 65,142 0.07 Mitsui Chemicals Inc 4,100 1,400 - 5,500 125,775 0.13 Nippon Paint Holdings Co Ltd 3,500 900 - 4,400 190,769 0.19 Nissan Chemical Corp 2,700 1,400 300 3,800 165,795 0.17 Nitto Denko Corp 3,700 1,200 200 4,700 230,989 0.23 Shin-Etsu Chemical Co Ltd 8,400 2,700 200 10,900 1,108,668 1.11 Showa Denko KK - 4,000 - 4,000 107,521 0.11 Sumitomo Chemical Co Ltd 35,000 9,700 - 44,700 203,790 0.20 Taiyo Nippon Sanso Corp 2,900 1,000 - 3,900 79,691 0.08 Teijin Ltd 4,200 1,100 - 5,300 91,385 0.09 Toray Industries Inc 32,700 10,500 1,600 41,600 285,585 0.29 Tosoh Corp 6,500 1,300 - 7,800 109,029 0.11 4,013,337 4.03 Computers Fujitsu Ltd 44,000 5,900 44,000 5,900 459,587 0.46 Itochu Techno-Solutions Corp - 2,900 - 2,900 74,330 0.08 NEC Corp 5,800 1,600 - 7,400 302,284 0.30 Nomura Research Institute Ltd 2,700 7,500 - 10,200 180,337 0.18 NTT Data Corp 14,000 4,900 - 18,900 247,297 0.25 Obic Co Ltd 1,400 500 - 1,900 202,176 0.20 Otsuka Corp 2,400 700 - 3,100 122,251 0.12 1,588,262 1.59 Miscellaneous manufacturers FUJIFILM Holdings Corp 9,000 2,700 900 10,800 510,203 0.51 Nikon Corp 7,600 2,000 - 9,600 129,375 0.13 NOK Corp 2,100 - 2,100 - - 0.00 Toshiba Corp 145,000 19,000 147,300 16,700 530,670 0.53 1,170,248 1.17 Diversified financial services Acom Co Ltd 8,900 3,100 - 12,000 42,235 0.04 Credit Saison Co Ltd 3,500 1,200 - 4,700 57,040 0.06 Daiwa Securities Group Inc 36,000 9,900 - 45,900 197,333 0.20 Japan Exchange Group Inc 11,600 3,700 - 15,300 223,630 0.23 Mebuki Financial Group Inc 21,000 5,500 - 26,500 64,999 0.07 Mitsubishi UFJ Lease & Finance Co Ltd 10,000 2,100 - 12,100 64,101 0.06 Nomura Holdings Inc 80,800 21,900 3,200 99,500 311,732 0.31 ORIX Corp 29,500 11,100 900 39,700 565,247 0.57 SBI Holdings Inc/Japan 5,100 2,000 - 7,100 161,458 0.16 Tokyo Century Corp 1,000 300 - 1,300 53,638 0.05 1,741,413 1.75 Retail ABC-Mart Inc 700 300 - 1,000 62,915 0.06 FamilyMart UNY Holdings Co Ltd 1,800 6,400 600 7,600 161,464 0.16 Fast Retailing Co Ltd 1,300 400 - 1,700 1,016,078 1.02 Isetan Mitsukoshi Holdings Ltd 7,500 2,600 - 10,100 79,937 0.08 J Front Retailing Co Ltd 5,400 1,500 - 6,900 80,846 0.08 Lawson Inc 1,100 500 - 1,600 79,510 0.08 Marui Group Co Ltd 4,400 1,300 - 5,700 122,761 0.12 McDonald's Holdings Co Japan Ltd 1,500 500 - 2,000 89,266 0.09

BlackRock Investment Funds Switzerland ANNUAL REPORT [249] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Nitori Holdings Co Ltd 1,800 600 - 2,400 322,344 0.33 Pan Pacific International Holdings Corp 2,600 1,000 300 3,300 209,425 0.21 Ryohin Keikaku Co Ltd 500 300 100 700 124,016 0.13 Shimamura Co Ltd 500 200 - 700 49,274 0.05 Sundrug Co Ltd 1,600 500 - 2,100 57,923 0.06 Takashimaya Co Ltd 7,000 3,500 10,500 - - 0.00 Tsuruha Holdings Inc 800 300 - 1,100 111,633 0.11 USS Co Ltd 4,900 1,700 - 6,600 130,409 0.13 Welcia Holdings Co Ltd - 1,400 - 1,400 64,848 0.07 Yamada Denki Co Ltd 14,000 4,800 - 18,800 82,453 0.08 2,845,102 2.86 Iron & steel Hitachi Metals Ltd 4,800 1,600 - 6,400 67,343 0.07 JFE Holdings Inc 11,600 3,100 - 14,700 194,018 0.19 Kobe Steel Ltd 6,900 2,400 - 9,300 59,698 0.06 Nippon Steel Corp 16,900 7,300 - 24,200 378,760 0.38 699,819 0.70 Electrical components & equipment Brother Industries Ltd 5,200 1,500 - 6,700 118,823 0.12 Casio Computer Co Ltd 4,300 1,500 - 5,800 65,895 0.06 Mabuchi Motor Co Ltd 1,100 - 1,100 - - 0.00 184,718 0.18 Electric Chubu Electric Power Co Inc 14,300 5,000 - 19,300 270,833 0.27 Chugoku Electric Power Co Inc 6,200 2,100 - 8,300^ 102,850 0.10 Electric Power Development Co Ltd 3,300 1,100 - 4,400 98,173 0.10 Kansai Electric Power Co Inc 15,700 5,400 - 21,100 258,960 0.26 Kyushu Electric Power Co Inc 9,500 2,800 900 11,400 112,574 0.11 Tohoku Electric Power Co Inc 10,100 2,700 - 12,800 127,333 0.13 Tokyo Electric Power Co Holdings Inc 32,200 13,600 - 45,800 219,245 0.22 1,189,968 1.19 Electronics Alps Alpine Co Ltd 4,400 1,800 - 6,200 113,064 0.11 Hirose Electric Co Ltd 735 200 - 935 97,787 0.10 Hitachi High-Technologies Corp 1,500 600 - 2,100 106,272 0.11 Hoya Corp 8,700 2,700 - 11,400 873,671 0.88 Kyocera Corp 7,100 2,800 300 9,600 585,602 0.59 MINEBEA MITSUMI Inc 8,500 2,400 - 10,900 186,948 0.19 Murata Manufacturing Co Ltd 4,100 13,100 - 17,200 759,536 0.76 Nidec Corp 5,100 1,600 - 6,700 898,960 0.90 Nippon Electric Glass Co Ltd 1,900 500 - 2,400 53,724 0.05 Omron Corp 4,300 1,500 - 5,800 277,118 0.28 TDK Corp 2,900 1,000 - 3,900 301,199 0.30 Yokogawa Electric Corp 5,100 1,700 - 6,800 121,712 0.12 4,375,593 4.39 Oil & gas Idemitsu Kosan Co Ltd 3,000 3,322 400 5,922 163,072 0.16 Inpex Corp 23,300 7,400 - 30,700 269,093 0.27 JXTG Holdings Inc 74,100 22,300 - 96,400 452,415 0.46 Showa Shell Sekiyu KK 4,200 - 4,200 - - 0.00 884,580 0.89 Airlines ANA Holdings Inc 2,600 800 - 3,400 113,528 0.11 Japan Airlines Co Ltd 2,600 900 - 3,500 109,367 0.11 222,895 0.22

[250] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Forest products & paper Oji Holdings Corp 19,000 6,900 - 25,900 133,666 0.13 133,666 0.13 Leisure time Shimano Inc 1,600 900 300 2,200 309,523 0.31 Yamaha Corp 3,300 1,300 300 4,300 202,313 0.20 Yamaha Motor Co Ltd 6,200 2,200 - 8,400 146,904 0.15 658,740 0.66 Gas Osaka Gas Co Ltd 8,300 2,900 - 11,200 204,654 0.21 Toho Gas Co Ltd 1,700 500 - 2,200 83,349 0.08 Tokyo Gas Co Ltd 8,700 2,800 - 11,500 285,372 0.29 573,375 0.58 Healthcare - products Asahi Intecc Co Ltd - 5,800 - 5,800 151,780 0.15 CYBERDYNE Inc 2,500 - 2,500 - - 0.00 Olympus Corp 6,500 28,400 - 34,900 379,639 0.38 Shimadzu Corp 5,300 1,400 - 6,700 161,159 0.16 Sysmex Corp 3,800 1,200 - 5,000 362,172 0.36 Terumo Corp 7,100 12,500 200 19,400 562,869 0.57 1,617,619 1.62 Beverages Asahi Group Holdings Ltd 8,400 2,500 - 10,900 470,600 0.47 Coca-Cola Bottlers Japan Holdings Inc 2,800 900 - 3,700 90,854 0.09 Kirin Holdings Co Ltd 19,000 5,700 - 24,700 533,766 0.54 Suntory Beverage & Food Ltd 3,100 1,100 - 4,200 166,013 0.17 1,261,233 1.27 Commercial services Benesse Holdings Inc 1,600 600 - 2,200 51,333 0.05 Dai Nippon Printing Co Ltd 5,800 1,500 - 7,300 152,694 0.15 GMO Payment Gateway Inc - 1,200 - 1,200 87,206 0.09 Park24 Co Ltd 2,400 1,100 - 3,500 75,922 0.08 Persol Holdings Co Ltd 4,300 1,000 - 5,300 128,402 0.13 Recruit Holdings Co Ltd 25,100 10,500 - 35,600 1,206,882 1.21 Secom Co Ltd 4,700 1,600 - 6,300 491,205 0.49 Sohgo Security Services Co Ltd 1,600 500 - 2,100 101,485 0.10 Toppan Printing Co Ltd 12,000 8,400 12,000 8,400 136,181 0.14 2,431,310 2.44 Semiconductors Advantest Corp - 6,000 - 6,000 233,606 0.23 Hamamatsu Photonics KK 3,200 1,000 - 4,200 155,674 0.16 Renesas Electronics Corp 18,600 6,500 2,600 22,500 133,147 0.13 Rohm Co Ltd 2,100 700 - 2,800 195,821 0.20 SUMCO Corp 4,900 2,600 - 7,500 99,160 0.10 Tokyo Electron Ltd 3,600 1,100 - 4,700 801,177 0.80 1,618,585 1.62 Home furnishings Hoshizaki Corp 1,200 400 - 1,600 112,627 0.12 Panasonic Corp 50,200 16,000 - 66,200 558,167 0.56 Sharp Corp/Japan 4,000 2,400 - 6,400 80,473 0.08 Sony Corp 28,800 9,700 400 38,100 2,143,461 2.15 2,894,728 2.91 Real estate Aeon Mall Co Ltd 2,500 700 - 3,200 48,931 0.05 Daito Trust Construction Co Ltd 1,700 600 100 2,200 282,343 0.28 Hulic Co Ltd 6,600 1,400 - 8,000 68,422 0.07

BlackRock Investment Funds Switzerland ANNUAL REPORT [251] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) Mitsubishi Estate Co Ltd 27,300 8,200 - 35,500 651,271 0.65 Mitsui Fudosan Co Ltd 20,300 6,500 - 26,800 603,950 0.61 Nomura Real Estate Holdings Inc 2,800 900 - 3,700 74,795 0.08 Sumitomo Realty & Development Co Ltd 8,000 3,500 1,500 10,000 362,628 0.36 Tokyo Tatemono Co Ltd 4,600 - 4,600 - - 0.00 Tokyu Fudosan Holdings Corp 11,400 6,900 - 18,300 105,623 0.11 2,197,963 2.21 Real estate investment trust Daiwa House REIT Investment Corp 39 17 - 56 136,079 0.14 Japan Prime Realty Investment Corp 18 6 - 24 105,369 0.11 Japan Real Estate Investment Corp 28 13 2 39 242,168 0.24 Japan Retail Fund Investment Corp 59 19 - 78 155,613 0.16 Nippon Building Fund Inc 30 10 - 40 278,650 0.28 Nippon Prologis REIT Inc 41 18 - 59 140,787 0.14 Nomura Real Estate Master Fund Inc 84 33 - 117 184,453 0.18 1,243,119 1.25 Internet CyberAgent Inc 2,300 700 - 3,000 120,906 0.12 Kakaku.com Inc 3,100 1,000 - 4,100 85,087 0.09 LINE Corp 1,600 400 - 2,000 63,371 0.06 M3 Inc 4,700 7,900 - 12,600 254,592 0.26 Mercari Inc - 2,200 - 2,200 58,795 0.06 MonotaRO Co Ltd - 3,800 - 3,800 83,019 0.08 Rakuten Inc 20,700 5,100 - 25,800 262,536 0.26 Trend Micro Inc/Japan 2,700 1,100 - 3,800 165,102 0.17 Yahoo Japan Corp 31,700 53,300 5,100 79,900 233,861 0.23 ZOZO Inc 4,300 1,800 - 6,100 114,745 0.12 1,442,014 1.45 Cosmetics & personal care Kao Corp 11,300 3,500 100 14,700 1,069,476 1.07 Kose Corp 700 300 - 1,000 169,688 0.17 Lion Corp 5,000 1,700 - 6,700 131,163 0.13 Pigeon Corp - 3,500 - 3,500 128,292 0.13 Pola Orbis Holdings Inc 2,000 700 - 2,700 67,530 0.07 Shiseido Co Ltd 8,500 3,700 200 12,000 880,373 0.89 Unicharm Corp 9,000 3,100 - 12,100 341,800 0.34 2,788,322 2.80 Agriculture Japan Tobacco Inc 25,000 11,000 - 36,000 794,207 0.80 794,207 0.80 Machinery - diversified Amada Holdings Co Ltd 7,600 2,600 - 10,200 112,350 0.11 Daifuku Co Ltd 2,100 900 - 3,000 164,400 0.16 FANUC Corp 4,400 1,400 - 5,800 1,032,846 1.04 Keyence Corp 2,200 700 200 2,700 1,554,193 1.56 Kubota Corp 22,900 8,500 - 31,400 484,578 0.49 Nabtesco Corp 2,500 900 - 3,400 91,796 0.09 SMC Corp/Japan 1,300 400 - 1,700 617,862 0.62 Sumitomo Heavy Industries Ltd 2,600 700 - 3,300 106,367 0.11 THK Co Ltd 2,700 900 - 3,600 91,057 0.09 Yaskawa Electric Corp 5,600 1,600 - 7,200 239,624 0.24 4,495,073 4.51 Metal fabricate & hardware Maruichi Steel Tube Ltd 1,300 400 - 1,700 44,549 0.05

[252] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) MISUMI Group Inc 6,100 3,000 600 8,500 191,745 0.19 NSK Ltd 8,600 2,100 - 10,700 90,442 0.09 326,736 0.33 Food Aeon Co Ltd 13,600 6,000 - 19,600 338,129 0.34 Ajinomoto Co Inc 10,800 2,900 500 13,200 235,543 0.24 Calbee Inc 1,800 600 - 2,400 67,620 0.07 Kikkoman Corp 3,300 1,100 - 4,400 199,596 0.20 MEIJI Holdings Co Ltd 2,700 900 200 3,400 234,682 0.23 NH Foods Ltd 2,000 900 300 2,600 96,132 0.10 Nisshin Seifun Group Inc 4,400 1,500 - 5,900 111,091 0.11 Nissin Foods Holdings Co Ltd 1,300 600 - 1,900 117,633 0.12 Seven & i Holdings Co Ltd 17,100 5,500 - 22,600 768,227 0.77 Toyo Suisan Kaisha Ltd 2,000 700 - 2,700 108,200 0.11 Yakult Honsha Co Ltd 2,400 1,200 - 3,600 202,532 0.20 Yamazaki Baking Co Ltd 2,900 700 - 3,600 54,555 0.05 2,533,940 2.54 Aerospace & defence IHI Corp 3,400 1,000 - 4,400 104,552 0.11 Kawasaki Heavy Industries Ltd 3,300 1,000 - 4,300 93,315 0.09 197,867 0.20 Software DeNA Co Ltd 2,300 500 2,800 - - 0.00 Konami Holdings Corp 2,100 700 - 2,800 118,463 0.12 Nexon Co Ltd 10,000 4,700 - 14,700 232,151 0.23 Oracle Corp Japan 900 300 - 1,200 99,351 0.10 449,965 0.45 Toys, games & hobbies Bandai Namco Holdings Inc 4,400 1,600 - 6,000 322,781 0.32 Nintendo Co Ltd 2,600 900 100 3,400 1,243,165 1.25 1,565,946 1.57 Telecommunications Hikari Tsushin Inc 500 100 - 600 131,903 0.13 KDDI Corp 41,200 12,500 600 53,100 1,381,585 1.39 Nippon Telegraph & Telephone Corp 15,700 4,700 1,100 19,300 866,172 0.87 NTT DOCOMO Inc 31,000 9,600 600 40,000 953,756 0.96 Softbank Corp - 50,200 - 50,200 672,405 0.67 SoftBank Group Corp 18,800 31,000 300 49,500 2,540,181 2.55 6,546,002 6.57 Transportation Central Japan Railway Co 3,300 1,000 - 4,300 859,438 0.86 East Japan Railway Co 7,100 2,300 200 9,200 839,287 0.84 Hankyu Hanshin Holdings Inc 5,400 1,500 - 6,900 241,279 0.24 Kamigumi Co Ltd 2,600 600 - 3,200 73,237 0.07 Keihan Holdings Co Ltd 2,100 800 - 2,900 117,140 0.12 Keikyu Corp 5,200 1,400 - 6,600 110,490 0.11 Keio Corp 2,500 800 200 3,100 191,079 0.19 Keisei Electric Railway Co Ltd 3,100 800 - 3,900 142,776 0.14 Kintetsu Group Holdings Co Ltd 4,000 1,100 - 5,100 240,883 0.24 Kyushu Railway Co 3,600 1,200 - 4,800 136,115 0.14 Mitsui OSK Lines Ltd 2,500 900 - 3,400 83,301 0.08 Nagoya Railroad Co Ltd 4,100 1,400 - 5,500 150,700 0.15 Nippon Express Co Ltd 1,800 600 - 2,400 134,802 0.14 Nippon Yusen KK 3,600 1,000 - 4,600 76,463 0.08 Odakyu Electric Railway Co Ltd 6,600 2,200 - 8,800 195,624 0.20 Seibu Holdings Inc 5,100 1,100 - 6,200 97,179 0.10

BlackRock Investment Funds Switzerland ANNUAL REPORT [253] BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Shares (continued) SG Holdings Co Ltd 2,200 2,100 - 4,300 113,193 0.12 Tobu Railway Co Ltd 4,300 1,400 - 5,700 161,637 0.16 Tokyu Corp 11,800 3,200 - 15,000 261,508 0.26 West Japan Railway Co 3,700 1,200 - 4,900 399,339 0.40 Yamato Holdings Co Ltd 7,300 1,900 - 9,200 179,811 0.18 4,805,281 4.82 Environmental control Kurita Water Industries Ltd 2,200 800 - 3,000 75,717 0.08 75,717 0.08 Entertainment Oriental Land Co Ltd/Japan 4,600 1,400 - 6,000 789,994 0.79 Sankyo Co Ltd 1,000 300 - 1,300 44,569 0.05 Sega Sammy Holdings Inc 3,800 1,400 - 5,200 66,570 0.07 Toho Co Ltd/Tokyo 2,500 900 - 3,400 131,757 0.13 1,032,890 1.04 Packaging & containers Toyo Seikan Group Holdings Ltd 3,600 700 - 4,300 74,848 0.07 74,848 0.07 Insurance Dai-ichi Life Holdings Inc 24,500 7,800 - 32,300 473,286 0.47 Japan Post Holdings Co Ltd 35,000 13,200 1,000 47,200 459,641 0.46 MS&AD Insurance Group Holdings Inc 10,600 3,600 - 14,200 463,658 0.47 Sompo Holdings Inc 7,700 2,400 - 10,100 417,366 0.42 Sony Financial Holdings Inc 3,900 700 - 4,600 111,192 0.11 T&D Holdings Inc 12,700 4,000 - 16,700 186,686 0.19 Tokio Marine Holdings Inc 15,100 5,200 900 19,400 1,025,440 1.03 3,137,269 3.15 Distribution & wholesale ITOCHU Corp 32,600 10,000 2,200 40,400 766,951 0.77 Marubeni Corp 36,700 10,200 - 46,900 303,624 0.30 Mitsubishi Corp 31,000 9,500 - 40,500 1,084,402 1.09 Mitsui & Co Ltd 38,800 11,800 1,000 49,600 804,568 0.81 Sumitomo Corp 26,100 9,500 - 35,600 526,996 0.53 Toyota Tsusho Corp 4,700 1,700 - 6,400 184,989 0.18 3,671,530 3.68 Advertising Dentsu Inc 4,800 1,700 - 6,500 214,549 0.21 Hakuhodo DY Holdings Inc 5,200 1,800 - 7,000 109,655 0.11 324,204 0.32 Hand & machine tools Disco Corp 700 100 - 800 147,568 0.15 Fuji Electric Co Ltd 12,000 3,800 12,000 3,800 116,593 0.12 Makita Corp 5,000 1,700 - 6,700 219,624 0.22 483,785 0.49 Total shares 98,150,400 98.51 Collective investment schemes Real estate investment trust United Urban Investment Corp 68 19 - 87 146,042 0.15 146,042 0.15 Total collective investment schemes 146,042 0.15 Total securities traded on an official stock exchange 98,296,442 98.66 Total securities 98,296,442 98.66

Derivative financial instruments Index Futures Mini-Topix Index March 2019 - 7 7 - - 0.00

[254] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Composition of portfolio and changes in holdings (continued) iSHARES JAPAN EQUITY INDEX FUND (CH) (continued)

For the financial year ended 31 July 2019

31 July 2018 31 July 2019 number/ number/ Market %oftotal nominal nominal value sub-fund Description value Purchases1 Disposals1 value CHF assets

Index Futures (continued) Mini-Topix Index June 2019 - 7 7 - - 0.00 Mini-Topix Index September 2019 - 22 1 21 916 0.00 Topix Index September 2018 6 - 6 - - 0.00 Topix Index December 2018 - 7 7 - - 0.00 Topix Index March 2019 - 5 5 - - 0.00 Topix Index June 2019 - 7 7 - - 0.00 Topix Index September 2019 - 7 - 7 6,812 0.01 7,728 0.01 Total derivative financial instruments 7,728 0.01 Total investments 98,304,170 98.67

Sight deposits 1,197,674 1.20 Other assets 128,849 0.13 Total sub-fund assets 99,630,693 100.00 Other liabilities (4,402) 0.00 Net sub-fund assets 99,626,291 100.00

1 Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

BlackRock Investment Funds Switzerland ANNUAL REPORT [255] BlackRock Investment Funds Switzerland Disclaimers

1. MSCI Indices (“MSCI Indices”)

None of the sub-funds in this umbrella fund are sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any third party involved in, or related to, compiling, computing or creating any MSCI Index (collectively, the “MSCI Par- ties”). The MSCI Indices are the exclusive property of MSCI. MSCI and the MSCI Index names are service marks of MSCI or its affiliates and have been licensed for certain purposes by the asset manager. None of the MSCI Parties makes any representation or warranty, express or implied, to the issuer or owners of the sub-funds or any other person or entity regarding the advisability of investing in the umbrella fund generally or in a sub-fund particularly or the ability of any MSCI Index to track corresponding stock market performance.

MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI Indices which are determined, composed and calculated by MSCI without regard these sub-funds or the issuer or owners of these sub-funds or any other person or entity. None of the MSCI Parties has any obligation to take the needs of the issuer or owners of these sub-funds or any other person or entity into consideration in determining, composing or calculating the MSCI Indices. None of the MSCI Parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of these sub-funds to be issued or in the determination or calculation of the equation by or the consideration into which these sub-funds is redeemable. Further, none of the MSCI Parties has any obligation or liability to the issuer or owners of these sub-funds or any other person or entity in connection with the administration, marketing or offering of these sub-funds.

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

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

2. Bloomberg Barclays Indices (“Bloomberg Barclays Indices”) Bloomberg Barclays Global Treasury Index (customised) and Bloomberg Barclays Global Aggregate Index

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”) (collectively, “Bloomberg”), or Bloomberg’s licensors own all proprietary rights in the Bloomberg Barclays Global Treasury Index and the Bloomberg Barclays Global Aggregate Index (the “Indices”).

Neither Barclays Bank PLC, Barclays Capital Inc., or any affiliate (collectively “Barclays”) or Bloomberg is the issuer or producer of the BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund and/or the iShares Global Aggregate Bond Index Fund (CH) (each a “Product” and together the “Products”) and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Products. The Indices are licensed for use by the issuer of the Products. Bloomberg and Barclays’ only relationship with the issuer in respect of the Indices is the licensing of the Indices, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the issuer or the Products or the owners of the Products.

The Products are not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Products or the advisability of investing in securities generally or the ability of the Indices to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Products with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Products to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the issuer or the owners of the Products or any other third party into consideration in determining, composing or calculating the Indices. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Products.

NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDICES OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES,

[256] BlackRock Investment Funds Switzerland ANNUAL REPORT BlackRock Investment Funds Switzerland Disclaimers (continued)

INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBLITY OF SUCH, RESULTING FROM THE USE OF THE INDICES OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE PRODUCTS.

3. SIX Swiss Exchange Indices (“SIX Indices”) SPI EXTRA®, SMI® or the SPI®

SIX Swiss Exchange AG (“SIX Swiss Exchange”) and its licensors (“Licensors”) have no relationship to BlackRock Inc., other than the licensing of the Swiss Performance Index (SPI®), SPI EXTRA® and the Swiss Market Index (SMI®) (together the “SIX Indices”) and the related trademarks for use in connection with the sub-funds. SIX Swiss Exchange and its Licensors do not: • sponsor, endorse, sell or promote the sub-funds. • recommend that any person invest in the sub-funds or any other securities. • have any responsibility or liability for or make any decisions about the timing, amount or pricing of the sub-funds. • have any responsibility or liability for the administration, management or marketing of the sub-funds. • consider the needs of the sub-funds or the owners of the sub-funds in determining, composing or calculating the SIX Indices or haveanyobligationtodoso.

SIX Swiss Exchange and its Licensors give no warranty, and exclude any liability (whether in negligence or otherwise), in connection with the sub-funds or their performance. SIX Swiss Exchange does not assume any contractual relationship with the purchasers of the sub-funds or any other third parties. Specifically, SIX Swiss Exchange and its Licensors do not give any warranty, express or implied, and exclude any liability for: • The results to be obtained by the sub-funds, the owner of the sub-funds or any other person in connection with the use of the SIX Indices and the data included in the SIX Indices; • The accuracy, timeliness, and completeness of the SIX Indices and their data; • The merchantability and the fitness for a particular purpose or use of the SIX Indices and their data; • The performance of the sub-funds generally,

SIX Swiss Exchange and its Licensors give no warranty and exclude any liability, for any errors, omissions or interruptions in the SIX Indices or its data; Under no circumstances will SIX Swiss Exchange or its Licensors be liable (whether in negligence or otherwise) for any lost profits or indirect, punitive, special or consequential damages or losses, arising as a result of such errors, omissions or interruptions in the SIX Indices or their data or generally in relation to the sub-funds, even in circumstances where SIX Swiss Exchange or its Licensors are aware that such loss or damage may occur. The licensing Agreement between BlackRock Inc. and SIX Swiss Exchange is solely for their benefit and not for the benefit of the owners of the sub-funds or any other third parties.

4. J.P. Morgan Indices (“JPM Indices”) J.P. Morgan Emerging Markets Bond Global Diversified and J.P. Morgan GBI-EM Global Diversified Index

Each of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) (together the “Financial Products”) is not in any way sponsored, sold or promoted by JPMorgan Chase & Co and/or any of its affiliates (collectively “J.P. Morgan”). J.P. Morgan is not responsible for, nor has it participated in, any aspect of the structuring of any attribute of the Financial Products, the determination of the timing of the offering of the Financial Products, the pricing of the Financial Products, or in the manner of operation of the Financial Products. J.P. Morgan has no obligation or liability in connection with the administration, marketing or trading of the Financial Products. All information provided herein regarding the J.P. Morgan Indexes (the “Indices”), including without limitation, the levels of the Indices, is provided for informational purposes only. J.P. Morgan does not warrant the completeness or accuracy of the Indices and/or the completeness or accuracy or any other information furnished in connection with the Indices. The Indices are the exclusive property of J.P. Morgan and J.P. Morgan retains all property rights therein. Nothing herein constitutes, or forms part of, an offer or solicitation for the purchase or sale of any financial instrument, including of the Financial Products, or as an official confirmation of any transaction, or a valuation or price for the Indices or the Financial Products. Nothing contained herein shall be construed as a J.P. Morgan recommendation to adopt any investment strategy or as legal, tax of accounting advice. J.P. Morgan makes no express or implied representations or warranties with respect to the Indices and/or the Financial Products, including but not limited to regarding the advisability of investing in securities or Financial Products generally and/or the Financial Products specifically, or the advisability of any of the Indices to track investment opportunities in the financial markets or otherwise achieve their objective. J.P. Morgan hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Indices and the Financial Products. Without limiting any of the foregoing, in no event shall J.P. Morgan have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) to any person, including but not limited to, for any statements contained in any offering document or any other materials used to describe the Indices and/or the Financial Products, any error in the pricing or otherwise, of the Indices

BlackRock Investment Funds Switzerland ANNUAL REPORT [257] BlackRock Investment Funds Switzerland Disclaimers (continued) and/or the Financial Products and J.P. Morgan shall not be under any obligation to advise any person of any error therein. Copyright 2017 JPMorgan Chase & Co. All rights reserved. J.P.MorganisthemarketingnameforJ.P. Morgan Chase & Co., and its subsidiaries and affiliates worldwide. J.P. Morgan is a member of NYSE and SIPC. JPMorgan Chase Bank, National Association is a member of FDIC. J.P. Morgan Futures Inc. is a member of the NFA. J.P. Morgan Securities Ltd and J.P. Morgan plc are authorized by the FSA and members of the LSE. J.P. Morgan Europe Limited is authorized by the FSA. J.P. Morgan Equities Limited is a member of the Johannesburg Securities Exchange and is regulated by the FSB. J.P. Morgan Securities (Asia Pacific) Limited is registered as an investment adviser with the Securities & Futures Commission in Hong Kong and its CE number is AAJ321. J.P. Morgan Securities Singapore Private Limited is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (“MAS”). J.P. Morgan Securities Asia Private Limited is regulated by the MAS and the Financial Services Agency in Japan. J.P. Morgan Australia Limited (ABN 52 002 888 011) is a licensed securities dealer. The iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) (together the “Permitted Licensee Products”) are not sponsored, endorsed, sold or promoted by J.P. Morgan. J.P. Morgan makes no representation or warranty, express or implied, to the owners of the Permitted Licensee Products or any member of the public regarding the advisability of investing in securities generally, or in the Permitted Licensee Products particularly, or the ability of the J.P. Morgan Emerging Markets Bond Global Diversified Index and the J.P Morgan GBI-EM Global Diversified Index to track general bond market performance. J.P. Morgan’s only relationship to BlackRock Inc. is the licensing of the J.P. Morgan Emerging Markets Bond Global Diversified Index and the J.P Morgan GBI-EM Global Diversified Index which is determined, composed and calculated by J.P. Morgan without regard to BlackRock Inc. or the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH). J.P. Morgan has no obligation to take the needs of BlackRock Inc. or the owners of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) into consideration in determining, composing or calculating the J.P. Morgan Emerging Markets Bond Global Diversified Index and the J.P Morgan GBI-EM Global Diversified Index is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) to be issued or in the determination or calculation of the equation by which the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) is to be converted into cash. J.P. Morgan has no obligation or liability in connection with the administration, marketing or trading of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH).

THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH) ARE PROVIDED “AS IS” WITH ANY AND ALL FAULTS. J.P. MORGAN DOES NOT GUARANTEE THE AVAILABILITY, SEQUENCE, TIMELINESS, QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR THE ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH) AND/OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY BLACKROCK INC, OWNERS OF THE ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH), OR BY ANY OTHER PERSON OR ENTITY, FROM ANY USE OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH). J.P. MORGAN MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OF FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY BLACKROCK INC., OWNERS OF THE ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH), OR BY ANY OTHER PERSON OR ENTITY, FROM ANY USE OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH). THERE ARE NO REPRESENTATIONS OR WARRANTIES WHICH EXTEND BEYOND THE DESCRIPTION ON THE FACE OF THIS DOCUMENT, IF ANY. ALL WARRANTIES AND REPRESENTATIONS OF ANY KIND WITH REGARD TO THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH), ARE DISCLAIMED INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY, ACCURACY, FITNESS FOR A PARTICULAR PURPOSE AND/OR AGAINST INFRINGEMENT AND/OR WARRANTIES AS TO ANY RESULTS TO BE OBTAINED BY AND/OR FROM THE USE OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR THE USE AND/OR THE PURCHASE OF THE OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH). WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL J.P. MORGAN HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PRINCIPAL AND/OR LOST PROFITS, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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