Interim Report and Unaudited Financial Statements

Interim report and unaudited financial statements

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

For the financial period ended 31 January 2020 BLACKROCK INVESTMENT FUNDS SWITZERLAND

CONTENTS

Overview

General information 2

Performance

Sub-fund performance 7

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 Notes to the annual report 27 Composition of portfolio and changes in holdings 35

Additional Information

Disclaimers 267

This interim report and unaudited 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 interim report and the interim report in another language, the German language interim 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 interim report in a language other than German, the language of the interim report on which such action is based shall prevail. Any disputes as to the terms of the interim report, regardless of the language of the interim report, shall be governed by and construed in accordance with the laws of Switzerland.

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [1] BLACKROCK INVESTMENT FUNDS SWITZERLAND

GENERAL INFORMATION

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

Board of Directors1,2 Auditor David Blumer, Chairman Deloitte AG Barry O’Dwyer, Vice-Chairman General-Guisan-Quai 38 Dr. Mirjam Staub-Bisang P.O. Box 2232 CH-8022 Zurich 1 Effective 31 December 2019, Dr. Susanne Haury von Siebenthal resigned as a member of the Board of Directors. Fund Administrator 2 Effective 31 December 2019, Dr. Peter Athanas resigned as a member of State Street Bank International GmbH, Munich, Zurich Branch the Board of Directors. Beethovenstrasse 19 Executive Committee1,2 CH-8027 Zurich Dr. Mirjam Staub-Bisang, CEO Markus Studer, COO Nathalie von Niederhäusern André Bantli Frank Rosenschon Holger Schmidt Jasmin Djalali Robert Majewski Edward Gordon

1 Effective 31 December 2019, Dr. Michael Burch, resigned as a member of the Executive Committee. 2 Effective 1 January 2020, Markus Studer was appointed as a member of the Executive Committee.

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

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GENERAL INFORMATION (continued)

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

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GENERAL INFORMATION (continued)

Total Expense Ratio (TER) Flat fee Total charged Expense Max fee to the Ratio charged to Unit sub-fund (TER) the sub-fund Sub-fund Class Currency % % % iShares World ex Switzerland Equity Index Fund (CH) I1 CHF* CHF 0.15 0.15 1.00 iShares World ex Switzerland Equity Index Fund (CH) X1 CHF CHF 0.02 0.02 0.50 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I CHF* CHF 0.20 0.20 1.00 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I0 CHF CHF 0.20 0.20 1.00 iShares World ex Switzerland Small Cap Equity Index Fund (CH) X0 N CHF CHF 0.03 0.03 0.50 iShares 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.

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GENERAL INFORMATION (continued)

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

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

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

The following table shows the actual realised tracking error of the sub-funds as at 31 January 2020. The realised tracking error is annualised and calculated using data from the preceding 36 months observation period. Where a sub-fund has not been trading for 36 months, the annualised tracking error since inception has been presented. Unit Maximum Minimum Average 31 January 2020 Sub-fund Class % % % % iShares World ex Switzerland Equity Index Fund (CH) I1 CHF* 0.10 0.09 0.10 0.09 iShares World ex Switzerland Equity Index Fund (CH) X1 CHF 0.09 0.08 0.08 0.08 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I CHF* 0.00 0.00 0.00 0.00 iShares World ex Switzerland Small Cap Equity Index Fund (CH) I0 CHF* 0.16 0.15 0.15 0.15 iShares World ex Switzerland Small Cap Equity Index Fund (CH) X0 N CHF 0.16 0.15 0.16 0.15 iShares Emerging Markets Equity Index Fund (CH) D CHF* 0.32 0.30 0.31 0.30 iShares Emerging Markets Equity Index Fund (CH) I CHF* 0.19 0.18 0.18 0.18 iShares Emerging Markets Equity Index Fund (CH) X N CHF 0.34 0.33 0.34 0.33 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund D CHF* 0.38 0.36 0.37 0.37 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund X N CHF 0.36 0.33 0.34 0.36 iShares SPI® Equity Index Fund (CH) D CHF* 0.04 0.04 0.04 0.04 iShares SPI® Equity Index Fund (CH) I CHF* 0.04 0.04 0.04 0.04 iShares SPI® Equity Index Fund (CH) X CHF* 0.03 0.03 0.03 0.03 iShares SPI® Equity Index Fund (CH) X N CHF* 0.03 0.03 0.03 0.03 iShares SPI® Equity Index Fund (CH) Y CHF* 0.04 0.04 0.04 0.04 iShares SMI® Equity Index Fund (CH) D CHF 0.05 0.05 0.05 0.05 iShares SMI® Equity Index Fund (CH) I CHF 0.05 0.05 0.05 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* 0.06 0.04 0.05 0.06 iShares SBI AAA-BBB® Bond Index Fund (CH) I CHF* 0.06 0.04 0.05 0.06 iShares SBI AAA-BBB® Bond Index Fund (CH) Y CHF* 0.06 0.04 0.05 0.06 iShares Emerging Markets Bond Index Fund (CH) D USD* 0.14 0.13 0.13 0.13 iShares Emerging Markets Bond Index Fund (CH) X USD 0.13 0.13 0.13 0.13 iShares Emerging Markets Bond Index Fund (CH) X N USD* 0.12 0.11 0.12 0.11 iShares Emerging Markets Bond Index Fund (CH) X NT USD* 0.10 0.10 0.10 0.10 iShares Japan Equity Index Fund (CH) D JPY* 0.04 0.04 0.04 0.04

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GENERAL INFORMATION (continued)

Unit Maximum Minimum Average 31 January 2020 Sub-fund Class % % % % iShares Japan Equity Index Fund (CH) I1 CHF* 0.05 0.04 0.04 0.04 iShares Japan Equity Index Fund (CH) X1 CHF* 0.90 0.81 0.85 0.81

*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.

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PERFORMANCE

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

Unit Inception Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Date % % % % % % iShares World ex I1 CHF** CHF Feb-19 (1.04) (1.05) 5.24 5.11 N/A N/A Switzerland Equity Index Fund (CH) iShares World ex X1 CHF CHF Jan-15 (1.03) (1.05) 5.31 5.11 (4.68) (4.87) Switzerland Equity Index Fund (CH) iShares World ex I CHF** CHF Dec-19 (2.51) (2.85) N/A N/A N/A N/A Switzerland Small Cap Equity Index Fund (CH) iShares World ex I0 CHF CHF Jul-17 (3.21) (3.21) 2.43 2.35 (8.06) (8.26) Switzerland Small Cap Equity Index Fund (CH) iShares World ex X0 N CHF CHF Jan-15 (3.19) (3.21) 2.51 2.35 (7.98) (8.26) Switzerland Small Cap Equity Index Fund (CH) iShares Emerging D CHF CHF Mar-17 (5.13) (5.05) 0.52 0.69 (2.40) (2.40) Markets Equity Index Fund (CH) iShares Emerging I CHF* CHF Jun-18 (5.12) (5.05) 0.54 0.69 (2.38) (2.40) Markets Equity Index Fund (CH) iShares Emerging X N CHF CHF Jan-15 (5.12) (5.05) 0.60 0.69 (2.31) (2.40) Markets Equity Index Fund (CH) BIFS Global ex D CHF CHF Apr-17 1.75 1.85 0.85 1.27 1.31 1.35 Switzerland Sovereign Screened CHF Bond Fund BIFS Global ex X N CHF CHF May-16 1.77 1.85 0.96 1.27 1.41 1.35 Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity D CHF CHF Apr-17 0.24 0.26 6.65 6.69 (3.56) (3.52) Index Fund (CH) iShares SPI® Equity I CHF CHF Mar-17 0.25 0.26 6.67 6.69 (3.55) (3.52) Index Fund (CH) iShares SPI® Equity X CHF* CHF May-18 0.25 0.26 6.70 6.69 (3.52) (3.52) Index Fund (CH) iShares SPI® Equity X N CHF CHF Oct-17 0.25 0.26 6.70 6.69 (3.52) (3.52) Index Fund (CH) iShares SPI® Equity Y CHF CHF Mar-17 0.25 0.26 6.72 6.69 (3.50) (3.52) Index Fund (CH) iShares SMI® Equity D CHF CHF Dec-16 0.09 0.10 7.22 7.26 (2.19) (2.13) Index Fund (CH)

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PERFORMANCE (continued)

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

Unit Inception Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Date % % % % % % iShares SMI® Equity I CHF CHF Nov-16 0.10 0.10 7.23 7.26 (2.18) (2.13) Index Fund (CH) iShares SMI® Equity I A-CHF CHF Dec-17 0.10 0.10 7.23 7.26 (2.18) (2.13) Index Fund (CH) iShares SMI® Equity X CHF CHF Dec-17 0.10 0.10 7.27 7.26 (2.14) (2.13) Index Fund (CH) iShares SBI D CHF CHF Apr-17 1.92 1.93 0.39 0.42 1.81 1.86 AAA-BBB® Bond Index Fund (CH) iShares SBI I CHF CHF Mar-17 1.92 1.93 0.40 0.42 1.83 1.86 AAA-BBB® Bond Index Fund (CH) iShares SBI Y CHF CHF Feb-17 1.93 1.93 0.46 0.42 1.89 1.86 AAA-BBB® Bond Index Fund (CH) iShares Emerging D USD USD Apr-17 1.50 1.52 3.46 3.66 2.67 2.85 Markets Bond Index Fund (CH) iShares Emerging X USD USD Jan-17 1.53 1.52 3.60 3.66 2.75 2.85 Markets Bond Index Fund (CH) iShares Emerging X N USD* USD Sep-18 1.53 1.52 3.60 3.66 4.92 4.91 Markets Bond Index Fund (CH) iShares Emerging X NT USD* USD Dec-18 1.53 1.52 3.60 3.66 4.34 4.31 Markets Bond Index Fund (CH) iShares Japan Equity D JPY* JPY Dec-18 (1.65) (1.62) 9.02 9.16 3.52 3.53 Index Fund (CH) iShares Japan Equity I1 CHF** CHF Jan-19 (1.78) (1.76) 6.63 6.72 N/A N/A Index Fund (CH) iShares Japan Equity X1 CHF CHF Oct-17 (1.77) (1.76) 6.69 6.72 (5.69) (5.67) 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 January 2019, performance figures for 31 January 2019 are from the inception date. **As this unit class launched during the period ended 31 January 2020, performance figures for 31 January 2020 are from the inception date.

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PERFORMANCE (continued)

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

Unit Inception Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Date % % % % % % iShares World ex I1 CHF*** CHF Feb-19 11.28 10.92 N/A N/A N/A N/A Switzerland Equity Index Fund (CH) iShares World ex X1 CHF CHF Jan-15 25.85 25.27 (7.23) (7.64) 17.79 17.34 Switzerland Equity Index Fund (CH) iShares World ex I CHF*** CHF Dec-19 (2.51) (2.85) N/A N/A N/A N/A Switzerland Small Cap Equity Index Fund (CH) iShares World ex I0 CHF* CHF Jul-17 24.03 23.86 (12.22) (12.61) 14.01 13.78 Switzerland Small Cap Equity Index Fund (CH) iShares World ex X0 N CHF CHF Jan-15 24.26 23.86 (12.07) (12.61) 17.63 17.29 Switzerland Small Cap Equity Index Fund (CH) iShares Emerging D CHF* CHF Mar-17 15.90 16.33 (13.46) (13.58) 21.39 22.44 Markets Equity Index Fund (CH) iShares Emerging I CHF** CHF Jun-18 15.96 16.33 (10.96) (11.06) N/A N/A Markets Equity Index Fund (CH) iShares Emerging X N CHF CHF Jan-15 16.10 16.33 (13.31) (13.58) 30.60 31.63 Markets Equity Index Fund (CH) BIFS Global ex D CHF* CHF Apr-17 3.85 4.49 (0.02) 0.03 (0.98) (0.58) Switzerland Sovereign Screened CHF Bond Fund BIFS Global ex X N CHF CHF May-16 4.06 4.49 0.18 0.03 (0.47) (0.31) Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity D CHF* CHF Apr-17 30.45 30.59 (8.69) (8.57) 11.52 11.71 Index Fund (CH) iShares SPI® Equity I CHF* CHF Mar-17 30.49 30.59 (8.66) (8.57) 12.91 13.08 Index Fund (CH) iShares SPI® Equity X CHF** CHF May-18 30.58 30.59 (6.20) (6.22) N/A N/A Index Fund (CH) iShares SPI® Equity X N CHF* CHF Oct-17 30.58 30.59 (8.60) (8.57) 1.97 1.97 Index Fund (CH) iShares SPI® Equity Y CHF* CHF Mar-17 30.62 30.59 (8.57) (8.57) 13.00 13.08 Index Fund (CH)

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PERFORMANCE (continued)

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

Unit Inception Fund Benchmark Fund Benchmark Fund Benchmark Sub-fund Class Currency Date % % % % % % iShares SMI® D CHF CHF Dec-16 30.02 30.16 (7.17) (7.04) 17.56 17.90 Equity Index Fund (CH) iShares SMI® I CHF CHF Nov-16 30.05 30.16 (7.15) (7.04) 17.60 17.90 Equity Index Fund (CH) iShares SMI® I A-CHF* CHF Dec-17 30.06 30.16 (7.15) (7.04) 1.00 1.00 Equity Index Fund (CH) iShares SMI® X CHF* CHF Dec-17 30.15 30.16 (7.08) (7.04) 0.67 0.67 Equity Index Fund (CH) iShares SBI D CHF* CHF Apr-17 2.99 3.05 0.03 0.07 (0.84) (0.79) AAA-BBB® Bond Index Fund (CH) iShares SBI I CHF* CHF Mar-17 3.02 3.05 0.06 0.07 (0.15) (0.08) AAA-BBB® Bond Index Fund (CH) iShares SBI Y CHF* CHF Feb-17 3.14 3.05 0.18 0.07 (0.78) (0.79) AAA-BBB® Bond Index Fund (CH) iShares Emerging D USD* USD Apr-17 14.67 15.04 (4.53) (4.26) 4.85 5.03 Markets Bond Index Fund (CH) iShares Emerging X USD* USD Jan-17 14.99 15.04 (4.32) (4.26) 8.55 8.62 Markets Bond Index Fund (CH) iShares Emerging X N USD** USD Sep-18 14.99 15.04 0.50 0.48 N/A N/A Markets Bond Index Fund (CH) iShares Emerging X NT USD** USD Dec-18 14.99 15.04 (0.05) (0.10) N/A N/A Markets Bond Index Fund (CH) iShares Japan D JPY** JPY Dec-18 18.30 18.48 (1.62) (1.62) N/A N/A Equity Index Fund (CH) iShares Japan I1 CHF*** CHF Jan-19 12.05 12.20 N/A N/A N/A N/A Equity Index Fund (CH) iShares Japan X1 CHF* CHF Oct-17 17.91 17.95 (11.61) (11.56) 2.28 2.30 Equity Index Fund (CH)

*As this unit class launched during the calendar year 2017, performance figures for 2017 are from the inception date. **As this unit class launched during the calendar year 2018, performance figures for 2018 are from the inception date. ***As this unit class launched during the calendar year 2019, performance figures for 2019 are from the inception date.

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PERFORMANCE (continued)

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 MSCI World ex Switzerland Small Cap Index Fund (CH) iShares Emerging Markets Equity Index Fund (CH) MSCI Emerging Markets Index BIFS Global ex Switzerland Sovereign Screened CHF Bloomberg Barclays Global Treasury Index Bond Fund 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

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STATEMENT OF NET ASSETS

As at 31 January 2020 and 31 July 2019

iShares World ex Switzerland Equity iShares World ex Switzerland Small iShares Emerging Markets Equity Index Fund (CH) Cap Equity Index Fund (CH) Index Fund (CH) 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Due from banks, including fiduciary deposits with third-party banks, broken down into: - Sight deposits 5,680,283 4,134,171 4,949,269 879,020 1,910,416 776,122 Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 920,945,095 897,324,067 611,424,328 575,765,527 41,612,843 40,173,587 - Units of other collective investment schemes 6,775,184 9,791,310 9,621,909 9,279,882 4,259,158 4,273,784 Derivative financial instruments 10,271 331,681 (299,631) 139,981 (30,773) (4,176) Other assets 1,387,895 1,995,716 1,354,556 760,470 129,749 256,711 Total sub-fund assets, less 934,798,728 913,576,945 627,050,431 586,824,880 47,881,393 45,476,028 Loans ----1,543,012 454,703 Other liabilities 79,557 553,842 888,045 96,093 47,315 60,309 Net sub-fund assets 934,719,171 913,023,103 626,162,386 586,728,787 46,291,066 44,961,016

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STATEMENT OF NET ASSETS (continued)

As at 31 January 2020 and 31 July 2019

BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Due from banks, including fiduciary deposits with third-party banks, broken down into: - Sight deposits 5,249,766 1,153,892 1,393,842 396,845 512,628 1,262,685 Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights - - 295,242,938 255,663,852 279,965,232 332,966,891 - Bonds, convertible bonds, warrant bonds and other debt securities and rights 46,138,347 46,835,259 ---- - Units of other collective investment schemes ------Derivative financial instruments 661,209 (39,954) 4,680 19,905 (8,200) 557 Other assets 337,866 319,306 97,093 2,113,647 459,194 4,468,276 Total sub-fund assets, less 52,387,188 48,268,503 296,738,553 258,194,249 280,928,854 338,698,409 Loans 4,020,075 351,409 ---- Other liabilities 20,613 17,822 7,947 13,117 175,662 97,110 Net sub-fund assets 48,346,500 47,899,272 296,730,606 258,181,132 280,753,192 338,601,299

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STATEMENT OF NET ASSETS (continued)

As at 31 January 2020 and 31 July 2019

iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond Index iShares Japan Equity Index Fund (CH) Fund (CH) Fund (CH) 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 CHF CHF USD USD CHF CHF Due from banks, including fiduciary deposits with third-party banks, broken down into: - Sight deposits 685,038 2,184,055 9,805,193 4,798,763 1,631,122 1,197,674 Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights ----115,956,913 98,150,400 - Bonds, convertible bonds, warrant bonds and other debt securities and rights 179,282,189 170,186,611 1,026,982,855 1,001,026,275 - - - Units of other collective investment schemes ----167,709 146,042 Derivativefinancialinstruments ----(42,497) 7,728 Other assets 996,163 1,053,257 13,622,761 13,387,371 198,691 128,849 Total sub-fund assets, less 180,963,390 173,423,923 1,050,410,809 1,019,212,409 117,911,938 99,630,693 Loans ------Other liabilities 200,534 1,060,568 3,208,189 2,425,485 9,692 4,402 Net sub-fund assets 180,762,856 172,363,355 1,047,202,620 1,016,786,924 117,902,246 99,626,291

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

CHANGES IN THE FUND’S NET ASSETS

For the financial period ended 31 January 2020 and 31 July 2019

iShares World ex Switzerland Equity iShares World ex Switzerland Small iShares Emerging Markets Equity Index Fund (CH) Cap Equity Index Fund (CH) Index Fund (CH) 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Sub-fund’s net assets at the beginning of the financial period 913,023,103 803,547,986 586,728,787 719,249,668 44,961,016 46,336,039 Return of capital distribution ------Ordinary distribution/ Applied income tax on accumulation - - (467,109) (415,804) (243,505) (102,131) Interimdistributions ------Issue of units 40,891,565 108,246,359 25,994,155 - 2,080,032 3,915,604 Redemption of units (70,491,633) (46,518,533) (47,708) (108,212,564) (781,486) (4,005,415) Total net income 51,296,137 47,747,291 13,954,261 (23,892,513) 275,009 (1,183,081) Sub-fund’s net assets at the end of the financial period 934,719,172 913,023,103 626,162,386 586,728,787 46,291,066 44,961,016

BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Sub-fund’s net assets at the beginning of the financial period 47,899,272 59,824,363 258,181,132 239,064,455 338,601,299 278,466,840 Return of capital distribution ----(1,515,114) (1,787,677) Ordinary distribution/ Applied income tax on accumulation (9,251) (9,746) (556,047) (535,999) (738,223) (625,323) Interimdistributions -----(3,558,266) Issue of units - 46,816 22,266,920 37,414,021 35,119,923 208,916,370 Redemption of units - (14,767,790) (1,711,024) (42,100,704) (114,175,313) (194,864,108) Total net income 456,479 2,805,629 18,549,625 24,339,359 23,460,620 52,053,463 Sub-fund’s net assets at the end of the financial period 48,346,500 47,899,272 296,730,606 258,181,132 280,753,192 338,601,299

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

CHANGES IN THE FUND’S NET ASSETS (continued)

For the financial period ended 31 January 2020 and 31 July 2019

iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond Index iShares Japan Equity Index Fund (CH) Fund (CH) Fund (CH) 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 CHF CHF USD USD CHF CHF Sub-fund’s net assets at the beginning of the financial period 172,363,355 111,404,423 1,016,786,924 279,441,038 99,626,291 78,784,491 Return of capital distribution ------Ordinary distribution/ Applied income tax on accumulation (598,072) (484,927) (10,657,101) (10,916,035) (45,770) - Interimdistributions ------Issue of units 21,962,892 70,892,189 11,164,100 1,068,295,711 10,872,477 23,668,020 Redemption of units (13,833,753) (17,777,471) (6,454,191) (430,459,272) - - Total net income 868,434 8,329,141 36,362,888 110,425,482 7,449,248 (2,826,220) Sub-fund’s net assets at the end of the financial period 180,762,856 172,363,355 1,047,202,620 1,016,786,924 117,902,246 99,626,291

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

CHANGES IN NUMBER OF UNITS OUTSTANDING

For the financial period ended 31 January 2020 and 31 July 2019

iShares World ex Switzerland Equity iShares World ex Switzerland Equity iShares World ex Switzerland Small Index Fund (CH) Index Fund (CH) Cap Equity Index Fund (CH) Unit Class - I1 CHF Unit Class - X1 CHF Unit Class - I CHF 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial period 11,810 - 578,198 536,000 - Number of units issued 600 11,810 26,551 73,790 25,921 Number of units redeemed - - (43,265) (31,592) (47) Number at the end of the financial period 12,410 11,810 561,484 578,198 25,874

iShares World ex Switzerland Small iShares World ex Switzerland Small iShares Emerging Markets Equity Cap Equity Index Fund (CH) Cap Equity Index Fund (CH) Index Fund (CH) Unit Class - I0 CHF Unit Class - X0 N CHF Unit Class - D CHF 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial period 60,496 61,457 335,618 407,912 9,033 5,980 Numberofunitsissued ----1,822 3,518 Number of units redeemed - (961) - (72,294) (705) (465) Number at the end of the financial period 60,496 60,496 335,618 335,618 10,150 9,033

iShares Emerging Markets Equity iShares Emerging Markets Equity BIFS Global ex Switzerland Sovereign Index Fund (CH) Index Fund (CH) Screened CHF Bond Fund Unit Class - I CHF Unit Class - X N CHF Unit Class - D CHF 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial period 19,155 19,155 12,614 15,436 1,305 1,257 Number of units issued 50 - - - - 48 Number of units redeemed - - - (2,822) - - Number at the end of the financial period 19,205 19,155 12,614 12,614 1,305 1,305

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

CHANGES IN NUMBER OF UNITS OUTSTANDING (continued)

For the financial period ended 31 January 2020 and 31 July 2019

BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund iShares SPI® Equity Index Fund (CH) iShares SPI® Equity Index Fund (CH) Unit Class - X N CHF Unit Class - D CHF Unit Class - I CHF 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial period 45,212 60,240 2,876 1,557 7,446 6,057 Number of units issued - - 1,185 1,602 483 1,950 Number of units redeemed - (15,028) (713) (283) (209) (561) Number at the end of the financial period 45,212 45,212 3,348 2,876 7,720 7,446

iShares SPI® Equity Index Fund (CH) iShares SPI® Equity Index Fund (CH) iShares SPI® Equity Index Fund (CH) Unit Class - X CHF Unit Class - X N CHF Unit Class - Y CHF 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial period 409 409 166,820 174,500 43,341 43,665 Number of units issued - - 17,570 13,700 7 16,466 Number of units redeemed (29) - (254) (21,380) (195) (16,790) Number at the end of the financial period 380 409 184,136 166,820 43,153 43,341

iShares SMI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) iShares SMI® Equity Index Fund (CH) UnitClass-DCHF UnitClass-ICHF UnitClass - I A-CHF 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial period 7,377 4,550 71,064 105,868 154,085 83,184 Number of units issued 736 3,426 4,916 100,630 24,730 87,596 Number of units redeemed (251) (599) (71,225) (135,434) (12,085) (16,695) Number at the end of the financial period 7,862 7,377 4,755 71,064 166,730 154,085

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

CHANGES IN NUMBER OF UNITS OUTSTANDING (continued)

For the financial period ended 31 January 2020 and 31 July 2019

iShares SBI AAA-BBB® Bond Index iShares SBI AAA-BBB® Bond Index iShares SMI® Equity Index Fund (CH) Fund (CH) Fund (CH) Unit class - X CHF Unit Class - D CHF Unit Class - I CHF 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial period 60,000 60,000 31,335 17,969 54,958 17,700 Number of units issued - - 10,225 28,348 2,199 37,258 Number of units redeemed - - (6,322) (14,982) (6,878) - Number at the end of the financial period 60,000 60,000 35,238 31,335 50,279 54,958

iShares SBI AAA-BBB® Bond Index iShares Emerging Markets Bond Index iShares Emerging Markets Bond Index Fund (CH) Fund (CH) Fund (CH) Unit Class - Y CHF Unit Class - D USD Unit Class - X USD 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial period 80,242 78,016 1 1 508,623 267,321 Number of units issued 9,106 5,326 - - - 650,858 Number of units redeemed (300) (3,100) - - (4,493) (409,556) Number at the end of the financial period 89,048 80,242 1 1 504,130 508,623

iShares Emerging Markets Bond Index iShares Emerging Markets Bond Index Fund (CH) Fund (CH) iShares Japan Equity Index Fund (CH) Unit Class - X N USD Unit Class - X NT USD Unit Class - D JPY 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial period 360,543 - 26,746 - 1 - Number of units issued 9,821 372,464 - 26,746 11,450 1 Number of units redeemed (1,244) (11,921) - - - - Number at the end of the financial period 369,120 360,543 26,746 26,746 11,451 1

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

CHANGES IN NUMBER OF UNITS OUTSTANDING (continued)

For the financial period ended 31 January 2020 and 31 July 2019

iShares Japan Equity Index Fund (CH) iShares Japan Equity Index Fund (CH) Unit Class - I1 CHF Unit Class - X1 CHF 31 January 2020 31 July 2019 31 January 2020 31 July 2019 No. of Units No. of Units No. of Units No. of Units Number at the beginning of the financial period 2,200 - 99,189 76,977 Number of units issued - 2,200 - 22,212 Number of units redeemed - - - - Number at the end of the financial period 2,200 2,200 99,189 99,189

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

NET ASSETS ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS

For the financial period ended 31 January 2020

iShares World ex iShares World ex iShares World ex iShares World ex iShares World ex iShares Emerging Switzerland Switzerland Switzerland Small Cap Switzerland Small Cap Switzerland Small Cap 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 - I CHF Unit Class - I0 CHF Unit Class - X0 N CHF Unit Class - D CHF Net asset value CHF CHF CHF CHF CHF CHF As at 31 January 2020 13,666,147 921,053,024 25,225,318 71,744,608 529,192,460 11,486,088 As at 31 July 2019 12,357,971 900,665,132 - 70,503,745 516,225,042 10,250,703 As at 31 July 2018 - 803,547,986 - 74,220,176 645,029,492 7,019,855

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 January 2020 12,410 561,484 25,874 60,496 335,618 10,150 As at 31 July 2019 11,810 578,198 - 60,496 335,618 9,033 As at 31 July 2018 - 536,000 - 61,457 407,912 5,980

Net asset value per unit CHF CHF CHF CHF CHF CHF As at 31 January 2020 1,101.22 1,640.39 974.93 1,185.94 1,576.77 1,131.70 As at 31 July 2019 1,046.40 1,557.71 - 1,165.42 1,538.13 1,134.91 As at 31 July 2018 - 1,499.16 - 1,207.67 1,581.30 1,173.82

iShares Emerging iShares Emerging BIFS Global ex BIFS Global ex Markets Markets Switzerland Sovereign Switzerland Sovereign iShares SPI® Equity iShares SPI® Equity Equity Index Fund (CH) Equity Index Fund (CH) Screened CHF Bond Fund Screened CHF Bond Fund Index Fund (CH) Index Fund (CH) Unit Class - I CHF Unit Class - X N CHF Unit Class - D CHF Unit Class - X N CHF Unit Class - D CHF Unit Class - I CHF Net asset value CHF CHF CHF CHF CHF CHF As at 31 January 2020 18,605,079 16,199,899 1,342,156 47,004,344 4,380,499 10,182,284 As at 31 July 2019 18,607,645 16,102,668 1,340,048 46,559,224 3,555,711 9,280,431 As at 31 July 2018 19,136,004 20,180,180 1,231,398 58,592,965 1,756,471 6,885,510

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 January 2020 19,205 12,614 1,305 45,212 3,348 7,720 As at 31 July 2019 19,155 12,614 1,305 45,212 2,876 7,446 As at 31 July 2018 19,155 15,436 1,257 60,240 1,557 6,057

Net asset value per unit CHF CHF CHF CHF CHF CHF As at 31 January 2020 968.75 1,284.26 1,028.47 1,039.63 1,308.42 1,318.97 As at 31 July 2019 971.41 1,276.55 1,026.86 1,029.79 1,236.48 1,246.39 As at 31 July 2018 999.00 1,307.37 979.63 972.66 1,127.99 1,136.81

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

NET ASSETS ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS (continued)

For the financial period ended 31 January 2020

iShares SPI® Equity iShares SPI® Equity iShares SPI® Equity iShares SMI® Equity iShares SMI® Equity iShares SMI® Equity Index Fund (CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Unit Class - X CHF Unit Class - X N CHF Unit Class - Y CHF Unit Class - D CHF Unit Class - I CHF Unit Class - I A-CHF Net asset value CHF CHF CHF CHF CHF CHF As at 31 January 2020 462,726 224,667,655 57,037,442 10,869,519 6,827,007 191,234,663 As at 31 July 2019 470,426 190,751,637 54,122,927 9,592,709 95,952,924 165,522,737 As at 31 July 2018 425,144 180,295,611 49,701,719 5,351,545 129,268,380 82,821,804

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 January 2020 380 184,136 43,153 7,862 4,755 166,730 As at 31 July 2019 409 166,820 43,341 7,377 71,064 154,085 As at 31 July 2018 409 174,500 43,665 4,550 105,868 83,184

Net asset value per unit CHF CHF CHF CHF CHF CHF As at 31 January 2020 1,217.70 1,220.11 1,321.75 1,382.62 1,435.75 1,146.97 As at 31 July 2019 1,150.53 1,143.46 1,248.77 1,300.31 1,350.23 1,074.23 As at 31 July 2018 1,039.78 1,033.21 1,138.25 1,176.11 1,221.03 995.64

iShares Emerging iShares Emerging iShares SMI® Equity iShares SBI AAA-BBB® iShares SBI AAA-BBB® iShares SBI AAA-BBB® Markets Markets 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 - X CHF Unit Class - D CHF Unit Class - I CHF Unit Class - Y CHF Unit Class - D USD Unit Class - X USD Net asset value CHF CHF CHF CHF USD USD As at 31 January 2020 71,822,003 36,378,878 52,265,099 92,118,879 1,113 583,246,081 As at 31 July 2019 67,532,929 32,330,337 57,092,913 82,940,105 1,095 578,353,302 As at 31 July 2018 61,025,111 17,580,243 17,432,740 76,391,440 1,007 279,440,031

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 January 2020 60,000 35,238 50,279 89,048 1 504,130 As at 31 July 2019 60,000 31,335 54,958 80,242 1 508,623 As at 31 July 2018 60,000 17,969 17,700 78,016 1 267,321

Net asset value per unit CHF CHF CHF CHF USD USD As at 31 January 2020 1,197.03 1,032.38 1,039.51 1,034.48 1,118.47 1,156.93 As at 31 July 2019 1,125.55 1,031.77 1,038.84 1,033.62 1,100.04 1,137.09 As at 31 July 2018 1,017.09 978.38 984.88 979.18 1,012.50 1,045.33

[22] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

NET ASSETS ATTRIBUTABLE TO REDEEMABLE UNITHOLDERS (continued)

For the financial period ended 31 January 2020

iShares Emerging iShares Emerging Markets Markets iShares Japan Equity iShares Japan Equity iShares Japan Equity Bond Index Fund (CH) Bond Index Fund (CH) Index Fund (CH) Index Fund (CH) Index Fund (CH) Unit Class - X N USD Unit Class - X NT USD Unit Class - D JPY Unit Class - I1 CHF Unit Class - X1 CHF Net asset value USD USD JPY CHF CHF As at 31 January 2020 433,097,906 30,857,520 11,617,557 2,421,220 103,863,469 As at 31 July 2019 408,311,081 30,121,446 957 2,270,743 97,354,591 As at 31 July 2018 - - - - 78,784,491

Units in Issue No. of Units No. of Units No. of Units No. of Units No. of Units As at 31 January 2020 369,120 26,746 11,451 2,200 99,189 As at 31 July 2019 360,543 26,746 1 2,200 99,189 As at 31 July 2018 - - - - 76,977

Net asset value per unit USD USD JPY CHF CHF As at 31 January 2020 1,173.33 1,153.73 114,014.69 1,100.55 1,047.13 As at 31 July 2019 1,132.49 1,126.21 104,988.74 981.51 1,032.16 As at 31 July 2018 - - - - 1,023.48

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

PROFIT AND LOSS ACCOUNT

For the financial period ended 31 January 2020 and 31 July 2019

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 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Income from bank assets 397 21,026 47 11,612 1 2,899 Income from securities lending - - 219,721 401,194 831 1,077 Income from securities broken down by: - Shares and other equity securities and rights, including income from bonus shares 9,315,861 22,449,625 5,263,167 12,134,495 393,729 1,110,488 - Units of other collective investment schemes 51,857 32,549 108,348 327,629 974 31,665 Other income - - - 64,416 - - Current net income paid in on issued units 104,704 1,146,011 4,382 - 6,815 33,441 Total income less: 9,472,819 23,649,211 5,595,665 12,939,346 402,350 1,179,570 Interest paid - 33,603 295 1,831 369 507 Negative interest 5,910 13,095 1,450 13,961 30 154 Remunerations to the following in accordance with the fund regulations: - The Fund Management Company 103,752 174,203 157,523 300,384 26,313 46,310 Current net income paid out on redeemed units 508,367 924,891 55 617,977 3,049 58,874 Net income 8,854,790 22,503,419 5,436,342 12,005,193 372,589 1,073,725 Realised capital gains and losses 10,458,843 5,026,789 9,620,103 31,263,789 (101,327) (77,283) Realised net income 19,313,633 27,530,208 15,056,445 43,268,982 271,262 996,442 Unrealised capital gains and losses 31,982,504 20,217,083 (1,102,184) (67,161,495) 3,747 (2,179,523) Total net income 51,296,137 47,747,291 13,954,261 (23,892,513) 275,009 (1,183,081)

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

PROFIT AND LOSS ACCOUNT (continued)

For the financial period ended 31 January 2020 and 31 July 2019

BIFS Global ex Switzerland Sovereign iShares SPI® Equity iShares SMI® Equity Screened CHF Bond Fund Index Fund (CH) Index Fund (CH) 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 CHF CHF CHF CHF CHF CHF Income from bank assets 350 1,399 1 53 4 11 Income from securities lending 364 73 11,652 43,699 4,300 26,754 Income from securities broken down by: - Bonds, convertible bonds, warrant bonds and other debt securities and rights 521,709 1,295,798 ---- - Shares and other equity securities and rights, including income from bonus shares - - 265,304 6,064,822 377,088 12,118,430 Other income -165---- Current net income paid in on issued units - 579 9,889 587,077 22,654 220,311 Total income less: 522,423 1,298,014 286,846 6,695,651 404,046 12,365,506 Interest paid -----128 Negative interest 715 3,855 2,139 3,299 3,702 5,789 Remunerations to the following in accordance with the fund regulations: - The Fund Management Company 13,447 30,523 38,847 63,244 143,151 329,568 Current net income paid out on redeemed units - 232,210 978 483,744 78,872 4,133,036 Net income 508,261 1,031,426 244,882 6,145,364 178,321 7,896,985 Realised capital gains and losses 54,512 729,380 510,947 2,374,690 14,096,903 16,291,450 Realised net income 562,773 1,760,806 755,829 8,520,054 14,275,224 24,188,435 Unrealised capital gains and losses (106,294) 1,044,823 17,793,796 15,819,305 9,185,396 27,865,028 Total net income 456,479 2,805,629 18,549,625 24,339,359 23,460,620 52,053,463

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

PROFIT AND LOSS ACCOUNT (continued)

For the financial period ended 31 January 2020 and 31 July 2019

iShares SBI AAA-BBB® iShares Emerging Markets Bond Index Fund (CH) Bond Index Fund (CH) iShares Japan Equity Index Fund (CH) 31 January 2020 31 July 2019 31 January 2020 31 July 2019 31 January 2020 31 July 2019 CHF CHF USD USD CHF CHF Income from bank assets 132 - 4,662 23,886 - - Income from securities lending - - 22,970 2,766 6,149 3,561 Income from securities broken down by: - Bonds, convertible bonds, warrant bonds and other debt securities and rights 800,834 1,396,474 27,030,184 52,966,920 - - - Shares and other equity securities and rights, including income from bonus shares ----1,341,4851,883,137 - Units of other collective investment schemes ----3,0844,366 Current net income paid in on issued units 51,349 457,656 278,411 2,559,508 (130,759) 526,205 Total income less: 852,315 1,854,130 27,336,227 55,553,080 1,219,959 2,417,269 Negative interest 3,160 5,095 - - 1,749 1,573 Remunerations to the following in accordance with the fund regulations: - The Fund Management Company 58,820 64,227 204,365 378,633 31,912 32,481 Current net income paid out on redeemed units 29,618 56,475 65,721 5,378,241 - - Net income 760,717 1,728,333 27,066,141 49,796,206 1,186,298 2,383,215 Realised capital gains and losses (234,356) (154,620) 295,185 270,126 74,425 (355,992) Realised net income 526,361 1,573,713 27,361,326 50,066,332 1,260,723 2,027,223 Unrealised capital gains and losses 342,073 6,755,428 9,001,562 60,359,150 6,188,525 (4,853,443) Total net income 868,434 8,329,141 36,362,888 110,425,482 7,449,248 (2,826,220)

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

NOTES TO THE INTERIM REPORT

For the financial period ended 31 January 2020

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

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

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

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

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

4. CALCULATION OF THE NET ASSET VALUE a) 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 period 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 INTERIM REPORT [27] BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE INTERIM REPORT (continued)

For the financial period ended 31 January 2020

5. VALUATION OF INVESTMENTS Level 1 Level 2 Level 3 Total iShares World ex Switzerland Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 920,945,095 - - 920,945,095 - Units of other collective investment schemes 6,775,184 - - 6,775,184 Derivative financial instruments 10,271 - - 10,271 Total 927,730,550 - - 927,730,550

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 611,424,328 - - 611,424,328 - Units of other collective investment schemes 9,621,909 - - 9,621,909 Derivative financial instruments (299,631) - - (299,631) Total 620,746,606 - - 620,746,606

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 41,612,843 - - 41,612,843 - Units of other collective investment schemes 4,259,158 - - 4,259,158 Derivative financial instruments (30,773) - - (30,773) Total 45,841,228 - - 45,841,228

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 - 46,138,347 - 46,138,347 Derivative financial instruments - 661,209 - 661,209 Total - 46,799,556 - 46,799,556

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 295,242,938 - - 295,242,938 Derivative financial instruments 4,680 - - 4,680 Total 295,247,618 - - 295,247,618

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

NOTES TO THE INTERIM REPORT (continued)

For the financial period ended 31 January 2020

5. VALUATION OF INVESTMENTS (continued)

Level 1 Level 2 Level 3 Total iShares SMI® Equity Index Fund (CH) CHF CHF CHF CHF Securities, including those on loan and under repurchase agreements, broken down into: - Shares and other equity securities and rights 279,965,232 - - 279,965,232 Derivative financial instruments (8,200) - - (8,200) Total 279,957,032 - - 279,957,032

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 - 179,282,189 - 179,282,189 Total - 179,282,189 - 179,282,189

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 - 1,026,982,855 - 1,026,982,855 Total - 1,026,982,855 - 1,026,982,855

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 115,956,913 - - 115,956,913 - Units of other collective investment schemes 167,709 - - 167,709 Derivative financial instruments (42,497) - - (42,497) Total 116,082,125 - - 116,082,125

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 INTERIM REPORT [29] BLACKROCK INVESTMENT FUNDS SWITZERLAND

NOTES TO THE INTERIM REPORT (continued)

For the financial period ended 31 January 2020

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

The security lending agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited. The sub-fund’s benefit from a borrower default indemnity provided by BlackRock, Inc. The indemnity allows for full replacement of securities loaned. BlackRock, Inc. bears all operational costs directly related to securities loan transactions as well as the cost of indemnification against borrower default. During the period 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 January 2020. The total value of the lendable assets is equal to the aggregate value of the securities eligible for the securities lending program. This excludes any assets held by the sub-funds that are not considered lendable due to any market, regulatory, investment or other restrictions. Securities on Loan Income %of from lendable %of securities Sub-fund Currency assets NAV lending iShares World ex Switzerland Small Cap Equity Index Fund (CH) CHF 22.89 22.71 219,721 iShares Emerging Markets Equity Index Fund (CH) CHF 2.35 2.33 831 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund CHF 3.79 3.62 364 iShares SPI® Equity Index Fund (CH) CHF 3.64 3.62 11,652 iShares SMI® Equity Index Fund (CH) CHF 1.88 1.87 4,300 iShares Emerging Markets Bond Index Fund (CH) USD 3.78 3.71 22,970 iShares Japan Equity Index Fund (CH) CHF 10.80 10.63 6,149

31 January 2020 31 July 2019 Value of Value of Value of Value of securities collateral securities collateral Sub-fund Currency on loan received on loan received iShares World ex Switzerland Small Cap Equity Index Fund (CH) CHF 142,175,117 154,387,645 172,682,587 178,049,388 iShares Emerging Markets Equity Index Fund (CH) CHF 1,077,972 1,242,513 182,574 214,524 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund CHF 1,750,668 2,100,005 715,055 896,899 iShares SPI® Equity Index Fund (CH) CHF 10,743,367 12,386,790 5,888,258 6,621,243 iShares SMI® Equity Index Fund (CH) CHF 5,259,392 5,906,116 - 521,365 iShares Emerging Markets Bond Index Fund (CH) USD 38,848,066 47,168,537 14,018,370 15,724,317 iShares Japan Equity Index Fund (CH) CHF 12,538,435 13,950,169 154,437 170,950

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

NOTES TO THE INTERIM REPORT (continued)

For the financial period ended 31 January 2020

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 72,156,685 - 72,156,685 Equities Recognised equity index - 82,230,960 82,230,960 Total 72,156,685 82,230,960 154,387,645

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 363,425 - 363,425 Equities Recognised equity index - 879,088 879,088 Total 363,425 879,088 1,242,513

Maturity tenor Collateral type and quality Open Total BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund CHF CHF Fixed Income Investment Grade -- Equities Recognised equity index 2,100,005 2,100,005 Total 2,100,005 2,100,005

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 4,617,832 - 4,617,832 Equities Recognised equity index - 7,768,958 7,768,958 Total 4,617,832 7,768,958 12,386,790

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

NOTES TO THE INTERIM REPORT (continued)

For the financial period ended 31 January 2020

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

Maturity tenor More than Collateral type and quality 365 days Open Total iShares SMI® Equity Index Fund (CH) CHF CHF CHF Fixed Income Investment Grade 235,673 - 235,673 Equities Recognised equity index - 5,670,443 5,670,443 Total 235,673 5,670,443 5,906,116

Maturity tenor More than Collateral type and quality 365 days Open Total iShares Emerging Markets Bond Index Fund (CH) USD USD USD Fixed Income Investment Grade 2,604,734 - 2,604,734 Equities Recognised equity index - 44,563,803 44,563,803 Total 2,604,734 44,563,803 47,168,537

Maturity tenor More than Collateral type and quality 365 days Open Total iShares Japan Equity Index Fund (CH) CHF CHF CHF Fixed Income Investment Grade 7,240,910 - 7,240,910 Equities Recognised equity index - 6,709,259 6,709,259 Total 7,240,910 6,709,259 13,950,169 b) Derivative risk exposure

31 January 2020 31 July 2019 Equivalent Equivalent underlying underlying value As a % of the value As a % of the sub-fund net sub-fund sub-fund net sub-fund Sub-fund currency assets currency assets iShares World ex Switzerland Equity Index Fund (CH) - Total exposure-increasing positions 12,835,162 1.37 16,160,944 1.77 iShares World ex Switzerland Small Cap Equity Index Fund (CH) - Total exposure-increasing positions 11,302,766 1.81 6,470,007 1.10 iShares Emerging Markets Equity Index Fund (CH) - Total exposure-increasing positions 516,763 1.12 985,995 2.19 BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund - Total exposure-increasing positions 46,470,957 96.12 45,193,110 94.35 - Total exposure-decreasing positions 93,286,760 192.95 92,571,068 193.26

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

NOTES TO THE INTERIM REPORT (continued)

For the financial period ended 31 January 2020

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

7. PROSPECTUS / FUND CONTRACT CHANGES There have been no significant events to the period end, which, in the opinion of the Fund Management Company, may have had an impact on the financial statements for the period ended 31 January 2020.

8. SIGNIFICANT EVENTS Effective 9 December 2019, class I CHF of the sub-fund iShares World ex Switzerland Small Cap Equity Index Fund (CH) was launched. Effective 31 December 2019, Dr. Susanne Haury von Siebenthal resigned as a member of the Board of Directors. Effective 31 December 2019, Dr. Peter Athanas resigned as a member of the Board of Directors. Effective 31 December 2019, Dr. Michael Burch resigned as a member of the Executive Committee. Effective 1 January 2020, Markus Studer was appointed as a member of the Executive Committee.

9. SUBSEQUENT EVENTS Outbreak of coronavirus A recent outbreak of a respiratory disease caused by novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the impact of infectious diseases in emerging developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the outbreak may last for an extended period of time.

10. DISTRIBUTIONS PAID TO THE UNITHOLDERS Gross Amount per Sub-fund Unit Class Type Ex-Date Currency Unit 17 September iShares SMI® Equity Index Fund (CH) IA-CHF Capital 2019 CHF 4.68 Total CHF 4.68

11. EXCHANGE RATES Exchange rates as at 31 January 2020 31 July 2019 CHF1= AED 0.262578 0.269523 AUD 0.645651 0.682358 BRL 0.225695 0.263116 CAD 0.729235 0.753912 CLP 0.001204 0.001412 CNY 0.139170 0.143780 COP 0.000282 0.000301

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

NOTES TO THE INTERIM REPORT (continued)

For the financial period ended 31 January 2020

11. EXCHANGE RATES (continued)

Exchange rates as at 31 January 2020 31 July 2019 CZK 0.042441 0.042932 DKK 0.143022 0.147615 EGP 0.061041 0.059747 EUR 1.068804 1.102266 GBP 1.271338 1.212206 HKD 0.124206 0.126471 HUF 0.003165 0.003384 IDR 0.000071 0.000071 ILS 0.279676 0.283108 JPY 0.008898 0.009118 KRW 0.000809 0.000837 MXN 0.050981 0.052154 MYR 0.235347 0.239913 NOK 0.104629 0.112726 NZD 0.624144 0.653400 PHP 0.018974 0.019455 PKR 0.006238 0.006203 PLN 0.248637 0.257193 QAR 0.264886 0.271922 RUB 0.015090 0.015608 SAR 0.257050 0.263961 SEK 0.100061 0.103199 SGD 0.706609 0.723393 THB 0.030942 0.032190 TRY 0.161145 0.178002 TWD 0.031926 0.031837 USD 0.964450 0.990000 ZAR 0.064299 0.069847 USD1= CHF 1.036860 1.010101

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

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

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

For the financial period ended 31 January 2020

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

Securities traded on an official stock exchange Shares Energy - alternate sources Siemens Gamesa Renewable Energy SA 5,135 - - 5,135 79,059 0.01 Vestas Wind Systems A/S 4,328 - - 4,328 416,464 0.04 495,523 0.05 Pharmaceuticals AbbVie Inc 33,241 1,529 2,300 32,470 2,537,197 0.27 Alfresa Holdings Corp 3,800 - - 3,800 75,303 0.01 Alkermes Plc 3,087 - 3,087 - - 0.00 Allergan Plc 7,870 - 670 7,200 1,296,036 0.14 AmerisourceBergen Corp 4,380 - 1,151 3,229 266,452 0.03 Astellas Pharma Inc 41,500 - - 41,500 720,285 0.08 AstraZeneca Plc 28,346 3,723 2,272 29,797 2,812,365 0.30 Aurora Cannabis Inc 13,669 - - 13,669 24,920 0.00 Bausch Health Cos Inc 6,626 - - 6,626 175,447 0.02 Bayer AG RegS 20,607 1,494 1,618 20,483 1,599,233 0.17 Becton Dickinson and Co 6,045 364 485 5,924 1,572,214 0.17 Bristol-Myers Squibb Co 36,812 19,829 3,619 53,022 3,219,078 0.34 Canopy Growth Corp 4,687 - - 4,687 101,854 0.01 Cardinal Health Inc 8,238 - 1,818 6,420 317,080 0.03 Chugai Pharmaceutical Co Ltd 5,900 - 1,200 4,700 471,129 0.05 Cigna Corp 8,744 - 504 8,240 1,528,857 0.16 CVS Health Corp 29,153 1,696 2,316 28,533 1,866,315 0.20 Daiichi Sankyo Co Ltd 12,200 1,600 1,700 12,100 801,175 0.09 DexCom Inc 1,827 670 497 2,000 464,383 0.05 Eisai Co Ltd 5,400 - - 5,400 400,219 0.04 Elanco Animal Health Inc 6,016 3,417 - 9,433 281,118 0.03 Eli Lilly & Co 19,918 884 1,611 19,191 2,584,563 0.28 Galapagos NV - 1,032 - 1,032 222,917 0.02 GlaxoSmithKline Plc 111,125 9,361 10,934 109,552 2,484,713 0.27 Grifols SA 9,558 - 3,070 6,488 210,112 0.02 Hisamitsu Pharmaceutical Co Inc 1,200 - - 1,200 60,011 0.01 Ipsen SA 758 - - 758 54,280 0.01 Jazz Pharmaceuticals Plc 1,206 - - 1,206 166,734 0.02 Johnson & Johnson 60,014 2,981 4,679 58,316 8,372,876 0.90 Kobayashi Pharmaceutical Co Ltd 1,100 - - 1,100 87,017 0.01 Kyowa Kirin Co Ltd 5,200 - - 5,200 119,658 0.01 McKesson Corp 4,221 - - 4,221 580,557 0.06 Medipal Holdings Corp 3,100 - - 3,100 64,438 0.01 Merck & Co Inc 58,168 3,289 4,907 56,550 4,659,867 0.50 Merck KGaA 3,412 - 845 2,567 317,985 0.03 Mitsubishi Tanabe Pharma Corp 4,500 - 4,500 - - 0.00 Mylan NV 11,436 - - 11,436 236,251 0.03 Neurocrine Biosciences Inc - 2,070 - 2,070 199,801 0.02 Nippon Shinyaku Co Ltd - 1,300 - 1,300 113,134 0.01 Novo Nordisk A/S 'B' 37,883 4,047 3,066 38,864 2,292,849 0.25 Ono Pharmaceutical Co Ltd 8,300 - - 8,300 187,559 0.02 Orion Oyj 'B' 1,924 - - 1,924 87,746 0.01 Otsuka Holdings Co Ltd 9,800 - - 9,800 428,433 0.05 Perrigo Co Plc 2,579 - - 2,579 141,877 0.01 Pfizer Inc 125,111 7,671 8,400 124,382 4,467,319 0.48 Recordati SpA 2,100 - - 2,100 86,705 0.01

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Sanofi 25,318 1,343 1,949 24,712 2,296,548 0.25 Santen Pharmaceutical Co Ltd 7,300 - - 7,300 133,554 0.01 Sarepta Therapeutics Inc - 1,757 - 1,757 196,499 0.02 Shionogi & Co Ltd 6,000 - - 6,000 350,507 0.04 Sumitomo Dainippon Pharma Co Ltd 2,900 - - 2,900 49,107 0.00 Suzuken Co Ltd 1,400 - - 1,400 52,758 0.01 Taisho Pharmaceutical Holdings Co Ltd 700 - - 700 48,710 0.00 Takeda Pharmaceutical Co Ltd 33,138 2,800 3,300 32,638 1,227,627 0.13 Teva Pharmaceutical Industries Ltd ADR 22,458 - - 22,458 225,260 0.02 UCB SA 3,595 - - 3,595 319,222 0.03 Zoetis Inc 10,869 730 1,086 10,513 1,360,790 0.15 55,018,644 5.89 Auto manufacturers Bayerische Motoren Werke AG 7,570 - - 7,570 520,565 0.06 Bayerische Motoren Werke AG (Pref) 1,106 - - 1,106 59,578 0.01 Cummins Inc 3,200 631 558 3,273 504,968 0.05 Daimler AG 20,669 1,724 1,817 20,576 919,363 0.10 Ferrari NV 2,652 597 610 2,639 430,137 0.05 Fiat Chrysler Automobiles NV 27,020 - - 27,020 338,809 0.04 Ford Motor Co 84,816 10,342 11,536 83,622 711,326 0.08 General Motors Co 28,640 2,481 3,083 28,038 902,907 0.10 Hino Motors Ltd 4,800 - - 4,800 44,250 0.00 Honda Motor Co Ltd 36,800 3,900 - 40,700 1,025,286 0.11 Isuzu Motors Ltd 11,100 - - 11,100 107,958 0.01 Mazda Motor Corp 11,500 - - 11,500 95,577 0.01 Mitsubishi Motors Corp 13,500 - - 13,500 49,613 0.00 Nissan Motor Co Ltd 57,200 - - 57,200 305,138 0.03 PACCAR Inc 7,252 1,511 1,278 7,485 535,715 0.06 Peugeot SA 15,875 - 4,045 11,830 235,304 0.02 Porsche Automobil Holding SE (Pref) 4,366 - 1,356 3,010 196,693 0.02 Renault SA 5,254 - - 5,254 197,918 0.02 Subaru Corp 16,400 - 3,800 12,600 309,450 0.03 Suzuki Motor Corp 8,600 - - 8,600 385,079 0.04 Tesla Inc 2,943 306 - 3,249 2,038,560 0.22 Toyota Motor Corp 51,400 3,000 4,200 50,200 3,418,135 0.36 Volkswagen AG 650 - - 650 115,046 0.01 Volkswagen AG (Pref) 4,206 - - 4,206 729,961 0.08 Volvo AB 'B' 31,438 6,932 6,595 31,775 525,560 0.06 14,702,896 1.57 Auto parts & equipment Aisin Seiki Co Ltd 3,500 - - 3,500 115,078 0.01 Aptiv Plc 5,351 1,180 1,126 5,405 441,998 0.05 Autoliv Inc 1,748 - - 1,748 129,187 0.01 BorgWarner Inc 4,240 - - 4,240 140,221 0.01 Bridgestone Corp 13,300 - - 13,300 461,677 0.05 Cie Generale des Etablissements Michelin SCA 4,252 - 813 3,439 385,940 0.04 Continental AG 2,774 - - 2,774 305,203 0.03 Denso Corp 9,800 - - 9,800 396,081 0.04 Faurecia SE 1,524 - - 1,524 70,318 0.01 JTEKT Corp 4,500 - - 4,500 47,410 0.01 Koito Manufacturing Co Ltd 2,200 - - 2,200 94,260 0.01 Lear Corp 1,368 - - 1,368 162,520 0.02

[36] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Magna International Inc 6,973 - - 6,973 341,150 0.04 NGK Insulators Ltd 5,300 - - 5,300 87,579 0.01 NGK Spark Plug Co Ltd 3,200 - - 3,200 55,440 0.01 Nokian Renkaat Oyj 2,338 - - 2,338 60,747 0.01 Pirelli & C SpA 10,264 - - 10,264 47,962 0.01 Stanley Electric Co Ltd 2,800 - - 2,800 71,158 0.01 Sumitomo Electric Industries Ltd 21,600 - 7,200 14,400 189,642 0.02 Sumitomo Rubber Industries Ltd 3,100 - - 3,100 33,516 0.00 Toyoda Gosei Co Ltd 1,500 - - 1,500 33,649 0.00 Toyota Industries Corp 3,300 - - 3,300 176,188 0.02 Valeo SA 4,812 - - 4,812 138,452 0.01 WABCO Holdings Inc 1,024 - - 1,024 133,967 0.01 Yokohama Rubber Co Ltd 2,100 - - 2,100 35,299 0.00 4,154,642 0.44 Banks ABN AMRO Bank NV -CVA 12,042 - - 12,042 202,325 0.02 AEON Financial Service Co Ltd 2,100 - - 2,100 32,346 0.00 AIB Group Plc 16,357 - - 16,357 46,398 0.00 Aozora Bank Ltd 2,300 - - 2,300 60,621 0.01 Australia & New Zealand Banking Group Ltd 65,112 - 5,945 59,167 983,682 0.11 Banco Bilbao Vizcaya Argentaria SA 149,884 - - 149,884 747,878 0.08 Banco de Sabadell SA 107,271 1,620 - 108,891 94,736 0.01 Banco Santander SA 365,386 24,321 25,727 363,980 1,382,588 0.15 Bank Hapoalim BM 35,042 - - 35,042 291,563 0.03 Bank Leumi Le-Israel BM 41,946 - - 41,946 292,461 0.03 Bank of America Corp 206,779 9,748 19,534 196,993 6,237,368 0.67 Bank of East Asia Ltd 24,555 - - 24,555 51,360 0.01 Bank of Ireland Group Plc 18,427 - - 18,427 86,933 0.01 Bank of Kyoto Ltd 1,100 - - 1,100 43,558 0.00 Bank of Montreal 14,499 - - 14,499 1,067,151 0.11 Bank of New York Mellon Corp 20,361 - 2,061 18,300 790,342 0.08 Bank of Nova Scotia 27,620 1,748 2,524 26,844 1,414,924 0.15 Bank of Queensland Ltd 7,242 - 7,242 - - 0.00 Bankia SA 45,464 - - 45,464 79,764 0.01 Bankinter SA 13,534 - - 13,534 84,679 0.01 Barclays Plc 385,760 - - 385,760 823,925 0.09 Bendigo & Adelaide Bank Ltd 9,596 - - 9,596 64,497 0.01 BNP Paribas SA 25,279 2,029 2,602 24,706 1,268,670 0.14 BOC Hong Kong Holdings Ltd 98,000 - - 98,000 315,869 0.03 CaixaBank SA 94,796 - - 94,796 267,480 0.03 Canadian Imperial Bank of Commerce 9,604 1,211 1,169 9,646 759,131 0.08 Chiba Bank Ltd 14,000 - - 14,000 75,120 0.01 CIT Group Inc 2,717 - 2,717 - - 0.00 Citigroup Inc 52,992 1,468 3,669 50,791 3,645,002 0.39 Citizens Financial Group Inc 10,053 - - 10,053 361,453 0.04 Comerica Inc 3,530 - - 3,530 208,220 0.02 Commerzbank AG 21,382 - - 21,382 118,836 0.01 Commonwealth Bank of Australia 39,760 1,747 2,625 38,882 2,140,384 0.23 Concordia Financial Group Ltd 24,500 - - 24,500 91,346 0.01 Credit Agricole SA 30,561 - 7,229 23,332 304,984 0.03 Danske Bank A/S 19,088 - - 19,088 308,218 0.03 DBS Group Holdings Ltd 40,122 - - 40,122 719,253 0.08

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Deutsche Bank AG 41,085 12,891 13,791 40,185 355,797 0.04 DNB ASA 19,688 5,851 5,551 19,988 338,481 0.04 East West Bancorp Inc 2,905 - - 2,905 128,431 0.01 Erste Group Bank AG 8,496 - - 8,496 301,111 0.03 Fifth Third Bancorp 15,089 3,561 3,384 15,266 418,878 0.04 FinecoBank Banca Fineco SpA 12,079 - - 12,079 136,524 0.01 First Republic Bank 4,213 - 928 3,285 351,292 0.04 Fukuoka Financial Group Inc 3,000 - - 3,000 51,388 0.01 Goldman Sachs Group Inc 7,469 455 692 7,232 1,658,283 0.18 Hang Seng Bank Ltd 15,400 4,600 4,900 15,100 296,707 0.03 HSBC Holdings Plc 446,903 32,649 35,064 444,488 3,118,192 0.33 Huntington Bancshares Inc 22,189 - - 22,189 290,400 0.03 ING Groep NV 87,476 - - 87,476 918,585 0.10 Intesa Sanpaolo SpA 358,202 - 38,809 319,393 766,543 0.08 Investec Plc 13,335 - 13,335 - - 0.00 Israel Discount Bank Ltd 'A' 27,165 - - 27,165 119,507 0.01 Japan Post Bank Co Ltd 8,200 - - 8,200 74,134 0.01 JPMorgan Chase & Co 73,786 3,577 6,267 71,096 9,075,732 0.97 KBC Group NV 6,259 - 1,353 4,906 347,438 0.04 KeyCorp 21,829 - - 21,829 393,901 0.04 Lloyds Banking Group Plc 1,603,487 - - 1,603,487 1,157,707 0.12 M&T Bank Corp 2,779 - - 2,779 451,668 0.05 Macquarie Group Ltd 7,612 - - 7,612 711,500 0.08 Mediobanca Banca di Credito Finanziario SpA 11,505 9,929 8,888 12,546 120,844 0.01 Mitsubishi UFJ Financial Group Inc 283,400 20,600 19,200 284,800 1,440,725 0.15 Mizrahi Tefahot Bank Ltd 2,589 - - 2,589 68,288 0.01 Mizuho Financial Group Inc 543,800 - - 543,800 786,327 0.08 Morgan Stanley 27,817 2,373 2,478 27,712 1,396,745 0.15 National Australia Bank Ltd 63,535 4,989 6,775 61,749 1,030,994 0.11 National Bank of Canada 8,875 - 1,905 6,970 373,228 0.04 Natixis SA 18,904 - - 18,904 77,242 0.01 Nordea Bank Abp 71,183 2,156 1,078 72,261 550,385 0.06 Northern Trust Corp 4,356 1,060 948 4,468 421,479 0.05 Oversea-Chinese Banking Corp Ltd 63,312 12,000 - 75,312 576,330 0.06 PNC Financial Services Group Inc 10,452 - - 10,452 1,497,448 0.16 Raiffeisen Bank International AG 2,966 - - 2,966 65,304 0.01 Regions Financial Corp 24,352 - - 24,352 365,682 0.04 Resona Holdings Inc 44,400 - - 44,400 180,121 0.02 Royal Bank of Canada 32,351 2,607 2,108 32,850 2,505,253 0.27 Royal Bank of Scotland Group Plc 129,495 - 35,039 94,456 262,147 0.03 Seven Bank Ltd 11,100 - - 11,100 32,397 0.00 Shinsei Bank Ltd 3,000 - - 3,000 45,115 0.00 Shizuoka Bank Ltd 11,000 - - 11,000 76,054 0.01 Signature Bank 1,101 - - 1,101 150,667 0.02 Skandinaviska Enskilda Banken AB 'A' 38,971 - - 38,971 371,385 0.04 Societe Generale SA 17,871 - - 17,871 558,215 0.06 Standard Chartered Plc 68,132 - 11,370 56,762 455,353 0.05 State Street Corp 8,957 - - 8,957 653,336 0.07 Sumitomo Mitsui Financial Group Inc 30,000 2,900 3,700 29,200 1,009,189 0.11 Sumitomo Mitsui Trust Holdings Inc 9,000 - 2,700 6,300 228,892 0.02 SunTrust Banks Inc 9,639 1,517 11,156 - - 0.00 SVB Financial Group 1,013 470 441 1,042 241,521 0.03 Svenska Handelsbanken AB 'A' 38,090 - - 38,090 360,855 0.04

[38] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Swedbank AB 'A' 22,130 - - 22,130 328,276 0.04 Toronto-Dominion Bank 41,257 2,070 3,168 40,159 2,141,931 0.23 Truist Financial Corp 16,353 31,165 18,388 29,130 1,448,830 0.15 UniCredit SpA 47,304 - - 47,304 610,850 0.07 United Overseas Bank Ltd 26,751 - - 26,751 485,038 0.05 US Bancorp 34,912 1,776 3,468 33,220 1,705,117 0.18 Wells Fargo & Co 97,396 5,831 9,896 93,331 4,225,214 0.45 Westpac Banking Corp 77,526 5,085 6,888 75,723 1,228,132 0.13 Zions Bancorp NA 4,060 - - 4,060 178,124 0.02 75,178,297 8.04 Machinery - construction & mining Caterpillar Inc 12,970 773 1,182 12,561 1,591,234 0.17 Epiroc AB 'A' 13,514 - - 13,514 151,043 0.02 Epiroc AB 'B' 7,848 - - 7,848 85,674 0.01 Hitachi Construction Machinery Co Ltd 2,200 - - 2,200 58,631 0.01 Hitachi Ltd 23,000 2,400 2,700 22,700 854,430 0.09 Komatsu Ltd 22,700 - - 22,700 498,317 0.05 Mitsubishi Electric Corp 39,100 8,000 7,300 39,800 547,170 0.06 Mitsubishi Heavy Industries Ltd 8,700 - - 8,700 311,521 0.03 Sandvik AB 23,039 6,639 5,617 24,061 424,092 0.04 4,522,112 0.48 Engineering & construction ACS Actividades de Construccion y Servicios SA 5,583 - - 5,583 179,193 0.02 Aena SME SA 1,455 513 544 1,424 254,398 0.03 Aeroports de Paris 596 - - 596 108,928 0.01 Auckland International Airport Ltd 19,167 30,907 20,483 29,591 159,757 0.02 Bouygues SA 6,693 - - 6,693 255,595 0.03 Cellnex Telecom SA 4,532 1,314 - 5,846 280,670 0.03 Cellnex Telecom SA - 1,314 1,314 - - 0.00 Cellnex Telecom SA Rights - 4,532 4,532 - - 0.00 CIMIC Group Ltd 1,805 - - 1,805 34,135 0.00 CK Infrastructure Holdings Ltd 13,000 - - 13,000 88,000 0.01 Eiffage SA 1,527 907 918 1,516 169,727 0.02 Ferrovial SA 10,909 173 - 11,082 339,463 0.04 Ferrovial SA - 173 173 - - 0.00 Ferrovial SA Rights - 10,909 10,909 - - 0.00 Fluor Corp 2,810 - 2,810 - - 0.00 Fraport AG Frankfurt Airport Services Worldwide 835 - - 835 60,098 0.01 HOCHTIEF AG 351 - - 351 39,241 0.00 Jacobs Engineering Group Inc 3,929 - 1,069 2,860 255,228 0.03 Japan Airport Terminal Co Ltd 900 - - 900 40,924 0.00 JGC Holdings Corp 3,900 - - 3,900 55,422 0.01 Kajima Corp 9,500 - - 9,500 118,855 0.01 Keppel Corp Ltd 49,000 - 20,100 28,900 136,412 0.01 Lendlease Group 11,145 - - 11,145 130,387 0.01 NWS Holdings Ltd 28,874 - - 28,874 36,078 0.00 Obayashi Corp 13,100 - - 13,100 141,398 0.01 SATS Ltd 15,300 - - 15,300 49,299 0.00 Shimizu Corp 11,200 - - 11,200 112,917 0.01 Singapore Technologies Engineering Ltd 29,000 - - 29,000 84,221 0.01 Skanska AB 'B' 6,853 - - 6,853 152,915 0.02 SNC-Lavalin Group Inc 3,514 - 3,514 - - 0.00

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Sydney Airport 22,180 - - 22,180 120,149 0.01 Taisei Corp 6,200 - - 6,200 243,299 0.03 Vinci SA 10,999 963 906 11,056 1,184,033 0.13 WSP Global Inc 1,956 1,740 1,549 2,147 147,251 0.02 4,977,993 0.53 Home builders Barratt Developments Plc 20,174 - - 20,174 205,902 0.02 Berkeley Group Holdings Plc 2,591 - - 2,591 172,607 0.02 Daiwa House Industry Co Ltd 10,900 3,500 - 14,400 443,481 0.05 DR Horton Inc 7,440 1,837 1,846 7,431 424,276 0.05 Iida Group Holdings Co Ltd 2,700 - - 2,700 44,688 0.00 Lennar Corp 'A' 5,909 1,801 1,687 6,023 385,477 0.04 NVR Inc 72 - - 72 265,052 0.03 Persimmon Plc 6,170 3,432 - 9,602 372,692 0.04 PulteGroup Inc 5,458 - - 5,458 235,036 0.03 Sekisui Chemical Co Ltd 8,000 - - 8,000 131,198 0.01 Sekisui House Ltd 17,700 - 4,700 13,000 273,118 0.03 Taylor Wimpey Plc 65,391 - - 65,391 178,821 0.02 3,132,348 0.34 Building materials AGC Inc 4,000 - - 4,000 133,653 0.01 Boral Ltd 23,567 - - 23,567 75,776 0.01 Cie de Saint-Gobain 10,211 - - 10,211 373,626 0.04 CRH Plc 19,964 - 2,721 17,243 625,125 0.07 Daikin Industries Ltd 5,800 - - 5,800 806,931 0.09 Fletcher Building Ltd 15,756 - - 15,756 54,579 0.01 Fortune Brands Home & Security Inc 3,091 - - 3,091 204,832 0.02 HeidelbergCement AG 4,274 - 1,353 2,921 191,315 0.02 Imerys SA 662 - 662 - - 0.00 James Hardie Industries Plc 8,867 5,946 5,220 9,593 196,961 0.02 Johnson Controls International Plc 17,936 - - 17,936 682,421 0.07 Kingspan Group Plc 3,177 - - 3,177 188,965 0.02 Lennox International Inc 763 - - 763 171,444 0.02 LIXIL Group Corp 5,400 - - 5,400 88,222 0.01 Martin Marietta Materials Inc 1,344 - - 1,344 341,943 0.04 Masco Corp 6,399 - - 6,399 293,270 0.03 Owens Corning 2,237 - - 2,237 130,506 0.01 Rinnai Corp 700 - - 700 49,083 0.00 Taiheiyo Cement Corp 2,400 - - 2,400 63,727 0.01 TOTO Ltd 2,800 - - 2,800 112,742 0.01 Vulcan Materials Co 2,844 - - 2,844 388,476 0.04 5,173,597 0.55 Hotels Accor SA 3,764 - - 3,764 148,971 0.02 City Developments Ltd 8,300 - - 8,300 62,167 0.01 Crown Resorts Ltd 7,009 - - 7,009 52,947 0.01 Galaxy Entertainment Group Ltd 61,000 - 15,000 46,000 294,245 0.03 Hilton Worldwide Holdings Inc 6,701 - 1,015 5,686 591,160 0.06 InterContinental Hotels Group Plc 3,427 1,542 1,670 3,299 196,517 0.02 Las Vegas Sands Corp 7,860 - - 7,860 495,088 0.05 Marriott International Inc 'A' 6,372 702 857 6,217 839,798 0.09 Melco Resorts & Entertainment Ltd ADR 4,935 - - 4,935 96,000 0.01

[40] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) MGM China Holdings Ltd 17,600 - 17,600 - - 0.00 MGM Resorts International 12,033 - - 12,033 360,458 0.04 Sands China Ltd 68,400 - 20,800 47,600 224,664 0.02 Shangri-La Asia Ltd 24,000 - 24,000 - - 0.00 SJM Holdings Ltd 43,000 - - 43,000 46,839 0.00 Whitbread Plc 5,205 - 1,738 3,467 197,026 0.02 Wynn Macau Ltd 31,200 - - 31,200 63,399 0.01 Wynn Resorts Ltd 2,130 - - 2,130 259,168 0.03 3,928,447 0.42 Apparel adidas AG 3,910 630 334 4,206 1,284,782 0.14 Burberry Group Plc 8,614 - - 8,614 213,879 0.02 Capri Holdings Ltd 3,042 - - 3,042 87,898 0.01 Gildan Activewear Inc 4,502 - - 4,502 120,388 0.01 Hanesbrands Inc 7,319 - - 7,319 97,129 0.01 Hermes International 646 144 138 652 471,496 0.05 Kering SA 1,728 - - 1,728 1,025,026 0.11 LVMH Moet Hennessy Louis Vuitton SE 6,259 324 481 6,102 2,578,083 0.28 Moncler SpA 3,536 - - 3,536 147,392 0.02 NIKE Inc 'B' 28,367 1,213 1,977 27,603 2,563,671 0.27 Puma SE 2,570 - - 2,570 198,870 0.02 PVH Corp 1,554 - - 1,554 130,647 0.01 Ralph Lauren Corp 1,112 - - 1,112 121,725 0.01 Tapestry Inc 8,233 - - 8,233 204,622 0.02 Under Armour Inc 'A' 3,405 - - 3,405 66,270 0.01 Under Armour Inc 'C' 3,467 - - 3,467 60,054 0.01 VF Corp 7,921 - - 7,921 633,842 0.07 Yue Yuen Industrial Holdings Ltd 14,000 - - 14,000 37,647 0.00 10,043,421 1.07 Mining Agnico Eagle Mines Ltd 6,899 - 1,742 5,157 307,623 0.03 Alumina Ltd 49,231 - - 49,231 69,294 0.01 Anglo American Plc 23,006 - - 23,006 580,756 0.06 Antofagasta Plc 7,885 - - 7,885 82,421 0.01 Barrick Gold Corp 40,698 - - 40,698 727,418 0.08 BHP Group Ltd 66,385 3,969 5,651 64,703 1,645,957 0.18 BHP Group Plc 47,617 4,442 5,669 46,390 978,907 0.10 Boliden AB 5,502 - - 5,502 126,237 0.01 Cameco Corp 7,314 - - 7,314 56,910 0.01 First Quantum Minerals Ltd 13,829 - - 13,829 104,476 0.01 Franco-Nevada Corp 4,973 - 1,023 3,950 433,310 0.05 Freeport-McMoRan Inc 35,187 - - 35,187 376,691 0.04 Fresnillo Plc 4,419 - 4,419 - - 0.00 Glencore Plc 242,701 - - 242,701 686,535 0.07 Kinross Gold Corp 24,994 - - 24,994 122,300 0.01 Kirkland Lake Gold Ltd 4,661 - - 4,661 184,462 0.02 Lundin Mining Corp 13,138 - - 13,138 66,490 0.01 Mitsubishi Materials Corp 2,200 - - 2,200 54,481 0.01 Newcrest Mining Ltd 21,107 - 4,791 16,316 311,082 0.03 Newmont Corp 18,431 - - 18,431 800,977 0.08 Norsk Hydro ASA 27,087 - - 27,087 82,217 0.01 Rio Tinto Ltd 8,461 - - 8,461 539,566 0.06

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Rio Tinto Plc 24,788 1,845 1,882 24,751 1,285,108 0.14 South32 Ltd 141,510 - - 141,510 241,206 0.03 Sumitomo Metal Mining Co Ltd 5,000 - - 5,000 140,772 0.01 Teck Resources Ltd 'B' 11,443 - - 11,443 142,693 0.01 Wheaton Precious Metals Corp 8,864 3,654 3,601 8,917 253,341 0.03 10,401,230 1.11 Biotechnology Alexion Pharmaceuticals Inc 5,327 - - 5,327 510,629 0.06 Alnylam Pharmaceuticals Inc 1,780 1,125 - 2,905 321,610 0.03 Amgen Inc 14,023 537 1,163 13,397 2,791,525 0.30 BeiGene Ltd ADR 677 - - 677 99,481 0.01 Biogen Inc 4,544 - 353 4,191 1,086,694 0.12 BioMarin Pharmaceutical Inc 4,463 - - 4,463 359,413 0.04 Bio-Rad Laboratories Inc 'A' - 529 - 529 184,139 0.02 Celgene Corp 15,740 1,049 16,789 - - 0.00 Corteva Inc 17,853 - - 17,853 497,954 0.05 CSL Ltd 9,743 1,247 1,038 9,952 2,005,083 0.21 Exact Sciences Corp 2,935 - - 2,935 264,044 0.03 Genmab A/S 1,756 - 450 1,306 290,921 0.03 Gilead Sciences Inc 29,243 1,440 2,755 27,928 1,702,302 0.18 H Lundbeck A/S 1,293 - - 1,293 53,037 0.01 Illumina Inc 3,316 321 408 3,229 903,339 0.10 Incyte Corp 4,894 - 1,133 3,761 265,047 0.03 Ionis Pharmaceuticals Inc 3,068 - - 3,068 172,565 0.02 Nektar Therapeutics 3,154 - 3,154 - - 0.00 Regeneron Pharmaceuticals Inc 1,813 - - 1,813 590,904 0.06 Seattle Genetics Inc 2,159 932 - 3,091 323,123 0.03 Vertex Pharmaceuticals Inc 5,765 502 642 5,625 1,231,753 0.13 13,653,563 1.46 Office & business equipment Canon Inc 21,900 3,600 3,700 21,800 559,936 0.06 FUJIFILM Holdings Corp 8,300 - - 8,300 405,029 0.04 Konica Minolta Inc 9,600 - - 9,600 58,089 0.01 Ricoh Co Ltd 14,300 - - 14,300 160,204 0.02 Seiko Epson Corp 5,700 - - 5,700 82,168 0.01 Xerox Corp 4,329 - 4,329 - - 0.00 Xerox Holdings Corp - 4,329 - 4,329 148,508 0.01 Zebra Technologies Corp 'A' 1,259 - - 1,259 290,228 0.03 1,704,162 0.18 Chemicals Air Liquide SA 9,627 1,755 1,003 10,379 1,450,425 0.15 Air Products & Chemicals Inc 4,946 411 522 4,835 1,113,132 0.12 Air Water Inc 2,800 - - 2,800 37,896 0.00 Akzo Nobel NV 5,469 943 1,034 5,378 490,307 0.05 Albemarle Corp 2,218 - - 2,218 171,731 0.02 Arkema SA 1,368 - - 1,368 121,386 0.01 Asahi Kasei Corp 33,900 - - 33,900 343,283 0.04 Axalta Coating Systems Ltd 4,392 - - 4,392 122,035 0.01 BASF SE 20,680 1,413 1,919 20,174 1,316,794 0.14 Brenntag AG 3,102 - - 3,102 155,427 0.02 Celanese Corp 2,766 - - 2,766 276,104 0.03 CF Industries Holdings Inc 4,681 - - 4,681 181,848 0.02

[42] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Chemours Co 3,715 - 3,715 - - 0.00 Chr Hansen Holding A/S 1,988 1,154 - 3,142 225,946 0.02 Covestro AG 4,208 - - 4,208 171,581 0.02 Croda International Plc 2,565 - - 2,565 162,527 0.02 Daicel Corp 5,200 - - 5,200 48,539 0.00 Dow Inc 17,853 - 1,913 15,940 708,250 0.08 DuPont de Nemours Inc 16,535 1,413 1,549 16,399 809,464 0.09 Eastman Chemical Co 2,907 - - 2,907 199,817 0.02 Ecolab Inc 5,866 442 610 5,698 1,077,710 0.11 Evonik Industries AG 3,294 - - 3,294 87,206 0.01 FMC Corp 3,800 - 1,038 2,762 254,634 0.03 FUCHS PETROLUB SE (Pref) 1,285 - - 1,285 54,937 0.01 Hitachi Chemical Co Ltd 1,900 - - 1,900 77,687 0.01 Incitec Pivot Ltd 33,920 - - 33,920 71,834 0.01 International Flavors & Fragrances Inc 2,500 - - 2,500 316,158 0.03 Israel Chemicals Ltd 11,228 - - 11,228 45,878 0.00 Johnson Matthey Plc 5,948 - 2,426 3,522 116,643 0.01 JSR Corp 3,600 - - 3,600 63,620 0.01 Kaneka Corp 1,200 - 1,200 - - 0.00 Kansai Paint Co Ltd 4,100 - - 4,100 96,535 0.01 Koninklijke DSM NV 3,809 - - 3,809 449,039 0.05 Kuraray Co Ltd 7,100 - - 7,100 84,343 0.01 LANXESS AG 1,839 - - 1,839 106,768 0.01 Linde Plc 12,324 504 907 11,921 2,335,428 0.25 LyondellBasell Industries NV 'A' 6,668 - 1,092 5,576 418,713 0.04 Methanex Corp 1,730 - - 1,730 54,134 0.01 Mitsubishi Chemical Holdings Corp 28,700 - - 28,700 204,307 0.02 Mitsubishi Gas Chemical Co Inc 3,600 - - 3,600 54,138 0.01 Mitsui Chemicals Inc 3,700 - - 3,700 80,828 0.01 Mosaic Co 9,051 - - 9,051 173,188 0.02 Nippon Paint Holdings Co Ltd 3,300 - - 3,300 155,045 0.02 Nissan Chemical Corp 4,100 - - 4,100 167,276 0.02 Nitto Denko Corp 3,300 - - 3,300 181,767 0.02 Novozymes A/S 'B' 4,541 - - 4,541 228,547 0.02 Nutrien Ltd 12,946 - - 12,946 533,304 0.06 PPG Industries Inc 5,146 840 800 5,186 599,396 0.06 RPM International Inc - 3,086 - 3,086 212,418 0.02 Sherwin-Williams Co 1,917 - - 1,917 1,029,791 0.11 Shin-Etsu Chemical Co Ltd 8,800 900 1,000 8,700 984,342 0.10 Showa Denko KK 2,700 - - 2,700 64,269 0.01 Solvay SA 1,487 - - 1,487 148,664 0.02 Sumitomo Chemical Co Ltd 31,000 - - 31,000 130,201 0.01 Symrise AG 2,642 1,015 1,063 2,594 257,674 0.03 Taiyo Nippon Sanso Corp 2,700 - - 2,700 58,070 0.01 Toray Industries Inc 29,400 - - 29,400 189,721 0.02 Tosoh Corp 5,900 - - 5,900 82,583 0.01 Umicore SA 5,343 - - 5,343 237,390 0.03 Westlake Chemical Corp 791 - - 791 46,688 0.00 Yara International ASA 3,575 - - 3,575 125,456 0.01 19,762,822 2.11 Computers Accenture Plc 'A' 14,365 993 1,349 14,009 2,772,588 0.30

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Apple Inc 106,260 4,449 10,225 100,484 29,995,169 3.21 Atos SE 1,902 - - 1,902 152,749 0.02 Capgemini SE 3,191 804 844 3,151 378,372 0.04 CGI Inc 5,669 - - 5,669 418,902 0.04 Check Point Software Technologies Ltd 2,629 - - 2,629 289,838 0.03 Cognizant Technology Solutions Corp 'A' 13,212 - - 13,212 782,123 0.08 Computershare Ltd 9,338 - - 9,338 108,463 0.01 CyberArk Software Ltd 868 - - 868 115,718 0.01 Dell Technologies Inc 'C' 4,409 - - 4,409 207,383 0.02 DXC Technology Co 5,714 - - 5,714 175,686 0.02 EPAM Systems Inc 1,264 - - 1,264 278,117 0.03 Fortinet Inc 3,000 1,045 - 4,045 450,042 0.05 Fujitsu Ltd 5,300 - 1,200 4,100 423,754 0.05 Hewlett Packard Enterprise Co 33,775 - 5,883 27,892 374,723 0.04 HP Inc 32,735 5,163 5,113 32,785 674,128 0.07 Ingenico Group SA 1,187 - - 1,187 133,464 0.01 International Business Machines Corp 20,053 717 1,296 19,474 2,699,494 0.29 Itochu Techno-Solutions Corp 5,200 - 3,700 1,500 43,313 0.00 Leidos Holdings Inc 2,883 - - 2,883 279,358 0.03 NEC Corp 5,300 - - 5,300 232,034 0.03 NetApp Inc 5,419 - - 5,419 279,087 0.03 Nomura Research Institute Ltd 7,950 - - 7,950 171,196 0.02 NTT Data Corp 12,700 - - 12,700 175,730 0.02 Obic Co Ltd 1,300 - - 1,300 173,634 0.02 Otsuka Corp 2,200 - - 2,200 84,179 0.01 Seagate Technology Plc 5,778 - - 5,778 317,582 0.03 Teleperformance 1,160 472 429 1,203 291,613 0.03 Western Digital Corp 7,989 - 2,077 5,912 373,470 0.04 42,851,909 4.58 Miscellaneous manufacturers 3M Co 12,976 603 918 12,661 1,937,382 0.21 Alfa Laval AB 5,909 4,573 - 10,482 252,769 0.03 Alstom SA 3,093 2,561 - 5,654 289,702 0.03 AO Smith Corp 2,939 - - 2,939 121,006 0.01 Eaton Corp Plc 9,067 1,263 1,122 9,208 838,956 0.09 General Electric Co 196,052 10,418 14,926 191,544 2,299,946 0.25 Illinois Tool Works Inc 7,657 - 585 7,072 1,193,467 0.13 Ingersoll-Rand Plc 5,257 784 776 5,265 676,519 0.07 Knorr-Bremse AG 1,129 - - 1,129 118,870 0.01 Nikon Corp 6,800 - - 6,800 81,021 0.01 Orica Ltd 7,581 - - 7,581 111,745 0.01 Parker-Hannifin Corp 2,680 599 517 2,762 521,281 0.06 Siemens AG RegS 17,181 1,713 1,362 17,532 2,091,940 0.22 Smiths Group Plc 7,908 5,206 4,777 8,337 179,073 0.02 Textron Inc 5,314 - - 5,314 235,395 0.02 Toshiba Corp 12,300 - - 12,300 383,075 0.04 11,332,147 1.21 Diversified financial services Acom Co Ltd 9,000 - - 9,000 41,324 0.00 AerCap Holdings NV 2,797 - - 2,797 152,709 0.02 Affiliated Managers Group Inc 1,123 - 1,123 - - 0.00 Alliance Data Systems Corp 1,005 - - 1,005 99,632 0.01

[44] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Ally Financial Inc 9,036 - - 9,036 279,134 0.03 American Express Co 16,513 - 923 15,590 1,952,696 0.21 Ameriprise Financial Inc 3,010 - - 3,010 480,184 0.05 Amundi SA 1,214 - - 1,214 95,044 0.01 ASX Ltd 4,119 - - 4,119 227,834 0.02 BlackRock ICS Euro Liquidity Fund 18,450 7,350 23,000 2,800 298,004 0.03 BlackRock Inc 2,699 - - 2,699 1,372,719 0.15 Capital One Financial Corp 10,877 - - 10,877 1,046,934 0.11 Cboe Global Markets Inc 2,813 - - 2,813 334,296 0.04 Charles Schwab Corp 28,004 - 2,251 25,753 1,131,347 0.12 CI Financial Corp 5,182 - - 5,182 87,633 0.01 CME Group Inc 8,064 472 673 7,863 1,646,447 0.18 Credit Saison Co Ltd 2,800 - - 2,800 44,250 0.01 Daiwa Securities Group Inc 28,600 22,800 20,500 30,900 153,730 0.02 Deutsche Boerse AG 3,921 689 662 3,948 620,498 0.07 Discover Financial Services 7,530 - - 7,530 545,617 0.06 E*TRADE Financial Corp 5,515 - - 5,515 226,693 0.02 Eaton Vance Corp 2,334 - - 2,334 102,985 0.01 Franklin Resources Inc 6,715 - - 6,715 163,850 0.02 Hargreaves Lansdown Plc 8,983 - - 8,983 197,003 0.02 Hong Kong Exchanges & Clearing Ltd 26,764 - - 26,764 860,318 0.09 IGM Financial Inc 1,569 - - 1,569 43,787 0.00 Intercontinental Exchange Inc 12,969 - - 12,969 1,247,543 0.13 Invesco Ltd 8,169 - - 8,169 136,300 0.01 Japan Exchange Group Inc 10,500 - - 10,500 185,371 0.02 Jefferies Financial Group Inc 6,476 - - 6,476 135,159 0.01 London Stock Exchange Group Plc 6,556 1,195 1,134 6,617 659,199 0.07 Magellan Financial Group Ltd - 2,937 - 2,937 127,563 0.01 Mastercard Inc 'A' 20,570 1,031 1,638 19,963 6,082,893 0.65 Mebuki Financial Group Inc 20,010 - - 20,010 43,624 0.00 Mitsubishi UFJ Lease & Finance Co Ltd 8,300 - - 8,300 51,256 0.01 Nasdaq Inc 2,343 924 953 2,314 259,908 0.03 Nomura Holdings Inc 67,200 27,400 21,700 72,900 367,354 0.04 ORIX Corp 32,500 5,600 6,300 31,800 525,755 0.06 Raymond James Financial Inc 2,605 - - 2,605 229,708 0.02 SBI Holdings Inc 8,100 - - 8,100 185,814 0.02 Schroders Plc 2,486 - - 2,486 101,548 0.01 SEI Investments Co 2,702 - - 2,702 170,064 0.02 Singapore Exchange Ltd 16,200 - - 16,200 99,589 0.01 St James's Place Plc 10,566 - - 10,566 153,673 0.02 Standard Life Aberdeen Plc 46,834 27,923 25,315 49,442 189,515 0.02 Synchrony Financial 14,241 - - 14,241 445,143 0.05 T Rowe Price Group Inc 4,896 909 833 4,972 640,309 0.07 TD Ameritrade Holding Corp 6,703 - - 6,703 306,944 0.03 Tokyo Century Corp 1,500 - - 1,500 75,547 0.01 Visa Inc 'S' 39,441 1,767 3,013 38,195 7,329,491 0.78 Western Union Co 9,319 - - 9,319 241,769 0.03 32,195,707 3.44 Retail ABC-Mart Inc 600 - - 600 37,587 0.00 Advance Auto Parts Inc 2,040 - 623 1,417 180,053 0.02 Aeon Co Ltd 16,300 - - 16,300 326,855 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Alimentation Couche-Tard Inc 'B' 10,137 10,137 - 20,274 653,919 0.07 AutoZone Inc 562 - - 562 573,436 0.06 Best Buy Co Inc 5,511 - - 5,511 450,134 0.05 Burlington Stores Inc 1,406 - - 1,406 294,893 0.03 Canadian Tire Corp Ltd 'A' 1,304 - - 1,304 134,964 0.01 CarMax Inc 3,683 - - 3,683 344,693 0.04 Chipotle Mexican Grill Inc 517 124 - 641 535,842 0.06 Costco Wholesale Corp 9,893 692 925 9,660 2,846,404 0.30 Darden Restaurants Inc 2,564 765 878 2,451 275,225 0.03 Dollar General Corp 5,607 723 656 5,674 839,504 0.09 Dollar Tree Inc 5,760 - 939 4,821 404,842 0.04 Dollarama Inc 6,435 - - 6,435 211,591 0.02 Domino's Pizza Enterprises Ltd 1,363 - 1,363 - - 0.00 Domino's Pizza Inc 932 - - 932 253,256 0.03 FamilyMart Co Ltd 6,800 - - 6,800 145,706 0.02 Fast Retailing Co Ltd 1,200 400 200 1,400 739,241 0.08 Gap Inc 4,722 - - 4,722 79,287 0.01 Genuine Parts Co 3,864 - 975 2,889 260,714 0.03 Harvey Norman Hol New Shares - 699 699 - - 0.00 Harvey Norman Holdings Ltd 11,885 699 - 12,584 34,368 0.00 Harvey Norman Holdings Ltd Rights - 699 699 - - 0.00 Hennes & Mauritz AB 'B' 19,114 - - 19,114 404,793 0.04 Home Depot Inc 25,454 1,392 2,192 24,654 5,423,659 0.58 HUGO BOSS AG 1,272 - 1,272 - - 0.00 Industria de Diseno Textil SA 24,856 - - 24,856 806,815 0.09 Isetan Mitsukoshi Holdings Ltd 6,200 - - 6,200 47,501 0.01 J Front Retailing Co Ltd 4,900 - - 4,900 57,991 0.01 JD Sports Fashion Plc - 11,171 - 11,171 116,713 0.01 Kingfisher Plc 43,621 - - 43,621 113,132 0.01 Kohl's Corp 3,426 - - 3,426 141,255 0.02 L Brands Inc 4,894 - 4,894 - - 0.00 Lawson Inc 1,000 - - 1,000 56,416 0.01 Lowe's Cos Inc 18,051 1,002 1,592 17,461 1,957,512 0.21 Lululemon Athletica Inc 2,701 406 465 2,642 609,984 0.07 Macy's Inc 6,125 - 6,125 - - 0.00 Marks & Spencer Group Plc 38,970 - - 38,970 87,198 0.01 Marui Group Co Ltd 3,700 - - 3,700 83,726 0.01 McDonald's Corp 17,247 877 1,353 16,771 3,460,920 0.37 McDonald's Holdings Co Japan Ltd 1,300 - - 1,300 59,922 0.01 Next Plc 2,940 - - 2,940 257,605 0.03 Nitori Holdings Co Ltd 2,300 - 700 1,600 241,822 0.03 Nordstrom Inc 2,505 - - 2,505 89,052 0.01 O'Reilly Automotive Inc 1,730 - - 1,730 677,577 0.07 Pan Pacific International Holdings Corp 3,600 10,800 - 14,400 226,417 0.02 Pandora A/S 2,146 - - 2,146 107,240 0.01 Qurate Retail Inc 'A' 9,134 - 9,134 - - 0.00 Restaurant Brands International Inc 6,124 1,418 1,526 6,016 354,213 0.04 Ross Stores Inc 7,924 950 912 7,962 861,501 0.09 Ryohin Keikaku Co Ltd 500 4,500 - 5,000 81,954 0.01 Shimamura Co Ltd 500 - - 500 36,750 0.00 Starbucks Corp 28,817 - 2,214 26,603 2,176,506 0.23 Sundrug Co Ltd 1,400 - - 1,400 46,467 0.01 Target Corp 11,800 - 797 11,003 1,175,156 0.13

[46] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Tiffany & Co 2,500 - - 2,500 323,139 0.03 TJX Cos Inc 28,005 - 1,698 26,307 1,497,950 0.16 Tractor Supply Co 2,544 - - 2,544 228,058 0.02 Tsuruha Holdings Inc 800 - - 800 95,604 0.01 Ulta Salon Cosmetics & Fragrance Inc 1,182 - - 1,182 305,412 0.03 USS Co Ltd 4,400 - - 4,400 78,306 0.01 Walgreens Boots Alliance Inc 17,170 1,853 1,954 17,069 837,103 0.09 Walmart Inc 32,735 907 2,155 31,487 3,476,791 0.37 Welcia Holdings Co Ltd 1,700 - - 1,700 91,217 0.01 Wesfarmers Ltd 26,595 - - 26,595 776,305 0.08 Yamada Denki Co Ltd 11,700 - - 11,700 57,365 0.01 Yum! Brands Inc 6,695 770 1,027 6,438 656,740 0.07 Zalando SE 2,230 1,949 - 4,179 193,981 0.02 38,000,282 4.07 Iron & steel ArcelorMittal SA 17,177 - - 17,177 245,201 0.03 BlueScope Steel Ltd 11,275 - - 11,275 103,736 0.01 Evraz Plc 13,539 - - 13,539 60,692 0.01 Fortescue Metals Group Ltd 31,305 - - 31,305 230,216 0.02 Hitachi Metals Ltd 4,000 - - 4,000 60,580 0.01 JFE Holdings Inc 10,600 - - 10,600 124,034 0.01 Kobe Steel Ltd 5,800 - 5,800 - - 0.00 Nippon Steel Corp 20,300 - - 20,300 277,368 0.03 Nucor Corp 7,919 1,621 1,862 7,678 351,666 0.04 Steel Dynamics Inc 4,832 - - 4,832 139,247 0.01 thyssenkrupp AG 8,743 - - 8,743 104,332 0.01 voestalpine AG 2,302 - - 2,302 53,932 0.01 1,751,004 0.19 Electrical components & equipment Acuity Brands Inc 845 - - 845 96,059 0.01 AMETEK Inc 4,701 1,068 1,023 4,746 444,683 0.05 Brother Industries Ltd 4,800 - - 4,800 92,386 0.01 Casio Computer Co Ltd 3,600 - - 3,600 65,638 0.01 Emerson Electric Co 14,356 - - 14,356 991,764 0.11 Legrand SA 6,770 - 1,268 5,502 425,752 0.04 Prysmian SpA 4,683 - - 4,683 100,505 0.01 Schneider Electric SE 12,544 1,136 - 13,680 1,323,514 0.14 3,540,301 0.38 Electric AES Corp 13,253 5,941 - 19,194 367,641 0.04 AGL Energy Ltd 12,176 7,293 7,408 12,061 155,355 0.02 Algonquin Power & Utilities Corp - 12,364 - 12,364 182,670 0.02 Alliant Energy Corp 6,623 - 1,896 4,727 270,620 0.03 Ameren Corp 6,098 1,257 1,335 6,020 476,381 0.05 American Electric Power Co Inc 11,120 1,017 1,299 10,838 1,089,381 0.12 Atco Ltd 'I' 1,406 - - 1,406 52,926 0.01 AusNet Services 33,311 - - 33,311 38,068 0.00 Canadian Utilities Ltd 'A' 2,354 - - 2,354 69,523 0.01 CenterPoint Energy Inc 11,227 - - 11,227 286,722 0.03 Chubu Electric Power Co Inc 13,000 - - 13,000 172,130 0.02 Chugoku Electric Power Co Inc 5,200 - - 5,200 66,492 0.01 CLP Holdings Ltd 40,000 - - 40,000 403,174 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) CMS Energy Corp 7,362 - 1,633 5,729 378,541 0.04 Consolidated Edison Inc 7,303 - - 7,303 662,078 0.07 Dominion Energy Inc 17,365 2,619 1,215 18,769 1,552,226 0.17 DTE Energy Co 4,363 - - 4,363 558,009 0.06 Duke Energy Corp 16,084 1,094 1,187 15,991 1,505,701 0.16 E.ON SE 51,765 - - 51,765 566,545 0.06 Edison International 7,944 - - 7,944 586,495 0.06 EDP - Energias de Portugal SA 69,780 - - 69,780 337,405 0.04 Electric Power Development Co Ltd 2,700 - - 2,700 59,559 0.01 Electricite de France SA 10,328 8,126 - 18,454 220,018 0.02 Emera Inc 1,148 4,503 - 5,651 242,969 0.03 Endesa SA 6,378 - - 6,378 168,853 0.02 Enel SpA 182,891 14,326 18,576 178,641 1,499,772 0.16 Engie SA 42,214 - - 42,214 702,044 0.08 Entergy Corp 4,539 - - 4,539 575,747 0.06 Evergy Inc 6,598 - 1,550 5,048 351,314 0.04 Eversource Energy 7,651 1,160 1,221 7,590 676,677 0.07 Exelon Corp 21,789 2,031 2,494 21,326 978,824 0.10 FirstEnergy Corp 11,159 2,262 2,149 11,272 552,152 0.06 Fortis Inc 8,422 - - 8,422 354,494 0.04 Fortum Oyj 8,060 4,254 - 12,314 287,705 0.03 HK Electric Investments & HK Electric Investments Ltd 92,500 - - 92,500 89,155 0.01 Hydro One Ltd 6,000 - - 6,000 117,699 0.01 Iberdrola SA 132,246 12,013 12,367 131,892 1,391,341 0.15 Iberdrola SA 3,075 - 3,075 - - 0.00 Iberdrola SA - 2,442 - 2,442 25,761 0.00 Iberdrola SA Rights - 131,892 131,892 - - 0.00 Innogy SE 2,787 - 2,787 - - 0.00 Kansai Electric Power Co Inc 19,600 - - 19,600 214,173 0.02 Kyushu Electric Power Co Inc 8,600 - - 8,600 68,873 0.01 Mercury NZ Ltd - 12,250 - 12,250 40,064 0.00 Meridian Energy Ltd 23,661 - - 23,661 78,934 0.01 NextEra Energy Inc 10,685 932 626 10,991 2,842,992 0.30 NRG Energy Inc 6,254 - - 6,254 222,508 0.02 OGE Energy Corp 4,013 - - 4,013 177,455 0.02 Origin Energy Ltd 53,303 - 17,963 35,340 187,102 0.02 Orsted A/S 3,892 - - 3,892 409,689 0.04 Pinnacle West Capital Corp 2,239 975 1,154 2,060 194,087 0.02 Power Assets Holdings Ltd 28,000 14,500 14,500 28,000 195,799 0.02 PPL Corp 16,844 - - 16,844 587,914 0.06 Public Service Enterprise Group Inc 11,802 - - 11,802 673,840 0.07 Red Electrica Corp SA 8,605 - - 8,605 165,869 0.02 RWE AG 14,336 3,253 3,450 14,139 473,604 0.05 Sembcorp Industries Ltd 18,200 - - 18,200 27,264 0.00 Sempra Energy 6,325 - - 6,325 979,927 0.11 Southern Co 23,703 1,582 2,436 22,849 1,551,385 0.17 SSE Plc 26,434 - 5,950 20,484 392,845 0.04 Terna Rete Elettrica Nazionale SpA 28,228 - - 28,228 189,952 0.02 Tohoku Electric Power Co Inc 9,100 - - 9,100 83,242 0.01 Tokyo Electric Power Co Holdings Inc 29,000 20,300 22,900 26,400 102,189 0.01 Uniper SE 4,035 - - 4,035 127,697 0.01 Verbund AG 2,008 - - 2,008 102,415 0.01 Vistra Energy Corp 8,757 - - 8,757 190,197 0.02

[48] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) WEC Energy Group Inc 7,555 1,055 1,142 7,468 719,459 0.08 Xcel Energy Inc 11,899 - - 11,899 794,024 0.09 29,865,666 3.20 Electronics Agilent Technologies Inc 7,751 - 1,283 6,468 515,014 0.05 Allegion Plc 1,906 - - 1,906 237,721 0.03 Alps Alpine Co Ltd 4,000 - - 4,000 71,258 0.01 Amphenol Corp 'A' 7,220 - 986 6,234 598,052 0.06 Arrow Electronics Inc 1,776 - - 1,776 130,075 0.01 Assa Abloy AB 'B' 25,084 - 4,219 20,865 478,725 0.05 Flex Ltd 10,707 - - 10,707 135,792 0.01 FLIR Systems Inc 2,752 - - 2,752 136,796 0.01 Fortive Corp 6,272 1,386 1,437 6,221 449,568 0.05 Garmin Ltd 2,447 1,275 1,040 2,682 250,776 0.03 Halma Plc 8,860 - - 8,860 237,334 0.03 Hirose Electric Co Ltd 735 - - 735 89,929 0.01 Hitachi High-Technologies Corp 1,300 - - 1,300 91,618 0.01 Honeywell International Inc 16,430 604 1,050 15,984 2,670,319 0.29 Hoya Corp 7,900 1,300 1,200 8,000 754,582 0.08 Keysight Technologies Inc 4,268 - - 4,268 382,772 0.04 Kyocera Corp 7,800 - - 7,800 504,869 0.05 Mettler-Toledo International Inc 551 - - 551 402,375 0.04 MINEBEA MITSUMI Inc 7,700 - - 7,700 149,779 0.02 Murata Manufacturing Co Ltd 13,500 - - 13,500 760,170 0.08 Nidec Corp 4,900 700 700 4,900 612,172 0.07 Nippon Electric Glass Co Ltd 1,600 - 1,600 - - 0.00 Omron Corp 3,900 2,000 1,700 4,200 239,562 0.03 PerkinElmer Inc 2,588 - - 2,588 230,830 0.02 Roper Technologies Inc 2,374 - - 2,374 873,850 0.09 Sartorius AG (Pref) 723 - - 723 162,740 0.02 Sensata Technologies Holding Plc 3,438 - - 3,438 156,737 0.02 TDK Corp 3,900 - 1,100 2,800 295,746 0.03 TE Connectivity Ltd 7,234 1,109 1,103 7,240 643,658 0.07 Trimble Inc 5,089 - - 5,089 208,692 0.02 Venture Corp Ltd 5,600 - - 5,600 64,618 0.01 Waters Corp 1,576 - - 1,576 340,155 0.04 Yokogawa Electric Corp 4,600 - - 4,600 79,245 0.01 12,955,529 1.39 Oil & gas Aker BP ASA 2,391 - - 2,391 65,344 0.01 Anadarko Petroleum Corp 11,025 - 11,025 - - 0.00 Apache Corp 10,667 - - 10,667 282,297 0.03 BP Plc 462,891 14,798 30,814 446,875 2,594,647 0.28 Cabot Oil & Gas Corp 9,281 - - 9,281 126,120 0.01 Caltex Australia Ltd 5,246 - - 5,246 116,448 0.01 Canadian Natural Resources Ltd 28,354 - 3,585 24,769 672,283 0.07 Cenovus Energy Inc 20,914 - - 20,914 175,694 0.02 Chevron Corp 42,818 3,155 3,335 42,638 4,405,835 0.47 Cimarex Energy Co 1,993 - 1,993 - - 0.00 Concho Resources Inc 4,738 - - 4,738 346,282 0.04 ConocoPhillips 26,214 - 1,697 24,517 1,405,247 0.15 Continental Resources Inc 1,885 - - 1,885 49,486 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) DCC Plc 2,925 - - 2,925 228,029 0.02 Devon Energy Corp 9,877 - - 9,877 206,902 0.02 Diamondback Energy Inc 3,309 932 1,338 2,903 208,305 0.02 Encana Corp 35,131 - 35,131 - - 0.00 Eni SpA 57,184 6,267 7,576 55,875 755,928 0.08 EOG Resources Inc 13,318 - - 13,318 936,496 0.10 Equinor ASA 26,760 - 5,381 21,379 373,892 0.04 Exxon Mobil Corp 95,482 6,125 7,331 94,276 5,648,229 0.60 Galp Energia SGPS SA 10,069 - - 10,069 146,791 0.02 Helmerich & Payne Inc 2,180 - 2,180 - - 0.00 Hess Corp 5,750 1,490 1,501 5,739 313,114 0.03 HollyFrontier Corp 3,590 - - 3,590 155,530 0.02 Husky Energy Inc 7,058 - - 7,058 44,315 0.00 Idemitsu Kosan Co Ltd 4,135 - - 4,135 101,738 0.01 Imperial Oil Ltd 5,926 - - 5,926 135,607 0.01 Inpex Corp 28,900 - - 28,900 265,006 0.03 JXTG Holdings Inc 76,150 - - 76,150 317,664 0.03 Lundin Petroleum AB 3,487 - - 3,487 102,440 0.01 Marathon Oil Corp 23,343 - 8,615 14,728 161,504 0.02 Marathon Petroleum Corp 16,198 - 1,644 14,554 764,995 0.08 Neste Oyj 10,947 - - 10,947 419,803 0.05 Noble Energy Inc 9,828 - - 9,828 187,392 0.02 Occidental Petroleum Corp 17,250 3,234 - 20,484 784,700 0.08 Oil Search Ltd 27,555 - - 27,555 128,806 0.01 OMV AG 2,957 - - 2,957 142,189 0.02 Ovintiv Inc - 7,026 - 7,026 105,649 0.01 Parkland Fuel Corp - 3,504 - 3,504 117,669 0.01 Parsley Energy Inc 'A' 4,487 - 4,487 - - 0.00 Phillips 66 10,423 - 868 9,555 842,004 0.09 Pioneer Natural Resources Co 4,070 - - 4,070 529,917 0.06 PrairieSky Royalty Ltd 4,261 - - 4,261 45,086 0.01 Repsol SA 32,628 988 - 33,616 447,854 0.05 Repsol SA Interim - 988 988 - - 0.00 Repsol SA Rights - 32,628 32,628 - - 0.00 Royal Dutch Shell Plc 'A' 99,767 3,480 7,636 95,611 2,424,272 0.26 Royal Dutch Shell Plc 'B' 84,148 3,498 5,380 82,266 2,091,758 0.22 Santos Ltd 37,652 - - 37,652 211,254 0.02 Suncor Energy Inc 33,599 3,377 3,210 33,766 996,015 0.11 TOTAL SA 53,580 3,707 4,771 52,516 2,477,828 0.27 Tourmaline Oil Corp 4,335 - 4,335 - - 0.00 Valero Energy Corp 10,089 - 1,037 9,052 736,043 0.08 Vermilion Energy Inc 4,845 - 4,845 - - 0.00 Woodside Petroleum Ltd 18,787 4,362 4,355 18,794 421,426 0.05 34,215,833 3.66 Oil & gas services Baker Hughes Co 12,212 4,988 - 17,200 359,308 0.04 Halliburton Co 20,632 - - 20,632 433,987 0.05 John Wood Group Plc 13,522 - 13,522 - - 0.00 National Oilwell Varco Inc 11,028 - - 11,028 219,207 0.02 Schlumberger Ltd 31,223 2,742 3,542 30,423 983,232 0.10 TechnipFMC Plc 8,916 - - 8,916 141,970 0.02 2,137,704 0.23

[50] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Airlines Air Canada - 3,118 - 3,118 100,796 0.01 American Airlines Group Inc 2,428 - - 2,428 62,851 0.00 ANA Holdings Inc 2,300 - - 2,300 70,076 0.01 Delta Air Lines Inc 3,621 - - 3,621 194,659 0.02 Deutsche Lufthansa AG RegS 4,722 - - 4,722 69,799 0.01 easyJet Plc 2,922 - - 2,922 51,748 0.00 Japan Airlines Co Ltd 2,300 - - 2,300 63,343 0.01 Qantas Airways Ltd - 22,709 - 22,709 93,984 0.01 Singapore Airlines Ltd 10,900 - - 10,900 65,852 0.01 Southwest Airlines Co 2,994 - - 2,994 158,758 0.02 United Airlines Holdings Inc 1,524 - - 1,524 109,943 0.01 1,041,809 0.11 Forest products & paper International Paper Co 7,873 2,453 2,227 8,099 318,067 0.03 Mondi Plc 7,343 4,966 - 12,309 241,932 0.03 Oji Holdings Corp 18,000 - - 18,000 90,657 0.01 Smurfit Kappa Group Plc 6,217 - - 6,217 207,848 0.02 Stora Enso Oyj 'R' 11,063 - - 11,063 139,052 0.01 UPM-Kymmene Oyj 13,997 - 2,970 11,027 336,246 0.04 West Fraser Timber Co Ltd 1,369 - - 1,369 52,931 0.01 1,386,733 0.15 Leisure time Carnival Corp 10,210 - - 10,210 428,641 0.05 Carnival Plc 3,749 - - 3,749 148,612 0.02 Flight Centre Travel Group Ltd 1,089 - - 1,089 27,639 0.00 Harley-Davidson Inc 3,417 - - 3,417 110,070 0.01 Norwegian Cruise Line Holdings Ltd 5,328 - - 5,328 276,713 0.03 Polaris Inc 1,194 - - 1,194 105,759 0.01 Royal Caribbean Cruises Ltd 3,453 893 - 4,346 490,741 0.05 Shimano Inc 1,500 700 700 1,500 225,040 0.02 TUI AG 8,820 - - 8,820 87,284 0.01 Yamaha Corp 3,400 - - 3,400 171,240 0.02 Yamaha Motor Co Ltd 5,700 - - 5,700 104,586 0.01 2,176,325 0.23 Gas Atmos Energy Corp 3,047 - - 3,047 343,914 0.04 Centrica Plc 158,090 - - 158,090 170,516 0.02 Enagas SA 1,300 1,278 - 2,578 67,011 0.01 Hong Kong & China Gas Co Ltd 202,705 47,000 53,000 196,705 365,503 0.04 National Grid Plc 77,160 - - 77,160 986,654 0.10 Naturgy Energy Group SA 6,739 - - 6,739 171,424 0.02 NiSource Inc 9,831 - - 9,831 277,903 0.03 Osaka Gas Co Ltd 7,500 - - 7,500 123,932 0.01 Snam SpA 47,851 - - 47,851 247,380 0.03 Toho Gas Co Ltd 1,500 - - 1,500 56,660 0.00 Tokyo Gas Co Ltd 7,800 - - 7,800 167,133 0.02 UGI Corp 3,482 1,893 - 5,375 215,599 0.02 3,193,629 0.34 Healthcare services Anthem Inc 5,863 355 - 6,218 1,590,871 0.17 BioMerieux 775 - - 775 74,094 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Centene Corp 8,420 5,568 1,694 12,294 744,735 0.08 DaVita Inc 3,074 - - 3,074 236,792 0.03 Eurofins Scientific SE 221 - - 221 114,796 0.01 Fresenius Medical Care AG & Co KGaA 5,537 - - 5,537 412,482 0.04 Fresenius SE & Co KGaA 10,036 - - 10,036 494,761 0.05 HCA Healthcare Inc 6,451 - 721 5,730 767,050 0.08 Humana Inc 3,191 - - 3,191 1,034,799 0.11 IQVIA Holdings Inc 3,919 - - 3,919 586,795 0.06 Laboratory Corp of America Holdings 2,137 - - 2,137 361,505 0.04 NMC Health Plc 2,099 - - 2,099 34,478 0.00 PeptiDream Inc 2,200 - - 2,200 102,580 0.01 Quest Diagnostics Inc 2,796 - - 2,796 298,433 0.03 Ramsay Health Care Ltd 2,843 - - 2,843 145,378 0.02 Ryman Healthcare Ltd 7,383 - - 7,383 75,987 0.01 Sonic Healthcare Ltd 13,545 - - 13,545 276,965 0.03 UnitedHealth Group Inc 21,623 758 1,508 20,873 5,484,681 0.59 Universal Health Services Inc 'B' 1,774 - - 1,774 234,586 0.03 WellCare Health Plans Inc 1,030 347 1,377 - - 0.00 13,071,768 1.40 Healthcare - products Abbott Laboratories 39,511 3,410 3,056 39,865 3,350,341 0.36 ABIOMED Inc 1,125 - - 1,125 202,126 0.02 Align Technology Inc 1,592 - - 1,592 394,753 0.04 Asahi Intecc Co Ltd 4,000 - - 4,000 108,382 0.01 Baxter International Inc 11,093 - - 11,093 954,533 0.10 Boston Scientific Corp 31,196 2,166 2,818 30,544 1,233,413 0.13 Carl Zeiss Meditec AG 1,004 - - 1,004 118,575 0.01 Cochlear Ltd 1,157 - - 1,157 180,084 0.02 Coloplast A/S 'B' 3,291 - 843 2,448 297,951 0.03 Cooper Cos Inc 1,036 281 331 986 329,874 0.04 Danaher Corp 14,227 714 789 14,152 2,195,698 0.23 Demant A/S 2,153 - - 2,153 67,436 0.01 DENTSPLY SIRONA Inc 4,608 1,746 1,779 4,575 247,092 0.03 Edwards Lifesciences Corp 4,804 - - 4,804 1,018,659 0.11 EssilorLuxottica SA 6,472 - - 6,472 928,647 0.10 Fisher & Paykel Healthcare Corp Ltd 11,464 - - 11,464 166,716 0.02 Henry Schein Inc 3,175 - - 3,175 211,103 0.02 Hologic Inc 5,708 - - 5,708 294,632 0.03 IDEXX Laboratories Inc 1,816 330 387 1,759 459,760 0.05 Insulet Corp - 1,434 - 1,434 268,362 0.03 Intuitive Surgical Inc 2,600 185 249 2,536 1,369,135 0.15 Koninklijke Philips NV 21,364 - - 21,364 945,324 0.10 Medtronic Plc 30,211 2,673 2,595 30,289 3,372,259 0.36 Olympus Corp 24,600 8,400 7,400 25,600 406,506 0.04 QIAGEN NV 4,401 2,729 2,466 4,664 150,345 0.02 ResMed Inc 3,578 - 673 2,905 445,391 0.05 Sartorius Stedim Biotech 780 - - 780 135,137 0.01 Shimadzu Corp 5,100 - - 5,100 141,591 0.02 Siemens Healthineers AG 2,824 - - 2,824 128,218 0.01 Smith & Nephew Plc 17,281 4,409 - 21,690 503,663 0.05 STERIS Plc 1,974 - - 1,974 286,887 0.03 Stryker Corp 7,595 420 626 7,389 1,501,516 0.16

[52] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Sysmex Corp 3,500 - - 3,500 245,947 0.03 Teleflex Inc 946 275 286 935 335,013 0.04 Terumo Corp 13,400 3,100 3,000 13,500 478,590 0.05 Thermo Fisher Scientific Inc 8,992 655 566 9,081 2,742,971 0.29 Varian Medical Systems Inc 1,844 - - 1,844 249,996 0.03 West Pharmaceutical Services Inc - 1,755 - 1,755 263,963 0.03 Zimmer Biomet Holdings Inc 4,892 - - 4,892 697,805 0.07 27,428,394 2.93 Beverages Anheuser-Busch InBev SA 17,112 948 1,324 16,736 1,223,863 0.13 Asahi Group Holdings Ltd 7,800 2,100 2,100 7,800 353,005 0.04 Brown-Forman Corp 'B' 7,040 - - 7,040 459,257 0.05 Budweiser Brewing Co APAC Ltd - 28,400 - 28,400 83,248 0.01 Carlsberg A/S 'B' 2,942 - 701 2,241 316,154 0.03 Coca-Cola Amatil Ltd 10,251 - - 10,251 79,290 0.01 Coca-Cola Bottlers Japan Holdings Inc 2,500 - - 2,500 64,357 0.01 Coca-Cola Co 91,058 7,142 7,453 90,747 5,111,223 0.55 Coca-Cola European Partners Plc 6,085 6,085 6,085 6,085 313,477 0.03 Coca-Cola HBC AG 3,868 - - 3,868 137,003 0.01 Constellation Brands Inc 'A' 3,954 517 542 3,929 713,530 0.08 Davide Campari-Milano SpA 11,676 - - 11,676 108,945 0.01 Diageo Plc 54,489 2,163 4,471 52,181 1,996,825 0.21 Heineken Holding NV 2,309 937 1,046 2,200 209,037 0.02 Heineken NV 6,151 - 977 5,174 543,709 0.06 Kirin Holdings Co Ltd 17,700 - - 17,700 379,972 0.04 Molson Coors Beverage Co 'B' 5,197 - - 5,197 278,581 0.03 Monster Beverage Corp 9,464 - - 9,464 607,895 0.07 PepsiCo Inc 31,655 1,564 2,429 30,790 4,217,343 0.45 Pernod Ricard SA 4,811 - - 4,811 804,725 0.09 Remy Cointreau SA 419 - - 419 42,633 0.00 Suntory Beverage & Food Ltd 2,800 - - 2,800 115,732 0.01 Treasury Wine Estates Ltd 14,841 - - 14,841 124,855 0.01 Vitasoy International Holdings Ltd 20,000 - - 20,000 70,177 0.01 18,354,836 1.96 Commercial services Adyen NV 172 134 - 306 271,782 0.03 Amadeus IT Group SA 10,059 - - 10,059 761,393 0.08 AMERCO 130 - - 130 46,549 0.00 Ashtead Group Plc 9,981 3,470 3,354 10,097 315,141 0.03 Atlantia SpA 12,133 - - 12,133 287,496 0.03 Automatic Data Processing Inc 9,882 543 866 9,559 1,580,075 0.17 Benesse Holdings Inc 1,400 - - 1,400 37,560 0.00 Booz Allen Hamilton Holding Corp - 3,337 - 3,337 251,162 0.03 Brambles Ltd 44,041 - - 44,041 359,135 0.04 Bureau Veritas SA 5,318 4,203 3,811 5,710 152,022 0.02 Cintas Corp 1,868 347 389 1,826 491,290 0.05 CoStar Group Inc 798 - - 798 502,561 0.05 Dai Nippon Printing Co Ltd 5,200 - - 5,200 140,897 0.01 Edenred 6,752 - 1,933 4,819 251,296 0.03 Equifax Inc 2,590 - - 2,590 374,439 0.04 Experian Plc 19,152 2,988 3,153 18,987 636,543 0.07 FleetCor Technologies Inc 1,845 308 335 1,818 552,715 0.06

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) G4S Plc 31,038 - - 31,038 77,104 0.01 Gartner Inc 1,871 - - 1,871 290,125 0.03 Global Payments Inc 3,313 4,111 558 6,866 1,294,253 0.14 GMO Payment Gateway Inc 1,500 - - 1,500 94,901 0.01 H&R Block Inc 4,200 - 4,200 - - 0.00 IHS Markit Ltd 8,092 1,442 1,399 8,135 618,720 0.07 Intertek Group Plc 4,540 - - 4,540 332,460 0.04 ISS A/S 3,347 - - 3,347 78,363 0.01 ManpowerGroup Inc 1,343 - - 1,343 118,503 0.01 MarketAxess Holdings Inc 878 - - 878 299,915 0.03 Moody's Corp 4,074 - 450 3,624 897,524 0.10 Nielsen Holdings Plc 7,155 - - 7,155 140,773 0.01 Park24 Co Ltd 2,000 - - 2,000 49,030 0.01 PayPal Holdings Inc 25,117 1,971 1,526 25,562 2,807,761 0.30 Persol Holdings Co Ltd 3,600 - - 3,600 63,588 0.01 Randstad NV 2,394 - - 2,394 132,951 0.01 Recruit Holdings Co Ltd 25,800 6,400 2,800 29,400 1,125,979 0.12 RELX Plc 44,975 - 4,228 40,747 1,042,799 0.11 Rentokil Initial Plc 43,159 - - 43,159 256,241 0.03 Robert Half International Inc 2,534 - - 2,534 142,163 0.02 Rollins Inc 2,959 - - 2,959 108,302 0.01 S&P Global Inc 5,691 - 376 5,315 1,505,675 0.16 Sabre Corp 7,596 - - 7,596 157,801 0.02 Secom Co Ltd 5,200 - - 5,200 449,435 0.05 Securitas AB 'B' 6,299 - - 6,299 95,645 0.01 Sohgo Security Services Co Ltd 1,400 - - 1,400 71,134 0.01 Square Inc 'A' 6,216 1,482 - 7,698 554,524 0.06 Toppan Printing Co Ltd 5,500 - - 5,500 107,475 0.01 Total System Services Inc 3,643 - 3,643 - - 0.00 TransUnion 4,385 - - 4,385 387,810 0.04 Transurban Group 62,702 9,007 9,842 61,867 627,128 0.07 United Rentals Inc 1,698 - - 1,698 222,211 0.02 Verisk Analytics Inc 3,872 - 698 3,174 497,347 0.05 Wirecard AG 2,891 - - 2,891 411,576 0.04 Worley Ltd 8,581 - - 8,581 84,435 0.01 22,155,707 2.37 Savings & loans People's United Financial Inc 6,909 6,710 - 13,619 202,539 0.02 202,539 0.02 Semiconductors Advanced Micro Devices Inc 22,112 2,898 2,458 22,552 1,022,263 0.11 Advantest Corp 4,700 - - 4,700 245,497 0.03 Analog Devices Inc 8,418 - - 8,418 891,032 0.10 Applied Materials Inc 21,412 - - 21,412 1,197,540 0.13 ASM Pacific Technology Ltd 5,300 - - 5,300 69,845 0.01 ASML Holding NV 9,443 882 976 9,349 2,540,528 0.27 Broadcom Inc 8,926 711 597 9,040 2,660,576 0.28 Hamamatsu Photonics KK 2,800 - - 2,800 117,103 0.01 Infineon Technologies AG 27,164 - - 27,164 568,350 0.06 Intel Corp 101,341 8,432 11,272 98,501 6,073,305 0.65 IPG Photonics Corp 757 - - 757 93,210 0.01 KLA Corp 3,291 760 580 3,471 554,832 0.06

[54] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Lam Research Corp 3,351 - - 3,351 963,776 0.10 Marvell Technology Group Ltd 13,497 - - 13,497 312,933 0.03 Maxim Integrated Products Inc 5,753 1,693 1,816 5,630 326,443 0.03 Microchip Technology Inc 5,789 - - 5,789 544,250 0.06 Micron Technology Inc 26,163 - 2,210 23,953 1,226,457 0.13 NVIDIA Corp 12,964 641 898 12,707 2,897,513 0.31 NXP Semiconductors NV 6,914 - 878 6,036 738,505 0.08 ON Semiconductor Corp 8,448 - - 8,448 188,619 0.02 Qorvo Inc 2,557 - - 2,557 261,061 0.03 QUALCOMM Inc 26,936 1,426 1,660 26,702 2,196,967 0.24 Renesas Electronics Corp 18,200 - - 18,200 115,147 0.01 Rohm Co Ltd 1,900 - - 1,900 136,101 0.01 Skyworks Solutions Inc 3,687 - - 3,687 402,353 0.04 STMicroelectronics NV 16,514 - - 16,514 446,374 0.05 SUMCO Corp 4,700 - - 4,700 72,771 0.01 Teradyne Inc - 4,044 - 4,044 257,377 0.03 Texas Instruments Inc 21,677 739 1,809 20,607 2,397,849 0.26 Tokyo Electron Ltd 3,200 600 500 3,300 719,433 0.08 Xilinx Inc 6,011 - - 6,011 489,757 0.05 30,727,767 3.29 Housewares Avery Dennison Corp 1,775 - - 1,775 224,669 0.02 Church & Dwight Co Inc 5,010 1,299 1,446 4,863 348,101 0.04 Clorox Co 3,114 - - 3,114 472,449 0.05 Cronos Group Inc 4,242 - - 4,242 29,480 0.00 Henkel AG & Co KGaA 2,087 - - 2,087 186,254 0.02 Henkel AG & Co KGaA (Pref) 4,291 - - 4,291 421,659 0.05 Kimberly-Clark Corp 7,856 - - 7,856 1,085,289 0.12 Reckitt Benckiser Group Plc 15,313 1,348 1,323 15,338 1,224,782 0.13 Societe BIC SA 527 - 527 - - 0.00 Spectrum Brands Holdings Inc - 162 162 - - 0.00 3,992,683 0.43 Household products & wares Newell Brands Inc 9,846 - - 9,846 185,456 0.02 185,456 0.02 Home furnishings Electrolux AB 'B' 4,838 - - 4,838 110,712 0.01 Hoshizaki Corp 1,100 - - 1,100 98,861 0.01 Leggett & Platt Inc 2,656 - - 2,656 121,906 0.01 Panasonic Corp 54,400 - - 54,400 533,447 0.06 SEB SA 431 - - 431 53,482 0.01 Sharp Corp 8,400 - - 8,400 113,764 0.01 Sony Corp 28,600 1,800 2,500 27,900 1,916,106 0.21 Whirlpool Corp 1,465 - - 1,465 206,526 0.02 3,154,804 0.34 Holding companies - diversified operations CK Hutchison Holdings Ltd 64,840 - - 64,840 558,110 0.06 Jardine Matheson Holdings Ltd 5,746 - - 5,746 309,838 0.03 Swire Pacific Ltd 'A' 10,500 - - 10,500 89,792 0.01 Washington H Soul Pattinson & Co Ltd 4,179 - - 4,179 58,146 0.01 1,015,886 0.11

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Real estate Aeon Mall Co Ltd 2,100 - - 2,100 34,122 0.00 Aroundtown SA 16,037 12,006 11,716 16,327 148,956 0.02 Azrieli Group Ltd 796 - - 796 56,769 0.01 CapitaLand Ltd 88,500 - 37,500 51,000 130,454 0.01 CBRE Group Inc 'A' 8,249 - 1,815 6,434 378,832 0.04 CK Asset Holdings Ltd 63,840 - - 63,840 398,053 0.04 Daito Trust Construction Co Ltd 2,100 - - 2,100 241,150 0.03 Deutsche Wohnen SE 8,943 - - 8,943 365,128 0.04 Hang Lung Properties Ltd 41,000 - - 41,000 83,313 0.01 Henderson Land Development Co Ltd 28,622 - - 28,622 125,137 0.01 Hongkong Land Holdings Ltd 23,747 - - 23,747 122,072 0.01 Hulic Co Ltd 5,500 - - 5,500 65,287 0.01 Hysan Development Co Ltd 12,000 - 12,000 - - 0.00 Jones Lang LaSalle Inc 911 689 611 989 161,981 0.02 Kerry Properties Ltd 12,000 - - 12,000 32,567 0.00 Mitsubishi Estate Co Ltd 25,100 5,000 5,500 24,600 471,073 0.05 Mitsui Fudosan Co Ltd 21,700 - - 21,700 562,195 0.06 New World Development Co Ltd 181,783 - - 181,783 221,496 0.02 Nomura Real Estate Holdings Inc 2,300 - - 2,300 55,361 0.01 REA Group Ltd 976 - - 976 71,901 0.01 Sino Land Co Ltd 64,000 - - 64,000 84,739 0.01 Sumitomo Realty & Development Co Ltd 6,800 2,500 - 9,300 335,157 0.04 Sun Hung Kai Properties Ltd 35,000 - - 35,000 475,151 0.05 Swire Properties Ltd 21,600 - - 21,600 65,193 0.01 Tokyu Fudosan Holdings Corp 9,600 - - 9,600 66,289 0.01 UOL Group Ltd 9,053 - - 9,053 51,048 0.00 Vonovia SE 11,472 - - 11,472 631,948 0.07 Wharf Holdings Ltd 24,000 - 24,000 - - 0.00 Wharf Real Estate Investment Co Ltd 24,000 - - 24,000 120,729 0.01 Wheelock & Co Ltd 17,000 - - 17,000 100,613 0.01 5,656,714 0.61 Real estate investment trust AGNC Investment Corp (REIT) 12,452 - - 12,452 223,253 0.02 Alexandria Real Estate Equities Inc (REIT) 2,587 - - 2,587 407,189 0.04 American Tower Corp (REIT) 9,944 454 689 9,709 2,169,977 0.23 Annaly Capital Management Inc (REIT) 31,619 - - 31,619 297,631 0.03 AvalonBay Communities Inc (REIT) 3,252 - - 3,252 679,625 0.07 Boston Properties Inc (REIT) 3,796 - - 3,796 524,812 0.06 Camden Property Trust (REIT) 1,861 864 - 2,725 295,480 0.03 Canadian Apartment Properties (REIT) - 2,682 - 2,682 110,699 0.01 CapitaLand Commercial Trust (REIT) 46,593 - - 46,593 67,821 0.01 CapitaLand Mall Trust (REIT) 51,000 - - 51,000 90,813 0.01 Covivio (REIT) 1,457 - - 1,457 166,937 0.02 Crown Castle International Corp (REIT) 9,650 - 736 8,914 1,288,191 0.14 Daiwa House Investment Corp (REIT) 65 - - 65 167,445 0.02 Dexus (REIT) 20,441 11,228 - 31,669 260,087 0.03 Digital Inc (REIT) 4,915 - - 4,915 583,006 0.06 Duke Realty Corp (REIT) 7,136 2,730 2,862 7,004 245,274 0.03 Equinix Inc (REIT) 1,801 191 178 1,814 1,031,740 0.11 Equity LifeStyle Properties Inc (REIT) 1,994 1,994 - 3,988 279,813 0.03 Equity Residential (REIT) 8,643 - - 8,643 692,533 0.07

[56] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Essex Property Trust Inc (REIT) 1,318 327 316 1,329 397,036 0.04 Extra Space Storage Inc (REIT) 3,456 - 942 2,514 268,358 0.03 Federal Realty Investment Trust (REIT) 1,450 - - 1,450 174,835 0.02 First Capital (REIT) - 2,891 - 2,891 45,685 0.00 First Capital Realty Inc 2,891 - 2,891 - - 0.00 Gecina SA (REIT) 947 - - 947 172,472 0.02 Goodman Group (REIT) 36,202 - - 36,202 348,037 0.04 GPT Group (REIT) 36,211 - - 36,211 140,278 0.02 H&R (REIT) 2,619 - - 2,619 40,852 0.00 Healthpeak Properties Inc (REIT) 12,477 12,477 15,347 9,607 333,464 0.04 Host Hotels & Resorts Inc (REIT) 19,900 - - 19,900 313,606 0.03 ICADE (REIT) 619 - - 619 66,688 0.01 Invitation Homes Inc (REIT) 6,254 6,970 - 13,224 401,365 0.04 Iron Mountain Inc (REIT) 5,308 3,155 2,956 5,507 167,888 0.02 Japan Prime Realty Investment Corp (REIT) 16 - - 16 71,329 0.01 Japan Real Estate Investment Corp (REIT) 41 - 15 26 183,004 0.02 Japan Retail Fund Investment Corp (REIT) 54 - - 54 111,335 0.01 Kimco Realty Corp (REIT) 8,543 - - 8,543 156,959 0.02 Klepierre SA (REIT) 4,421 - - 4,421 145,205 0.02 Land Securities Group Plc (REIT) 14,824 - - 14,824 176,779 0.02 Liberty Property Trust (REIT) 2,961 - - 2,961 178,912 0.02 Link (REIT) 44,500 - - 44,500 436,647 0.05 Macerich Co (REIT) 2,415 - 2,415 - - 0.00 Mapletree Commercial Trust (REIT) - 64,400 - 64,400 106,938 0.01 Medical Properties Trust Inc (REIT) - 12,135 - 12,135 259,235 0.03 Mid-America Apartment Communities Inc (REIT) 2,336 729 733 2,332 308,599 0.03 Mirvac Group (REIT) 74,616 40,171 - 114,787 251,982 0.03 National Retail Properties Inc (REIT) 4,860 - 1,774 3,086 166,672 0.02 Nippon Building Fund Inc (REIT) 27 - - 27 210,945 0.02 Nippon Prologis Inc (REIT) 33 - - 33 91,618 0.01 Nomura Real Estate Master Fund Inc (REIT) 76 - - 76 129,034 0.01 Omega Healthcare Investors Inc (REIT) - 5,194 - 5,194 210,142 0.02 Orix JREIT Inc (REIT) - 46 - 46 93,858 0.01 Prologis Inc (REIT) 14,201 1,101 1,447 13,855 1,241,105 0.13 Public Storage (REIT) 3,571 - - 3,571 770,641 0.08 Realty Income Corp (REIT) 6,851 - - 6,851 518,090 0.06 Regency Centers Corp (REIT) 3,078 1,505 - 4,583 274,221 0.03 RioCan (REIT) 2,950 - - 2,950 58,428 0.01 SBA Communications Corp (REIT) 2,455 355 419 2,391 575,485 0.06 Scentre Group (REIT) 107,072 35,038 - 142,110 354,168 0.04 Segro Plc (REIT) 31,625 - 9,028 22,597 261,601 0.03 Simon Property Group Inc (REIT) 6,975 622 810 6,787 871,563 0.09 SL Green Realty Corp (REIT) 1,985 - - 1,985 176,204 0.02 SmartCentres (REIT) 3,831 - - 3,831 87,750 0.01 Stockland (REIT) 48,618 - - 48,618 154,440 0.02 Sun Communities Inc (REIT) 2,016 - - 2,016 315,312 0.03 UDR Inc (REIT) 7,367 - - 7,367 340,406 0.04 Unibail-Rodamco-Westfield (REIT) 3,132 - - 3,132 410,403 0.04 Ventas Inc (REIT) 8,563 - - 8,563 477,842 0.05 VEREIT Inc (REIT) 19,568 - - 19,568 184,194 0.02 VICI Properties Inc (REIT) - 10,970 - 10,970 283,544 0.03 Vicinity Centres (REIT) 67,639 - - 67,639 110,925 0.01 Vornado (REIT) 4,769 - 1,575 3,194 202,601 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Welltower Inc (REIT) 8,624 1,040 1,188 8,476 694,112 0.07 Weyerhaeuser Co (REIT) 18,849 - 3,413 15,436 430,986 0.05 WP Carey Inc (REIT) 3,572 - - 3,572 289,795 0.03 24,825,899 2.66 Internet Alphabet Inc 'A' 6,746 434 519 6,661 9,204,467 0.98 Alphabet Inc 'C' 7,084 413 543 6,954 9,619,073 1.03 Amazon.com Inc 9,409 665 725 9,349 18,111,911 1.94 Auto Trader Group Plc 19,436 - - 19,436 138,869 0.01 Booking Holdings Inc 1,014 55 118 951 1,678,966 0.18 CDW Corp 3,227 - - 3,227 405,997 0.04 CyberAgent Inc 2,000 - - 2,000 78,573 0.01 Delivery Hero SE 1,892 2,031 - 3,923 291,911 0.03 eBay Inc 18,977 2,244 3,036 18,185 588,593 0.06 Expedia Group Inc 3,262 - - 3,262 341,188 0.04 F5 Networks Inc 1,276 - - 1,276 150,286 0.02 Facebook Inc 'A' 53,759 3,724 4,162 53,321 10,383,310 1.11 GoDaddy Inc 'A' 4,331 - - 4,331 280,738 0.03 Grubhub Inc 1,876 - - 1,876 97,974 0.01 IAC/InterActiveCorp 1,977 - - 1,977 464,457 0.05 Iliad SA 532 - - 532 67,493 0.01 Kakaku.com Inc 2,600 - - 2,600 66,538 0.01 LINE Corp 3,400 - 2,200 1,200 57,234 0.01 M3 Inc 8,400 4,300 3,800 8,900 255,010 0.03 Match Group Inc - 1,528 - 1,528 115,271 0.01 MercadoLibre Inc 964 150 184 930 594,670 0.06 Mercari Inc 3,800 - - 3,800 65,024 0.01 MonotaRO Co Ltd 3,700 - - 3,700 87,973 0.01 Netflix Inc 9,839 636 872 9,603 3,196,090 0.34 NortonLifeLock Inc 16,580 16,580 20,681 12,479 342,045 0.04 Okta Inc 2,363 - - 2,363 291,825 0.03 Palo Alto Networks Inc 2,283 - - 2,283 516,948 0.06 Pinterest Inc 'A' - 5,578 - 5,578 118,515 0.01 Prosus NV - 11,177 - 11,177 779,239 0.08 Rakuten Inc 18,800 - - 18,800 143,200 0.02 Roku Inc - 1,943 - 1,943 226,651 0.02 SEEK Ltd 6,683 - - 6,683 97,905 0.01 Shopify Inc 'A' 2,299 253 318 2,234 1,004,070 0.11 Snap Inc 'A' 15,849 - - 15,849 280,949 0.03 Trend Micro Inc 2,400 - - 2,400 123,011 0.01 TripAdvisor Inc 2,097 - - 2,097 55,253 0.01 Twitter Inc 14,936 2,380 - 17,316 542,430 0.06 Uber Technologies Inc 4,310 - - 4,310 150,850 0.02 United Internet AG RegS 2,470 - - 2,470 77,350 0.01 VeriSign Inc 2,383 - - 2,383 478,365 0.05 Wayfair Inc 'A' 1,152 - - 1,152 104,105 0.01 Wix.com Ltd 964 - - 964 132,663 0.01 Z Holdings Corp 57,000 - - 57,000 222,157 0.02 Zillow Group Inc 'C' 2,136 - - 2,136 95,196 0.01 ZOZO Inc 3,800 - 1,300 2,500 40,554 0.00 62,164,897 6.65

[58] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Investment companies EXOR NV 2,177 1,393 - 3,570 254,274 0.03 Groupe Bruxelles Lambert SA 1,619 - - 1,619 156,981 0.01 Industrivarden AB 'C' 3,098 - - 3,098 70,460 0.01 Investor AB 'B' 11,207 - 1,928 9,279 490,414 0.05 Kinnevik Ab 4,713 - 4,713 - - 0.00 Kinnevik AB - 4,713 4,713 - - 0.00 Kinnevik AB 'B' - 4,713 - 4,713 109,785 0.01 L E Lundbergforetagen AB 'B' 1,680 - - 1,680 70,368 0.01 Melrose Industries Plc 118,583 - - 118,583 351,570 0.04 Wendel SA 569 - - 569 73,343 0.01 1,577,195 0.17 Cosmetics & personal care Beiersdorf AG 2,027 736 864 1,899 207,837 0.02 Colgate-Palmolive Co 18,591 1,266 1,943 17,914 1,274,708 0.14 Coty Inc 'A' 8,894 - - 8,894 88,008 0.01 Essity AB 'B' 12,271 3,069 3,181 12,159 372,291 0.04 Estee Lauder Cos Inc 'A' 5,168 - 516 4,652 875,609 0.09 Kao Corp 11,300 - - 11,300 883,044 0.10 Kose Corp 600 - - 600 78,644 0.01 Lion Corp 4,500 - - 4,500 83,769 0.01 L'Oreal SA 5,758 350 558 5,550 1,494,236 0.16 Pigeon Corp 2,400 - - 2,400 83,609 0.01 Pola Orbis Holdings Inc 1,900 - - 1,900 40,526 0.00 Procter & Gamble Co 56,374 3,815 4,346 55,843 6,711,757 0.72 Shiseido Co Ltd 9,000 - - 9,000 567,565 0.06 Unicharm Corp 10,900 - - 10,900 365,855 0.04 Unilever NV 32,845 1,746 2,578 32,013 1,803,163 0.19 Unilever Plc 25,498 1,502 2,623 24,377 1,404,996 0.15 16,335,617 1.75 Agriculture Altria Group Inc 42,241 1,940 3,088 41,093 1,883,716 0.20 Archer-Daniels-Midland Co 13,334 - - 13,334 575,613 0.06 British American Tobacco Plc 51,691 2,698 4,008 50,381 2,150,522 0.23 Bunge Ltd 2,825 - - 2,825 142,849 0.02 Golden Agri-Resources Ltd 135,700 - 135,700 - - 0.00 Imperial Brands Plc 22,186 - - 22,186 550,241 0.06 Japan Tobacco Inc 26,100 - - 26,100 537,885 0.06 Philip Morris International Inc 34,983 2,327 3,138 34,172 2,725,559 0.29 Swedish Match AB 3,658 - - 3,658 199,629 0.02 8,766,014 0.94 Machinery - diversified ANDRITZ AG 1,462 - - 1,462 55,566 0.00 Atlas Copco AB 'A' 16,981 - 2,733 14,248 487,577 0.05 Atlas Copco AB 'B' 7,848 - - 7,848 235,583 0.02 CNH Industrial NV 29,788 8,924 11,738 26,974 248,629 0.03 Cognex Corp 3,482 - - 3,482 171,168 0.02 Daifuku Co Ltd 2,000 - - 2,000 119,772 0.01 Deere & Co 6,892 - - 6,892 1,054,080 0.11 Dover Corp 3,127 - - 3,127 343,353 0.04 FANUC Corp 4,500 - - 4,500 813,667 0.09 Flowserve Corp 2,622 - - 2,622 118,044 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) GEA Group AG 3,672 - - 3,672 106,319 0.01 Hexagon AB 'B' 5,169 3,782 2,353 6,598 346,737 0.04 Husqvarna AB 'B' 7,715 - - 7,715 56,137 0.01 IDEX Corp 1,629 - - 1,629 257,423 0.03 Keyence Corp 2,000 2,400 400 4,000 1,330,128 0.14 KION Group AG 1,422 - - 1,422 86,175 0.01 Kone Oyj 'B' 8,579 - 1,600 6,979 434,572 0.05 Kubota Corp 21,800 6,200 6,600 21,400 331,435 0.03 Metso Oyj 2,086 - - 2,086 71,590 0.01 Middleby Corp 1,156 - - 1,156 125,048 0.01 Nabtesco Corp 2,200 - - 2,200 63,232 0.01 Rockwell Automation Inc 2,578 - - 2,578 476,534 0.05 SMC Corp 1,300 - - 1,300 557,919 0.06 Spirax-Sarco Engineering Plc 1,718 - - 1,718 194,827 0.02 Sumitomo Heavy Industries Ltd 2,300 - - 2,300 60,007 0.01 THK Co Ltd 2,400 - - 2,400 60,139 0.01 Weir Group Plc 4,473 6,035 5,634 4,874 83,529 0.01 Westinghouse Air Brake Technologies Corp 4,233 - - 4,233 301,535 0.03 Xylem Inc 3,727 1,188 1,300 3,615 284,706 0.03 Yaskawa Electric Corp 5,100 - - 5,100 175,854 0.02 9,051,285 0.97 Media Altice USA Inc 'A' 3,338 - - 3,338 88,081 0.01 Axel Springer SE 893 - 893 - - 0.00 Axel Springer SE - 893 893 - - 0.00 Bollore SA 17,524 - - 17,524 68,813 0.01 Charter Communications Inc 'A' 3,660 - 211 3,449 1,721,273 0.18 Comcast Corp 'A' 101,781 7,682 7,848 101,615 4,232,732 0.45 Discovery Inc 'A' 2,841 - - 2,841 80,172 0.01 Discovery Inc 'C' 9,297 - - 9,297 248,999 0.03 DISH Network Corp 'A' 4,571 - - 4,571 162,056 0.02 DISH Network Corp 'A' Rights - 247 247 - - 0.00 FactSet Research Systems Inc 892 - - 892 246,137 0.03 Fox Corp 'A' 7,925 - - 7,925 283,412 0.03 Fox Corp 'B' 3,538 - - 3,538 123,966 0.01 Informa Plc 32,918 - - 32,918 324,253 0.03 ITV Plc 72,524 - - 72,524 124,842 0.01 Liberty Broadband Corp 2,154 - - 2,154 276,152 0.03 Liberty Global Plc 'A' 4,085 - - 4,085 80,844 0.01 Liberty Global Plc 'C' 11,379 - - 11,379 213,783 0.02 Liberty Media Corp-Liberty Formula One 'C' 4,051 - - 4,051 182,808 0.02 Liberty Media Corp-Liberty SiriusXM 'A' 1,711 - - 1,711 80,149 0.01 Liberty Media Corp-Liberty SiriusXM 'C' 3,598 - - 3,598 170,104 0.02 News Corp 'A' 7,667 - - 7,667 100,712 0.01 Pearson Plc 16,462 - - 16,462 118,959 0.01 Quebecor Inc 'B' 4,170 - - 4,170 99,864 0.01 RTL Group SA 716 - 716 - - 0.00 Schibsted ASA 'B' 1,811 - - 1,811 49,645 0.01 Shaw Communications Inc 'B' 12,862 - - 12,862 242,552 0.03 Singapore Press Holdings Ltd 2,800 - - 2,800 3,997 0.00 Sirius XM Holdings Inc 48,569 - 14,596 33,973 231,650 0.03 Telenet Group Holding NV 975 - - 975 43,747 0.00

[60] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Thomson Reuters Corp 5,216 - - 5,216 404,675 0.04 Viacom Inc 'B' 7,415 - 7,415 - - 0.00 ViacomCBS Inc 'B' 6,953 15,468 9,080 13,341 439,141 0.05 Vivendi SA 20,455 - - 20,455 541,313 0.06 Walt Disney Co 40,561 2,726 3,118 40,169 5,358,267 0.57 Wolters Kluwer NV 5,976 - - 5,976 433,817 0.05 16,776,915 1.80 Metal fabricate & hardware Maruichi Steel Tube Ltd 1,300 - - 1,300 35,397 0.00 MISUMI Group Inc 5,700 - - 5,700 140,547 0.02 NSK Ltd 7,700 - - 7,700 63,790 0.01 SKF AB 'B' 7,599 - - 7,599 134,356 0.01 Tenaris SA 10,208 - - 10,208 101,772 0.01 475,862 0.05 Food a2 Milk Co Ltd 14,532 - - 14,532 136,051 0.01 Ajinomoto Co Inc 11,000 - - 11,000 176,677 0.02 Associated British Foods Plc 7,126 - - 7,126 237,904 0.03 Calbee Inc 1,600 - - 1,600 51,112 0.01 Campbell Soup Co 3,651 - - 3,651 170,391 0.02 Carrefour SA 11,714 5,186 - 16,900 276,451 0.03 Casino Guichard Perrachon SA 1,027 - - 1,027 40,240 0.00 Coles Group Ltd 32,360 - 9,440 22,920 244,912 0.03 Colruyt SA 1,116 - - 1,116 53,854 0.01 Conagra Brands Inc 10,901 - - 10,901 346,103 0.04 Dairy Farm International Holdings Ltd 10,000 - - 10,000 49,669 0.00 Danone SA 13,144 1,127 1,228 13,043 1,009,286 0.11 Empire Co Ltd 'A' 3,201 - - 3,201 71,662 0.01 General Mills Inc 13,966 - - 13,966 703,378 0.07 George Weston Ltd 1,614 - - 1,614 125,526 0.01 Hershey Co 3,064 646 679 3,031 453,600 0.05 Hormel Foods Corp 7,853 - - 7,853 357,939 0.04 ICA Gruppen AB 1,489 - - 1,489 63,142 0.01 Ingredion Inc 1,441 - - 1,441 122,300 0.01 J Sainsbury Plc 32,770 - - 32,770 84,323 0.01 Jardine Strategic Holdings Ltd 4,500 - - 4,500 133,803 0.01 Jeronimo Martins SGPS SA 5,053 - - 5,053 83,953 0.01 JM Smucker Co 2,378 - - 2,378 237,626 0.02 Kellogg Co 6,576 - 1,541 5,035 331,228 0.04 Kerry Group Plc 'A' 3,161 859 - 4,020 495,397 0.05 Kikkoman Corp 2,900 - - 2,900 138,574 0.01 Koninklijke Ahold Delhaize NV 24,644 4,125 - 28,769 682,615 0.07 Kraft Heinz Co 14,157 - - 14,157 398,689 0.04 Kroger Co 18,027 - - 18,027 466,992 0.05 Lamb Weston Holdings Inc 3,038 - - 3,038 267,538 0.03 Loblaw Cos Ltd 4,361 - - 4,361 220,197 0.02 McCormick & Co Inc 2,973 - - 2,973 468,432 0.05 MEIJI Holdings Co Ltd 3,500 - 1,500 2,000 137,391 0.01 METRO AG 3,318 - - 3,318 44,666 0.00 Metro Inc 4,849 2,481 2,392 4,938 194,272 0.02 Mondelez International Inc 'A' 33,082 1,696 3,140 31,638 1,750,851 0.19 Mowi ASA 12,725 - - 12,725 293,175 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) NH Foods Ltd 2,000 - - 2,000 85,869 0.01 Nisshin Seifun Group Inc 3,700 - - 3,700 61,831 0.01 Nissin Foods Holdings Co Ltd 1,200 - - 1,200 88,201 0.01 Ocado Group Plc 10,608 - - 10,608 165,006 0.02 Orkla ASA 16,419 - - 16,419 152,894 0.02 Saputo Inc 7,169 - - 7,169 212,566 0.02 Seven & i Holdings Co Ltd 17,300 - - 17,300 649,173 0.07 Sysco Corp 11,436 1,126 1,262 11,300 895,185 0.10 Tesco Plc 231,776 - - 231,776 727,530 0.08 Toyo Suisan Kaisha Ltd 1,700 - - 1,700 69,585 0.01 Tyson Foods Inc 'A' 6,138 1,144 1,112 6,170 491,703 0.05 WH Group Ltd 176,000 112,500 95,000 193,500 179,293 0.02 Wilmar International Ltd 65,900 - - 65,900 182,071 0.02 Wm Morrison Supermarkets Plc 44,688 - - 44,688 103,372 0.01 Woolworths Group Ltd 30,034 - 3,816 26,218 708,254 0.08 Yakult Honsha Co Ltd 3,000 - - 3,000 148,158 0.02 Yamazaki Baking Co Ltd 2,400 - - 2,400 44,592 0.00 16,085,202 1.72 Food Service Aramark 4,918 - - 4,918 209,363 0.02 Compass Group Plc 35,731 - - 35,731 852,650 0.09 Sodexo SA 1,817 - - 1,817 183,715 0.02 1,245,728 0.13 Private equity 3i Group Plc 21,090 - - 21,090 296,144 0.03 Blackstone Group Inc 'A' - 15,739 - 15,739 927,011 0.10 Brookfield Asset Management Inc 'A' 19,099 1,786 1,757 19,128 1,129,575 0.12 Eurazeo SE 885 - - 885 61,199 0.01 KKR & Co Inc 'A' 10,326 - - 10,326 317,689 0.03 Onex Corp 1,637 - - 1,637 101,350 0.01 2,832,968 0.30 Aerospace & defence Airbus SE 13,122 724 1,028 12,818 1,825,378 0.19 Arconic Inc 12,826 3,039 6,661 9,204 265,860 0.03 BAE Systems Plc 78,758 12,788 13,598 77,948 625,707 0.07 Boeing Co 12,095 838 926 12,007 3,685,615 0.39 Bombardier Inc 'B' 38,681 - - 38,681 34,695 0.00 CAE Inc 5,395 - - 5,395 154,418 0.02 Dassault Aviation SA 48 - - 48 56,330 0.01 Elbit Systems Ltd 439 - - 439 65,072 0.01 General Dynamics Corp 5,678 - - 5,678 960,735 0.10 HEICO Corp 996 - - 996 117,605 0.01 HEICO Corp 'A' 1,765 - - 1,765 163,672 0.02 IHI Corp 3,100 - - 3,100 72,521 0.01 Kawasaki Heavy Industries Ltd 3,000 - - 3,000 58,649 0.01 L3Harris Technologies Inc 4,585 478 - 5,063 1,080,757 0.12 Leonardo SpA 1,936 - - 1,936 23,134 0.00 Lockheed Martin Corp 5,731 267 408 5,590 2,308,113 0.25 Meggitt Plc 15,543 - - 15,543 133,501 0.01 MTU Aero Engines AG 1,503 - 374 1,129 331,113 0.03 Northrop Grumman Corp 3,731 - 286 3,445 1,244,520 0.13 Raytheon Co 6,435 - - 6,435 1,371,206 0.15

[62] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Rolls Royce Hldgs Plc (Pref) - 1,908,862 1,908,862 - - 0.00 Rolls-Royce Holdings Plc 41,497 - - 41,497 353,470 0.04 Safran SA 7,495 572 613 7,454 1,162,764 0.12 Spirit AeroSystems Holdings Inc 'A' 2,379 - - 2,379 149,872 0.02 Teledyne Technologies Inc - 866 - 866 304,903 0.03 Thales SA 2,864 - - 2,864 303,718 0.03 TransDigm Group Inc 1,042 175 176 1,041 645,848 0.07 United Technologies Corp 18,469 764 1,241 17,992 2,606,328 0.28 20,105,504 2.15 Pipelines AltaGas Ltd 8,141 - - 8,141 126,511 0.01 APA Group 23,719 - - 23,719 173,510 0.02 Cheniere Energy Inc 5,528 - - 5,528 315,837 0.03 Enbridge Inc 45,581 2,940 4,072 44,449 1,744,185 0.19 Inter Pipeline Ltd 7,509 4,838 - 12,347 198,535 0.02 Keyera Corp 4,019 - - 4,019 101,201 0.01 Kinder Morgan Inc 45,937 - - 45,937 924,623 0.10 Koninklijke Vopak NV 1,300 - - 1,300 67,221 0.01 ONEOK Inc 8,920 1,316 1,423 8,813 636,373 0.07 Pembina Pipeline Corp 10,179 2,531 2,822 9,888 365,437 0.04 Plains GP Holdings LP 'A' 2,744 - 2,744 - - 0.00 Targa Resources Corp 6,561 - - 6,561 230,963 0.03 TC Energy Corp 19,852 2,014 1,972 19,894 1,052,802 0.11 Williams Cos Inc 28,234 - - 28,234 563,395 0.06 6,500,593 0.70 Shipbuilding Huntington Ingalls Industries Inc 911 - - 911 229,318 0.03 Wartsila Oyj Abp 8,907 - - 8,907 105,432 0.01 Yangzijiang Shipbuilding Holdings Ltd 42,300 - - 42,300 28,395 0.00 363,145 0.04 Software Activision Blizzard Inc 16,335 2,049 1,863 16,521 931,802 0.10 Adobe Inc 10,991 663 937 10,717 3,629,387 0.39 Akamai Technologies Inc 3,441 1,042 1,160 3,323 299,174 0.03 ANSYS Inc 1,799 - - 1,799 475,975 0.05 Autodesk Inc 4,663 684 610 4,737 899,329 0.10 AVEVA Group Plc - 1,929 - 1,929 120,610 0.01 Black Knight Inc - 3,559 - 3,559 229,701 0.02 BlackBerry Ltd 10,116 - - 10,116 59,458 0.01 Broadridge Financial Solutions Inc 2,431 710 823 2,318 266,371 0.03 Cadence Design Systems Inc 6,240 - - 6,240 433,970 0.05 CDK Global Inc 2,536 - - 2,536 131,293 0.01 Cerner Corp 5,988 1,379 - 7,367 510,360 0.05 Citrix Systems Inc 3,042 - - 3,042 355,642 0.04 Constellation Software Inc 429 - - 429 435,179 0.05 Dassault Systemes SE 2,663 654 645 2,672 447,511 0.05 DocuSign Inc 2,379 - - 2,379 180,135 0.02 Dropbox Inc 'A' 4,446 - - 4,446 72,981 0.01 Electronic Arts Inc 7,306 - 1,027 6,279 653,540 0.07 Fidelity National Information Services Inc 14,122 670 1,314 13,478 1,867,416 0.20 Fiserv Inc 12,335 957 874 12,418 1,420,537 0.15 Guidewire Software Inc - 1,955 - 1,955 212,119 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Intuit Inc 5,672 365 369 5,668 1,532,698 0.16 Jack Henry & Associates Inc 1,558 647 670 1,535 221,384 0.02 Konami Holdings Corp 1,800 - - 1,800 67,912 0.01 Micro Focus International Plc 6,185 - - 6,185 80,614 0.01 Micro Focus International Plc ADR 1,035 - - 1,035 13,376 0.00 Microsoft Corp 164,250 9,648 12,614 161,284 26,479,337 2.83 MongoDB Inc 738 - - 738 116,665 0.01 MSCI Inc 1,900 - - 1,900 523,716 0.06 Nexon Co Ltd 15,100 - - 15,100 199,533 0.02 Open Text Corp 7,806 - 2,330 5,476 237,840 0.03 Oracle Corp 56,614 1,848 5,916 52,546 2,658,061 0.28 Oracle Corp Japan 800 - - 800 67,912 0.01 Paychex Inc 7,834 - 1,175 6,659 550,838 0.06 Paycom Software Inc 1,160 - - 1,160 355,945 0.04 PTC Inc 2,322 - - 2,322 186,143 0.02 RingCentral Inc 'A' - 1,708 - 1,708 338,648 0.04 Sage Group Plc 21,613 10,874 10,833 21,654 203,278 0.02 salesforce.com Inc 17,706 1,840 1,283 18,263 3,211,163 0.34 SAP SE 22,148 1,534 2,096 21,586 2,718,248 0.29 ServiceNow Inc 3,952 719 356 4,315 1,407,579 0.15 Splunk Inc 3,683 - - 3,683 551,494 0.06 Square Enix Holdings Co Ltd - 2,400 - 2,400 114,896 0.01 SS&C Technologies Holdings Inc 5,228 - - 5,228 317,706 0.03 Synopsys Inc 3,278 - - 3,278 466,348 0.05 Tableau Software Inc 'A' 1,669 - 1,669 - - 0.00 Take-Two Interactive Software Inc 2,971 - - 2,971 357,141 0.04 Twilio Inc 'A' 2,190 772 - 2,962 355,202 0.04 Tyler Technologies Inc - 918 - 918 286,575 0.03 Ubisoft Entertainment SA 2,070 - - 2,070 151,861 0.02 Veeva Systems Inc 'A' 3,080 - - 3,080 435,506 0.05 VMware Inc 'A' 1,990 - - 1,990 284,165 0.03 WiseTech Global Ltd - 6,034 - 6,034 97,513 0.01 Workday Inc 'A' 3,288 551 - 3,839 683,597 0.07 Worldline SA 2,505 - - 2,505 170,681 0.02 59,076,065 6.32 Toys, games & hobbies Bandai Namco Holdings Inc 4,000 1,800 1,700 4,100 232,691 0.02 Hasbro Inc 3,339 - - 3,339 328,052 0.04 Nintendo Co Ltd 2,500 300 300 2,500 906,966 0.10 1,467,709 0.16 Telecommunications 1&1 Drillisch AG 990 - 990 - - 0.00 Altice Europe NV - 19,596 - 19,596 121,812 0.01 Arista Networks Inc 1,330 - - 1,330 286,482 0.03 AT&T Inc 163,962 11,437 12,645 162,754 5,905,140 0.63 BCE Inc 3,069 - - 3,069 139,563 0.02 BT Group Plc 196,173 - - 196,173 401,338 0.04 CenturyLink Inc 24,428 - - 24,428 321,824 0.03 Cisco Systems Inc 99,201 6,021 8,785 96,437 4,275,608 0.46 CommScope Holding Co Inc 3,882 - 3,882 - - 0.00 Corning Inc 18,344 - - 18,344 472,196 0.05 Deutsche Telekom AG RegS 75,110 - - 75,110 1,172,538 0.13

[64] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Elisa Oyj 2,856 - - 2,856 165,873 0.02 Eutelsat Communications SA 3,501 - - 3,501 50,684 0.01 Hikari Tsushin Inc 400 400 500 300 72,103 0.01 HKT Trust & HKT Ltd 76,000 - - 76,000 109,878 0.01 Juniper Networks Inc 7,629 - - 7,629 168,788 0.02 KDDI Corp 40,100 3,600 4,900 38,800 1,129,335 0.12 Koninklijke KPN NV 68,677 32,267 32,725 68,219 184,688 0.02 Millicom International Cellular SA SDR 1,330 - - 1,330 60,605 0.01 Motorola Solutions Inc 3,994 - 606 3,388 578,358 0.06 Nice Ltd 1,214 606 - 1,820 304,389 0.03 Nippon Telegraph & Telephone Corp 13,900 15,700 2,000 27,600 684,351 0.07 Nokia Oyj 130,914 - - 130,914 492,453 0.05 NTT DOCOMO Inc 31,300 3,400 3,700 31,000 857,064 0.09 Orange SA 44,613 - - 44,613 610,575 0.07 PCCW Ltd 78,000 - - 78,000 44,468 0.01 Proximus SADP 3,056 - - 3,056 84,008 0.01 Rogers Communications Inc 'B' 8,918 - - 8,918 430,910 0.05 SES SA 7,347 - - 7,347 87,202 0.01 Singapore Telecommunications Ltd 204,400 - 42,000 162,400 378,686 0.04 Softbank Corp 37,700 - - 37,700 501,861 0.05 SoftBank Group Corp 37,200 2,100 3,000 36,300 1,461,301 0.16 Spark New Zealand Ltd 36,806 - - 36,806 107,051 0.01 Sprint Corp 16,064 - - 16,064 67,704 0.01 Tele2 AB 'B' 14,577 - - 14,577 212,078 0.02 Telecom Italia SpA 229,837 - - 229,837 119,583 0.01 Telecom Italia SpA (Pref) 121,026 - - 121,026 61,443 0.01 Telefonaktiebolaget LM Ericsson 'B' 71,586 - - 71,586 542,665 0.06 Telefonica Deutschland Holding AG 13,735 - - 13,735 40,120 0.00 Telefonica SA 98,283 13,313 13,571 98,025 640,037 0.07 Telenor ASA 19,525 - - 19,525 341,059 0.04 Telia Co AB 72,401 - - 72,401 298,835 0.03 Telstra Corp Ltd 83,786 37,032 41,345 79,473 197,037 0.02 TELUS Corp 909 - - 909 35,166 0.00 TELUS Corp 3,022 - - 3,022 116,909 0.01 T-Mobile US Inc 7,401 1,189 1,298 7,292 556,925 0.06 TPG Telecom Ltd 7,003 - - 7,003 33,821 0.00 Verizon Communications Inc 93,117 6,525 7,271 92,371 5,295,344 0.57 Vodafone Group Plc 602,249 50,105 65,400 586,954 1,114,102 0.12 Zayo Group Holdings Inc 3,710 2,855 - 6,565 220,024 0.02 31,553,984 3.38 Textiles Mohawk Industries Inc 1,269 - - 1,269 161,162 0.02 Teijin Ltd 3,800 - - 3,800 66,782 0.00 227,944 0.02 Transportation AP Moller - Maersk A/S 'A' 78 - - 78 84,784 0.01 AP Moller - Maersk A/S 'B' 132 - - 132 152,768 0.02 Aurizon Holdings Ltd 41,268 - - 41,268 144,148 0.02 Canadian National Railway Co 16,492 1,006 1,653 15,845 1,428,974 0.15 Canadian Pacific Railway Ltd 3,410 - 426 2,984 764,986 0.08 Central Japan Railway Co 3,400 - - 3,400 653,043 0.07 CH Robinson Worldwide Inc 3,877 - 1,333 2,544 177,196 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) ComfortDelGro Corp Ltd 95,500 53,000 74,300 74,200 113,774 0.01 CSX Corp 17,168 1,496 1,780 16,884 1,243,103 0.13 Deutsche Post AG RegS 21,746 - - 21,746 733,873 0.08 DSV PANALPINA A/S 4,009 910 - 4,919 516,107 0.06 East Japan Railway Co 6,700 1,000 1,100 6,600 569,674 0.06 Expeditors International of Washington Inc 3,628 - - 3,628 255,569 0.03 FedEx Corp 5,668 - - 5,668 790,675 0.08 Getlink SE 9,389 - - 9,389 160,058 0.02 Hankyu Hanshin Holdings Inc 4,900 - - 4,900 194,901 0.02 JB Hunt Transport Services Inc 1,757 - - 1,757 182,891 0.02 Kamigumi Co Ltd 2,100 - - 2,100 43,783 0.00 Kansas City Southern 2,117 751 663 2,205 358,738 0.04 Keihan Holdings Co Ltd 1,900 - - 1,900 83,943 0.01 Keikyu Corp 4,700 - - 4,700 84,732 0.01 Keio Corp 2,300 - - 2,300 128,528 0.01 Keisei Electric Railway Co Ltd 2,500 - - 2,500 88,316 0.01 Kintetsu Group Holdings Co Ltd 3,600 - - 3,600 184,837 0.02 Knight-Swift Transportation Holdings Inc 2,676 - - 2,676 95,699 0.01 Kyushu Railway Co 3,100 - - 3,100 98,892 0.01 Mitsui OSK Lines Ltd 2,300 - - 2,300 55,034 0.01 MTR Corp Ltd 47,500 17,000 24,500 40,000 218,106 0.02 Nagoya Railroad Co Ltd 3,700 - - 3,700 105,851 0.01 Nippon Express Co Ltd 1,600 - - 1,600 82,150 0.01 Nippon Yusen KK 3,200 - - 3,200 50,514 0.01 Norfolk Southern Corp 5,896 551 605 5,842 1,173,121 0.13 Odakyu Electric Railway Co Ltd 6,000 - - 6,000 130,059 0.01 Old Dominion Freight Line Inc 1,241 593 527 1,307 247,355 0.03 Poste Italiane SpA 11,114 - - 11,114 122,944 0.01 Seibu Holdings Inc 4,500 - - 4,500 68,513 0.01 SG Holdings Co Ltd 3,900 - - 3,900 80,686 0.01 Tobu Railway Co Ltd 3,900 - - 3,900 134,303 0.01 Tokyu Corp 10,700 - - 10,700 183,951 0.02 Union Pacific Corp 16,290 591 1,334 15,547 2,690,278 0.29 United Parcel Service Inc 'B' 15,545 854 1,078 15,321 1,529,646 0.16 West Japan Railway Co 4,600 - 1,200 3,400 280,580 0.03 XPO Logistics Inc 2,290 - - 2,290 196,388 0.02 Yamato Holdings Co Ltd 7,000 - - 7,000 110,562 0.01 16,794,033 1.80 Environmental control Kurita Water Industries Ltd 1,800 - - 1,800 51,815 0.01 Pentair Plc 3,456 - - 3,456 143,092 0.01 Republic Services Inc 4,734 1,039 1,149 4,624 423,886 0.05 Waste Connections Inc 6,451 - 1,121 5,330 495,083 0.05 Waste Management Inc 9,866 - - 9,866 1,158,008 0.12 2,271,884 0.24 Entertainment Aristocrat Leisure Ltd 14,883 - - 14,883 347,854 0.04 Flutter Entertainment Plc 1,607 - - 1,607 176,051 0.02 Genting Singapore Ltd 121,500 - - 121,500 73,834 0.01 GVC Holdings Plc 15,957 - - 15,957 177,955 0.02 Live Nation Entertainment Inc 2,899 1,294 1,488 2,705 177,818 0.02 Merlin Entertainments Plc 13,163 - 13,163 - - 0.00

[66] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Oriental Land Co Ltd 4,400 - - 4,400 558,319 0.06 Sankyo Co Ltd 1,200 - - 1,200 39,402 0.00 Sega Sammy Holdings Inc 3,200 - - 3,200 42,684 0.00 Stars Group Inc 4,572 - - 4,572 105,290 0.01 Tabcorp Holdings Ltd 38,574 - - 38,574 116,806 0.01 Toho Co Ltd 2,200 - - 2,200 79,187 0.01 Vail Resorts Inc 805 - - 805 182,069 0.02 2,077,269 0.22 Packaging & containers Amcor Plc 32,415 9,449 - 41,864 427,579 0.05 Ball Corp 7,056 - - 7,056 491,196 0.05 CCL Industries Inc 'B' 2,823 - - 2,823 114,892 0.01 Crown Holdings Inc 2,713 - - 2,713 193,704 0.02 Packaging Corp of America 1,893 894 899 1,888 174,349 0.02 Sealed Air Corp 3,815 - - 3,815 130,618 0.01 Toyo Seikan Group Holdings Ltd 3,000 - - 3,000 50,080 0.01 Westrock Co 5,100 - - 5,100 191,829 0.02 1,774,247 0.19 Insurance Admiral Group Plc 3,989 - - 3,989 114,562 0.01 Aegon NV 35,463 - - 35,463 139,066 0.01 Aflac Inc 17,844 - 1,861 15,983 794,942 0.09 Ageas 3,794 - - 3,794 201,819 0.02 AIA Group Ltd 272,200 19,800 17,000 275,000 2,655,687 0.28 Alleghany Corp 302 - - 302 232,330 0.02 Allianz SE RegS 9,663 416 756 9,323 2,150,828 0.23 Allstate Corp 7,361 885 930 7,316 836,408 0.09 American Financial Group Inc 1,502 - - 1,502 157,594 0.02 American International Group Inc 20,347 1,814 2,249 19,912 965,200 0.10 AMP Ltd 58,727 - - 58,727 69,199 0.01 Aon Plc 5,329 529 575 5,283 1,122,215 0.12 Arch Capital Group Ltd 8,235 2,501 2,445 8,291 353,115 0.04 Arthur J Gallagher & Co 4,801 - 1,082 3,719 367,897 0.04 Assicurazioni Generali SpA 23,504 - - 23,504 442,007 0.05 Assurant Inc 1,189 - - 1,189 149,717 0.02 Athene Holding Ltd 'A' 4,093 - - 4,093 171,953 0.02 Aviva Plc 79,596 17,588 - 97,184 492,238 0.05 AXA SA 44,076 3,943 - 48,019 1,235,855 0.13 Berkshire Hathaway Inc 'B' 29,388 1,951 2,281 29,058 6,289,648 0.67 Brighthouse Financial Inc 1,683 - 1,683 - - 0.00 Brown & Brown Inc - 3,464 - 3,464 150,004 0.02 Challenger Ltd 11,671 - - 11,671 67,442 0.01 Chubb Ltd 10,450 596 989 10,057 1,474,223 0.16 Cincinnati Financial Corp 3,227 918 934 3,211 325,014 0.03 CNP Assurances 3,178 - - 3,178 55,264 0.01 Dai-ichi Life Holdings Inc 26,900 - - 26,900 396,390 0.04 Direct Line Insurance Group Plc 27,490 - - 27,490 118,058 0.01 Equitable Holdings Inc 4,956 14,724 9,840 9,840 227,954 0.02 Erie Indemnity Co 'A' 593 - - 593 95,225 0.01 Everest Re Group Ltd 873 - - 873 232,862 0.02 Fairfax Financial Holdings Ltd 769 - - 769 332,078 0.04 Fidelity National Financial Inc 5,606 2,069 2,108 5,567 261,743 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Gjensidige Forsikring ASA 3,714 - - 3,714 78,107 0.01 Globe Life Inc 2,222 2,222 2,222 2,222 223,430 0.02 Great-West Lifeco Inc 5,955 - - 5,955 148,908 0.02 Hannover Rueck SE 1,210 - - 1,210 226,966 0.02 Hartford Financial Services Group Inc 7,313 1,687 1,627 7,373 421,534 0.05 iA Financial Corp Inc 2,136 - - 2,136 113,443 0.01 Insurance Australia Group Ltd 63,866 - - 63,866 291,945 0.03 Intact Financial Corp 2,647 1,025 - 3,672 383,909 0.04 Japan Post Holdings Co Ltd 38,600 - - 38,600 342,206 0.04 Japan Post Insurance Co Ltd - 6,400 - 6,400 105,528 0.01 Legal & General Group Plc 120,702 32,815 28,219 125,298 486,650 0.05 Lincoln National Corp 4,446 - - 4,446 233,607 0.02 Loews Corp 5,744 1,948 2,001 5,691 282,393 0.03 M&G Plc - 58,430 - 58,430 178,431 0.02 Manulife Financial Corp 44,853 - - 44,853 843,222 0.09 Mapfre SA 28,385 - - 28,385 70,141 0.01 Markel Corp 275 89 90 274 309,968 0.03 Marsh & McLennan Cos Inc 11,391 942 1,102 11,231 1,211,638 0.13 Medibank Pvt Ltd 55,379 - - 55,379 110,842 0.01 MetLife Inc 18,115 - - 18,115 868,484 0.09 MS&AD Insurance Group Holdings Inc 9,700 3,000 3,200 9,500 309,143 0.03 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen RegS 3,486 - 354 3,132 891,437 0.10 NN Group NV 8,316 - - 8,316 279,089 0.03 Power Corp of Canada 7,076 - - 7,076 170,385 0.02 Power Financial Corp 5,008 - - 5,008 125,447 0.01 Principal Financial Group Inc 5,842 - - 5,842 298,337 0.03 Progressive Corp 13,153 1,200 1,526 12,827 998,216 0.11 Prudential Financial Inc 9,650 - 1,082 8,568 752,466 0.08 Prudential Plc 58,430 - - 58,430 1,004,324 0.11 QBE Insurance Group Ltd 27,582 - - 27,582 244,865 0.03 Reinsurance Group of America Inc 1,296 - - 1,296 180,052 0.02 RenaissanceRe Holdings Ltd 810 978 631 1,157 211,390 0.02 RSA Insurance Group Plc 20,443 - - 20,443 143,049 0.02 Sampo Oyj 'A' 10,785 - - 10,785 471,111 0.05 SCOR SE 3,466 - - 3,466 142,363 0.02 Sompo Holdings Inc 7,100 2,300 2,500 6,900 253,761 0.03 Sony Financial Holdings Inc 3,200 - - 3,200 72,554 0.01 Sun Life Financial Inc 12,374 2,489 2,185 12,678 575,239 0.06 Suncorp Group Ltd 35,274 34,251 35,274 34,251 284,388 0.03 Suncorp Group Ltd - 34,251 34,251 - - 0.00 T&D Holdings Inc 10,600 - - 10,600 112,338 0.01 Tokio Marine Holdings Inc 15,500 - 1,900 13,600 724,292 0.08 Travelers Cos Inc 5,662 666 744 5,584 708,838 0.08 Tryg A/S 2,225 - - 2,225 65,045 0.01 Unum Group 4,725 - - 4,725 121,627 0.01 Voya Financial Inc 3,616 - - 3,616 208,306 0.02 Willis Towers Watson Plc 3,143 - - 3,143 640,476 0.07 WR Berkley Corp 2,926 - - 2,926 207,500 0.02 39,805,927 4.26 Distribution & wholesale Bunzl Plc 9,592 - - 9,592 239,625 0.03 Copart Inc 4,628 - - 4,628 452,864 0.05

[68] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Fastenal Co 11,558 3,364 2,857 12,065 405,867 0.04 Ferguson Plc 6,073 - 1,169 4,904 424,081 0.05 HD Supply Holdings Inc 3,843 - - 3,843 150,998 0.02 ITOCHU Corp 28,600 4,700 4,600 28,700 655,824 0.07 Jardine Cycle & Carriage Ltd 1,855 - - 1,855 38,300 0.00 LKQ Corp 6,201 - - 6,201 195,474 0.02 Marubeni Corp 33,100 - - 33,100 234,215 0.02 Mitsubishi Corp 30,500 - - 30,500 766,163 0.08 Mitsui & Co Ltd 40,000 5,200 5,700 39,500 689,088 0.07 Sumitomo Corp 24,600 6,300 6,700 24,200 352,728 0.04 Toyota Tsusho Corp 4,300 - - 4,300 146,739 0.02 WW Grainger Inc 1,080 - - 1,080 315,263 0.03 5,067,229 0.54 Water American Water Works Co Inc 3,630 833 836 3,627 476,436 0.05 Essential Utilities Inc - 5,135 - 5,135 257,230 0.03 Severn Trent Plc 4,724 - - 4,724 154,890 0.02 Suez 7,383 - - 7,383 117,023 0.01 United Utilities Group Plc 13,636 - - 13,636 175,700 0.02 Veolia Environnement SA 13,476 - - 13,476 384,277 0.04 1,565,556 0.17 Advertising Dentsu Group Inc 6,600 - - 6,600 214,949 0.02 Hakuhodo DY Holdings Inc 4,300 - - 4,300 60,302 0.01 Interpublic Group of Cos Inc 8,824 - - 8,824 193,184 0.02 JCDecaux SA 1,369 - - 1,369 35,380 0.00 Omnicom Group Inc 4,636 - - 4,636 336,725 0.04 Publicis Groupe SA 5,664 - - 5,664 242,330 0.03 WPP Plc 33,135 - 7,995 25,140 302,036 0.03 1,384,906 0.15 Hand & machine tools Amada Holdings Co Ltd 6,800 - - 6,800 70,372 0.01 Disco Corp 600 - - 600 137,960 0.01 Fuji Electric Co Ltd 2,400 - - 2,400 70,262 0.01 Makita Corp 4,500 - - 4,500 170,382 0.02 Snap-on Inc 1,155 - - 1,155 177,818 0.02 Stanley Black & Decker Inc 3,812 - 656 3,156 484,969 0.05 Techtronic Industries Co Ltd 28,000 13,500 13,500 28,000 218,926 0.02 1,330,689 0.14 Total shares 920,945,095 98.52 Collective investment schemes Diversified financial services BlackRock ICS Sterling Liquidity Fund - 590,335 590,334 - - 0.00 BlackRock ICS US Dollar Liquidity Fund 9,480,437 16,790,788 19,703,211 6,568,014 6,334,521 0.68 6,334,521 0.68 Real estate investment trust Ascendas (REIT) 50,600 8,096 - 58,696 130,647 0.01 Ascendas (REIT) Rights - 8,096 8,096 - - 0.00 British Land Co Plc (REIT) 19,435 - - 19,435 137,033 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Collective investment schemes (continued) Suntec (REIT) 50,600 - - 50,600 65,788 0.01 United Urban Investment Corp (REIT) 62 - - 62 107,195 0.01 440,663 0.04 Total collective investment schemes 6,775,184 0.72 Total securities traded on an official stock exchange 927,720,279 99.24 Total securities 927,720,279 99.24

Derivative financial instruments Index Futures EURO STOXX 50 Index Futures September 2019 72 4 76 - - 0.00 EURO STOXX 50 Index Futures December 2019 - 62 62 - - 0.00 EURO STOXX 50 Index Futures March 2020 - 46 - 46 (47,882) (0.01) FTSE 100 Index Futures September 2019 18 1 19 - - 0.00 FTSE 100 Index Futures December 2019 - 15 15 - - 0.00 FTSE 100 Index Futures March 2020 - 14 - 14 (43,003) 0.00 S+P 500 E-Mini Index Futures September 2019 70 7 77 - - 0.00 S+P 500 E-Mini Index Futures December 2019 - 8 8 - - 0.00 S+P 500 E-Mini Index Futures March 2020 - 54 - 54 142,098 0.01 Topix Index Futures September 2019 10 - 10 - - 0.00 Topix Index Futures December 2019 - 51 51 - - 0.00 Topix Index Futures March 2020 - 9 - 9 (40,942) 0.00 10,271 0.00 Total derivative financial instruments 10,271 0.00 Total investments 927,730,550 99.24

Sight deposits 5,680,283 0.61 Other assets 1,387,895 0.15 Total sub-fund assets 934,798,728 100.00 Other liabilities (79,557) (0.01) Net sub-fund assets 934,719,171 99.99 1 Inclusive of corporate actions where applicable.

[70] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Securities traded on an official stock exchange Shares Energy - alternate sources Ballard Power Systems Inc 17,355 - - 17,355 164,906 0.03 Clean Energy Fuels Corp 20,896 - - 20,896 46,352 0.01 Encavis AG 9,101 - - 9,101 105,443 0.02 Energix-Renewable Energies Ltd - 18,251 - 18,251 62,273 0.01 Enphase Energy Inc 7,820 - - 7,820 237,724 0.04 ERG SpA 5,515 - - 5,515 125,787 0.02 Falck Renewables SpA 27,649 - - 27,649^ 173,762 0.03 First Solar Inc 7,269 1,201 - 8,470 405,014 0.06 FutureFuel Corp 2,364 - - 2,364 24,988 0.00 Green Plains Inc 3,710 - - 3,710 44,619 0.01 Infigen Energy 136,911 - - 136,911 69,833 0.01 John Laing Group Plc 58,118 - - 58,118 262,301 0.04 NEL ASA 131,836 - - 131,836^ 126,559 0.02 NextEra Energy Partners LP 5,662 - - 5,662 310,005 0.05 Nordex SE 7,055 - - 7,055^ 88,901 0.01 Pattern Energy Group Inc 'A' 8,121 3,566 - 11,687 303,317 0.05 Plug Power Inc 20,323 16,712 - 37,035 138,052 0.02 PowerCell Sweden AB - 5,140 - 5,140 99,674 0.02 Renewable Energy Group Inc 2,886 - - 2,886 73,148 0.01 REX American Resources Corp 852 - - 852 61,916 0.01 Scatec Solar ASA 12,690 - - 12,690^ 208,854 0.03 SolarEdge Technologies Inc 4,104 758 - 4,862 458,881 0.07 Solaria Energia y Medio Ambiente SA - 10,622 - 10,622 95,931 0.02 Stobart Group Ltd 33,477 - - 33,477^ 43,412 0.01 SunPower Corp 5,870 6,733 - 12,603 103,560 0.02 Sunrun Inc 7,049 - - 7,049 115,777 0.02 TerraForm Power Inc 'A' 4,237 4,254 - 8,491 148,141 0.02 TPI Composites Inc 1,513 - - 1,513 30,279 0.00 TransAlta Renewables Inc 19,056 - - 19,056 229,984 0.04 Vivint Solar Inc - 8,619 - 8,619 67,831 0.01 4,427,224 0.71 Pharmaceuticals Aerie Pharmaceuticals Inc 3,871 - - 3,871 76,460 0.01 Agios Pharmaceuticals Inc 5,595 - - 5,595 262,952 0.04 Aimmune Therapeutics Inc 3,751 - - 3,751 112,328 0.02 Akcea Therapeutics Inc 1,839 - - 1,839 30,630 0.00 Akebia Therapeutics Inc 12,685 - - 12,685 88,330 0.01 Akorn Inc 9,870 - - 9,870 14,564 0.00 ALK-Abello A/S 726 - - 726 186,902 0.03 Alkermes Plc - 14,534 - 14,534 244,041 0.04 Alliance Pharma Plc - 46,523 - 46,523 51,398 0.01 Almirall SA 7,474 - - 7,474 106,643 0.02 Amneal Pharmaceuticals Inc 10,763 - - 10,763 46,608 0.01 Amphastar Pharmaceuticals Inc 3,406 - - 3,406 62,118 0.01 Amplifon SpA 9,497 3,302 - 12,799^ 351,293 0.06 AnGes Inc 12,500 - - 12,500 65,737 0.01 Anika Therapeutics Inc 1,695 - - 1,695 67,204 0.01 Antares Pharma Inc - 20,075 - 20,075 71,056 0.01 Aphria Inc 24,019 - - 24,019 108,421 0.02 Arvinas Holding Co LLC - 2,642 - 2,642 123,480 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [71] 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 period ended 31 January 2020

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

Shares (continued) ASKA Pharmaceutical Co Ltd 1,645 - - 1,645^ 18,209 0.00 Assertio Therapeutics Inc 6,980 - 6,980 - - 0.00 Athenex Inc 5,751 - - 5,751 74,268 0.01 Aurinia Pharmaceuticals Inc - 9,332 - 9,332 165,367 0.03 Australian Pharmaceutical Industries Ltd 33,702 - - 33,702^ 28,614 0.00 Axsome Therapeutics Inc 2,683 - - 2,683 224,657 0.04 BioDelivery Sciences International Inc - 11,161 - 11,161 56,512 0.01 BioGaia AB 'B' 1,272 - - 1,272^ 53,138 0.01 BioSpecifics Technologies Corp - 1,144 - 1,144 65,185 0.01 Blackmores Ltd 1,273 - - 1,273^ 73,413 0.01 Boiron SA 911 - - 911^ 33,397 0.01 BTG Plc 36,095 - 36,095 - - 0.00 CannTrust Holdings Inc 12,414 - - 12,414 12,945 0.00 Catalyst Pharmaceuticals Inc - 13,448 - 13,448 53,306 0.01 Clinuvel Pharmaceuticals Ltd 3,877 - - 3,877 69,338 0.01 Clovis Oncology Inc 5,116 - 5,116 - - 0.00 Coherus Biosciences Inc 5,402 - - 5,402 93,988 0.01 Collegium Pharmaceutical Inc 2,182 - - 2,182 42,331 0.01 Corcept Therapeutics Inc 12,792 - - 12,792 156,313 0.02 Covetrus Inc 10,178 - - 10,178 120,739 0.02 CVS Group Plc 10,318 - - 10,318 150,460 0.02 Cyclerion Therapeutics Inc 1,440 11,776 - 13,216 41,807 0.01 Cytokinetics Inc 5,993 - - 5,993 71,093 0.01 DBV Technologies SA 2,412 - - 2,412^ 45,192 0.01 Dechra Pharmaceuticals Plc 9,688 1,690 - 11,378 411,393 0.07 Dermapharm Holding SE - 1,451 - 1,451 58,591 0.01 Dermira Inc 2,272 - - 2,272 41,524 0.01 Diplomat Pharmacy Inc 3,872 - - 3,872 14,863 0.00 Eagle Pharmaceuticals Inc 833 - - 833 43,238 0.01 Enanta Pharmaceuticals Inc 1,612 - - 1,612 80,129 0.01 Endo International Plc 19,593 - - 19,593 107,143 0.02 Faes Farma SA 28,341 809 - 29,150 153,286 0.02 Faes Farma SA - 809 809 - - 0.00 Faes Farma SA Rights - 28,341 28,341 - - 0.00 Fagron 4,104 4,145 - 8,249 184,266 0.03 Flexion Therapeutics Inc 3,669 - - 3,669 61,996 0.01 G1 Therapeutics Inc 2,241 - - 2,241 41,843 0.01 Galapagos NV 4,553 - 4,553 - - 0.00 Global Blood Therapeutics Inc 5,758 - - 5,758 362,409 0.06 Herbalife Nutrition Ltd 11,146 - - 11,146 417,628 0.07 Heron Therapeutics Inc 6,208 4,189 - 10,397 209,171 0.03 Heska Corp 785 - - 785 75,853 0.01 HEXO Corp 22,443 - - 22,443 27,168 0.00 Hikma Pharmaceuticals Plc 15,591 - - 15,591 363,129 0.06 Horizon Therapeutics Plc 17,950 2,494 - 20,444 680,047 0.11 Indivior Plc 81,119 - - 81,119 39,117 0.01 Intellia Therapeutics Inc 2,246 - - 2,246 25,799 0.00 Intra-Cellular Therapies Inc 5,078 - - 5,078 111,124 0.02 Ironwood Pharmaceuticals Inc 14,407 - - 14,407 167,850 0.03 Jamieson Wellness Inc 4,961 - - 4,961 96,087 0.02 Kaken Pharmaceutical Co Ltd 2,600 - - 2,600^ 134,650 0.02 Katakura Industries Co Ltd 2,081 - - 2,081^ 23,165 0.00 Kissei Pharmaceutical Co Ltd 5,400 - - 5,400^ 150,160 0.02

[72] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Knight Therapeutics Inc 11,300 - - 11,300 64,687 0.01 Kodiak Sciences Inc - 2,550 - 2,550 150,192 0.02 Kura Oncology Inc 3,158 - - 3,158 35,757 0.01 KYORIN Holdings Inc 4,008 - - 4,008^ 70,652 0.01 Madrigal Pharmaceuticals Inc 758 - - 758 60,692 0.01 Mallinckrodt Plc 7,741 - 7,741 - - 0.00 Mayne Pharma Group Ltd 172,517 - - 172,517^ 50,681 0.01 Mochida Pharmaceutical Co Ltd 3,100 - - 3,100^ 113,788 0.02 Momenta Pharmaceuticals Inc 7,069 - - 7,069 197,850 0.03 MyoKardia Inc 4,411 - - 4,411 289,412 0.05 Neogen Corp 5,292 - - 5,292 343,337 0.05 Neurocrine Biosciences Inc 9,399 - 9,399 - - 0.00 Nichi-iko Pharmaceutical Co Ltd 5,004 - - 5,004^ 57,663 0.01 Nippon Shinyaku Co Ltd 5,032 - 5,032 - - 0.00 Odonate Therapeutics Inc - 2,266 - 2,266 63,815 0.01 Option Care Health Inc - 19,218 - 19,218 77,475 0.01 Owens & Minor Inc - 8,887 - 8,887 53,655 0.01 Pacira BioSciences Inc 3,939 - - 3,939 164,191 0.03 Portola Pharmaceuticals Inc 6,691 - - 6,691 82,536 0.01 PRA Health Sciences Inc 5,556 823 - 6,379 623,282 0.10 Premier Inc 'A' 6,297 - - 6,297 211,163 0.03 Prestige Consumer Healthcare Inc 5,747 - - 5,747 224,812 0.04 Principia Biopharma Inc - 3,041 - 3,041 154,417 0.02 Progenics Pharmaceuticals Inc 7,353 - - 7,353 31,629 0.00 Ra Pharmaceuticals Inc 2,393 1,342 - 3,735 168,836 0.03 Reata Pharmaceuticals Inc 'A' 1,698 426 - 2,124 448,189 0.07 Recipharm AB 'B' 3,547 - - 3,547^ 50,256 0.01 Revance Therapeutics Inc 3,569 - - 3,569 77,000 0.01 Rhythm Pharmaceuticals Inc 1,834 - - 1,834 31,025 0.00 Rohto Pharmaceutical Co Ltd 11,068 - - 11,068^ 302,356 0.05 SanBio Co Ltd 3,400 - - 3,400^ 69,283 0.01 Sarepta Therapeutics Inc 6,991 - 6,991 - - 0.00 Sawai Pharmaceutical Co Ltd 3,595 - - 3,595^ 228,086 0.04 Seikagaku Corp 3,825 - - 3,825^ 40,027 0.01 Ship Healthcare Holdings Inc 4,850 - - 4,850^ 213,196 0.03 Sigma Healthcare Ltd 117,426 - - 117,426^ 45,490 0.01 Sosei Group Corp 9,000 - - 9,000^ 154,725 0.02 Spectrum Pharmaceuticals Inc 10,623 - - 10,623 25,921 0.00 Supernus Pharmaceuticals Inc 5,009 - - 5,009 110,483 0.02 TG Therapeutics Inc 9,114 - - 9,114 124,906 0.02 TherapeuticsMD Inc 25,181 - - 25,181 54,643 0.01 Tilray Inc 2,429 - - 2,429 41,090 0.01 Toho Holdings Co Ltd 5,839 - - 5,839^ 117,736 0.02 Torii Pharmaceutical Co Ltd 1,117 - - 1,117^ 37,124 0.01 Towa Pharmaceutical Co Ltd 2,418 - - 2,418^ 54,156 0.01 Tricida Inc 2,016 - - 2,016 68,557 0.01 Tsumura & Co 7,150 - - 7,150^ 190,870 0.03 uniQure NV 2,829 973 - 3,802 211,063 0.03 United Laboratories International Holdings Ltd 51,836 - - 51,836^ 33,029 0.00 UroGen Pharma Ltd 1,785 - - 1,785 50,631 0.01 USANA Health Sciences Inc 1,170 682 - 1,852 110,206 0.02 Vanda Pharmaceuticals Inc 4,493 - - 4,493 55,249 0.01 Vectura Group Plc 88,375 - 88,375 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [73] 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 period ended 31 January 2020

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

Shares (continued) Vectura Group Plc - 81,576 - 81,576 97,073 0.02 Virbac SA 346 - - 346^ 81,727 0.01 Vital KSK Holdings Inc 2,375 - - 2,375^ 22,021 0.00 Voyager Therapeutics Inc 1,809 - - 1,809 19,244 0.00 Zealand Pharma A/S 4,866 - - 4,866^ 170,229 0.03 ZERIA Pharmaceutical Co Ltd 3,929 - - 3,929^ 68,245 0.01 Zogenix Inc 3,615 - - 3,615 175,614 0.03 14,672,038 2.34 Auto manufacturers Aston Martin Lagonda Global Holdings Plc 5,980 - - 5,980 37,922 0.01 Blue Bird Corp - 3,167 - 3,167 60,263 0.01 Kyokuto Kaihatsu Kogyo Co Ltd 2,150 - - 2,150^ 27,415 0.01 Navistar International Corp 5,553 - - 5,553 196,122 0.03 NFI Group Inc 6,641 - - 6,641 148,288 0.02 Nissan Shatai Co Ltd 8,238 - - 8,238^ 76,897 0.01 REV Group Inc 5,646 - - 5,646 54,453 0.01 Shinmaywa Industries Ltd 8,486 - 6,900 1,586^ 20,167 0.00 Toyota Motor Corp - 1,116 1,116 - - 0.00 Wabash National Corp 7,301 - - 7,301 81,681 0.01 703,208 0.11 Auto parts & equipment Adient Plc 7,689 - - 7,689 190,657 0.03 Aisan Industry Co Ltd 2,687 - - 2,687^ 17,024 0.00 AKWEL 530 - - 530^ 10,604 0.00 Allison Transmission Holdings Inc 11,580 - - 11,580 493,640 0.08 American Axle & Manufacturing Holdings Inc 7,881 6,013 - 13,894 123,817 0.02 ARB Corp Ltd 8,010 - - 8,010^ 96,193 0.02 Bertrandt AG 559 - - 559^ 31,187 0.00 CIE Automotive SA 6,055 - - 6,055 128,203 0.02 Cie Plastic Omnium SA 6,590 - - 6,590^ 159,886 0.03 CIR-Compagnie Industriali Riunite SpA 36,958 - - 36,958^ 44,004 0.01 Cooper Tire & Rubber Co 4,098 2,167 - 6,265 160,060 0.03 Cooper-Standard Holdings Inc 2,233 - - 2,233 57,114 0.01 Daikyonishikawa Corp 8,300 - - 8,300^ 55,983 0.01 Dana Inc 17,018 - - 17,018 252,924 0.04 Delphi Technologies Plc 9,968 - - 9,968 147,473 0.02 Dorman Products Inc 2,618 - - 2,618 176,240 0.03 Douglas Dynamics Inc 2,774 - - 2,774 140,270 0.02 ElringKlinger AG 3,393 - - 3,393^ 22,339 0.00 Exedy Corp 3,541 - - 3,541^ 72,503 0.01 FCC Co Ltd 3,141 - - 3,141^ 62,775 0.01 Freni Brembo SpA 16,585 - - 16,585^ 182,933 0.03 Futaba Industrial Co Ltd 5,112 - - 5,112^ 30,432 0.00 Garrett Motion Inc 6,547 - - 6,547 53,166 0.01 Gentherm Inc 3,862 - - 3,862 171,746 0.03 Gestamp Automocion SA 14,548 - - 14,548^ 57,251 0.01 Goodyear Tire & Rubber Co 20,967 5,897 - 26,864 340,185 0.05 G-Tekt Corp 3,500 - - 3,500^ 49,613 0.01 GUD Holdings Ltd 9,119 - - 9,119^ 70,770 0.01 Haldex AB 4,821 - 4,821 - - 0.00 JOST Werke AG 1,700 - - 1,700^ 61,777 0.01 Keihin Corp 4,280 - - 4,280 98,297 0.02

[74] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Kendrion NV 1,008 - - 1,008^ 21,332 0.00 Kongsberg Automotive ASA 39,159 - 39,159 - - 0.00 KYB Corp 2,125 - - 2,125^ 56,292 0.01 Linamar Corp 5,609 - - 5,609 178,336 0.03 Meritor Inc 7,326 - - 7,326 154,806 0.02 Methode Electronics Inc 3,886 - - 3,886 122,742 0.02 Minth Group Ltd 74,000 - - 74,000 221,510 0.04 Mitsuba Corp 3,480 - - 3,480^ 20,190 0.00 Modine Manufacturing Co 4,995 - - 4,995 33,867 0.01 Motorcar Parts of America Inc 2,323 - - 2,323 44,495 0.01 Musashi Seimitsu Industry Co Ltd 4,072 - - 4,072^ 47,032 0.01 NHK Spring Co Ltd 16,100 10,300 - 26,400^ 209,076 0.03 Nifco Inc 6,992 3,300 - 10,292^ 265,588 0.04 Nippon Seiki Co Ltd 3,955 - - 3,955^ 56,907 0.01 Nissin Kogyo Co Ltd 4,077 - - 4,077 81,083 0.01 NOK Corp 11,600 - - 11,600^ 153,180 0.02 Pacific Industrial Co Ltd 3,550 - - 3,550^ 41,982 0.01 Piolax Inc 2,550 - - 2,550^ 44,565 0.01 Press Kogyo Co Ltd 8,187 - - 8,187^ 26,663 0.00 Rheinmetall AG 4,345 - - 4,345 449,163 0.07 Riken Corp 677 - - 677^ 21,567 0.00 SAF-Holland SA 4,633 - - 4,633^ 31,097 0.00 Shindengen Electric Manufacturing Co Ltd 682 - - 682^ 20,603 0.00 Showa Corp 5,192 - - 5,192 105,522 0.02 Siix Corp 2,500 - - 2,500^ 28,786 0.00 Spartan Motors Inc - 3,537 - 3,537 57,991 0.01 Standard Motor Products Inc 2,167 - - 2,167 101,530 0.02 Sumitomo Riko Co Ltd 3,700 - - 3,700^ 28,578 0.00 Tachi-S Co Ltd 2,775 - - 2,775^ 31,928 0.01 Taiho Kogyo Co Ltd 1,700 - - 1,700^ 11,043 0.00 Tenneco Inc 'A' 6,432 - - 6,432 58,746 0.01 TI Fluid Systems Plc - 41,795 - 41,795 125,931 0.02 Titan International Inc 4,248 - 4,248 - - 0.00 Tokai Rika Co Ltd 5,700 - - 5,700^ 96,116 0.02 Topre Corp 4,224 - - 4,224^ 63,559 0.01 Tower International Inc 2,516 - 2,516 - - 0.00 Toyo Tire Corp 10,596 - - 10,596^ 130,399 0.02 Toyota Boshoku Corp 3,750 4,600 - 8,350^ 119,031 0.02 TPR Co Ltd 2,199 - - 2,199^ 35,672 0.01 TS Tech Co Ltd 2,748 3,000 - 5,748^ 157,024 0.03 Unipres Corp 4,203 - - 4,203^ 52,921 0.01 Uni-Select Inc 3,258 - - 3,258 28,843 0.00 Veoneer Inc 9,383 4,943 - 14,326 180,032 0.03 Visteon Corp 2,389 741 - 3,130 240,925 0.04 Yokowo Co Ltd - 2,200 - 2,200 57,359 0.01 Yorozu Corp 2,000 - - 2,000^ 25,805 0.00 7,598,883 1.21 Banks 1st Source Corp 1,516 - - 1,516 68,997 0.01 77 Bank Ltd 6,300 - - 6,300^ 94,292 0.01 Aichi Bank Ltd 1,010 - - 1,010^ 30,512 0.00 Aktia Bank Oyj 10,369 - - 10,369 105,948 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [75] 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 period ended 31 January 2020

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

Shares (continued) Allegiance Bancshares Inc 1,213 - - 1,213^ 43,519 0.01 Ameris Bancorp 6,337 - - 6,337 245,630 0.04 Aomori Bank Ltd - 2,800 - 2,800 67,571 0.01 Arrow Financial Corp 1,296 39 1 1,334 45,107 0.01 Associated Banc-Corp 14,814 4,290 - 19,104 367,207 0.06 Atlantic Capital Bancshares Inc - 2,732 - 2,732 49,720 0.01 Atlantic Union Bankshares Corp 6,934 - - 6,934 225,302 0.04 Awa Bank Ltd 4,600 - - 4,600^ 99,671 0.02 Banca Carige SpA 5,527,027 3,380,723 - 8,907,750^ 95 0.00 Banca Carige SpA Rights - 5,527,027 5,527,027 - - 0.00 Banca Carige SpA Rights - 5,527,027 5,527,027 - - 0.00 Banca Generali SpA 3,974 2,004 - 5,978^ 183,501 0.03 Banca IFIS SpA 2,518 - - 2,518^ 38,593 0.01 Banca Mediolanum SpA 26,388 - 13,724 12,664 110,313 0.02 Banca Monte dei Paschi di Siena SpA 31,941 - - 31,941^ 57,865 0.01 Banca Popolare di Sondrio SCPA 59,250 - - 59,250^ 123,107 0.02 BancFirst Corp 1,320 - - 1,320 73,584 0.01 Banco BPM SpA 133,672 30,161 - 163,833^ 323,945 0.05 Banco Comercial Portugues SA 'R' 942,090 - - 942,090^ 193,025 0.03 Bancorp Inc 7,784 - - 7,784 88,811 0.01 BancorpSouth Bank 9,161 2,375 - 11,536 317,867 0.05 Bank of Georgia Group Plc 4,067 - - 4,067 78,230 0.01 Bank of Hawaii Corp 3,758 772 - 4,530 391,459 0.06 Bank of Iwate Ltd 1,500 - - 1,500^ 35,798 0.01 Bank of Nagoya Ltd 1,750 - - 1,750^ 50,064 0.01 Bank of Okinawa Ltd 2,100 - - 2,100^ 65,964 0.01 Bank of Queensland Ltd - 36,249 - 36,249 179,042 0.03 Bank of Saga Ltd 1,142 - - 1,142^ 15,863 0.00 Bank of the Ryukyus Ltd 4,399 - - 4,399^ 41,649 0.01 Bank OZK 12,818 2,066 - 14,884 390,165 0.06 BankUnited Inc 9,318 - - 9,318 296,563 0.05 Banner Corp 3,675 - 50 3,625 180,226 0.03 BAWAG Group AG 4,661 2,836 - 7,497 313,462 0.05 BOK Financial Corp 3,040 709 - 3,749 285,281 0.05 BPER Banca 33,042 19,360 - 52,402 232,431 0.04 Bridge Bancorp Inc - 1,921 - 1,921 56,230 0.01 Bryn Mawr Bank Corp 1,602 - - 1,602 57,970 0.01 Cadence BanCorp 13,241 - - 13,241 199,600 0.03 Camden National Corp 1,090 - - 1,090 49,682 0.01 Canadian Western Bank 8,885 3,283 - 12,168 290,336 0.05 Capital City Bank Group Inc - 2,209 - 2,209 60,761 0.01 Carolina Financial Corp 2,047 - - 2,047 75,712 0.01 Cathay General Bancorp 7,403 - - 7,403 257,462 0.04 CenterState Bank Corp 12,653 - - 12,653 275,304 0.04 Central Pacific Financial Corp 4,560 - - 4,560 121,954 0.02 Chugoku Bank Ltd 17,900 - - 17,900^ 167,404 0.03 CIT Group Inc - 8,985 - 8,985 396,104 0.06 City Holding Co 1,849 - - 1,849 134,958 0.02 CNB Financial Corp/PA - 1,582 - 1,582 45,101 0.01 Columbia Banking System Inc 8,450 - - 8,450 315,390 0.05 comdirect bank AG 2,597 - 2,597 - - 0.00 Commerce Bancshares Inc 8,740 1,868 - 10,608 692,222 0.11 Community Bank System Inc 5,076 - - 5,076 324,428 0.05

[76] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Community Trust Bancorp Inc 1,579 - - 1,579 66,625 0.01 ConnectOne Bancorp Inc 3,347 - - 3,347 76,213 0.01 Credito Emiliano SpA 9,575 - - 9,575 48,662 0.01 Credito Valtellinese SpA 766,616 - - 766,616 51,784 0.01 Cullen/Frost Bankers Inc 5,780 - - 5,780 497,024 0.08 Customers Bancorp Inc 2,738 - - 2,738 56,457 0.01 CVB Financial Corp 10,577 - - 10,577 211,875 0.03 Dah Sing Banking Group Ltd 24,204 - - 24,204^ 29,852 0.00 Dah Sing Financial Holdings Ltd 16,142 - - 16,142^ 56,339 0.01 Daishi Hokuetsu Financial Group Inc 4,464 - - 4,464^ 108,760 0.02 Deutsche Pfandbriefbank AG 11,983 - - 11,983 186,733 0.03 Eagle Bancorp Inc 3,333 - 56 3,277 138,114 0.02 Enterprise Financial Services Corp 1,972 - - 1,972 82,751 0.01 Equity Bancshares Inc 'A' 1,362 - - 1,362 35,283 0.01 FB Financial Corp 2,679 - - 2,679 92,111 0.01 Financial Institutions Inc - 1,972 - 1,972 58,597 0.01 First BanCorp 21,759 - - 21,759 194,535 0.03 First Bancorp/Southern Pines NC 4,025 - - 4,025 137,730 0.02 First Bancshares Inc - 3,737 - 3,737 124,055 0.02 First Busey Corp 4,125 - - 4,125 101,448 0.02 First Citizens BancShares Inc 'A' 761 - - 761 386,658 0.06 First Commonwealth Financial Corp 9,696 - - 9,696 126,430 0.02 First Community Bankshares Inc 1,385 - - 1,385 39,151 0.01 First Financial Bancorp 10,441 - - 10,441 242,079 0.04 First Financial Bankshares Inc 10,906 1,831 - 12,737 411,766 0.07 First Financial Corp 877 - - 877 35,296 0.01 First Foundation Inc 5,351 - - 5,351 85,153 0.01 First Hawaiian Inc 12,605 - - 12,605 353,279 0.06 First Horizon National Corp 27,749 3,877 - 31,626 488,027 0.08 First International Bank Of Israel Ltd 7,165 - - 7,165 194,056 0.03 First Interstate BancSystem Inc 'A' 3,686 - - 3,686 136,866 0.02 First Merchants Corp 5,613 - - 5,613 215,185 0.03 First Midwest Bancorp Inc 10,403 - - 10,403 200,062 0.03 Flagstar Bancorp Inc 2,310 1,887 - 4,197 142,644 0.02 FNB Corp/PA 34,073 - - 34,073 383,496 0.06 Franklin Financial Network Inc 2,099 - - 2,099 74,639 0.01 Fulton Financial Corp 13,679 5,554 - 19,233 305,506 0.05 German American Bancorp Inc 2,306 - - 2,306 76,039 0.01 Glacier Bancorp Inc 7,941 1,000 - 8,941 365,363 0.06 Great Southern Bancorp Inc 972 - - 972 53,350 0.01 Great Western Bancorp Inc 5,976 - - 5,976 170,313 0.03 Gunma Bank Ltd 22,700 20,800 - 43,500^ 138,574 0.02 Hachijuni Bank Ltd 40,300 - - 40,300^ 151,690 0.02 Hancock Whitney Corp 8,943 - - 8,943 342,761 0.05 Hanmi Financial Corp 3,407 - - 3,407 55,269 0.01 Heartland Financial USA Inc 1,978 2,036 - 4,014 189,345 0.03 Heritage Commerce Corp - 5,455 - 5,455 61,028 0.01 Heritage Financial Corp/WA 3,254 - - 3,254^ 80,906 0.01 Hilltop Holdings Inc 8,566 - - 8,566 187,040 0.03 Hiroshima Bank Ltd 28,700 - - 28,700^ 127,436 0.02 Hokkoku Bank Ltd 850 2,300 - 3,150^ 90,817 0.01 Hokuhoku Financial Group Inc 8,800 11,000 - 19,800^ 187,111 0.03 Home BancShares Inc 13,637 5,134 - 18,771 346,143 0.06

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [77] 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 period ended 31 January 2020

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

Shares (continued) Home Capital Group Inc 7,352 - - 7,352 169,150 0.03 HomeStreet Inc 2,047 - 159 1,888 58,469 0.01 Hope Bancorp Inc 14,393 - - 14,393 193,020 0.03 Horizon Bancorp Inc 5,610 - - 5,610 91,547 0.01 Hyakugo Bank Ltd 26,500 - - 26,500^ 78,288 0.01 Hyakujushi Bank Ltd 2,500 - - 2,500^ 44,158 0.01 IBERIABANK Corp 5,613 - - 5,613 393,613 0.06 Independent Bank Corp 3,217 - - 3,217 224,010 0.04 Independent Bank Group Inc 4,386 - - 4,386 226,394 0.04 International Bancshares Corp 6,093 - - 6,093 231,530 0.04 Investec Plc - 80,034 - 80,034 426,537 0.07 Iyo Bank Ltd 23,100 - - 23,100^ 117,370 0.02 Juroku Bank Ltd 3,350 - - 3,350^ 68,055 0.01 Jyske Bank A/S RegS 7,416 - - 7,416^ 272,376 0.04 Kansai Mirai Financial Group Inc 5,899 - - 5,899^ 33,647 0.01 Kearny Financial Corp 11,603 - - 11,603 138,203 0.02 Keiyo Bank Ltd 13,250 - - 13,250^ 69,091 0.01 Kiyo Bank Ltd 7,315 - - 7,315^ 103,040 0.02 Kyushu Financial Group Inc 39,100 - - 39,100^ 160,742 0.03 Lakeland Bancorp Inc 3,569 - - 3,569 55,900 0.01 Lakeland Financial Corp 2,619 - - 2,619 119,828 0.02 Laurentian Bank of Canada 5,949 - - 5,949 186,327 0.03 LegacyTexas Financial Group Inc 4,817 - 4,817 - - 0.00 Liberbank SA 254,523 - - 254,523^ 81,230 0.01 Link Administration Holdings Ltd 48,438 17,500 - 65,938^ 289,922 0.05 Live Oak Bancshares Inc 2,613 - - 2,613 44,052 0.01 Meta Financial Group Inc 3,945 - - 3,945 141,613 0.02 Metro Bank Plc 7,949 - - 7,949^ 23,142 0.00 Midland States Bancorp Inc - 2,324 - 2,324 59,217 0.01 MidWestOne Financial Group Inc - 1,841 - 1,841 57,421 0.01 Miyazaki Bank Ltd 1,617 - - 1,617^ 35,655 0.01 Musashino Bank Ltd 3,400 - - 3,400^ 52,734 0.01 Nanto Bank Ltd 2,450 - - 2,450^ 57,031 0.01 National Bank Holdings Corp 'A' 3,849 - - 3,849 121,017 0.02 NBT Bancorp Inc 4,934 - - 4,934 179,827 0.03 Nicolet Bankshares Inc - 858 - 858 58,463 0.01 Nishi-Nippon Financial Holdings Inc 11,500 10,400 - 21,900^ 142,843 0.02 North Pacific Bank Ltd 36,450 - - 36,450^ 72,005 0.01 Norwegian Finans Holding ASA 9,874 6,328 - 16,202^ 159,773 0.03 OFG Bancorp 4,372 - - 4,372 83,109 0.01 Ogaki Kyoritsu Bank Ltd 3,300 - - 3,300^ 66,893 0.01 Oita Bank Ltd 1,707 - - 1,707^ 38,824 0.01 Old National Bancorp 12,813 - - 12,813 221,323 0.04 Opus Bank 1,558 - - 1,558 40,022 0.01 PacWest Bancorp 10,884 2,554 - 13,438 454,258 0.07 Paragon Banking Group Plc 20,219 12,690 - 32,909 212,539 0.03 Park National Corp 1,150 750 - 1,900 174,028 0.03 Peoples Bancorp Inc 1,417 - - 1,417 44,470 0.01 People's Utah Bancorp - 1,702 - 1,702 42,810 0.01 Pinnacle Financial Partners Inc 7,619 - - 7,619 433,981 0.07 Popular Inc 9,704 - - 9,704 523,731 0.08 Preferred Bank 2,509 - - 2,509 145,454 0.02 Prosperity Bancshares Inc 7,153 2,543 - 9,696 656,462 0.10

[78] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) QCR Holdings Inc 2,157 - - 2,157 85,501 0.01 Renasant Corp 6,008 - - 6,008 185,016 0.03 Republic Bancorp Inc 'A' 941 - - 941 38,026 0.01 Ringkjoebing Landbobank A/S 2,751 - - 2,751 197,121 0.03 S&T Bancorp Inc 3,237 - - 3,237 117,353 0.02 San ju San Financial Group Inc 969 - - 969^ 13,675 0.00 Sandy Spring Bancorp Inc 4,444 - - 4,444 149,153 0.02 San-In Godo Bank Ltd 16,500 - - 16,500^ 89,268 0.01 Sbanken ASA 12,288 - - 12,288^ 90,126 0.01 Seacoast Banking Corp of Florida 5,903 - - 5,903 154,569 0.02 Senshu Ikeda Holdings Inc 27,930 - - 27,930^ 49,955 0.01 ServisFirst Bancshares Inc 4,742 - - 4,742 168,073 0.03 Shiga Bank Ltd 5,000 - - 5,000^ 118,348 0.02 Simmons First National Corp 'A' 10,433 - - 10,433 241,289 0.04 South State Corp 3,655 - - 3,655 266,530 0.04 Southside Bancshares Inc 2,420 - - 2,420 81,876 0.01 Spar Nord Bank A/S 9,723 - - 9,723^ 90,807 0.01 SpareBank 1 Nord Norge 9,942 - - 9,942^ 80,305 0.01 SpareBank 1 SMN 12,139 - - 12,139 129,041 0.02 SpareBank 1 SR-Bank ASA 21,547 - - 21,547^ 220,935 0.04 Stock Yards Bancorp Inc 2,694 - - 2,694 100,655 0.02 Suruga Bank Ltd 18,500 - - 18,500^ 71,445 0.01 Sydbank A/S 7,305 - - 7,305^ 153,374 0.02 Synovus Financial Corp 16,561 - - 16,561 559,348 0.09 TCF Financial Corp 17,426 - 17,426 - - 0.00 TCF Financial Corp 6,847 15,701 6,847 15,701 640,239 0.10 Texas Capital Bancshares Inc 4,992 - - 4,992 264,607 0.04 Toho Bank Ltd 24,420 - - 24,420^ 55,411 0.01 Tokyo Kiraboshi Financial Group Inc 2,813 - - 2,813^ 31,915 0.01 TOMONY Holdings Inc 15,078 - - 15,078^ 49,374 0.01 Tompkins Financial Corp 1,546 - - 1,546 128,364 0.02 Towa Bank Ltd 3,986 - - 3,986^ 28,694 0.00 Towne Bank/Portsmouth VA 7,611 - - 7,611 194,888 0.03 TriCo Bancshares 2,348 - - 2,348 82,429 0.01 TriState Capital Holdings Inc 2,387 - - 2,387 52,926 0.01 Triumph Bancorp Inc 2,471 - - 2,471 92,895 0.01 TrustCo Bank Corp NY 12,966 - - 12,966 99,165 0.02 Trustmark Corp 6,879 - - 6,879 212,170 0.03 UMB Financial Corp 4,348 - - 4,348 278,695 0.04 Umpqua Holdings Corp 23,824 - - 23,824 388,312 0.06 Unicaja Banco SA 82,828 - - 82,828 79,807 0.01 Unione di Banche Italiane SpA 91,327 29,460 - 120,787^ 349,338 0.06 United Bankshares Inc 9,961 - - 9,961^ 329,516 0.05 United Community Banks Inc 10,288 - - 10,288 277,030 0.04 Univest Financial Corp 2,425 - - 2,425 58,096 0.01 Valley National Bancorp 33,363 5,912 - 39,275 398,864 0.06 Veritex Holdings Inc 4,324 - - 4,324 118,102 0.02 Virgin Money UK Plc 136,619 - - 136,619 285,284 0.05 Walker & Dunlop Inc 2,798 - - 2,798 179,102 0.03 Washington Trust Bancorp Inc 1,566 - - 1,566 71,484 0.01 Webster Financial Corp 8,311 2,342 - 10,653 460,904 0.07 WesBanco Inc 3,913 2,390 - 6,303 201,334 0.03 Westamerica Bancorporation 2,851 - - 2,851 174,218 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Western Alliance Bancorp 10,446 - - 10,446^ 556,423 0.09 Wintrust Financial Corp 5,666 - - 5,666 345,798 0.06 Yamagata Bank Ltd 2,665 - - 2,665^ 33,247 0.01 Yamaguchi Financial Group Inc 19,500 - - 19,500 115,737 0.02 Yamanashi Chuo Bank Ltd 3,424 - - 3,424^ 30,559 0.00 36,121,283 5.76 Machinery - construction & mining Aichi Corp 3,239 - - 3,239^ 20,867 0.00 Argan Inc 1,354 - - 1,354 54,990 0.01 Astec Industries Inc 2,059 - - 2,059 81,895 0.01 Bloom Energy Corp 'A' 5,129 - - 5,129 38,980 0.01 BWX Technologies Inc 10,132 - - 10,132 621,389 0.10 Danieli&COfficine Meccaniche SpA 1,186 - - 1,186 18,761 0.00 Danieli&COfficine Meccaniche SpA (Pref) 4,674 - - 4,674^ 45,060 0.01 Denyo Co Ltd 1,500 - - 1,500^ 27,883 0.00 Hyster-Yale Materials Handling Inc 963 - - 963 50,144 0.01 Manitou BF SA 1,151 - - 1,151^ 20,347 0.00 Manitowoc Co Inc 3,537 - - 3,537 49,293 0.01 Modec Inc 1,816 - - 1,816^ 39,752 0.01 Oshkosh Corp 6,768 - - 6,768 561,617 0.09 Outotec Oyj 17,670 - - 17,670 98,319 0.02 SPX Corp 3,991 - - 3,991 188,876 0.03 Tadano Ltd 12,046 - - 12,046^ 100,759 0.02 Takeuchi Manufacturing Co Ltd 3,300 - - 3,300^ 55,470 0.01 Terex Corp 6,542 - - 6,542 159,944 0.02 Wacker Neuson SE 3,207 - - 3,207^ 49,804 0.01 Wajax Corp 2,313 - - 2,313 25,149 0.00 2,309,299 0.37 Engineering & construction Acciona SA 2,356 - - 2,356^ 257,854 0.04 Ackermans & van Haaren NV 2,320 - - 2,320 358,306 0.06 AECOM 14,296 2,791 - 17,087 794,809 0.13 Aecon Group Inc 6,182 - - 6,182 77,585 0.01 Aegion Corp 3,649 - - 3,649 73,553 0.01 AF Poyry AB 6,424 5,143 - 11,567^ 283,795 0.05 Akka Technologies 1,200 - - 1,200^ 80,673 0.01 Alten SA 2,841 412 - 3,253^ 388,013 0.06 Altran Technologies SA 22,130 15,560 - 37,690 590,149 0.09 Arcadis NV 7,961 - - 7,961 174,940 0.03 Arcosa Inc 3,883 - - 3,883 163,842 0.03 Badger Daylighting Ltd 3,950 - - 3,950 99,463 0.02 Balfour Beatty Plc 75,628 - - 75,628 255,563 0.04 Bilfinger SE 2,409 - - 2,409^ 82,289 0.01 Boskalis Westminster 9,761 - - 9,761^ 220,858 0.04 Chiyoda Corp 17,000 - - 17,000^ 47,197 0.01 Chudenko Corp 2,995 - - 2,995^ 67,906 0.01 Cie d'Entreprises CFE 837 - - 837^ 88,117 0.01 Comfort Systems USA Inc 4,027 - - 4,027 180,210 0.03 COMSYS Holdings Corp 13,850 2,500 3,100 13,250^ 376,112 0.06 Costain Group Plc 7,804 - 7,804 - - 0.00 Daiho Corp - 2,400 - 2,400 58,558 0.01 Downer EDI Ltd 65,257 - - 65,257^ 312,207 0.05

[80] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Dycom Industries Inc 3,635 - - 3,635 141,703 0.02 Electra Ltd/Israel 176 - - 176 89,586 0.01 EMCOR Group Inc 5,610 - - 5,610 444,586 0.07 Enav SpA 25,000 - - 25,000 155,645 0.02 Exponent Inc 5,568 - - 5,568 390,779 0.06 Fluor Corp - 15,675 - 15,675 270,457 0.04 Fomento de Construcciones y Contratas SA 8,750 - - 8,750 104,930 0.02 frontdoor Inc 7,609 1,386 - 8,995 369,391 0.06 Fukuda Corp 300 - - 300^ 13,041 0.00 Galliford Try Holdings Plc - 11,673 - 11,673^ 22,145 0.00 Galliford Try Plc 11,673 - 11,673 - - 0.00 Gaztransport Et Technigaz SA 1,711 610 - 2,321 226,983 0.04 Granite Construction Inc 4,064 - - 4,064 106,337 0.02 Great Lakes Dredge & Dock Corp 6,512 - - 6,512 65,757 0.01 Hazama Ando Corp 17,150 - - 17,150^ 138,262 0.02 Hibiya Engineering Ltd 2,233 - - 2,233^ 38,349 0.01 HomeServe Plc 27,925 5,927 - 33,852 551,739 0.09 Hsin Chong Group Holdings Ltd 196,300 - - 196,300^ 3,413 0.00 Infrastrutture Wireless Italiane SpA 18,719 6,397 - 25,116 251,663 0.04 JM AB 6,542 - - 6,542^ 192,844 0.03 John Menzies Plc 7,140 - - 7,140 39,169 0.01 Kandenko Co Ltd 9,000 - - 9,000^ 83,369 0.01 KBR Inc 13,100 2,744 - 15,844 415,636 0.07 Keller Group Plc 7,620 - - 7,620 80,988 0.01 Kier Group Plc 10,069 - 10,069 - - 0.00 Kinden Corp 16,300 - - 16,300^ 273,262 0.04 Koninklijke BAM Groep NV 27,905 - - 27,905^ 74,324 0.01 Koninklijke Volkerwessels NV 2,146 2,575 - 4,721 110,503 0.02 Kumagai Gumi Co Ltd 3,650 - - 3,650^ 102,309 0.02 Kyowa Exeo Corp 11,599 - - 11,599^ 284,350 0.05 Kyudenko Corp 3,900 - - 3,900^ 110,705 0.02 Maeda Corp 13,444 - - 13,444^ 126,568 0.02 Maeda Road Construction Co Ltd 6,276 - - 6,276^ 207,748 0.03 MasTec Inc 5,940 - - 5,940 330,840 0.05 Meitec Corp 3,250 - - 3,250^ 182,194 0.03 Mirait Holdings Corp 5,944 - - 5,944^ 87,060 0.01 Mistras Group Inc 1,749 - - 1,749 18,673 0.00 Monadelphous Group Ltd 8,512 - - 8,512^ 96,396 0.02 Morgan Sindall Group Plc 4,338 - - 4,338^ 101,036 0.02 Mota-Engil SGPS SA 8,185 - - 8,185^ 14,776 0.00 MYR Group Inc 1,975 - - 1,975 54,706 0.01 NCC AB 'B' 9,454 - - 9,454^ 170,275 0.03 Nippo Corp 5,376 - - 5,376^ 129,783 0.02 Nippon Densetsu Kogyo Co Ltd 3,974 - - 3,974^ 82,853 0.01 Nippon Koei Co Ltd 2,200 - - 2,200^ 71,062 0.01 Nippon Road Co Ltd 515 - - 515^ 34,095 0.01 Nishimatsu Construction Co Ltd 7,200 - - 7,200^ 157,095 0.02 NV5 Global Inc 591 - - 591 35,402 0.01 Obrascon Huarte Lain SA 14,233 - - 14,233^ 16,110 0.00 Okumura Corp 1,900 3,000 - 4,900^ 126,838 0.02 OSJB Holdings Corp 9,350 - - 9,350^ 22,630 0.00 Peab AB 'B' 19,354 - - 19,354^ 187,460 0.03 Penta-Ocean Construction Co Ltd 30,347 - - 30,347^ 176,605 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Per Aarsleff Holding A/S 2,050 - - 2,050 60,252 0.01 Porr AG 874 - - 874^ 14,722 0.00 Primoris Services Corp 4,351 - - 4,351 89,508 0.01 Raito Kogyo Co Ltd 4,800 - - 4,800^ 66,161 0.01 Raiznext Corp 5,883 - - 5,883^ 67,321 0.01 Sacyr SA 43,766 - - 43,766^ 121,153 0.02 Sacyr SA - 951 - 951 2,633 0.00 Sacyr SA Rights - 43,766 43,766 -^ - 0.00 Salini Impregilo SpA 23,796 - - 23,796^ 37,209 0.01 Sanki Engineering Co Ltd 3,945 - - 3,945^ 52,586 0.01 Shikun & Binui Ltd 26,365 - - 26,365 125,352 0.02 SHO-BOND Holdings Co Ltd 4,138 - - 4,138^ 166,065 0.03 Signature Aviation Plc - 85,215 - 85,215 315,478 0.05 SNC-Lavalin Group Inc - 20,001 - 20,001 443,981 0.07 SPIE SA 11,270 - - 11,270^ 211,277 0.03 Stantec Inc 13,261 - - 13,261 380,530 0.06 Sterling Construction Co Inc - 3,642 - 3,642 46,278 0.01 Sumitomo Densetsu Co Ltd 1,900 - - 1,900^ 44,972 0.01 Sumitomo Mitsui Construction Co Ltd 17,460 - - 17,460^ 96,482 0.02 Taihei Dengyo Kaisha Ltd 1,492 - - 1,492^ 30,575 0.00 Taikisha Ltd 2,727 - - 2,727^ 92,089 0.01 Takamatsu Construction Group Co Ltd 1,383 - - 1,383^ 32,686 0.01 Takasago Thermal Engineering Co Ltd 5,664 - - 5,664^ 96,668 0.02 Takuma Co Ltd 7,500 - - 7,500^ 80,286 0.01 Tecnicas Reunidas SA 3,694 - - 3,694^ 86,860 0.01 Tekken Corp 1,350 - - 1,350^ 33,468 0.01 Toa Corp 1,503 - - 1,503^ 21,145 0.00 Toda Corp 22,500 - - 22,500^ 142,752 0.02 Toenec Corp 962 - - 962^ 33,856 0.01 Tokyu Construction Co Ltd 6,875 - - 6,875^ 47,228 0.01 TopBuild Corp 3,974 762 986 3,750 414,147 0.07 Toshiba Plant Systems & Services Corp 7,241 - 7,241 - - 0.00 Totetsu Kogyo Co Ltd 2,700 - - 2,700^ 77,483 0.01 Toyo Construction Co Ltd 7,442 - - 7,442^ 34,700 0.01 Tutor Perini Corp 4,106 - - 4,106 44,590 0.01 Veidekke ASA 14,340 - - 14,340^ 174,044 0.03 VSE Corp 914 - - 914 27,424 0.00 WillScot Corp 4,483 - - 4,483 81,500 0.01 Yahagi Construction Co Ltd 1,933 - - 1,933^ 14,448 0.00 Yokogawa Bridge Holdings Corp 3,586 - - 3,586^ 66,404 0.01 Yumeshin Holdings Co Ltd 3,700 - - 3,700^ 27,952 0.00 Yurtec Corp 3,457 - - 3,457^ 20,456 0.00 16,637,150 2.65 Home builders Bayside Land Corp 68 - - 68 52,661 0.01 Beazer Homes USA Inc 3,027 - - 3,027 40,142 0.01 Bellway Plc 12,175 1,661 - 13,836 700,971 0.11 Bonava AB 'B' 9,454 - - 9,454^ 81,543 0.01 Cairn Homes Plc 117,622 - - 117,622 154,126 0.02 Cavco Industries Inc 971 - - 971 209,790 0.03 Century Communities Inc - 2,523 - 2,523 72,196 0.01 Countryside Properties Plc 45,991 - - 45,991 285,334 0.05

[82] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Crest Nicholson Holdings Plc 27,501 - - 27,501 174,815 0.03 Forestar Group Inc 429 - - 429 8,387 0.00 Glenveagh Properties Plc 112,226 - - 112,226 105,554 0.02 Haseko Corp 30,000 - - 30,000^ 384,410 0.06 Installed Building Products Inc 1,868 730 - 2,598 185,743 0.03 Kaufman & Broad SA 1,552 - - 1,552 63,465 0.01 KB Home 9,054 - - 9,054 327,891 0.05 LCI Industries 2,520 - - 2,520 262,412 0.04 LGI Homes Inc 1,319 887 - 2,206 169,653 0.03 M/I Homes Inc 2,744 - - 2,744 117,476 0.02 MDC Holdings Inc 5,500 - - 5,500 223,531 0.04 Meritage Homes Corp 3,993 - - 3,993 273,270 0.04 Misawa Homes Co Ltd 7,200 - 7,200 - - 0.00 Open House Co Ltd 3,150 3,150 - 6,300^ 164,647 0.03 Redrow Plc 24,591 - - 24,591 248,545 0.04 Skyline Champion Corp 4,898 - - 4,898 135,811 0.02 Taylor Morrison Home Corp 10,182 - - 10,182 254,142 0.04 Thor Industries Inc 5,706 - - 5,706 443,114 0.07 Toll Brothers Inc 14,988 - - 14,988 641,232 0.10 TRI Pointe Group Inc 16,202 - - 16,202 254,079 0.04 Vistry Group Plc 15,139 7,277 - 22,416^ 393,277 0.06 William Lyon Homes 'A' 2,100 - - 2,100 46,968 0.01 Winnebago Industries Inc 2,948 - - 2,948 155,694 0.03 YIT Oyj 11,779 - - 11,779^ 81,013 0.01 6,711,892 1.07 Building materials AAON Inc 4,716 - - 4,716 238,514 0.04 Adelaide Brighton Ltd 32,225 37,060 - 69,285^ 162,831 0.03 Alimak Group AB 6,647 - - 6,647^ 88,060 0.01 American Woodmark Corp 1,631 - - 1,631 172,481 0.03 Apogee Enterprises Inc 3,266 - - 3,266 100,230 0.02 Armstrong Flooring Inc 2,152 - 2,152 - - 0.00 Armstrong World Industries Inc 4,305 674 - 4,979 481,784 0.08 Boise Cascade Co 4,059 - - 4,059 141,712 0.02 Brickworks Ltd 10,054 - - 10,054^ 129,243 0.02 Builders FirstSource Inc 11,821 - - 11,821 282,682 0.05 Bunka Shutter Co Ltd 5,362 - - 5,362^ 42,035 0.01 Buzzi Unicem SpA 7,304 - - 7,304 164,718 0.03 Buzzi Unicem SpA (Pref) 6,050 - - 6,050 81,992 0.01 Caesarstone Ltd 2,725 - - 2,725 34,376 0.01 Cementir Holding NV - 4,517 - 4,517 30,898 0.00 Cementir Holding Spa 4,517 - 4,517 - - 0.00 Central Glass Co Ltd 3,900 - - 3,900^ 83,636 0.01 Chofu Seisakusho Co Ltd 1,813 - - 1,813^ 37,831 0.01 CI Takiron Corp 2,817 - - 2,817^ 17,446 0.00 Continental Building Products Inc 3,248 - - 3,248 115,872 0.02 Cornerstone Building Brands Inc 4,068 5,984 - 10,052 83,180 0.01 CSR Ltd 54,741 - - 54,741 171,770 0.03 Daiken Corp 770 - - 770^ 12,936 0.00 Eagle Materials Inc 4,699 - - 4,699 413,178 0.07 Forterra Inc - 4,822 - 4,822 60,225 0.01 Forterra Plc 22,160 - - 22,160 92,689 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Fujimi Inc 1,854 - - 1,854^ 49,740 0.01 Fujitec Co Ltd 7,963 - - 7,963^ 127,827 0.02 Gibraltar Industries Inc 3,365 - - 3,365 176,938 0.03 Griffon Corp 4,490 - - 4,490 90,029 0.01 Ibstock Plc 37,762 - - 37,762 139,704 0.02 Imerys SA - 3,703 - 3,703^ 154,670 0.02 Inwido AB 5,193 - - 5,193 37,724 0.01 JELD-WEN Holding Inc 5,908 - - 5,908 136,068 0.02 Katitas Co Ltd 2,500 - - 2,500 99,217 0.02 Louisiana-Pacific Corp 15,640 - 4,373 11,267 333,383 0.05 Marshalls Plc 21,499 - - 21,499 215,790 0.03 Masonite International Corp 2,803 - - 2,803 203,049 0.03 MDU Resources Group Inc 18,405 3,233 - 21,638 617,924 0.10 Nibe Industrier AB 'B' 33,035 - - 33,035^ 552,350 0.09 Nichias Corp 4,760 2,100 - 6,860^ 161,947 0.03 Nichiha Corp 2,249 - - 2,249^ 53,433 0.01 Nippon Sheet Glass Co Ltd 8,950 - - 8,950^ 47,944 0.01 Norbord Inc 4,354 - - 4,354 123,416 0.02 Noritz Corp 3,052 - - 3,052^ 37,098 0.01 Oeneo SA - 4,048 - 4,048 59,533 0.01 Okabe Co Ltd 4,850 - - 4,850^ 37,331 0.01 Patrick Industries Inc 1,780 - - 1,780 89,064 0.01 PGT Innovations Inc 4,981 - - 4,981 74,461 0.01 Polypipe Group Plc 20,633 - - 20,633^ 142,306 0.02 Rockwool International A/S 'B' 795 - - 795 178,968 0.03 Sanwa Holdings Corp 14,650 8,300 - 22,950^ 238,118 0.04 Sekisui Jushi Corp 2,620 - - 2,620^ 56,652 0.01 Shapir Engineering and Industry Ltd 14,946 - - 14,946 102,829 0.02 Simpson Manufacturing Co Inc 4,495 - - 4,495^ 358,391 0.06 Stella-Jones Inc 6,536 - - 6,536 178,545 0.03 STO SE & Co KGaA (Pref) 266 - - 266 30,022 0.00 Sumitomo Osaka Cement Co Ltd 3,749 - - 3,749^ 150,120 0.02 Summit Materials Inc 'A' 12,839 - - 12,839 272,045 0.04 Takara Standard Co Ltd 4,322 - - 4,322^ 72,918 0.01 Tarkett SA 5,001 - - 5,001^ 66,760 0.01 Trex Co Inc 5,416 794 - 6,210 588,382 0.09 Universal Forest Products Inc 6,390 - - 6,390 295,200 0.05 US Concrete Inc 1,397 - - 1,397 47,952 0.01 Vicat SA 2,034 - - 2,034^ 81,849 0.01 Victoria Plc 16,251 - - 16,251^ 90,906 0.01 Wienerberger AG 11,594 - - 11,594 317,476 0.05 Xinyi Glass Holdings Ltd 172,413 - - 172,413 209,865 0.03 10,338,263 1.65 Hotels Boyd Gaming Corp 8,729 - - 8,729 251,298 0.04 Caesars Entertainment Corp 55,868 - - 55,868 736,565 0.12 Choice Hotels International Inc 2,913 1,162 - 4,075 393,799 0.06 Dalata Hotel Group Plc 17,370 - - 17,370 84,750 0.01 Extended Stay America Inc 16,853 6,084 - 22,937 285,811 0.05 Far East Consortium International Ltd 123,846 - - 123,846^ 51,685 0.01 Fattal Holdings 1998 Ltd 721 - - 721 104,352 0.02 Fujita Kanko Inc 609 - - 609^ 14,377 0.00

[84] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Hilton Grand Vacations Inc 10,876 - - 10,876 334,715 0.05 Kyoritsu Maintenance Co Ltd 2,886 - - 2,886^ 113,252 0.02 Macau Legend Development Ltd 212,500 - - 212,500 26,130 0.00 Mandarin Oriental International Ltd 35,500 - - 35,500 57,862 0.01 Marcus Corp 1,804 - - 1,804 50,717 0.01 Melco International Development Ltd 89,000 - - 89,000 187,261 0.03 Melia Hotels International SA 15,112 - - 15,112^ 117,100 0.02 Playa Hotels & Resorts NV 6,802 - - 6,802 46,053 0.01 Resorttrust Inc 9,894 - - 9,894^ 152,134 0.02 Scandic Hotels Group AB 6,684 - - 6,684 68,419 0.01 Shangri-La Asia Ltd - 80,000 - 80,000 71,444 0.01 SKYCITY Entertainment Group Ltd 69,008 - - 69,008^ 156,778 0.03 St Joe Co 5,527 - - 5,527 111,994 0.02 Star Entertainment Grp Ltd 72,563 30,298 - 102,861^ 277,603 0.04 Wyndham Destinations Inc 9,692 - - 9,692 453,632 0.07 Wyndham Hotels & Resorts Inc 9,999 - - 9,999 551,321 0.09 4,699,052 0.75 Apparel Asics Corp 16,300 - - 16,300 234,100 0.04 boohoo Group Plc 85,079 - - 85,079 326,980 0.05 Brunello Cucinelli SpA 3,098 - - 3,098^ 108,672 0.02 Canada Goose Holdings Inc 6,136 - - 6,136 177,373 0.03 Carter's Inc 4,170 729 - 4,899 501,164 0.08 Columbia Sportswear Co 3,103 - - 3,103 281,073 0.05 Crocs Inc 8,655 1,714 3,296 7,073 258,605 0.04 Deckers Outdoor Corp 2,869 318 - 3,187 586,800 0.09 Delta Galil Industries Ltd 1,138 - - 1,138 28,864 0.00 Descente Ltd 2,215 - - 2,215 35,458 0.01 Geox SpA 7,171 - - 7,171^ 8,216 0.00 Gunze Ltd 1,800 - - 1,800^ 70,555 0.01 Kontoor Brands Inc 4,341 1,325 - 5,666 208,419 0.03 Nagaileben Co Ltd 4,576 - - 4,576^ 96,748 0.02 New Wave Group AB 'B' 4,322 - - 4,322 25,040 0.00 Onward Holdings Co Ltd 12,500 - - 12,500^ 70,186 0.01 Oxford Industries Inc 1,668 - - 1,668 111,644 0.02 Skechers U.S.A. Inc 'A' 12,842 1,633 - 14,475 521,980 0.08 SMCP SA 4,874 - - 4,874^ 40,789 0.01 Steven Madden Ltd 9,111 - - 9,111 338,831 0.05 Ted Baker Plc 3,194 - - 3,194^ 9,072 0.00 Tod's SpA 1,381 - - 1,381^ 53,904 0.01 TSI Holdings Co Ltd 13,650 - - 13,650^ 62,918 0.01 Unifi Inc 1,671 - - 1,671 34,682 0.01 Wacoal Holdings Corp 2,700 3,500 - 6,200^ 162,420 0.03 Wolverine World Wide Inc 8,759 - - 8,759 266,691 0.04 4,621,184 0.74 Mining Acacia Mining Plc 16,411 - 16,411 - - 0.00 Alacer Gold Corp 23,726 17,139 - 40,865 185,357 0.03 Alamos Gold Inc 'A' 40,124 - - 40,124 244,320 0.04 Alcoa Corp 17,486 - - 17,486 235,258 0.04 Ausdrill Ltd 50,340 - 50,340 - - 0.00 B2Gold Corp 98,356 16,937 - 115,293 481,754 0.08

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Castile Resources Pty Ltd - 2,786 - 2,786^ 360 0.00 Centamin Plc 124,721 - - 124,721 215,645 0.03 Centerra Gold Inc 21,654 - - 21,654 167,383 0.03 Central Asia Metals Plc 40,346 - - 40,346 103,869 0.02 Century Aluminum Co 5,529 - - 5,529 28,209 0.00 China Gold International Resources Corp Ltd 26,183 - - 26,183 21,576 0.00 Coeur Mining Inc 22,244 - - 22,244 129,363 0.02 Compass Minerals International Inc 3,692 - - 3,692 206,132 0.03 Constellium SE 13,632 - 13,632 - - 0.00 Constellium SE - 13,632 - 13,632 149,354 0.02 Contura Energy Inc 1,860 - - 1,860 10,387 0.00 Covia Holdings Corp 2,567 - 2,567 - - 0.00 Detour Gold Corp 16,974 4,565 - 21,539 372,256 0.06 Dowa Holdings Co Ltd 4,800 - - 4,800^ 169,781 0.03 Dundee Precious Metals Inc - 18,190 - 18,190 81,048 0.01 Eldorado Gold Corp 14,200 - - 14,200 99,616 0.02 Endeavour Mining Corp 7,827 4,291 - 12,118 239,479 0.04 Eramet 874 - - 874^ 35,618 0.01 ERO Copper Corp 6,326 - - 6,326 83,867 0.01 Evolution Mining Ltd 132,769 50,177 - 182,946^ 438,222 0.07 First Majestic Silver Corp 14,258 6,236 - 20,494 199,366 0.03 Fortuna Silver Mines Inc 13,448 - - 13,448 50,897 0.01 Furukawa Co Ltd 3,115 - - 3,115^ 36,976 0.01 Galaxy Resources Ltd 41,578 - - 41,578^ 27,516 0.00 Gold Road Resources Ltd - 67,120 - 67,120 61,537 0.01 Hecla Mining Co 43,441 - - 43,441 126,947 0.02 Hochschild Mining Plc 26,525 - - 26,525 56,754 0.01 Hudbay Minerals Inc 24,648 - - 24,648 72,975 0.01 IAMGOLD Corp 43,563 - - 43,563 125,482 0.02 IGO Ltd 45,191 18,064 - 63,255^ 249,128 0.04 Iluka Resources Ltd 46,996 - - 46,996^ 294,934 0.05 Ivanhoe Mines Ltd 'A' 64,499 - - 64,499 160,859 0.03 Kaiser Aluminum Corp 1,071 657 - 1,728 166,907 0.03 KAZ Minerals Plc 27,385 - - 27,385 152,423 0.02 Kidman Resources Ltd 54,461 - 54,461 - - 0.00 Lithium Americas Corp 6,374 - - 6,374 23,101 0.00 Livent Corp 11,918 - - 11,918 108,161 0.02 Lucara Diamond Corp 36,248 - - 36,248 21,940 0.00 Lynas Corp Ltd 60,271 29,115 - 89,386 126,390 0.02 MAG Silver Corp 6,046 - - 6,046 63,577 0.01 Major Drilling Group International Inc 9,404 - - 9,404 37,649 0.01 McEwen Mining Inc 22,796 - - 22,796 25,283 0.00 Mitsui Mining & Smelting Co Ltd 6,400 - - 6,400^ 150,005 0.02 New Gold Inc 85,379 - - 85,379 75,959 0.01 New South Resources Ltd 103,601 - - 103,601^ 143,814 0.02 NexGen Energy Ltd 33,719 - - 33,719 33,687 0.01 Nippon Denko Co Ltd 9,484 - - 9,484^ 13,671 0.00 Nippon Light Metal Holdings Co Ltd 40,250 29,300 - 69,550^ 131,203 0.02 Nittetsu Mining Co Ltd 390 - - 390^ 15,530 0.00 Northern Star Resources Ltd 62,074 26,910 - 88,984^ 723,903 0.12 Novagold Resources Inc 26,221 - - 26,221 230,794 0.04 NRW Holdings Ltd 38,946 - - 38,946 78,705 0.01 OceanaGold Corp 62,939 - - 62,939^ 127,136 0.02

[86] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Orocobre Ltd 23,324 - - 23,324^ 47,135 0.01 Osisko Gold Royalties Ltd 16,268 - - 16,268 156,594 0.02 Osisko Mining Inc 17,485 - - 17,485 50,748 0.01 OZ Minerals Ltd 31,103 13,996 - 45,099^ 295,841 0.05 Pacific Metals Co Ltd 2,033 - - 2,033^ 37,935 0.01 Pan American Silver Corp 21,111 2,400 - 23,511 521,552 0.08 Perenti Global Ltd - 50,340 - 50,340^ 49,891 0.01 Perseus Mining Ltd - 144,852 - 144,852 108,020 0.02 Pilbara Minerals Ltd 146,191 - - 146,191^ 27,845 0.00 Premier Gold Mines Ltd 15,121 - - 15,121 17,533 0.00 Pretium Resources Inc 17,270 - - 17,270 181,478 0.03 Regis Resources Ltd 63,342 - - 63,342^ 184,036 0.03 Resolute Mining Ltd 58,203 73,070 - 131,273^ 97,470 0.02 Royal Gold Inc 7,184 - - 7,184 799,007 0.13 Sandfire Resources Ltd 13,660 - - 13,660^ 49,213 0.01 Sandstorm Gold Ltd 13,671 10,339 - 24,010 158,981 0.03 Saracen Mineral Holdings - 747 747 - - 0.00 Saracen Mineral Holdings Ltd 85,865 41,570 - 127,435^ 325,000 0.05 Saracen Mineral Holdings Ltd Rights - 14,186 14,186 - - 0.00 Seabridge Gold Inc 3,901 6,250 - 10,151 136,798 0.02 SEMAFO Inc 29,372 - - 29,372 59,759 0.01 Silver Lake Resources Ltd - 81,549 - 81,549 85,560 0.01 Silvercorp Metals Inc 18,835 - - 18,835 94,635 0.01 Sirius Minerals Plc 728,007 - - 728,007^ 50,766 0.01 SSR Mining Inc 11,987 - - 11,987 211,890 0.03 St Barbara Ltd 74,924 - - 74,924^ 132,063 0.02 Syrah Resources Ltd 25,216 - 25,216 - - 0.00 Toho Titanium Co Ltd 3,400 - - 3,400^ 25,777 0.00 Torex Gold Resources Inc 8,020 - - 8,020 106,501 0.02 Trevali Mining Corp 129,192 - 129,192 - - 0.00 Turquoise Hill Resources Ltd 63,355 - - 63,355 39,733 0.01 United States Lime & Minerals Inc 259 - - 259 22,419 0.00 Wesdome Gold Mines Ltd - 16,543 - 16,543 108,815 0.02 Western Areas Ltd 27,364 - - 27,364^ 45,406 0.01 Westgold Resources Ltd 11,146 38,920 - 50,066^ 70,792 0.01 Yamana Gold Inc 102,393 - - 102,393 402,464 0.06 12,313,720 1.96 Biotechnology Abcam Plc 18,456 2,937 - 21,393 379,137 0.06 Abeona Therapeutics Inc 3,194 - 3,194 - - 0.00 ACADIA Pharmaceuticals Inc 10,804 - - 10,804 416,172 0.07 Acceleron Pharma Inc 4,751 - - 4,751 415,963 0.07 Achillion Pharmaceuticals Inc 9,582 - 9,582 - - 0.00 Acorda Therapeutics Inc 4,995 - 4,995 - - 0.00 Adverum Biotechnologies Inc - 7,397 - 7,397 70,413 0.01 Agenus Inc 9,539 - - 9,539 34,408 0.01 Alder Biopharmaceuticals Inc 4,724 - 4,724 - - 0.00 Allakos Inc 1,331 1,532 - 2,863 199,360 0.03 Allogene Therapeutics Inc 2,689 - - 2,689 56,329 0.01 AMAG Pharmaceuticals Inc 4,381 - - 4,381 37,436 0.01 Amicus Therapeutics Inc 19,518 10,621 - 30,139 256,957 0.04 AnaptysBio Inc 2,611 - - 2,611 36,564 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) ANI Pharmaceuticals Inc 817 - - 817 48,853 0.01 Apellis Pharmaceuticals Inc 4,485 - - 4,485 177,824 0.03 Arena Pharmaceuticals Inc 5,054 - - 5,054 222,708 0.04 Argenx SE 3,004 1,664 - 4,668^ 649,092 0.10 ArQule Inc 14,184 - 14,184 - - 0.00 Arrowhead Pharmaceuticals Inc 7,724 1,581 - 9,305 376,109 0.06 Assembly Biosciences Inc 1,761 - - 1,761 29,824 0.00 Atara Biotherapeutics Inc 3,108 - - 3,108 39,657 0.01 Audentes Therapeutics Inc 3,893 - 3,893 - - 0.00 Avrobio Inc - 3,854 - 3,854 80,770 0.01 Bavarian Nordic A/S 2,773 - - 2,773^ 93,162 0.01 BioCryst Pharmaceuticals Inc 6,764 - - 6,764 18,592 0.00 Biohaven Pharmaceutical Holding Co Ltd 3,466 2,264 - 5,730 267,970 0.04 Bio-Rad Laboratories Inc 'A' 2,251 - 2,251 - - 0.00 Bluebird Bio Inc 5,715 - - 5,715^ 439,238 0.07 Blueprint Medicines Corp 3,806 1,069 - 4,875 298,322 0.05 Cambrex Corp 3,590 - 3,590 - - 0.00 Cara Therapeutics Inc 3,314 - - 3,314 51,459 0.01 Cellectis SA 5,750 - - 5,750^ 86,285 0.01 ChemoCentryx Inc 4,228 - - 4,228 172,976 0.03 CRISPR Therapeutics AG 2,125 1,237 - 3,362 168,447 0.03 Cymabay Therapeutics Inc 9,362 - - 9,362 13,905 0.00 CytomX Therapeutics Inc 2,147 - - 2,147 15,364 0.00 Deciphera Pharmaceuticals Inc 1,769 1,223 - 2,992 180,727 0.03 Denali Therapeutics Inc 8,234 - - 8,234 183,920 0.03 Dicerna Pharmaceuticals Inc 4,358 - - 4,358 82,990 0.01 Dynavax Technologies Corp 4,676 - - 4,676 22,774 0.00 Eckert & Ziegler Strahlen- und Medizintechnik AG - 391 - 391^ 72,214 0.01 Editas Medicine Inc 4,397 - - 4,397 112,081 0.02 Eidos Therapeutics Inc - 1,516 - 1,516 77,901 0.01 Eiken Chemical Co Ltd 3,000 - - 3,000^ 58,596 0.01 Emergent BioSolutions Inc 4,073 - - 4,073 216,405 0.03 Epizyme Inc 5,064 4,107 - 9,171 185,125 0.03 Esperion Therapeutics Inc 2,238 - - 2,238 116,728 0.02 Exelixis Inc 30,673 - - 30,673 508,820 0.08 Fate Therapeutics Inc 7,616 - - 7,616 186,276 0.03 FibroGen Inc 7,344 1,333 - 8,677 350,223 0.06 Five Prime Therapeutics Inc 1,972 - 1,972 - - 0.00 Forty Seven Inc - 4,444 - 4,444 158,025 0.03 Genfit 2,371 6,659 - 9,030^ 149,692 0.02 Geron Corp 17,876 - - 17,876 22,585 0.00 GlycoMimetics Inc 5,845 - 5,845 - - 0.00 GNI Group Ltd 2,200 4,400 - 6,600^ 108,414 0.02 Gossamer Bio Inc - 2,988 - 2,988 38,270 0.01 Guardant Health Inc 1,769 1,721 - 3,490 255,945 0.04 Halozyme Therapeutics Inc 13,741 - - 13,741 251,533 0.04 Homology Medicines Inc 1,944 - - 1,944 29,342 0.00 ImmunoGen Inc 11,653 - - 11,653 53,103 0.01 Immunomedics Inc 12,856 5,406 - 18,262 327,069 0.05 Innate Pharma SA 4,572 - - 4,572 30,956 0.00 Innoviva Inc 8,587 - - 8,587 114,329 0.02 Inovio Pharmaceuticals Inc 6,289 - 6,289 - - 0.00 Insmed Inc 9,415 - - 9,415 186,509 0.03

[88] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Intercept Pharmaceuticals Inc 2,473 - - 2,473 220,406 0.03 INTREXON CORP COMMON STOCK 10,220 - - 10,220 45,834 0.01 Iovance Biotherapeutics Inc 10,669 - - 10,669 223,698 0.04 Japan Tissue Engineering Co Ltd 3,400 - - 3,400^ 26,745 0.00 JCR Pharmaceuticals Co Ltd 1,200 - - 1,200^ 101,335 0.02 Karyopharm Therapeutics Inc 7,068 - - 7,068 110,090 0.02 Krystal Biotech Inc - 1,843 - 1,843 92,891 0.01 Lexicon Pharmaceuticals Inc 3,984 14,847 - 18,831 56,119 0.01 Ligand Pharmaceuticals Inc 1,999 - - 1,999 169,292 0.03 MacroGenics Inc 5,101 - - 5,101 45,507 0.01 Medicines Co 6,943 1,582 8,525 - - 0.00 Mesoblast Ltd 19,840 49,499 - 69,339^ 134,306 0.02 Mirati Therapeutics Inc 2,540 - - 2,540^ 212,708 0.03 MorphoSys AG 3,482 - - 3,482^ 421,282 0.07 Myriad Genetics Inc 6,593 - - 6,593 175,816 0.03 Nektar Therapeutics - 16,206 - 16,206 310,878 0.05 NeoGenomics Inc 8,973 - - 8,973 278,919 0.04 Novavax Inc 1,430 - 1,430 - - 0.00 Omeros Corp 3,632 - - 3,632 44,697 0.01 Pacific Biosciences of California Inc 15,242 - - 15,242 68,650 0.01 PDL BioPharma Inc 17,876 - - 17,876 56,721 0.01 Pharma Mar SA - 36,127 - 36,127^ 159,779 0.03 Pharming Group NV 65,201 - - 65,201^ 92,126 0.01 Probi AB 1,541 - 1,541 - - 0.00 Prothena Corp Plc 3,315 - - 3,315 38,909 0.01 PTC Therapeutics Inc 5,370 - - 5,370 266,723 0.04 Puma Biotechnology Inc 3,457 - - 3,457 26,206 0.00 Radius Health Inc 3,108 2,953 - 6,061 102,648 0.02 REGENXBIO Inc 2,765 1,821 - 4,586 192,532 0.03 Retrophin Inc 2,732 - - 2,732 40,735 0.01 Rigel Pharmaceuticals Inc 30,315 - - 30,315 66,076 0.01 Rocket Pharmaceuticals Inc 3,176 - - 3,176 62,732 0.01 Rubius Therapeutics Inc 3,154 - - 3,154 23,727 0.00 Sage Therapeutics Inc 5,237 - - 5,237 334,769 0.05 Sangamo Therapeutics Inc 8,553 5,419 - 13,972 98,774 0.02 Sorrento Therapeutics Inc 12,212 - 12,212 - - 0.00 Spark Therapeutics Inc 3,092 780 3,872 - - 0.00 Stemline Therapeutics Inc 4,053 - - 4,053 25,916 0.00 Swedish Orphan Biovitrum AB 18,882 - - 18,882 325,251 0.05 Takara Bio Inc 8,350 - - 8,350^ 153,209 0.02 Theravance Biopharma Inc 5,471 - - 5,471^ 147,109 0.02 Turning Point Therapeutics Inc - 2,259 - 2,259 127,453 0.02 Ultragenyx Pharmaceutical Inc 4,819 2,144 - 6,963 352,898 0.06 United Therapeutics Corp 4,493 - - 4,493 423,231 0.07 Veracyte Inc 3,577 2,095 - 5,672 143,597 0.02 Vericel Corp 3,128 - - 3,128 49,476 0.01 Viking Therapeutics Inc 5,443 - - 5,443^ 32,967 0.01 Vitrolife AB 8,935 - - 8,935 180,775 0.03 WaVe Life Sciences Ltd 2,422 - - 2,422 16,585 0.00 Xencor Inc 5,472 - - 5,472 179,117 0.03 Y-mAbs Therapeutics Inc - 3,104 - 3,104 98,761 0.02 ZIOPHARM Oncology Inc 21,823 - - 21,823 82,926 0.01 15,874,749 2.53

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Office & business equipment Datalogic SpA 2,333 - - 2,333^ 38,999 0.01 Pitney Bowes Inc 21,595 - 979 20,616 74,363 0.01 Quadient 3,723 - - 3,723 86,427 0.01 Riso Kagaku Corp 3,747 - - 3,747^ 62,883 0.01 Sato Holdings Corp 2,814 - - 2,814^ 78,500 0.01 Toshiba TEC Corp 2,700 - - 2,700^ 103,911 0.02 445,083 0.07 Office Furnishings Herman Miller Inc 6,334 - - 6,334 236,106 0.04 HNI Corp 4,668 - - 4,668 161,939 0.02 Interface Inc 7,342 - - 7,342 113,862 0.02 Kimball International Inc 'B' 3,946 - - 3,946 71,472 0.01 Knoll Inc 5,404 - - 5,404 129,046 0.02 Okamura Corp 8,658 - - 8,658^ 81,973 0.01 Steelcase Inc 'A' 9,484 - - 9,484 170,223 0.03 964,621 0.15 Chemicals ADEKA Corp 9,389 - - 9,389^ 134,260 0.02 AdvanSix Inc 3,745 - - 3,745 67,614 0.01 Aica Kogyo Co Ltd 5,193 - - 5,193^ 160,346 0.03 American Vanguard Corp 2,733 - - 2,733 49,238 0.01 Ashland Global Holdings Inc 6,139 - - 6,139 438,018 0.07 Balchem Corp 3,314 - - 3,314 345,252 0.06 Borregaard ASA 11,311 - - 11,311^ 104,144 0.02 Cabot Corp 5,187 - - 5,187 199,354 0.03 Chemours Co - 17,621 - 17,621 235,715 0.04 Chugoku Marine Paints Ltd 4,958 - - 4,958^ 45,353 0.01 Codexis Inc 3,951 - - 3,951 59,749 0.01 Dainichiseika Color & Chemicals Manufacturing Co Ltd 1,197 - - 1,197^ 31,379 0.00 Denka Co Ltd 7,400 - - 7,400^ 198,202 0.03 DIC Corp 7,400 - - 7,400^ 192,408 0.03 DuluxGroup Ltd 43,714 - 43,714 - - 0.00 Element Solutions Inc 25,358 - - 25,358 286,141 0.05 Elementis Plc 61,101 - - 61,101 99,353 0.02 Ferro Corp 8,780 - - 8,780 115,840 0.02 Fuso Chemical Co Ltd 4,300 - - 4,300^ 119,381 0.02 GCP Applied Technologies Inc 8,496 - - 8,496 182,070 0.03 Hawkins Inc 1,099 - - 1,099 44,284 0.01 HB Fuller Co 5,294 - - 5,294 235,939 0.04 Huntsman Corp 22,724 - - 22,724 450,596 0.07 IMCD NV 4,855 741 - 5,596^ 466,819 0.07 Ingevity Corp 3,981 585 - 4,566 287,208 0.05 Innophos Holdings Inc 2,403 - - 2,403 74,070 0.01 Innospec Inc 2,824 - - 2,824 274,349 0.04 Ishihara Sangyo Kaisha Ltd 3,250 - - 3,250^ 27,156 0.00 JCU Corp 5,000 - - 5,000^ 139,927 0.02 K+S AG RegS 21,234 - - 21,234^ 199,716 0.03 Kaneka Corp - 4,000 - 4,000 121,552 0.02 Kemira Oyj 8,430 - - 8,430 122,897 0.02 KH Neochem Co Ltd 2,800 - - 2,800^ 59,573 0.01 Koatsu Gas Kogyo Co Ltd 1,839 - - 1,839^ 13,239 0.00

[90] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Konishi Co Ltd 2,900 - - 2,900^ 40,024 0.01 Koppers Holdings Inc 2,512 - - 2,512 76,024 0.01 Kraton Corp 3,403 - - 3,403 53,989 0.01 Kronos Worldwide Inc 2,183 - - 2,183 22,822 0.00 Kumiai Chemical Industry Co Ltd 8,774 - - 8,774^ 66,363 0.01 KWS Saat SE & Co KGaA 1,215 - - 1,215 72,332 0.01 Lenzing AG 1,457 - - 1,457^ 111,187 0.02 Lintec Corp 4,400 - - 4,400^ 94,084 0.01 Minerals Technologies Inc 3,818 - - 3,818 199,321 0.03 NewMarket Corp 962 - - 962 407,880 0.06 Nihon Nohyaku Co Ltd 4,799 - - 4,799^ 24,042 0.00 Nihon Parkerizing Co Ltd 9,773 - - 9,773^ 100,878 0.02 Nippon Carbon Co Ltd 1,100 - - 1,100^ 37,146 0.01 Nippon Kayaku Co Ltd 9,400 5,200 - 14,600^ 168,242 0.03 Nippon Shokubai Co Ltd 2,900 - - 2,900^ 167,734 0.03 Nippon Soda Co Ltd 2,904 - - 2,904^ 77,523 0.01 NOF Corp 6,611 - - 6,611^ 213,248 0.03 Nolato AB 'B' 2,246 - - 2,246 125,628 0.02 Nufarm Ltd 29,603 - - 29,603^ 105,696 0.02 OCI NV 7,002 4,206 - 11,208^ 186,875 0.03 Olin Corp 14,550 - - 14,550 208,667 0.03 OMNOVA Solutions Inc 4,200 - - 4,200 40,952 0.01 Osaka Soda Co Ltd 1,458 - - 1,458^ 38,091 0.01 PolyOne Corp 6,715 - - 6,715 214,883 0.03 PQ Group Holdings Inc 6,523 - - 6,523 96,317 0.02 Quaker Chemical Corp 1,500 - - 1,500^ 240,177 0.04 Rayonier Advanced Materials Inc 4,978 - - 4,978 14,787 0.00 Rogers Corp 2,003 - - 2,003 227,469 0.04 RPM International Inc 12,520 - 12,520 - - 0.00 Sakai Chemical Industry Co Ltd 1,898 - - 1,898^ 38,119 0.01 Sakata INX Corp 3,350 - - 3,350^ 34,519 0.01 Sanyo Chemical Industries Ltd 1,430 - - 1,430^ 66,041 0.01 Sensient Technologies Corp 4,064 - - 4,064^ 234,192 0.04 SGL Carbon SE 6,762 - - 6,762^ 29,140 0.00 Shikoku Chemicals Corp 3,000 - - 3,000^ 32,595 0.01 Stepan Co 2,258 - - 2,258 214,833 0.03 Sumitomo Bakelite Co Ltd 4,000 - - 4,000^ 142,908 0.02 Sumitomo Seika Chemicals Co Ltd 748 - - 748^ 20,966 0.00 Synthomer Plc 43,197 - - 43,197 185,513 0.03 T Hasegawa Co Ltd 2,800 - - 2,800^ 56,334 0.01 Taiyo Holdings Co Ltd 2,082 - - 2,082^ 86,611 0.01 Takasago International Corp 1,200 - - 1,200^ 25,360 0.00 Tessenderlo Group SA 3,131 - - 3,131 101,564 0.02 Tikkurila Oyj 4,277 - 4,277 - - 0.00 Toagosei Co Ltd 11,152 - - 11,152^ 123,547 0.02 Tokai Carbon Co Ltd 20,234 - - 20,234^ 181,850 0.03 Tokuyama Corp 4,800 2,100 - 6,900^ 174,188 0.03 Toyo Ink SC Holdings Co Ltd 3,747 - - 3,747^ 82,622 0.01 Tronox Holdings Plc 'A' 9,341 - - 9,341 76,216 0.01 Ube Industries Ltd 9,850 - - 9,850^ 195,808 0.03 Univar Solutions Inc 13,261 - - 13,261 275,615 0.04 Valvoline Inc 20,467 - - 20,467 416,107 0.07 Venator Materials Plc 5,954 - - 5,954 15,734 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Versum Materials Inc 10,995 - 10,995 - - 0.00 Victrex Plc 9,345 - - 9,345 263,275 0.04 Wacker Chemie AG - 1,164 - 1,164^ 81,015 0.01 WR Grace & Co 5,446 951 - 6,397 415,583 0.07 Zeon Corp 17,000 - - 17,000^ 179,106 0.03 12,762,884 2.04 Computers 3D Systems Corp 11,083 - - 11,083 116,403 0.02 Agilysys Inc - 2,407 - 2,407 75,447 0.01 Appen Ltd 12,773 - - 12,773^ 209,059 0.03 Avast Plc 43,056 14,783 - 57,839 312,515 0.05 BayCurrent Consulting Inc 1,400 - - 1,400 95,924 0.02 Bechtle AG 2,748 380 - 3,128^ 436,959 0.07 Bell System24 Holdings Inc - 5,500 - 5,500 75,712 0.01 Broadleaf Co Ltd 8,400 - - 8,400^ 45,670 0.01 CACI International Inc 'A' 2,402 388 - 2,790 719,632 0.12 CANCOM SE 2,912 - - 2,912^ 167,912 0.03 Carbon Black Inc - 3,133 3,133 - - 0.00 Carbonite Inc 3,492 - 3,492 - - 0.00 Computacenter Plc 8,354 - - 8,354 190,536 0.03 Conduent Inc 17,319 - - 17,319 71,490 0.01 Cray Inc 4,287 - 4,287 - - 0.00 Cubic Corp 2,566 801 - 3,367 212,016 0.03 Diebold Nixdorf Inc 6,621 - - 6,621 73,499 0.01 DTS Corp 4,160 - - 4,160^ 94,542 0.02 Econocom Group SA 13,236 - - 13,236^ 36,357 0.01 Elecom Co Ltd 1,800 - - 1,800^ 71,116 0.01 ExlService Holdings Inc 3,503 - - 3,503 247,000 0.04 Ferrotec Holdings Corp 7,000 - - 7,000^ 51,824 0.01 ForeScout Technologies Inc 3,457 - - 3,457 95,055 0.02 F-Secure Oyj 8,472 - - 8,472^ 29,881 0.01 GB Group Plc 15,105 6,662 - 21,767 196,757 0.03 Indra Sistemas SA 17,663 - - 17,663^ 195,579 0.03 Ines Corp 3,092 - - 3,092^ 44,050 0.01 Infocom Corp 2,600 - - 2,600 70,795 0.01 Information Services International-Dentsu Ltd 839 - - 839^ 34,454 0.01 Insight Enterprises Inc 3,251 - - 3,251 206,531 0.03 Japan Cash Machine Co Ltd 1,473 - - 1,473^ 10,905 0.00 Jenoptik AG 6,662 - - 6,662 177,440 0.03 Kainos Group Plc - 8,542 - 8,542 85,792 0.01 Kapsch TrafficCom AG 364 - - 364^ 10,310 0.00 Keywords Studios Plc 4,934 - - 4,934^ 77,281 0.01 Kornit Digital Ltd 3,523 - - 3,523^ 141,958 0.02 Lumentum Holdings Inc 7,694 - - 7,694 562,250 0.09 Matrix IT Ltd 3,401 - - 3,401 68,818 0.01 MAXIMUS Inc 5,846 1,150 - 6,996 484,118 0.08 MCJ Co Ltd - 8,800 - 8,800 59,277 0.01 Melco Holdings Inc 1,245 - - 1,245^ 29,413 0.00 Mitsubishi Research Institute Inc 700 - - 700^ 26,971 0.00 MTS Systems Corp 1,582 - - 1,582 77,341 0.01 NCC Group Plc 45,501 - - 45,501 124,371 0.02 NCR Corp 12,601 - - 12,601 409,800 0.07

[92] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) NEC Networks & System Integration Corp 2,549 - - 2,549^ 93,336 0.02 NET One Systems Co Ltd 9,300 - - 9,300^ 150,862 0.02 Netcompany Group A/S 2,581 1,344 - 3,925^ 171,665 0.03 NetScout Systems Inc 8,871 - - 8,871 219,965 0.04 Nihon Unisys Ltd 7,279 - - 7,279^ 217,631 0.03 NNIT A/S 1,934 - - 1,934^ 29,486 0.00 NS Solutions Corp 3,400 - - 3,400 98,478 0.02 OneSpan Inc 3,328 - - 3,328 53,345 0.01 Parsons Corp - 3,386 - 3,386 133,564 0.02 Perspecta Inc 14,832 - - 14,832 401,534 0.06 PlayAGS Inc 1,920 - - 1,920 19,036 0.00 Presidio Inc - 6,254 6,254 - - 0.00 Pure Storage Inc 'A' 19,212 8,245 4,169 23,288 399,790 0.06 Qualys Inc 3,530 - - 3,530 291,903 0.05 Rapid7 Inc 4,590 - - 4,590 262,865 0.04 Roland DG Corp 1,024 - - 1,024^ 18,187 0.00 S&T AG 4,523 - - 4,523^ 117,761 0.02 Science Applications International Corp 5,340 - - 5,340 452,030 0.07 SCSK Corp 5,286 - - 5,286^ 277,987 0.04 Serco Group Plc 121,703 - - 121,703 244,621 0.04 SHIFT Inc 900 - - 900 60,384 0.01 Softcat Plc 9,902 4,733 - 14,635 214,900 0.03 Solutions 30 SE 8,976 - - 8,976^ 100,445 0.02 Sophos Group Plc 33,432 11,425 - 44,857^ 317,876 0.05 Sopra Steria Group 1,792 - - 1,792 276,952 0.04 Sykes Enterprises Inc 4,609 - - 4,609 149,313 0.02 Systena Corp 7,500 - - 7,500^ 123,732 0.02 Tenable Holdings Inc 3,542 - - 3,542 93,088 0.02 TietoEVRY Oyj 5,654 4,229 - 9,883^ 311,397 0.05 Tobii AB 11,050 - - 11,050^ 42,989 0.01 TTEC Holdings Inc 2,195 - - 2,195 84,086 0.01 Unisys Corp 5,819 - - 5,819 54,494 0.01 UT Group Co Ltd 2,600 - - 2,600^ 64,757 0.01 Varonis Systems Inc 3,039 - - 3,039 245,204 0.04 Virtusa Corp 3,125 - - 3,125 125,499 0.02 Vocera Communications Inc 2,491 - - 2,491 52,926 0.01 Wacom Co Ltd 18,150 - - 18,150^ 65,248 0.01 Zscaler Inc 5,914 - - 5,914 319,924 0.05 12,880,020 2.05 Miscellaneous manufacturers Aalberts NV 9,866 1,182 - 11,048^ 466,658 0.07 AGFA-Gevaert NV 18,139 - - 18,139^ 85,923 0.01 ALS Ltd 48,959 - - 48,959^ 305,041 0.05 Amano Corp 6,950 - - 6,950^ 197,591 0.03 American Outdoor Brands Corp 5,336 - - 5,336 48,478 0.01 AMG Advanced Metallurgical Group NV 2,895 - - 2,895^ 63,740 0.01 Ansell Ltd 12,514 - - 12,514^ 258,873 0.04 AptarGroup Inc 6,106 846 - 6,952 774,478 0.12 Axon Enterprise Inc 5,624 863 - 6,487 480,553 0.08 Bando Chemical Industries Ltd 3,770 - - 3,770^ 27,743 0.00 Carlisle Cos Inc 5,584 601 - 6,185 931,931 0.15 Chase Corp 689 - - 689 61,115 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) DIRTT Environmental Solutions 7,762 - - 7,762 19,415 0.00 Donaldson Co Inc 13,090 - - 13,090 654,588 0.10 Elkem ASA 26,660 - - 26,660^ 64,770 0.01 Enerpac Tool Group Corp 6,153 6,153 6,153 6,153 137,141 0.02 Enplas Corp 1,166 - - 1,166^ 30,857 0.01 EnPro Industries Inc 1,642 - - 1,642 92,547 0.02 ESCO Technologies Inc 2,821 - - 2,821 261,080 0.04 Fabrinet 3,187 1,052 - 4,239 257,727 0.04 Federal Signal Corp 6,667 - - 6,667 206,788 0.03 Fukushima Galilei Co Ltd 1,600 - - 1,600^ 56,309 0.01 Glory Ltd 5,400 - - 5,400^ 151,842 0.02 GWA Group Ltd 20,575 - - 20,575^ 47,558 0.01 Haynes International Inc 1,347 - - 1,347 34,829 0.01 Hexcel Corp 8,583 - - 8,583 614,384 0.10 Hexpol AB 27,412 - - 27,412^ 238,492 0.04 Hill & Smith Holdings Plc 7,223 - - 7,223^ 130,489 0.02 Hillenbrand Inc 4,765 3,651 - 8,416 235,631 0.04 IMI Plc 27,444 - - 27,444 385,192 0.06 Indus Holding AG 1,514 - - 1,514^ 59,630 0.01 Indutrade AB 10,977 - - 10,977^ 381,792 0.06 ITT Inc 7,616 1,308 - 8,924 577,341 0.09 John Bean Technologies Corp 3,369 - - 3,369 367,131 0.06 JSP Corp 1,200 - - 1,200^ 20,577 0.00 Kurabo Industries Ltd 1,741 - - 1,741^ 36,422 0.01 Kureha Corp 1,582 - - 1,582^ 87,279 0.01 Lydall Inc 1,642 - - 1,642 32,369 0.01 Materion Corp 2,466 - - 2,466 129,143 0.02 Mersen SA 1,267 - - 1,267^ 40,084 0.01 Mitsuboshi Belting Ltd 2,340 - - 2,340^ 39,562 0.01 Morgan Advanced Materials Plc 32,163 - - 32,163 127,577 0.02 Morita Holdings Corp 5,300 - - 5,300^ 82,202 0.01 Myers Industries Inc 2,706 - - 2,706 42,227 0.01 Nitta Corp 1,984 - - 1,984^ 54,817 0.01 Okamoto Industries Inc 789 - - 789^ 26,995 0.00 Proto Labs Inc 2,584 - - 2,584 257,936 0.04 Raven Industries Inc 4,478 - - 4,478 135,438 0.02 Sekisui Plastics Co Ltd 1,799 - - 1,799^ 12,486 0.00 Semperit AG Holding 1,028 - - 1,028^ 13,426 0.00 Senior Plc 33,180 27,690 - 60,870 128,848 0.02 Shoei Co Ltd - 1,500 - 1,500 67,005 0.01 Standex International Corp 1,479 - - 1,479 104,257 0.02 Sturm Ruger & Co Inc 2,018 - - 2,018 96,379 0.02 Tamron Co Ltd 1,407 - - 1,407^ 29,409 0.00 Tenma Corp 1,528 - - 1,528^ 26,853 0.00 Toyo Tanso Co Ltd 1,606 - - 1,606^ 29,525 0.01 Toyobo Co Ltd 4,750 6,400 - 11,150^ 150,413 0.02 Trelleborg AB 'B' 23,776 5,836 - 29,612 469,042 0.08 Trinity Industries Inc 12,360 - - 12,360 242,346 0.04 Trinseo SA 3,607 - - 3,607 99,910 0.02 Uponor Oyj 5,675 - - 5,675^ 74,241 0.01 Vesuvius Plc 23,992 - - 23,992 132,683 0.02 11,497,108 1.83

[94] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Diversified financial services Aareal Bank AG 5,871 - - 5,871 185,864 0.03 ABC arbitrage 2,558 - - 2,558 18,154 0.00 Affiliated Managers Group Inc - 4,812 - 4,812 370,579 0.06 Afterpay Ltd 17,617 3,095 - 20,712^ 515,518 0.08 AGF Management Ltd 'B' 5,760 - - 5,760 29,697 0.00 Aiful Corp 44,450 - - 44,450^ 119,055 0.02 Air Lease Corp 9,611 2,064 - 11,675 483,502 0.08 Aircastle Ltd 3,734 2,154 - 5,888 182,229 0.03 Altisource Portfolio Solutions SA 1,641 - - 1,641 29,438 0.00 Anima Holding SpA 24,815 18,456 - 43,271^ 198,127 0.03 Ares Management Corp 'A' 9,319 - - 9,319 324,097 0.05 Arrow Global Group Plc 17,424 - - 17,424^ 58,747 0.01 Artisan Partners Asset Management Inc 'A' 4,081 - - 4,081 131,460 0.02 Aruhi Corp 3,600 - - 3,600 57,469 0.01 Ashford Inc - 46 46 - - 0.00 Ashmore Group Plc 40,835 7,354 - 48,189 332,973 0.05 Assetmark Financial Holdings Inc - 2,758 - 2,758 78,016 0.01 Avanza Bank Holding AB 11,045 - - 11,045 104,328 0.02 Azimut Holding SpA 13,910 - - 13,910^ 329,900 0.05 B. Riley Financial Inc - 2,248 - 2,248 58,148 0.01 Banca Farmafactoring SpA - 12,817 - 12,817 76,029 0.01 BGC Partners Inc 'A' 23,541 - - 23,541 131,003 0.02 BinckBank NV 5,334 - 5,334 - - 0.00 Blucora Inc 4,736 - - 4,736 103,000 0.02 Bolsas y Mercados Espanoles SHMSF SA 7,326 1,596 - 8,922 333,755 0.05 Boston Private Financial Holdings Inc 9,564 - - 9,564 105,154 0.02 Brewin Dolphin Holdings Plc 29,852 - - 29,852 136,627 0.02 Bright Smart Securities & Commodities Group Ltd 67,000 - - 67,000 17,226 0.00 Brightsphere Investment Group Inc 6,709 - - 6,709 59,593 0.01 Burford Capital Ltd 22,565 - - 22,565^ 180,876 0.03 Canaccord Genuity Group Inc 9,606 - - 9,606 34,465 0.01 Charter Court Financial Services Group Plc 14,487 - 14,487 - - 0.00 Close Brothers Group Plc 16,640 - - 16,640 299,556 0.05 CMBC Capital Holdings Ltd 1,270,000 - - 1,270,000^ 19,560 0.00 Cohen & Steers Inc 2,187 - - 2,187^ 156,042 0.03 Collector AB 3,702 - - 3,702^ 11,224 0.00 Columbia Financial Inc 2,929 4,022 - 6,951 112,424 0.02 Cowen Inc 'A' 2,957 - - 2,957 45,830 0.01 Credit Acceptance Corp 1,122 - - 1,122 464,205 0.07 Deluxe Corp 4,979 - - 4,979 231,456 0.04 Diamond Hill Investment Group Inc 499 - - 499 67,747 0.01 ECN Capital Corp 42,888 - - 42,888 175,142 0.03 Encore Capital Group Inc 2,857 - - 2,857 93,547 0.02 Enova International Inc 3,191 - - 3,191 77,124 0.01 Equitable Group Inc 1,590 - - 1,590 122,152 0.02 Euronext NV 6,097 - - 6,097^ 510,568 0.08 Evercore Inc 'A' 4,300 - - 4,300 317,753 0.05 EZCORP Inc 'A' 4,398 - - 4,398 26,383 0.00 Federal Agricultural Mortgage Corp 'C' 918 - - 918 67,553 0.01 Federated Investors Inc 'B' 10,802 - - 10,802 377,444 0.06 Fiera Capital Corp 3,525 - - 3,525 31,875 0.01 Financial Products Group Co Ltd 6,950 - - 6,950^ 63,637 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) First National Financial Corp 5,071 - 3,850 1,221 34,147 0.01 FlexiGroup Ltd 26,537 - - 26,537^ 35,981 0.01 Flow Traders 3,110 - - 3,110^ 69,937 0.01 Focus Financial Partners Inc 'A' - 3,629 - 3,629 98,875 0.02 Funding Circle Holdings Plc 17,817 - - 17,817^ 18,234 0.00 Fuyo General Lease Co Ltd 1,692 - - 1,692^ 103,887 0.02 GAMCO Investors Inc 'A' 1,095 - - 1,095 17,478 0.00 Genworth Mortgage Insurance Australia Ltd 29,170 - - 29,170^ 68,931 0.01 Greenhill & Co Inc 3,104 - - 3,104 46,881 0.01 GRENKE AG 2,444 1,287 - 3,731^ 358,694 0.06 Guotai Junan International Holdings Ltd 259,800 - - 259,800^ 42,918 0.01 Guotai Junan International Holdings Ltd Rights - 86,600 - 86,600 - 0.00 Haitong International Securities Group Ltd 222,229 269,000 - 491,229^ 137,891 0.02 Hamilton Lane Inc 'A' 1,698 - - 1,698 106,364 0.02 Hannon Armstrong Sustainable Infrastructure Capital Inc (REIT) 5,435 2,449 - 7,884 259,211 0.04 Hitachi Capital Corp 3,850 2,000 - 5,850^ 156,166 0.03 Hoist Finance AB 12,804 - - 12,804^ 61,676 0.01 Houlihan Lokey Inc 2,712 2,558 - 5,270 263,535 0.04 Hypoport AG 343 - - 343^ 117,129 0.02 Ichiyoshi Securities Co Ltd 3,603 - - 3,603^ 19,717 0.00 IG Group Holdings Plc 34,304 6,741 - 41,045 346,385 0.06 IntegraFin Holdings Plc 22,385 - - 22,385^ 140,872 0.02 Interactive Brokers Group Inc 'A' 7,062 - - 7,062 320,114 0.05 International Personal Finance Plc 24,940 - - 24,940 50,097 0.01 Intertrust NV 8,180 - - 8,180 140,410 0.02 INTL. FCStone Inc 1,418 - - 1,418 65,179 0.01 Intrum AB 7,160 - - 7,160^ 191,360 0.03 IOOF Holdings Ltd 24,357 13,982 - 38,339 195,801 0.03 J Trust Co Ltd 8,450 - - 8,450^ 31,430 0.01 Jaccs Co Ltd 2,814 - - 2,814^ 65,254 0.01 Janus Henderson Group Plc 18,960 - - 18,960 462,087 0.07 Japan Securities Finance Co Ltd 10,163 - - 10,163^ 45,760 0.01 Jupiter Fund Management Plc 42,152 19,348 - 61,500^ 301,490 0.05 Kenedix Inc 24,250 - - 24,250^ 119,329 0.02 Kyokuto Securities Co Ltd 2,100 - - 2,100^ 14,034 0.00 Ladenburg Thalmann Financial Services Inc - 18,107 - 18,107 60,947 0.01 Legg Mason Inc 8,315 - - 8,315 313,960 0.05 LendingClub Corp 7,424 - - 7,424 83,916 0.01 LendingTree Inc 830 - - 830 249,114 0.04 LPL Financial Holdings Inc 9,120 - 813 8,307 738,117 0.12 Magellan Financial Group Ltd 13,869 - 13,869 - - 0.00 Man Group Plc 139,674 31,763 - 171,437 335,432 0.05 Marusan Securities Co Ltd 5,625 - - 5,625^ 26,278 0.00 Matsui Securities Co Ltd 12,400 - - 12,400^ 98,975 0.02 McMillan Shakespeare Ltd 7,955 - - 7,955 66,205 0.01 Mizuho Leasing Co Ltd 2,888 - - 2,888^ 84,677 0.01 MLP SE 5,663 - - 5,663^ 34,016 0.01 Moelis & Co 'A' 4,999 - - 4,999 173,566 0.03 Monex Group Inc 24,100 - - 24,100^ 56,615 0.01 Money Forward Inc 1,500 - - 1,500 68,206 0.01 Mr Cooper Group Inc 10,449 - - 10,449 124,760 0.02 Navient Corp 23,628 - - 23,628 327,692 0.05

[96] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) NEC Capital Solutions Ltd 611 - - 611^ 13,565 0.00 Nelnet Inc 'A' 2,974 - - 2,974 164,237 0.03 Netwealth Group Ltd 9,611 - - 9,611 50,325 0.01 Network International Holdings Plc - 39,218 - 39,218 303,145 0.05 Ocwen Financial Corp 11,019 - - 11,019 13,072 0.00 Okasan Securities Group Inc 18,000 - - 18,000^ 62,146 0.01 OneMain Holdings Inc 8,451 - - 8,451 345,340 0.06 OneSavings Bank Plc 32,916 11,956 - 44,872^ 243,365 0.04 Orient Corp 101,100 - - 101,100^ 152,936 0.02 Pendal Group Ltd 37,045 - - 37,045^ 212,154 0.03 Perpetual Ltd 4,738 - - 4,738 130,623 0.02 Piper Sandler Cos 1,955 - - 1,955 155,422 0.02 PJT Partners Inc 'A' 2,599 - - 2,599 115,354 0.02 Platinum Asset Management Ltd 22,279 24,770 - 47,049 143,988 0.02 Plus500 Ltd 7,585 7,236 - 14,821 167,924 0.03 PRA Group Inc 5,266 - - 5,266 179,586 0.03 Provident Financial Plc 27,340 - - 27,340^ 161,800 0.03 Pzena Investment Management Inc 'A' 896 - - 896 7,077 0.00 Quilter Plc 189,196 - - 189,196 409,265 0.07 Rathbone Brothers Plc 6,626 - - 6,626^ 166,119 0.03 Resurs Holding AB 12,491 - - 12,491 66,680 0.01 Ricoh Leasing Co Ltd 1,486 - - 1,486^ 54,280 0.01 Sanne Group Plc 15,329 - - 15,329 117,125 0.02 SG Fleet Group Ltd 11,275 - - 11,275^ 16,015 0.00 SLM Corp 46,042 - - 46,042 484,905 0.08 Sparx Group Co Ltd 7,700 - - 7,700^ 18,226 0.00 Sprott Inc 12,810 - - 12,810 29,706 0.00 Stifel Financial Corp 6,754 - - 6,754 421,384 0.07 Sun Hung Kai & Co Ltd 76,500 - - 76,500^ 33,066 0.01 Tamburi Investment Partners SpA 21,100 - - 21,100^ 153,352 0.02 Timbercreek Financial Corp - 12,584 - 12,584 92,409 0.01 TMX Group Ltd 5,640 - - 5,640 503,623 0.08 Tokai Tokyo Financial Holdings Inc 24,415 - - 24,415^ 71,911 0.01 TP ICAP Plc 66,412 - - 66,412 335,111 0.05 Tradeweb Markets Inc 'A' - 5,763 - 5,763 256,674 0.04 Tricon Capital Group Inc 11,047 9,783 - 20,830 165,571 0.03 Value Partners Group Ltd 90,628 - - 90,628^ 47,615 0.01 Virtu Financial Inc 'A' 4,480 - - 4,480 72,113 0.01 Virtus Investment Partners Inc 751 - - 751 89,111 0.01 Waddell & Reed Financial Inc 'A' 9,205 - - 9,205 141,867 0.02 WageWorks Inc 3,975 - 3,975 - - 0.00 Westwood Holdings Group Inc 715 - - 715 19,363 0.00 WisdomTree Investments Inc 12,488 - - 12,488 50,705 0.01 World Acceptance Corp 818 - - 818 68,218 0.01 Wuestenrot & Wuerttembergische AG 2,594 - - 2,594 53,065 0.01 Zenkoku Hosho Co Ltd 5,150 - - 5,150^ 216,072 0.03 22,181,591 3.54 Retail Abercrombie & Fitch Co 'A' 7,770 - - 7,770 122,598 0.02 Adastria Co Ltd 3,200 - - 3,200^ 61,306 0.01 Alpen Co Ltd 1,617 - - 1,617^ 23,669 0.00 American Eagle Outfitters Inc 17,815 - - 17,815 247,416 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) America's Car-Mart Inc 590 - - 590 62,468 0.01 AO World Plc 17,557 - - 17,557 17,187 0.00 AOKI Holdings Inc 5,416 - - 5,416^ 51,760 0.01 Aoyama Trading Co Ltd 1,900 3,600 - 5,500^ 69,154 0.01 AP Eagers Ltd - 15,544 - 15,544 89,521 0.01 Arcland Sakamoto Co Ltd 2,700 - - 2,700^ 29,191 0.00 Aritzia Inc 8,694 - - 8,694 158,689 0.03 Asbury Automotive Group Inc 1,530 574 - 2,104 195,717 0.03 At Home Group Inc 5,821 - - 5,821 31,776 0.01 Atom Corp 6,600 - - 6,600^ 59,963 0.01 Autobacs Seven Co Ltd 7,440 - - 7,440^ 105,595 0.02 Automotive Holdings Group Ltd 23,136 - 23,136 - - 0.00 AutoNation Inc 4,760 - - 4,760 194,833 0.03 B&M European Value Retail SA 82,403 23,902 - 106,305 491,539 0.08 Bapcor Ltd 39,545 - - 39,545^ 161,364 0.03 Barnes & Noble Inc 4,670 - 4,670 - - 0.00 BCA Marketplace Plc 89,315 - 89,315 - - 0.00 Beacon Roofing Supply Inc 5,884 1,867 - 7,751 247,512 0.04 Bed Bath & Beyond Inc 15,467 4,351 5,692 14,126 194,139 0.03 Belluna Co Ltd 5,013 - - 5,013^ 27,969 0.00 Bic Camera Inc 8,250 9,000 - 17,250^ 183,275 0.03 Big Lots Inc 3,806 - - 3,806 99,329 0.02 Biglari Holdings Inc 'B' 126 - 126 - - 0.00 Bilia AB 'A' 8,511 - - 8,511 90,186 0.01 BJ's Restaurants Inc 2,049 - - 2,049 78,612 0.01 BJ's Wholesale Club Holdings Inc 9,678 4,346 - 14,024 277,542 0.04 Bloomin' Brands Inc 7,313 2,356 - 9,669 193,686 0.03 BMC Stock Holdings Inc 7,726 - - 7,726 217,467 0.03 Boot Barn Holdings Inc 2,802 - - 2,802 113,419 0.02 Brinker International Inc 4,909 - - 4,909 202,115 0.03 Buckle Inc 3,185 - - 3,185 74,982 0.01 Cafe de Coral Holdings Ltd 40,000 - - 40,000^ 86,845 0.01 Caleres Inc 4,548 - - 4,548 76,980 0.01 Cannae Holdings Inc 5,953 - - 5,953 233,444 0.04 Card Factory Plc 34,158 - - 34,158^ 38,476 0.01 Carvana Co 4,679 562 - 5,241 400,584 0.06 Casey's General Stores Inc 3,468 379 - 3,847 596,829 0.10 Cato Corp 'A' 2,946 - - 2,946 45,574 0.01 Cawachi Ltd 1,440 - - 1,440^ 27,434 0.00 CECONOMY AG 18,577 - - 18,577^ 93,021 0.02 Cewe Stiftung & Co KGAA 574 - - 574 63,190 0.01 Cheesecake Factory Inc 4,894 - - 4,894^ 181,249 0.03 Chico's FAS Inc 15,971 - - 15,971 59,919 0.01 Children's Place Inc 1,518 - - 1,518 87,359 0.01 Chiyoda Co Ltd 3,125 - - 3,125^ 41,072 0.01 Chow Sang Sang Holdings International Ltd 41,998 - - 41,998^ 47,730 0.01 Chuy's Holdings Inc 1,909 - - 1,909 45,200 0.01 Citizen Watch Co Ltd 40,200 - - 40,200^ 191,735 0.03 Clas Ohlson AB 'B' 3,631 - - 3,631 37,131 0.01 cocokara fine Inc 1,837 - - 1,837^ 110,338 0.02 Collins Foods Ltd - 10,507 - 10,507 57,934 0.01 Colowide Co Ltd 5,977 - - 5,977^ 118,710 0.02 Conn's Inc 1,782 - - 1,782 15,055 0.00

[98] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Cosmos Pharmaceutical Corp 1,078 - - 1,078^ 230,411 0.04 Cracker Barrel Old Country Store Inc 1,853 549 - 2,402 354,279 0.06 Create Restaurants Holdings Inc 4,900 - - 4,900^ 99,631 0.02 Daisyo Corp 454 - - 454^ 6,666 0.00 Dave & Buster's Entertainment Inc 4,283 - - 4,283 182,413 0.03 DCM Holdings Co Ltd 16,367 - - 16,367^ 152,193 0.02 Delek Automotive Systems Ltd 4,134 - - 4,134 23,875 0.00 Denny's Corp 6,506 - - 6,506 128,443 0.02 Designer Brands Inc 'A' 5,951 - - 5,951 81,730 0.01 DFS Furniture Plc 23,718 - 23,718 - - 0.00 Dick's Sporting Goods Inc 7,286 - - 7,286 310,803 0.05 Dillard's Inc 'A' 1,162 - - 1,162 68,048 0.01 Dine Brands Global Inc 1,838 - - 1,838 151,119 0.02 Dixons Carphone Plc 106,285 - - 106,285 183,228 0.03 Domino's Pizza Enterprises Ltd - 9,043 3,649 5,394 191,162 0.03 Domino's Pizza Group Plc 52,803 - - 52,803^ 207,366 0.03 Doutor Nichires Holdings Co Ltd 3,676 - - 3,676^ 67,743 0.01 Duluth Holdings Inc 'B' 1,857 - - 1,857 15,134 0.00 Dunelm Group Plc 10,012 - - 10,012 147,525 0.02 Dunkin' Brands Group Inc 7,647 1,508 - 9,155 689,499 0.11 Dustin Group AB 4,794 - - 4,794^ 35,737 0.01 EDION Corp 7,850 - - 7,850^ 79,492 0.01 EI Group Plc 57,429 - - 57,429 207,499 0.03 El Pollo Loco Holdings Inc 1,397 - - 1,397 18,566 0.00 Esprit Holdings Ltd 327,900 - - 327,900^ 56,611 0.01 Europris ASA 10,301 23,663 - 33,964 119,046 0.02 Express Inc 8,373 - 8,373 - - 0.00 Fiesta Restaurant Group Inc 2,807 - 2,807 - - 0.00 FirstCash Inc 4,356 - - 4,356 365,373 0.06 Five Below Inc 5,260 517 - 5,777^ 630,820 0.10 Floor & Decor Holdings Inc 'A' 6,900 - - 6,900 328,143 0.05 Fnac Darty SA 2,075 - - 2,075 97,715 0.02 Foot Locker Inc 11,258 - - 11,258 412,270 0.07 Foundation Building Materials Inc - 2,712 - 2,712 46,636 0.01 Frasers Group Plc 11,250 18,856 - 30,106^ 180,428 0.03 Freshpet Inc 3,373 - - 3,373 204,554 0.03 Fuji Co Ltd 1,695 - - 1,695^ 27,828 0.00 GameStop Corp 'A' 11,215 - 961 10,254 37,976 0.01 Genesco Inc 2,782 - - 2,782 105,499 0.02 Giordano International Ltd 126,000 - - 126,000^ 31,143 0.01 GMS Inc 4,493 - - 4,493 115,785 0.02 Goldwin Inc 1,400 1,400 - 2,800^ 167,432 0.03 Grafton Group Plc 22,780 7,345 - 30,125 352,351 0.06 Greene King Plc 33,585 - 33,585 - - 0.00 Group 1 Automotive Inc 1,535 - - 1,535 149,183 0.02 Guess? Inc 7,065 - - 7,065 145,067 0.02 H2O Retailing Corp 9,608 - - 9,608^ 85,752 0.01 Halfords Group Plc 21,368 - - 21,368^ 44,471 0.01 Haverty Furniture Cos Inc 2,295 - - 2,295 44,556 0.01 Hibbett Sports Inc 2,799 - - 2,799 66,893 0.01 Hiday Hidaka Corp 2,376 - - 2,376^ 41,989 0.01 Hornbach Holding AG & Co KGaA 1,921 - - 1,921^ 117,031 0.02 Hudson's Bay Co 9,879 - - 9,879 78,741 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) HUGO BOSS AG - 7,140 - 7,140 326,618 0.05 Ichibanya Co Ltd 2,400 - - 2,400^ 122,157 0.02 IDOM Inc 7,350 - - 7,350^ 38,653 0.01 Iwatani Corp 3,983 - - 3,983^ 129,541 0.02 Izumi Co Ltd 3,950 - - 3,950^ 121,966 0.02 J D Wetherspoon Plc 5,509 - - 5,509^ 108,629 0.02 Jack in the Box Inc 2,121 - - 2,121 167,228 0.03 JB Hi-Fi Ltd 13,160 - - 13,160^ 336,982 0.05 JC Penney Co Inc 31,559 - - 31,559 22,676 0.00 JD Sports Fashion Plc 39,869 7,522 47,391 - - 0.00 JINS Holdings Inc 1,250 - - 1,250^ 85,869 0.01 Joshin Denki Co Ltd 1,732 - - 1,732^ 37,297 0.01 Joyful Honda Co Ltd 6,400 - - 6,400^ 71,187 0.01 Kappa Create Co Ltd 1,973 - - 1,973^ 26,036 0.00 Keiyo Co Ltd 1,751 - - 1,751^ 8,414 0.00 Kisoji Co Ltd 1,852 - - 1,852^ 48,879 0.01 Kohnan Shoji Co Ltd 2,694 - - 2,694^ 57,413 0.01 KOMEDA Holdings Co Ltd 4,900 - - 4,900^ 95,227 0.02 Komeri Co Ltd 3,650 - - 3,650^ 76,910 0.01 K's Holdings Corp 18,400 - - 18,400^ 218,252 0.04 Kura Sushi Inc 950 - - 950^ 46,579 0.01 Kusuri no Aoki Holdings Co Ltd 1,750 - - 1,750^ 103,088 0.02 L Brands Inc - 25,761 - 25,761 575,415 0.09 La-Z-Boy Inc 5,689 - - 5,689 168,114 0.03 Lifestyle International Holdings Ltd 63,000 - - 63,000^ 60,957 0.01 Lithia Motors Inc 'A' 2,583 401 596 2,388 312,393 0.05 Lookers Plc 33,008 - - 33,008^ 23,164 0.00 Luk Fook Holdings International Ltd 37,681 - - 37,681^ 99,221 0.02 Lumber Liquidators Holdings Inc 2,755 - - 2,755 20,220 0.00 Macy's Inc - 32,958 - 32,958 506,992 0.08 Maisons du Monde SA 4,721 - - 4,721^ 60,550 0.01 Man Wah Holdings Ltd 258,000 - - 258,000^ 174,326 0.03 MarineMax Inc 2,362 - - 2,362 45,401 0.01 Matas A/S 4,277 - - 4,277^ 38,905 0.01 Matsumotokiyoshi Holdings Co Ltd 7,000 2,000 - 9,000^ 352,776 0.06 Matsuya Co Ltd 3,519 - - 3,519^ 23,141 0.00 Matsuyafoods Holdings Co Ltd 558 - - 558^ 23,486 0.00 Michaels Cos Inc 10,880 - - 10,880 51,732 0.01 Ministop Co Ltd 2,508 - - 2,508^ 34,458 0.01 Mitchells & Butlers Plc 22,429 - - 22,429 114,059 0.02 Monogatari Corp - 600 - 600 46,877 0.01 MOS Food Services Inc 3,021 - - 3,021^ 81,318 0.01 Movado Group Inc 1,797 - - 1,797 29,844 0.00 MSC Industrial Direct Co Inc 'A' 4,698 - - 4,698 308,424 0.05 MTY Food Group Inc 1,871 - - 1,871 78,849 0.01 Myer Holdings Ltd 102,065 - - 102,065^ 28,995 0.00 N Brown Group Plc 17,685 - - 17,685 18,425 0.00 National Vision Holdings Inc 6,672 1,638 - 8,310 273,457 0.04 Nishimatsuya Chain Co Ltd 4,830 - - 4,830^ 40,357 0.01 Nojima Corp 2,700 - - 2,700^ 52,448 0.01 Nu Skin Enterprises Inc 'A' 5,640 - - 5,640 177,273 0.03 Office Depot Inc 53,553 - - 53,553 114,661 0.02 Ohsho Food Service Corp 1,200 - - 1,200^ 69,941 0.01

[100] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Ollie's Bargain Outlet Holdings Inc 5,642 749 - 6,391 326,928 0.05 OVS SpA 15,109 - - 15,109^ 27,792 0.00 PAL GROUP Holdings Co Ltd 1,050 - - 1,050^ 30,132 0.00 Papa John's International Inc 2,118 - - 2,118 132,326 0.02 Parco Co Ltd 2,350 - - 2,350^ 38,644 0.01 Party City Holdco Inc 1,597 12,889 - 14,486 40,237 0.01 PC Connection Inc 968 - - 968 46,530 0.01 Pendragon Plc 245,017 - 245,017 - - 0.00 Penske Automotive Group Inc 2,494 1,876 - 4,370 197,962 0.03 Pepper Food Service Co Ltd 2,400 - - 2,400^ 20,715 0.00 PetIQ Inc 2,017 - - 2,017 57,873 0.01 PetMed Express Inc 2,381 - - 2,381 57,891 0.01 Pets at Home Group Plc 36,640 22,655 - 59,295^ 212,583 0.03 Plenus Co Ltd 2,050 - - 2,050^ 36,356 0.01 Premier Investments Ltd 9,713 - - 9,713^ 124,734 0.02 PriceSmart Inc 2,106 718 - 2,824 166,848 0.03 Qurate Retail Inc 'A' - 36,651 - 36,651 301,519 0.05 Red Robin Gourmet Burgers Inc 1,567 - - 1,567 49,676 0.01 Regis Corp 4,790 - - 4,790 71,698 0.01 Restaurant Brands New Zealand Ltd 2,163 - - 2,163^ 18,023 0.00 Restaurant Group Plc 55,155 - - 55,155^ 90,526 0.01 RH 2,002 277 550 1,729^ 348,098 0.06 Ringer Hut Co Ltd 1,654 - - 1,654^ 36,309 0.01 Rite Aid Corp 5,137 - - 5,137 59,205 0.01 Royal Holdings Co Ltd 2,411 - - 2,411^ 51,447 0.01 Rush Enterprises Inc 'A' 3,168 - - 3,168 131,381 0.02 Ruth's Hospitality Group Inc 3,946 - - 3,946 78,017 0.01 Sa SA International Holdings Ltd 101,826 - - 101,826 17,453 0.00 Sac's Bar Holdings Inc 1,550 - - 1,550^ 11,793 0.00 Saizeriya Co Ltd 3,639 - - 3,639^ 77,747 0.01 Sally Beauty Holdings Inc 12,763 - - 12,763 188,947 0.03 Salvatore Ferragamo SpA 5,520 - - 5,520^ 98,438 0.02 Sankyo Tateyama Inc 2,316 - - 2,316^ 29,697 0.00 Seiko Holdings Corp 3,247 - - 3,247^ 77,924 0.01 Seria Co Ltd 3,800 2,500 - 6,300^ 169,300 0.03 Shake Shack Inc 'A' 2,703 - - 2,703 175,836 0.03 Sheng Siong Group Ltd 62,100 - - 62,100 53,973 0.01 Shimachu Co Ltd 5,100 - - 5,100^ 142,499 0.02 Shoe Carnival Inc 1,759 - - 1,759 60,835 0.01 Shop Apotheke Europe NV - 1,762 - 1,762^ 85,970 0.01 Signet Jewelers Ltd 5,199 - - 5,199 121,895 0.02 Skylark Holdings Co Ltd 20,350 - - 20,350^ 363,069 0.06 Sleep Country Canada Holdings Inc 3,410 - - 3,410 50,057 0.01 Sogo Medical Holdings Co Ltd 5,000 - - 5,000^ 91,965 0.01 Sonic Automotive Inc 'A' 3,592 - - 3,592 109,576 0.02 St Marc Holdings Co Ltd 1,592 - - 1,592^ 32,426 0.01 Sugi Holdings Co Ltd 3,745 - - 3,745^ 182,951 0.03 Super Retail Group Ltd 8,720 9,404 - 18,124^ 109,763 0.02 Superdry Plc 4,614 - - 4,614 22,514 0.00 Superior Plus Corp 15,140 10,028 - 25,168 211,982 0.03 Sushiro Global Holdings Ltd 1,900 800 - 2,700^ 220,315 0.04 Tailored Brands Inc 4,486 - 4,486 - - 0.00 Takashimaya Co Ltd 15,100 - - 15,100 158,148 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Takkt AG 3,883 - - 3,883 49,221 0.01 Texas Roadhouse Inc 6,896 - - 6,896 415,678 0.07 Tile Shop Holdings Inc 2,477 - 2,477 - - 0.00 Toridoll Holdings Corp 1,750 - - 1,750^ 39,086 0.01 United Arrows Ltd 2,381 - - 2,381^ 61,591 0.01 Urban Outfitters Inc 7,656 - 2,555 5,101 125,943 0.02 Valor Holdings Co Ltd 4,091 - - 4,091^ 70,149 0.01 Vera Bradley Inc 2,688 - - 2,688 24,836 0.00 VT Holdings Co Ltd 6,800 - - 6,800^ 27,290 0.00 WATAMI Co Ltd 1,466 - - 1,466^ 16,737 0.00 Wendy's Co 18,188 - - 18,188 380,122 0.06 WH Smith Plc 10,757 - - 10,757 327,125 0.05 Williams-Sonoma Inc 7,628 - - 7,628 515,566 0.08 Wingstop Inc 3,080 - - 3,080 275,574 0.04 Winmark Corp 255 - - 255 48,934 0.01 World Co Ltd - 2,800 - 2,800 60,096 0.01 World Fuel Services Corp 6,169 1,216 - 7,385^ 278,631 0.04 Xebio Holdings Co Ltd 2,532 - - 2,532^ 26,361 0.00 XXL ASA 10,500 - - 10,500^ 13,018 0.00 XXL ASA Rights - 1,154 - 1,154 - 0.00 Yellow Hat Ltd 2,800 - - 2,800^ 43,702 0.01 Yoshinoya Holdings Co Ltd 7,200 - - 7,200^ 158,249 0.03 Zensho Holdings Co Ltd 9,898 - - 9,898^ 204,601 0.03 Zumiez Inc 2,600 - - 2,600 78,161 0.01 29,630,617 4.73 Iron & steel Acerinox SA 20,581 - - 20,581 193,618 0.03 Aichi Steel Corp 1,400 - - 1,400^ 43,913 0.01 AK Steel Holding Corp 27,348 15,055 - 42,403 112,872 0.02 Allegheny Technologies Inc 11,945 - - 11,945 198,726 0.03 APERAM SA 5,198 - - 5,198^ 144,169 0.02 Carpenter Technology Corp 4,213 - - 4,213 161,473 0.03 Cleveland-Cliffs Inc 26,483 - - 26,483 179,302 0.03 Commercial Metals Co 12,436 - - 12,436 246,475 0.04 Daido Metal Co Ltd 2,850 - - 2,850^ 17,321 0.00 Daido Steel Co Ltd 1,700 1,400 - 3,100^ 117,098 0.02 Ferrexpo Plc 25,986 - - 25,986 45,955 0.01 Godo Steel Ltd 1,292 - - 1,292^ 32,927 0.00 Japan Steel Works Ltd 7,000 - - 7,000^ 124,515 0.02 Kloeckner & Co SE 10,226 - - 10,226^ 62,900 0.01 Kobe Steel Ltd - 36,200 - 36,200 163,315 0.03 Kyoei Steel Ltd 1,691 - - 1,691^ 29,176 0.00 Labrador Iron Ore Royalty Corp 7,080 - - 7,080 108,887 0.02 Mineral Resources Ltd 15,531 9,646 - 25,177^ 277,320 0.04 Nakayama Steel Works Ltd 1,400 - - 1,400^ 6,192 0.00 Nippon Steel Trading Corp 1,516 - - 1,516^ 67,247 0.01 Osaka Steel Co Ltd 1,392 - - 1,392^ 19,657 0.00 OSAKA Titanium Technologies Co Ltd 2,150 - - 2,150^ 26,842 0.00 Outokumpu Oyj 24,414 29,071 - 53,485^ 177,783 0.03 Reliance Steel & Aluminum Co 6,231 530 - 6,761 748,570 0.12 Russel Metals Inc 9,380 - - 9,380 146,928 0.02 Salzgitter AG 2,880 - - 2,880^ 46,788 0.01

[102] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Sanyo Special Steel Co Ltd 1,773 - - 1,773^ 23,697 0.00 Schnitzer Steel Industries Inc 'A' 2,851 - - 2,851 44,214 0.01 SSAB AB 'A' 25,325 - - 25,325 75,210 0.01 SSAB AB 'B' 57,227 - - 57,227^ 159,130 0.03 Stelco Holdings Inc 3,319 - - 3,319 23,913 0.00 Tokyo Steel Manufacturing Co Ltd 10,550 - - 10,550^ 77,543 0.01 Topy Industries Ltd 2,102 - - 2,102^ 33,537 0.01 United States Steel Corp 16,605 - - 16,605 145,253 0.02 Yamato Kogyo Co Ltd 4,150 - - 4,150^ 98,931 0.02 Yodogawa Steel Works Ltd 2,300 - - 2,300^ 40,564 0.01 4,221,961 0.67 Electrical components & equipment Bekaert SA 4,905 - - 4,905^ 120,263 0.02 Belden Inc 3,401 1,864 - 5,265 250,185 0.04 Encore Wire Corp 2,272 - - 2,272 119,006 0.02 Energizer Holdings Inc 6,998 - - 6,998^ 312,219 0.05 EnerSys 4,707 - - 4,707 326,674 0.05 Enlight Renewable Energy Ltd - 64,929 - 64,929 96,243 0.02 Fujikura Ltd 23,500 - - 23,500^ 85,945 0.01 Furukawa Electric Co Ltd 7,250 - - 7,250^ 167,863 0.03 Generac Holdings Inc 5,391 1,670 776 6,285 627,918 0.10 GS Yuasa Corp 7,200 - - 7,200^ 140,053 0.02 Hubbell Inc 5,471 - - 5,471 755,754 0.12 Icom Inc 4,077 - - 4,077^ 92,293 0.01 Insteel Industries Inc 1,504 - - 1,504 32,448 0.01 Johnson Electric Holdings Ltd 44,125 - - 44,125 94,815 0.01 Leoni AG 3,616 - - 3,616^ 40,967 0.01 Littelfuse Inc 2,675 - - 2,675 456,411 0.07 Mabuchi Motor Co Ltd 6,000 - - 6,000^ 216,497 0.03 Nexans SA 2,945 - - 2,945^ 138,590 0.02 Nippon Signal Company Ltd 5,207 - - 5,207^ 64,497 0.01 Nissin Electric Co Ltd 5,159 - - 5,159^ 60,780 0.01 nLight Inc 2,835 - - 2,835 48,040 0.01 Novanta Inc 3,176 995 - 4,171 364,981 0.06 OSRAM Licht AG 9,577 1,054 - 10,631^ 514,151 0.08 Powell Industries Inc 938 - - 938 37,335 0.01 Signify NV 9,770 3,079 - 12,849^ 413,640 0.07 SMA Solar Technology AG 1,356 - - 1,356^ 48,117 0.01 Tatsuta Electric Wire and Cable Co Ltd 2,700 - - 2,700^ 14,007 0.00 Universal Display Corp 4,040 294 - 4,334 736,378 0.12 Ushio Inc 12,050 - - 12,050^ 173,812 0.03 Varta AG 1,780 466 641 1,605^ 131,917 0.02 Vicor Corp 1,655 - - 1,655 79,888 0.01 Vossloh AG 1,164 - - 1,164^ 49,452 0.01 Zumtobel Group AG 3,239 - - 3,239 30,637 0.00 6,841,776 1.09 Electric A2A SpA 159,059 - - 159,059 306,430 0.05 ACEA SpA 6,216 - - 6,216 139,850 0.02 Albioma SA 1,632 - - 1,632 52,503 0.01 Algonquin Power & Utilities Corp 46,277 - 46,277 - - 0.00 ALLETE Inc 4,856 - - 4,856 390,968 0.06

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Avista Corp 6,621 - - 6,621 324,709 0.05 Black Hills Corp 5,351 1,007 - 6,358^ 509,138 0.08 Boralex Inc 'A' 7,374 - - 7,374 148,416 0.02 Capital Power Corp 12,294 - - 12,294 324,630 0.05 Clearway Energy Inc 'A' 4,022 - - 4,022 80,257 0.01 Clearway Energy Inc 'C' 6,037 - - 6,037 123,260 0.02 Contact Energy Ltd 78,148 - - 78,148^ 362,890 0.06 Drax Group Plc 42,434 - - 42,434 146,738 0.02 El Paso Electric Co 4,504 - - 4,504 295,775 0.05 Elia System Operator SA 3,725 - - 3,725^ 346,373 0.05 EVN AG 3,273 - - 3,273 62,268 0.01 Genesis Energy Ltd 51,851 - - 51,851^ 101,942 0.02 Hawaiian Electric Industries Inc 10,300 2,143 - 12,443^ 586,952 0.09 Hera SpA 94,494 - - 94,494^ 414,284 0.07 Hokkaido Electric Power Co Inc 12,800 - - 12,800^ 58,658 0.01 Hokuriku Electric Power Co 21,700 - - 21,700^ 157,758 0.02 IDACORP Inc 4,734 906 - 5,640 610,257 0.10 Infratil Ltd 66,920 - - 66,920^ 226,381 0.04 Innergex Renewable Energy Inc 10,439 - - 10,439 143,115 0.02 Iren SpA 59,307 - - 59,307 190,543 0.03 Kenon Holdings Ltd 1,806 3,071 - 4,877 97,279 0.02 Mercury NZ Ltd 77,564 - 77,564 - - 0.00 MGE Energy Inc 3,797 - - 3,797^ 292,705 0.05 Northland Power Inc 16,819 - - 16,819 365,374 0.06 NorthWestern Corp 4,465 1,104 - 5,569 413,408 0.07 Okinawa Electric Power Co Inc 4,536 - - 4,536^ 81,574 0.01 Ormat Technologies Inc 4,025 - - 4,025 307,680 0.05 Otter Tail Corp 3,803 - - 3,803 196,448 0.03 PNM Resources Inc 8,395 - - 8,395^ 439,076 0.07 Portland General Electric Co 7,712 1,705 - 9,417 558,557 0.09 REN - Redes Energeticas Nacionais SGPS SA 17,102 22,204 - 39,306 114,688 0.02 Shikoku Electric Power Co Inc 15,900 - - 15,900^ 131,580 0.02 Spark Infrastructure Group 156,482 - - 156,482^ 222,272 0.04 TransAlta Corp 31,255 - - 31,255 225,187 0.04 Unitil Corp 1,509 - - 1,509 89,781 0.01 9,639,704 1.54 Electronics Advanced Energy Industries Inc 4,383 - - 4,383 295,649 0.05 Alarm.com Holdings Inc 2,987 2,081 - 5,068 214,723 0.03 Anritsu Corp 14,400 - - 14,400^ 275,365 0.04 Applied Optoelectronics Inc 1,769 - 1,769 - - 0.00 AT&S Austria Technologie & Systemtechnik AG 2,770 - - 2,770^ 58,886 0.01 Atkore International Group Inc 3,927 1,268 - 5,195 198,910 0.03 Avnet Inc 10,713 - - 10,713 377,020 0.06 Azbil Corp 11,700 - - 11,700^ 310,563 0.05 Badger Meter Inc 2,401 - - 2,401 136,762 0.02 Barco NV 1,250 - - 1,250 299,933 0.05 Benchmark Electronics Inc 3,355 - - 3,355 99,596 0.02 Brady Corp 'A' 5,305 - - 5,305 283,295 0.04 Celestica Inc 11,747 - - 11,747 102,625 0.02 Chiyoda Integre Co Ltd 1,181 - - 1,181^ 21,606 0.00 Coherent Inc 2,232 606 - 2,838 387,109 0.06

[104] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Comtech Telecommunications Corp 1,810 - - 1,810 50,467 0.01 Control4 Corp 2,389 - 2,389 - - 0.00 Cosel Co Ltd 2,199 - - 2,199^ 22,346 0.00 Dexerials Corp 10,500 - - 10,500^ 88,201 0.01 Digimarc Corp - 1,847 - 1,847 55,774 0.01 Eizo Corp 1,452 - - 1,452^ 46,643 0.01 Electrocomponents Plc 48,951 - - 48,951 412,482 0.07 FARO Technologies Inc 1,798 - - 1,798 89,583 0.01 Fingerprint Cards AB 'B' 31,430 - - 31,430^ 53,746 0.01 Fitbit Inc 'A' 17,312 7,836 - 25,148 158,136 0.02 Fluidigm Corp 6,594 - - 6,594 24,421 0.00 Fujitsu General Ltd 5,425 - - 5,425^ 119,284 0.02 Futaba Corp 3,450 - - 3,450^ 39,817 0.01 Gentex Corp 25,990 - - 25,990 746,216 0.12 GoPro Inc 'A' 6,705 11,683 - 18,388 69,873 0.01 Horiba Ltd 3,822 - - 3,822^ 235,346 0.04 Hosiden Corp 5,764 - - 5,764^ 62,523 0.01 Ibiden Co Ltd 10,300 2,200 - 12,500^ 285,193 0.05 Idec Corp 2,582 - - 2,582^ 46,089 0.01 II-VI Inc 5,455 5,146 - 10,601^ 344,042 0.05 Inaba Denki Sangyo Co Ltd 2,777 2,777 - 5,554^ 136,552 0.02 Iriso Electronics Co Ltd 1,900 - - 1,900^ 71,094 0.01 Isra Vision AG 1,820 - - 1,820^ 66,021 0.01 Itron Inc 3,217 - - 3,217^ 253,640 0.04 Ituran Location and Control Ltd 1,457 - - 1,457 35,805 0.01 Jabil Inc 13,474 - - 13,474 505,376 0.08 Japan Aviation Electronics Industry Ltd 4,218 - - 4,218^ 74,091 0.01 Japan Display Inc 40,200 - - 40,200^ 25,040 0.00 Jeol Ltd 3,949 - - 3,949^ 126,151 0.02 Kaga Electronics Co Ltd 1,176 - - 1,176^ 24,068 0.00 Kimball Electronics Inc 2,827 - - 2,827 44,115 0.01 Knowles Corp 9,440 - - 9,440 179,630 0.03 Koa Corp 2,775 - - 2,775^ 29,212 0.00 Macnica Fuji Electronics Holdings Inc 3,086 - - 3,086^ 45,694 0.01 Maruwa Co Ltd/Aichi 1,079 - - 1,079^ 78,059 0.01 Meiko Electronics Co Ltd - 3,100 - 3,100 49,625 0.01 Mesa Laboratories Inc 199 290 - 489 123,771 0.02 Mycronic AB 6,186 2,861 - 9,047 169,915 0.03 Napco Security Technologies Inc - 2,081 - 2,081 59,006 0.01 National Instruments Corp 11,663 1,897 - 13,560 583,669 0.09 Nichicon Corp 5,250 - - 5,250^ 46,950 0.01 Nichiden Corp 884 - - 884^ 16,189 0.00 Nippon Ceramic Co Ltd 1,795 - - 1,795^ 39,197 0.01 Nippon Electric Glass Co Ltd - 9,400 - 9,400 180,171 0.03 Nissha Co Ltd 3,200 - - 3,200^ 28,646 0.00 Nitto Kogyo Corp 3,113 - - 3,113^ 63,795 0.01 NKT A/S 2,596 - - 2,596^ 54,096 0.01 Nohmi Bosai Ltd 2,340 - - 2,340^ 51,306 0.01 NVE Corp 467 - - 467 33,041 0.00 nVent Electric Plc 16,006 - - 16,006 384,381 0.06 Optex Group Co Ltd 3,100 - - 3,100^ 40,412 0.01 OSI Systems Inc 1,504 - - 1,504 125,529 0.02 Plexus Corp 2,383 823 - 3,206 219,905 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Renishaw Plc 3,757 - - 3,757 189,910 0.03 Resideo Technologies Inc 14,224 - - 14,224 139,653 0.02 Restar Holdings Corp 3,800 - - 3,800^ 63,367 0.01 Rotork Plc 94,377 - - 94,377 365,115 0.06 Sanmina Corp 5,827 - - 5,827 178,936 0.03 Sanyo Denki Co Ltd 882 - - 882^ 42,931 0.01 SCREEN Holdings Co Ltd 4,600 - - 4,600^ 240,683 0.04 SMART Global Holdings Inc - 2,127 - 2,127 61,870 0.01 Smart Metering Systems Plc 15,127 - - 15,127^ 98,946 0.02 Sodick Co Ltd 4,100 - - 4,100^ 31,704 0.00 Spectris Plc 11,155 1,620 - 12,775 429,746 0.07 Star Micronics Co Ltd 4,299 - - 4,299^ 54,359 0.01 Stoneridge Inc 2,329 - - 2,329 62,579 0.01 SYNNEX Corp 4,277 - - 4,277 568,253 0.09 Taiyo Yuden Co Ltd 11,050 1,800 - 12,850^ 371,618 0.06 Tamura Corp - 10,700 - 10,700 62,269 0.01 Tech Data Corp 3,122 797 - 3,919 544,047 0.09 TKH Group NV 3,979 - - 3,979^ 203,453 0.03 Tokyo Seimitsu Co Ltd 3,900 - - 3,900^ 136,038 0.02 TTM Technologies Inc 7,054 5,145 - 12,199 169,303 0.03 Vishay Intertechnology Inc 14,547 - - 14,547 284,666 0.05 Vishay Precision Group Inc - 1,506 - 1,506 50,168 0.01 Watts Water Technologies Inc 'A' 1,822 891 - 2,713 260,896 0.04 Woodward Inc 5,362 525 - 5,887 660,375 0.11 15,247,261 2.43 Oil & gas Advantage Oil & Gas Ltd 19,681 - - 19,681 31,718 0.00 Antero Resources Corp 21,033 - - 21,033^ 37,528 0.01 ARC Resources Ltd 32,440 16,665 - 49,105 251,380 0.04 Athabasca Oil Corp 64,658 - 64,658 - - 0.00 Baytex Energy Corp 62,878 - - 62,878 66,028 0.01 Beach Energy Ltd 167,992 48,927 - 216,919^ 373,944 0.06 Berry Petroleum Corp 3,933 - - 3,933 25,983 0.00 Birchcliff Energy Ltd 22,935 - - 22,935 29,269 0.00 Bonanza Creek Energy Inc 1,820 - - 1,820 31,929 0.01 Brigham Minerals Inc 'A' - 2,776 - 2,776 45,541 0.01 Brightoil Petroleum Holdings Ltd 350,226 - - 350,226 31,755 0.00 Cairn Energy Plc 62,211 - - 62,211^ 134,060 0.02 California Resources Corp 5,553 - - 5,553 39,310 0.01 Callon Petroleum Co 22,098 14,567 - 36,665 106,085 0.02 Canacol Energy Ltd 12,100 - - 12,100 37,589 0.01 Cardinal Energy Ltd 5,963 - 5,963 - - 0.00 Carrizo Oil & Gas Inc 8,324 - 8,324 - - 0.00 Centennial Resource Development Inc 'A' 15,358 - - 15,358 48,287 0.01 Chesapeake Energy Corp 123,295 - - 123,295 60,859 0.01 Cimarex Energy Co - 11,066 - 11,066 468,421 0.07 CNX Resources Corp 16,574 - - 16,574 115,570 0.02 Cooper Energy Ltd 211,305 - - 211,305 77,083 0.01 Cosmo Energy Holdings Co Ltd 5,900 3,100 - 9,000^ 171,463 0.03 Crescent Point Energy Corp 67,027 - - 67,027 213,110 0.03 CVR Energy Inc 3,055 - - 3,055 101,975 0.02 Delek Group Ltd 465 473 - 938 117,238 0.02

[106] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Delek US Energy Inc 7,343 - - 7,343^ 194,470 0.03 Denbury Resources Inc 39,693 - - 39,693^ 37,708 0.01 Diamond Offshore Drilling Inc 7,637 - - 7,637 34,102 0.01 Diversified Gas & Oil Plc 68,503 - - 68,503 78,556 0.01 DNO ASA 68,885 - - 68,885 66,481 0.01 Enerplus Corp 22,971 - - 22,971 113,071 0.02 EnQuest Plc 164,889 - - 164,889 50,101 0.01 Ensign Energy Services Inc 15,175 - - 15,175 26,116 0.00 EQT Corp 25,882 - - 25,882 151,019 0.02 Equital Ltd 1,717 2,179 - 3,896 100,356 0.02 Extraction Oil & Gas Inc 13,363 - - 13,363 18,301 0.00 Freehold Royalties Ltd 7,788 - - 7,788 40,096 0.01 Frontera Energy Corp 6,494 - - 6,494 44,562 0.01 Gran Tierra Energy Inc 44,264 - - 44,264 42,537 0.01 Gulf Keystone Petroleum Ltd 40,539 - - 40,539 95,656 0.02 Gulfport Energy Corp 14,231 - - 14,231^ 21,274 0.00 Helmerich & Payne Inc - 10,390 - 10,390 406,337 0.06 HighPoint Resources Corp 5,816 - 5,816 - - 0.00 Hurricane Energy Plc 162,752 - - 162,752^ 42,914 0.01 Israel Corp Ltd 511 - - 511 85,820 0.01 Jagged Peak Energy Inc 5,344 - 5,344 - - 0.00 Japan Drilling Co Ltd 400 - 400 - - 0.00 Japan Petroleum Exploration Co Ltd 3,750 - - 3,750^ 90,663 0.01 Kelt Exploration Ltd 16,806 - - 16,806 46,571 0.01 Kosmos Energy Ltd 31,119 - - 31,119 153,365 0.02 Laredo Petroleum Inc 16,204 - - 16,204 26,880 0.00 Magnolia Oil & Gas Corp 'A' 10,018 - - 10,018 101,643 0.02 Matador Resources Co 9,675 3,332 - 13,007 184,029 0.03 MEG Energy Corp 23,422 - - 23,422 115,462 0.02 Montage Resources Corp 4,637 - 4,637 - - 0.00 Murphy Oil Corp 16,666 - - 16,666 336,901 0.05 Murphy USA Inc 3,245 - - 3,245 319,755 0.05 Nabors Industries Ltd 32,507 - - 32,507 64,897 0.01 Naphtha Israel Petroleum Corp Ltd 2,883 - - 2,883 14,570 0.00 NewOcean Energy Holdings Ltd 113,000 - - 113,000^ 15,439 0.00 Noble Corp Plc 26,730 - - 26,730 20,825 0.00 Northern Oil and Gas Inc - 35,713 - 35,713 57,176 0.01 NuVista Energy Ltd 16,501 - - 16,501 25,631 0.00 Oasis Petroleum Inc 30,628 - - 30,628 66,463 0.01 Oil Refineries Ltd 279,101 - - 279,101 118,882 0.02 Par Pacific Holdings Inc 3,011 - - 3,011 58,428 0.01 Paramount Resources Ltd 'A' 8,171 - - 8,171 35,990 0.01 Parex Resources Inc 15,636 - - 15,636 238,879 0.04 Parkland Fuel Corp 16,820 - 16,820 - - 0.00 Parsley Energy Inc 'A' - 33,216 - 33,216 533,065 0.08 Paz Oil Co Ltd 1,336 - - 1,336 156,857 0.02 PBF Energy Inc 'A' 10,209 2,020 - 12,229 321,983 0.05 PDC Energy Inc 6,584 3,946 - 10,530 219,261 0.03 Penn Virginia Corp 836 - - 836 17,230 0.00 Petrofac Ltd 28,681 - - 28,681 127,330 0.02 Peyto Exploration & Development Corp 17,803 - - 17,803 37,520 0.01 Pharos Energy Plc 19,516 - - 19,516 11,289 0.00 Precision Drilling Corp 30,921 - - 30,921 35,176 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Premier Oil Plc 64,524 59,093 - 123,617^ 157,709 0.03 QEP Resources Inc 22,630 - - 22,630 69,187 0.01 Range Resources Corp 23,293 - - 23,293 67,395 0.01 Ring Energy Inc 7,893 - 7,893 - - 0.00 SandRidge Energy Inc 4,720 - 4,720 - - 0.00 Saras SpA 57,542 - - 57,542 74,539 0.01 Sembcorp Marine Ltd 75,800 - - 75,800 62,131 0.01 Seven Generations Energy Ltd 'A' 29,431 - - 29,431 142,508 0.02 SM Energy Co 9,803 - - 9,803 86,792 0.01 Southwestern Energy Co 55,163 - - 55,163 83,527 0.01 SRC Energy Inc 24,981 - 24,981 - - 0.00 Surge Energy Inc 24,823 - - 24,823 18,102 0.00 Talos Energy Inc 2,121 - - 2,121 44,880 0.01 Tamarack Valley Energy Ltd 25,952 - - 25,952 31,983 0.01 Tellurian Inc 8,489 - - 8,489^ 57,474 0.01 Texas Pacific Land Trust 630 - - 630 459,172 0.07 TORC Oil & Gas Ltd 15,781 - - 15,781 44,191 0.01 Tourmaline Oil Corp - 32,592 - 32,592 317,293 0.05 Transocean Ltd 46,807 8,479 - 55,286 243,142 0.04 Tullow Oil Plc 156,824 - - 156,824^ 101,363 0.02 Unit Corp 4,879 - 4,879 - - 0.00 Valaris Plc 20,131 - - 20,131 99,212 0.02 Vermilion Energy Inc - 20,367 - 20,367 283,680 0.05 Viva Energy Group Ltd 135,197 - - 135,197^ 150,139 0.02 W&T Offshore Inc 9,160 - - 9,160 36,574 0.01 Whitecap Resources Inc 46,877 - - 46,877 164,769 0.03 Whiting Petroleum Corp 9,210 - - 9,210 40,327 0.01 WPX Energy Inc 45,427 - - 45,427 523,554 0.08 Z Energy Ltd 37,663 - - 37,663^ 104,607 0.02 11,282,012 1.80 Oil & gas services Akastor ASA 13,169 - 13,169 - - 0.00 Aker Solutions ASA 16,323 - - 16,323^ 31,792 0.01 Apergy Corp 7,194 - - 7,194 179,423 0.03 Archrock Inc 16,865 - - 16,865 135,817 0.02 Borr Drilling Ltd 10,564 - - 10,564^ 53,298 0.01 C&J Energy Services Inc 6,380 - 6,380 - - 0.00 CES Energy Solutions Corp 21,622 - - 21,622 30,747 0.00 CGG SA 73,322 - - 73,322 199,522 0.03 Core Laboratories NV 5,252 - - 5,252^ 177,944 0.03 DMC Global Inc 1,527 - - 1,527 61,604 0.01 Dril-Quip Inc 4,402 - - 4,402 173,641 0.03 Enerflex Ltd 8,177 - - 8,177 60,345 0.01 Exterran Corp 3,643 - - 3,643 18,973 0.00 Forum Energy Technologies Inc 6,935 - 6,935 - - 0.00 Frank's International NV 5,080 - - 5,080 17,148 0.00 Fugro NV -CVA 7,146 - - 7,146^ 72,558 0.01 Helix Energy Solutions Group Inc 11,446 - - 11,446 92,066 0.01 Hunting Plc 13,695 - - 13,695 53,312 0.01 John Wood Group Plc - 76,113 - 76,113 364,128 0.06 KLX Energy Services Holdings Inc 2,328 - 2,328 - - 0.00 Liberty Oilfield Services Inc 'A' 4,844 - - 4,844 39,617 0.01

[108] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Maire Tecnimont SpA 12,517 - - 12,517^ 31,171 0.00 Matrix Service Co 3,013 - - 3,013 58,467 0.01 McDermott International Inc 18,764 - 18,764 - - 0.00 MRC Global Inc 7,044 - - 7,044 76,496 0.01 Newpark Resources Inc 9,418 - - 9,418 45,416 0.01 NexTier Oilfield Solutions Inc 6,835 17,138 6,835 17,138 85,123 0.01 Nine Energy Service Inc 1,846 - 1,846 - - 0.00 NOW Inc 11,818 - - 11,818 114,093 0.02 Oceaneering International Inc 10,990 - - 10,990 131,537 0.02 Oil States International Inc 5,498 - - 5,498 57,161 0.01 Pason Systems Inc 7,680 - - 7,680 73,927 0.01 Patterson-UTI Energy Inc 20,687 - - 20,687^ 158,416 0.03 PGS ASA 29,839 - - 29,839^ 55,478 0.01 ProPetro Holding Corp 9,253 - - 9,253 86,920 0.01 RPC Inc 6,918 - - 6,918 30,224 0.00 Saipem SpA 55,304 20,232 - 75,536 302,588 0.05 SBM Offshore NV 19,180 - - 19,180 318,462 0.05 Schoeller-Bleckmann Oilfield Equipment AG 968 - - 968^ 43,039 0.01 Secure Energy Services Inc 14,431 - - 14,431 47,882 0.01 Select Energy Services Inc 'A' 7,453 - - 7,453 50,029 0.01 ShawCor Ltd 7,569 - - 7,569 58,066 0.01 Solaris Oilfield Infrastructure Inc 'A' 3,313 - - 3,313 36,841 0.01 Subsea 7 SA 28,356 - - 28,356^ 294,253 0.05 Superior Energy Services Inc 16,965 - 16,965 - - 0.00 TETRA Technologies Inc 10,122 - 10,122 - - 0.00 TGS NOPEC Geophysical Co ASA 9,748 2,540 - 12,288^ 302,264 0.05 Thermon Group Holdings Inc 3,776 - - 3,776 86,310 0.01 Total Energy Services Inc 7,577 - - 7,577 29,837 0.00 Trican Well Service Ltd 41,996 - 41,996 - - 0.00 US Silica Holdings Inc 9,253 - - 9,253 45,870 0.01 4,381,805 0.70 Airlines Air France-KLM 21,884 - - 21,884^ 196,286 0.03 Air New Zealand Ltd 58,888 - - 58,888^ 103,648 0.02 Allegiant Travel Co 473 - - 473 76,657 0.01 Dart Group Plc 6,969 3,163 - 10,132 218,980 0.03 Finnair Oyj 3,714 - - 3,714^ 20,919 0.00 Hawaiian Holdings Inc 1,803 - - 1,803 48,481 0.01 Norwegian Air Shuttle ASA 9,273 - - 9,273^ 34,715 0.01 SAS AB 29,778 - - 29,778^ 41,238 0.01 SkyWest Inc 1,296 - - 1,296 68,959 0.01 Spirit Airlines Inc 2,029 - - 2,029 80,369 0.01 WestJet Airlines Ltd 2,984 3,319 6,303 - - 0.00 890,252 0.14 Forest products & paper Altri SGPS SA 8,343 - - 8,343 49,757 0.01 BillerudKorsnas AB 19,287 - - 19,287^ 239,111 0.04 Canfor Corp 9,302 - - 9,302 80,654 0.01 Canfor Pulp Products Inc 4,405 - - 4,405 27,272 0.00 Cascades Inc 7,249 - - 7,249 59,787 0.01 Clearwater Paper Corp 2,168 - - 2,168 58,964 0.01 Daio Paper Corp 9,489 - - 9,489^ 122,602 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Domtar Corp 6,968 - - 6,968 234,000 0.04 Ence Energia y Celulosa SA 13,394 - - 13,394^ 52,338 0.01 Hokuetsu Corp 13,807 - - 13,807^ 62,781 0.01 Holmen AB 'B' 11,564 - - 11,564^ 330,237 0.05 Interfor Corp 7,485 - - 7,485 76,471 0.01 Mercer International Inc 5,053 - - 5,053 53,656 0.01 Miquel y Costas & Miquel SA 2,577 - - 2,577 41,480 0.01 Navigator Co SA 16,206 28,195 - 44,401^ 153,757 0.02 Neenah Inc 1,874 - - 1,874 120,444 0.02 Nippon Paper Industries Co Ltd 7,650 5,400 - 13,050^ 208,210 0.03 Pack Corp 1,189 - - 1,189^ 41,104 0.01 PH Glatfelter Co 5,010 - - 5,010 80,693 0.01 Quintis Ltd 27,254 - 27,254 - - 0.00 Resolute Forest Products Inc 6,792 - 6,792 - - 0.00 Schweitzer-Mauduit International Inc 3,367 - - 3,367 113,753 0.02 Semapa-Sociedade de Investimento e Gestao 2,203 - - 2,203 29,621 0.01 Sumitomo Forestry Co Ltd 8,450 5,300 - 13,750^ 187,811 0.03 Svenska Cellulosa AB SCA 'B' 56,744 9,422 - 66,166^ 639,022 0.10 Verso Corp 'A' 2,303 2,872 - 5,175 84,099 0.01 Western Forest Products Inc 45,836 - - 45,836 35,765 0.01 3,183,389 0.51 Leisure time Accell Group NV 2,113 - - 2,113^ 63,009 0.01 Accordia Golf Trust 89,800 - - 89,800 41,879 0.01 Acushnet Holdings Corp - 4,346 - 4,346 129,811 0.02 Basic-Fit NV 6,058 - 3,073 2,985 106,718 0.02 Beneteau SA 3,785 - - 3,785^ 39,220 0.01 BRP Inc 4,619 - - 4,619 227,565 0.04 Brunswick Corp 8,007 1,580 - 9,587 581,123 0.09 Callaway Golf Co 8,378 - - 8,378 173,077 0.03 Camping World Holdings Inc 'A' 3,182 - - 3,182 47,782 0.01 Corporate Travel Management Ltd 7,075 - - 7,075^ 81,356 0.01 CTS Eventim AG & Co KGaA 6,326 - - 6,326^ 380,320 0.06 Daiichikosho Co Ltd 4,478 - - 4,478^ 213,181 0.03 Dometic Group AB 26,626 6,368 - 32,994^ 290,193 0.05 Fox Factory Holding Corp 4,204 - - 4,204 266,870 0.04 Heiwa Corp 5,500 - - 5,500^ 110,949 0.02 HIS Co Ltd 4,601 - - 4,601^ 103,377 0.02 Johnson Outdoors Inc 'A' - 974 - 974 73,835 0.01 KNT-CT Holdings Co Ltd 1,200 - - 1,200^ 14,106 0.00 Koshidaka Holdings Co Ltd 4,600 - - 4,600^ 63,609 0.01 Liberty TripAdvisor Holdings Inc 'A' 7,486 - - 7,486 42,525 0.01 Malibu Boats Inc 'A' 1,926 - - 1,926 81,341 0.01 MasterCraft Boat Holdings Inc 2,078 - - 2,078 35,213 0.01 Mizuno Corp 2,424 - - 2,424^ 57,246 0.01 On the Beach Group Plc 12,649 - - 12,649 62,684 0.01 OneSpaWorld Holdings Ltd - 4,491 - 4,491 65,014 0.01 Piaggio & C SpA 23,508 - - 23,508 61,959 0.01 Planet Fitness Inc 'A' 8,160 832 - 8,992 700,638 0.11 Round One Corp 7,331 - - 7,331^ 66,734 0.01 Saga Plc 94,356 - - 94,356 50,167 0.01 Suncity Group Holdings Ltd 180,000 - - 180,000 34,877 0.00

[110] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Technogym SpA 11,140 - - 11,140^ 133,710 0.02 Thomas Cook Group Plc 158,032 - 158,032 -^ - 0.00 Thule Group AB 11,732 - - 11,732^ 267,417 0.04 Tokyo Dome Corp 8,800 - - 8,800^ 80,420 0.01 Tosho Co Ltd 1,600 - - 1,600^ 30,397 0.00 Trigano SA 884 - - 884^ 81,019 0.01 Vista Outdoor Inc 6,970 - - 6,970 49,946 0.01 YETI Holdings Inc 1,697 2,037 - 3,734 130,942 0.02 5,040,229 0.80 Trucking & leasing GATX Corp 3,036 - - 3,036 222,914 0.03 Greenbrier Cos Inc 2,828 - - 2,828 65,705 0.01 Tourism Holdings Ltd 20,932 - - 20,932^ 39,063 0.01 327,682 0.05 Gas Ascopiave SpA 7,318 - - 7,318 34,571 0.01 Chesapeake Utilities Corp 1,602 - - 1,602 148,649 0.02 Italgas SpA 48,562 - - 48,562^ 311,212 0.05 Just Energy Group Inc 12,601 - - 12,601 16,908 0.00 K&O Energy Group Inc 1,085 - - 1,085^ 15,592 0.00 Keppel Infrastructure Trust 441,833 - - 441,833 163,907 0.03 National Fuel Gas Co 7,465 1,385 - 8,850 368,643 0.06 New Jersey Resources Corp 9,278 - - 9,278 369,738 0.06 Northwest Natural Holding Co 3,031 - - 3,031 214,508 0.03 ONE Gas Inc 5,218 - - 5,218 475,571 0.08 Rubis SCA 8,602 1,126 - 9,728^ 580,691 0.09 Shizuoka Gas Co Ltd 4,397 - - 4,397^ 34,861 0.01 South Jersey Industries Inc 8,819 2,221 - 11,040 327,944 0.05 Southwest Gas Holdings Inc 5,122 839 - 5,961 434,114 0.07 Spire Inc 4,864 - - 4,864 395,552 0.06 Valener Inc 5,110 - 5,110 - - 0.00 3,892,461 0.62 Healthcare services Acadia Healthcare Co Inc 8,394 - - 8,394 260,111 0.04 Addus HomeCare Corp 689 1,233 - 1,922 174,875 0.03 Ain Holdings Inc 2,455 - - 2,455^ 145,928 0.02 Ambea AB - 6,575 - 6,575 51,119 0.01 Amedisys Inc 3,291 - - 3,291 560,180 0.09 Apollo Medical Holdings Inc 2,250 - - 2,250 38,887 0.01 Attendo AB 15,589 - - 15,589^ 82,750 0.01 Avita Medical Ltd - 248,078 - 248,078 108,116 0.02 BML Inc 2,000 - - 2,000^ 55,704 0.01 Brookdale Senior Living Inc 20,343 - - 20,343 129,294 0.02 Catalent Inc 14,071 1,914 - 15,985 941,962 0.15 Charles River Laboratories International Inc 4,990 - - 4,990 743,933 0.12 Chemed Corp 1,716 - - 1,716 772,949 0.12 CMIC Holdings Co Ltd 1,180 - - 1,180^ 18,165 0.00 Community Health Systems Inc 12,838 - - 12,838 53,117 0.01 Encompass Health Corp 9,454 1,330 - 10,784 801,160 0.13 Ensign Group Inc 5,340 - - 5,340 232,787 0.04 EPS Holdings Inc 2,600 - - 2,600^ 30,539 0.01 Estia Health Ltd 16,573 - - 16,573^ 26,430 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Evotec SE 13,507 - - 13,507^ 350,947 0.06 Extendicare Inc 9,748 - - 9,748 58,504 0.01 Five Star Senior Living Inc - 1,708 - 1,708 7,462 0.00 Hansa Biopharma AB 2,524 - - 2,524^ 18,146 0.00 Healius Ltd 66,439 - - 66,439^ 126,973 0.02 Invitae Corp 8,488 - - 8,488 152,674 0.02 Korian SA 4,155 1,392 - 5,547 244,261 0.04 LHC Group Inc 2,931 393 - 3,324 467,250 0.07 Magellan Health Inc 2,061 - - 2,061 145,522 0.02 Medical Facilities Corp 3,644 - 3,644 - - 0.00 Mediclinic International Plc 49,265 - - 49,265^ 231,302 0.04 MEDNAX Inc 10,103 - - 10,103 224,790 0.04 Medpace Holdings Inc 2,909 - - 2,909 240,018 0.04 Metlifecare Ltd 15,880 - - 15,880^ 68,091 0.01 Miraca Holdings Inc 6,200 - - 6,200^ 159,717 0.03 Molina Healthcare Inc 5,989 - - 5,989 710,286 0.11 Natera Inc 3,069 3,223 - 6,292 212,452 0.03 National HealthCare Corp 1,126 - - 1,126 91,135 0.02 Orpea 4,352 668 - 5,020 630,970 0.10 Pennant Group Inc - 2,670 - 2,670 67,982 0.01 Providence Service Corp 1,495 - - 1,495 93,504 0.02 RadNet Inc 3,353 - - 3,353 72,987 0.01 Raffles Medical Group Ltd 87,171 - - 87,171 64,060 0.01 Regis Healthcare Ltd 13,361 - - 13,361 20,790 0.00 RHOEN-KLINIKUM AG 610 - - 610^ 10,301 0.00 Select Medical Holdings Corp 10,221 2,775 - 12,996 286,276 0.05 Sienna Senior Living Inc 6,532 - - 6,532 89,647 0.01 Solasto Corp - 7,200 - 7,200 73,743 0.01 Spire Healthcare Group Plc 28,788 - - 28,788 47,945 0.01 Surgery Partners Inc 2,380 - - 2,380 38,723 0.01 Syneos Health Inc 6,281 - - 6,281 371,701 0.06 Teladoc Health Inc 6,968 - - 6,968 683,520 0.11 Tenet Healthcare Corp 9,746 - - 9,746 297,401 0.05 Tivity Health Inc 4,139 2,676 - 6,815 142,267 0.02 Town Health International Medical Group Ltd 421,000 - - 421,000 220 0.00 Triple-S Management Corp 'B' 2,816 - 1 2,815 47,837 0.01 Tsukui Corp 3,800 - - 3,800^ 19,477 0.00 UDG Healthcare Plc 25,809 - - 25,809 246,254 0.04 US Physical Therapy Inc 1,326 - - 1,326 149,806 0.02 Virtus Health Ltd 8,758 - - 8,758^ 24,428 0.00 12,217,375 1.95 Healthcare - products Accelerate Diagnostics Inc 2,759 - - 2,759 44,703 0.01 Accuray Inc 7,433 - 7,433 - - 0.00 Advanced Medical Solutions Group Plc 21,669 - - 21,669^ 77,687 0.01 Ambu A/S 'B' 15,704 3,664 - 19,368^ 342,102 0.05 AngioDynamics Inc 2,698 - - 2,698 35,831 0.01 Arjo AB 'B' 27,689 - - 27,689 127,890 0.02 As One Corp 1,600 - - 1,600^ 140,950 0.02 AtriCure Inc 2,822 - - 2,822 105,873 0.02 Atrion Corp 117 - - 117 81,154 0.01 Avanos Medical Inc 4,955 - - 4,955 131,610 0.02

[112] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Axogen Inc 3,214 - - 3,214 38,313 0.01 Axonics Modulation Technologies Inc - 2,507 - 2,507 70,191 0.01 Biotage AB 7,050 - - 7,050 84,792 0.01 Bio-Techne Corp 3,661 454 - 4,115 833,310 0.13 BioTelemetry Inc 3,857 - - 3,857 181,977 0.03 Bruker Corp 11,127 - - 11,127 530,884 0.08 Cantel Medical Corp 4,072 - - 4,072^ 255,506 0.04 Cardiovascular Systems Inc 3,314 - - 3,314 145,075 0.02 CareDx Inc 4,815 - - 4,815 112,195 0.02 Cellavision AB 1,721 - - 1,721^ 57,430 0.01 Cerus Corp 8,503 - - 8,503 32,885 0.01 Clinigen Healthcare Ltd 13,040 - - 13,040 160,643 0.03 CONMED Corp 2,735 - - 2,735 268,209 0.04 ConvaTec Group Plc 148,421 - - 148,421 392,482 0.06 CryoLife Inc 3,945 - - 3,945 113,153 0.02 Cutera Inc - 1,694 - 1,694 46,040 0.01 CYBERDYNE Inc 11,500 - - 11,500^ 54,236 0.01 DiaSorin SpA 2,589 - - 2,589^ 307,152 0.05 Draegerwerk AG & Co KGaA (Pref) 1,272 - - 1,272^ 71,511 0.01 Elekta AB 'B' 35,490 7,723 - 43,213^ 477,361 0.08 Envista Holdings Corp - 12,619 - 12,619 360,122 0.06 GenMark Diagnostics Inc 4,050 - - 4,050 21,053 0.00 Genomic Health Inc 2,245 - 2,245 - - 0.00 Getinge AB 'B' 20,013 4,294 - 24,307 400,214 0.06 Glaukos Corp 2,983 1,563 - 4,546 246,622 0.04 Globus Medical Inc 'A' 7,756 - - 7,756 391,069 0.06 GN Store Nord A/S 13,518 - - 13,518^ 647,488 0.10 Guerbet 482 - - 482^ 17,953 0.00 Haemonetics Corp 4,843 590 - 5,433 562,708 0.09 Hanger Inc 2,660 1,939 - 4,599 108,359 0.02 Hill-Rom Holdings Inc 6,740 - - 6,740 692,227 0.11 Hogy Medical Co Ltd 2,526 - - 2,526^ 84,852 0.01 ICU Medical Inc 2,147 - - 2,147 377,836 0.06 Inogen Inc 1,727 730 - 2,457 104,905 0.02 Inspire Medical Systems Inc 825 720 - 1,545 111,458 0.02 Insulet Corp 6,055 - 6,055 - - 0.00 Integer Holdings Corp 2,736 1,092 - 3,828 315,289 0.05 Integra LifeSciences Holdings Corp 7,202 - - 7,202 382,306 0.06 Intersect ENT Inc 3,111 - - 3,111 77,530 0.01 Ion Beam Applications 2,066 - - 2,066^ 22,921 0.00 iRhythm Technologies Inc 2,705 - - 2,705 223,395 0.04 Japan Lifeline Co Ltd 7,200 - - 7,200^ 84,570 0.01 Lantheus Holdings Inc 4,546 - - 4,546 76,771 0.01 LeMaitre Vascular Inc 1,601 - - 1,601 55,564 0.01 Lifco AB 'B' 4,841 - - 4,841^ 275,378 0.04 LivaNova Plc 4,634 677 - 5,311 348,156 0.06 Luminex Corp 4,091 - - 4,091 89,505 0.01 Mani Inc 2,200 4,400 - 6,600^ 162,856 0.03 Masimo Corp 5,333 - - 5,333 877,466 0.14 Menicon Co Ltd 2,500 - - 2,500 109,450 0.02 Meridian Bioscience Inc 4,407 - - 4,407 41,823 0.01 Merit Medical Systems Inc 5,671 - - 5,671 199,195 0.03 Microport Scientific Corp 82,000 - - 82,000 86,877 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Nakanishi Inc 7,100 - - 7,100^ 123,324 0.02 Nanosonics Ltd 41,040 - - 41,040^ 183,893 0.03 NanoString Technologies Inc 3,365 - - 3,365 88,177 0.01 Natus Medical Inc 3,579 - - 3,579 108,006 0.02 Nevro Corp 3,295 - - 3,295 422,370 0.07 Nihon Kohden Corp 8,069 - - 8,069^ 231,558 0.04 Nipro Corp 16,300 - - 16,300^ 181,449 0.03 Novocure Ltd 7,744 645 - 8,389 659,074 0.11 NuVasive Inc 5,227 - - 5,227 388,776 0.06 OPKO Health Inc 35,289 - - 35,289 49,350 0.01 OraSure Technologies Inc 5,641 - - 5,641 38,355 0.01 Orthofix Medical Inc 2,057 - - 2,057 85,822 0.01 Paramount Bed Holdings Co Ltd 1,898 - - 1,898^ 77,437 0.01 Patterson Cos Inc 9,307 - - 9,307 197,565 0.03 Penumbra Inc 3,313 - - 3,313^ 560,634 0.09 Quidel Corp 3,779 - - 3,779 279,910 0.04 Quotient Ltd 5,081 - - 5,081 36,532 0.01 Repligen Corp 3,594 1,566 - 5,160 499,597 0.08 Rockwell Medical Inc 11,881 - 11,881 - - 0.00 Silk Road Medical Inc - 2,443 - 2,443 109,655 0.02 STAAR Surgical Co 3,269 - - 3,269 106,060 0.02 STRATEC SE 430 - - 430^ 29,368 0.01 Surmodics Inc 1,981 - - 1,981 75,258 0.01 Tactile Systems Technology Inc 2,148 - - 2,148 116,405 0.02 Tandem Diabetes Care Inc 5,398 - - 5,398 395,872 0.06 Topcon Corp 8,877 - - 8,877^ 122,041 0.02 Transenterix Inc 14,955 - 14,955 - - 0.00 Varex Imaging Corp 4,240 - - 4,240 113,068 0.02 ViewRay Inc 5,809 - - 5,809 17,480 0.00 West Pharmaceutical Services Inc 7,560 - 7,560 - - 0.00 Wright Medical Group NV 12,589 - - 12,589 365,944 0.06 18,540,043 2.96 Beverages AG Barr Plc 9,534 - - 9,534 73,332 0.01 Boston Beer Co Inc 'A' 800 164 - 964 331,337 0.05 Britvic Plc 26,533 - - 26,533 312,194 0.05 C+C GROUP PLC COMMON STOCK EUR.01 38,446 38,446 38,446 38,446 174,983 0.03 Coca-Cola Consolidated Inc 605 - - 605 158,016 0.03 Cott Corp 13,218 - - 13,218 195,190 0.03 DyDo Group Holdings Inc 1,088 - - 1,088^ 39,887 0.01 Farmer Brothers Co 951 - - 951 10,988 0.00 Fevertree Drinks Plc 10,545 - - 10,545^ 184,470 0.03 Ito En Ltd 6,400 - - 6,400^ 304,680 0.05 Key Coffee Inc 2,842 - - 2,842^ 57,305 0.01 Lassonde Industries Inc 'A' 335 - - 335 34,335 0.01 Marston's Plc 62,466 - - 62,466^ 83,148 0.01 MGP Ingredients Inc 1,553 - - 1,553 51,015 0.01 National Beverage Corp 1,276 - - 1,276 52,807 0.01 Primo Water Corp - 5,830 - 5,830 84,735 0.01 Royal Unibrew A/S 4,858 697 - 5,555 510,221 0.08 Sapporo Holdings Ltd 5,800 - - 5,800^ 137,542 0.02

[114] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Stock Spirits Group Plc 20,011 - 20,011 - - 0.00 Takara Holdings Inc 14,250 - - 14,250^ 123,505 0.02 2,919,690 0.47 Commercial services 2U Inc 5,768 - - 5,768 110,202 0.02 AA Plc 65,438 - - 65,438^ 39,767 0.01 Aaron's Inc 7,185 - - 7,185 411,339 0.07 AB Dynamics Plc - 2,105 - 2,105 58,876 0.01 ABM Industries Inc 6,159 - - 6,159 226,553 0.04 AcadeMedia AB - 11,285 - 11,285 65,493 0.01 Adapteo Oyj 7,036 - - 7,036 91,032 0.01 ADT Inc 12,678 - - 12,678 75,809 0.01 Adtalem Global Education Inc 5,522 - - 5,522^ 183,790 0.03 Aeon Delight Co Ltd 2,237 - - 2,237^ 75,343 0.01 Aggreko Plc 24,316 - - 24,316 238,346 0.04 ALD SA 9,502 - - 9,502^ 134,056 0.02 Altus Group Ltd 3,431 - - 3,431 108,462 0.02 Amadeus Fire AG 745 - - 745 121,828 0.02 American Public Education Inc 1,849 - - 1,849 42,495 0.01 AMN Healthcare Services Inc 5,354 - - 5,354 347,928 0.06 Applus Services SA 10,794 - - 10,794 121,020 0.02 Arlo Technologies Inc 6,895 - - 6,895 28,395 0.00 ASGN Inc 5,148 992 - 6,140 400,841 0.06 Assystem SA 1,212 - 1,212 - - 0.00 ASTM SpA 3,877 4,000 - 7,877 221,756 0.03 Atlas Arteria Ltd 68,503 25,259 - 93,762^ 492,170 0.08 Atlas Arteria Ltd Rights - 11,507 11,507 - - 0.00 Atlas Arteria Ltd Rights - 1,541 1,541 - - 0.00 Avis Budget Group Inc 6,999 - - 6,999 221,406 0.03 Babcock International Group Plc 23,635 - - 23,635 176,923 0.03 Barrett Business Services Inc 1,186 - - 1,186 94,744 0.01 Benefit One Inc 7,200 - - 7,200^ 123,652 0.02 Booz Allen Hamilton Holding Corp 13,682 - 13,682 - - 0.00 Bravida Holding AB 22,687 - - 22,687 199,540 0.03 Bright Horizons Family Solutions Inc 5,883 - - 5,883 928,981 0.15 BrightView Holdings Inc 2,759 - - 2,759 42,042 0.01 Brink's Co 5,075 - - 5,075 412,075 0.07 Brunel International NV 1,850 - - 1,850^ 16,392 0.00 CAI International Inc - 2,578 - 2,578 67,629 0.01 Capita Plc 155,417 36,250 - 191,667^ 354,423 0.06 Cardtronics Plc 'A' 4,794 - - 4,794 208,061 0.03 Care.com Inc 1,892 - - 1,892 27,316 0.00 Carriage Services Inc 1,695 - - 1,695 38,694 0.01 Cass Information Systems Inc 1,281 - - 1,281 66,740 0.01 Caverion Oyj 10,267 - - 10,267^ 80,655 0.01 CBIZ Inc 3,982 - - 3,982 103,692 0.02 Central Security Patrols Co Ltd - 1,100 - 1,100 58,827 0.01 Chegg Inc 9,608 2,982 - 12,590 500,632 0.08 Cimpress NV 2,247 - 2,247 - - 0.00 Cimpress Plc - 2,247 - 2,247 259,252 0.04 Colliers International Group Inc 3,545 1,246 - 4,791 374,881 0.06 CoreLogic Inc 7,200 1,573 - 8,773 393,442 0.06

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) CorVel Corp 1,201 - - 1,201 106,066 0.02 Credit Corp Group Ltd 3,696 2,869 - 6,565 150,219 0.02 Cross Country Healthcare Inc 7,014 - - 7,014 66,970 0.01 CTT-Correios de Portugal SA 21,560 - - 21,560^ 67,471 0.01 De La Rue Plc 10,314 - - 10,314^ 18,358 0.00 Devoteam SA - 729 - 729 65,839 0.01 Dignity Plc 4,898 - - 4,898^ 35,432 0.01 Element Fleet Management Corp 42,831 - - 42,831 396,983 0.06 Elis SA 20,986 - - 20,986^ 394,991 0.06 EML Payments Ltd - 32,262 - 32,262 109,566 0.02 Ennis Inc 2,583 - - 2,583 51,966 0.01 Equiniti Group Plc 32,709 - - 32,709^ 85,164 0.01 Euronet Worldwide Inc 5,292 400 - 5,692 865,388 0.14 Europcar Mobility Group 9,217 - - 9,217^ 36,252 0.01 EVERTEC Inc 7,316 - - 7,316 236,867 0.04 Evo Payments Inc 'A' 2,589 2,292 - 4,881 130,444 0.02 Finablr Plc - 32,714 - 32,714 34,354 0.00 Forrester Research Inc 879 - - 879 35,071 0.01 Franklin Covey Co - 1,710 - 1,710 52,445 0.01 FTI Consulting Inc 3,674 463 - 4,137 479,031 0.08 Funai Soken Holdings Inc 4,150 - - 4,150^ 102,993 0.02 Future Corp 1,150 - - 1,150^ 19,576 0.00 G8 Education Ltd 31,096 - - 31,096 38,448 0.01 Geo Holdings Corp 3,850 - - 3,850^ 42,721 0.01 GL Events 716 - - 716 16,224 0.00 Global Dominion Access SA 3,978 - - 3,978^ 14,052 0.00 Graham Holdings Co 'B' 501 - - 501 265,377 0.04 Grand Canyon Education Inc 4,709 579 - 5,288 399,229 0.06 Green Dot Corp 'A' 5,144 - - 5,144 149,231 0.02 GreenSky Inc 'A' 4,998 - - 4,998 44,588 0.01 Groupe Crit 356 - - 356^ 26,216 0.00 H&R Block Inc - 19,270 - 19,270 431,171 0.07 Hamburger Hafen und Logistik AG 2,279 - - 2,279 54,270 0.01 Harsco Corp 9,096 - - 9,096 130,712 0.02 Hays Plc 120,810 37,231 - 158,041 311,833 0.05 Healthcare Services Group Inc 7,599 - - 7,599^ 187,619 0.03 HealthEquity Inc 6,668 959 - 7,627 485,928 0.08 Heidrick & Struggles International Inc 1,670 - - 1,670 45,774 0.01 Herc Holdings Inc 2,676 - - 2,676 103,544 0.02 Hertz Global Holdings Inc 6,700 - - 6,700 101,838 0.02 HMS Holdings Corp 9,471 - - 9,471 249,549 0.04 Huron Consulting Group Inc 2,457 - - 2,457 153,577 0.02 Hutchison Port Holdings Trust 'U' 588,600 - - 588,600 90,828 0.01 Hyve Group Plc 71,754 - - 71,754^ 89,673 0.01 ICF International Inc 2,058 - - 2,058 173,852 0.03 IDP Education Ltd 14,092 - - 14,092^ 161,681 0.03 Insperity Inc 3,882 - - 3,882 327,113 0.05 International Money Express Inc - 4,905 - 4,905 50,050 0.01 InvoCare Ltd 11,646 - - 11,646^ 100,833 0.02 IPH Ltd 20,367 - - 20,367^ 120,454 0.02 IWG Plc 63,971 11,876 - 75,847 425,822 0.07 K12 Inc 3,364 - - 3,364 52,365 0.01 Kanamoto Co Ltd 2,700 - - 2,700^ 65,470 0.01

[116] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Kelly Services Inc 'A' 3,779 - - 3,779 64,729 0.01 Kforce Inc 2,788 - - 2,788 99,623 0.02 Korn Ferry 5,373 - - 5,373 212,358 0.03 Laureate Education Inc 'A' 8,799 - - 8,799 176,852 0.03 Loomis AB 'B' 6,425 2,420 - 8,845^ 309,232 0.05 M&A Capital Partners Co Ltd - 2,000 - 2,000 61,577 0.01 Macquarie Infrastructure Corp 7,046 - - 7,046 299,750 0.05 Medifast Inc 1,179 - - 1,179^ 109,877 0.02 Meiko Network Japan Co Ltd 2,100 - - 2,100^ 17,902 0.00 Mitie Group Plc 39,352 - - 39,352^ 66,489 0.01 Monro Inc 3,504 - - 3,504 211,890 0.03 Morneau Shepell Inc 6,291 2,461 - 8,752 221,082 0.03 Morningstar Inc 2,298 - - 2,298 347,716 0.05 National Research Corp 922 - - 922 60,174 0.01 Navigant Consulting Inc 3,686 - 3,686 - - 0.00 nearmap Ltd 43,854 - - 43,854 47,993 0.01 NichiiGakkan Co Ltd 4,400 - - 4,400^ 59,317 0.01 Nihon M&A Center Inc 13,400 2,200 - 15,600^ 441,430 0.07 Nippon Kanzai Co Ltd 1,400 - - 1,400^ 24,218 0.00 Nippon Parking Development Co Ltd 19,850 - - 19,850^ 25,435 0.00 Nishio Rent All Co Ltd 1,600 - - 1,600^ 42,171 0.01 Nissin Corp 1,805 - - 1,805^ 27,321 0.00 Nomura Co Ltd 7,800 - - 7,800^ 87,245 0.01 Northgate Plc 14,874 - - 14,874^ 50,300 0.01 OFX Group Ltd 22,614 - 22,614 - - 0.00 Outsourcing Inc 12,500 - - 12,500^ 112,231 0.02 Pagegroup Plc 31,827 - - 31,827 184,754 0.03 Park Lawn Corp - 3,690 - 3,690 80,430 0.01 Paylocity Holding Corp 3,724 - - 3,724 509,614 0.08 Perdoceo Education Corp 5,454 11,410 8,432 8,432 144,591 0.02 Prestige International Inc 4,200 4,200 - 8,400 74,971 0.01 Prosegur Cash SA 33,925 - - 33,925^ 55,839 0.01 Prosegur Cia de Seguridad SA 30,003 - - 30,003^ 114,031 0.02 QinetiQ Group Plc 66,641 - - 66,641 298,565 0.05 Quad/Graphics Inc 2,354 - - 2,354 9,649 0.00 Quanta Services Inc 14,320 - - 14,320 540,698 0.09 R1 RCM Inc 5,900 5,478 - 11,378 137,169 0.02 Raksul Inc 1,600 2,000 - 3,600 110,518 0.02 Redde Plc 28,083 - - 28,083 34,989 0.01 Rent-A-Center Inc 5,902 - - 5,902 165,813 0.03 Resources Connection Inc - 3,238 - 3,238 47,546 0.01 Restore Plc 17,357 - - 17,357^ 110,333 0.02 Ritchie Bros Auctioneers Inc 10,178 1,733 - 11,911 485,282 0.08 Rosetta Stone Inc 2,075 - - 2,075 34,321 0.00 RPS Group Plc 23,140 - - 23,140^ 51,189 0.01 RR Donnelley & Sons Co 7,517 - - 7,517 17,399 0.00 RWS Holdings Plc 16,127 - - 16,127 117,686 0.02 Savills Plc 13,697 - - 13,697^ 216,624 0.03 Service Corp International 17,038 2,385 - 19,423 898,224 0.14 ServiceMaster Global Holdings Inc 12,737 1,562 - 14,299 497,154 0.08 Sixt SE 1,129 - - 1,129^ 109,989 0.02 Sixt SE (Pref) 1,738 - - 1,738^ 116,656 0.02 SmartGroup Corp Ltd 10,961 - - 10,961 47,770 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Societa Iniziative Autostradali e Servizi SpA 7,273 - 7,273 - - 0.00 Sotheby's 3,371 - 3,371 - - 0.00 SP Plus Corp 1,605 1,405 - 3,010 121,374 0.02 Strategic Education Inc 2,096 500 - 2,596 406,327 0.06 Synergie SA 727 - - 727^ 22,262 0.00 Team Inc 3,112 - - 3,112 40,819 0.01 TechnoPro Holdings Inc 3,500 - - 3,500^ 229,845 0.04 TKC Corp 2,800 - - 2,800^ 136,038 0.02 TKP Corp - 2,400 - 2,400 82,755 0.01 Toppan Forms Co Ltd 5,050 - - 5,050^ 56,081 0.01 TriNet Group Inc 4,339 - - 4,339 238,782 0.04 TrueBlue Inc 4,517 - - 4,517 95,449 0.01 Vectrus Inc - 1,379 - 1,379 74,146 0.01 Viad Corp 2,055 - - 2,055 128,826 0.02 WEX Inc 4,459 - - 4,459 932,861 0.15 Willdan Group Inc - 2,173 - 2,173 69,432 0.01 WW International Inc 3,319 5,336 3,319 5,336 169,725 0.03 Zip Co Ltd 22,568 - - 22,568 58,867 0.01 28,049,293 4.47 Savings & loans Axos Financial Inc 5,556 - - 5,556 150,948 0.02 Banc of California Inc 3,040 - - 3,040 46,794 0.01 Berkshire Hills Bancorp Inc 4,836 - - 4,836^ 131,294 0.02 Brookline Bancorp Inc 8,336 - - 8,336 122,203 0.02 Capitol Federal Financial Inc 16,458 - - 16,458 209,205 0.03 Dime Community Bancshares Inc 3,438 - - 3,438 64,359 0.01 First Defiance Financial Corp 3,318 - - 3,318 94,049 0.02 Flushing Financial Corp 3,146 - - 3,146 60,289 0.01 HomeTrust Bancshares Inc 2,005 - - 2,005 51,282 0.01 Investors Bancorp Inc 22,538 - - 22,538^ 262,689 0.04 Meridian Bancorp Inc 3,606 3,173 - 6,779 117,619 0.02 New York Community Bancorp Inc 52,284 - - 52,284^ 557,704 0.09 Northfield Bancorp Inc 5,166 - - 5,166 79,170 0.01 Northwest Bancshares Inc 10,804 - - 10,804 163,853 0.03 OceanFirst Financial Corp 3,898 - - 3,898 87,444 0.01 Oritani Financial Corp 3,695 - 3,695 - - 0.00 Pacific Premier Bancorp Inc 5,390 - - 5,390 154,912 0.03 Provident Financial Services Inc 6,488 - - 6,488 142,730 0.02 Sterling Bancorp 20,377 - - 20,377 393,052 0.06 TFS Financial Corp 8,771 - - 8,771^ 172,821 0.03 United Financial Bancorp Inc 4,884 - 4,884 - - 0.00 Washington Federal Inc 7,657 - - 7,657 251,083 0.04 Waterstone Financial Inc 3,561 - - 3,561 60,068 0.01 WSFS Financial Corp 6,111 - - 6,111 235,102 0.04 3,608,670 0.58 Semiconductors AIXTRON SE 11,198 - - 11,198^ 114,562 0.02 Ambarella Inc 3,221 - - 3,221 183,718 0.03 Amkor Technology Inc 11,661 - - 11,661 126,523 0.02 ASM International NV 5,162 560 1,040 4,682 550,705 0.09 AVX Corp 6,796 - - 6,796 132,858 0.02 Axcelis Technologies Inc 4,931 - - 4,931 114,850 0.02

[118] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) BE Semiconductor Industries NV 6,828 2,127 - 8,955 367,627 0.06 Brooks Automation Inc 7,559 - - 7,559 277,614 0.04 Cabot Microelectronics Corp 2,975 - - 2,975 417,503 0.07 CEVA Inc 2,059 - - 2,059 54,312 0.01 Cirrus Logic Inc 6,640 871 1,568 5,943 440,254 0.07 Cohu Inc 3,572 - - 3,572 77,065 0.01 Cree Inc 10,453 - - 10,453^ 468,684 0.07 CTS Corp 3,702 - - 3,702 104,648 0.02 Cypress Semiconductor Corp 34,995 3,143 - 38,138 858,129 0.14 Dialog Semiconductor Plc 6,691 1,484 - 8,175 348,363 0.06 Diodes Inc 3,840 - - 3,840 191,248 0.03 Entegris Inc 13,857 - - 13,857 691,740 0.11 FormFactor Inc 6,344 - - 6,344 154,858 0.02 Fuji Corp/Aichi 7,227 - - 7,227^ 112,604 0.02 Impinj Inc - 2,055 - 2,055 63,779 0.01 Inphi Corp 3,297 922 - 4,219 309,082 0.05 IQE Plc 112,255 - - 112,255^ 72,713 0.01 Japan Material Co Ltd 7,000 - - 7,000^ 102,091 0.02 KEMET Corp 6,025 - - 6,025 151,313 0.02 Kulicke & Soffa Industries Inc 5,892 - - 5,892 147,121 0.02 Lasertec Corp 4,200 4,200 - 8,400^ 411,852 0.07 Lattice Semiconductor Corp 13,705 - - 13,705 245,851 0.04 MACOM Technology Solutions Holdings Inc 4,923 - - 4,923 134,938 0.02 MaxLinear Inc 7,519 - - 7,519 141,336 0.02 Megachips Corp 2,408 - - 2,408^ 37,219 0.01 Melexis NV 2,285 - - 2,285^ 157,279 0.02 Mellanox Technologies Ltd 4,782 - - 4,782 557,591 0.09 Micronics Japan Co Ltd 3,200 - - 3,200^ 36,647 0.01 MKS Instruments Inc 5,620 - - 5,620 568,146 0.09 Monolithic Power Systems Inc 4,178 - - 4,178 689,725 0.11 Nordic Semiconductor ASA 13,792 - - 13,792^ 84,707 0.01 Nova Measuring Instruments Ltd 2,799 - - 2,799 104,741 0.02 NuFlare Technology Inc 500 - 500 - - 0.00 Onto Innovation Inc 2,030 4,381 2,030 4,381 160,306 0.03 Photronics Inc 7,483 - - 7,483 92,233 0.01 Power Integrations Inc 3,243 1,060 774 3,529 332,424 0.05 Rambus Inc 12,773 - - 12,773^ 195,501 0.03 Rudolph Technologies Inc 2,924 - 2,924 - - 0.00 Ryosan Co Ltd 3,320 - - 3,320^ 75,629 0.01 Sanken Electric Co Ltd 3,800 - - 3,800^ 95,795 0.02 Semtech Corp 6,067 1,367 - 7,434 345,509 0.05 Shin-Etsu Polymer Co Ltd 4,611 - - 4,611^ 38,856 0.01 Shinko Electric Industries Co Ltd 6,100 - - 6,100^ 71,595 0.01 Silicon Laboratories Inc 4,242 - - 4,242 402,206 0.06 Siltronic AG 1,877 787 - 2,664^ 278,124 0.04 SOITEC 2,034 602 - 2,636^ 240,744 0.04 Synaptics Inc 3,972 - - 3,972 255,476 0.04 Teradyne Inc 17,486 - 17,486 - - 0.00 Tokyo Ohka Kogyo Co Ltd 4,470 - - 4,470^ 184,360 0.03 Tower Semiconductor Ltd 8,581 2,701 - 11,282 249,081 0.04 Ultra Clean Holdings Inc 4,412 - - 4,412 97,911 0.02 Ulvac Inc 4,850 - - 4,850^ 173,923 0.03 V Technology Co Ltd 1,472 - - 1,472^ 65,099 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Veeco Instruments Inc 5,402 - - 5,402 66,427 0.01 X-Fab Silicon Foundries SE 12,639 - - 12,639^ 71,190 0.01 Xperi Corp 5,071 - - 5,071 78,692 0.01 13,375,077 2.13 Housewares ACCO Brands Corp 12,948 - - 12,948 107,894 0.02 Central Garden & Pet Co 'A' 4,890 - - 4,890 141,296 0.02 Duskin Co Ltd 5,086 - - 5,086^ 137,355 0.02 Helen of Troy Ltd 2,460 - - 2,460 448,530 0.07 Mitsubishi Pencil Co Ltd 3,594 - - 3,594^ 51,649 0.01 Ontex Group NV 6,762 - - 6,762^ 118,310 0.02 Oriola Oyj 'B' 12,716 - - 12,716^ 29,153 0.01 Pilot Corp 3,500 - - 3,500^ 135,166 0.02 Quanex Building Products Corp 4,013 - - 4,013 68,583 0.01 Societe BIC SA - 2,941 - 2,941^ 191,587 0.03 Spectrum Brands Holdings Inc 3,608 1,192 - 4,800 284,289 0.05 WD-40 Co 1,502 - - 1,502 270,628 0.04 1,984,440 0.32 Household products & wares Breville Group Ltd 8,770 - - 8,770^ 105,716 0.02 IG Design Group Plc - 5,347 - 5,347 54,247 0.01 Scotts Miracle-Gro Co 3,982 625 - 4,607 545,361 0.09 Toro Co 10,266 1,240 - 11,506 887,979 0.14 Tupperware Brands Corp 4,804 - - 4,804 29,004 0.00 1,622,307 0.26 Home furnishings Bang & Olufsen A/S 4,450 - 4,450 - - 0.00 Canon Electronics Inc 1,949 - - 1,949^ 36,264 0.01 Canon Marketing Japan Inc 5,150 - - 5,150^ 120,661 0.02 Corona Corp 800 - - 800^ 7,304 0.00 Daktronics Inc 3,979 - - 3,979 22,641 0.00 De' Longhi SpA 5,879 - - 5,879^ 106,945 0.02 Dolby Laboratories Inc 'A' 6,139 1,853 - 7,992 534,465 0.09 Dorel Industries Inc 'B' 2,758 - 2,758 - - 0.00 Ethan Allen Interiors Inc 3,080 - - 3,080 47,974 0.01 Foster Electric Co Ltd 1,582 - - 1,582^ 23,284 0.00 France Bed Holdings Co Ltd 1,500 - - 1,500^ 12,760 0.00 Hamilton Beach Brands 344 - 344 - - 0.00 Hamilton Beach Brands Holding Co 'A' 344 344 - 688 10,484 0.00 Hooker Furniture Corp 1,936 - - 1,936 46,007 0.01 Howden Joinery Group Plc 55,360 12,157 - 67,517 590,902 0.09 iRobot Corp 2,837 - - 2,837 128,736 0.02 JVCKenwood Corp 11,942 - - 11,942^ 26,779 0.00 Kokuyo Co Ltd 7,650 - - 7,650^ 110,890 0.02 Maxell Holdings Ltd 3,550 - - 3,550^ 45,615 0.01 Nilfisk Holding A/S 2,596 - - 2,596^ 54,059 0.01 Nobia AB 12,003 - - 12,003^ 85,393 0.01 Rational AG 382 - - 382 277,428 0.04 Sleep Number Corp 3,286 - - 3,286 163,498 0.03 Sonos Inc - 3,739 - 3,739 49,475 0.01 Tempur Sealy International Inc 4,042 1,248 - 5,290 467,440 0.07 Universal Electronics Inc 1,658 - - 1,658 79,201 0.01

[120] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) VTech Holdings Ltd 13,578 6,700 - 20,278 177,943 0.03 Zojirushi Corp 3,000 - - 3,000^ 58,703 0.01 3,284,851 0.52 Real estate ADLER Real Estate AG 3,506 4,598 - 8,104^ 105,152 0.02 ADO Properties SA 2,949 - - 2,949^ 87,749 0.01 Aedas Homes SA 2,701 - - 2,701^ 59,036 0.01 Airport City Ltd 7,795 - - 7,795 132,718 0.02 Alexander & Baldwin Inc 7,014 - - 7,014 147,875 0.02 Alony Hetz Properties & Investments Ltd 15,849 - - 15,849 253,589 0.04 Amot Investments Ltd 11,253 8,505 - 19,758 139,030 0.02 Atrium Ljungberg AB 'B' - 3,213 - 3,213^ 74,908 0.01 Aveo Group 39,688 - 39,688 - - 0.00 CA Immobilien Anlagen AG 8,359 - - 8,359^ 355,132 0.06 Capital & Counties Properties Plc (REIT) 85,240 - - 85,240^ 263,987 0.04 Castellum AB 24,117 2,665 - 26,782^ 634,047 0.10 Catena AB - 2,697 - 2,697^ 112,533 0.02 Cedar Woods Properties Ltd 5,498 - - 5,498^ 28,363 0.00 Chip Eng Seng Corp Ltd 29,500 - - 29,500 12,194 0.00 Chip Eng Seng Corp Ltd Rights - 7,375 7,375 - - 0.00 Citycon Oyj 2,586 5,104 - 7,690 78,451 0.01 Corestate Capital Holding SA 2,242 - - 2,242^ 94,772 0.01 CSI Properties Ltd 603,166 - - 603,166^ 20,977 0.00 Cushman & Wakefield Plc 8,752 - - 8,752 162,233 0.03 Daibiru Corp 5,102 - - 5,102^ 61,743 0.01 Deutsche EuroShop AG 6,755 - - 6,755^ 177,895 0.03 DIC Asset AG 4,675 - - 4,675 84,443 0.01 Dios Fastigheter AB 6,771 - - 6,771^ 60,163 0.01 DREAM Unlimited Corp 12,136 - - 12,136 103,456 0.02 Emperor International Holdings Ltd 347,886 - - 347,886^ 66,111 0.01 Empiric Student Property Plc (REIT) 97,643 - - 97,643 122,896 0.02 Entra ASA 13,800 4,790 - 18,590 306,541 0.05 eXp World Holdings Inc - 4,307 - 4,307 45,859 0.01 Fabege AB 25,739 3,268 - 29,007^ 479,922 0.08 Fastighets AB Balder 12,593 - 2,046 10,547^ 482,713 0.08 FirstService Corp 3,545 1,260 - 4,805 456,253 0.07 FRP Holdings Inc - 1,009 - 1,009 46,068 0.01 Gazit-Globe Ltd 10,010 - - 10,010 112,262 0.02 Goldcrest Co Ltd 1,658 - - 1,658^ 27,766 0.00 Grainger Plc 67,145 - - 67,145 252,848 0.04 Grand City Properties SA 9,904 3,569 - 13,473^ 332,928 0.05 Hang Lung Group Ltd 85,000 38,000 - 123,000 295,465 0.05 Heiwa Real Estate Co Ltd 5,101 - - 5,101^ 146,839 0.02 Helical Plc 10,351 - - 10,351^ 63,166 0.01 Hembla AB 3,712 3,059 6,771 - - 0.00 Hemfosa Fastigheter AB 17,792 - 17,792 -^ - 0.00 Howard Hughes Corp 4,161 439 - 4,600 539,830 0.09 Hufvudstaden AB 'A' 11,004 - - 11,004 210,084 0.03 Hysan Development Co Ltd - 76,000 - 76,000 276,583 0.04 Ichigo Inc 20,400 - - 20,400^ 75,515 0.01 IMMOFINANZ AG 7,254 2,198 - 9,452 253,063 0.04 Industrial Buildings Corp Ltd - 69,379 - 69,378 190,000 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Japan Wool Textile Co Ltd 5,315 - - 5,315^ 49,801 0.01 Jerusalem Economy Ltd 23,683 - 23,683 - - 0.00 K Wah International Holdings Ltd 124,000 - - 124,000^ 58,680 0.01 Klovern AB 'B' 45,064 - - 45,064^ 109,031 0.02 Kungsleden AB 21,695 - - 21,695^ 222,726 0.04 Lai Sun Development Co Ltd 29,585 - - 29,585^ 34,174 0.01 LEG Immobilien AG 6,647 - - 6,647^ 791,068 0.13 Leopalace21 Corp 25,950 - - 25,950^ 72,737 0.01 Marcus & Millichap Inc 2,613 - - 2,613 89,212 0.01 McCarthy & Stone Plc 53,322 - - 53,322 99,923 0.02 McGrath RentCorp 2,585 - - 2,585 192,767 0.03 Melisron Ltd 1,653 - - 1,653 104,989 0.02 Neinor Homes SA 11,114 - - 11,114^ 117,124 0.02 Newmark Group Inc 'A' 10,920 10,311 - 21,231 241,005 0.04 Nexity SA 5,089 - - 5,089 237,147 0.04 Norstar Holdings Inc 951 - - 951 21,166 0.00 Nyfosa AB 17,792 - - 17,792^ 167,880 0.03 OUE Ltd 33,500 - - 33,500 34,087 0.00 Pandox AB 7,101 4,551 - 11,652 250,670 0.04 Pressance Corp 4,000 - - 4,000^ 43,495 0.01 RE/MAX Holdings Inc 1,803 - - 1,803^ 66,565 0.01 Realogy Holdings Corp 13,774 - - 13,774 140,681 0.02 Redfin Corp 7,686 - - 7,686 180,353 0.03 Relo Group Inc 11,500 - - 11,500^ 302,082 0.05 RMR Group Inc 'A' 682 2,525 - 3,207 142,494 0.02 S IMMO AG 5,241 - - 5,241 135,559 0.02 Samhallsbyggnadsbolaget i Norden AB - 89,023 - 89,023 211,558 0.03 Samhallsbyggnadsbolaget i Norden AB 'D' - 14,342 - 14,342 51,089 0.01 SAMTY Co Ltd - 3,500 - 3,500 58,146 0.01 Selvaag Bolig ASA 2,210 - - 2,210 12,209 0.00 Shun Tak Holdings Ltd 160,500 - - 160,500 66,982 0.01 Sirius Real Estate Ltd 140,272 - - 140,272^ 161,213 0.03 St Modwen Properties Plc 20,680 - - 20,680 129,616 0.02 Starts Corp Inc 2,550 - - 2,550^ 60,176 0.01 Summerset Group Holdings Ltd 20,288 - - 20,288^ 112,951 0.02 Sun Frontier Fudousan Co Ltd 2,050 - - 2,050^ 22,474 0.00 TAG Immobilien AG 10,591 2,903 - 13,494 343,254 0.05 Takara Leben Co Ltd 8,000 - - 8,000^ 34,882 0.01 TLG Immobilien AG 10,102 1,659 2,428 9,333 307,733 0.05 TOC Co Ltd 4,512 - - 4,512^ 35,572 0.01 Token Corp 567 - - 567^ 38,244 0.01 Tokyo Tatemono Co Ltd 23,200 - - 23,200^ 367,467 0.06 Tosei Corp 3,900 - - 3,900^ 49,314 0.01 United Engineers Ltd 47,500 - 47,500 - - 0.00 Unizo Holdings Co Ltd 1,300 1,500 - 2,800^ 138,281 0.02 Wallenstam AB 'B' 17,235 - - 17,235^ 217,465 0.03 Watkin Jones Plc - 27,028 - 27,028 85,045 0.01 Wihlborgs Fastigheter AB 16,734 - - 16,734 309,097 0.05 Wing Tai Holdings Ltd 44,700 - - 44,700 63,171 0.01 Yanlord Land Group Ltd 61,950 59,300 - 121,250 98,528 0.02 Yoma Strategic Holdings Ltd 128,654 - - 128,654 28,636 0.00 14,941,677 2.38

[122] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Real estate investment trust Abacus Property Group (REIT) 30,411 - - 30,411^ 74,416 0.01 Acadia (REIT) 7,333 - - 7,333 175,535 0.03 Activia Properties Inc (REIT) 70 - - 70^ 359,405 0.06 Advance Residence Investment Corp (REIT) 152 - - 152^ 461,897 0.07 Aedifica SA (REIT) 3,008 - - 3,008 392,225 0.06 AEON Investment Corp (REIT) 142 - - 142^ 186,755 0.03 AG Mortgage Investment Trust Inc (REIT) 2,706 - - 2,706 41,365 0.01 Agree Realty Corp (REIT) 3,598 992 - 4,590 336,129 0.05 Alexander's Inc (REIT) 236 - - 236 73,445 0.01 Allied Properties (REIT) 6,406 1,551 - 7,957 320,415 0.05 alstria office-AG (REIT) 15,661 3,410 - 19,071^ 365,062 0.06 American Assets Trust Inc (REIT) 3,249 2,479 - 5,728 251,690 0.04 American Campus Communities Inc (REIT) 12,689 1,964 - 14,653 648,239 0.10 American Finance Trust Inc (REIT) 9,203 - - 9,203 115,120 0.02 American Homes 4 Rent (REIT) 'A' 25,807 - - 25,807 680,232 0.11 Americold (REIT) 17,314 1,562 - 18,876 627,525 0.10 Anworth Mortgage Asset Corp (REIT) 11,441 - - 11,441 39,503 0.01 Apartment Investment & Management Co (REIT) 'A' 14,159 1,797 - 15,956 811,142 0.13 Apollo Commercial Real Estate Finance Inc (REIT) 10,892 5,306 - 16,198 285,573 0.05 Apple Hospitality Inc (REIT) 18,903 6,005 - 24,908 360,818 0.06 Arbor Inc (REIT) 6,310 - - 6,310 89,886 0.01 Armada Hoffler Properties Inc (REIT) 4,924 2,796 - 7,720 136,551 0.02 ARMOUR Residential Inc (REIT) 5,202 - - 5,202 96,629 0.02 Artis (REIT) 7,633 - - 7,633 65,626 0.01 Ascendas Hospitality Trust 72,300 - 72,300 - - 0.00 Ascott Residence Trust 132,738 - 132,738 - - 0.00 Ascott Residence Trust - 190,158 - 190,158 169,303 0.03 Ashford Hospitality Trust Inc (REIT) 20,194 - - 20,194 47,911 0.01 Assura Plc (REIT) 240,456 - - 240,456 237,835 0.04 Big Yellow Group Plc (REIT) 16,254 - - 16,254 243,633 0.04 Blackstone Mortgage Trust Inc (REIT) 'A' 11,940 - - 11,940 439,893 0.07 Boardwalk (REIT) 2,733 - - 2,733 94,109 0.01 Braemar Hotels & Resorts Inc (REIT) 2,704 - - 2,704 20,811 0.00 Brandywine (REIT) 19,681 - - 19,681 296,489 0.05 Brixmor Property Group Inc (REIT) 28,515 - - 28,515 548,926 0.09 BWP Trust (REIT) 56,347 - - 56,347^ 149,524 0.02 C+C GROUP PLC COMMON STOCK EUR.01 - 47,564 - 47,564 84,287 0.01 Cache Logistics Trust (REIT) 89,208 - - 89,208 44,125 0.01 Canadian Apartment Properties (REIT) 7,461 - 7,461 - - 0.00 CapitaLand Retail China Trust (REIT) 67,555 5,877 - 73,432 80,426 0.01 CapitaLand Retail China Trust (REIT) Rights - 5,877 5,877 - - 0.00 Capstead Mortgage Corp (REIT) 11,073 - - 11,073 87,784 0.01 CareTrust Inc (REIT) 10,021 - - 10,021 214,364 0.03 Carmila SA (REIT) - 4,656 - 4,656^ 88,081 0.01 CatchMark Timber Trust Inc (REIT) 'A' 3,508 - - 3,508 34,713 0.01 Cedar Inc (REIT) 8,432 - - 8,432 21,144 0.00 Centuria Metropolitan (REIT) - 16,744 - 16,744 32,432 0.01 Champion (REIT) 202,394 - - 202,394^ 117,649 0.02 Charter Hall Group (REIT) 50,631 - - 50,631^ 420,393 0.07 Charter Hall Long Wale - 152 152 - - 0.00 Charter Hall Long Wale - 296 296 - - 0.00 Charter Hall Long Wale (REIT) 39,595 5,553 - 45,148^ 165,571 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Charter Hall Long Wale (REIT) Rights - 2,893 2,893 - - 0.00 Charter Hall Long Wale (REIT) Rights - 2,212 2,212 - - 0.00 Charter Hall Long Wale (REIT) Rights - 3,009 3,009 - - 0.00 Charter Hall Retail (REIT) 39,448 - - 39,448 119,962 0.02 Chatham Lodging Trust (REIT) 4,268 - - 4,268 67,301 0.01 Chesapeake Lodging Trust (REIT) 6,337 - 6,337 - - 0.00 Chimera Investment Corp (REIT) 16,444 4,638 - 21,082 431,050 0.07 City Office Inc (REIT) - 5,815 - 5,815 75,824 0.01 Civitas Social Housing Plc (REIT) 63,534 - - 63,534 79,965 0.01 Cofinimmo SA (REIT) 2,180 597 - 2,777 426,808 0.07 Colony Capital Inc (REIT) 44,189 - - 44,189 199,026 0.03 Colony Credit Real Estate Inc (REIT) 9,401 - - 9,401 112,882 0.02 Comforia Residential Inc (REIT) 49 20 - 69^ 219,194 0.03 Community Healthcare Trust Inc (REIT) 1,349 - - 1,349 61,370 0.01 CoreCivic Inc (REIT) 12,713 - - 12,713 195,564 0.03 CorEnergy Infrastructure Trust Inc (REIT) - 1,919 - 1,919 84,396 0.01 CorePoint Lodging Inc (REIT) 5,147 - - 5,147 45,421 0.01 CoreSite Realty Corp (REIT) 3,783 - - 3,783 428,518 0.07 Corporate Office Properties Trust (REIT) 10,198 - - 10,198 292,802 0.05 Cousins Properties Inc (REIT) 14,352 2,371 - 16,723 660,139 0.11 Crombie (REIT) 5,018 - - 5,018 58,549 0.01 Cromwell Property Group (REIT) 149,891 128,397 - 278,288^ 220,104 0.03 CT (REIT) 2,717 - - 2,717 31,959 0.00 CubeSmart (REIT) 17,343 2,410 - 19,753 603,338 0.10 CyrusOne Inc (REIT) 10,529 1,016 - 11,545 677,539 0.11 Daiwa Office Investment Corp (REIT) 35 - - 35^ 270,955 0.04 Derwent London Plc (REIT) 9,333 1,549 - 10,882 568,606 0.09 DiamondRock Hospitality Co (REIT) 21,621 - - 21,621 201,642 0.03 Diversified Healthcare Trust (REIT) 25,210 25,210 25,210 25,210 187,702 0.03 Douglas Emmett Inc (REIT) 16,749 - - 16,749 670,373 0.11 Dream Industrial (REIT) 3,143 9,212 - 12,355 125,956 0.02 Dream Office (REIT) 3,167 - - 3,167 75,174 0.01 Dynex Capital Inc (REIT) 1,733 - - 1,733 29,784 0.00 Easterly Government Properties Inc (REIT) 7,357 - - 7,357 171,781 0.03 EastGroup Properties Inc (REIT) 3,697 - - 3,697 485,167 0.08 Empire State Inc (REIT) 'A' 15,371 - - 15,371 201,021 0.03 EPR Properties (REIT) 7,959 754 - 8,713 599,740 0.10 Equity Commonwealth (REIT) 12,217 - - 12,217 386,354 0.06 ESR-REIT (REIT) 348,688 10,111 - 358,799 138,174 0.02 ESR-REIT (REIT) Rights - 10,111 10,111 - - 0.00 Essential Properties Inc (REIT) 4,828 4,499 - 9,327 248,364 0.04 Eurocommercial Properties NV 5,249 - - 5,249^ 126,565 0.02 Exantas Capital Corp (REIT) 3,430 - - 3,430 39,961 0.01 First (REIT) 62,627 - - 62,627 44,695 0.01 First Industrial Inc (REIT) 12,323 - - 12,323 507,486 0.08 Four Corners Property Trust Inc (REIT) 8,069 - - 8,069 235,721 0.04 Franklin Street Properties Corp (REIT) 10,443 - - 10,443 76,545 0.01 Frasers Centrepoint Trust (REIT) 92,375 - - 92,375 187,986 0.03 Frasers Commercial Trust (REIT) 100,425 - - 100,425 115,667 0.02 Frasers Logistics & Industrial Trust (REIT) 220,410 - - 220,410 190,007 0.03 Front Yard Residential Corp (REIT) 6,530 - - 6,530 67,576 0.01 Frontier Real Estate Investment Corp (REIT) 38 14 - 52^ 209,841 0.03 Fukuoka Corp (REIT) 100 - - 100^ 167,022 0.03

[124] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Gaming and Leisure Properties Inc (REIT) 18,671 2,202 - 20,873 951,289 0.15 GCP Student Living Plc (REIT) 61,251 - - 61,251 156,910 0.02 GDI Property Group (REIT) 46,396 - - 46,396^ 46,281 0.01 GEO Group Inc (REIT) 12,244 - - 12,244 186,578 0.03 Getty Realty Corp (REIT) 2,913 - - 2,913 88,554 0.01 Global Net Lease Inc (REIT) 6,277 4,426 - 10,703 213,986 0.03 GLP J-Reit (REIT) 389 - - 389^ 502,951 0.08 Goodman Property Trust (REIT) 119,665 - - 119,665^ 173,277 0.03 Granite (REIT) 2,262 - - 2,262 117,958 0.02 Granite Point Mortgage Trust Inc (REIT) 3,786 3,441 - 7,227^ 127,483 0.02 Great Portland Estates Plc (REIT) 21,342 4,579 - 25,921 306,871 0.05 Green Plc (REIT) 72,632 - 72,632 - - 0.00 Growthpoint Properties Australia Ltd (REIT) 40,808 - - 40,808 115,140 0.02 Hammerson Plc (REIT) 75,090 - - 75,090 222,815 0.04 Hankyu Hanshin Inc (REIT) 92 - - 92^ 142,773 0.02 Hansteen Holdings Plc (REIT) 37,563 - - 37,563 55,683 0.01 Healthcare Inc (REIT) 11,208 - - 11,208 389,793 0.06 Healthcare Trust of America Inc (REIT) 'A' 19,340 - - 19,340 597,438 0.10 Heiwa Real Estate Inc (REIT) 134 - - 134^ 173,969 0.03 Hersha Hospitality Trust (REIT) 5,070 - - 5,070 63,420 0.01 Highwoods Properties Inc (REIT) 10,482 - - 10,482 506,580 0.08 Hoshino Resorts Inc (REIT) 28 10 - 38^ 188,681 0.03 Hospitality Properties Trust 16,871 - 16,871 - - 0.00 Hudson Pacific Properties Inc (REIT) 16,376 - - 16,376 573,948 0.09 Hulic Inc (REIT) 148 - - 148^ 264,577 0.04 Ichigo Office Investment (REIT) 106 60 - 166^ 173,267 0.03 Immobiliare Grande Distribuzione SIIQ SpA (REIT) 12,533 - - 12,533^ 80,372 0.01 Independence Inc (REIT) 8,764 - - 8,764 123,997 0.02 Industrial & Infrastructure Fund Investment Corp (REIT) 144 41 - 185^ 274,586 0.04 Industrial Logistics Properties Trust (REIT) 5,894 - - 5,894 130,117 0.02 Ingenia Communities Group (REIT) - 12,054 - 12,054 37,201 0.01 Inmobiliaria Colonial Socimi SA (REIT) 28,515 - - 28,515 368,466 0.06 Innovative Industrial Properties Inc (REIT) 994 - - 994 85,800 0.01 InterRent (REIT) 7,119 - - 7,119 87,320 0.01 Intervest Offices & Warehouses NV (REIT) 815 - - 815 23,345 0.00 Intu Properties Plc (REIT) 95,104 - - 95,104^ 20,615 0.00 Invesco Mortgage Capital Inc (REIT) 13,153 - - 13,153 221,868 0.04 Investors Real Estate Trust (REIT) 1,420 - - 1,420 100,934 0.02 Invincible Investment Corp (REIT) 692 - - 692^ 338,056 0.05 iStar Inc (REIT) 9,043 - - 9,043 126,985 0.02 Japan Excellent Inc (REIT) 127 - - 127^ 221,724 0.04 Japan Hotel Investment Corp (REIT) 456 - - 456^ 296,615 0.05 Japan Logistics Fund Inc (REIT) 75 25 - 100^ 261,078 0.04 Japan Rental Housing Investments Inc (REIT) 157 65 - 222^ 212,755 0.03 JBG SMITH Properties (REIT) 12,619 - - 12,619 493,510 0.08 Jernigan Capital Inc (REIT) - 3,252 - 3,252 62,696 0.01 Kenedix Office Investment Corp (REIT) 52 - - 52^ 402,562 0.06 Kenedix Residential Next Investment Corp (REIT) 78 32 - 110^ 210,642 0.03 Kenedix Retail Corp (REIT) 65 - - 65^ 155,299 0.02 Killam Apartment (REIT) 6,878 - - 6,878 101,116 0.02 Kilroy Realty Corp (REIT) 10,633 - - 10,633 846,755 0.13 Kite Realty Group Trust (REIT) 9,280 - - 9,280 153,942 0.02 Kiwi Property Group Ltd 155,250 - - 155,250^ 151,646 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) KKR Real Estate Finance Trust Inc (REIT) - 2,922 - 2,922 59,322 0.01 Ladder Capital Corp (REIT) 7,775 - - 7,775 137,599 0.02 Lamar Advertising Co (REIT) 'A' 7,871 1,076 - 8,947 800,851 0.13 Lar Espana Real Estate Socimi SA (REIT) 11,674 - - 11,674 83,348 0.01 LaSalle Logiport (REIT) 116 42 - 158^ 246,040 0.04 Lexington (REIT) 22,232 - - 22,232 237,359 0.04 Life Storage Inc (REIT) 4,687 - - 4,687 511,616 0.08 Lippo Malls Indonesia Retail Trust (REIT) 189,170 - - 189,170 28,739 0.00 LondonMetric Property Plc (REIT) 64,947 24,243 - 89,190 258,304 0.04 LTC Properties Inc (REIT) 3,850 1,171 - 5,021 223,530 0.04 LXI Plc (REIT) - 56,025 - 56,025 96,868 0.02 Macerich Co (REIT) - 10,450 - 10,450 224,851 0.04 Mack-Cali Realty Corp (REIT) 9,091 - - 9,091 192,541 0.03 Mapletree Commercial Trust (REIT) 162,424 11,532 173,956 - - 0.00 Mapletree Commerical Trust (REIT) Rights - 11,532 11,532 - - 0.00 Mapletree Industrial Trust (REIT) 133,865 - - 133,865 262,961 0.04 Mapletree North Asia Commercial Trust (REIT) 170,700 79,400 - 250,100 210,300 0.03 MCUBS MidCity Investment Corp (REIT) 205 - - 205^ 232,581 0.04 Medical Properties Trust Inc (REIT) 43,648 8,225 51,873 - - 0.00 Mercialys SA (REIT) 5,682 - - 5,682^ 69,110 0.01 Merlin Properties Socimi SA (REIT) 35,954 - - 35,954 491,875 0.08 MFA Financial Inc (REIT) 40,225 12,337 - 52,562 395,409 0.06 MGM Growth Properties LLC (REIT) 'A' 8,642 2,770 - 11,412 351,541 0.06 Mirai Corp (REIT) 198 - - 198 107,827 0.02 Mitsui Fudosan Logistics Park Inc (REIT) 44 - - 44^ 205,552 0.03 Monmouth Real Estate Investment Corp (REIT) 5,843 6,531 - 12,374 174,596 0.03 Montea C.V.A (REIT) 946 - - 946 90,189 0.01 Morguard (REIT) 3,463 - - 3,463 31,794 0.00 Mori Hills Investment Corp (REIT) 169 39 - 208^ 336,302 0.05 Mori Trust Sogo Inc (REIT) 105 - - 105^ 185,838 0.03 National Health Investors Inc (REIT) 3,971 860 - 4,831 393,148 0.06 National Storage Affiliates Trust (REIT) 5,711 - - 5,711 188,097 0.03 New Residential Investment Corp (REIT) 39,239 6,584 - 45,823 739,807 0.12 New Senior Investment Group Inc (REIT) 8,758 - - 8,758 64,364 0.01 New York Mortgage Trust Inc (REIT) 11,072 16,836 - 27,908 170,916 0.03 NewRiver Plc (REIT) 43,337 - - 43,337^ 103,580 0.02 NexPoint Residential Trust Inc (REIT) 1,248 - - 1,248 58,737 0.01 Nippon Accommodations Fund Inc (REIT) 53 - - 53^ 339,090 0.05 NIPPON Investment Corp (REIT) 43 15 - 58^ 262,182 0.04 NorthStar Realty Europe Corp (REIT) 6,594 - 6,594 - - 0.00 Northview Apartment (REIT) 4,475 - - 4,475 100,217 0.02 NorthWest Healthcare Properties (REIT) 10,260 - - 10,260 91,205 0.01 NSI NV (REIT) 3,356 - - 3,356^ 176,476 0.03 Office Properties Income Trust (REIT) 3,116 3,525 - 6,641 217,959 0.03 Omega Healthcare Investors Inc (REIT) 21,354 - 21,354 - - 0.00 One Liberty Properties Inc (REIT) 1,242 - - 1,242 32,749 0.01 Orix JREIT Inc (REIT) 253 - 253 - - 0.00 OUE Commercial (REIT) - 288,159 - 288,159 110,971 0.02 Oue Hospitality Trust 101,789 - 101,789 - - 0.00 Outfront Media Inc (REIT) 12,972 2,900 - 15,872 455,253 0.07 Paramount Group Inc (REIT) 18,469 - - 18,469 250,443 0.04 Park Hotels & Resorts Inc (REIT) 18,570 3,979 - 22,549 477,138 0.08 Pebblebrook Hotel Trust (REIT) 12,684 - - 12,684 290,169 0.05

[126] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Pennsylvania (REIT) 7,653 - - 7,653 29,081 0.00 PennyMac Mortgage Investment Trust (REIT) 4,990 3,400 - 8,390 188,133 0.03 Physicians (REIT) 18,074 - - 18,074 337,299 0.05 Piedmont Office Inc (REIT) 'A' 9,920 2,824 - 12,744 285,027 0.05 PotlatchDeltic Corp (REIT) 7,096 - - 7,096 294,281 0.05 PRECIGEN INC COMMON STOCK - 2,500 - 2,500 49,356 0.01 Precinct Properties New Zealand Ltd 106,023 - - 106,023^ 124,406 0.02 Preferred Apartment Communities Inc (REIT) 'A' 6,587 - - 6,587 74,836 0.01 Premier Investment Corp (REIT) 140 - - 140^ 199,822 0.03 Primary Health Properties Plc (REIT) 100,537 - - 100,537^ 201,183 0.03 PS Business Parks Inc (REIT) 1,963 - - 1,963 317,227 0.05 QTS Inc (REIT) 'A' 4,763 1,516 - 6,279 344,453 0.05 RDI Plc (REIT) 20,558 - - 20,558^ 34,500 0.01 Redwood Trust Inc (REIT) 9,243 4,561 - 13,804 234,713 0.04 Reit 1 Ltd (REIT) 26,941 - - 26,941 159,586 0.03 Retail Opportunity Investments Corp (REIT) 10,077 - - 10,077 161,040 0.03 Retail Properties of America Inc (REIT) 'A' 22,507 - - 22,507 263,739 0.04 Retail Value Inc (REIT) 1,500 58 - 1,558 49,391 0.01 Rexford Industrial Realty Inc (REIT) 10,671 1,137 - 11,808 548,799 0.09 RLJ Lodging Trust (REIT) 16,080 - - 16,080 241,310 0.04 RPT Realty (REIT) 8,564 - - 8,564 115,221 0.02 Ryman Hospitality Properties Inc (REIT) 4,974 - - 4,974 407,904 0.06 Sabana Shari'ah Compliant Industrial (REIT) 136,558 - - 136,558 44,869 0.01 Sabra Health Care Inc (REIT) 15,905 5,008 - 20,913 433,645 0.07 Saul Centers Inc (REIT) 1,397 - - 1,397 66,531 0.01 Schroder Ltd (REIT) 50,638 - - 50,638^ 33,992 0.01 Sekisui House Inc (REIT) 359 107 - 466^ 385,638 0.06 Seritage Growth Properties (REIT) 3,581 - - 3,581 126,820 0.02 Service Properties Trust (REIT) - 19,525 - 19,525 406,371 0.06 Shaftesbury Plc (REIT) 13,797 - - 13,797^ 157,691 0.03 Shopping Centres Australasia Property Group (REIT) 107,479 - - 107,479^ 200,548 0.03 SITE Centers Corp (REIT) 14,623 - - 14,623 179,251 0.03 Soilbuild Business Space (REIT) 71,170 147,410 - 218,580 77,998 0.01 Soilbuild Business Space (REIT) Rights - 12,810 12,810 - - 0.00 SPH (REIT) 69,950 - - 69,950 52,393 0.01 Spirit MTA (REIT) 4,550 - 4,550 - - 0.00 Spirit Realty Capital Inc (REIT) 9,100 - - 9,100 463,223 0.07 STAG Industrial Inc (REIT) 12,140 - - 12,140 377,480 0.06 Starwood Property Trust Inc (REIT) 24,405 4,805 - 29,210 722,883 0.12 STORE Capital Corp (REIT) 20,543 2,441 - 22,984 870,052 0.14 Summit Hotel Properties Inc (REIT) 9,879 - - 9,879 105,663 0.02 Sunstone Hotel Investors Inc (REIT) 23,696 - - 23,696 289,784 0.05 Tanger Factory Outlet Centers Inc (REIT) 9,248 - - 9,248^ 130,488 0.02 Taubman Centers Inc (REIT) 6,517 - - 6,517 166,058 0.03 Terreno Realty Corp (REIT) 6,131 1,098 - 7,229 399,217 0.06 Tokyu Inc (REIT) 104 - - 104^ 196,191 0.03 Two Harbors Investment Corp (REIT) 23,314 4,887 - 28,201 415,048 0.07 UK Commercial Property Ltd (REIT) 43,127 51,514 - 94,641 104,318 0.02 UNITE Group Plc (REIT) 29,971 - - 29,971 484,674 0.08 Uniti Group Inc (REIT) 17,459 - - 17,459 106,587 0.02 Universal Health Realty Income Trust (REIT) 1,529 - - 1,529 181,897 0.03 Urban Edge Properties (REIT) 11,059 4,139 - 15,198 269,555 0.04 Urstadt Biddle Properties Inc (REIT) 'A' 2,926 - - 2,926 63,974 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Vastned Retail NV (REIT) 2,052 - - 2,052^ 53,294 0.01 VICI Properties Inc (REIT) 39,701 - 39,701 - - 0.00 Viva Energy (REIT) 46,619 28,028 - 74,647^ 133,503 0.02 Warehouses De Pauw CVA (REIT) 2,107 - 2,107 - - 0.00 Warehouses De Pauw CVA (REIT) - 14,749 - 14,749^ 406,548 0.06 Washington (REIT) 7,244 3,314 - 10,558 309,960 0.05 Washington Prime Group Inc (REIT) 20,154 - - 20,154 58,507 0.01 Weingarten Realty Investors (REIT) 10,561 1,955 - 12,516 351,268 0.06 Wereldhave NV (REIT) 3,078 - - 3,078^ 54,610 0.01 Western Asset Mortgage Capital Corp (REIT) 4,222 - - 4,222 43,203 0.01 Winthrop 3,666 - 3,666 - - 0.00 Workspace Group Plc (REIT) 13,008 - - 13,008 201,097 0.03 Xenia Hotels & Resorts Inc (REIT) 11,644 - - 11,644 209,890 0.03 58,751,756 9.37 Internet 1-800-Flowers.com Inc 'A' 2,065 - - 2,065 30,252 0.01 8x8 Inc 10,544 - - 10,544 189,350 0.03 Adevinta ASA 14,741 - - 14,741^ 173,050 0.03 Anaplan Inc - 10,547 - 10,547 585,809 0.09 ANGI Homeservices Inc 'A' 7,258 - - 7,258 56,210 0.01 ASKUL Corp 2,200 - - 2,200^ 70,279 0.01 ASOS Plc 5,881 - - 5,881^ 229,760 0.04 Atea ASA 8,338 - - 8,338 104,339 0.02 Bengo4.com Inc - 1,600 - 1,600 66,062 0.01 Boingo Wireless Inc 3,566 - - 3,566 38,657 0.01 Cardlytics Inc - 2,303 - 2,303 186,397 0.03 Cargurus Inc 7,706 - - 7,706 264,953 0.04 Cars.com Inc 6,304 - - 6,304 70,952 0.01 carsales.com Ltd 23,598 - - 23,598^ 262,670 0.04 Catena Media Plc 7,999 - 7,999 - - 0.00 Cerved Group SpA 20,121 - - 20,121 190,430 0.03 ChannelAdvisor Corp 2,197 - - 2,197 19,833 0.00 Cogent Communications Holdings Inc 4,889 - - 4,889 334,449 0.05 comScore Inc 4,270 - 4,270 - - 0.00 COOKPAD Inc 5,612 - - 5,612^ 16,529 0.00 Demae-Can Co Ltd 2,500 - - 2,500^ 22,869 0.00 Digital Arts Inc 800 1,100 - 1,900^ 86,563 0.01 Dip Corp 2,500 1,800 - 4,300^ 134,495 0.02 Domain Holdings Australia Ltd 26,967 - - 26,967 65,989 0.01 Endurance International Group Holdings Inc 6,670 - - 6,670 30,363 0.01 en-japan Inc 3,100 - - 3,100^ 121,788 0.02 ePlus Inc 1,356 - - 1,356 104,257 0.02 Etsy Inc 11,871 1,221 - 13,092 616,303 0.10 Eventbrite Inc 'A' - 5,906 - 5,906 120,471 0.02 EverQuote Inc 'A' - 1,707 - 1,707 60,403 0.01 F@N Communications Inc 4,200 - - 4,200^ 16,668 0.00 FireEye Inc 20,814 4,157 - 24,971 384,851 0.06 Flatex AG - 2,056 - 2,056^ 59,991 0.01 GMO internet Inc 7,539 - - 7,539^ 142,354 0.02 GoCo Group Plc 33,042 - - 33,042 39,361 0.01 Groupon Inc 51,991 - - 51,991 144,411 0.02 Gurunavi Inc 2,900 - - 2,900^ 23,070 0.00

[128] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) HealthStream Inc 3,264 - - 3,264 80,431 0.01 Infomart Corp 12,500 12,500 - 25,000^ 194,874 0.03 Internet Initiative Japan Inc 3,500 - - 3,500^ 95,302 0.02 IRESS Ltd 14,348 8,018 - 22,366^ 202,169 0.03 Istyle Inc 4,800 - - 4,800^ 20,246 0.00 Jumbo Interactive Ltd 4,997 - - 4,997 43,362 0.01 Just Eat Plc 63,983 - - 63,983 700,372 0.11 Lands' End Inc 1,932 - - 1,932 21,708 0.00 LIFULL Co Ltd 5,900 - - 5,900^ 29,663 0.00 Limelight Networks Inc - 15,214 - 15,214 73,219 0.01 Masmovil Ibercom SA 6,740 2,902 - 9,642 194,772 0.03 Mimecast Ltd 5,296 - - 5,296 260,647 0.04 Moneysupermarket.com Group Plc 45,915 16,146 - 62,061 256,821 0.04 New Work SE 293 - 293 - - 0.00 New Work SE - 293 - 293^ 92,382 0.02 NIC Inc 6,342 - - 6,342 120,679 0.02 Overstock.com Inc 1,547 - - 1,547 12,115 0.00 Perficient Inc 4,110 - - 4,110 197,005 0.03 Proofpoint Inc 5,855 - - 5,855 693,490 0.11 Proto Corp 2,500 - - 2,500^ 30,655 0.01 Purplebricks Group Plc 23,357 - - 23,357^ 31,773 0.01 Q2 Holdings Inc 3,811 771 - 4,582 385,302 0.06 QuinStreet Inc 3,467 3,336 - 6,803 85,000 0.01 RealReal Inc - 3,736 - 3,736 52,138 0.01 Reply SpA 1,912 - - 1,912^ 144,786 0.02 Rightmove Plc 89,220 7,269 - 96,489 806,924 0.13 Rocket Internet SE 6,185 3,515 - 9,700^ 218,959 0.04 Roku Inc 8,260 - 8,260 - - 0.00 RPA Holdings Inc 1,600 - - 1,600 14,907 0.00 SafeCharge International Group Ltd 5,920 - 5,920 - - 0.00 Scout24 AG 10,000 1,755 - 11,755 780,839 0.12 Shutterfly Inc 2,819 - 2,819 - - 0.00 Shutterstock Inc 2,000 - - 2,000 83,579 0.01 SMS Co Ltd 7,200 - - 7,200^ 175,675 0.03 Solocal Group 83,129 - - 83,129^ 38,916 0.01 Stamps.com Inc 1,621 - - 1,621 116,456 0.02 Stitch Fix Inc 'A' 4,510 - - 4,510 99,607 0.02 SUNeVision Holdings Ltd 74,500 - - 74,500^ 48,025 0.01 TechTarget Inc 2,332 - - 2,332 57,105 0.01 Trainline Plc - 43,246 - 43,246 259,507 0.04 TrueCar Inc 9,339 - - 9,339 33,326 0.01 Tucows Inc 'A' 1,422 - - 1,422 82,630 0.01 Upwork Inc 5,358 - - 5,358 47,438 0.01 Webjet Ltd 17,079 - - 17,079^ 129,568 0.02 Yelp Inc 8,219 - - 8,219 258,414 0.04 Zendesk Inc 11,042 829 - 11,871 989,192 0.16 zooplus AG 516 - - 516^ 44,782 0.01 13,368,948 2.13 Investment companies AFI Properties Ltd 1,495 - - 1,495 58,745 0.01 Aker ASA 'A' 2,699 - - 2,699^ 144,445 0.02 Corp Financiera Alba SA 3,282 - - 3,282 160,658 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) DeA Capital SpA 41,958 - - 41,958 64,039 0.01 FFP 663 - - 663 68,027 0.01 Investment AB Oresund 2,896 - - 2,896 38,714 0.01 Italmobiliare SpA 986 - - 986 26,451 0.00 KBC Ancora 3,449 1,921 - 5,370 258,162 0.04 Langham Hospitality Investments and Langham Hospitality Investments Ltd 219,000 - - 219,000^ 54,946 0.01 OP Financial Ltd 192,000 - - 192,000^ 35,533 0.01 Sofina SA 1,329 293 - 1,622 357,988 0.06 Uranium Participation Corp 11,217 - - 11,217 31,492 0.00 1,299,200 0.21 Coal Arch Coal Inc 'A' 1,592 - - 1,592 79,119 0.01 CONSOL Energy Inc 2,550 - - 2,550 19,995 0.00 Coronado Global Resources Inc 25,346 - - 25,346 33,220 0.01 New Hope Corp Ltd 51,658 - - 51,658^ 62,537 0.01 Peabody Energy Corp 7,659 - - 7,659 49,934 0.01 SunCoke Energy Inc 7,310 - - 7,310 41,455 0.01 Warrior Met Coal Inc 3,682 - - 3,682 66,974 0.01 Whitehaven Coal Ltd 76,088 - - 76,088^ 123,307 0.02 476,541 0.08 Cosmetics & personal care Avon Products Inc 47,317 - 47,317 - - 0.00 Earth Corp 1,949 - - 1,949^ 101,630 0.02 Edgewell Personal Care Co 4,427 2,023 - 6,450 160,619 0.03 Fancl Corp 7,040 2,000 - 9,040^ 232,636 0.04 Inter Parfums Inc 2,061 - - 2,061 137,372 0.02 Interparfums SA 1,401 - - 1,401^ 54,280 0.01 Mandom Corp 4,238 - - 4,238^ 94,278 0.01 Milbon Co Ltd 1,900 1,000 - 2,900^ 159,219 0.02 Noevir Holdings Co Ltd 1,450 - - 1,450^ 64,900 0.01 PZ Cussons Plc 25,000 - - 25,000^ 61,151 0.01 1,066,085 0.17 Storage & warehousing ID Logistics Group 215 - - 215^ 40,581 0.01 Mitsui-Soko Holdings Co Ltd 1,819 - - 1,819^ 29,281 0.00 Mobile Mini Inc 4,887 - - 4,887^ 196,732 0.03 Safestore Holdings Plc (REIT) 21,802 - - 21,802 223,127 0.04 Sumitomo Warehouse Co Ltd 6,670 - - 6,670^ 85,230 0.01 Westshore Terminals Investment Corp 3,731 - - 3,731 43,750 0.01 618,701 0.10 Agriculture Andersons Inc 3,152 - - 3,152 68,764 0.01 Australian Agricultural Co Ltd 38,889 - - 38,889^ 27,996 0.00 BayWa AG 1,410 - - 1,410^ 40,087 0.01 Bumitama Agri Ltd 60,650 - - 60,650 29,142 0.01 Costa Group Hldgs Ltd - 7,344 7,344 - - 0.00 Costa Group Holdings Ltd 29,378 7,344 - 36,722^ 65,439 0.01 Darling Ingredients Inc 15,931 2,056 - 17,987 470,639 0.08 Elders Ltd 13,328 - - 13,328 63,851 0.01 First Resources Ltd 59,200 - - 59,200 71,113 0.01 Genus Plc 6,920 - - 6,920^ 270,968 0.04

[130] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Golden Agri-Resources Ltd - 811,500 - 811,500 120,417 0.02 Hokuto Corp 2,061 - - 2,061^ 35,487 0.01 Inghams Group Ltd 39,874 - - 39,874^ 91,136 0.01 Japfa Ltd 33,000 - - 33,000 12,825 0.00 Japfa Ltd Rights - 3,300 3,300 - - 0.00 Mehadrin Ltd - 79 78 - 21 0.00 Origin Enterprises Plc 8,482 - - 8,482 33,815 0.01 Phibro Animal Health Corp 'A' 1,726 - - 1,726 39,485 0.01 Sakata Seed Corp 3,172 - - 3,172^ 99,213 0.02 Scandinavian Tobacco Group A/S 3,792 6,487 - 10,279 129,886 0.02 Schouw & Co A/S 1,327 - - 1,327^ 104,859 0.02 Select Harvests Ltd 5,012 - - 5,012^ 27,636 0.00 Tejon Ranch Co 1,731 - - 1,731 26,878 0.00 Turning Point Brands Inc 1,150 - - 1,150 25,332 0.00 Universal Corp 2,318 - - 2,318 118,822 0.02 Vector Group Ltd 11,502 575 - 12,077 153,050 0.02 Village Farms International Inc 4,130 - - 4,130 21,624 0.00 2,148,485 0.34 Machinery - diversified Ag Growth International Inc 1,870 - - 1,870 62,033 0.01 AGCO Corp 6,401 - - 6,401 433,005 0.07 Aida Engineering Ltd 6,404 - - 6,404^ 50,660 0.01 Alamo Group Inc 989 - - 989 118,810 0.02 Albany International Corp 'A' 3,279 - - 3,279 220,643 0.04 Altra Industrial Motion Corp 6,180 - - 6,180 198,240 0.03 Applied Industrial Technologies Inc 2,989 1,477 - 4,466 278,118 0.05 ATS Automation Tooling Systems Inc 9,040 - - 9,040 134,021 0.02 Beijer Ref AB - 8,458 - 8,458^ 245,431 0.04 Biesse SpA 1,158 - - 1,158^ 19,691 0.00 Briggs & Stratton Corp 5,226 - - 5,226 18,498 0.00 Cactus Inc 'A' 4,113 1,590 - 5,703 158,517 0.03 Chart Industries Inc 2,433 1,775 - 4,208 259,657 0.04 CKD Corp 6,323 - - 6,323^ 101,051 0.02 Columbus McKinnon Corp 1,898 - - 1,898 64,050 0.01 Crane Co 3,849 1,009 - 4,858 400,406 0.06 CSW Industrials Inc 367 2,267 - 2,634 192,763 0.03 Curtiss-Wright Corp 4,420 - - 4,420 619,949 0.10 Daihen Corp 2,088 - - 2,088^ 64,565 0.01 Daiwa Industries Ltd 2,161 - - 2,161^ 22,498 0.00 Deutz AG 9,391 - - 9,391^ 47,496 0.01 Duerr AG 5,712 - - 5,712^ 165,568 0.03 DXP Enterprises Inc 1,293 - - 1,293 43,235 0.01 Eagle Industry Co Ltd 2,849 - - 2,849^ 25,073 0.00 Ebara Corp 8,700 3,100 - 11,800^ 322,877 0.05 FLSmidth & Co A/S 3,509 2,354 - 5,863^ 194,122 0.03 Gardner Denver Holdings Inc 12,269 1,911 - 14,180 482,896 0.08 Gates Industrial Corp Plc 6,525 - - 6,525^ 78,474 0.01 Giken Ltd 2,650 - - 2,650^ 114,248 0.02 Gorman-Rupp Co - 1,715 - 1,715 61,050 0.01 Graco Inc 16,084 1,308 - 17,392 891,523 0.14 GrafTech International Ltd 6,275 - - 6,275 64,937 0.01 Harmonic Drive Systems Inc 3,000 1,500 - 4,500^ 199,813 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Haulotte Group SA 1,303 - 1,303 - - 0.00 Heidelberger Druckmaschinen AG 26,750 - - 26,750^ 25,503 0.00 Hirata Corp 1,100 - - 1,100^ 62,840 0.01 Hisaka Works Ltd 1,551 - - 1,551^ 12,642 0.00 Ichor Holdings Ltd 2,134 - - 2,134 68,721 0.01 Interpump Group SpA 7,844 - - 7,844^ 213,449 0.03 Iseki & Co Ltd 1,509 - - 1,509^ 19,510 0.00 Japan Elevator Service Holdings Co Ltd - 2,900 - 2,900 63,429 0.01 Jungheinrich AG (Pref) 5,061 - - 5,061^ 107,211 0.02 Kadant Inc 1,348 - - 1,348 138,588 0.02 Koenig & Bauer AG 1,463 - - 1,463^ 37,528 0.01 Komori Corp 6,150 - - 6,150^ 55,217 0.01 Kongsberg Gruppen ASA 11,008 - - 11,008^ 164,701 0.03 Krones AG 1,537 - - 1,537^ 112,611 0.02 Lindsay Corp 776 552 - 1,328 128,117 0.02 Makino Milling Machine Co Ltd 2,191 - - 2,191^ 81,885 0.01 Max Co Ltd 2,892 - - 2,892^ 53,141 0.01 Mitsubishi Logisnext Co Ltd 3,000 - - 3,000^ 44,741 0.01 Miura Co Ltd 8,695 - - 8,695^ 297,880 0.05 Mueller Water Products Inc 'A' 18,689 - - 18,689 209,987 0.03 Nikkiso Co Ltd 5,486 - - 5,486^ 67,708 0.01 Nippon Sharyo Ltd 478 - - 478^ 12,760 0.00 Nippon Thompson Co Ltd 5,541 - - 5,541^ 23,026 0.00 Nitto Kohki Co Ltd 1,192 - - 1,192^ 25,202 0.00 Nittoku Co Ltd 3,100 - - 3,100^ 99,995 0.02 NN Inc 2,441 - - 2,441 20,317 0.00 Nordson Corp 4,724 573 - 5,297 862,654 0.14 Obara Group Inc 1,326 - - 1,326^ 41,651 0.01 OKUMA Corp 1,500 1,300 - 2,800^ 127,318 0.02 Optorun Co Ltd 2,300 - - 2,300 60,232 0.01 Organo Corp 441 - - 441^ 27,195 0.00 Pfeiffer Vacuum Technology AG 495 - - 495^ 79,412 0.01 Ponsse Oyj 3,103 - 3,103 - - 0.00 Scapa Group Plc 19,956 - - 19,956^ 63,808 0.01 Shibuya Corp 1,400 - - 1,400^ 38,370 0.01 Shima Seiki Manufacturing Ltd 2,850 - - 2,850^ 54,423 0.01 Sintokogio Ltd 5,121 - - 5,121^ 43,199 0.01 SPX FLOW Inc 3,991 - - 3,991 168,360 0.03 Stabilus SA 2,781 - - 2,781^ 163,717 0.03 Talgo SA 8,435 - - 8,435 53,822 0.01 Teikoku Sen-I Co Ltd 2,200 - - 2,200^ 48,569 0.01 Tennant Co 1,948 - - 1,948 145,077 0.02 Toromont Industries Ltd 8,494 - - 8,494 422,130 0.07 Toshiba Machine Co Ltd 2,050 - - 2,050^ 62,022 0.01 Tsubakimoto Chain Co 3,034 - - 3,034^ 92,332 0.02 Tsugami Corp 5,913 - - 5,913^ 53,616 0.01 Tsurumi Manufacturing Co Ltd 1,350 - - 1,350^ 21,911 0.00 Valmet Oyj 12,725 - - 12,725^ 266,434 0.04 Washtec AG 2,013 828 1,404 1,437^ 78,176 0.01 Welbilt Inc 14,151 - - 14,151 205,947 0.03 Yushin Precision Equipment Co Ltd 2,250 - - 2,250^ 18,660 0.00 Zardoya Otis SA 11,993 - - 11,993 87,228 0.01 11,786,890 1.88

[132] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Media AMC Networks Inc 'A' 4,287 - - 4,287 151,285 0.02 Atresmedia Corp de Medios de Comunicacion SA 7,685 - - 7,685 25,118 0.00 Cable One Inc 457 - - 457 751,057 0.12 Cairo Communication SpA 7,890 - - 7,890^ 20,112 0.00 Cogeco Communications Inc 1,687 - - 1,687 127,820 0.02 Corus Entertainment Inc 20,465 - - 20,465 74,917 0.01 Daily Mail & General Trust Plc 16,262 - - 16,262 167,877 0.03 DISH Network Corp 'A' - 1,145 1,145 - - 0.00 Entercom Communications Corp 'A' 13,582 - - 13,582 52,004 0.01 Entravision Communications Corp 'A' 5,507 - 5,507 - - 0.00 Euromoney Institutional Investor Plc 11,141 - - 11,141 173,367 0.03 Euskaltel SA 10,080 - - 10,080^ 91,575 0.01 EW Scripps Co 'A' 5,782 - - 5,782 67,698 0.01 Future Plc 6,414 3,425 - 9,839 160,111 0.03 Gannett Co Inc 14,857 - 14,857 - - 0.00 Gannett Co Inc 5,068 13,130 5,068 13,130 77,372 0.01 Gray Television Inc 9,730 - - 9,730 190,310 0.03 Houghton Mifflin Harcourt Co 13,918 - - 13,918 74,096 0.01 HT&E Ltd 25,570 - - 25,570^ 28,066 0.00 Iheartmedia Inc - 8,675 - 8,675 147,922 0.02 John Wiley & Sons Inc 'A' 5,166 - - 5,166 217,330 0.04 Kadokawa Dwango 5,775 - - 5,775^ 94,708 0.02 Lagardere SCA 8,803 - - 8,803 161,359 0.03 Liberty Latin America Ltd 'A' 7,476 - - 7,476 120,267 0.02 Liberty Latin America Ltd 'C' 10,284 4,021 - 14,305 232,470 0.04 Mediaset Espana Comunicacion SA 15,502 - - 15,502 82,031 0.01 Mediaset SpA 33,595 - - 33,595 85,709 0.01 Mediaset SpA Rights - 33,595 33,595 - - 0.00 Meredith Corp 3,956 - - 3,956 114,652 0.02 Metropole Television SA 2,640 - - 2,640 42,381 0.01 Modern Times Group MTG AB 'B' 6,364 - - 6,364^ 61,144 0.01 MSG Networks Inc 'A' 6,870 - - 6,870^ 100,778 0.02 New York Times Co 'A' 14,693 - - 14,693 453,603 0.07 Nexstar Media Group Inc 'A' 4,559 480 - 5,039^ 588,772 0.09 Nine Entertainment Co Holdings Ltd 195,877 - - 195,877^ 237,128 0.04 Nordic Entertainment Group AB 'B' 6,364 - - 6,364^ 186,324 0.03 NOS SGPS SA 19,566 - - 19,566 97,911 0.02 ProSiebenSat.1 Media SE 23,299 - - 23,299 298,451 0.05 Sanoma Oyj 9,009 - - 9,009 104,280 0.02 Scholastic Corp 2,515 - - 2,515 79,923 0.01 Seven West Media Ltd 129,881 - - 129,881^ 20,964 0.00 Sinclair Broadcast Group Inc 'A' 7,034 - - 7,034 202,976 0.03 SKY Network Television Ltd 41,747 - - 41,747^ 17,979 0.00 SKY Perfect JSAT Holdings Inc 17,700 - - 17,700^ 74,498 0.01 Southern Cross Media Group Ltd 58,206 - - 58,206^ 33,071 0.01 Storytel AB - 3,312 - 3,312 57,001 0.01 TEGNA Inc 20,955 - - 20,955 341,550 0.05 Television Broadcasts Ltd 49,800 - - 49,800 73,731 0.01 Television Francaise 1 4,576 - - 4,576 33,331 0.01 Tokyo Broadcasting System Holdings Inc 4,250 - - 4,250 72,422 0.01 Tribune Media Co 'A' 8,913 - 8,913 - - 0.00 Tribune Publishing Co 2,097 - - 2,097 25,402 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) TV Asahi Holdings Corp 2,000 - - 2,000 37,516 0.01 UUUM Inc - 1,900 - 1,900 53,764 0.01 World Wrestling Entertainment Inc 'A' 4,812 - - 4,812 226,849 0.04 Wowow Inc 650 - - 650 15,651 0.00 7,026,633 1.12 Metal fabricate & hardware Advanced Drainage Systems Inc 3,604 2,809 - 6,413 257,111 0.04 Aurubis AG 3,046 - - 3,046^ 160,532 0.03 AZZ Inc 2,908 - - 2,908 115,719 0.02 Bodycote Plc 20,270 - - 20,270^ 220,720 0.04 CIRCOR International Inc 1,650 - - 1,650 66,088 0.01 Daiichi Jitsugyo Co Ltd 799 - - 799^ 24,884 0.00 Granges AB 11,262 - - 11,262^ 100,405 0.02 Hanwa Co Ltd 3,939 - - 3,939^ 94,041 0.01 Helios Technologies Inc 2,334 - - 2,334 95,714 0.02 Kitz Corp 10,083 - - 10,083^ 68,727 0.01 Lindab International AB 7,766 - - 7,766 84,856 0.01 Martinrea International Inc 9,547 - - 9,547 89,810 0.01 Mitsui High-Tec Inc 2,600 - - 2,600^ 38,359 0.01 Mueller Industries Inc 6,027 - - 6,027 169,558 0.03 Nachi-Fujikoshi Corp 1,883 - - 1,883^ 69,201 0.01 Neturen Co Ltd 2,806 - - 2,806^ 21,348 0.00 Norma Group SE 3,423 - - 3,423^ 120,585 0.02 NTN Corp 42,300 - - 42,300^ 111,791 0.02 Oiles Corp 2,884 - - 2,884^ 39,572 0.01 Omega Flex Inc - 520 - 520 52,860 0.01 Park-Ohio Holdings Corp 842 - - 842 23,875 0.00 RBC Bearings Inc 2,675 - - 2,675 401,201 0.06 Reliance Worldwide Corp Ltd 80,755 - - 80,755^ 234,628 0.04 Rexnord Corp 11,181 - - 11,181 352,082 0.06 Ryerson Holding Corp - 4,318 - 4,318 42,686 0.01 Ryobi Ltd 2,783 - - 2,783^ 44,575 0.01 Sims Ltd 18,901 - - 18,901 130,943 0.02 Timken Co 6,527 - - 6,527 330,674 0.05 TimkenSteel Corp 3,816 - - 3,816 23,481 0.00 Tocalo Co Ltd 5,476 - - 5,476^ 53,990 0.01 Toho Zinc Co Ltd 1,254 - - 1,254^ 21,291 0.00 Tredegar Corp 2,528 - - 2,528 49,616 0.01 TriMas Corp 5,042 - - 5,042 139,707 0.02 Tsubaki Nakashima Co Ltd 4,100 - - 4,100^ 47,319 0.01 Tubacex SA 12,574 - - 12,574^ 34,270 0.01 UACJ Corp 2,900 - - 2,900^ 58,320 0.01 Vallourec SA 32,894 - - 32,894^ 80,510 0.01 Valmont Industries Inc 2,053 - - 2,053 281,281 0.04 Worthington Industries Inc 3,718 - - 3,718 131,887 0.02 4,484,217 0.72 Food AAK AB 19,164 - - 19,164^ 347,175 0.06 Arcs Co Ltd 3,666 - - 3,666^ 63,481 0.01 Ariake Japan Co Ltd 2,200 - - 2,200^ 147,019 0.02 Ausnutria Dairy Corp Ltd 57,000 - - 57,000 67,328 0.01 Austevoll Seafood ASA 8,282 - - 8,282^ 78,032 0.01

[134] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Axfood AB 8,688 3,192 - 11,880 237,506 0.04 Axial Retailing Inc - 1,800 - 1,800 59,343 0.01 B&G Foods Inc 6,321 - - 6,321 97,906 0.02 Bakkafrost P 3,993 935 - 4,928^ 338,242 0.05 Bakkafrost P Rights - 113 113 - - 0.00 Bega Cheese Ltd 14,002 27,760 - 41,762^ 118,101 0.02 Belc Co Ltd 1,050 - - 1,050^ 54,752 0.01 Bellamy's Australia Ltd 9,017 - 9,017 - - 0.00 Beyond Meat Inc - 2,016 - 2,016 214,693 0.03 Bonduelle SCA 1,137 - - 1,137^ 26,127 0.00 Calavo Growers Inc 1,559 - - 1,559 115,189 0.02 Cal-Maine Foods Inc 3,470 - - 3,470 119,442 0.02 Chefs' Warehouse Inc 2,207 - - 2,207^ 77,479 0.01 Cloetta AB 'B' 23,244 - - 23,244 79,078 0.01 Corbion NV 6,299 - - 6,299^ 210,320 0.03 Cranswick Plc 6,232 - - 6,232^ 283,009 0.05 Create SD Holdings Co Ltd 2,898 - - 2,898^ 70,812 0.01 Daikokutenbussan Co Ltd 570 - - 570^ 18,158 0.00 Distribuidora Internacional de Alimentacion SA 67,211 672,110 - 739,321^ 80,678 0.01 Distribuidora Internacional de Alimentacion SA Rights - 672,110 672,110 - - 0.00 Distribuidora Intl De Alimenta - 672,110 672,110 - - 0.00 Ebro Foods SA 4,869 - - 4,869 97,159 0.02 euglena Co Ltd 6,650 - - 6,650^ 50,298 0.01 Ezaki Glico Co Ltd 4,700 - - 4,700^ 195,938 0.03 First Pacific Co Ltd 268,000 - - 268,000^ 81,554 0.01 Flowers Foods Inc 20,555 - - 20,555 426,816 0.07 Freedom Foods Group Ltd - 17,886 - 17,886 55,777 0.01 Fresh Del Monte Produce Inc 3,663 - - 3,663 110,859 0.02 Fuji Oil Holdings Inc 6,731 - - 6,731^ 170,581 0.03 Fujicco Co Ltd 1,530 - - 1,530^ 26,235 0.00 Fujiya Co Ltd 1,452 - - 1,452^ 28,244 0.00 Glanbia Plc 21,713 - - 21,713 244,369 0.04 GrainCorp Ltd 'A' 21,582 - - 21,582^ 117,049 0.02 Greencore Group Plc 41,288 - - 41,288 128,918 0.02 Greggs Plc 11,031 - - 11,031 316,104 0.05 Grieg Seafood ASA 5,733 - - 5,733^ 84,817 0.01 Hain Celestial Group Inc 8,530 2,508 - 11,038 257,730 0.04 Health & Happiness H&H International Holdings Ltd 21,000 - - 21,000^ 85,945 0.01 Heiwado Co Ltd 3,267 - - 3,267^ 55,845 0.01 HelloFresh SE 15,643 - - 15,643^ 359,465 0.06 Hostess Brands Inc 8,981 4,466 - 13,447 174,043 0.03 House Foods Group Inc 6,150 - - 6,150^ 190,717 0.03 Ingles Markets Inc 'A' 1,424 - - 1,424 57,256 0.01 Itoham Yonekyu Holdings Inc 22,900 - - 22,900^ 141,011 0.02 J&J Snack Foods Corp 1,218 460 - 1,678 268,387 0.04 John B Sanfilippo & Son Inc 782 - - 782 63,579 0.01 J-Oil Mills Inc 798 - - 798^ 29,256 0.00 Kagome Co Ltd 8,233 - - 8,233^ 198,316 0.03 Kameda Seika Co Ltd 1,150 - - 1,150^ 49,938 0.01 Kato Sangyo Co Ltd 2,921 - - 2,921^ 89,543 0.01 Kesko Oyj 'B' 7,156 - - 7,156 466,856 0.07 Kewpie Corp 11,050 - - 11,050^ 224,677 0.04 Kobe Bussan Co Ltd 2,200 5,300 - 7,500^ 280,299 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Kotobuki Spirits Co Ltd 2,100 - - 2,100^ 135,478 0.02 La Doria SpA 1,171 - - 1,171^ 11,089 0.00 Lancaster Colony Corp 1,811 333 - 2,144 319,782 0.05 Landec Corp 2,385 - - 2,385 25,762 0.00 Leroy Seafood Group ASA 28,540 - - 28,540^ 178,689 0.03 Maple Leaf Foods Inc 7,203 2,672 - 9,875 186,655 0.03 Marudai Food Co Ltd 1,693 - - 1,693^ 32,043 0.01 Maruha Nichiro Corp 4,278 - - 4,278^ 100,079 0.02 Megmilk Snow Brand Co Ltd 4,983 - - 4,983^ 114,044 0.02 Metcash Ltd 97,477 - - 97,477^ 164,893 0.03 Mitsubishi Shokuhin Co Ltd 1,250 - - 1,250^ 35,315 0.01 Mitsui Sugar Co Ltd 1,310 - - 1,310^ 25,062 0.00 Morinaga & Co Ltd 4,930 - - 4,930^ 231,189 0.04 Morinaga Milk Industry Co Ltd 3,703 - - 3,703^ 138,228 0.02 Nichirei Corp 9,350 2,300 - 11,650^ 275,130 0.04 Nippon Beet Sugar Manufacturing Co Ltd 1,415 - - 1,415^ 23,835 0.00 Nippon Flour Mills Co Ltd 7,512 - - 7,512^ 110,895 0.02 Nippon Suisan Kaisha Ltd 24,412 - - 24,412^ 130,771 0.02 Nisshin Oillio Group Ltd 2,806 - - 2,806^ 91,885 0.01 North West Co Inc 5,461 - - 5,461 109,754 0.02 Okuwa Co Ltd 4,090 - - 4,090^ 53,791 0.01 Performance Food Group Co 11,087 - - 11,087 553,783 0.09 Pilgrim's Pride Corp 8,295 - - 8,295 208,403 0.03 Post Holdings Inc 6,840 588 - 7,428 749,133 0.12 Premier Foods Plc 78,040 - - 78,040^ 35,916 0.01 Premium Brands Holdings Corp 3,721 - - 3,721 264,429 0.04 Prima Meat Packers Ltd 4,121 - - 4,121^ 89,255 0.01 Rami Levy Chain Stores Hashikma Marketing 2006 Ltd 712 - - 712 39,706 0.01 Rogers Sugar Inc 7,783 - - 7,783 27,186 0.00 S Foods Inc 1,105 - - 1,105^ 25,988 0.00 Salmar ASA 6,037 - - 6,037^ 285,314 0.05 San-A Co Ltd 1,856 - - 1,856^ 74,237 0.01 Sanderson Farms Inc 2,233 - - 2,233 296,531 0.05 Scandi Standard AB 4,669 - - 4,669 34,618 0.01 Seaboard Corp 33 - - 33 122,712 0.02 Shoei Foods Corp 1,300 - - 1,300^ 42,628 0.01 Showa Sangyo Co Ltd 2,167 - - 2,167^ 58,138 0.01 Shufersal Ltd 24,400 - - 24,400 147,469 0.02 Simply Good Foods Co 6,406 2,115 - 8,521 188,769 0.03 Sonae SGPS SA 90,142 - - 90,142 80,881 0.01 SpartanNash Co 4,339 - - 4,339 50,970 0.01 Sprouts Farmers Market Inc 12,244 - - 12,244 184,570 0.03 SSP Group Plc 48,765 - - 48,765 399,259 0.06 Strauss Group Ltd 4,561 - - 4,561 129,601 0.02 Suedzucker AG 5,841 4,055 - 9,896^ 161,615 0.03 Synlait Milk Ltd - 11,918 - 11,918 65,310 0.01 Takeaway.com NV 3,588 543 - 4,131^ 375,736 0.06 Tassal Group Ltd 15,058 - - 15,058^ 41,903 0.01 Tate & Lyle Plc 47,295 - - 47,295 476,694 0.08 Tootsie Roll Industries Inc 2,425 - - 2,425 79,776 0.01 TreeHouse Foods Inc 5,141 1,236 - 6,377 274,303 0.04 United Natural Foods Inc 5,368 - - 5,368 37,276 0.01 United Super Markets Holdings Inc 5,122 - - 5,122^ 44,575 0.01

[136] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) US Foods Holding Corp 21,626 2,360 - 23,986 929,265 0.15 Village Super Market Inc 'A' 682 - - 682 14,642 0.00 Viscofan SA 3,469 - - 3,469 178,265 0.03 Warabeya Nichiyo Holdings Co Ltd 1,300 - - 1,300^ 20,961 0.00 Weis Markets Inc 1,475 - - 1,475 52,194 0.01 Wessanen 8,962 - 8,962 - - 0.00 Yaoko Co Ltd 1,900 - - 1,900^ 95,017 0.02 Yokohamao Co Ltd 3,565 - - 3,565^ 30,359 0.01 17,493,207 2.79 Food Service Autogrill SpA 14,341 - - 14,341 134,424 0.02 DO & CO AG 372 592 - 964^ 92,729 0.02 Elior Group SA 9,450 - - 9,450^ 127,970 0.02 355,123 0.06 Private equity Alaris Royalty Corp 5,667 - - 5,667 90,297 0.01 Argosy Property Ltd 85,500 - - 85,500^ 76,311 0.01 AURELIUS Equity Opportunities SE & Co KGaA 2,095 - - 2,095^ 73,937 0.01 Bure Equity AB 5,631 - - 5,631^ 121,140 0.02 Deutsche Beteiligungs AG 793 - - 793^ 32,250 0.01 Gimv NV 2,193 - - 2,193 130,320 0.02 Intermediate Capital Group Plc 30,135 - - 30,135 667,391 0.11 Jafco Co Ltd 2,200 2,500 - 4,700^ 192,592 0.03 Kennedy-Wilson Holdings Inc 12,805 - - 12,805 266,261 0.04 PATRIZIA AG 5,101 - - 5,101^ 117,544 0.02 Ratos AB 'B' 22,548 - - 22,548 76,484 0.01 1,844,527 0.29 Aerospace & defence AAR Corp 3,586 - - 3,586 147,264 0.02 Aerojet Rocketdyne Holdings Inc 6,795 1,150 - 7,945 398,989 0.06 AeroVironment Inc 2,059 - - 2,059 132,274 0.02 Astronics Corp 2,027 - - 2,027 49,265 0.01 Barnes Group Inc 5,439 - - 5,439 331,367 0.05 BBA Aviation Plc 106,519 - 106,519 - - 0.00 Chemring Group Plc 27,951 - 27,951 - - 0.00 Cobham Plc 269,242 - 269,242 - - 0.00 Ducommun Inc 1,014 - - 1,014 40,028 0.01 FACC AG 2,054 - - 2,054^ 26,300 0.01 Jamco Corp 900 - - 900^ 10,908 0.00 Kaman Corp 2,619 - - 2,619 155,898 0.03 Kratos Defense & Security Solutions Inc 7,582 2,814 - 10,396^ 183,885 0.03 LISI 1,688 - - 1,688^ 49,524 0.01 Magellan Aerospace Corp 1,728 - - 1,728 17,742 0.00 Mercury Systems Inc 5,094 952 - 6,046 447,534 0.07 Moog Inc 'A' 3,015 - - 3,015 260,569 0.04 National Presto Industries Inc 468 - - 468 38,903 0.01 OHB SE 432 - - 432^ 18,861 0.00 Park Aerospace Corp 2,064 - - 2,064 30,795 0.01 Saab AB 'B' 10,444 - - 10,444^ 327,305 0.05 Teledyne Technologies Inc 3,783 - 3,783 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Triumph Group Inc 5,484 - - 5,484 108,055 0.02 Ultra Electronics Holdings Plc 7,411 - - 7,411 212,746 0.03 2,988,212 0.48 Pipelines Antero Midstream Corp 21,818 - - 21,818^ 106,054 0.02 EnLink Midstream LLC 25,889 - - 25,889 125,592 0.02 Equitrans Midstream Corp 21,972 - - 21,972^ 204,916 0.03 Gibson Energy Inc 13,963 - - 13,963 270,442 0.04 Kinder Morgan Canada Ltd 3,440 - 3,440 - - 0.00 Plains GP Holdings LP 'A' - 15,939 - 15,939 255,950 0.04 SemGroup Corp 'A' 6,741 - 6,741 - - 0.00 Tallgrass Energy LP 'A' 14,108 3,969 - 18,077 388,961 0.06 TOKAI Holdings Corp 10,025 - - 10,025^ 93,577 0.02 1,445,492 0.23 Shipbuilding Austal Ltd - 39,217 - 39,217 99,510 0.02 COSCO Shipping International Singapore Co Ltd 122,500 - - 122,500 23,804 0.00 Fincantieri SpA 56,911 - - 56,911^ 49,908 0.01 Mitsui E&S Holdings Co Ltd 8,200 - - 8,200^ 67,932 0.01 241,154 0.04 Software ACI Worldwide Inc 12,513 - - 12,513 415,748 0.07 Akatsuki Inc - 1,400 - 1,400 62,787 0.01 Allscripts Healthcare Solutions Inc 18,884 - - 18,884 156,265 0.02 Altair Engineering Inc 'A' 3,689 - - 3,689 131,463 0.02 Alteryx Inc 'A' 4,553 943 - 5,496^ 739,277 0.12 Altium Ltd 13,190 - - 13,190^ 339,198 0.05 Appfolio Inc 'A' 1,502 - - 1,502 190,405 0.03 Appian Corp 2,505 - - 2,505 123,310 0.02 Argo Graphics Inc - 2,100 - 2,100 64,842 0.01 Aspen Technology Inc 6,904 - - 6,904 792,236 0.13 Ateam Inc 1,000 - - 1,000^ 8,347 0.00 Avaya Holdings Corp 12,387 - - 12,387 152,559 0.02 AVEVA Group Plc 6,823 - 6,823 - - 0.00 Bandwidth Inc 'A' 1,656 - - 1,656 113,332 0.02 Benefitfocus Inc 1,331 2,920 - 4,251 75,848 0.01 Black Knight Inc 14,456 - 14,456 - - 0.00 Blackbaud Inc 5,084 - - 5,084 384,073 0.06 Blackline Inc 3,557 1,405 - 4,962 292,735 0.05 Blue Prism Group Plc 5,891 - - 5,891^ 130,616 0.02 Bottomline Technologies DE Inc 4,611 - - 4,611 238,363 0.04 Box Inc 'A' 13,638 - - 13,638 197,692 0.03 Bravura Solutions Ltd 29,324 - - 29,324 104,700 0.02 Capcom Co Ltd 10,320 - - 10,320 285,595 0.05 Castlight Health Inc 'B' 3,032 16,739 19,771 - - 0.00 Cerence Inc - 3,438 - 3,438 70,792 0.01 Ceridian HCM Holding Inc 4,217 - - 4,217 298,077 0.05 Cision Ltd 6,978 - 6,978 - - 0.00 Cloudera Inc 21,476 - - 21,476 213,132 0.03 COLOPL Inc 5,600 - - 5,600^ 56,558 0.01 CommVault Systems Inc 4,810 - - 4,810 208,848 0.03 CompuGroup Medical SE 2,833 - - 2,833^ 180,161 0.03

[138] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Computer Engineering & Consulting Ltd - 2,800 - 2,800 51,575 0.01 Computer Modelling Group Ltd 14,716 - - 14,716 86,710 0.01 Computer Programs & Systems Inc 1,175 - - 1,175 29,464 0.00 Comture Corp 1,200 1,200 - 2,400 45,830 0.01 Cornerstone OnDemand Inc 5,152 - - 5,152 292,168 0.05 Coupa Software Inc 5,828 621 - 6,449 1,002,311 0.16 Craneware Plc - 2,992 - 2,992 72,273 0.01 CSG Systems International Inc 3,711 - - 3,711 178,309 0.03 DeNA Co Ltd 11,700 - - 11,700 186,879 0.03 Descartes Systems Group Inc 7,736 2,423 - 10,159 439,534 0.07 Digital Turbine Inc - 9,527 - 9,527 57,335 0.01 Donnelley Financial Solutions Inc 2,819 - - 2,819^ 24,632 0.00 Ebix Inc 2,797 - - 2,797 92,877 0.01 Elastic NV 2,789 - - 2,789 174,518 0.03 Embracer Group Ab 5,662 - 5,662 - - 0.00 EMIS Group Plc 1,395 4,925 - 6,320 92,401 0.01 Enghouse Systems Ltd 4,600 - - 4,600 175,842 0.03 Envestnet Inc 4,999 - - 4,999 380,255 0.06 Everbridge Inc 3,475 - - 3,475 303,777 0.05 Evolent Health Inc 'A' 6,856 - - 6,856 66,652 0.01 Fair Isaac Corp 2,872 219 - 3,091 1,199,541 0.19 First Derivatives Plc 1,819 - - 1,819 64,058 0.01 Five9 Inc 5,487 1,108 - 6,595 456,242 0.07 Formula Systems 1985 Ltd - 1,429 - 1,429 99,874 0.02 Fortnox AB - 4,234 - 4,234 71,598 0.01 Frontier Developments Plc - 2,871 - 2,871 51,538 0.01 Fuji Soft Inc 1,800 - - 1,800^ 70,956 0.01 Glu Mobile Inc 12,021 - - 12,021 68,403 0.01 Gree Inc 11,750 - - 11,750^ 48,409 0.01 Guidewire Software Inc 8,064 - 8,064 - - 0.00 GungHo Online Entertainment Inc 3,620 - - 3,620 64,617 0.01 Health Catalyst Inc - 1,968 - 1,968 61,971 0.01 Hilan Ltd 2,341 - - 2,341 92,119 0.01 HUB24 Ltd 5,986 - - 5,986 42,359 0.01 HubSpot Inc 3,746 409 - 4,155 725,079 0.12 Inovalon Holdings Inc 'A' 7,800 - - 7,800 152,410 0.02 Instructure Inc 3,030 - - 3,030 142,724 0.02 InterXion Holding NV 7,025 1,369 - 8,394 704,559 0.11 j2 Global Inc 4,923 - - 4,923 455,142 0.07 Justsystems Corp 2,400 1,700 - 4,100^ 219,265 0.04 Kinaxis Inc 2,541 - - 2,541 203,606 0.03 KLab Inc 3,600 - - 3,600^ 25,307 0.00 Koei Tecmo Holdings Co Ltd 5,640 - - 5,640^ 145,090 0.02 Learning Technologies Group Plc 45,475 - - 45,475^ 89,959 0.01 LivePerson Inc 6,450 - - 6,450 255,111 0.04 LiveRamp Holdings Inc 7,131 - - 7,131 276,750 0.04 Manhattan Associates Inc 6,921 - - 6,921 570,442 0.09 ManTech International Corp 'A' 2,782 - - 2,782 215,399 0.03 Marvelous Inc 3,050 - - 3,050^ 18,944 0.00 Medidata Solutions Inc 5,889 - 5,889 - - 0.00 Megaport Ltd - 14,356 - 14,356 103,164 0.02 MicroStrategy Inc 'A' 1,069 - - 1,069 156,742 0.03 Miroku Jyoho Service Co Ltd 1,900 - - 1,900 51,397 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Mixi Inc 4,800 - - 4,800^ 82,349 0.01 MobileIron Inc 3,042 - - 3,042 13,995 0.00 Model N Inc - 3,361 - 3,361 101,103 0.02 Monotype Imaging Holdings Inc 4,869 - 4,869 - - 0.00 Nemetschek SE 6,108 - - 6,108^ 401,814 0.06 NetEnt AB 17,208 - - 17,208 42,530 0.01 New Relic Inc 5,110 - - 5,110 325,320 0.05 NextGen Healthcare Inc 4,845 - - 4,845 64,764 0.01 NSD Co Ltd 3,659 3,659 - 7,318^ 115,259 0.02 Nuance Communications Inc 27,504 3,931 - 31,435 573,607 0.09 Nutanix Inc 'A' 14,555 2,573 - 17,128 536,375 0.09 OBIC Business Consultants Co Ltd 1,900 - - 1,900^ 71,770 0.01 Omnicell Inc 3,930 648 - 4,578 358,872 0.06 Paradox Interactive AB 3,329 - - 3,329^ 50,632 0.01 PDF Solutions Inc 2,955 - - 2,955 44,915 0.01 Pegasystems Inc 4,291 - - 4,291 356,776 0.06 Phreesia Inc - 2,212 - 2,212 66,134 0.01 Pivotal Software Inc 'A' 7,238 - 7,238 - - 0.00 PKSHA Technology Inc 1,200 - - 1,200^ 35,131 0.01 Playtech Plc 33,089 - - 33,089 145,174 0.02 Pluralsight Inc 'A' 5,233 5,396 - 10,629 198,770 0.03 Pro Medicus Ltd 4,452 - - 4,452 68,987 0.01 Progress Software Corp 5,098 - - 5,098 221,894 0.04 PROS Holdings Inc 3,719 - - 3,719 215,207 0.03 Pushpay Holdings Ltd - 23,420 - 23,420 65,779 0.01 QAD Inc 'A' 905 - - 905 44,907 0.01 Radware Ltd 6,426 - - 6,426 157,914 0.03 Rakus Co Ltd - 2,600 - 2,600 40,372 0.01 Real Matters Inc - 10,016 - 10,016 101,526 0.02 RealPage Inc 7,912 - - 7,912 445,253 0.07 RIB Software SE 3,165 2,755 - 5,920^ 120,662 0.02 RingCentral Inc 'A' 6,953 - 6,953 - - 0.00 SailPoint Technologies Holding Inc 7,152 2,645 - 9,797 237,068 0.04 Sansan Inc - 1,500 - 1,500 74,212 0.01 Sapiens International Corp NV - 3,962 - 3,962 99,771 0.02 Silverlake Axis Ltd 101,520 - - 101,520 26,901 0.00 SimCorp A/S 4,068 570 - 4,638^ 496,508 0.08 Smartsheet Inc 'A' 7,372 3,067 - 10,439 488,091 0.08 Software AG 4,084 2,182 - 6,266^ 201,918 0.03 SPS Commerce Inc 1,723 1,723 - 3,446 188,874 0.03 Square Enix Holdings Co Ltd 8,200 - 8,200 - - 0.00 Stillfront Group AB - 2,748 - 2,748 127,860 0.02 SVMK Inc 2,937 - - 2,937 49,995 0.01 Tabula Rasa HealthCare Inc 1,591 - - 1,591 89,105 0.01 Technology One Ltd 25,124 - - 25,124^ 138,206 0.02 Teradata Corp 11,280 - - 11,280 264,795 0.04 TIS Inc 8,030 - - 8,030^ 470,881 0.08 TiVo Corp 14,828 - - 14,828 104,110 0.02 TomTom NV 6,029 - - 6,029^ 63,298 0.01 Transcosmos Inc 2,426 - - 2,426^ 61,438 0.01 Tyler Technologies Inc 3,984 - 3,984 - - 0.00 Upland Software Inc 2,489 - - 2,489 93,716 0.02 Verint Systems Inc 6,645 - - 6,645 371,709 0.06

[140] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Verra Mobility Corp 3,955 9,738 - 13,693 210,375 0.03 VSTECS Holdings Ltd 68,600 - - 68,600^ 32,208 0.01 WiseTech Global Ltd 9,729 - 9,729 - - 0.00 Workiva Inc 3,546 - - 3,546 155,573 0.02 Yext Inc 4,707 5,212 - 9,919 142,922 0.02 Zenrin Co Ltd 3,190 - - 3,190^ 42,238 0.01 Zuora Inc 'A' 7,000 - - 7,000 99,579 0.02 Zynga Inc 'A' 84,096 - - 84,096 488,260 0.08 26,570,478 4.24 Toys, games & hobbies Embracer Group AB - 16,986 - 16,986^ 137,160 0.02 Games Workshop Group Plc 3,460 - - 3,460 291,862 0.05 Mattel Inc 34,157 - - 34,157 481,952 0.08 Sanrio Co Ltd 3,500 - - 3,500^ 67,677 0.01 Spin Master Corp 2,798 - - 2,798 64,599 0.01 Tomy Co Ltd 7,550 - - 7,550^ 80,351 0.01 1,123,601 0.18 Telecommunications Acacia Communications Inc 3,373 - - 3,373 222,999 0.04 accesso Technology Group Plc 2,860 - 2,860 - - 0.00 ADTRAN Inc 5,790 - - 5,790 50,537 0.01 ADVA Optical Networking SE 6,193 - - 6,193^ 49,445 0.01 Airtel Africa Plc - 122,681 - 122,681 113,857 0.02 Altice Europe NV 57,041 - 57,041 - - 0.00 Anterix Inc 1,114 1,114 1,114 1,114 49,917 0.01 ATN International Inc 1,098 - - 1,098 61,282 0.01 Bezeq The Israeli Telecommunication Corp Ltd 170,111 74,080 - 244,191 182,893 0.03 CalAmp Corp 3,941 - - 3,941 36,565 0.01 Casa Systems Inc 3,914 - - 3,914 15,137 0.00 Cellcom Israel Ltd 7,999 - - 7,999 28,076 0.00 Chorus Ltd 47,217 - - 47,217^ 192,440 0.03 Ciena Corp 15,607 - - 15,607 612,172 0.10 Cincinnati Bell Inc 4,538 - 4,538 - - 0.00 CITIC Telecom International Holdings Ltd 138,778 - - 138,778^ 46,540 0.01 CommScope Holding Co Inc - 20,203 - 20,203 237,422 0.04 CONEXIO Corp 2,200 - - 2,200^ 31,381 0.00 Consolidated Communications Holdings Inc 6,979 - - 6,979 32,510 0.01 Denki Kogyo Co Ltd 2,903 - - 2,903^ 96,224 0.02 Digital Domain Holdings Ltd 730,000 - 730,000 - - 0.00 DNA Oyj 5,182 - 5,182 - - 0.00 EchoStar Corp 'A' 4,869 - - 4,869^ 187,390 0.03 Eltel AB 9,296 - - 9,296^ 17,245 0.00 Extreme Networks Inc 9,159 - - 9,159 52,117 0.01 FIH Mobile Ltd 358,000 - - 358,000 54,248 0.01 Finisar Corp 11,388 - 11,388 - - 0.00 Freenet AG 12,216 3,448 - 15,664^ 335,504 0.05 Frontier Communications Corp 10,900 - 10,900 - - 0.00 GCI Liberty Inc 'A' 10,294 - - 10,294 726,535 0.12 Globalstar Inc 38,874 - - 38,874 17,846 0.00 Gogo Inc 5,599 - - 5,599 28,404 0.00 GTT Communications Inc 4,020 - - 4,020^ 45,944 0.01 Harmonic Inc 8,589 - - 8,589 58,276 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) HKBN Ltd 101,000 - - 101,000^ 169,355 0.03 Hutchison Telecommunications Hong Kong Holdings Ltd 195,192 - - 195,192^ 34,427 0.01 Infinera Corp 16,170 - - 16,170^ 114,936 0.02 Inmarsat Group Holdings Ltd 49,242 - 49,242 - - 0.00 InterDigital Inc 3,330 - - 3,330 177,442 0.03 Iridium Communications Inc 8,714 4,684 - 13,398 330,149 0.05 LogMeIn Inc 4,862 - - 4,862 403,127 0.06 Loral Space & Communications Inc 1,727 - - 1,727 53,583 0.01 Maxar Technologies Inc - 7,886 - 7,886 121,386 0.02 NETGEAR Inc 3,482 - - 3,482 86,373 0.01 NetLink NBN Trust 311,900 - - 311,900 222,595 0.04 NEXTDC Ltd 41,596 - - 41,596^ 203,841 0.03 Nisshinbo Holdings Inc 15,795 - - 15,795^ 134,647 0.02 Oki Electric Industry Co Ltd 9,950 - - 9,950^ 121,829 0.02 Orange Belgium SA 3,674 - - 3,674 72,017 0.01 ORBCOMM Inc 6,455 - - 6,455 22,350 0.00 Partner Communications Co Ltd 21,239 - - 21,239 91,477 0.01 Plantronics Inc 3,775 - - 3,775^ 104,564 0.02 Ribbon Communications Inc 4,894 - - 4,894 13,310 0.00 Service Stream Ltd 35,771 - - 35,771 60,741 0.01 Shenandoah Telecommunications Co 4,910 - - 4,910 191,075 0.03 Sierra Wireless Inc 3,176 - - 3,176 29,576 0.00 SmarTone Telecommunications Holdings Ltd 43,563 - - 43,563^ 30,950 0.00 SpeedCast International Ltd 23,115 - 23,115 - - 0.00 Spirent Communications Plc - 68,359 - 68,359 192,500 0.03 Spok Holdings Inc 1,971 - 1,971 - - 0.00 StarHub Ltd 68,200 - - 68,200 69,395 0.01 TalkTalk Telecom Group Plc 57,075 - - 57,075^ 85,986 0.01 Technicolor SA 34,730 - - 34,730^ 23,218 0.00 Telecom Plus Plc 6,583 - - 6,583^ 126,543 0.02 Telekom Austria AG 12,557 - - 12,557^ 97,302 0.02 Telephone & Data Systems Inc 10,404 - - 10,404 227,574 0.04 T-Gaia Corp 2,550 - - 2,550^ 61,265 0.01 United States Cellular Corp 1,229 - - 1,229 37,954 0.01 ViaSat Inc 3,730 1,304 - 5,034 309,023 0.05 Viavi Solutions Inc 25,290 - - 25,290 343,912 0.05 Vocus Group Ltd 64,164 - - 64,164^ 140,439 0.02 Vonage Holdings Corp 22,737 - - 22,737 194,508 0.03 8,282,275 1.32 Textiles Coats Group Plc 159,573 - - 159,573 153,574 0.03 Fujibo Holdings Inc 850 - - 850^ 27,040 0.00 Maeda Kosen Co Ltd 1,100 - - 1,100^ 20,722 0.00 Nitto Boseki Co Ltd 3,886 - - 3,886^ 159,409 0.03 Pacific Textiles Holdings Ltd 82,845 - - 82,845^ 51,758 0.01 Seiren Co Ltd 5,622 - - 5,622^ 70,838 0.01 Texwinca Holdings Ltd 76,000 - - 76,000^ 15,575 0.00 Tokai Corp/Gifu 1,800 - - 1,800^ 42,782 0.01 UniFirst Corp/MA 1,538 - - 1,538 302,494 0.05 844,192 0.14 Transportation Air Transport Services Group Inc 1,850 - - 1,850 37,415 0.01

[142] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) ArcBest Corp 2,845 - - 2,845 61,215 0.01 Atlas Air Worldwide Holdings Inc 756 - - 756 16,296 0.00 bpost SA 10,741 - - 10,741^ 103,274 0.02 BW LPG Ltd 7,624 - - 7,624^ 59,508 0.01 BW Offshore Ltd 10,368 - - 10,368^ 55,162 0.01 Cargotec Oyj 'B' 3,813 - - 3,813^ 136,280 0.02 Cia de Distribucion Integral Logista Holdings SA 4,152 - - 4,152 89,907 0.01 Construcciones y Auxiliar de Ferrocarriles SA 2,540 - - 2,540 108,726 0.02 Covenant Transportation Group Inc 'A' 1,146 - - 1,146 14,020 0.00 CryoPort Inc - 4,920 - 4,920 84,985 0.01 D/S Norden A/S 3,378 - - 3,378^ 43,941 0.01 Dfds A/S 3,035 - - 3,035^ 123,190 0.02 Echo Global Logistics Inc 2,582 - - 2,582 48,260 0.01 Euronav NV 17,455 - - 17,455^ 167,531 0.03 Exmar NV 3,153 - - 3,153^ 18,029 0.00 Firstgroup Plc 119,363 - - 119,363 187,867 0.03 FLEX LNG Ltd 5,054 - - 5,054 39,818 0.01 Forward Air Corp 3,283 - - 3,283 207,234 0.03 Frontline Ltd 4,932 6,017 - 10,949 96,344 0.02 Fuji Kyuko Co Ltd 2,749 - - 2,749^ 94,177 0.01 Fukuyama Transporting Co Ltd 2,500 - - 2,500^ 81,976 0.01 Genesee & Wyoming Inc 'A' 5,761 - 5,761 - - 0.00 Go-Ahead Group Plc 4,689 - - 4,689 122,087 0.02 Golden Ocean Group Ltd 7,886 - - 7,886^ 34,770 0.01 Hamakyorex Co Ltd - 2,000 - 2,000 59,085 0.01 Heartland Express Inc 5,514 - - 5,514 99,393 0.02 Hitachi Transport System Ltd 4,893 - - 4,893^ 137,586 0.02 Hoegh LNG Holdings Ltd 4,398 - - 4,398^ 12,723 0.00 Hub Group Inc 'A' 3,988 - - 3,988 203,350 0.03 Iino Kaiun Kaisha Ltd 9,109 - - 9,109^ 29,099 0.00 International Seaways Inc - 2,330 - 2,330 50,022 0.01 Kawasaki Kisen Kaisha Ltd 6,500 5,600 - 12,100^ 159,783 0.03 Kerry Logistics Network Ltd 73,500 - - 73,500^ 113,567 0.02 Kintetsu World Express Inc 3,600 - - 3,600^ 56,925 0.01 Kirby Corp 1,528 - - 1,528 108,006 0.02 Konoike Transport Co Ltd 2,650 - - 2,650^ 36,739 0.01 Landstar System Inc 4,303 - - 4,303 459,616 0.07 Maersk Drilling A/S 2,072 1,076 - 3,148 169,288 0.03 Marten Transport Ltd 4,750 - - 4,750 95,104 0.01 Maruwa Unyu Kikan Co Ltd - 3,000 - 3,000 60,384 0.01 Maruzen Showa Unyu Co Ltd 1,278 - - 1,278^ 33,445 0.01 Matson Inc 942 - - 942 32,715 0.01 Mitsubishi Logistics Corp 7,500 - - 7,500^ 186,332 0.03 Mullen Group Ltd 9,839 - - 9,839 64,790 0.01 Nankai Electric Railway Co Ltd 10,899 - - 10,899^ 274,948 0.04 National Express Group Plc 46,198 - - 46,198 262,538 0.04 Nikkon Holdings Co Ltd 5,929 - - 5,929^ 135,220 0.02 Nishi-Nippon Railroad Co Ltd 6,300 - - 6,300^ 142,952 0.02 Nobina AB 9,908 - - 9,908 72,471 0.01 NS United Kaiun Kaisha Ltd 983 - - 983^ 17,652 0.00 Ocean Yield ASA 3,836 - - 3,836^ 18,543 0.00 Oesterreichische Post AG 2,419 1,714 - 4,133^ 151,516 0.02 Pacific Basin Shipping Ltd 382,000 - - 382,000^ 66,900 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) PostNL NV 36,083 - - 36,083^ 64,308 0.01 Qube Holdings Ltd 160,826 - - 160,826^ 357,201 0.06 Royal Mail Plc 85,710 28,512 - 114,222 287,816 0.05 Ryder System Inc 4,679 2,193 - 6,872 316,274 0.05 Saia Inc 2,704 - - 2,704 227,146 0.04 Sakai Moving Service Co Ltd 1,000 - - 1,000 54,369 0.01 Sankyu Inc 5,792 - - 5,792^ 279,859 0.04 Schneider National Inc 'B' 4,764 - - 4,764 102,323 0.02 SEACOR Holdings Inc 1,942 - - 1,942 70,405 0.01 Seino Holdings Co Ltd 15,850 - - 15,850^ 198,583 0.03 Senko Group Holdings Co Ltd 9,097 - - 9,097^ 71,397 0.01 Singapore Post Ltd 172,150 - - 172,150 108,870 0.02 SITC International Holdings Co Ltd 128,026 - - 128,026^ 146,295 0.02 Sotetsu Holdings Inc 7,301 - - 7,301 190,938 0.03 Stagecoach Group Plc 48,438 - - 48,438 84,058 0.01 Stolt-Nielsen Ltd 2,235 - - 2,235^ 27,828 0.00 TFI International Inc 9,788 - - 9,788 302,498 0.05 Tidewater Inc 3,730 - - 3,730 54,608 0.01 Trancom Co Ltd 600 - - 600^ 41,644 0.01 Universal Logistics Holdings Inc 735 - - 735 11,980 0.00 Wallenius Wilhelmsen ASA 6,767 - - 6,767^ 17,417 0.00 Werner Enterprises Inc 5,155 - - 5,155 183,258 0.03 YRC Worldwide Inc 1,681 9,791 11,472 - - 0.00 8,541,779 1.36 Environmental control Advanced Disposal Services Inc 7,663 - - 7,663 243,520 0.04 Asahi Holdings Inc 3,012 - - 3,012^ 73,625 0.01 Befesa SA 1,753 - - 1,753^ 65,483 0.01 Biffa Plc 41,908 - - 41,908^ 150,247 0.02 Bingo Industries Ltd 46,277 - - 46,277^ 83,661 0.01 Casella Waste Systems Inc 'A' 4,760 - - 4,760 235,002 0.04 Clean Harbors Inc 5,467 - - 5,467 433,517 0.07 Cleanaway Waste Management Ltd 231,338 - - 231,338^ 304,702 0.05 Covanta Holding Corp 12,934 - - 12,934 186,863 0.03 Daiseki Co Ltd 4,191 - - 4,191^ 111,320 0.02 Derichebourg SA 7,423 - - 7,423^ 26,070 0.00 Evoqua Water Technologies Corp 6,075 - - 6,075 117,005 0.02 Fluidra SA 4,323 - - 4,323 51,287 0.01 Heritage-Crystal Clean Inc 1,749 - - 1,749 47,821 0.01 Hitachi Zosen Corp 16,546 - - 16,546^ 60,954 0.01 METAWATER Co Ltd 1,300 - - 1,300^ 48,816 0.01 Oyo Corp 1,631 - - 1,631^ 20,290 0.00 Renewi Plc 53,697 - - 53,697^ 24,303 0.00 SIIC Environment Holdings Ltd 76,870 - - 76,870 12,765 0.00 Sinanen Holdings Co Ltd 846 - - 846^ 15,372 0.00 Stericycle Inc 9,334 - - 9,334^ 564,256 0.09 Sweco AB 'B' 8,287 - - 8,287^ 308,464 0.05 Tetra Tech Inc 5,288 601 - 5,889 486,178 0.08 TOMRA Systems ASA 12,586 - - 12,586^ 358,186 0.06 Tsukishima Kikai Co Ltd 3,371 - - 3,371^ 43,945 0.01

[144] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) US Ecology Inc 2,424 - 2,424 - - 0.00 US Ecology Inc - 2,424 - 2,424 126,266 0.02 4,199,918 0.67 Entertainment 888 Holdings Plc 40,321 - - 40,321 68,998 0.01 AMC Entertainment Holdings Inc 'A' 6,851 - - 6,851^ 43,081 0.01 Ardent Leisure Group Ltd 44,970 - - 44,970^ 41,084 0.01 Avex Inc 3,853 - - 3,853^ 41,725 0.01 Betsson AB 12,730 - - 12,730^ 52,632 0.01 Borussia Dortmund GmbH & Co KGaA 6,852 - - 6,852^ 64,593 0.01 Churchill Downs Inc 3,547 - - 3,547 493,910 0.08 Cinemark Holdings Inc 11,168 - - 11,168 339,393 0.05 Cineplex Inc 5,984 4,407 - 10,391 255,892 0.04 Cineworld Group Plc 108,085 - - 108,085 243,633 0.04 Eldorado Resorts Inc 6,779 - - 6,779 390,842 0.06 Entertainment One Ltd 37,012 8,583 45,595 - - 0.00 Everi Holdings Inc 6,219 3,988 - 10,207 123,052 0.02 Evolution Gaming Group AB 10,545 1,783 - 12,328 367,597 0.06 Gamesys Group Plc 5,094 - - 5,094^ 47,989 0.01 Golden Entertainment Inc 2,606 - - 2,606 43,129 0.01 Great Canadian Gaming Corp 5,528 - - 5,528 160,644 0.02 IMAX Corp 5,198 - - 5,198 82,918 0.01 International Speedway Corp 'A' 2,783 - 2,783 - - 0.00 Juventus Football Club SpA 57,574 18,416 - 75,990^ 92,427 0.01 Juventus Football Club SpA Rights - 57,574 57,574 - - 0.00 Kambi Group Plc 4,409 - - 4,409 57,440 0.01 Kindred Group Plc SDR 20,836 9,239 - 30,075 147,547 0.02 Kinepolis Group NV 1,590 - - 1,590^ 94,487 0.01 Landing International Development Ltd 165,000 - - 165,000^ 17,010 0.00 LeoVegas AB 7,824 - - 7,824^ 23,173 0.00 Liberty Media Corp-Liberty Braves 'C' 3,760 - - 3,760 105,708 0.02 Lions Gate Entertainment Corp 'A' 6,223 - - 6,223 59,598 0.01 Lions Gate Entertainment Corp 'B' 11,133 - - 11,133 100,178 0.01 Madison Square Garden Co 'A' 1,674 - - 1,674 478,196 0.08 Marriott Vacations Worldwide Corp 4,154 - - 4,154 481,721 0.08 Mars Group Holdings Corp 976 - - 976^ 17,109 0.00 Mega Expo Holdings Ltd 150,000 - 150,000 - - 0.00 Monarch Casino & Resort Inc - 2,132 - 2,132 110,377 0.02 Penn National Gaming Inc 11,078 - - 11,078 318,709 0.05 RAI Way SpA 9,653 - - 9,653 60,665 0.01 Red Rock Resorts Inc 'A' 7,213 - - 7,213 170,506 0.03 Scientific Games Corp 'A' 5,367 - - 5,367 128,577 0.02 SeaWorld Entertainment Inc 4,996 - - 4,996 166,042 0.03 Shochiku Co Ltd 804 - - 804 106,456 0.02 Six Flags Entertainment Corp 7,639 - - 7,639 280,920 0.04 SkiStar AB 4,502 - - 4,502 47,750 0.01 Toei Animation Co Ltd - 1,800 - 1,800 83,769 0.01 Toei Co Ltd 766 - - 766^ 102,856 0.02 Tokyotokeiba Co Ltd 1,369 - - 1,369^ 38,799 0.01 Twin River Worldwide Holdings Inc 2,404 - - 2,404 61,789 0.01 Universal Entertainment Corp 2,238 - - 2,238^ 64,324 0.01 Vector Inc 6,200 - - 6,200^ 69,514 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Village Roadshow Ltd 8,952 - - 8,952^ 23,293 0.00 William Hill Plc 73,603 30,435 - 104,038^ 228,690 0.04 Yomiuri Land Co Ltd 301 - - 301^ 11,490 0.00 6,610,232 1.05 Packaging & containers Achilles Corp 1,635 - - 1,635^ 25,373 0.00 Berry Global Group Inc 12,956 1,331 - 14,287 585,887 0.09 DS Smith Plc 141,665 - - 141,665^ 613,615 0.10 Essentra Plc 28,451 - - 28,451 151,556 0.02 FP Corp 2,654 - - 2,654^ 157,521 0.03 Fuji Seal International Inc 4,454 - - 4,454^ 91,394 0.01 Fujimori Kogyo Co Ltd 1,150 - - 1,150^ 34,793 0.01 Gerresheimer AG 3,329 - - 3,329 254,222 0.04 Graphic Packaging Holding Co 31,218 - - 31,218 470,591 0.08 Greif Inc 'A' 2,624 - - 2,624 102,292 0.02 Huhtamaki Oyj 11,524 2,115 2,401 11,238^ 482,731 0.08 Intertape Polymer Group Inc 6,068 - - 6,068 71,596 0.01 Matthews International Corp 'A' 3,645 - - 3,645 131,195 0.02 Metsa Board Oyj 19,927 - - 19,927^ 116,607 0.02 O-I Glass Inc - 17,408 - 17,408 211,879 0.03 Orora Ltd 117,670 - - 117,670^ 244,635 0.04 Owens-Illinois Inc 17,408 - 17,408 - - 0.00 Pact Group Holdings Ltd 20,733 - - 20,733 36,946 0.01 Rengo Co Ltd 20,382 - - 20,382^ 140,378 0.02 Silgan Holdings Inc 8,480 - - 8,480 252,390 0.04 Sonoco Products Co 8,662 1,803 - 10,465 576,712 0.09 Transcontinental Inc 'A' 6,552 - - 6,552 74,345 0.01 Winpak Ltd 2,880 - - 2,880 101,566 0.02 Zignago Vetro SpA 5,530 - - 5,530^ 79,792 0.01 5,008,016 0.80 Insurance Alm Brand A/S 8,143 - - 8,143 69,529 0.01 Ambac Financial Group Inc 5,252 - - 5,252 108,549 0.02 American Equity Investment Life Holding Co 7,930 - - 7,930 201,986 0.03 American National Insurance Co 587 - - 587 62,365 0.01 AMERISAFE Inc 1,976 - - 1,976 130,392 0.02 Anicom Holdings Inc 1,500 - - 1,500 52,589 0.01 Argo Group International Holdings Ltd 2,967 - - 2,967 187,716 0.03 ASR Nederland NV 14,110 1,394 - 15,504 557,439 0.09 Assured Guaranty Ltd 10,454 - - 10,454 462,175 0.07 Axis Capital Holdings Ltd 8,968 - - 8,968 555,710 0.09 Beazley Plc 54,899 - - 54,899^ 377,941 0.06 Brighthouse Financial Inc - 10,619 - 10,619 398,394 0.06 Brown & Brown Inc 24,746 - 24,746 - - 0.00 Citizens Inc 5,875 - - 5,875 34,337 0.01 Clal Insurance Enterprises Holdings Ltd 1,927 4,504 - 6,431 78,959 0.01 CNO Financial Group Inc 14,025 - - 14,025 237,930 0.04 Coface SA 7,944 - - 7,944 94,500 0.02 Donegal Group Inc 'A' 640 - - 640 8,611 0.00 eHealth Inc 1,840 544 - 2,384 241,789 0.04 Emc Ins Group Inc 899 - 899 - - 0.00 Employers Holdings Inc 3,459 - - 3,459 142,282 0.02

[146] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Enstar Group Ltd 1,174 - - 1,174 221,120 0.04 Essent Group Ltd 9,433 - - 9,433 451,335 0.07 FBL Financial Group Inc 'A' 1,226 - - 1,226 63,590 0.01 FGL Holdings 15,691 - - 15,691 146,035 0.02 First American Financial Corp 10,165 1,229 - 11,394 681,095 0.11 Genworth Financial Inc 'A' 54,067 - - 54,067 213,794 0.03 Genworth MI Canada Inc 3,668 1,453 - 5,121 218,090 0.04 Global Indemnity Ltd 871 - - 871 26,486 0.00 Goosehead Insurance Inc 'A' - 1,424 - 1,424 71,663 0.01 Greenlight Capital Re Ltd 'A' 3,673 - - 3,673 32,980 0.01 Grupo Catalana Occidente SA 3,273 - - 3,273^ 103,721 0.02 Hanover Insurance Group Inc 4,355 - - 4,355 582,061 0.09 Harel Insurance Investments & Financial Services Ltd 13,578 - - 13,578 89,658 0.01 Hastings Group Holdings Plc 30,275 - - 30,275 69,282 0.01 HCI Group Inc 1,041 - - 1,041 44,447 0.01 Heritage Insurance Holdings Inc 2,573 - - 2,573 29,927 0.00 Hiscox Ltd 27,226 5,302 - 32,528 542,979 0.09 Horace Mann Educators Corp 4,645 - - 4,645 192,679 0.03 IDI Insurance Co Ltd 604 - - 604 19,545 0.00 James River Group Holdings Ltd 3,700 - - 3,700 153,230 0.02 Just Group Plc 111,513 - - 111,513^ 110,581 0.02 Kemper Corp 5,202 853 - 6,055 434,594 0.07 Kinsale Capital Group Inc 2,273 - - 2,273 250,393 0.04 Lancashire Holdings Ltd 20,569 - - 20,569 195,603 0.03 MBIA Inc 9,432 - - 9,432 82,416 0.01 Menora Mivtachim Holdings Ltd 3,249 - - 3,249 41,799 0.01 Mercury General Corp 2,648 - - 2,648 125,369 0.02 MGIC Investment Corp 34,774 - - 34,774 462,486 0.07 Migdal Insurance & Financial Holdings Ltd 49,047 - - 49,047 38,408 0.01 National General Holdings Corp 7,103 - - 7,103 149,135 0.02 National Western Life Group Inc 'A' 420 - - 420 107,748 0.02 nib holdings Ltd 51,219 - - 51,219^ 178,907 0.03 NMI Holdings Inc 'A' 5,675 1,907 - 7,582 233,414 0.04 Old Republic International Corp 25,929 3,476 - 29,405 639,510 0.10 Palomar Holdings Inc - 1,237 - 1,237 63,767 0.01 Phoenix Group Holdings Plc 54,417 5,264 - 59,681 575,131 0.09 Phoenix Holdings Ltd 14,612 - - 14,612 77,523 0.01 Primerica Inc 4,132 - - 4,132 472,474 0.08 ProAssurance Corp 5,336 - - 5,336^ 156,293 0.03 Protective Insurance Corp 'B' 1,669 - 1,669 - - 0.00 Protector Forsikring ASA 5,852 - - 5,852^ 25,337 0.00 Radian Group Inc 22,742 - - 22,742 537,152 0.09 RLI Corp 4,344 - - 4,344 389,672 0.06 Sabre Insurance Group Plc 36,971 - - 36,971^ 145,003 0.02 Safety Insurance Group Inc 1,412 - - 1,412 125,395 0.02 Selective Insurance Group Inc 5,511 - - 5,511 352,124 0.06 Societa Cattolica di Assicurazioni SC 16,060 - - 16,060^ 122,558 0.02 State Auto Financial Corp 1,519 - - 1,519 44,111 0.01 Steadfast Group Ltd 89,873 - - 89,873^ 223,402 0.04 Stewart Information Services Corp 2,334 - - 2,334 93,980 0.02 Storebrand ASA 44,310 8,878 - 53,188^ 394,559 0.06 Third Point Reinsurance Ltd 6,481 - - 6,481 68,069 0.01 Topdanmark A/S 3,927 - - 3,927 178,829 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Trupanion Inc 3,415 - - 3,415 105,132 0.02 Unipol Gruppo SpA 47,646 - - 47,646 234,404 0.04 UNIQA Insurance Group AG 14,663 - - 14,663 133,838 0.02 United Fire Group Inc 2,071 - - 2,071 88,404 0.01 United Insurance Holdings Corp 1,809 - - 1,809 17,691 0.00 Universal Insurance Holdings Inc 3,631 - - 3,631 85,237 0.01 Vienna Insurance Group AG Wiener Versicherung Gruppe 5,917 - - 5,917^ 154,308 0.02 Watford Holdings Ltd - 2,206 - 2,206 46,488 0.01 White Mountains Insurance Group Ltd 234 136 - 370 398,676 0.06 16,316,830 2.60 Distribution & wholesale Ai Holdings Corp 4,450 - - 4,450^ 74,602 0.01 Anixter International Inc 3,109 - - 3,109 292,651 0.05 Arata Corp 1,400 - - 1,400^ 56,745 0.01 Chori Co Ltd 1,500 - - 1,500^ 28,791 0.00 Core-Mark Holding Co Inc 5,030 - - 5,030 113,712 0.02 Daiwabo Holdings Co Ltd 1,611 - - 1,611^ 88,162 0.01 D'ieteren SA 2,691 - - 2,691 167,392 0.03 Diploma Plc 11,798 - - 11,798 292,185 0.05 Doshisha Co Ltd 2,200 - - 2,200^ 33,143 0.01 Elematec Corp 1,900 - - 1,900^ 20,948 0.00 Fossil Group Inc 4,838 - - 4,838 31,402 0.00 Gecoss Corp 1,050 - - 1,050^ 10,044 0.00 G-III Apparel Group Ltd 4,415 - - 4,415 115,861 0.02 H&E Equipment Services Inc 3,026 - - 3,026 79,119 0.01 IAA Inc 13,345 1,134 - 14,479 659,951 0.11 Inabata & Co Ltd 4,767 - - 4,767^ 62,864 0.01 Inchcape Plc 41,331 - - 41,331 345,225 0.05 Itochu Enex Co Ltd 4,591 - - 4,591^ 38,238 0.01 Itochu-Shokuhin Co Ltd 244 - - 244^ 10,899 0.00 Jacquet Metal Service SA 1,263 - - 1,263^ 19,061 0.00 Japan Pulp & Paper Co Ltd 1,439 - - 1,439^ 52,051 0.01 Kamei Corp 2,700 - - 2,700^ 27,101 0.00 Kanematsu Corp 7,670 - - 7,670^ 97,052 0.02 Kanematsu Electronics Ltd 1,200 - - 1,200^ 38,014 0.01 KAR Auction Services Inc 13,345 - - 13,345 270,540 0.04 Li & Fung Ltd 792,000 - - 792,000^ 67,876 0.01 MARR SpA 3,670 - - 3,670^ 75,704 0.01 Matsuda Sangyo Co Ltd 1,474 - - 1,474^ 20,435 0.00 Mekonomen AB 4,590 - - 4,590^ 36,926 0.01 Mimasu Semiconductor Industry Co Ltd 1,855 - - 1,855^ 38,972 0.01 Munters Group AB - 13,678 - 13,678^ 68,705 0.01 Nagase & Co Ltd 11,277 - - 11,277^ 153,330 0.02 Nippon Gas Co Ltd 4,350 - - 4,350^ 134,704 0.02 PALTAC CORPORATION 3,275 - - 3,275^ 151,831 0.02 Pool Corp 3,732 363 - 4,095 866,108 0.14 Rexel SA 24,558 - - 24,558 283,869 0.05 Richelieu Hardware Ltd 4,086 3,104 - 7,190 153,154 0.02 Ryoyo Electro Corp 2,152 - - 2,152^ 35,713 0.01 San-Ai Oil Co Ltd 4,147 - - 4,147^ 41,071 0.01 Sangetsu Corp 5,636 - - 5,636^ 97,494 0.02 ScanSource Inc 3,370 - - 3,370 113,399 0.02

[148] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Seven Group Holdings Ltd 15,012 - - 15,012 196,370 0.03 SIG Plc 58,979 - - 58,979^ 69,359 0.01 SiteOne Landscape Supply Inc 4,072 - - 4,072 379,175 0.06 Sojitz Corp 127,100 - - 127,100^ 392,451 0.06 Titan Machinery Inc 1,684 - - 1,684 19,831 0.00 Travis Perkins Plc 27,757 - - 27,757^ 547,502 0.09 Triton International Ltd 6,274 - - 6,274 227,214 0.04 Trusco Nakayama Corp 3,844 - - 3,844^ 87,600 0.01 Veritiv Corp 1,003 - 1,003 - - 0.00 Wakita & Co Ltd 4,400 - - 4,400^ 40,093 0.01 Watsco Inc 2,987 526 - 3,513 589,261 0.09 Wesco Aircraft Holdings Inc 7,676 - 7,676 - - 0.00 WESCO International Inc 2,864 1,466 - 4,330 202,163 0.03 Yondoshi Holdings Inc 1,650 - - 1,650^ 35,091 0.01 Yuasa Trading Co Ltd 1,568 - - 1,568^ 49,532 0.01 8,200,686 1.31 Water American States Water Co 4,181 - - 4,181 357,106 0.06 California Water Service Group 5,477 - - 5,477 277,637 0.04 Connecticut Water Service Inc 1,274 - 1,274 - - 0.00 Essential Utilities Inc 21,037 - 21,037 - - 0.00 Middlesex Water Co 1,390 - - 1,390 87,487 0.01 Pennon Group Plc 36,101 8,581 - 44,682^ 629,694 0.10 SJW Group 2,329 - - 2,329 164,759 0.03 York Water Co - 1,415 - 1,415 64,632 0.01 1,581,315 0.25 Advertising Ascential Plc 45,690 - - 45,690^ 212,135 0.03 Clear Channel Outdoor Holdings Inc 3,608 48,982 - 52,590 138,467 0.02 Digital Garage Inc 4,500 - - 4,500^ 162,774 0.03 IPSOS 3,915 - - 3,915^ 122,602 0.02 Macromill Inc 6,500 - - 6,500^ 58,591 0.01 National CineMedia Inc 7,277 - - 7,277 51,795 0.01 oOh!media Ltd 24,185 - - 24,185 53,091 0.01 Quotient Technology Inc 5,780 - - 5,780 56,136 0.01 Relia Inc 4,332 - - 4,332^ 56,588 0.01 Stroeer SE & Co KGaA 2,763 - - 2,763^ 212,328 0.03 Trade Desk Inc 'A' 3,638 270 - 3,908 1,014,559 0.16 UNITED Inc 1,800 - - 1,800^ 19,028 0.00 2,158,094 0.34 Hand & machine tools Asahi Diamond Industrial Co Ltd 5,104 - - 5,104^ 27,523 0.01 Colfax Corp 9,417 - - 9,417 319,331 0.05 Diamond S Shipping Inc - 3,445 - 3,445 36,814 0.01 DMG Mori Co Ltd 11,250 - - 11,250^ 155,466 0.03 Finning International Inc 14,049 5,863 - 19,912 332,375 0.05 Franklin Electric Co Inc 4,443 - - 4,443 247,204 0.04 IMA Industria Macchine Automatiche SpA 2,348 - - 2,348^ 147,938 0.02 Kennametal Inc 8,778 - - 8,778^ 264,899 0.04 Konecranes Oyj 6,891 - - 6,891^ 201,068 0.03 Lincoln Electric Holdings Inc 5,303 1,030 - 6,333 544,699 0.09 Luxfer Holdings Plc - 4,632 - 4,632 71,254 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Meidensha Corp 3,227 - - 3,227^ 59,383 0.01 Milacron Holdings Corp 7,713 - 7,713 - - 0.00 MSA Safety Inc 3,415 502 - 3,917 512,263 0.08 Noritake Co Ltd/Nagoya Japan 1,701 - - 1,701^ 66,523 0.01 OSG Corp 6,050 4,600 - 10,650^ 177,310 0.03 Regal Beloit Corp 4,339 - - 4,339 328,335 0.05 Rhi Magnesita NV 3,047 - - 3,047 123,728 0.02 Union Tool Co 968 - - 968^ 27,004 0.00 YAMABIKO Corp 2,600 - - 2,600^ 25,010 0.00 Yamazen Corp 4,564 - - 4,564^ 41,790 0.01 3,709,917 0.59 Total shares 611,424,328 97.51 Collective investment schemes Diversified financial services BlackRock ICS US Dollar Liquidity Fund 6,329,884 10,180,932 10,024,680 6,486,137 6,255,555 1.00 Pollen Street Secured Lending Plc 7,983 - - 7,983^ 84,643 0.01 6,340,198 1.01 Real estate Picton Property Income Ltd (REIT) - 58,837 - 58,837 76,298 0.01 76,298 0.01 Real estate investment trust Befimmo SA (REIT) 1,407 1,022 - 2,429 144,085 0.02 CDL Hospitality Trusts 80,575 - - 80,575 88,819 0.01 Columbia Property Trust Inc (REIT) 12,890 - - 12,890 262,310 0.04 Cominar (REIT) 'U' 9,975 - - 9,975 105,984 0.02 Dream Global (REIT) 19,853 - 19,853 - - 0.00 Global One Real Estate Investment Corp (REIT) 134 - - 134^ 172,776 0.03 Hamborner AG (REIT) 8,822 - - 8,822 95,327 0.02 Hibernia Plc (REIT) 74,847 - - 74,847 109,755 0.02 Invesco Office J-Reit Inc (REIT) 804 322 - 1,126^ 231,452 0.04 Keppel (REIT) 135,983 77,300 - 213,283 182,356 0.03 Keppel DC (REIT) 74,766 60,650 - 135,416 216,251 0.03 Keppel DC (REIT) Rights - 7,850 7,850 - - 0.00 Manulife US (REIT) 108,800 58,658 - 167,458 171,195 0.03 Manulife Us (REIT) Rights - 5,658 5,658 - - 0.00 Mapletree Logistics Trust (REIT) 305,864 - - 305,864 397,672 0.06 Parkway Life (REIT) 37,546 - - 37,546 94,979 0.02 Prosperity (REIT) 116,920 135,000 - 251,920^ 92,931 0.01 Rayonier Inc (REIT) 13,276 - - 13,276 388,987 0.06 Starhill Global (REIT) 145,982 - - 145,982 75,817 0.01 Sunlight (REIT) 113,099 - - 113,099^ 69,395 0.01 Tritax Big Box Plc (REIT) 171,910 - - 171,910 305,322 0.05 3,205,413 0.51 Total collective investment schemes 9,621,909 1.53 Total securities traded on an official stock exchange 621,046,237 99.04 Total securities 621,046,237 99.04

Derivative financial instruments Index Futures E-Mini Russel 2000 Index Futures September 2019 83 28 111 - - 0.00

[150] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Index Futures (continued) E-Mini Russel 2000 Index Futures December 2019 - 130 130 - - 0.00 E-Mini Russel 2000 Index Futures March 2020 - 145 - 145 (300,374) (0.05) (300,374) (0.05) Warrants Abengoa SA 31.03.2025 1 - - 1 720 0.00 Ezion Holdings Ltd 03.04.2019 1 - - 1 - 0.00 Ezion Holdings Ltd 24.04.2020 1 - - 1 23 0.00 743 0.00 Total derivative financial instruments (299,631) (0.05) Total investments 620,746,606 98.99

Sight deposits 4,949,269 0.79 Other assets 1,354,556 0.22 Total sub-fund assets 627,050,431 100.00 Other liabilities (888,045) (0.14) Net sub-fund assets 626,162,386 99.86 1 Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

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

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

For the financial period ended 31 January 2020

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

Securities traded on an official stock exchange Shares Energy - alternate sources China Com Rich Rene Ene Investment 6,000 - - 6,000 - 0.00 China Everbright International Ltd 28,777 - - 28,777 19,873 0.04 Energy Absolute PCL 11,800 - - 11,800 15,791 0.03 LONGi Green Energy Technology Co Ltd 'A' 1,400 - - 1,400 5,601 0.01 OCI Co Ltd 156 - - 156 7,044 0.02 Xinyi Solar Holdings Ltd 26,000 - - 26,000 17,762 0.04 66,071 0.14 Pharmaceuticals Aspen Pharmacare Holdings Ltd 3,424 - 573 2,851 21,272 0.04 Asymchem Laboratories Tianjin Co Ltd 'A' - 300 - 300 6,281 0.01 Beijing Tongrentang Co Ltd 'A' - 1,400 - 1,400 5,273 0.01 Celltrion Healthcare Co Ltd 445 22 - 467 21,616 0.05 Celltrion Inc 721 68 33 756 100,940 0.21 Celltrion Pharm Inc 161 - 161 - - 0.00 Changchun High & New Technology Industry Group Inc 'A' - 100 - 100 6,859 0.01 China Resources Pharmaceutical Group Ltd 12,500 - - 12,500 10,138 0.02 China Traditional Chinese Medicine Holdings Co Ltd 14,000 - - 14,000 6,295 0.01 Chongqing Zhifei Biological Products Co Ltd 'A' - 700 - 700 5,745 0.01 CSPC Pharmaceutical Group Ltd 40,000 - 2,000 38,000 81,653 0.17 Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd 'A' - 800 - 800 4,152 0.01 Hanmi Pharm Co Ltd 52 1 - 53 12,051 0.03 Hanmi Science Co ltd 66 130 196 - - 0.00 Hansoh Pharmaceutical Group Co Ltd - 4,000 - 4,000 13,911 0.03 Helixmith Co Ltd 112 64 - 176 10,995 0.02 Helixmith Co Ltd Rights 7 - 7 - - 0.00 Huadong Medicine Co Ltd 'A' - 1,100 - 1,100 3,159 0.01 Hypera SA 3,268 - 575 2,693 21,619 0.05 Jiangsu Hengrui Medicine Co Ltd 'A' 720 1,600 - 2,320 28,114 0.06 Kalbe Farma Tbk PT 166,900 - - 166,900 16,857 0.04 Luye Pharma Group Ltd 12,000 - - 12,000 7,512 0.02 Richter Gedeon Nyrt 1,144 - - 1,144 23,681 0.05 Shanghai Fosun Pharmaceutical Group Co Ltd 5,500 - 2,000 3,500 9,086 0.02 Shanghai Fosun Pharmaceutical Group Co Ltd 'A' - 1,100 - 1,100 3,966 0.01 Shanghai Fosun Pharmaceutical Group Co Ltd Rights - 41 41 - - 0.00 Sichuan Kelun Pharmaceutical Co Ltd 'A' - 1,500 - 1,500 5,165 0.01 Sihuan Pharmaceutical Holdings Group Ltd 19,000 - 19,000 - - 0.00 Sino Biopharmaceutical Ltd 56,000 - - 56,000 72,477 0.15 Sinopharm Group Co Ltd 9,600 - - 9,600 30,406 0.06 SSY Group Ltd 12,000 - - 12,000 10,687 0.02 Tong Ren Tang Technologies Co Ltd 7,000 - 7,000 - - 0.00 Tonghua Dongbao Pharmaceutical Co Ltd 'A' - 2,500 - 2,500 4,187 0.01 Walvax Biotechnology Co Ltd 'A' - 1,100 - 1,100 4,275 0.01 Yuhan Corp 79 3 - 82 14,465 0.03 Yunnan Baiyao Group Co Ltd 'A' - 400 - 400 4,771 0.01 Zhangzhou Pientzehuang Pharmaceutical Co Ltd 'A' 400 - - 400 7,095 0.01 Zhejiang NHU Co Ltd 'A' - 1,500 - 1,500 4,869 0.01 Zhejiang Wolwo Bio-Pharmaceutical Co Ltd 'A' - 600 - 600 3,998 0.01 583,570 1.22

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Auto manufacturers BAIC Motor Corp Ltd 14,000 - - 14,000 6,729 0.02 Brilliance China Automotive Holdings Ltd 24,000 - - 24,000 20,777 0.04 BYD Co Ltd 5,500 - - 5,500 28,077 0.06 BYD Co Ltd 'A' 700 - - 700 5,768 0.01 Chongqing Changan Automobile Co Ltd 'A' - 4,200 - 4,200 5,715 0.01 Dongfeng Motor Group Co Ltd 26,000 - 6,000 20,000 14,557 0.03 Ford Otomotiv Sanayi AS 335 - - 335 4,049 0.01 Geely Automobile Holdings Ltd 40,000 3,000 3,000 40,000 62,302 0.13 Great Wall Motor Co Ltd 29,000 - 7,000 22,000 14,209 0.03 GT Capital Holdings Inc 864 - - 864 11,066 0.02 Guangzhou Automobile Group Co Ltd 'H' 23,600 - - 23,600 23,098 0.05 Hyundai Motor Co 1,224 43 69 1,198 121,178 0.25 Hyundai Motor Co (Pref) 325 - 69 256 16,635 0.04 Hyundai Motor Co (Pref) 189 - - 189 11,195 0.02 Kia Motors Corp 2,207 - 126 2,081 68,874 0.14 NIO Inc ADR 5,604 - - 5,604 20,430 0.04 SAIC Motor Corp Ltd 'A' 1,300 1,500 - 2,800 8,719 0.02 Sinotruk Hong Kong Ltd 4,500 - - 4,500 7,546 0.02 Zhengzhou Yutong Bus Co Ltd 'A' - 2,500 - 2,500 5,433 0.01 456,357 0.95 Auto parts & equipment Cheng Shin Rubber Industry Co Ltd 15,000 - - 15,000 18,844 0.04 China First Capital Group Ltd 24,000 - - 24,000 745 0.00 Fuyao Glass Industry Group Co Ltd 4,400 - - 4,400 12,242 0.03 Fuyao Glass Industry Group Co Ltd 'A' - 1,500 - 1,500 5,080 0.01 Hankook Tire & Technology Co Ltd 574 - - 574 13,331 0.03 Hanon Systems 1,641 - - 1,641 13,943 0.03 Huayu Automotive Systems Co Ltd 'A' - 1,500 - 1,500 5,516 0.01 Hyundai Mobis Co Ltd 558 - 24 534 99,170 0.21 Nexteer Automotive Group Ltd 9,000 - - 9,000 6,439 0.01 Weichai Power Co Ltd 'A' 3,100 - - 3,100 5,776 0.01 Weichai Power Co Ltd 'H' 16,000 - - 16,000 27,425 0.06 208,511 0.44 Banks Absa Group Ltd 5,907 - - 5,907 52,201 0.11 Abu Dhabi Commercial Bank PJSC 22,776 - - 22,776 45,751 0.10 Agricultural Bank of China Ltd 239,000 - - 239,000 89,650 0.19 Agricultural Bank of China Ltd 'A' 16,800 10,200 - 27,000 13,089 0.03 Akbank T.A.S. 23,977 - - 23,977^ 31,915 0.07 Al Rajhi Bank 5,013 5,232 301 9,944 169,725 0.35 Alinma Bank 3,138 2,836 - 5,974 39,772 0.08 Alior Bank SA 747 - 747 - - 0.00 Alliance Bank Malaysia Bhd 10,800 - 10,800 - - 0.00 Alpha Bank AE 11,677 - - 11,677 22,639 0.05 AMMB Holdings Bhd 13,600 - - 13,600 11,843 0.02 Arab National Bank - 4,875 - 4,875 33,270 0.07 Banco BBVA Argentina SA ADR 639 639 1,278 - - 0.00 Banco Bradesco SA 9,899 - - 9,899 70,041 0.15 Banco Bradesco SA (Pref) 32,998 585 1,307 32,276 239,588 0.50 Banco de Chile 201,714 145,753 - 347,467 32,978 0.07 Banco de Credito e Inversiones SA 428 - - 428 17,225 0.04

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Banco do Brasil SA 7,035 - 477 6,558 71,844 0.15 Banco Macro SA ADR 333 - - 333 9,850 0.02 Banco Santander Brasil SA 3,447 - - 3,447 32,729 0.07 Banco Santander Chile 539,795 - - 539,795 25,740 0.05 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 14,956 - 14,956 - - 0.00 Bancolombia SA 1,866 - - 1,866 22,300 0.05 Bancolombia SA (Pref) 3,700 - - 3,700 46,572 0.10 Bangkok Bank PCL RegS 3,300 700 - 4,000 17,884 0.04 Bank AlBilad 1,606 1,317 - 2,923 20,474 0.04 Bank Al-Jazira 1,777 1,904 - 3,681 14,231 0.03 Bank Central Asia Tbk PT 80,700 2,200 3,900 79,000 180,784 0.38 Bank Mandiri Persero Tbk PT 153,300 - - 153,300 81,748 0.17 Bank Millennium SA 5,336 - - 5,336 7,881 0.02 Bank Negara Indonesia Persero Tbk PT 59,100 - - 59,100 30,054 0.06 Bank of Beijing Co Ltd 'A' 5,900 - - 5,900 4,404 0.01 Bank of China Ltd 'A' 9,060 8,900 - 17,960 8,929 0.02 Bank of China Ltd 'H' 650,000 12,000 26,000 636,000 239,356 0.50 Bank of Communications Co Ltd 72,000 - - 72,000 44,714 0.09 Bank of Communications Co Ltd 'A' 10,300 6,100 - 16,400 12,355 0.03 Bank of Hangzhou Co Ltd 'A' - 3,900 - 3,900 4,925 0.01 Bank of Jiangsu Co Ltd 'A' 4,700 - - 4,700 4,499 0.01 Bank of Nanjing Co Ltd 'A' 4,047 - - 4,047 4,609 0.01 Bank of Ningbo Co Ltd 'A' 1,500 - - 1,500 5,563 0.01 Bank of Shanghai Co Ltd 'A' 4,030 - - 4,030 4,945 0.01 Bank of the Philippine Islands 11,304 - 3,970 7,334 11,480 0.02 Bank Polska Kasa Opieki SA 1,453 - - 1,453 35,758 0.07 Bank Rakyat Indonesia Persero Tbk PT 454,300 15,400 20,200 449,500 141,597 0.30 Bank Tabungan Negara Persero Tbk PT 34,700 - - 34,700 4,583 0.01 Banque Saudi Fransi 1,961 2,448 - 4,409 42,047 0.09 BDO Unibank Inc 14,443 - - 14,443 40,558 0.08 Chang Hwa Commercial Bank Ltd 47,610 952 - 48,562 33,256 0.07 China CITIC Bank Corp Ltd 73,000 - - 73,000 36,994 0.08 China CITIC Bank Corp Ltd 'A' 6,000 - - 6,000 4,809 0.01 China Construction Bank Corp 'A' 4,995 - - 4,995 4,795 0.01 China Construction Bank Corp 'H' 787,000 14,000 35,000 766,000 566,095 1.18 China Everbright Bank Co Ltd 32,000 - - 32,000 12,441 0.03 China Everbright Bank Co Ltd 'A' 8,899 8,900 - 17,799 9,854 0.02 China Merchants Bank Co Ltd 'A' 5,400 4,600 - 10,000 50,696 0.11 China Merchants Bank Co Ltd 'H' 32,000 1,000 1,500 31,500 148,284 0.31 China Minsheng Banking Corp Ltd 52,200 6,000 - 58,200 39,469 0.08 China Minsheng Banking Corp Ltd 'A' 9,400 5,700 - 15,100 12,644 0.03 Chongqing Rural Commercial Bank Co Ltd 'H' 16,000 9,000 - 25,000 11,116 0.02 CIMB Group Holdings Bhd 38,449 3,800 3,700 38,549 44,727 0.09 CITIC Ltd 49,000 - - 49,000 53,619 0.11 Commercial Bank PSQC 16,230 - - 16,230 20,508 0.04 Commercial International Bank Egypt SAE 7,383 3,192 - 10,575 54,920 0.11 Credicorp Ltd 555 22 29 548 109,181 0.23 Dubai Islamic Bank PJSC 13,483 - - 13,483 20,215 0.04 Eurobank Ergasias SA 18,986 - - 18,986^ 16,914 0.04 First Abu Dhabi Bank PJSC 22,297 1,099 1,467 21,929 89,135 0.19 FirstRand Ltd 27,545 986 2,187 26,344 97,907 0.20 Grupo Aval Acciones y Valores SA (Pref) 32,022 - - 32,022 13,075 0.03

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Grupo Financiero Banorte SAB de CV 'O' 21,239 - 847 20,392 120,687 0.25 Grupo Financiero Galicia SA ADR 880 - - 880 12,179 0.03 Grupo Financiero Inbursa SAB de CV 'O' 19,379 - - 19,379 21,231 0.04 Habib Bank Ltd 2,100 - - 2,100 2,137 0.00 Hong Leong Bank Bhd 5,300 - - 5,300 19,957 0.04 Huaxia Bank Co Ltd 'A' 3,800 - - 3,800 3,873 0.01 Industrial & Commercial Bank of China Ltd 533,000 9,000 20,000 522,000 338,442 0.71 Industrial & Commercial Bank of China Ltd 'A' 16,100 5,600 - 21,700 17,095 0.04 Industrial Bank Co Ltd 'A' 5,900 1,800 - 7,700 19,714 0.04 Industrial Bank of Korea 2,061 - - 2,061 17,929 0.04 Itau CorpBanca 1,662,595 - - 1,662,595 7,790 0.02 Itau Unibanco Holding SA (Pref) 39,659 704 1,540 38,823 287,574 0.60 Kasikornbank PCL 9,500 - - 9,500 41,446 0.09 Kasikornbank PCL NVDR 6,900 - 2,200 4,700 20,432 0.04 Komercni banka as 651 - - 651 21,648 0.04 Krung Thai Bank PCL 39,300 - - 39,300^ 19,578 0.04 Malayan Banking Bhd 31,698 - - 31,698 62,888 0.13 Masraf Al Rayan QSC 30,370 - - 30,370 32,939 0.07 mBank SA 130 - - 130 11,998 0.02 MCB Bank Ltd - 3,600 - 3,600 4,733 0.01 Metropolitan Bank & Trust Co 17,293 2,248 - 19,541 21,264 0.04 Moneta Money Bank AS 6,780 - 2,641 4,139 14,624 0.03 National Bank of Greece SA 4,797 - - 4,797 14,786 0.03 National Commercial Bank 4,868 5,256 419 9,705 117,125 0.24 Nedbank Group Ltd 3,027 - - 3,027 38,092 0.08 OTP Bank Nyrt 1,833 - - 1,833 81,922 0.17 Ping An Bank Co Ltd 'A' 2,700 3,500 - 6,200 13,269 0.03 Postal Savings Bank of China Co Ltd 70,000 - 8,000 62,000 37,349 0.08 Powszechna Kasa Oszczednosci Bank Polski SA 7,161 - - 7,161 60,911 0.13 Public Bank Bhd 25,600 - 1,000 24,600 107,685 0.22 Qatar International Islamic Bank QSC - 6,021 - 6,021 14,836 0.03 Qatar Islamic Bank SAQ 8,880 912 - 9,792 43,049 0.09 Qatar National Bank QPSC 37,040 857 - 37,897 203,919 0.43 RHB Bank Bhd 8,212 5,100 - 13,312 17,826 0.04 Riyad Bank 4,583 5,171 - 9,754 59,071 0.12 Samba Financial Group 3,787 4,179 - 7,966 62,044 0.13 Santander Bank Polska SA 291 - - 291 20,722 0.04 Saudi British Bank 983 4,811 - 5,794 47,585 0.10 Sberbank of Russia PJSC 50,490 32,123 - 82,613 314,409 0.66 Sberbank of Russia PJSC ADR 8,654 677 7,959 1,372 21,172 0.04 Security Bank Corp 3,190 - - 3,190 10,713 0.02 Shanghai Commercial & Savings Bank Ltd 23,000 4,868 - 27,868 44,486 0.09 Shanghai Pudong Development Bank Co Ltd 'A' 7,400 3,200 - 10,600 16,570 0.03 Shinhan Financial Group Co Ltd 3,687 - 126 3,561 112,814 0.24 Siam Commercial Bank PCL 7,500 - - 7,500 22,742 0.05 Standard Bank Group Ltd 10,597 346 436 10,507 106,392 0.22 Taiwan Business Bank 22,929 21,146 - 44,075 17,378 0.04 TMB Bank PCL 256,000 177,220 256,000 177,220 7,732 0.02 TMB Bank PCL Rights - 177,220 177,220 - - 0.00 Turkiye Garanti Bankasi AS 19,900 - - 19,900 38,161 0.08 Turkiye Is Bankasi AS 'C' 12,861 - - 12,861 15,025 0.03

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

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

For the financial period ended 31 January 2020

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

Shares (continued) VTB Bank PJSC 24,830,000 - - 24,830,000 17,386 0.04 Woori Financial Group Inc 3,681 - - 3,681 30,234 0.06 6,328,317 13.22 Machinery - construction & mining B Grimm Power PCL NVDR - 6,400 - 6,400 12,277 0.03 Doosan Bobcat Inc 344 - - 344 8,574 0.02 Sany Heavy Industry Co Ltd 'A' 2,900 - - 2,900 6,402 0.01 Shanghai Electric Group Co Ltd 'A' - 7,900 - 7,900 5,277 0.01 Shanghai Electric Group Co Ltd 'H' 14,000 14,000 - 28,000 8,034 0.02 XCMG Construction Machinery Co Ltd 'A' - 8,400 - 8,400 6,004 0.01 Zoomlion Heavy Industry Science and Technology Co Ltd 'H' - 9,600 - 9,600 6,880 0.01 53,448 0.11 Engineering & construction Airports of Thailand PCL 41,200 - 6,000 35,200 76,785 0.16 Beijing Capital International Airport Co Ltd 'H' 14,000 - - 14,000 10,920 0.02 China Communications Construction Co Ltd 36,000 - - 36,000 24,682 0.05 China Communications Construction Co Ltd 'A' 3,200 - - 3,200 3,702 0.01 China Communications Services Corp Ltd 20,000 - - 20,000 13,091 0.03 China National Chemical Engineering Co Ltd 'A' - 5,900 - 5,900 5,704 0.01 China Railway Construction Corp Ltd 17,500 - - 17,500 16,585 0.03 China Railway Construction Corp Ltd 'A' 3,660 - - 3,660 4,748 0.01 China Railway Group Ltd 35,000 - - 35,000 18,650 0.04 China Railway Group Ltd 'A' - 6,800 - 6,800 5,207 0.01 China State Construction Engineering Corp Ltd 'A' 10,200 5,900 - 16,100 12,129 0.03 China State Construction International Holdings Ltd 19,250 - - 19,250 14,848 0.03 China Tower Corp Ltd 346,000 - - 346,000 70,050 0.15 Daelim Industrial Co Ltd 228 - - 228 14,944 0.03 Daewoo Engineering & Construction Co Ltd 600 1,104 - 1,704 5,998 0.01 DMCI Holdings Inc 29,100 - 29,100 - - 0.00 Gamuda Bhd 14,100 - - 14,100 12,809 0.03 Grupo Aeroportuario del Pacifico SAB de CV 'B' 2,750 474 485 2,739 32,611 0.07 Grupo Aeroportuario del Sureste SAB de CV 'B' 1,656 297 306 1,647 30,485 0.06 GS Engineering & Construction Corp 531 - 178 353 7,998 0.02 Guangzhou Baiyun International Airport Co Ltd 'A' - 2,100 - 2,100 4,437 0.01 Hubei Kaile Science & Technology Co Ltd 'A' - 2,700 - 2,700 4,760 0.01 Hyundai Engineering & Construction Co Ltd 634 - - 634 19,598 0.04 Jasa Marga Persero Tbk PT 10,459 10,500 - 20,959 6,810 0.01 Malaysia Airports Holdings Bhd 3,960 - - 3,960 6,282 0.01 Metallurgical Corp of China Ltd 23,000 - - 23,000 4,342 0.01 Metallurgical Corp of China Ltd 'A' - 11,000 - 11,000 4,075 0.01 Power Construction Corp of China Ltd 'A' 7,100 - - 7,100 3,980 0.01 Samsung C&T Corp 709 - 55 654 57,420 0.12 Samsung Engineering Co Ltd 1,369 - 289 1,080 15,075 0.03 Shanghai Construction Group Co Ltd 'A' - 10,714 - 10,714 4,987 0.01 Shanghai International Airport Co Ltd 'A' 500 - - 500 4,750 0.01 TAV Havalimanlari Holding AS 782 - - 782 3,433 0.01 521,895 1.09 Home builders Land & Houses PCL NVDR 54,200 16,300 - 70,500 20,287 0.04 20,287 0.04

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Building materials Anhui Conch Cement Co Ltd 'A' 900 800 - 1,700 11,238 0.02 Anhui Conch Cement Co Ltd 'H' 10,500 1,000 2,000 9,500 59,116 0.12 Asia Cement Corp 18,000 - - 18,000 25,946 0.06 BBMG Corp 18,000 - - 18,000 4,695 0.01 BBMG Corp 'A' - 10,300 - 10,300 4,823 0.01 Beijing New Building Materials Plc 'A' - 1,700 - 1,700 6,029 0.01 Beijing Oriental Yuhong Waterproof Technology Co Ltd 'A' - 1,500 - 1,500 5,613 0.01 Cementos Argos SA 2,687 1,775 4,462 - - 0.00 Cemex SAB de CV 119,251 11,652 12,937 117,966 45,706 0.10 China Lesso Group Holdings Ltd - 8,000 - 8,000 10,016 0.02 China National Building Material Co Ltd 'H' 32,000 - - 32,000 29,849 0.06 China Resources Cement Holdings Ltd 24,000 - 4,000 20,000 21,835 0.05 Grupo Argos SA/Colombia 1,827 754 878 1,703 8,382 0.02 Huaxin Cement Co Ltd 'A' - 2,100 - 2,100 6,189 0.01 Indocement Tunggal Prakarsa Tbk PT 15,100 - - 15,100 17,571 0.04 KCC Glass Corp - 37 37 - - 0.00 Saudi Cement Co 329 371 249 451 7,814 0.02 Semen Indonesia Persero Tbk PT 24,300 - - 24,300 20,510 0.04 Taiwan Cement Corp 37,800 2,650 - 40,450 54,304 0.11 Titan Cement International SA 'T' 216 202 229 189^ 3,782 0.01 343,418 0.72 Hotels Fosun International Ltd 20,952 - - 20,952 27,117 0.06 Fosun International Ltd Rights - 10 10 - - 0.00 Genting Bhd 17,400 - - 17,400 22,523 0.05 Genting Malaysia Bhd 24,800 - - 24,800 17,626 0.04 Huazhu Group Ltd ADR 1,073 - - 1,073 35,702 0.07 Kangwon Land Inc 1,026 - 181 845 18,838 0.04 Minor International PCL 26,950 - - 26,950 25,642 0.05 147,448 0.31 Apparel Eclat Textile Co Ltd 1,042 1,000 1,000 1,042 12,974 0.03 Feng TAY Enterprise Co Ltd 2,368 - - 2,368 13,835 0.03 Fila Holdings Corp 416 - 106 310 11,088 0.02 LPP SA 10 3 3 10 21,047 0.04 Pou Chen Corp 17,000 - - 17,000 19,050 0.04 Shenzhou International Group Holdings Ltd 6,200 - 400 5,800 74,777 0.16 152,771 0.32 Mining Alrosa PJSC 26,111 - - 26,111 31,601 0.07 Aluminum Corp of China Ltd 32,000 - - 32,000 9,142 0.02 Aluminum Corp of China Ltd 'A' - 8,200 - 8,200 3,727 0.01 Anglo American Platinum Ltd 478 - 57 421 32,470 0.07 AngloGold Ashanti Ltd 3,381 - - 3,381 66,040 0.14 China Hongqiao Group Ltd 16,500 - - 16,500 7,870 0.02 China Molybdenum Co Ltd 30,000 - - 30,000 10,806 0.02 China Molybdenum Co Ltd 'A' 8,727 - - 8,727 4,952 0.01 China Northern Rare Earth Group High-Tech Co Ltd 'A' - 2,500 - 2,500 3,491 0.01 China Zhongwang Holdings Ltd 13,200 - - 13,200 4,263 0.01 Cia de Minas Buenaventura SAA ADR 1,755 - - 1,755 21,885 0.05 Ganfeng Lithium Co Ltd 'A' - 1,300 - 1,300 7,765 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Gold Fields Ltd 6,578 - - 6,578 41,361 0.09 Grupo Mexico SAB de CV 'B' 28,671 - - 28,671 73,756 0.15 Impala Platinum Holdings Ltd - 6,423 - 6,423 58,438 0.12 Industrias Penoles SAB de CV 982 356 403 935 9,408 0.02 Jiangxi Copper Co Ltd 10,000 - - 10,000 11,452 0.02 Jiangxi Copper Co Ltd 'A' - 3,100 - 3,100 6,460 0.01 KGHM Polska Miedz SA 1,140 - - 1,140 25,850 0.05 Korea Zinc Co Ltd 66 13 14 65 19,987 0.04 MMC Norilsk Nickel PJSC 562 - 51 511 160,393 0.33 MMG Ltd 16,000 - 16,000 - - 0.00 Northam Platinum Ltd - 2,874 - 2,874 23,227 0.05 Press Metal Aluminium Holdings Bhd 13,300 - - 13,300 15,275 0.03 Shandong Gold Mining Co Ltd 'A' - 2,000 - 2,000 8,944 0.02 Sibanye Gold Ltd - 18,230 - 18,230 45,808 0.10 Southern Copper Corp 696 - - 696 25,293 0.05 Zhaojin Mining Industry Co Ltd 9,000 - - 9,000^ 9,848 0.02 Zhejiang Huayou Cobalt Co Ltd 'A' - 1,700 - 1,700 11,051 0.02 Zhongjin Gold Corp Ltd 'A' - 3,400 - 3,400 3,798 0.01 Zijin Mining Group Co Ltd 'A' - 8,900 - 8,900 5,258 0.01 Zijin Mining Group Co Ltd 'H' 46,000 - - 46,000 19,483 0.04 779,102 1.63 Biotechnology 3SBio Inc 10,500 - - 10,500 13,016 0.03 Hualan Biological Engineering Inc 'A' - 900 - 900 4,473 0.01 Hutchison China MediTech Ltd ADR 463 - - 463 10,963 0.02 Innovent Biologics Inc - 6,000 - 6,000 22,357 0.05 Medy-Tox Inc 40 1 - 41 10,779 0.02 Samsung Biologics Co Ltd 135 - - 135 52,928 0.11 Shenzhen Kangtai Biological Products Co Ltd 'A' - 400 - 400 5,521 0.01 TaiMed Biologics Inc 1,000 - 1,000 - - 0.00 120,037 0.25 Chemicals Advanced Petrochemical Co 427 549 - 976 12,092 0.03 Barito Pacific Tbk PT 46,700 186,800 - 233,500 21,522 0.04 Braskem SA 'A' (Pref) 1,748 - - 1,748 12,447 0.03 Formosa Chemicals & Fibre Corp 29,000 - 2,000 27,000 73,184 0.15 Formosa Plastics Corp 36,000 2,000 2,000 36,000 107,348 0.22 Guangdong HEC Technology Holding Co Ltd 'A' - 3,600 - 3,600 4,566 0.01 Hanwha Solutions Corp 842 - - 842 11,481 0.02 Hengli Petrochemical Co Ltd 'A' - 2,500 - 2,500 5,877 0.01 Indorama Ventures PCL 14,300 - - 14,300 12,500 0.03 Industries Qatar QSC 14,850 - 1,663 13,187 34,576 0.07 IRPC PCL 101,200 - - 101,200 9,018 0.02 KCC Corp 48 40 48 40 6,522 0.01 Kingboard Holdings Ltd 5,500 - - 5,500 14,141 0.03 Kingboard Laminates Holdings Ltd 10,500 - 4,000 6,500 6,507 0.01 Kumho Petrochemical Co Ltd 109 66 - 175 9,261 0.02 LG Chem Ltd 376 17 27 366 99,957 0.21 LG Chem Ltd (Pref) 59 - - 59 8,570 0.02 Lomon Billions Group Co Ltd 'A' - 2,500 - 2,500 5,574 0.01 Lotte Chemical Corp 140 - - 140 21,468 0.04 Mesaieed Petrochemical Holding Co 37,540 - - 37,540 21,643 0.05

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Mexichem Sab De Cv 8,431 - 8,431 - - 0.00 Nan Ya Plastics Corp 42,000 - 2,000 40,000 89,010 0.19 Orbia Advance Corp SAB de CV - 8,431 - 8,431 19,002 0.04 Petronas Chemicals Group Bhd 19,100 - - 19,100 27,825 0.06 PhosAgro PJSC GDR RegS 954 339 - 1,293 15,825 0.03 PTT Global Chemical PCL 19,000 - - 19,000 28,807 0.06 Rabigh Refining & Petrochemical Co 961 1,125 882 1,204 6,190 0.01 Rongsheng Petro Chemical Co Ltd 'A' - 2,800 - 2,800 4,435 0.01 Sahara International Petrochemical Co 1,570 1,288 - 2,858 12,695 0.03 Sasol Ltd 4,601 219 277 4,543 69,864 0.15 Saudi Arabian Fertilizer Co 711 839 260 1,290 24,870 0.05 Saudi Arabian Mining Co 1,746 1,578 - 3,324 36,655 0.08 Saudi Basic Industries Corp 3,069 3,217 208 6,078 136,705 0.29 Saudi Kayan Petrochemical Co 3,212 2,634 - 5,846 14,952 0.03 Shandong Hualu Hengsheng Chemical Co Ltd 'A' - 1,973 - 1,973 4,948 0.01 Sinopec Shanghai Petrochemical Co Ltd 'H' 28,000 - - 28,000 6,921 0.01 Sociedad Quimica y Minera de Chile SA 'B' (Pref) 936 - - 936 25,140 0.05 Tianqi Lithium Corp 'A' - 1,690 - 1,690 7,173 0.02 Tianqi Lithium Corp 'A' Rights - 390 390 - - 0.00 Wanhua Chemical Group Co Ltd 'A' - 2,200 - 2,200 15,728 0.03 Yanbu National Petrochemical Co 961 829 - 1,790 24,248 0.05 Zhejiang Longsheng Group Co Ltd 'A' - 2,100 - 2,100 3,867 0.01 1,073,114 2.24 Computers Acer Inc 27,000 - - 27,000 14,568 0.03 Advantech Co Ltd 3,099 - - 3,099 28,791 0.06 Aisino Corp 'A' - 1,400 - 1,400 4,415 0.01 Asustek Computer Inc 6,000 - - 6,000 42,908 0.09 BOE Technology Group Co Ltd 'A' 10,100 - - 10,100 6,566 0.01 Chicony Electronics Co Ltd 5,070 - - 5,070 13,904 0.03 Compal Electronics Inc 32,000 - - 32,000 18,747 0.04 Foxconn Technology Co Ltd 8,080 - - 8,080 15,607 0.03 Globant SA 254 - - 254 30,058 0.06 Innolux Corp 78,000 - 21,000 57,000 16,014 0.03 Inspur Electronic Information Industry Co Ltd 'A' - 1,100 - 1,100 5,171 0.01 Inventec Corp 24,000 - - 24,000 17,585 0.04 Lenovo Group Ltd 58,000 - - 58,000 36,956 0.08 Lite-On Technology Corp 17,100 - - 17,100 25,768 0.05 Phison Electronics Corp 1,000 - - 1,000 10,200 0.02 Quanta Computer Inc 21,000 - - 21,000 41,568 0.09 Samsung SDS Co Ltd 285 - 28 257 40,345 0.09 Sangfor Technologies Inc 'A' - 300 - 300 6,363 0.01 Unisplendour Corp Ltd 'A' - 1,200 - 1,200 5,464 0.01 Venustech Group Inc 'A' - 1,100 - 1,100 5,937 0.01 Wistron Corp 26,786 - 5,000 21,786 18,953 0.04 Wiwynn Corp - 1,000 - 1,000 22,412 0.05 428,300 0.89 Miscellaneous manufacturers Airtac International Group 1,000 - - 1,000 14,973 0.03 China Jushi Co Ltd 'A' - 3,900 - 3,900 5,371 0.01 China Railway Signal & Communication Corp Ltd 12,000 - - 12,000 5,619 0.01 CRRC Corp Ltd 36,800 - - 36,800 23,540 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) CRRC Corp Ltd 'A' 6,500 4,300 - 10,800 10,055 0.02 Hartalega Holdings Bhd 13,600 - 3,700 9,900 13,793 0.03 Hiwin Technologies Corp 2,203 66 - 2,269 22,167 0.05 Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd 'A' - 800 - 800 4,171 0.01 Largan Precision Co Ltd 1,000 - - 1,000 153,404 0.32 Lens Technology Co Ltd 'A' - 2,400 - 2,400 6,836 0.01 POSCO Chemical Co Ltd 175 - - 175 8,128 0.02 Sunny Optical Technology Group Co Ltd 6,200 - 700 5,500^ 86,553 0.18 Zhuzhou CRRC Times Electric Co Ltd 'H' 5,100 - - 5,100 16,660 0.04 371,270 0.78 Diversified financial services B3 SA - Brasil Bolsa Balcao 16,852 434 889 16,397 178,374 0.37 Banco BTG Pactual SA 1,557 297 - 1,854 31,383 0.07 BNK Financial Group Inc 2,542 - - 2,542 13,885 0.03 BOC Aviation Ltd 2,100 - 700 1,400 12,485 0.03 Caitong Securities Co Ltd 'A' - 3,800 - 3,800 5,663 0.01 Capitec Bank Holdings Ltd 395 - - 395 34,190 0.07 Chailease Holding Co Ltd 10,673 - 1,000 9,673 39,220 0.08 Changjiang Securities Co Ltd 'A' - 5,800 - 5,800 5,496 0.01 China Cinda Asset Management Co Ltd 80,000 - - 80,000 15,600 0.03 China Development Financial Holding Corp 104,000 - - 104,000 30,845 0.06 China Everbright Ltd 8,000 - - 8,000 11,944 0.03 China Galaxy Securities Co Ltd 'H' 28,500 - - 28,500 13,805 0.03 China Huarong Asset Management Co Ltd 79,000 - - 79,000 10,107 0.02 China International Capital Corp Ltd 9,200 - - 9,200 15,563 0.03 China Merchants Securities Co Ltd 'A' 1,600 - - 1,600 4,132 0.01 CITIC Securities Co Ltd 'A' 2,600 1,500 - 4,100 13,495 0.03 CITIC Securities Co Ltd 'H' 17,000 - - 17,000 32,010 0.07 CSC Financial Co Ltd 'A' - 1,600 - 1,600 7,470 0.02 CTBC Financial Holding Co Ltd 154,048 10,000 17,000 147,048 103,517 0.22 E.Sun Financial Holding Co Ltd 85,283 - 6,000 79,283 71,126 0.15 East Money Information Co Ltd 'A' 2,700 - - 2,700 5,608 0.01 Everbright Securities Co Ltd 'A' - 2,700 - 2,700 4,611 0.01 Far East Horizon Ltd 18,000 - - 18,000 15,426 0.03 First Capital Securities Co Ltd 'A' - 4,900 - 4,900 5,196 0.01 First Financial Holding Co Ltd 80,480 804 - 81,284 61,244 0.13 Founder Securities Co Ltd 'A' - 4,900 - 4,900 5,426 0.01 Fubon Financial Holding Co Ltd 54,000 - - 54,000 77,666 0.16 GF Securities Co Ltd 11,200 - - 11,200 11,950 0.03 GF Securities Co Ltd 'A' 2,600 - - 2,600 5,303 0.01 Guosen Securities Co Ltd 'A' - 2,400 - 2,400 4,066 0.01 Guotai Junan Securities Co Ltd 6,000 - - 6,000 9,301 0.02 Guotai Junan Securities Co Ltd 'A' 1,700 1,700 - 3,400 8,227 0.02 Guoyuan Securities Co Ltd 'A' - 4,400 - 4,400 5,266 0.01 Haitong Securities Co Ltd 25,600 - - 25,600 24,197 0.05 Haitong Securities Co Ltd 'A' 2,900 - - 2,900 5,811 0.01 Hana Financial Group Inc 2,458 - - 2,458 66,036 0.14 Hong Leong Financial Group Bhd 2,090 - - 2,090 7,939 0.02 Hua Nan Financial Holdings Co Ltd 61,207 3,335 - 64,542 44,611 0.09 Huatai Securities Co Ltd 15,400 - 4,600 10,800 16,553 0.03 Huatai Securities Co Ltd 'A' 1,900 2,500 - 4,400 11,477 0.02 Industrial Securities Co Ltd 'A' - 5,300 - 5,300 4,964 0.01

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Investec Ltd 2,518 - - 2,518 13,608 0.03 KB Financial Group Inc 3,251 122 243 3,130 111,317 0.23 Korea Investment Holdings Co Ltd 353 - - 353 18,996 0.04 Mega Financial Holding Co Ltd 88,896 - 5,000 83,896 84,505 0.18 Meritz Securities Co Ltd 2,648 - - 2,648 7,843 0.02 Mirae Asset Daewoo Co Ltd 3,481 - - 3,481 19,408 0.04 Moscow Exchange MICEX-RTS PJSC 15,993 - - 15,993 26,533 0.06 Muangthai Capital PCL NVDR 3,500 - - 3,500 7,039 0.01 Nanjing Securities Co Ltd 'A' - 4,700 - 4,700 8,247 0.02 NH Investment & Securities Co Ltd 1,152 - - 1,152 10,301 0.02 Noah Holdings Ltd ADR 213 - - 213 6,970 0.01 Old Mutual Ltd 40,446 - - 40,446 44,991 0.09 Orient Securities Co Ltd 'A' 3,300 - - 3,300 4,677 0.01 Qudian Inc ADR - 1,210 - 1,210 3,361 0.01 Rand Merchant Investment Holdings Ltd 5,834 - - 5,834 10,173 0.02 RMB Holdings Ltd 5,643 748 - 6,391 30,298 0.06 Samsung Card Co Ltd 165 - - 165 5,067 0.01 Samsung Securities Co Ltd 549 - 156 393 11,210 0.02 Shenwan Hongyuan Group Co Ltd 'A' 5,100 6,400 - 11,500 7,634 0.02 SinoPac Financial Holdings Co Ltd 87,320 - - 87,320 35,962 0.08 Srisawad Corp PCL NVDR - 6,000 - 6,000 13,924 0.03 Taishin Financial Holding Co Ltd 77,006 1,601 - 78,607 35,511 0.07 Taiwan Cooperative Financial Holding Co Ltd 67,655 2,029 - 69,684 46,274 0.10 Western Securities Co Ltd 'A' - 4,200 - 4,200 5,351 0.01 Yuanta Financial Holding Co Ltd 79,865 - - 79,865 50,230 0.10 Zheshang Securities Co Ltd 'A' - 4,300 - 4,300 6,260 0.01 1,676,878 3.50 Retail Ace Hardware Indonesia Tbk PT - 55,000 - 55,000 6,682 0.01 Alibaba Health Information Technology Ltd 30,000 - - 30,000 40,839 0.09 Alsea SAB de CV 4,859 - - 4,859 11,335 0.02 AmRest Holdings SE - 616 - 616 7,367 0.02 ANTA Sports Products Ltd 9,000 1,000 2,000 8,000^ 67,717 0.14 Astra International Tbk PT 165,100 9,600 12,500 162,200 72,747 0.15 Atacadao SA 3,533 - - 3,533 18,013 0.04 BGF retail Co Ltd 68 - - 68 9,079 0.02 Bidvest Group Ltd 2,318 - - 2,318 30,852 0.06 Bosideng International Holdings Ltd - 26,000 - 26,000 8,332 0.02 CCC SA 183 112 - 295^ 7,111 0.01 CJ ENM Co Ltd 91 - - 91 10,177 0.02 Clicks Group Ltd 1,959 - - 1,959 30,770 0.06 CP ALL PCL 21,100 - - 21,100 46,190 0.10 CP ALL PCL NVDR 26,700 - - 26,700 58,449 0.12 El Puerto de Liverpool SAB de CV 1,478 - - 1,478 7,523 0.02 E-MART Inc 179 - - 179 16,078 0.03 FF Group 160 - - 160 2 0.00 Foschini Group Ltd 1,893 - - 1,893 16,773 0.04 GOME Retail Holdings Ltd 49,000 - - 49,000 4,382 0.01 GS Retail Co Ltd 137 - - 137 4,396 0.01 Haidilao International Holding Ltd - 3,000 - 3,000^ 11,179 0.02 Home Product Center PCL 18,987 - - 18,987 8,577 0.02 Home Product Center PCL NVDR 25,900 - - 25,900 11,700 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Hotai Motor Co Ltd 2,000 1,000 1,000 2,000 39,716 0.08 Hotel Shilla Co Ltd 265 - - 265 18,742 0.04 Hyundai Department Store Co Ltd 115 - - 115 7,259 0.02 Jarir Marketing Co 257 211 - 468 19,368 0.04 Jollibee Foods Corp 4,270 - - 4,270 15,491 0.03 JUMBO SA 891 - - 891 17,494 0.04 Li Ning Co Ltd 17,000 - 1,500 15,500 44,376 0.09 Lojas Americanas SA - 62 - 62 385 0.00 Lojas Americanas SA (Pref) 6,492 - - 6,492 40,366 0.08 Lojas Americanas SA (Pref) Rights - 62 62 - - 0.00 Lojas Renner SA 6,482 - 430 6,052 78,471 0.16 Lotte Shopping Co Ltd 93 - - 93 8,692 0.02 Magazine Luiza SA 647 5,348 - 5,995 75,500 0.16 Mango Excellent Media Co Ltd 'A' - 1,000 - 1,000 6,334 0.01 Mr Price Group Ltd 2,016 - - 2,016 22,052 0.05 Oriental Pearl Group Co Ltd 'A' - 4,100 - 4,100 5,997 0.01 Pepkor Holdings Ltd - 6,910 - 6,910 7,295 0.02 Pick n Pay Stores Ltd 3,247 - - 3,247 13,560 0.03 President Chain Store Corp 5,000 - 1,000 4,000 38,120 0.08 Raia Drogasil SA 1,813 - - 1,813 50,829 0.11 Robinson PCL NVDR 4,100 - - 4,100 6,819 0.01 Ruentex Industries Ltd 1,800 - - 1,800 3,913 0.01 SACI Falabella 6,160 - - 6,160 23,297 0.05 Shanghai M&G Stationery Inc 'A' - 700 - 700 4,830 0.01 Shanghai Pharmaceuticals Holding Co Ltd 'A' - 2,000 - 2,000 5,209 0.01 Shanghai Pharmaceuticals Holding Co Ltd 'H' 5,500 - - 5,500 9,919 0.02 Shinsegae Inc 65 - - 65 14,044 0.03 SM Investments Corp 2,060 - - 2,060 37,953 0.08 Sun Art Retail Group Ltd 20,500 - - 20,500 23,604 0.05 Suning.com Co Ltd 'A' 3,200 - - 3,200 4,407 0.01 Truworths International Ltd 3,415 - 3,415 - - 0.00 Wal-Mart de Mexico SAB de CV 42,872 - 1,684 41,188 115,173 0.24 Yifeng Pharmacy Chain Co Ltd 'A' - 400 - 400 4,572 0.01 Yum China Holdings Inc 2,947 - 111 2,836 117,804 0.25 Zhongsheng Group Holdings Ltd 4,500 - - 4,500 16,097 0.03 1,403,958 2.93 Iron & steel Angang Steel Co Ltd 'H' 7,800 - 7,800 - - 0.00 Baoshan Iron & Steel Co Ltd 'A' 5,145 8,500 - 13,645 10,204 0.02 China Oriental Group Co Ltd 14,000 - 14,000 - - 0.00 China Steel Corp 97,000 - 7,000 90,000 66,374 0.14 Cia Siderurgica Nacional SA 5,303 - - 5,303 15,439 0.03 Eregli Demir ve Celik Fabrikalari TAS 10,536 - - 10,536 15,841 0.03 Gerdau SA (Pref) 9,571 - - 9,571 43,310 0.09 Hyundai Steel Co 647 - - 647 14,817 0.03 Inner Mongolia BaoTou Steel Union Co Ltd 'A' 20,300 - - 20,300 3,495 0.01 Kumba Iron Ore Ltd 524 - - 524 11,777 0.03 Maanshan Iron & Steel Co Ltd 16,000 - 16,000 - - 0.00 Magnitogorsk Iron & Steel Works PJSC 21,183 - - 21,183 14,356 0.03 Novolipetsk Steel PJSC 11,156 - - 11,156 23,232 0.05 POSCO 642 23 38 627 112,129 0.23

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Severstal PJSC 2,276 - 668 1,608 22,116 0.05 Vale SA 25,949 461 1,008 25,402 288,203 0.60 641,293 1.34 Electrical components & equipment AVIC Jonhon Optronic Technology Co Ltd 'A' - 800 - 800 4,117 0.01 Contemporary Amperex Technology Co Ltd 'A' - 1,100 - 1,100 19,781 0.04 Delta Electronics Inc 16,472 - 1,000 15,472 70,636 0.15 ElSewedy Electric Co - 6,147 - 6,147 4,233 0.01 Eve Energy Co Ltd 'A' - 800 - 800 6,644 0.01 LG Innotek Co Ltd 141 - 47 94 11,562 0.02 Shanxi Meijin Energy Co Ltd 'A' - 4,500 - 4,500 4,828 0.01 Wuxi Lead Intelligent Equipment Co Ltd 'A' - 1,000 - 1,000 6,058 0.01 Xinjiang Goldwind Science & Technology Co Ltd 'A' - 2,700 - 2,700 4,377 0.01 Xinjiang Goldwind Science & Technology Co Ltd 'H' 9,520 - 6,000 3,520 3,598 0.01 135,834 0.28 Electric Aboitiz Power Corp 7,100 - - 7,100 4,358 0.01 Centrais Eletricas Brasileiras SA 1,779 - - 1,779 15,747 0.03 Centrais Eletricas Brasileiras SA 'B' (Pref) 2,100 - - 2,100 19,371 0.04 Centrais Eletricas Brasileiras SA 'B' (Pref) Rights - 364 364 - - 0.00 Centrais Eletricas Brasileiras SA 'B' (Pref) Rights - 429 429 - - 0.00 CEZ AS 1,282 205 210 1,277 26,990 0.06 CGN Power Co Ltd 99,000 - 22,000 77,000 18,363 0.04 China Longyuan Power Group Corp Ltd 28,000 - - 28,000 16,067 0.03 China National Nuclear Power Co Ltd 'A' 6,050 - - 6,050 4,041 0.01 China Power International Development Ltd 36,000 - - 36,000 6,752 0.01 China Resources Power Holdings Co Ltd 18,055 - 4,000 14,055 18,295 0.04 China Yangtze Power Co Ltd 'A' 1,900 9,700 - 11,600 27,399 0.06 Cia Energetica de Minas Gerais (Pref) 7,551 - - 7,551 25,478 0.05 Colbun SA 64,583 - - 64,583 9,062 0.02 Datang International Power Generation Co Ltd 'H' 24,000 - - 24,000 4,054 0.01 Electricity Generating PCL NVDR 2,200 - - 2,200 20,694 0.04 Enel Americas SA 289,790 - - 289,790 55,043 0.12 Enel Americas SA Rights - 1,974 1,974 - - 0.00 Enel Chile SA 267,908 - 59,711 208,197 19,033 0.04 Energisa SA 1,457 - - 1,457 18,142 0.04 Engie Brasil Energia SA 1,787 - - 1,787 20,993 0.04 Equatorial Energia SA 1,322 5,466 188 6,600 35,512 0.07 GD Power Development Co Ltd 'A' - 12,300 - 12,300 3,761 0.01 Global Power Synergy PCL NVDR - 5,600 - 5,600 14,555 0.03 Gulf Energy Development PCL NVDR 3,500 1,100 - 4,600 27,399 0.06 Huadian Power International Corp Ltd 'H' 20,000 - - 20,000 6,384 0.01 Huaneng Power International Inc 'H' 30,000 - - 30,000 13,750 0.03 Huaneng Renewables Corp Ltd 24,000 16,000 - 40,000 15,849 0.03 Infraestructura Energetica Nova SAB de CV 4,394 - - 4,394 19,883 0.04 Inter RAO UES PJSC 342,435 - - 342,435 29,894 0.06 Interconexion Electrica SA ESP 3,626 - - 3,626 19,195 0.04 Korea Electric Power Corp 2,090 - - 2,090 42,873 0.09 Manila Electric Co 2,230 - 750 1,480 7,189 0.02 Pampa Energia SA ADR 540 - 540 - - 0.00 PGE Polska Grupa Energetyczna SA 6,886 - - 6,886 11,745 0.02 Qatar Electricity & Water Co QSC 4,120 - - 4,120 17,408 0.04

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Ratch Group PCL NVDR 4,300 2,300 - 6,600 13,887 0.03 Saudi Electricity Co 3,557 3,216 - 6,773 34,541 0.07 SDIC Power Holdings Co Ltd 'A' - 3,600 - 3,600 4,046 0.01 Sichuan Chuantou Energy Co Ltd 'A' - 3,500 - 3,500 4,391 0.01 Tenaga Nasional Bhd 25,600 - 1,500 24,100 70,671 0.15 722,815 1.51 Electronics AAC Technologies Holdings Inc 6,000 - - 6,000 41,547 0.09 AU Optronics Corp 71,000 - - 71,000 22,894 0.05 BYD Electronic International Co Ltd 4,500 - - 4,500 8,518 0.02 GoerTek Inc 'A' - 1,600 - 1,600 5,203 0.01 Hangzhou Hikvision Digital Technology Co Ltd 'A' 2,100 2,500 - 4,600 22,807 0.05 Hon Hai Precision Industry Co Ltd 102,296 - 2,000 100,296 266,410 0.56 LG Display Co Ltd 1,923 - - 1,923 23,964 0.05 Lingyi iTech Guangdong Co 'A' - 3,000 - 3,000 5,355 0.01 Luxshare Precision Industry Co Ltd 'A' 2,210 - - 2,210 13,742 0.03 Micro-Star International Co Ltd 6,000 - - 6,000 17,776 0.04 OFILM Group Co Ltd 'A' - 2,800 - 2,800 6,910 0.01 Pegatron Corp 17,000 - 2,000 15,000 30,457 0.06 Samsung Electro-Mechanics Co Ltd 441 - - 441 44,607 0.09 Shengyi Technology Co Ltd 'A' - 1,400 - 1,400 4,689 0.01 Shennan Circuits Co Ltd 'A' - 200 - 200 4,889 0.01 Shenzhen Inovance Technology Co Ltd 'A' - 1,200 - 1,200 4,834 0.01 Synnex Technology International Corp 11,300 - - 11,300 13,529 0.03 Tatung Co Ltd 17,000 - - 17,000 10,638 0.02 Tianma Microelectronics Co Ltd 'A' - 2,500 - 2,500 5,695 0.01 Walsin Technology Corp 3,000 - 1,000 2,000 13,441 0.03 WPG Holdings Ltd 14,720 - - 14,720 17,858 0.04 WUS Printed Circuit Kunshan Co Ltd 'A' - 1,500 - 1,500 4,952 0.01 Yageo Corp 2,396 - 1,000 1,396 17,226 0.03 Zhejiang Chint Electrics Co Ltd 'A' - 1,400 - 1,400 5,140 0.01 Zhen Ding Technology Holding Ltd 3,000 2,000 2,000 3,000 11,446 0.02 624,527 1.30 Oil & gas China Petroleum & Chemical Corp 208,000 8,000 12,000 204,000 104,646 0.22 China Petroleum & Chemical Corp 'A' 6,300 6,200 - 12,500 8,504 0.02 CNOOC Ltd 146,000 3,000 6,000 143,000 210,652 0.44 Cosan SA 1,335 - 352 983 17,682 0.04 Ecopetrol SA 40,381 - - 40,381 36,159 0.07 Empresas COPEC SA 3,191 - - 3,191 27,442 0.06 Formosa Petrochemical Corp 10,000 - - 10,000 28,701 0.06 Gazprom PJSC 49,570 - 5,275 44,295 151,533 0.32 Gazprom PJSC ADR 18,938 1,576 - 20,514 139,087 0.29 Grupa Lotos SA 820 - 209 611 11,689 0.02 Hyundai Heavy Industries Holdings Co Ltd 84 - - 84 18,591 0.04 Kunlun Energy Co Ltd 30,000 - - 30,000 22,655 0.05 LUKOIL PJSC 2,792 - - 2,792 275,989 0.58 LUKOIL PJSC ADR 587 - 160 427 42,006 0.09 MOL Hungarian Oil & Gas Plc 3,157 421 481 3,097 25,291 0.05 Motor Oil Hellas Corinth Refineries SA 541 - 196 345 7,080 0.01 Novatek PJSC GDR RegS 745 23 34 734 127,423 0.27 Oil & Gas Development Co Ltd 9,000 - 5,538 3,462 2,980 0.01

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Petrobras Distribuidora SA 5,683 - - 5,683 36,940 0.08 PetroChina Co Ltd 'A' 4,800 - - 4,800 3,728 0.01 PetroChina Co Ltd 'H' 172,000 10,000 12,000 170,000 72,847 0.15 Petroleo Brasileiro SA 24,364 602 742 24,224 165,930 0.35 Petroleo Brasileiro SA (Pref) 34,386 666 1,455 33,597 215,727 0.45 Petronas Dagangan Bhd 1,200 900 - 2,100 10,952 0.02 Polski Koncern Naftowy ORLEN SA 2,450 - 193 2,257 42,458 0.09 Polskie Gornictwo Naftowe i Gazownictwo SA 13,665 - - 13,665 12,225 0.02 PTT Exploration & Production PCL 10,500 - - 10,500 40,448 0.08 PTT Exploration & Production PCL NVDR 700 - - 700 2,697 0.01 PTT PCL 93,700 - - 93,700^ 125,392 0.26 Qatar Fuel QSC 4,370 - - 4,370 25,332 0.05 Rosneft Oil Co PJSC 5,580 - - 5,580 40,460 0.08 Saudi Arabian Oil Co - 7,988 - 7,988 70,121 0.15 SK Holdings Co Ltd 289 - - 289 55,074 0.11 SK Innovation Co Ltd 454 - 36 418 43,972 0.09 S-Oil Corp 384 - 59 325 20,040 0.04 Surgutneftegas PJSC 66,728 - 8,422 58,306 40,513 0.08 Surgutneftegas PJSC (Pref) 63,109 - 7,943 55,166 30,057 0.06 Tatneft PJSC 9,849 - - 9,849 113,104 0.24 Tatneft PJSC ADR 440 71 116 395 27,383 0.06 Thai Oil PCL 9,200 - - 9,200^ 14,803 0.03 Tupras Turkiye Petrol Rafinerileri AS 1,240 - 237 1,003 18,199 0.04 Ultrapar Participacoes SA 5,762 1,026 1,075 5,713 32,570 0.07 YPF SA ADR 1,511 - - 1,511 13,684 0.03 2,532,766 5.29 Oil & gas services China Oilfield Services Ltd 'H' 14,000 - - 14,000 19,788 0.04 Dialog Group Bhd 31,700 - - 31,700 24,396 0.05 Sinopec Engineering Group Co Ltd 'H' 13,500 - - 13,500 7,076 0.02 Yantai Jereh Oilfield Services Group Co Ltd 'A' - 1,200 - 1,200 6,112 0.01 57,372 0.12 Airlines Air China Ltd 'A' - 4,300 - 4,300 4,886 0.01 Air China Ltd 'H' 20,000 - 6,000 14,000 11,198 0.02 AirAsia Group Bhd 10,100 - - 10,100 3,399 0.01 China Airlines Ltd 27,000 - - 27,000 6,913 0.01 China Eastern Airlines Corp Ltd 'A' - 5,800 - 5,800 4,074 0.01 China Eastern Airlines Corp Ltd 'H' 16,000 - - 16,000 7,115 0.02 China Southern Airlines Co Ltd 'A' - 4,900 - 4,900 4,339 0.01 China Southern Airlines Co Ltd 'H' 10,072 - - 10,072 5,442 0.01 Eva Airways Corp 18,778 560 - 19,338 7,532 0.02 Korean Air Lines Co Ltd 345 - - 345 6,603 0.01 Latam Airlines Group SA 2,625 - 937 1,688 13,516 0.03 Spring Airlines Co Ltd 'A' - 900 - 900 4,855 0.01 Turk Hava Yollari AO 3,856 - - 3,856^ 8,500 0.02 88,372 0.19 Forest products & paper Empresas CMPC SA 10,346 - 2,014 8,332 18,415 0.04 Indah Kiat Pulp & Paper Corp Tbk PT 21,100 - - 21,100 10,060 0.02 Nine Dragons Paper Holdings Ltd 17,000 - 7,000 10,000 9,216 0.02 Pabrik Kertas Tjiwi Kimia Tbk PT 12,400 - - 12,400 7,970 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Sappi Ltd 4,644 - 4,644 - - 0.00 Suzano SA 4,606 - 514 4,092 36,637 0.07 82,298 0.17 Leisure time China International Travel Service Corp Ltd 'A' 500 300 - 800 9,035 0.02 Giant Manufacturing Co Ltd 2,000 - - 2,000 11,493 0.02 20,528 0.04 Gas Beijing Enterprises Holdings Ltd 4,000 - - 4,000 16,967 0.04 China Gas Holdings Ltd 14,600 - - 14,600 55,853 0.12 China Resources Gas Group Ltd 8,000 - 2,000 6,000 30,629 0.06 ENN Energy Holdings Ltd 6,400 - - 6,400 72,417 0.15 Korea Gas Corp 227 - - 227 5,970 0.01 Perusahaan Gas Negara Tbk PT 96,000 - - 96,000 11,561 0.02 Towngas China Co Ltd 8,000 - - 8,000 4,799 0.01 198,196 0.41 Healthcare services Aier Eye Hospital Group Co Ltd 'A' 1,300 - - 1,300 7,162 0.01 Bangkok Dusit Medical Services PCL 'F' 52,500 - - 52,500 40,448 0.08 Bangkok Dusit Medical Services PCL NVDR 24,400 - - 24,400 18,799 0.04 Bumrungrad Hospital PCL 4,100 - - 4,100 16,936 0.04 Genscript Biotech Corp 8,000 - - 8,000 17,926 0.04 Hapvida Participacoes e Investimentos SA - 1,773 - 1,773 24,037 0.05 IHH Healthcare Bhd 20,000 - 3,600 16,400 22,000 0.05 Life Healthcare Group Holdings Ltd 12,462 - 2,746 9,716 15,643 0.03 Meinian Onehealth Healthcare Holdings Co Ltd 'A' - 2,500 - 2,500 4,844 0.01 Netcare Ltd 10,620 - 10,620 - - 0.00 Notre Dame Intermedica Participacoes SA 2,483 1,381 - 3,864 61,229 0.13 Ping An Healthcare and Technology Co Ltd - 2,600 - 2,600 21,653 0.05 SillaJen Inc 453 - 453 - - 0.00 Topchoice Medical Corp 'A' - 300 - 300 4,235 0.01 WuXi AppTec Co Ltd 1,400 - - 1,400 16,467 0.03 WuXi AppTec Co Ltd 'A' - 500 - 500 6,596 0.01 Wuxi Biologics Cayman Inc 4,500 - - 4,500 55,586 0.12 333,561 0.70 Healthcare - products Autobio Diagnostics Co Ltd 'A' - 300 - 300 4,689 0.01 China Medical System Holdings Ltd 13,000 - 4,000 9,000 11,670 0.02 Hengan International Group Co Ltd 6,000 - - 6,000 42,479 0.09 Jafron Biomedical Co Ltd 'A' - 400 - 400 4,450 0.01 Lepu Medical Technology Beijing Co Ltd 'A' - 1,200 - 1,200 5,274 0.01 Shandong Weigao Group Medical Polymer Co Ltd 20,000 - 4,000 16,000 18,462 0.04 Shenzhen Mindray Bio-Medical Electronics Co Ltd 'A' - 200 - 200 5,170 0.01 Top Glove Corp Bhd 12,600 - - 12,600 17,347 0.04 109,541 0.23 Beverages Ambev SA 38,602 975 2,403 37,174 149,761 0.31 Anadolu Efes Biracilik Ve Malt Sanayii AS 993 - - 993 3,965 0.01 Anhui Gujing Distillery Co Ltd 'A' - 300 - 300 5,917 0.01 Anhui Kouzi Distillery Co Ltd 'A' - 700 - 700 4,917 0.01 Arca Continental SAB de CV 3,610 - - 3,610 19,694 0.04 Beijing Shunxin Agriculture Co Ltd 'A' - 700 - 700 5,052 0.01

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

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

For the financial period ended 31 January 2020

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

Shares (continued) China Resources Beer Holdings Co Ltd 12,054 - - 12,054 54,273 0.12 Cia Cervecerias Unidas SA 1,210 - - 1,210 10,296 0.02 Coca-Cola Femsa SAB de CV 4,095 - - 4,095 23,996 0.05 Embotelladora Andina SA 'B' (Pref) 1,362 1,546 - 2,908 7,320 0.02 Fomento Economico Mexicano SAB de CV 15,919 489 825 15,583 135,347 0.28 Fraser & Neave Holdings Bhd 1,000 - - 1,000 7,734 0.02 Hebei Yangyuan Zhihui Beverage Co Ltd 'A' - 1,200 1,200 - - 0.00 Jiangsu King's Luck Brewery JSC Ltd 'A' - 1,200 - 1,200 5,100 0.01 Jiangsu Yanghe Brewery Joint-Stock Co Ltd 'A' 400 300 - 700 10,331 0.02 Kweichow Moutai Co Ltd 'A' 300 300 - 600 86,997 0.18 Luzhou Laojiao Co Ltd 'A' 500 - - 500 5,691 0.01 Osotspa PCL NVDR - 6,100 - 6,100^ 8,352 0.02 Shanxi Xinghuacun Fen Wine Factory Co Ltd 'A' - 500 - 500 6,313 0.01 Sichuan Swellfun Co Ltd 'A' - 600 - 600 4,247 0.01 Tsingtao Brewery Co Ltd 'A' - 700 - 700 4,659 0.01 Tsingtao Brewery Co Ltd 'H' 2,000 2,000 2,000 2,000 10,756 0.02 Wuliangye Yibin Co Ltd 'A' 1,200 700 - 1,900 33,013 0.07 603,731 1.26 Commercial services Altus San Nicolas Corp - 205 - 205 20 0.00 Bangkok Expressway & Metro PCL NVDR 68,900 - - 68,900 23,451 0.05 CCR SA 9,711 - - 9,711 39,977 0.08 China East Education Holdings Ltd - 3,500 - 3,500 6,321 0.01 China Education Group Holdings Ltd 5,000 - - 5,000 5,943 0.01 China Merchants Port Holdings Co Ltd 10,455 - - 10,455 15,635 0.03 Cielo SA 9,243 2,304 2,569 8,978 14,326 0.03 Cogna Educacao 11,804 - 11,804 - - 0.00 Cogna Educacao - 11,804 - 11,804 30,957 0.07 COSCO SHIPPING Ports Ltd 14,095 - - 14,095 9,664 0.02 DP World Plc 1,359 - - 1,359 18,350 0.04 Hangzhou Tigermed Consulting Co Ltd 'A' - 500 - 500 5,045 0.01 International Container Terminal Services Inc 6,630 - - 6,630 16,354 0.03 Jiangsu Expressway Co Ltd 'H' 10,000 - - 10,000 11,986 0.03 Localiza Rent a Car SA 4,531 582 453 4,660 56,403 0.12 New Oriental Education & Technology Group Inc ADR 1,200 - 60 1,140 133,641 0.28 Ninestar Corp 'A' - 1,111 - 1,111 5,967 0.01 Ningbo Zhoushan Port Co Ltd 'A' - 10,200 - 10,200 5,141 0.01 Promotora y Operadora de Infraestructura SAB de CV 2,008 - 489 1,519 15,787 0.03 S-1 Corp 90 50 - 140 10,321 0.02 Shanghai International Port Group Co Ltd 'A' 4,700 - - 4,700 3,366 0.01 Shenzhen Expressway Co Ltd - 6,000 - 6,000 7,512 0.02 Shenzhen International Holdings Ltd 6,000 2,500 - 8,500 16,470 0.04 TAL Education Group ADR 2,910 211 - 3,121 150,201 0.31 Westports Holdings Bhd 5,200 - - 5,200 4,834 0.01 Zhejiang Expressway Co Ltd 'H' 12,000 - - 12,000 9,509 0.02 617,181 1.29 Semiconductors ASE Technology Holding Co Ltd 27,984 - - 27,984 66,649 0.14 China Greatwall Technology Group Co Ltd 'A' - 2,100 - 2,100 4,101 0.01 GCL System Integration Technology Co Ltd 'A' - 5,600 - 5,600 4,543 0.01 Gigadevice Semiconductor Beijing Inc 'A' - 200 - 200 7,795 0.02 Globalwafers Co Ltd 2,000 - - 2,000 25,541 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Hua Hong Semiconductor Ltd 4,000 - - 4,000 9,400 0.02 JCET Group Co Ltd 'A' - 1,800 1,800 - - 0.00 MediaTek Inc 12,000 - - 12,000 148,647 0.31 Nanya Technology Corp 12,000 - 3,000 9,000 22,441 0.05 Novatek Microelectronics Corp 5,000 - - 5,000 34,799 0.07 Powertech Technology Inc 7,000 - - 7,000 24,136 0.05 Realtek Semiconductor Corp 4,000 - - 4,000 31,607 0.06 Samsung Electronics Co Ltd 39,086 1,098 1,922 38,262 1,746,244 3.65 Samsung Electronics Co Ltd (Pref) 6,735 139 269 6,605 253,878 0.53 Sanan Optoelectronics Co Ltd 'A' - 2,500 - 2,500 7,767 0.01 Semiconductor Manufacturing International Corp 23,700 - - 23,700^ 42,095 0.09 Shenzhen Goodix Technology Co Ltd 'A' - 200 - 200 9,312 0.02 SK Hynix Inc 4,469 79 205 4,343 328,594 0.69 Taiwan Semiconductor Manufacturing Co Ltd 202,000 6,000 11,000 197,000 2,012,610 4.20 United Microelectronics Corp 97,000 - - 97,000 46,142 0.10 Vanguard International Semiconductor Corp 8,000 - - 8,000 19,206 0.04 Will Semiconductor Ltd 'A' - 300 - 300 7,666 0.01 Win Semiconductors Corp 3,000 - 1,000 2,000 18,006 0.04 Winbond Electronics Corp 27,000 - - 27,000 14,611 0.03 4,885,790 10.20 Housewares Kimberly-Clark de Mexico SAB de CV 'A' 12,474 - - 12,474 24,782 0.05 Unilever Indonesia Tbk PT 11,900 48,200 1,600 58,500 32,848 0.07 57,630 0.12 Household products & wares Turkiye Sise ve Cam Fabrikalari AS 6,174 - 6,174 - - 0.00 Zhejiang Supor Co Ltd 'A' - 400 - 400 3,890 0.01 3,890 0.01 Home furnishings Arcelik AS 1,537 - - 1,537 5,177 0.01 Gree Electric Appliances Inc of Zhuhai 'A' 1,900 - - 1,900 16,732 0.03 Haier Electronics Group Co Ltd 11,000 - - 11,000 32,176 0.07 Haier Smart Home Co Ltd 'A' 2,100 2,200 - 4,300 10,997 0.02 LG Electronics Inc 871 - - 871 46,447 0.10 Midea Group Co Ltd 'A' 1,500 600 2,100 - - 0.00 Nien Made Enterprise Co Ltd 1,000 - - 1,000 7,902 0.02 TCL Corp 'A' - 8,900 - 8,900 6,202 0.01 Woongjin Coway Co Ltd 404 - - 404 28,703 0.06 154,336 0.32 Holding companies - diversified operations Aboitiz Equity Ventures Inc 23,640 - 7,600 16,040 15,004 0.03 Alfa SAB de CV 'A' 26,364 - - 26,364 19,005 0.04 Alliance Global Group Inc 21,000 - 21,000 - - 0.00 Avic Capital Co Ltd 'A' - 7,399 - 7,399 4,626 0.01 CJ Corp 89 65 61 93 6,231 0.01 CJ Corp (Pref) 13 - 13 - - 0.00 Grupo Carso SAB de CV 3,965 - - 3,965 13,772 0.03 Haci Omer Sabanci Holding AS 7,515 - - 7,515 11,807 0.03 IJM Corp Bhd 22,300 - - 22,300 11,126 0.02 KOC Holding AS 6,227 - - 6,227 19,607 0.04 National Industrialization Co 1,438 1,641 - 3,079 10,147 0.02 Siam Cement PCL NVDR 4,800 - - 4,800 53,170 0.11

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Siam Cement PCL RegS 1,600 - - 1,600^ 17,723 0.04 YTL Corp Bhd 20,910 - - 20,910 4,405 0.01 186,623 0.39 Real estate Agile Group Holdings Ltd 12,000 - - 12,000 15,412 0.03 Aldar Properties PJSC 30,045 7,571 7,812 29,804 17,452 0.04 A-Living Services Co Ltd - 2,500 - 2,500 8,089 0.02 Ayala Corp 2,390 - - 2,390 32,945 0.07 Ayala Land Inc 69,700 - 9,700 60,000 47,359 0.10 Barwa Real Estate Co 16,910 - - 16,910 15,759 0.03 BR Malls Participacoes SA 6,422 - - 6,422 26,669 0.06 Bumi Serpong Damai Tbk PT 35,200 41,200 48,700 27,700 2,182 0.00 Central Pattana PCL 12,100 - - 12,100 22,744 0.05 Central Pattana PCL NVDR 5,900 - - 5,900 11,090 0.02 China Aoyuan Group Ltd 11,000 - - 11,000 14,373 0.03 China Evergrande Group 16,000 - 2,000 14,000 30,187 0.06 China Fortune Land Development Co Ltd 'A' 1,200 - - 1,200 4,363 0.01 China Jinmao Holdings Group Ltd 42,000 - - 42,000 27,440 0.06 China Merchants Shekou Industrial Zone Holdings Co Ltd 'A' 1,300 1,600 - 2,900 7,241 0.02 China Overseas Land & Investment Ltd 32,000 2,000 4,000 30,000 94,086 0.20 China Resources Land Ltd 24,000 - 2,000 22,000 89,354 0.19 China Vanke Co Ltd 11,800 - - 11,800 40,452 0.08 China Vanke Co Ltd 'A' 2,500 2,700 - 5,200 20,754 0.04 CIFI Holdings Group Co Ltd 22,000 - - 22,000 14,810 0.03 Country Garden Holdings Co Ltd 64,000 - 3,000 61,000 75,463 0.16 Country Garden Services Holdings Co Ltd 10,000 - - 10,000 31,548 0.07 Dar Al Arkan Real Estate Development Co 2,341 2,481 1,488 3,334 8,424 0.02 Emaar Development PJSC 6,217 - 6,217 - - 0.00 Emaar Economic City 467 2,575 - 3,042 7,835 0.02 Emaar Malls PJSC 12,217 9,108 - 21,325 10,191 0.02 Emaar Properties PJSC 27,553 3,403 4,163 26,793 28,423 0.06 Gemdale Corp 'A' - 2,700 - 2,700 4,897 0.01 Greenland Holdings Corp Ltd 'A' 4,100 - - 4,100 3,665 0.01 Greentown Service Group Co Ltd 12,000 - 4,000 8,000 8,188 0.02 Guangzhou R&F Properties Co Ltd 'H' 8,400 - - 8,400 12,353 0.03 HDC Hyundai Development Co-Engineering & Construction 232 - - 232 3,924 0.01 HDC Hyundai Development Co-Engineering & Construction Rights - 116 - 116 258 0.00 Highwealth Construction Corp 5,200 - - 5,200 7,512 0.02 Jiangsu Zhongnan Construction Group Co Ltd 'A' - 4,500 - 4,500 5,758 0.01 Jinke Properties Group Co Ltd 'A' - 5,500 - 5,500 5,408 0.01 Kaisa Group Holdings Ltd 26,000 - - 26,000 10,560 0.02 KWG Group Holdings Ltd 9,500 - - 9,500 12,012 0.02 Logan Property Holdings Co Ltd 10,000 - - 10,000 14,756 0.03 Longfor Group Holdings Ltd 15,500 - 1,500 14,000^ 57,557 0.12 Megaworld Corp 54,000 - - 54,000 4,150 0.01 Multiplan Empreendimentos Imobiliarios SA 2,476 - - 2,476 19,380 0.04 NEPI Rockcastle Plc 3,074 - - 3,074 24,410 0.05 Pakuwon Jati Tbk PT 110,500 - - 110,500 4,058 0.01 Poly Developments and Holdings Group Co Ltd 'A' 2,100 5,213 - 7,313 15,440 0.03 RiseSun Real Estate Development Co Ltd 'A' - 4,300 - 4,300 5,366 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Robinsons Land Corp 10,657 - - 10,657 5,156 0.01 Ruentex Development Co Ltd 4,082 - - 4,082 5,532 0.01 Seazen Group Ltd 16,000 - - 16,000 15,660 0.03 Seazen Holdings Co Ltd 'A' 900 - - 900 4,214 0.01 Shanghai Industrial Holdings Ltd 4,000 - - 4,000 6,836 0.01 Shanghai Industrial Urban Development Group Ltd - 4,000 4,000 - - 0.00 Shanghai Lujiazui Finance & Trade Zone Development Co Ltd 'B' 8,960 - - 8,960 8,175 0.02 Shenzhen Investment Ltd 34,000 - 18,000 16,000 5,366 0.01 Shenzhen Overseas Chinese Town Co Ltd 'A' - 4,700 - 4,700 4,583 0.01 Shimao Property Holdings Ltd 10,500 - 1,500 9,000 28,338 0.06 Shui On Land Ltd 29,500 - - 29,500 5,716 0.01 Sime Darby Property Bhd 14,903 - 14,903 - - 0.00 Sino-Ocean Group Holding Ltd 16,500 13,000 - 29,500 10,333 0.02 SM Prime Holdings Inc 90,100 - 9,100 81,000 59,785 0.12 SOHO China Ltd 9,000 - - 9,000 3,331 0.01 SP Setia Bhd Group 18,600 - 18,600 - - 0.00 Sunac China Holdings Ltd 20,000 - - 20,000 94,397 0.20 Wharf Holdings Ltd - 9,000 - 9,000 21,597 0.04 Xinhu Zhongbao Co Ltd 'A' - 9,300 - 9,300 4,496 0.01 Yuexiu Property Co Ltd 68,000 - - 68,000 13,260 0.03 Yuzhou Properties Co Ltd 21,000 - - 21,000 9,442 0.02 Zhenro Properties Group Ltd - 12,000 - 12,000 7,169 0.01 1,237,683 2.59 Real estate investment trust Fibra Uno Administracion SA de CV (REIT) 25,015 - - 25,015 39,546 0.08 Fortress Ltd (REIT) 'A' 10,439 - - 10,439 12,384 0.03 Growthpoint Properties Ltd (REIT) 24,315 - - 24,315 32,973 0.07 Redefine Properties Ltd (REIT) 43,174 - - 43,174 19,960 0.04 104,863 0.22 Internet 51job Inc ADR 196 - - 196 13,639 0.03 58.com Inc ADR 769 - - 769^ 41,251 0.09 Alibaba Group Holding Ltd ADR 11,638 2,040 120 13,558 2,701,373 5.64 Autohome Inc ADR 479 - - 479 35,332 0.07 B2W Cia Digital 1,623 230 358 1,495 24,024 0.05 B2W Cia Digital Rct - 230 230 - - 0.00 B2W Cia Digital Rights - 227 227 - - 0.00 Baidu Inc ADR 2,270 46 91 2,225 265,148 0.55 Baozun Inc ADR 311 - - 311 9,031 0.02 China Literature Ltd 2,000 - - 2,000 8,086 0.02 China Telecom Corp Ltd 114,000 - - 114,000 43,045 0.09 HengTen Networks Group Ltd 288,000 - 288,000 - - 0.00 Hithink RoyalFlush Information Network Co Ltd 'A' - 300 - 300 4,506 0.01 iQIYI Inc ADR 1,195 - - 1,195 25,632 0.05 JD.com Inc ADR 6,013 149 251 5,911 214,866 0.45 JOYY Inc ADR - 476 - 476 27,788 0.06 Kakao Corp 407 - - 407 52,366 0.11 Meituan Dianping 'B' 8,500 500 900 8,100^ 99,903 0.21 Momo Inc ADR 1,180 129 - 1,309 38,631 0.08 Naspers Ltd 'N' 3,590 64 140 3,514 555,990 1.16 NAVER Corp 1,147 36 52 1,131 164,280 0.34

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

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

For the financial period ended 31 January 2020

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

Shares (continued) NCSoft Corp 135 - - 135 69,478 0.15 Pinduoduo Inc ADR 1,560 - - 1,560 52,990 0.11 PROSUS NV COMMON STOCK EUR.05 - 3,590 3,590 - - 0.00 PROSUS NV COMMON STOCK EUR.05 - 3,590 3,590 - - 0.00 SINA Corp 519 - - 519 19,391 0.04 Tencent Holdings Ltd 46,700 1,300 2,200 45,800 2,121,867 4.43 Tencent Music Entertainment Group ADR 795 - - 795 9,730 0.02 Trip.com Group Ltd ADR 3,347 4,187 3,767 3,767 116,731 0.24 Vipshop Holdings Ltd ADR 3,837 - - 3,837 47,109 0.10 Weibo Corp ADR 424 - - 424 17,428 0.04 Yy Inc Adr 408 68 476 - - 0.00 6,779,615 14.16 Investment companies Grupo de Inversiones Suramericana SA 1,796 452 482 1,766 15,913 0.03 Grupo de Inversiones Suramericana SA (Pref) 680 432 1,112 - - 0.00 Itausa - Investimentos Itau SA (Pref) 36,147 1,423 3,107 34,463 100,027 0.21 Legend Holdings Corp 4,300 - - 4,300 7,755 0.02 Legend Holdings Corp Rights 330 - - 330 - 0.00 PSG Group Ltd 1,169 - - 1,169 16,104 0.03 Reinet Investments SCA 1,220 - - 1,220 25,306 0.05 Saudi Industrial Investment Group 976 1,081 - 2,057 12,479 0.03 SDIC Capital Co Ltd 'A' - 2,300 - 2,300 4,422 0.01 182,006 0.38 Coal Adaro Energy Tbk PT 108,600 - - 108,600 9,396 0.02 Banpu PCL NVDR 20,300 - - 20,300 6,344 0.01 Banpu PCL RegS 10,000 - - 10,000 3,125 0.01 Bukit Asam Tbk PT 30,100 - - 30,100 4,698 0.01 China Coal Energy Co Ltd 17,000 - - 17,000 5,617 0.01 China Shenhua Energy Co Ltd 29,000 - 3,500 25,500 43,518 0.09 China Shenhua Energy Co Ltd 'A' 1,858 - - 1,858 4,422 0.01 Exxaro Resources Ltd 2,003 - - 2,003 15,683 0.03 Inner Mongolia Yitai Coal Co Ltd 'B' 10,400 - - 10,400 7,934 0.02 Jastrzebska Spolka Weglowa SA 269 - 269 - - 0.00 Shaanxi Coal Industry Co Ltd 'A' 3,800 - - 3,800 4,391 0.01 Yanzhou Coal Mining Co Ltd 18,000 - 6,000 12,000 8,615 0.02 113,743 0.24 Cosmetics & personal care Amorepacific Corp 263 - - 263 40,010 0.08 Amorepacific Corp (Pref) 52 - - 52 3,518 0.01 AMOREPACIFIC Group 272 - 70 202 11,802 0.02 AMOREPACIFIC Group Rights - 18 18 - - 0.00 LG Household & Health Care Ltd 77 - - 77 78,384 0.16 LG Household & Health Care Ltd (Pref) 13 8 8 13 8,016 0.02 Natura & Co Holding SA - 5,196 - 5,196 55,798 0.12 Natura Cosmeticos SA 1,588 1,588 3,176 - - 0.00 197,528 0.41 Agriculture British American Tobacco Malaysia Bhd 1,200 - - 1,200 3,327 0.01 Charoen Pokphand Indonesia Tbk PT 60,400 - - 60,400 28,369 0.06 China Agri-Industries Holdings Ltd 18,000 - - 18,000 9,323 0.02 Eastern Co SAE - 7,210 - 7,210 6,606 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Genting Plantations Bhd 1,100 - - 1,100 2,718 0.01 Guangdong Haid Group Co Ltd 'A' - 1,000 - 1,000 4,689 0.01 Gudang Garam Tbk PT 3,900 - - 3,900 15,364 0.03 Hanjaya Mandala Sampoerna Tbk PT 73,100 - - 73,100 10,687 0.02 HAP Seng Consolidated Bhd 5,500 - - 5,500 12,595 0.03 IOI Corp Bhd 13,900 - - 13,900 14,852 0.03 Jiangxi Zhengbang Technology Co Ltd 'A' - 2,400 - 2,400 4,575 0.01 KT&G Corp 954 - - 954 73,415 0.15 Kuala Lumpur Kepong Bhd 3,500 - - 3,500 18,781 0.04 Muyuan Foodstuff Co Ltd 'A' 600 - - 600 6,749 0.01 New Hope Liuhe Co Ltd 'A' 2,000 - - 2,000 4,997 0.01 QL Resources Bhd 5,800 - - 5,800 11,330 0.02 Sime Darby Plantation Bhd 18,203 - - 18,203 21,720 0.05 Tongwei Co Ltd 'A' - 2,200 - 2,200 4,102 0.01 Wens Foodstuffs Group Co Ltd 'A' 1,329 800 - 2,129 9,582 0.02 263,781 0.55 Machinery - diversified China Shipbuilding Industry Group Power Co Ltd 'A' - 1,700 1,700 - - 0.00 Haitian International Holdings Ltd 5,000 - - 5,000 10,533 0.02 Jiangsu Hengli Hydraulic Co Ltd 'A' - 700 - 700 4,867 0.01 NARI Technology Co Ltd 'A' 1,600 - - 1,600 4,004 0.01 WEG SA 6,936 - - 6,936 61,693 0.13 81,097 0.17 Media Cyfrowy Polsat SA 1,357 739 - 2,096 14,175 0.03 Grupo Televisa SAB 20,210 - 2,099 18,111 38,622 0.08 MultiChoice Group 3,423 491 552 3,362 23,081 0.05 Surya Citra Media Tbk PT 37,900 - 37,900 - - 0.00 75,878 0.16 Metal fabricate & hardware Catcher Technology Co Ltd 5,000 - - 5,000 38,949 0.08 Suzhou Dongshan Precision Manufacturing Co Ltd 'A' - 1,900 - 1,900 7,510 0.02 Zhejiang Sanhua Intelligent Controls Co Ltd 'A' - 2,100 - 2,100 6,016 0.01 52,475 0.11 Food Almarai Co JSC 1,067 921 - 1,988 24,273 0.05 Berli Jucker PCL NVDR 9,800 - - 9,800 12,432 0.03 Bid Corp Ltd 2,745 - - 2,745 58,642 0.12 BIM Birlesik Magazalar AS 3,480 - - 3,480 27,355 0.06 BRF SA 4,357 430 - 4,787 33,006 0.07 Cencosud SA 11,824 - - 11,824 14,099 0.03 Charoen Pokphand Foods PCL 30,900 - - 30,900 28,683 0.06 Charoen Pokphand Foods PCL NVDR 800 - - 800 743 0.00 China Huishan Dairy Holdings Co Ltd 18,864 - 18,864 - - 0.00 China Mengniu Dairy Co Ltd 23,000 - 1,000 22,000 78,697 0.16 Cia Brasileira de Distribuicao (Pref) 1,187 - - 1,187 22,793 0.05 CJ CheilJedang Corp 74 - - 74 14,222 0.03 Dali Foods Group Co Ltd 19,500 - - 19,500 13,297 0.03 Dino Polska SA 384 - - 384 15,515 0.03 Foshan Haitian Flavouring & Food Co Ltd 'A' 600 600 - 1,200 17,718 0.04 Gruma SAB de CV 'B' 1,730 - - 1,730 17,710 0.04 Grupo Bimbo SAB de CV 'A' 13,388 - - 13,388 23,076 0.05

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

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

For the financial period ended 31 January 2020

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

Shares (continued) GS Holdings Corp 392 - - 392 14,496 0.03 Henan Shuanghui Investment & Development Co Ltd 'A' 1,400 - - 1,400 5,642 0.01 Huishan Dairy - 18,864 - 18,864 35 0.00 Indofood CBP Sukses Makmur Tbk PT 20,500 - - 20,500 16,470 0.03 Indofood Sukses Makmur Tbk PT 35,900 - - 35,900 19,841 0.04 Inner Mongolia Yili Industrial Group Co Ltd 'A' 1,100 1,100 - 2,200 9,284 0.02 JBS SA 8,929 - - 8,929 55,580 0.12 JG Summit Holdings Inc 28,140 - 5,190 22,950 30,525 0.06 Lotte Corp 192 - - 192 5,484 0.01 M Dias Branco SA 600 - 600 - - 0.00 Magnit PJSC GDR 3,330 - - 3,330 43,678 0.09 Nestle Malaysia Bhd 500 200 200 500 16,980 0.04 Orion Corp 212 - - 212 17,584 0.04 Ottogi Corp 6 - - 6 2,462 0.00 PPB Group Bhd 4,660 - - 4,660 20,421 0.04 Remgro Ltd 4,409 - - 4,409 51,738 0.11 Savola Group 1,143 938 - 2,081 19,123 0.04 Shoprite Holdings Ltd 3,758 - - 3,758 28,286 0.06 SPAR Group Ltd 1,690 - 332 1,358 16,741 0.03 Standard Foods Corp 2,539 - - 2,539 5,609 0.01 Thai Union Group PCL 'F' 8,800 - - 8,800 4,166 0.01 Thai Union Group PCL NVDR 15,400 - - 15,400 7,291 0.02 Tiger Brands Ltd 1,372 - - 1,372 17,379 0.04 Tingyi Cayman Islands Holding Corp 16,000 - - 16,000 26,153 0.05 Uni-President China Holdings Ltd 12,000 - - 12,000 11,864 0.02 Uni-President Enterprises Corp 39,920 3,000 5,000 37,920 87,892 0.18 Universal Robina Corp 10,430 - 3,260 7,170 19,726 0.04 Want Want China Holdings Ltd 41,000 - - 41,000 32,846 0.07 Woolworths Holdings Ltd 7,535 1,123 1,169 7,489 21,371 0.04 X5 Retail Group NV GDR 1,319 - 424 895 31,536 0.07 Yihai International Holding Ltd 4,000 - - 4,000 21,935 0.05 Yonghui Superstores Co Ltd 'A' 3,400 - - 3,400 3,545 0.01 1,067,944 2.23 Food Service Saudi Airlines Catering Co 48 272 - 320 8,456 0.02 8,456 0.02 Aerospace & defence AECC Aviation Power Co Ltd 'A' - 1,300 - 1,300 3,865 0.01 Aselsan Elektronik Sanayi Ve Ticaret AS 2,541 - - 2,541 9,606 0.02 AVIC Aircraft Co Ltd 'A' - 2,100 - 2,100 4,813 0.01 AviChina Industry & Technology Co Ltd 12,000 8,000 - 20,000 8,098 0.02 Embraer SA 5,373 - - 5,373 21,998 0.05 Korea Aerospace Industries Ltd 661 - - 661 16,100 0.03 64,480 0.14 Pipelines Petronas Gas Bhd 4,900 - - 4,900 18,451 0.04 Transneft PJSC (Pref) 5 - - 5 12,446 0.03 Transportadora de Gas del Sur SA ADR 'B' 688 27 714 - - 0.00 30,897 0.07 Shipbuilding China Shipbuilding Industry Co Ltd 'A' 6,800 - - 6,800 4,720 0.01 Daewoo Shipbuilding & Marine Engineering Co Ltd 333 - - 333 6,656 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) HLB Inc 254 - - 254 19,053 0.04 Korea Shipbuilding & Offshore Engineering Co Ltd 322 - - 322 29,704 0.06 Samsung Heavy Industries Co Ltd 3,785 - - 3,785 20,368 0.04 80,501 0.17 Software Beijing Shiji Information Technology Co Ltd 'A' - 900 - 900 4,656 0.01 CD Projekt SA 551 - - 551 38,579 0.08 China National Software & Service Co Ltd 'A' - 500 - 500 4,979 0.01 Glodon Co Ltd 'A' - 900 - 900 4,958 0.01 Hundsun Technologies Inc 'A' - 500 - 500 6,107 0.01 HUYA Inc ADR - 485 - 485^ 8,364 0.02 Iflytek Co Ltd 'A' - 1,000 - 1,000 4,846 0.01 Kingdee International Software Group Co Ltd 19,000 - - 19,000 19,871 0.04 Kingsoft Corp Ltd 5,000 2,000 - 7,000 20,736 0.04 NavInfo Co Ltd 'A' - 2,300 - 2,300 4,989 0.01 NetEase Inc ADR 576 17 24 569 176,024 0.37 Netmarble Corp 205 - - 205 14,863 0.03 Pearl Abyss Corp 48 - - 48 7,054 0.02 Perfect World Co Ltd 'A' - 1,000 - 1,000 6,540 0.01 TravelSky Technology Ltd 9,000 - 3,000 6,000 12,624 0.03 Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd 'A' - 1,500 - 1,500 6,695 0.01 Yonyou Network Technology Co Ltd 'A' - 1,100 - 1,100 4,933 0.01 Zhejiang Dahua Technology Co Ltd 'A' - 1,700 - 1,700 4,711 0.01 351,529 0.73 Telecommunications Accton Technology Corp - 4,000 - 4,000 20,816 0.04 Advanced Info Service PCL 10,100 - - 10,100 63,752 0.13 America Movil SAB de CV 'L' 275,475 6,218 12,075 269,618 215,663 0.45 Axiata Group Bhd 25,630 - 4,600 21,030 21,282 0.04 China Mobile Ltd 50,500 1,000 2,500 49,000 390,728 0.82 China Unicom Hong Kong Ltd 52,000 - - 52,000 42,240 0.09 China United Network Communications Ltd 'A' 5,300 6,000 - 11,300 8,793 0.02 Chunghwa Telecom Co Ltd 31,000 - 1,000 30,000 103,440 0.22 DiGi.Com Bhd 27,300 - - 27,300 27,178 0.06 Emirates Telecommunications Group Co PJSC 14,156 - 1,036 13,120 56,085 0.12 Empresa Nacional de Telecomunicaciones SA 993 - - 993 6,279 0.01 Etihad Etisalat Co 1,649 1,352 - 3,001 20,327 0.04 Far EasTone Telecommunications Co Ltd 13,000 - - 13,000 28,472 0.06 Fiberhome Telecommunication Technologies Co Ltd 'A' - 1,300 - 1,300 4,655 0.01 Foxconn Industrial Internet Co Ltd 'A' - 2,300 - 2,300 6,335 0.01 GDS Holdings Ltd ADR 565 - - 565^ 28,178 0.06 Globe Telecom Inc 280 - - 280 10,041 0.02 Hellenic Telecommunications Organization SA 1,901 - - 1,901 27,429 0.06 Hytera Communications Corp Ltd 'A' - 3,700 - 3,700 4,189 0.01 Intouch Holdings PCL NVDR 16,200 - - 16,200 27,945 0.06 KMW Co Ltd - 209 - 209 8,380 0.02 LG Uplus Corp 968 - - 968 10,379 0.02 Maxis Bhd 19,900 - - 19,900 24,869 0.05 Megacable Holdings SAB de CV 2,658 - - 2,658 9,527 0.02 Meitu Inc 13,000 - 13,000 - - 0.00 Mobile TeleSystems PJSC ADR 4,089 546 - 4,635 45,552 0.10

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

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

For the financial period ended 31 January 2020

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

Shares (continued) MTN Group Ltd 13,879 - 811 13,068 67,884 0.14 Ooredoo QPSC 6,550 - - 6,550 11,949 0.02 Orange Polska SA 5,271 - - 5,271 9,181 0.02 PLDT Inc 1,035 - 330 705 13,323 0.03 Samsung SDI Co Ltd 450 - 24 426 95,143 0.20 Saudi Telecom Co 1,573 1,848 196 3,225 75,686 0.16 Shenzhen Sunway Communication Co Ltd 'A' - 800 - 800 4,848 0.01 SK Telecom Co Ltd 158 - - 158 29,343 0.06 Taiwan Mobile Co Ltd 13,000 - - 13,000 44,409 0.09 Telecom Argentina SA ADR 768 - - 768 8,355 0.02 Telefonica Brasil SA (Pref) 3,664 - - 3,664 49,112 0.10 Telekom Malaysia Bhd 13,000 - 5,300 7,700 6,995 0.01 Telekomunikasi Indonesia Persero Tbk PT 405,400 15,300 23,900 396,800 106,498 0.22 Telkom SA SOC Ltd 2,301 - - 2,301 4,773 0.01 TIM Participacoes SA 7,518 - - 7,518 28,421 0.06 Total Access Communication PCL NVDR 3,800 - - 3,800 5,232 0.01 True Corp PCL 41,818 29,400 - 71,218 8,286 0.02 True Corp PCL NVDR 38,700 - 34,200 4,500 524 0.00 Turkcell Iletisim Hizmetleri AS 8,170 - - 8,170 18,563 0.04 Vodacom Group Ltd 5,092 525 530 5,087 38,351 0.08 Xiaomi Corp 'B' 28,200 35,000 - 63,200 90,430 0.19 XL Axiata Tbk PT - 30,000 - 30,000 6,145 0.01 Yealink Network Technology Corp Ltd 'A' - 500 - 500 5,652 0.01 ZTE Corp 5,800 - - 5,800 18,262 0.04 ZTE Corp 'A' 1,000 - - 1,000 5,395 0.01 1,965,294 4.10 Textiles Far Eastern New Century Corp 26,300 - - 26,300 23,678 0.05 Formosa Taffeta Co Ltd 4,000 - - 4,000 4,317 0.01 27,995 0.06 Transportation BEST Inc ADR - 1,574 - 1,574 8,061 0.02 BTS Group Holdings PCL 27,900 3,134 - 31,034 12,003 0.02 BTS Group Holdings PCL NVDR 18,600 - - 18,600^ 7,194 0.01 China Merchants Energy Shipping Co Ltd 'A' - 5,800 - 5,800 5,040 0.01 CJ Logistics Corp 50 35 - 85 10,042 0.02 COSCO SHIPPING Energy Transportation Co Ltd 'H' 10,000 - - 10,000 4,248 0.01 COSCO SHIPPING Holdings Co Ltd 'A' - 7,700 - 7,700 5,037 0.01 COSCO SHIPPING Holdings Co Ltd 'H' 26,000 - - 26,000 9,042 0.02 Daqin Railway Co Ltd 'A' 4,200 - - 4,200 4,454 0.01 Evergreen Marine Corp Taiwan Ltd 25,988 1,382 - 27,370 10,267 0.02 Hyundai Glovis Co Ltd 165 - - 165 19,627 0.04 MISC Bhd 10,500 - 2,400 8,100 14,660 0.03 Pan Ocean Co Ltd 2,300 - - 2,300 7,408 0.01 Rumo SA 8,447 689 - 9,136 47,837 0.10 SF Holding Co Ltd 'A' - 800 - 800 4,321 0.01 Sinotrans Ltd 13,000 - - 13,000 3,875 0.01 Taiwan High Speed Rail Corp 16,000 - - 16,000 18,466 0.04 Yunda Holding Co Ltd 'A' - 800 - 800 3,268 0.01 ZTO Express Cayman Inc ADR 2,490 186 - 2,676 56,057 0.12 250,907 0.52

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Shares (continued) Environmental control China Conch Venture Holdings Ltd 13,500 - - 13,500 58,101 0.12 58,101 0.12 Entertainment Alibaba Pictures Group Ltd 150,000 - 30,000 120,000 16,544 0.03 Beijing Enlight Media Co Ltd 'A' - 3,500 - 3,500 5,095 0.01 OPAP SA 1,824 - - 1,824 21,932 0.05 Songcheng Performance Development Co Ltd 'A' - 1,200 - 1,200 4,453 0.01 Wanda Film Holding Co Ltd 'A' - 2,500 - 2,500 5,953 0.01 53,977 0.11 Packaging & containers Klabin SA 5,412 1,215 1,112 5,515 25,828 0.05 Lee & Man Paper Manufacturing Ltd 12,000 - - 12,000 8,093 0.02 33,921 0.07 Insurance BB Seguridade Participacoes SA 5,729 - - 5,729 44,971 0.09 Bupa Arabia for Cooperative Insurance Co 58 226 - 284 7,505 0.02 Cathay Financial Holding Co Ltd 62,000 2,132 - 64,132 83,230 0.17 China Life Insurance Co Ltd 22,685 - - 22,685 17,889 0.04 China Life Insurance Co Ltd 61,000 2,000 3,000 60,000 140,403 0.29 China Life Insurance Co Ltd 'A' 1,375 - - 1,375 6,109 0.01 China Pacific Insurance Group Co Ltd 'A' 1,700 2,100 - 3,800 18,820 0.04 China Pacific Insurance Group Co Ltd 'H' 21,600 - - 21,600 70,157 0.15 China Reinsurance Group Corp 58,000 - - 58,000 7,996 0.02 China Taiping Insurance Holdings Co Ltd 13,200 - - 13,200 26,855 0.06 Co for Cooperative Insurance 269 315 235 349 6,728 0.01 DB Insurance Co Ltd 386 - - 386 13,275 0.03 Discovery Ltd 2,838 471 - 3,309 24,889 0.05 Hanwha Life Insurance Co Ltd 2,845 - - 2,845 4,720 0.01 Hubei Biocause Pharmaceutical Co Ltd 'A' - 5,600 - 5,600 4,998 0.01 Hyundai Marine & Fire Insurance Co Ltd 470 - - 470 8,367 0.02 IRB Brasil Resseguros S/A 1,722 4,029 - 5,751 58,188 0.12 Liberty Holdings Ltd 871 558 - 1,429 9,703 0.02 Momentum Metropolitan Holdings 7,882 - - 7,882 10,131 0.02 New China Life Insurance Co Ltd 'A' 700 646 - 1,346 8,896 0.02 New China Life Insurance Co Ltd 'H' 6,800 - - 6,800 24,831 0.05 Orange Life Insurance Ltd 333 - - 333 7,410 0.02 People's Insurance Co Group of China Ltd 'H' 60,000 11,000 - 71,000 24,692 0.05 PICC Property & Casualty Co Ltd 'H' 56,000 - - 56,000 58,357 0.12 Ping An Insurance Group Co of China Ltd 45,500 1,000 2,000 44,500^ 490,261 1.02 Ping An Insurance Group Co of China Ltd 'A' 2,800 2,400 - 5,200 59,792 0.13 Porto Seguro SA 794 - - 794 11,851 0.02 Powszechny Zaklad Ubezpieczen SA 4,770 471 479 4,762 47,621 0.10 Qatar Insurance Co SAQ 12,730 - - 12,730 10,623 0.02 Samsung Fire & Marine Insurance Co Ltd 252 - - 252 43,027 0.09 Samsung Life Insurance Co Ltd 572 - - 572 32,169 0.07 Sanlam Ltd 14,614 1,592 938 15,268 72,568 0.15 Shin Kong Financial Holding Co Ltd 85,693 1,787 - 87,480 27,510 0.06 Sul America SA 1,997 - - 1,997 28,395 0.06 ZhongAn Online P&C Insurance Co Ltd 2,000 - - 2,000 6,310 0.01 1,519,247 3.17

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

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

For the financial period ended 31 January 2020

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

Shares (continued) Distribution & wholesale Hanwha Corp 336 - - 336 5,913 0.01 Hengyi Petrochemical Co Ltd 'A' - 2,200 - 2,200 4,157 0.01 LG Corp 777 - - 777 44,201 0.09 Posco International Corp 217 276 - 493 6,722 0.02 Sime Darby Bhd 22,303 - - 22,303 11,443 0.02 United Tractors Tbk PT 13,900 - - 13,900 18,850 0.04 91,286 0.19 Water Aguas Andinas SA 'A' 12,505 8,919 - 21,424 7,741 0.02 Beijing Enterprises Water Group Ltd 48,000 - 14,000 34,000 14,738 0.03 Cia de Saneamento Basico do Estado de Sao Paulo 2,797 - - 2,797 38,508 0.08 Guangdong Investment Ltd 24,000 - - 24,000 47,218 0.10 Metro Pacific Investments Corp 78,200 - - 78,200 4,763 0.01 112,968 0.24 Advertising Cheil Worldwide Inc 606 - - 606 10,371 0.02 Focus Media Information Technology Co Ltd 'A' 6,500 - - 6,500 5,264 0.01 15,635 0.03 Total shares 41,612,843 86.91 Collective investment schemes Diversified financial services BlackRock ICS US Dollar Liquidity Fund 492,694 1,414,047 1,751,617 155,125 149,610 0.31 149,610 0.31 Real estate investment trust iShares MSCI India UCITS ETF 737,022 51,444 - 788,466 4,109,548 8.58 4,109,548 8.58 Total collective investment schemes 4,259,158 8.89 Total securities traded on an official stock exchange 45,872,001 95.80 Total securities 45,872,001 95.80

Derivative financial instruments Index Futures MSCI Emerging Markets Index Futures September 2019 19 11 30 - - 0.00 MSCI Emerging Markets Index Futures December 2019 - 19 19 - - 0.00 MSCI Emerging Markets Index Futures March 2020 - 12 2 10 (30,773) (0.06) (30,773) (0.06) Warrants BTS Group Holdings PCL 26.11.2019 3,100 - 3,100 - - 0.00 BTS Group Holdings PCL 16.02.2021 - 3,103 - 3,103 - 0.00 BTS Group Holdings PCL NVDR 16.02.2021 - 1,860 - 1,860 - 0.00 Minor International PCL 30.09.2021 1,348 - 1,348 - - 0.00 - 0.00 Total derivative financial instruments (30,773) (0.06) Total investments 45,841,228 95.74

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

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

For the financial period ended 31 January 2020

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

Sight deposits 1,910,416 3.99 Other assets 129,749 0.27 Total sub-fund assets 47,881,393 100.00 Loans (1,543,012) (3.22) Other liabilities (47,315) (0.10) Net sub-fund assets 46,291,066 96.68 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 period ended 31 January 2020Ø

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

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

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

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) BIFS GLOBAL ex SWITZERLAND SOVEREIGN SCREENED CHF BOND FUND

For the financial period ended 31 January 2020

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

Securities traded on an official stock exchange Bonds Australia Australia Government Bond 1.75% 21.11.2020 340,000 - 340,000 - - 0.00 Australia Government Bond 2.25% 21.05.2028 430,000 - - 430,000 307,372 0.59 Australia Government Bond 2.75% 21.04.2024 300,000 - - 300,000 210,427 0.40 Australia Government Bond 2.75% 21.11.2027 410,000 - - 410,000 301,999 0.58 Australia Government Bond 2.75% 21.06.2035 450,000 - 40,000 410,000 322,825 0.62 Australia Government Bond 2.75% 21.05.2041 60,000 - - 60,000 47,901 0.09 Australia Government Bond 3% 21.03.2047 200,000 - - 200,000 170,184 0.32 Australia Government Bond 3.25% 21.04.2029 100,000 - - 100,000 77,669 0.15 Australia Government Bond 3.25% 21.06.2039 40,000 - - 40,000 34,097 0.06 Australia Government Bond 4.25% 21.04.2026 870,000 - - 870,000 679,778 1.30 Australia Government Bond 4.5% 21.04.2033 90,000 - - 90,000 82,748 0.16 Australia Government Bond 5.75% 15.07.2022 1,160,000 - 150,000 1,010,000 733,073 1.40 2,968,073 5.67 Belgium Kingdom of Belgium Government Bond 0.5% 22.10.2024 - 90,000 90,000 - - 0.00 Kingdom of Belgium Government Bond 0.8% 22.06.2025 - 50,000 - 50,000 57,134 0.11 Kingdom of Belgium Government Bond 0.8% 22.06.2027 - 120,000 - 120,000 139,106 0.27 Kingdom of Belgium Government Bond 0.9% 22.06.2029 100,000 125,000 170,000 55,000 64,899 0.12 Kingdom of Belgium Government Bond 1.45% 22.06.2037 120,000 - 120,000 - - 0.00 Kingdom of Belgium Government Bond 1.6% 22.06.2047 - 140,000 80,000 60,000 81,542 0.16 Kingdom of Belgium Government Bond 1.9% 22.06.2038 - 30,000 - 30,000 41,245 0.08 Kingdom of Belgium Government Bond 2.15% 22.06.2066 20,000 25,000 30,000 15,000 24,667 0.05 Kingdom of Belgium Government Bond 2.25% 22.06.2023 - 150,000 100,000 50,000 58,663 0.11 Kingdom of Belgium Government Bond 2.6% 22.06.2024 - 50,000 - 50,000 60,900 0.12 Kingdom of Belgium Government Bond 3% 22.06.2034 - 95,000 - 95,000 144,092 0.27 Kingdom of Belgium Government Bond 4% 28.03.2022 - 100,000 - 100,000 117,618 0.22 Kingdom of Belgium Government Bond 4.25% 28.03.2041 - 30,000 - 30,000 57,291 0.11 847,157 1.62 Chile Bonos de la Tesoreria de la Republica en pesos 4.5% 01.03.2026 75,000,000 - - 75,000,000 98,229 0.19 Bonos de la Tesoreria de la Republica en pesos 5% 01.03.2035 25,000,000 - - 25,000,000 35,180 0.06 Bonos de la Tesoreria de la Republica en pesos 6% 01.01.2043 25,000,000 - - 25,000,000 40,734 0.08 174,143 0.33 China China Government Bond 2.69% 07.03.2022 - 2,400,000 - 2,400,000 335,181 0.64 China Government Bond 2.74% 04.08.2026 2,500,000 200,000 - 2,700,000 370,161 0.71 China Government Bond 2.75% 08.08.2022 - 1,000,000 - 1,000,000 139,873 0.27 China Government Bond 2.79% 17.11.2023 1 2,999,999 - 3,000,000 417,524 0.80 China Government Bond 2.9% 05.05.2026 - 1,400,000 - 1,400,000 193,525 0.37 China Government Bond 3.12% 05.12.2026 - 300,000 - 300,000 42,186 0.08 China Government Bond 3.13% 21.11.2029 - 500,000 - 500,000 70,424 0.13 China Government Bond 3.17% 11.10.2021 - 2,000,000 1,000,000 1,000,000 140,932 0.27 China Government Bond 3.19% 11.04.2024 - 3,600,000 2,600,000 1,000,000 141,603 0.27 China Government Bond 3.22% 06.12.2025 - 2,000,000 - 2,000,000 282,922 0.54 China Government Bond 3.25% 22.11.2028 - 2,000,000 2,000,000 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) China Government Bond 4% 24.06.2069 - 300,000 - 300,000 44,527 0.08 China Government Bond 4.05% 24.07.2047 - 1,100,000 - 1,100,000 165,435 0.32 China Government Bond 4.08% 22.10.2048 - 2,700,000 300,000 2,400,000 363,665 0.69 China Government Bond 4.09% 27.04.2035 - 490,000 490,000 - - 0.00 2,707,958 5.17 Denmark Denmark Government Bond 0.5% 15.11.2027 980,000 - - 980,000 151,777 0.29 Denmark Government Bond 1.5% 15.11.2023 2,260,000 - 401,000 1,859,000 288,159 0.55 Denmark Government Bond 3% 15.11.2021 1,290,000 - 1,099,000 191,000 29,142 0.05 Denmark Government Bond 4.5% 15.11.2039 1,180,000 - - 1,180,000 327,955 0.63 797,033 1.52 Germany Bundesobligation (Zero-Coupon) 09.04.2021 440,000 - - 440,000 473,857 0.90 Bundesobligation (Zero-Coupon) 08.04.2022 250,000 - - 250,000^ 271,278 0.52 Bundesrepublik Deutschland Bundesanleihe (Zero-Coupon) 15.08.2026 160,000 - - 160,000^ 178,087 0.34 Bundesrepublik Deutschland Bundesanleihe (Zero-Coupon) 15.08.2050 - 76,000 - 76,000 79,854 0.15 Bundesrepublik Deutschland Bundesanleihe 0.25% 15.02.2027 40,000 - - 40,000 45,373 0.09 Bundesrepublik Deutschland Bundesanleihe 0.25% 15.08.2028 160,000 - - 160,000^ 182,805 0.35 Bundesrepublik Deutschland Bundesanleihe 0.5% 15.02.2028 110,000 - - 110,000 127,855 0.24 Bundesrepublik Deutschland Bundesanleihe 1% 15.08.2024 520,000 - - 520,000^ 599,040 1.14 Bundesrepublik Deutschland Bundesanleihe 1.25% 15.08.2048 80,000 - - 80,000 115,239 0.22 Bundesrepublik Deutschland Bundesanleihe 1.75% 04.07.2022 540,000 - - 540,000^ 611,599 1.17 Bundesrepublik Deutschland Bundesanleihe 2.5% 04.07.2044 120,000 - - 120,000 208,526 0.40 Bundesrepublik Deutschland Bundesanleihe 2.5% 15.08.2046 60,000 - - 60,000 106,842 0.20 Bundesrepublik Deutschland Bundesanleihe 4% 04.01.2037 150,000 - - 150,000 277,327 0.53 Bundesrepublik Deutschland Bundesanleihe 4.25% 04.07.2039 70,000 - - 70,000 140,221 0.27 Bundesrepublik Deutschland Bundesanleihe 4.75% 04.07.2034 100,000 - - 100,000 187,089 0.36 Bundesrepublik Deutschland Bundesanleihe 4.75% 04.07.2040 - 20,000 - 20,000 43,144 0.08 Bundesrepublik Deutschland Bundesanleihe 5.5% 04.01.2031 20,000 - - 20,000 35,600 0.07 Bundesrepublik Deutschland Bundesanleihe 5.625% 04.01.2028 300,000 - - 300,000 481,686 0.92 4,165,422 7.95 Finland Finland Government Bond 0.75% 15.04.2031 20,000 - - 20,000 23,585 0.04 Finland Government Bond 0.875% 15.09.2025 40,000 - - 40,000 46,093 0.09 Finland Government Bond 1.375% 15.04.2047 10,000 - - 10,000 13,858 0.03 Finland Government Bond 1.5% 15.04.2023 150,000 - - 150,000 171,388 0.33 Finland Government Bond 2.625% 04.07.2042 60,000 - - 60,000 99,192 0.19 Finland Government Bond 2.75% 04.07.2028 40,000 - - 40,000 54,005 0.10 Finland Government Bond 3.375% 15.04.2020 80,000 - - 80,000 86,165 0.16 494,286 0.94

[180] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) France French Republic Government Bond OAT (Zero-Coupon) 25.05.2021 - 350,000 - 350,000 377,130 0.72 French Republic Government Bond OAT (Zero-Coupon) 25.05.2022 - 300,000 - 300,000 325,403 0.62 French Republic Government Bond OAT (Zero-Coupon) 25.03.2024 - 150,000 - 150,000 164,229 0.31 French Republic Government Bond OAT 0.25% 25.11.2026 - 150,000 - 150,000 167,511 0.32 French Republic Government Bond OAT 0.5% 25.05.2025 460,000 - - 460,000 518,450 0.99 French Republic Government Bond OAT 0.5% 25.05.2029 - 120,000 - 120,000 137,039 0.26 French Republic Government Bond OAT 0.75% 25.11.2028 50,000 - - 50,000 58,303 0.11 French Republic Government Bond OAT 1% 25.05.2027 160,000 - - 160,000 188,321 0.36 French Republic Government Bond OAT 1.25% 25.05.2034 30,000 20,000 - 50,000 62,401 0.12 French Republic Government Bond OAT 1.25% 25.05.2036 - 40,000 - 40,000 50,078 0.10 French Republic Government Bond OAT 1.5% 25.05.2031 50,000 - - 50,000 63,175 0.12 French Republic Government Bond OAT 1.5% 25.05.2050 - 30,000 - 30,000 40,031 0.08 French Republic Government Bond OAT 1.75% 25.06.2039 - 60,000 - 60,000 81,778 0.16 French Republic Government Bond OAT 1.75% 25.05.2066 10,000 15,000 - 25,000 37,185 0.07 French Republic Government Bond OAT 2% 25.05.2048 - 80,000 - 80,000 117,927 0.23 French Republic Government Bond OAT 2.25% 25.10.2022 340,000 - 120,000 220,000 253,788 0.48 French Republic Government Bond OAT 2.5% 25.05.2030 190,000 - - 190,000 259,480 0.50 French Republic Government Bond OAT 2.75% 25.10.2027 - 29,000 - 29,000 38,566 0.07 French Republic Government Bond OAT 3.25% 25.05.2045 - 57,000 - 57,000 101,364 0.19 French Republic Government Bond OAT 4% 25.10.2038 140,000 - - 140,000 252,782 0.48 French Republic Government Bond OAT 4% 25.04.2055 30,000 - - 30,000 65,777 0.13 French Republic Government Bond OAT 4% 25.04.2060 20,000 10,000 - 30,000 69,265 0.13 French Republic Government Bond OAT 4.5% 25.04.2041 10,000 - - 10,000 19,819 0.04 French Republic Government Bond OAT 4.75% 25.04.2035 - 50,000 - 50,000 91,170 0.17 French Republic Government Bond OAT 5.75% 25.10.2032 30,000 - - 30,000 55,876 0.11 3,596,848 6.87 Indonesia Indonesia Treasury Bond 6.5% 15.06.2025 - 3,000,000,000 - 3,000,000,000 216,742 0.41 Indonesia Treasury Bond 7% 15.09.2030 - 2,000,000,000 - 2,000,000,000 144,791 0.27 Indonesia Treasury Bond 7.5% 15.06.2035 - 3,500,000,000 - 3,500,000,000 254,818 0.49 Indonesia Treasury Bond 8.25% 15.05.2029 - 2,000,000,000 - 2,000,000,000 155,386 0.30 Indonesia Treasury Bond 8.375% 15.04.2039 - 700,000,000 440,000,000 260,000,000 20,018 0.04 Indonesia Treasury Bond 10.25% 15.07.2022 - 2,500,000,000 - 2,500,000,000 194,212 0.37 985,967 1.88 Ireland Ireland Government Bond 0.9% 15.05.2028 50,000 - - 50,000 58,445 0.11

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Ireland Government Bond 1.7% 15.05.2037 60,000 - - 60,000 79,361 0.15 Ireland Government Bond 2% 18.02.2045 70,000 - - 70,000 101,581 0.19 Ireland Government Bond 2.4% 15.05.2030 30,000 - - 30,000 40,354 0.08 Ireland Government Bond 3.9% 20.03.2023 110,000 - - 110,000 134,076 0.26 Ireland Government Bond 5% 18.10.2020 150,000 - - 150,000 166,701 0.32 Ireland Government Bond 5.4% 13.03.2025 70,000 - - 70,000 97,253 0.18 677,771 1.29 Israel Israel Government Bond - Fixed 1.75% 31.08.2025 - 610,000 - 610,000 182,377 0.35 Israel Government Bond - Fixed 2% 31.03.2027 120,000 - - 120,000 36,747 0.07 Israel Government Bond - Fixed 4.25% 31.03.2023 220,000 - - 220,000 69,280 0.13 Israel Government Bond - Fixed 5.5% 31.01.2042 170,000 - - 170,000 82,576 0.16 370,980 0.71 Italy Italy Buoni Poliennali Del Tesoro 0.35% 01.11.2021 440,000 - 440,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 1% 15.07.2022 - 129,000 - 129,000 141,619 0.27 Italy Buoni Poliennali Del Tesoro 1.45% 15.05.2025 330,000 - - 330,000 372,725 0.71 Italy Buoni Poliennali Del Tesoro 2% 01.02.2028 110,000 - - 110,000 129,679 0.25 Italy Buoni Poliennali Del Tesoro 2.45% 01.09.2033 230,000 - - 230,000 282,684 0.54 Italy Buoni Poliennali Del Tesoro 2.7% 01.03.2047 80,000 - - 80,000 101,021 0.19 Italy Buoni Poliennali Del Tesoro 2.8% 01.12.2028 70,000 - - 70,000 87,739 0.17 Italy Buoni Poliennali Del Tesoro 2.8% 01.03.2067 40,000 - 40,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 3.1% 01.03.2040 - 76,000 - 76,000 100,875 0.19 Italy Buoni Poliennali Del Tesoro 3.45% 01.03.2048 20,000 - 20,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 3.75% 01.03.2021 - 150,000 - 150,000 167,392 0.32 Italy Buoni Poliennali Del Tesoro 3.75% 01.05.2021 - 125,000 - 125,000 140,314 0.27 Italy Buoni Poliennali Del Tesoro 3.75% 01.08.2021 - 123,000 - 123,000 139,307 0.27 Italy Buoni Poliennali Del Tesoro 3.85% 01.09.2049 - 74,000 20,000 54,000 82,522 0.16 Italy Buoni Poliennali Del Tesoro 4% 01.09.2020 490,000 - 490,000 - - 0.00 Italy Buoni Poliennali Del Tesoro 4.5% 01.03.2024 400,000 - - 400,000 502,120 0.96 Italy Buoni Poliennali Del Tesoro 4.75% 01.09.2044 70,000 60,000 70,000 60,000 100,958 0.19 Italy Buoni Poliennali Del Tesoro 5% 01.03.2022 - 118,000 - 118,000 139,714 0.27 Italy Buoni Poliennali Del Tesoro 5% 01.08.2034 40,000 61,000 40,000 61,000 96,586 0.18 Italy Buoni Poliennali Del Tesoro 5% 01.08.2039 120,000 - 40,000 80,000 133,634 0.25 Italy Buoni Poliennali Del Tesoro 5.25% 01.11.2029 230,000 96,000 210,000 116,000 174,437 0.33 Italy Buoni Poliennali Del Tesoro 7.25% 01.11.2026 - 92,000 - 92,000 141,945 0.27 3,035,271 5.79 Japan Japan Government Five Year Bond 0.1% 20.06.2023 7,300,000 - - 7,300,000 65,567 0.12 Japan Government Forty Year Bond 0.5% 20.03.2059 - 5,200,000 - 5,200,000 48,046 0.09 Japan Government Forty Year Bond 1.4% 20.03.2055 4,100,000 - - 4,100,000 48,666 0.09 Japan Government Ten Year Bond 0.1% 20.09.2027 16,000,000 - - 16,000,000 145,194 0.28 Japan Government Ten Year Bond 0.1% 20.03.2028 25,500,000 - - 25,500,000 231,281 0.44 Japan Government Ten Year Bond 0.4% 20.09.2025 23,700,000 - - 23,700,000 217,758 0.42 Japan Government Ten Year Bond 0.6% 20.06.2024 15,000,000 - - 15,000,000 138,040 0.26 Japan Government Ten Year Bond 0.8% 20.06.2022 58,500,000 - - 58,500,000 532,528 1.02 Japan Government Thirty Year Bond 0.8% 20.03.2046 8,400,000 - - 8,400,000 83,841 0.16 Japan Government Thirty Year Bond 0.8% 20.03.2048 6,600,000 - - 6,600,000 65,840 0.13 Japan Government Thirty Year Bond 1.9% 20.06.2043 6,000,000 - - 6,000,000 72,944 0.14 Japan Government Thirty Year Bond 2.2% 20.03.2041 8,350,000 - - 8,350,000 104,049 0.20 Japan Government Thirty Year Bond 2.3% 20.03.2040 4,000,000 - - 4,000,000 50,008 0.10 Japan Government Twenty Year Bond 0.5% 20.09.2036 8,000,000 - - 8,000,000 75,296 0.14

[182] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Japan Government Twenty Year Bond 1.4% 20.09.2034 18,200,000 - - 18,200,000 192,799 0.37 Japan Government Twenty Year Bond 1.6% 20.06.2030 5,800,000 - - 5,800,000 60,475 0.11 Japan Government Twenty Year Bond 1.7% 20.12.2022 - 4,550,000 - 4,550,000 42,688 0.08 Japan Government Twenty Year Bond 1.7% 20.12.2032 5,100,000 - - 5,100,000 55,098 0.10 Japan Government Twenty Year Bond 2.1% 20.12.2030 14,200,000 - - 14,200,000 155,721 0.30 2,385,839 4.55 Canada Canadian Government Bond 0.75% 01.03.2021 730,000 - 363,000 367,000 265,365 0.51 Canadian Government Bond 1% 01.09.2022 150,000 - - 150,000 108,278 0.21 Canadian Government Bond 2% 01.12.2051 - 30,000 - 30,000 25,178 0.05 Canadian Government Bond 2.5% 01.06.2024 270,000 - - 270,000 206,762 0.40 Canadian Government Bond 2.75% 01.06.2022 800,000 - 230,000 570,000 428,242 0.82 Canadian Government Bond 2.75% 01.12.2048 120,000 - 20,000 100,000 95,676 0.18 Canadian Government Bond 2.75% 01.12.2064 110,000 - 78,000 32,000 33,737 0.06 Canadian Government Bond 3.5% 01.12.2045 90,000 - 7,000 83,000 87,502 0.17 Canadian Government Bond 4% 01.06.2041 90,000 - - 90,000 96,604 0.18 Canadian Government Bond 5% 01.06.2037 270,000 - 233,000 37,000 41,885 0.08 Canadian Government Bond 5.75% 01.06.2033 150,000 - - 150,000 168,156 0.32 Canadian Government Bond 8% 01.06.2027 600,000 - 250,000 350,000 373,966 0.71 1,931,351 3.69 New Zealand New Zealand Government Bond 4.5% 15.04.2027 100,000 - - 100,000 76,461 0.15 New Zealand Government Bond 5.5% 15.04.2023 150,000 - - 150,000 106,816 0.20 New Zealand Government Bond 6% 15.05.2021 110,000 - - 110,000 72,994 0.14 256,271 0.49 Netherlands Netherlands Government Bond 0.5% 15.07.2026 110,000 - - 110,000 125,418 0.24 Netherlands Government Bond 0.5% 15.01.2040 - 39,000 - 39,000 45,757 0.09 Netherlands Government Bond 0.75% 15.07.2028 110,000 - 40,000 70,000 82,308 0.16 Netherlands Government Bond 2% 15.07.2024 320,000 - - 320,000 382,361 0.73 Netherlands Government Bond 2.25% 15.07.2022 100,000 - - 100,000 114,589 0.22 Netherlands Government Bond 2.5% 15.01.2033 100,000 - - 100,000 144,988 0.28 Netherlands Government Bond 2.75% 15.01.2047 70,000 - - 70,000 128,876 0.24 Netherlands Government Bond 3.5% 15.07.2020 290,000 - 50,000 240,000 261,228 0.50 Netherlands Government Bond 3.75% 15.01.2042 100,000 - - 100,000 195,401 0.37 Netherlands Government Bond 4% 15.01.2037 90,000 - - 90,000 163,406 0.31 Netherlands Government Bond 5.5% 15.01.2028 60,000 - - 60,000 94,960 0.18 1,739,292 3.32 Norway Norway Government Bond 1.75% 13.03.2025 580,000 - 419,000 161,000 17,265 0.03 Norway Government Bond 2% 24.05.2023 2,240,000 - - 2,240,000 239,910 0.46 Norway Government Bond 2% 26.04.2028 990,000 - - 990,000 109,225 0.21 366,400 0.70 Austria Republic of Austria Government Bond (Zero-Coupon) 20.09.2022 260,000 - - 260,000 282,669 0.54 Republic of Austria Government Bond 0.5% 20.04.2027 50,000 - - 50,000 56,951 0.11 Republic of Austria Government Bond 0.5% 20.02.2029 150,000 - - 150,000 171,705 0.33 Republic of Austria Government Bond 1.5% 20.02.2047 80,000 - - 80,000 111,741 0.21 Republic of Austria Government Bond 1.5% 02.11.2086 30,000 - - 30,000 46,488 0.09 Republic of Austria Government Bond 1.65% 21.10.2024 260,000 - - 260,000 307,268 0.59 Republic of Austria Government Bond 3.5% 15.09.2021 140,000 - 20,000 120,000 136,901 0.26

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Republic of Austria Government Bond 3.8% 26.01.2062 40,000 10,000 - 50,000 121,319 0.23 Republic of Austria Government Bond 4.15% 15.03.2037 40,000 - - 40,000 72,479 0.14 1,307,521 2.50 Poland Republic of Poland Government Bond 2.25% 25.10.2024 1,320,000 - 1,320,000 - - 0.00 Republic of Poland Government Bond 2.75% 25.10.2029 600,000 - 600,000 - - 0.00 - 0.00 Russia Russian Federal Bond - OFZ 6.9% 23.05.2029 - 6,000,000 - 6,000,000 95,646 0.18 Russian Federal Bond - OFZ 7% 15.12.2021 - 5,000,000 - 5,000,000 77,476 0.15 Russian Federal Bond - OFZ 7.25% 10.05.2034 - 4,500,000 - 4,500,000 73,871 0.14 Russian Federal Bond - OFZ 7.4% 07.12.2022 - 5,000,000 - 5,000,000 79,159 0.15 Russian Federal Bond - OFZ 7.4% 17.07.2024 - 5,000,000 - 5,000,000 80,084 0.16 Russian Federal Bond - OFZ 7.75% 16.09.2026 - 7,000,000 - 7,000,000 115,696 0.22 521,932 1.00 Sweden Sweden Government Bond 2.25% 01.06.2032 140,000 - - 140,000 17,636 0.03 Sweden Government Bond 2.5% 12.05.2025 560,000 - 475,000 85,000 9,765 0.02 Sweden Government Bond 3.5% 30.03.2039 1,110,000 - - 1,110,000 176,332 0.34 Sweden Government Bond 5% 01.12.2020 3,030,000 - 525,000 2,505,000 261,646 0.50 465,379 0.89 Singapore Singapore Government Bond 2.125% 01.06.2026 100,000 - - 100,000 73,383 0.14 Singapore Government Bond 2.25% 01.08.2036 60,000 - - 60,000 44,978 0.09 Singapore Government Bond 2.75% 01.04.2042 30,000 - - 30,000 24,295 0.05 Singapore Government Bond 2.75% 01.03.2046 100,000 18,000 - 118,000 95,734 0.18 Singapore Government Bond 2.875% 01.09.2030 300,000 - - 300,000 237,170 0.45 Singapore Government Bond 3.125% 01.09.2022 900,000 - 258,000 642,000 472,959 0.90 948,519 1.81 Slovakia Slovakia Government Bond 0.75% 09.04.2030 60,000 - - 60,000 69,171 0.13 69,171 0.13 Slovenia Slovenia Government Bond 1.1875% 14.03.2029 80,000 - - 80,000 94,783 0.18 Slovenia Government Bond 1.5% 25.03.2035 30,000 - - 30,000 37,840 0.07 132,623 0.25 Spain Spain Government Bond 0.05% 31.10.2021 130,000 250,000 130,000 250,000 269,456 0.51 Spain Government Bond 0.35% 30.07.2023 400,000 - 200,000 200,000 218,806 0.42 Spain Government Bond 0.45% 31.10.2022 - 150,000 50,000 100,000 109,398 0.21 Spain Government Bond 0.6% 31.10.2029 - 70,000 - 70,000 77,539 0.15 Spain Government Bond 0.75% 30.07.2021 110,000 - 110,000 - - 0.00 Spain Government Bond 1.3% 31.10.2026 - 80,000 40,000 40,000 46,606 0.09 Spain Government Bond 1.4% 30.07.2028 300,000 - - 300,000 355,190 0.68 Spain Government Bond 1.5% 30.04.2027 - 23,000 - 23,000 27,217 0.05 Spain Government Bond 1.6% 30.04.2025 - 200,000 - 200,000 233,705 0.45 Spain Government Bond 1.85% 30.07.2035 70,000 30,000 70,000 30,000 37,810 0.07 Spain Government Bond 1.95% 30.04.2026 280,000 - 160,000 120,000 144,437 0.27 Spain Government Bond 2.35% 30.07.2033 - 40,000 - 40,000 53,081 0.10 Spain Government Bond 2.7% 31.10.2048 - 55,000 25,000 30,000 44,435 0.08 Spain Government Bond 2.9% 31.10.2046 - 30,000 - 30,000 45,621 0.09

[184] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Spain Government Bond 3.45% 30.07.2066 30,000 12,000 20,000 22,000 39,686 0.08 Spain Government Bond 4.2% 31.01.2037 - 30,000 - 30,000 50,340 0.10 Spain Government Bond 4.9% 30.07.2040 80,000 - - 80,000 151,238 0.29 Spain Government Bond 5.15% 31.10.2044 55,000 30,000 55,000 30,000 61,393 0.12 Spain Government Bond 5.75% 30.07.2032 90,000 40,000 90,000 40,000 70,780 0.13 2,036,738 3.89 South Korea Korea Treasury Bond 1.375% 10.09.2024 - 360,000,000 - 360,000,000 291,069 0.56 Korea Treasury Bond 1.5% 10.12.2026 140,000,000 - - 140,000,000 113,337 0.22 Korea Treasury Bond 1.875% 10.06.2026 290,000,000 - 290,000,000 - - 0.00 Korea Treasury Bond 1.875% 10.06.2029 - 500,000,000 300,000,000 200,000,000 166,141 0.32 Korea Treasury Bond 2% 10.03.2021 1,070,000,000 - 800,000,000 270,000,000 220,176 0.42 Korea Treasury Bond 2% 10.12.2021 500,000,000 - - 500,000,000 409,745 0.78 Korea Treasury Bond 2% 10.09.2022 - 780,000,000 - 780,000,000 641,928 1.22 Korea Treasury Bond 2% 10.03.2046 80,000,000 - - 80,000,000 70,456 0.13 Korea Treasury Bond 2% 10.03.2049 - 150,000,000 80,000,000 70,000,000 62,074 0.12 Korea Treasury Bond 2.125% 10.06.2027 330,000,000 - - 330,000,000 278,320 0.53 Korea Treasury Bond 2.125% 10.03.2047 132,780,000 - - 132,780,000 120,060 0.23 Korea Treasury Bond 2.25% 10.12.2025 360,000,000 - 118,930,000 241,070,000 203,645 0.39 Korea Treasury Bond 2.375% 10.09.2038 - 120,000,000 - 120,000,000 109,286 0.21 Korea Treasury Bond 2.625% 10.03.2048 195,000,000 - - 195,000,000 195,098 0.37 Korea Treasury Bond 2.75% 10.12.2044 21,000,000 - 21,000,000 - - 0.00 Korea Treasury Bond 3% 10.12.2042 410,000,000 - - 410,000,000 421,379 0.80 Korea Treasury Bond 3.5% 10.03.2024 480,000,000 - 130,000,000 350,000,000 306,836 0.59 Korea Treasury Bond 3.75% 10.12.2033 754,000,000 - 100,000,000 654,000,000 670,908 1.28 Korea Treasury Bond 5% 10.06.2020 640,000,000 - 640,000,000 - - 0.00 Korea Treasury Bond 5.5% 10.03.2028 100,000,000 - - 100,000,000 105,345 0.20 4,385,803 8.37 Thailand Thailand Government Bond 1.45% 17.12.2024 - 11,000,000 - 11,000,000 345,299 0.66 Thailand Government Bond 1.6% 17.12.2029 - 6,000,000 - 6,000,000 190,707 0.36 Thailand Government Bond 1.6% 17.06.2035 - 5,000,000 - 5,000,000 155,972 0.30 Thailand Government Bond 2.875% 17.06.2046 3,150,000 - 3,150,000 - - 0.00 Thailand Government Bond 3.3% 17.06.2038 - 5,000,000 586,000 4,414,000 171,720 0.33 Thailand Government Bond 3.625% 16.06.2023 3,700,000 - 3,700,000 - - 0.00 Thailand Government Bond 3.65% 17.12.2021 5,060,000 - 5,060,000 - - 0.00 Thailand Government Bond 3.8% 14.06.2041 1,268,000 - 1,268,000 - - 0.00 Thailand Government Bond 3.85% 12.12.2025 3,000,000 - 3,000,000 - - 0.00 Thailand Government Bond 4% 17.06.2066 1,230,000 - - 1,230,000 57,454 0.11 Thailand Government Bond 4.26% 12.12.2037 4,800,000 - 4,800,000 - - 0.00 Thailand Government Bond 4.675% 29.06.2044 340,000 - 340,000 - - 0.00 Thailand Government Bond 4.875% 22.06.2029 5,150,000 - 5,150,000 - - 0.00 921,152 1.76 Czech Republic Czech Republic Government Bond 0.95% 15.05.2030 500,000 - - 500,000 20,055 0.04 Czech Republic Government Bond 2.5% 25.08.2028 1,500,000 - - 1,500,000 68,613 0.13 Czech Republic Government Bond 4.85% 26.11.2057 400,000 - - 400,000 28,223 0.06 Czech Republic Government Bond 5.7% 25.05.2024 3,800,000 - 920,000 2,880,000 143,419 0.27 260,310 0.50 Hungary Hungary Government Bond 3% 26.06.2024 63,000,000 - - 63,000,000 217,518 0.41 217,518 0.41

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) United States United States Treasury Note/Bond 1.25% 31.10.2021 80,000 - - 80,000 76,990 0.15 United States Treasury Note/Bond 1.375% 30.09.2020 260,000 - 260,000 - - 0.00 United States Treasury Note/Bond 1.375% 30.04.2021 870,000 - 695,000 175,000 168,588 0.32 United States Treasury Note/Bond 1.375% 15.10.2022 - 450,000 - 450,000 434,645 0.83 United States Treasury Note/Bond 1.5% 15.08.2026 380,000 - 100,000 280,000 271,438 0.52 United States Treasury Note/Bond 1.625% 15.08.2029 - 200,000 200,000 - - 0.00 United States Treasury Note/Bond 2% 31.12.2021 700,000 - 125,000 575,000 561,231 1.07 United States Treasury Note/Bond 2.25% 31.12.2023 210,000 - - 210,000 209,734 0.40 United States Treasury Note/Bond 2.25% 15.08.2027 120,000 - - 120,000 122,371 0.23 United States Treasury Note/Bond 2.25% 15.08.2046 110,000 - 50,000 60,000 60,435 0.12 United States Treasury Note/Bond 2.25% 15.08.2049 - 100,000 20,000 80,000 81,183 0.15 United States Treasury Note/Bond 2.375% 15.05.2029 110,000 - - 110,000 114,046 0.22 United States Treasury Note/Bond 2.5% 15.05.2024 740,000 - - 740,000 748,541 1.43 United States Treasury Note/Bond 2.5% 15.02.2046 320,000 - 183,000 137,000 144,620 0.28 United States Treasury Note/Bond 2.75% 15.11.2047 30,000 - - 30,000 33,409 0.06 United States Treasury Note/Bond 2.875% 31.05.2025 100,000 - - 100,000 103,965 0.20 United States Treasury Note/Bond 2.875% 15.05.2028 160,000 - - 160,000 171,118 0.33 United States Treasury Note/Bond 2.875% 15.05.2049 20,000 - - 20,000 22,963 0.04 United States Treasury Note/Bond 3% 15.11.2044 70,000 - - 70,000 80,296 0.15 United States Treasury Note/Bond 3.375% 15.11.2048 30,000 - - 30,000 37,568 0.07 United States Treasury Note/Bond 4.375% 15.05.2041 130,000 - 30,000 100,000 137,931 0.26 United States Treasury Note/Bond 4.5% 15.08.2039 - 40,000 - 40,000 55,492 0.11 United States Treasury Note/Bond 5% 15.05.2037 50,000 - - 50,000 71,716 0.14 United States Treasury Note/Bond 6.375% 15.08.2027 120,000 - - 120,000 156,747 0.30 3,865,027 7.38 United Kingdom United Kingdom Gilt 0.875% 22.10.2029 - 160,000 - 160,000 210,304 0.40 United Kingdom Gilt 1.5% 22.07.2026 130,000 - 50,000 80,000 108,976 0.21 United Kingdom Gilt 1.625% 22.10.2071 40,000 - 15,000 25,000 41,175 0.08 United Kingdom Gilt 1.75% 07.09.2022 710,000 - 295,000 415,000 545,750 1.04 United Kingdom Gilt 1.75% 07.09.2037 130,000 30,000 - 160,000 230,979 0.44 United Kingdom Gilt 1.75% 22.07.2057 150,000 - - 150,000 239,183 0.46 United Kingdom Gilt 2.5% 22.07.2065 - 50,000 - 50,000 100,502 0.19 United Kingdom Gilt 2.75% 07.09.2024 140,000 40,000 - 180,000 253,226 0.48 United Kingdom Gilt 3.25% 22.01.2044 20,000 - - 20,000 37,473 0.07 United Kingdom Gilt 3.5% 22.01.2045 - 100,000 20,000 80,000 157,193 0.30 United Kingdom Gilt 3.5% 22.07.2068 60,000 - 40,000 20,000 50,806 0.10 United Kingdom Gilt 3.75% 07.09.2020 130,000 - 130,000 - - 0.00 United Kingdom Gilt 3.75% 22.07.2052 265,000 - 152,000 113,000 253,937 0.48 United Kingdom Gilt 4.25% 07.12.2027 340,000 - 140,000 200,000 329,706 0.63 United Kingdom Gilt 4.25% 07.12.2040 100,000 - 70,000 30,000 61,761 0.12 United Kingdom Gilt 4.5% 07.09.2034 200,000 - 50,000 150,000 289,018 0.55 United Kingdom Gilt 4.5% 07.12.2042 280,000 - 60,000 220,000 480,258 0.92 3,390,247 6.47 Total bonds 46,022,002 87.85 Total securities traded on an official stock exchange 46,022,002 87.85

Securities not listed Bonds Malaysia Malaysia Government Bond 3.885% 15.08.2029 1,300,000 200,000 1,500,000 - - 0.00

[186] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Malaysia Government Bond 3.899% 16.11.2027 - 200,000 200,000 - - 0.00 Malaysia Government Bond 3.9% 30.11.2026 1,100,000 - 1,100,000 - - 0.00 Malaysia Government Bond 4.16% 15.07.2021 1,000,000 - 1,000,000 - - 0.00 Malaysia Government Investment Issue 4.119% 30.11.2034 - 200,000 - 200,000 51,275 0.10 Malaysia Government Investment Issue 4.467% 15.09.2039 520,000 - 520,000 - - 0.00 51,275 0.10 New Zealand New Zealand Government Bond 2.75% 15.04.2037 90,000 - - 90,000 65,070 0.12 65,070 0.12 Total bonds 116,345 0.22 Total securities not listed 116,345 0.22 Total securities 46,138,347 88.07

Derivative financial instruments Open forwards exchange transactionsØ AUD/USD Maturity 04.02.2020 - 86,000 60,503 - (2,827) (0.01) CAD/USD Maturity 04.02.2020 - 192,000 148,055 - (2,778) 0.00 CAD/USD Maturity 04.02.2020 - 46,000 35,480 - (674) 0.00 CHF/USD Maturity 04.02.2020 - 9,585,000 9,888,141 - 48,383 0.09 CHF/USD Maturity 04.02.2020 - 9,585,000 9,887,559 - 48,943 0.09 CHF/USD Maturity 04.02.2020 - 9,585,000 9,886,335 - 50,124 0.10 CHF/USD Maturity 04.02.2020 - 9,585,000 9,885,673 - 50,763 0.10 CHF/USD Maturity 04.02.2020 - 9,589,000 9,887,351 - 53,144 0.10 DKK/USD Maturity 04.02.2020 - 987,000 148,015 - (1,590) 0.00 DKK/USD Maturity 04.02.2020 - 83,000 12,495 - (180) 0.00 EUR/USD Maturity 04.02.2020 - 135,000 151,842 - (2,156) 0.00 EUR/USD Maturity 04.02.2020 - 22,000 24,518 - (133) 0.00 GBP/USD Maturity 04.02.2020 - 61,000 80,885 - (458) 0.00 GBP/USD Maturity 04.02.2020 - 8,000 10,458 - 84 0.00 GBP/USD Maturity 04.02.2020 - 395,000 520,180 - 491 0.00 JPY/USD Maturity 04.02.2020 - 3,285,000 30,275 - 33 0.00 SGD/USD Maturity 04.02.2020 - 146,000 108,307 - (1,292) 0.00 USD/AUD Maturity 04.02.2020 - 650,309 929,000 - 27,381 0.05 USD/AUD Maturity 04.02.2020 - 657,850 940,000 - 27,551 0.05 USD/AUD Maturity 04.02.2020 - 657,881 940,000 - 27,581 0.05 USD/AUD Maturity 04.02.2020 - 657,995 940,000 - 27,692 0.05 USD/AUD Maturity 04.02.2020 - 658,113 940,000 - 27,805 0.05 USD/CAD Maturity 04.02.2020 - 2,192,034 2,863,000 - 26,307 0.05 USD/CHF Maturity 04.02.2020 - 378,746 366,000 - (718) 0.00 USD/CHF Maturity 04.02.2020 - 89,218 86,000 - 46 0.00 USD/CNY Maturity 04.02.2020 - 492,120 3,440,000 - (4,120) (0.01) USD/CNY Maturity 04.02.2020 - 492,122 3,440,000 - (4,118) (0.01) USD/CNY Maturity 04.02.2020 - 492,146 3,440,000 - (4,096) (0.01) USD/CNY Maturity 04.02.2020 - 492,392 3,440,000 - (3,858) (0.01) USD/CNY Maturity 04.02.2020 - 493,730 3,449,000 - (3,820) (0.01) USD/CNY Maturity 04.02.2020 - 10,103 70,000 - 1 0.00 USD/CNY Maturity 04.02.2020 - 352,453 2,442,000 - 70 0.00 USD/CZK Maturity 04.02.2020 - 348,430 7,930,000 - (517) 0.00 USD/DKK Maturity 04.02.2020 - 992,486 6,610,000 - 11,825 0.02 USD/EUR Maturity 04.02.2020 - 16,808 15,000 - 178 0.00 USD/EUR Maturity 04.02.2020 - 1,605,728 1,433,000 - 17,049 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Open forwards exchange transactionsØ (continued) USD/EUR Maturity 04.02.2020 - 3,455,662 3,084,000 - 36,623 0.07 USD/EUR Maturity 04.02.2020 - 3,469,046 3,095,000 - 37,774 0.07 USD/EUR Maturity 04.02.2020 - 3,469,216 3,095,000 - 37,938 0.07 USD/EUR Maturity 04.02.2020 - 3,469,835 3,095,000 - 38,535 0.07 USD/EUR Maturity 04.02.2020 - 3,470,371 3,095,000 - 39,052 0.07 USD/GBP Maturity 04.02.2020 - 808,544 616,000 - (3,344) (0.01) USD/GBP Maturity 04.02.2020 - 801,174 610,000 - (2,824) 0.00 USD/GBP Maturity 04.02.2020 - 801,877 610,000 - (2,146) 0.00 USD/GBP Maturity 04.02.2020 - 801,879 610,000 - (2,145) 0.00 USD/GBP Maturity 04.02.2020 - 801,988 610,000 - (2,039) 0.00 USD/HUF Maturity 04.02.2020 - 245,897 72,610,000 - 7,328 0.01 USD/ILS Maturity 04.02.2020 - 399,269 1,380,000 - (878) 0.00 USD/ILS Maturity 04.02.2020 - 12,468 43,000 - (1) 0.00 USD/JPY Maturity 04.02.2020 - 2,437,595 265,530,000 - (11,846) (0.02) USD/JPY Maturity 04.02.2020 - 73,600 7,966,000 - 99 0.00 USD/MXN Maturity 04.02.2020 - 7,385 140,000 - (15) 0.00 USD/NOK Maturity 04.02.2020 - 497,868 4,380,000 - 21,894 0.04 USD/NZD Maturity 04.02.2020 - 356,819 530,000 - 13,338 0.03 USD/PLN Maturity 04.02.2020 - 36,795 140,000 - 678 0.00 USD/SEK Maturity 04.02.2020 - 654,498 6,100,000 - 20,860 0.04 USD/SGD Maturity 04.02.2020 - 1,135,128 1,530,000 - 13,663 0.03 USD/THB Maturity 04.02.2020 - 1,000,435 29,910,000 - 39,406 0.08 KRW/USD Maturity 18.03.2020 - 137,492,000 118,202 - (2,643) 0.00 KRW/USD Maturity 18.03.2020 - 38,405,000 33,335 - (1,044) 0.00 MYR/USD Maturity 18.03.2020 - 404,000 98,609 - (145) 0.00 USD/CLP Maturity 18.03.2020 - 190,702 147,060,000 - 6,877 0.01 USD/IDR Maturity 18.03.2020 - 1,034,280 14,666,092,200 - (34,357) (0.07) USD/IDR Maturity 18.03.2020 - 15,711 218,888,000 - (248) 0.00 USD/KRW Maturity 18.03.2020 - 4,732,243 5,634,634,000 - 760 0.00 USD/MYR Maturity 18.03.2020 - 151,370 630,000 - (2,083) 0.00 USD/RUB Maturity 18.03.2020 - 553,603 35,590,000 - (477) 0.00 USD/RUB Maturity 18.03.2020 - 23,487 1,475,000 - 503 0.00 661,209 1.26 Total derivative financial instruments 661,209 1.26 Total investments 46,799,556 89.33

Sight deposits 5,249,766 10.02 Other assets 337,866 0.65 Total sub-fund assets 52,387,188 100.00 Loans (4,020,075) (7.67) Other liabilities (20,613) (0.04) Net sub-fund assets 48,346,500 92.29 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 period ended 31 January 2020Ø

Counter- Maturity Transaction Currency Amount currency Countervalue 02.08.2019 Bought CAD 10,000 USD 7,658 02.08.2019 Bought CAD 450,000 USD 344,619

[188] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

List of closed forward exchange transactions for the period ended 31 January 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.08.2019 Bought CHF 440,000 USD 452,613 02.08.2019 Bought CHF 9,365,000 USD 9,631,405 02.08.2019 Bought CHF 9,365,000 USD 9,630,335 02.08.2019 Bought CHF 9,365,000 USD 9,634,437 02.08.2019 Bought CHF 9,358,000 USD 9,616,392 02.08.2019 Bought CHF 9,365,000 USD 9,626,603 02.08.2019 Bought CHF 80,000 USD 81,458 02.08.2019 Bought CZK 1,530,000 USD 68,527 02.08.2019 Bought DKK 640,000 USD 97,918 02.08.2019 Bought JPY 14,600,000 USD 135,837 02.08.2019 Bought NOK 790,000 USD 92,755 02.08.2019 Bought NZD 100,000 USD 67,213 02.08.2019 Bought SEK 1,490,000 USD 160,973 02.08.2019 Bought USD 56,201 AUD 80,000 02.08.2019 Bought USD 718,956 AUD 1,025,000 02.08.2019 Bought USD 718,909 AUD 1,025,000 02.08.2019 Bought USD 719,044 AUD 1,025,000 02.08.2019 Bought USD 722,803 AUD 1,030,000 02.08.2019 Bought USD 719,140 AUD 1,025,000 02.08.2019 Bought USD 696,003 CAD 910,000 02.08.2019 Bought USD 695,951 CAD 910,000 02.08.2019 Bought USD 695,955 CAD 910,000 02.08.2019 Bought USD 703,595 CAD 920,000 02.08.2019 Bought USD 695,836 CAD 910,000 02.08.2019 Bought USD 341,848 CNY 2,350,000 02.08.2019 Bought USD 14,546 CNY 100,000 02.08.2019 Bought USD 423,410 CZK 9,460,000 02.08.2019 Bought USD 1,230,560 DKK 8,050,000 02.08.2019 Bought USD 399,596 EUR 350,000 02.08.2019 Bought USD 353,928 EUR 310,000 02.08.2019 Bought USD 3,253,888 EUR 2,850,000 02.08.2019 Bought USD 3,253,785 EUR 2,850,000 02.08.2019 Bought USD 3,253,802 EUR 2,850,000 02.08.2019 Bought USD 3,241,613 EUR 2,840,000 02.08.2019 Bought USD 3,251,351 EUR 2,850,000 02.08.2019 Bought USD 45,425 EUR 40,000 02.08.2019 Bought USD 884,504 GBP 695,000 02.08.2019 Bought USD 884,486 GBP 695,000 02.08.2019 Bought USD 884,599 GBP 695,000 02.08.2019 Bought USD 878,004 GBP 690,000 02.08.2019 Bought USD 884,160 GBP 695,000 02.08.2019 Bought USD 185,977 HUF 52,610,000 02.08.2019 Bought USD 70,540 HUF 20,000,000 02.08.2019 Bought USD 188,147 ILS 670,000 02.08.2019 Bought USD 515,298 JPY 55,390,000 02.08.2019 Bought USD 515,347 JPY 55,390,000 02.08.2019 Bought USD 515,400 JPY 55,390,000 02.08.2019 Bought USD 515,625 JPY 55,400,000 02.08.2019 Bought USD 515,346 JPY 55,390,000 02.08.2019 Bought USD 7,272 MXN 140,000 02.08.2019 Bought USD 607,611 NOK 5,170,000

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

List of closed forward exchange transactions for the period ended 31 January 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.08.2019 Bought USD 423,001 NZD 630,000 02.08.2019 Bought USD 536,750 PLN 2,000,000 02.08.2019 Bought USD 34,855 PLN 130,000 02.08.2019 Bought USD 819,387 SEK 7,590,000 02.08.2019 Bought USD 1,205,628 SGD 1,630,000 02.08.2019 Bought USD 1,020,628 THB 31,280,000 04.09.2019 Bought CAD 10,000 USD 7,620 04.09.2019 Bought CAD 380,000 USD 289,569 04.09.2019 Bought CAD 560,000 USD 421,396 04.09.2019 Bought CHF 200,000 USD 202,575 04.09.2019 Bought CHF 9,470,000 USD 9,592,078 04.09.2019 Bought CHF 9,470,000 USD 9,591,816 04.09.2019 Bought CHF 9,458,000 USD 9,577,277 04.09.2019 Bought CHF 9,470,000 USD 9,587,233 04.09.2019 Bought CHF 9,470,000 USD 9,588,203 04.09.2019 Bought CHF 190,000 USD 191,583 04.09.2019 Bought CHF 70,000 USD 72,133 04.09.2019 Bought EUR 440,000 USD 491,176 04.09.2019 Bought USD 717,860 AUD 1,040,000 04.09.2019 Bought USD 717,907 AUD 1,040,000 04.09.2019 Bought USD 724,384 AUD 1,050,000 04.09.2019 Bought USD 717,746 AUD 1,040,000 04.09.2019 Bought USD 717,605 AUD 1,040,000 04.09.2019 Bought USD 33,916 AUD 50,000 04.09.2019 Bought USD 624,149 CAD 820,000 04.09.2019 Bought USD 623,970 CAD 820,000 04.09.2019 Bought USD 624,067 CAD 820,000 04.09.2019 Bought USD 624,068 CAD 820,000 04.09.2019 Bought USD 623,968 CAD 820,000 04.09.2019 Bought USD 1,131,780 CNY 7,800,000 04.09.2019 Bought USD 355,485 CNY 2,450,000 04.09.2019 Bought USD 442,394 CNY 3,120,000 04.09.2019 Bought USD 344,577 CZK 7,930,000 04.09.2019 Bought USD 1,109,140 DKK 7,410,000 04.09.2019 Bought USD 3,341,600 EUR 2,990,000 04.09.2019 Bought USD 3,341,346 EUR 2,990,000 04.09.2019 Bought USD 3,330,776 EUR 2,980,000 04.09.2019 Bought USD 3,341,349 EUR 2,990,000 04.09.2019 Bought USD 3,341,977 EUR 2,990,000 04.09.2019 Bought USD 110,796 EUR 100,000 04.09.2019 Bought USD 73,582 GBP 60,000 04.09.2019 Bought USD 847,083 GBP 695,000 04.09.2019 Bought USD 847,147 GBP 695,000 04.09.2019 Bought USD 841,126 GBP 690,000 04.09.2019 Bought USD 847,361 GBP 695,000 04.09.2019 Bought USD 847,222 GBP 695,000 04.09.2019 Bought USD 502,821 GBP 410,000 04.09.2019 Bought USD 248,503 HUF 72,610,000 04.09.2019 Bought USD 11,460 ILS 40,000 04.09.2019 Bought USD 191,937 ILS 670,000 04.09.2019 Bought USD 191,964 ILS 670,000

[190] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

List of closed forward exchange transactions for the period ended 31 January 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 04.09.2019 Bought USD 484,402 JPY 52,470,000 04.09.2019 Bought USD 484,525 JPY 52,470,000 04.09.2019 Bought USD 484,490 JPY 52,480,000 04.09.2019 Bought USD 484,454 JPY 52,470,000 04.09.2019 Bought USD 484,391 JPY 52,470,000 04.09.2019 Bought USD 7,325 MXN 140,000 04.09.2019 Bought USD 500,388 NOK 4,380,000 04.09.2019 Bought USD 350,089 NZD 530,000 04.09.2019 Bought USD 553,911 PLN 2,130,000 04.09.2019 Bought USD 639,350 SEK 6,100,000 04.09.2019 Bought USD 1,191,873 SGD 1,630,000 04.09.2019 Bought USD 50,655 SGD 70,000 04.09.2019 Bought USD 1,018,226 THB 31,280,000 04.09.2019 Bought USD 29,200 THB 900,000 18.09.2019 Bought IDR 7,688,852,200 USD 546,915 18.09.2019 Bought KRW 893,950,000 USD 757,007 18.09.2019 Bought KRW 792,020,000 USD 655,158 18.09.2019 Bought KRW 4,517,010,000 USD 3,791,028 18.09.2019 Bought MYR 4,180,000 USD 1,001,918 18.09.2019 Bought RUB 1,060,000 USD 16,195 18.09.2019 Bought USD 539,228 IDR 7,688,852,200 18.09.2019 Bought USD 5,203,485 KRW 6,142,350,000 18.09.2019 Bought USD 50,171 KRW 60,630,000 18.09.2019 Bought USD 837,835 MYR 3,490,000 18.09.2019 Bought USD 145,068 MYR 600,000 18.09.2019 Bought USD 21,319 MYR 90,000 18.09.2019 Bought USD 16,167 RUB 1,060,000 23.09.2019 Bought CLP 147,060,000 USD 205,540 23.09.2019 Bought CLP 147,060,000 USD 207,182 23.09.2019 Bought USD 216,695 CLP 147,060,000 23.09.2019 Bought USD 207,182 CLP 147,060,000 02.10.2019 Bought CAD 60,000 USD 45,134 02.10.2019 Bought CHF 1,040,000 USD 1,053,947 02.10.2019 Bought CHF 9,560,000 USD 9,699,695 02.10.2019 Bought CHF 9,560,000 USD 9,701,854 02.10.2019 Bought CHF 9,560,000 USD 9,697,707 02.10.2019 Bought CHF 9,560,000 USD 9,698,888 02.10.2019 Bought CHF 9,558,000 USD 9,694,695 02.10.2019 Bought CHF 59,000 USD 59,739 02.10.2019 Bought DKK 570,000 USD 84,806 02.10.2019 Bought PLN 790,000 USD 199,010 02.10.2019 Bought SGD 170,000 USD 122,523 02.10.2019 Bought THB 8,500,000 USD 278,369 02.10.2019 Bought USD 707,303 AUD 1,050,000 02.10.2019 Bought USD 707,266 AUD 1,050,000 02.10.2019 Bought USD 707,222 AUD 1,050,000 02.10.2019 Bought USD 713,997 AUD 1,060,000 02.10.2019 Bought USD 707,160 AUD 1,050,000 02.10.2019 Bought USD 2,371,684 CAD 3,150,000 02.10.2019 Bought USD 73,765 CHF 73,000 02.10.2019 Bought USD 338,005 CZK 7,930,000

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

List of closed forward exchange transactions for the period ended 31 January 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 02.10.2019 Bought USD 1,099,581 DKK 7,410,000 02.10.2019 Bought USD 286,977 EUR 260,000 02.10.2019 Bought USD 3,230,308 EUR 2,920,000 02.10.2019 Bought USD 3,230,215 EUR 2,920,000 02.10.2019 Bought USD 3,229,222 EUR 2,920,000 02.10.2019 Bought USD 3,230,697 EUR 2,920,000 02.10.2019 Bought USD 3,229,327 EUR 2,920,000 02.10.2019 Bought USD 195,106 GBP 160,000 02.10.2019 Bought USD 963,918 GBP 790,000 02.10.2019 Bought USD 963,836 GBP 790,000 02.10.2019 Bought USD 964,071 GBP 790,000 02.10.2019 Bought USD 963,606 GBP 790,000 02.10.2019 Bought USD 951,632 GBP 780,000 02.10.2019 Bought USD 242,674 HUF 72,610,000 02.10.2019 Bought USD 392,428 ILS 1,380,000 02.10.2019 Bought USD 29,929 JPY 3,170,000 02.10.2019 Bought USD 2,472,896 JPY 262,360,000 02.10.2019 Bought USD 6,939 MXN 140,000 02.10.2019 Bought USD 481,819 NOK 4,380,000 02.10.2019 Bought USD 334,543 NZD 530,000 02.10.2019 Bought USD 537,068 PLN 2,130,000 02.10.2019 Bought USD 622,364 SEK 6,100,000 02.10.2019 Bought USD 1,225,514 SGD 1,700,000 02.10.2019 Bought USD 64,962 THB 1,990,000 02.10.2019 Bought USD 1,051,295 THB 32,180,000 08.10.2019 Bought CNY 2,600,000 USD 364,060 09.10.2019 Bought CNY 4,200,000 USD 588,087 09.10.2019 Bought CNY 4,200,000 USD 588,054 09.10.2019 Bought CNY 4,200,000 USD 588,094 09.10.2019 Bought CNY 4,189,000 USD 586,530 09.10.2019 Bought CNY 4,200,000 USD 588,054 09.10.2019 Bought USD 2,427,018 CNY 17,370,000 09.10.2019 Bought USD 44,404 CNY 319,000 09.10.2019 Bought USD 464,669 CNY 3,300,000 04.11.2019 Bought AUD 36,000 USD 24,641 04.11.2019 Bought CAD 37,000 USD 28,252 04.11.2019 Bought CHF 9,765,000 USD 9,841,567 04.11.2019 Bought CHF 9,764,000 USD 9,839,072 04.11.2019 Bought CHF 9,765,000 USD 9,841,468 04.11.2019 Bought CHF 9,765,000 USD 9,842,381 04.11.2019 Bought CHF 9,765,000 USD 9,836,323 04.11.2019 Bought CHF 73,000 USD 73,149 04.11.2019 Bought EUR 670,000 USD 732,231 04.11.2019 Bought EUR 100,000 USD 109,289 04.11.2019 Bought EUR 38,000 USD 42,283 04.11.2019 Bought GBP 350,000 USD 447,501 04.11.2019 Bought PLN 1,200,000 USD 299,454 04.11.2019 Bought THB 23,700,000 USD 774,890 04.11.2019 Bought USD 710,283 AUD 1,050,000 04.11.2019 Bought USD 717,119 AUD 1,060,000 04.11.2019 Bought USD 709,853 AUD 1,050,000

[192] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

List of closed forward exchange transactions for the period ended 31 January 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 04.11.2019 Bought USD 710,159 AUD 1,050,000 04.11.2019 Bought USD 710,173 AUD 1,050,000 04.11.2019 Bought USD 2,334,390 CAD 3,090,000 04.11.2019 Bought USD 331,866 CHF 330,000 04.11.2019 Bought USD 67,537 CHF 67,000 04.11.2019 Bought USD 71,836 CHF 71,000 04.11.2019 Bought USD 587,641 CNY 4,200,000 04.11.2019 Bought USD 587,643 CNY 4,200,000 04.11.2019 Bought USD 587,614 CNY 4,200,000 04.11.2019 Bought USD 586,095 CNY 4,189,000 04.11.2019 Bought USD 363,792 CNY 2,600,000 04.11.2019 Bought USD 587,676 CNY 4,200,000 04.11.2019 Bought USD 335,673 CZK 7,930,000 04.11.2019 Bought USD 1,003,342 DKK 6,840,000 04.11.2019 Bought USD 3,248,037 EUR 2,970,000 04.11.2019 Bought USD 3,257,939 EUR 2,980,000 04.11.2019 Bought USD 3,248,749 EUR 2,970,000 04.11.2019 Bought USD 3,249,388 EUR 2,970,000 04.11.2019 Bought USD 3,247,716 EUR 2,970,000 04.11.2019 Bought USD 1,491,970 EUR 1,350,000 04.11.2019 Bought USD 1,010,724 GBP 820,000 04.11.2019 Bought USD 1,011,090 GBP 820,000 04.11.2019 Bought USD 1,011,054 GBP 820,000 04.11.2019 Bought USD 1,011,380 GBP 820,000 04.11.2019 Bought USD 1,010,720 GBP 820,000 04.11.2019 Bought USD 237,368 HUF 72,610,000 04.11.2019 Bought USD 397,912 ILS 1,380,000 04.11.2019 Bought USD 7,064 MXN 140,000 04.11.2019 Bought USD 482,716 NOK 4,380,000 04.11.2019 Bought USD 332,326 NZD 530,000 04.11.2019 Bought USD 334,137 PLN 1,340,000 04.11.2019 Bought USD 623,121 SEK 6,100,000 04.11.2019 Bought USD 1,106,749 SGD 1,530,000 04.11.2019 Bought USD 838,861 THB 25,670,000 05.11.2019 Bought USD 492,934 JPY 53,105,000 05.11.2019 Bought USD 492,996 JPY 53,110,000 05.11.2019 Bought USD 492,982 JPY 53,105,000 05.11.2019 Bought USD 492,952 JPY 53,105,000 05.11.2019 Bought USD 493,139 JPY 53,105,000 03.12.2019 Bought AUD 140,000 USD 96,531 03.12.2019 Bought AUD 20,000 USD 13,790 03.12.2019 Bought CAD 180,000 USD 136,956 03.12.2019 Bought CAD 10,000 USD 7,609 03.12.2019 Bought CHF 9,685,000 USD 9,837,451 03.12.2019 Bought CHF 9,685,000 USD 9,823,541 03.12.2019 Bought CHF 9,689,000 USD 9,837,497 03.12.2019 Bought CHF 9,685,000 USD 9,833,436 03.12.2019 Bought CHF 9,685,000 USD 9,839,507 03.12.2019 Bought CHF 250,000 USD 253,871 03.12.2019 Bought CNY 310,000 USD 43,974 03.12.2019 Bought DKK 230,000 USD 34,423

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

List of closed forward exchange transactions for the period ended 31 January 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 03.12.2019 Bought EUR 650,000 USD 726,547 03.12.2019 Bought EUR 230,000 USD 257,084 03.12.2019 Bought GBP 230,000 USD 297,897 03.12.2019 Bought GBP 110,000 USD 142,471 03.12.2019 Bought USD 722,058 AUD 1,045,000 03.12.2019 Bought USD 722,377 AUD 1,045,000 03.12.2019 Bought USD 722,091 AUD 1,044,000 03.12.2019 Bought USD 722,680 AUD 1,045,000 03.12.2019 Bought USD 722,273 AUD 1,045,000 03.12.2019 Bought USD 2,318,907 CAD 3,053,000 03.12.2019 Bought USD 568,719 CHF 560,000 03.12.2019 Bought USD 669,836 CNY 4,720,000 03.12.2019 Bought USD 669,817 CNY 4,720,000 03.12.2019 Bought USD 669,805 CNY 4,720,000 03.12.2019 Bought USD 669,979 CNY 4,720,000 03.12.2019 Bought USD 668,199 CNY 4,709,000 03.12.2019 Bought USD 346,392 CZK 7,930,000 03.12.2019 Bought USD 1,023,057 DKK 6,840,000 03.12.2019 Bought USD 3,444,087 EUR 3,080,000 03.12.2019 Bought USD 3,438,534 EUR 3,080,000 03.12.2019 Bought USD 3,444,132 EUR 3,082,000 03.12.2019 Bought USD 3,442,809 EUR 3,080,000 03.12.2019 Bought USD 3,440,668 EUR 3,080,000 03.12.2019 Bought USD 102,808 EUR 92,000 03.12.2019 Bought USD 973,498 GBP 750,000 03.12.2019 Bought USD 972,346 GBP 750,000 03.12.2019 Bought USD 972,572 GBP 750,000 03.12.2019 Bought USD 973,500 GBP 750,000 03.12.2019 Bought USD 972,271 GBP 750,000 03.12.2019 Bought USD 53,152 GBP 41,000 03.12.2019 Bought USD 246,150 HUF 72,610,000 03.12.2019 Bought USD 391,425 ILS 1,380,000 03.12.2019 Bought USD 491,893 JPY 53,105,000 03.12.2019 Bought USD 491,590 JPY 53,105,000 03.12.2019 Bought USD 491,297 JPY 53,105,000 03.12.2019 Bought USD 491,590 JPY 53,105,000 03.12.2019 Bought USD 491,504 JPY 53,110,000 03.12.2019 Bought USD 7,286 MXN 140,000 03.12.2019 Bought USD 475,446 NOK 4,380,000 03.12.2019 Bought USD 339,965 NZD 530,000 03.12.2019 Bought USD 36,691 PLN 140,000 03.12.2019 Bought USD 633,189 SEK 6,100,000 03.12.2019 Bought USD 1,125,223 SGD 1,530,000 03.12.2019 Bought USD 65,279 THB 1,970,000 18.12.2019 Bought CLP 147,060,000 USD 190,344 18.12.2019 Bought IDR 14,666,092,200 USD 1,044,296 18.12.2019 Bought KRW 630,000,000 USD 532,995 18.12.2019 Bought KRW 5,634,634,000 USD 4,723,119 18.12.2019 Bought MYR 4,180,000 USD 996,187 18.12.2019 Bought MYR 630,000 USD 151,515 18.12.2019 Bought RUB 35,590,000 USD 559,503

[194] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

List of closed forward exchange transactions for the period ended 31 January 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 18.12.2019 Bought USD 205,770 CLP 147,060,000 18.12.2019 Bought USD 539,508 IDR 7,688,852,200 18.12.2019 Bought USD 454,308 IDR 6,500,000,000 18.12.2019 Bought USD 33,744 IDR 477,240,000 18.12.2019 Bought USD 3,800,597 KRW 4,517,010,000 18.12.2019 Bought USD 1,193,025 KRW 1,430,000,000 18.12.2019 Bought USD 224,061 KRW 260,000,000 18.12.2019 Bought USD 18,307 KRW 21,344,000 18.12.2019 Bought USD 30,723 KRW 36,280,000 18.12.2019 Bought USD 999,880 MYR 4,180,000 18.12.2019 Bought USD 150,826 MYR 630,000 18.12.2019 Bought USD 16,007 RUB 1,060,000 18.12.2019 Bought USD 536,243 RUB 34,530,000 06.01.2020 Bought AUD 425,000 USD 290,858 06.01.2020 Bought AUD 940,000 USD 657,530 06.01.2020 Bought AUD 940,000 USD 657,370 06.01.2020 Bought AUD 940,000 USD 657,629 06.01.2020 Bought AUD 940,000 USD 657,403 06.01.2020 Bought AUD 929,000 USD 649,836 06.01.2020 Bought CAD 2,863,000 USD 2,191,771 06.01.2020 Bought CHF 9,625,000 USD 9,651,452 06.01.2020 Bought CHF 9,619,000 USD 9,646,067 06.01.2020 Bought CHF 9,625,000 USD 9,651,366 06.01.2020 Bought CHF 9,625,000 USD 9,645,932 06.01.2020 Bought CHF 9,625,000 USD 9,648,929 06.01.2020 Bought CHF 130,000 USD 130,390 06.01.2020 Bought CNH 3,440,000 USD 492,501 06.01.2020 Bought CNH 3,440,000 USD 492,484 06.01.2020 Bought CNH 3,440,000 USD 492,482 06.01.2020 Bought CNH 3,449,000 USD 494,126 06.01.2020 Bought CNY 6,440,000 USD 913,140 06.01.2020 Bought CNY 3,440,000 USD 492,780 06.01.2020 Bought CZK 7,930,000 USD 348,414 06.01.2020 Bought DKK 6,610,000 USD 990,530 06.01.2020 Bought EUR 110,000 USD 121,615 06.01.2020 Bought EUR 40,000 USD 44,591 06.01.2020 Bought EUR 3,095,000 USD 3,462,995 06.01.2020 Bought EUR 3,095,000 USD 3,463,584 06.01.2020 Bought EUR 3,095,000 USD 3,462,841 06.01.2020 Bought EUR 3,095,000 USD 3,464,172 06.01.2020 Bought EUR 3,084,000 USD 3,449,454 06.01.2020 Bought GBP 40,000 USD 51,820 06.01.2020 Bought GBP 355,000 USD 461,909 06.01.2020 Bought GBP 610,000 USD 801,235 06.01.2020 Bought GBP 610,000 USD 801,223 06.01.2020 Bought GBP 610,000 USD 800,527 06.01.2020 Bought GBP 610,000 USD 801,326 06.01.2020 Bought GBP 616,000 USD 807,884 06.01.2020 Bought HUF 72,610,000 USD 245,566 06.01.2020 Bought ILS 1,380,000 USD 398,722 06.01.2020 Bought JPY 265,530,000 USD 2,433,669

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

List of closed forward exchange transactions for the period ended 31 January 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 06.01.2020 Bought MXN 140,000 USD 7,417 06.01.2020 Bought NOK 4,380,000 USD 497,817 06.01.2020 Bought NZD 530,000 USD 356,674 06.01.2020 Bought SGD 1,530,000 USD 1,134,797 06.01.2020 Bought THB 29,910,000 USD 1,000,017 06.01.2020 Bought USD 688,269 AUD 1,015,000 06.01.2020 Bought USD 680,815 AUD 1,004,000 06.01.2020 Bought USD 688,282 AUD 1,015,000 06.01.2020 Bought USD 687,825 AUD 1,015,000 06.01.2020 Bought USD 688,129 AUD 1,015,000 06.01.2020 Bought USD 33,852 AUD 50,000 06.01.2020 Bought USD 2,154,840 CAD 2,863,000 06.01.2020 Bought USD 210,786 CHF 210,000 06.01.2020 Bought USD 112,018 CHF 110,000 06.01.2020 Bought USD 9,867,202 CHF 9,585,000 06.01.2020 Bought USD 9,865,475 CHF 9,585,000 06.01.2020 Bought USD 9,865,374 CHF 9,585,000 06.01.2020 Bought USD 9,867,811 CHF 9,585,000 06.01.2020 Bought USD 9,867,257 CHF 9,589,000 06.01.2020 Bought USD 52,472 CNY 370,000 06.01.2020 Bought USD 661,522 CNY 4,655,000 06.01.2020 Bought USD 661,607 CNY 4,655,000 06.01.2020 Bought USD 661,921 CNY 4,655,000 06.01.2020 Bought USD 661,715 CNY 4,655,000 06.01.2020 Bought USD 662,233 CNY 4,659,000 06.01.2020 Bought USD 342,408 CZK 7,930,000 06.01.2020 Bought USD 975,740 DKK 6,610,000 06.01.2020 Bought USD 3,224,869 EUR 2,925,000 06.01.2020 Bought USD 3,225,316 EUR 2,925,000 06.01.2020 Bought USD 3,213,821 EUR 2,914,000 06.01.2020 Bought USD 3,221,829 EUR 2,925,000 06.01.2020 Bought USD 3,223,833 EUR 2,925,000 06.01.2020 Bought USD 1,066,700 EUR 960,000 06.01.2020 Bought USD 44,183 EUR 40,000 06.01.2020 Bought USD 891,695 GBP 690,000 06.01.2020 Bought USD 892,833 GBP 691,000 06.01.2020 Bought USD 891,387 GBP 690,000 06.01.2020 Bought USD 890,776 GBP 690,000 06.01.2020 Bought USD 891,114 GBP 690,000 06.01.2020 Bought USD 239,840 HUF 72,610,000 06.01.2020 Bought USD 397,953 ILS 1,380,000 06.01.2020 Bought USD 485,980 JPY 53,105,000 06.01.2020 Bought USD 486,057 JPY 53,110,000 06.01.2020 Bought USD 485,982 JPY 53,105,000 06.01.2020 Bought USD 485,922 JPY 53,105,000 06.01.2020 Bought USD 485,967 JPY 53,105,000 06.01.2020 Bought USD 7,160 MXN 140,000 06.01.2020 Bought USD 476,580 NOK 4,380,000 06.01.2020 Bought USD 340,955 NZD 530,000 06.01.2020 Bought USD 1,119,685 SGD 1,530,000 06.01.2020 Bought USD 65,188 THB 1,970,000

[196] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

List of closed forward exchange transactions for the period ended 31 January 2020Ø (continued)

Counter- Maturity Transaction Currency Amount currency Countervalue 06.01.2020 Bought USD 923,026 THB 27,940,000 07.01.2020 Bought PLN 140,000 USD 36,795 07.01.2020 Bought SEK 6,100,000 USD 653,625 07.01.2020 Bought USD 35,595 PLN 140,000 07.01.2020 Bought USD 640,119 SEK 6,100,000 30.01.2020 Bought CHF 894 CLP 720,000

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

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [197] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH)

For the financial period ended 31 January 2020

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

Securities traded on an official stock exchange Shares Energy - alternate sources Landis+Gyr Group AG 3,832 495 - 4,327^ 382,939 0.13 Meyer Burger Technology AG 113,481 14,717 - 128,198^ 52,254 0.02 435,193 0.15 Pharmaceuticals Cassiopea SpA 785 - - 785^ 31,400 0.01 COSMO Pharmaceuticals NV 885 418 60 1,243 102,050 0.03 Galenica AG 8,808 921 - 9,729 640,168 0.21 IVF Hartmann Holding AG RegS 140 - - 140 24,360 0.01 Novartis AG RegS 446,883 37,223 16,167 467,939 42,661,999 14.38 ObsEva SA 4,476 1,163 - 5,639^ 19,962 0.01 Roche Holding AG 124,228 12,874 163 136,939 44,409,318 14.97 Siegfried Holding AG RegS 755 105 - 860 383,990 0.13 Vifor Pharma AG 6,840 588 - 7,428 1,322,184 0.44 Ypsomed Holding AG RegS 675 101 - 776^ 108,795 0.04 89,704,226 30.23 Auto manufacturers Autoneum Holding AG 475 62 - 537 59,822 0.02 PIERER Mobility AG 1,381 237 57 1,561 77,425 0.03 137,247 0.05 Auto parts & equipment Adval Tech Holding AG RegS 46 - - 46 7,360 0.00 Georg Fischer AG RegS 732 59 - 791 750,263 0.25 757,623 0.25 Banks Bank Linth LLB AG RegS 34 - - 34 16,660 0.01 Banque Cantonale de Geneve 327 53 - 380 77,520 0.03 Banque Cantonale du Jura SA RegS 135 - - 135 7,628 0.00 Banque Cantonale Vaudoise RegS 509 59 6 562 453,534 0.15 Basellandschaftliche Kantonalbank 109 - - 109 101,588 0.03 Basler Kantonalbank 977 180 53 1,104 86,995 0.03 Berner Kantonalbank AG RegS 805 41 - 846^ 193,734 0.07 Cembra Money Bank AG 4,955 869 - 5,824^ 657,530 0.22 Credit Suisse Group AG RegS 428,580 43,665 - 472,245 5,768,473 1.94 Glarner Kantonalbank 605 - - 605 19,783 0.01 Graubuendner Kantonalbank 135 21 - 156^ 237,900 0.08 Hypothekarbank Lenzburg AG RegS 15 - 2 13 60,060 0.02 Liechtensteinische Landesbank AG 2,075 - - 2,075 134,252 0.05 Luzerner Kantonalbank AG RegS 576 87 - 663^ 271,498 0.09 Schweizerische Nationalbank RegS 16 - 1 15 87,300 0.03 St Galler Kantonalbank AG RegS 519 102 18 603^ 276,777 0.09 Thurgauer Kantonalbank 662 120 34 748 81,906 0.03 UBS Group AG RegS 682,631 56,092 34,152 704,571 8,454,852 2.85 Valiant Holding AG RegS 2,755 443 - 3,198 317,242 0.11 VP Bank AG RegS 502 83 21 564 93,060 0.03 Walliser Kantonalbank RegS 894 - - 894 99,681 0.03 Zuger Kantonalbank AG 26 1 27 - - 0.00 Zuger Kantonalbank AG - 27 - 27 177,120 0.06 17,675,093 5.96

[198] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial period ended 31 January 2020

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

Shares (continued) Engineering & construction Burkhalter Holding AG 768 100 - 868 66,749 0.02 Flughafen Zurich AG RegS 3,378 286 - 3,664 614,453 0.21 Implenia AG RegS 2,399 463 150 2,712^ 106,744 0.04 787,946 0.27 Building materials Arbonia AG 10,308 - - 10,308 119,573 0.04 Belimo Holding AG RegS 89 8 - 97^ 655,720 0.22 Forbo Holding AG RegS 176 76 25 227 376,366 0.13 Geberit AG RegS 6,552 668 - 7,220 3,676,424 1.24 LafargeHolcim Ltd RegS 84,994 13,822 - 98,816 4,851,866 1.64 Meier Tobler Group AG 566 - - 566 9,180 0.00 Sika AG RegS 22,384 2,280 - 24,664 4,279,204 1.44 13,968,333 4.71 Apparel Calida Holding AG RegS 902 - - 902 32,652 0.01 32,652 0.01 Biotechnology Addex Therapeutics Ltd 4,663 - - 4,663 9,699 0.00 Bachem Holding AG RegS 'B' 934 - - 934 161,395 0.06 Basilea Pharmaceutica AG RegS 1,801 327 92 2,036^ 112,489 0.04 BB Biotech AG RegS 9,871 854 - 10,725 689,081 0.23 Evolva Holding SA 128,454 - - 128,454 35,261 0.01 Idorsia Ltd 12,930 1,814 - 14,744^ 456,474 0.15 Kuros Biosciences AG RegS 1,666 - - 1,666^ 5,098 0.00 Kuros Biosciences AG RegS Rights - 1,666 1,666 - - 0.00 Molecular Partners AG 2,653 351 - 3,004 68,191 0.02 Newron Pharmaceuticals SpA 2,679 - - 2,679 17,440 0.01 Polyphor AG 1,563 - - 1,563 10,769 0.00 Santhera Pharmaceuticals Holding AG RegS 1,548 - - 1,548^ 16,626 0.01 1,582,523 0.53 Chemicals Clariant AG RegS 43,644 5,151 - 48,795 1,060,316 0.36 CPH Chemie & Papier Holding AG RegS 426 55 - 481 38,095 0.01 EMS-Chemie Holding AG RegS 1,254 146 - 1,400 884,800 0.30 Givaudan SA RegS 1,407 143 - 1,550 4,929,000 1.66 OC Oerlikon Corp AG RegS 35,466 3,921 - 39,387^ 405,292 0.14 7,317,503 2.47 Computers Crealogix Holding AG RegS 109 - - 109 12,426 0.01 Crealogix Holding AG RegS Rights - 109 109 - - 0.00 Logitech International SA RegS 30,673 3,068 - 33,741 1,463,010 0.49 Softwareone Holding AG - 7,995 - 7,995 183,885 0.06 1,659,321 0.56 Miscellaneous manufacturers Daetwyler Holding AG 1,395 196 - 1,591 276,834 0.09 Gurit Holding AG 58 13 5 66 96,360 0.03 Stadler Rail AG 6,648 1,966 - 8,614^ 396,244 0.13 Sulzer AG RegS 3,165 336 - 3,501 373,207 0.13 1,142,645 0.38

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [199] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial period ended 31 January 2020

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

Shares (continued) Diversified financial services Bellevue Group AG 1,455 - - 1,455 40,740 0.01 Cie Financiere Tradition SA 421 55 - 476 52,360 0.02 EFG International AG 13,928 2,099 - 16,027 95,842 0.03 GAM Holding AG 29,448 - - 29,448^ 87,696 0.03 Julius Baer Group Ltd 39,590 4,033 - 43,623 2,106,991 0.71 Leonteq AG 1,573 211 - 1,784^ 64,224 0.02 LumX Group Ltd 11,220 - - 11,220 224 0.00 Swissquote Group Holding SA RegS 1,770 302 72 2,000^ 116,600 0.04 Valartis Group AG 407 - - 407 4,070 0.00 Vontobel Holding AG RegS 4,902 704 - 5,606^ 377,284 0.13 VZ Holding AG 567 19 - 586 200,119 0.07 3,146,150 1.06 Retail Cie Financiere Richemont SA RegS 92,337 9,530 122 101,745 7,187,267 2.42 Dufry AG RegS 6,260 495 358 6,397 535,685 0.18 Mobilezone Holding AG RegS 6,014 1,946 - 7,960 87,241 0.03 Swatch Group AG 5,455 455 270 5,640^ 1,368,828 0.46 Swatch Group AG RegS 11,273 668 1,041 10,900 512,518 0.17 Valora Holding AG RegS 570 18 - 588 151,116 0.05 Zur Rose Group AG 1,360 89 - 1,449 172,721 0.06 10,015,376 3.37 Iron & steel Schmolz + Bickenbach AG RegS 77,302 - - 77,302^ 15,886 0.00 Schmolz + Bickenbach AG RegS Rights - 77,302 77,302 - - 0.00 15,886 0.00 Electrical components & equipment Huber + Suhner AG RegS 2,802 486 - 3,288 236,736 0.08 Leclanche SA RegS 11,051 - - 11,051 14,366 0.00 251,102 0.08 Electric BKW AG 3,495 530 - 4,025 361,043 0.12 Edisun Power Europe AG - 29 - 29 3,770 0.00 Edisun Power Europe AG Rights - 29 29 - - 0.00 Romande Energie Holding SA RegS 58 6 - 64 81,280 0.03 446,093 0.15 Electronics ABB Ltd RegS 321,970 33,226 - 355,196^ 7,995,462 2.69 Cicor Technologies Ltd RegS 355 - - 355 20,697 0.01 dormakaba Holding AG 545 61 - 606^ 367,236 0.12 LEM Holding SA RegS 105 - - 105 153,300 0.05 Phoenix Mecano AG 104 14 - 118 52,805 0.02 Schaffner Holding AG RegS 88 - - 88 16,984 0.01 Von Roll Holding AG 38,427 4,983 - 43,410^ 36,464 0.01 8,642,948 2.91 Forest products & paper Cham Group AG 71 - 71 - - 0.00 - 0.00 Leisure time Bergbahnen Engelberg-Truebsee-Titlis AG BET RegS 99 13 - 112 36,960 0.01 36,960 0.01

[200] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial period ended 31 January 2020

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

Shares (continued) Healthcare services Lonza Group AG RegS 13,173 1,342 - 14,515 5,750,843 1.94 5,750,843 1.94 Healthcare - products Alcon Inc 86,447 9,506 - 95,953 5,463,564 1.84 Coltene Holding AG RegS 711 93 - 804^ 67,938 0.02 Comet Holding AG RegS 1,427 198 - 1,625^ 200,525 0.07 Medacta Group SA 944 151 - 1,095 86,505 0.03 Medartis Holding AG 743 96 - 839 35,993 0.01 Sonova Holding AG RegS 9,724 990 168 10,546 2,550,023 0.86 Straumann Holding AG RegS 1,990 202 - 2,192 2,016,640 0.68 Tecan Group AG RegS 2,078 235 - 2,313 630,986 0.21 11,052,174 3.72 Commercial services Adecco Group AG RegS 29,466 2,493 121 31,838 1,805,215 0.61 MCH Group AG 627 - - 627 15,424 0.00 Orell Fuessli Holding AG RegS 144 - - 144 16,416 0.01 Poenina Holding AG 291 - - 291 13,706 0.00 SGS SA RegS 918 80 - 998 2,785,418 0.94 4,636,179 1.56 Semiconductors ams AG 14,207 1,235 - 15,442^ 609,495 0.21 Sensirion Holding AG 1,553 211 - 1,764^ 69,590 0.02 u-blox Holding AG 1,334 126 73 1,387 120,253 0.04 799,338 0.27 Holding companies - diversified operations Metall Zug AG RegS 32 7 2 37 81,400 0.03 Villars Holding SA RegS - 9 - 9 7,380 0.00 88,780 0.03 Real estate Allreal Holding AG RegS 2,518 261 - 2,779 555,800 0.19 BFW Liegenschaften AG 442 - - 442 19,669 0.01 Fundamenta Real Estate AG 4,146 541 - 4,687^ 72,414 0.03 Hiag Immobilien Holding AG 468 61 - 529 57,397 0.02 Intershop Holding AG 223 - 19 204^ 126,888 0.04 Investis Holding SA 464 60 - 524 45,378 0.02 Mobimo Holding AG RegS 1,149 157 - 1,306 406,166 0.14 Orascom Development Holding AG 1,817 626 - 2,443 34,495 0.01 Peach Property Group AG 741 291 - 1,032 40,351 0.01 Plazza AG RegS 208 27 - 235 69,090 0.02 PSP Swiss Property AG RegS 7,300 851 - 8,151 1,188,416 0.40 SF Urban Properties AG 452 59 - 511 53,144 0.02 Swiss Prime Site AG RegS 13,464 1,339 - 14,803 1,743,794 0.59 Varia US Properties AG 748 - - 748 32,388 0.01 Warteck Invest AG RegS 31 - - 31 67,580 0.02 Zueblin Immobilien Holding AG RegS 340 - - 340 9,792 0.00 Zug Estates Holding AG 48 7 2 53 126,670 0.04 4,649,432 1.57 Real estate investment trust Private Equity Holding AG RegS 398 - - 398 23,084 0.01 23,084 0.01

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [201] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial period ended 31 January 2020

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

Shares (continued) Internet Asmallworld AG 708 - - 708 1,912 0.00 Lastminute.com NV 860 - - 860 38,184 0.01 WISeKey International Holding Ltd 4,969 - - 4,969 8,656 0.01 48,752 0.02 Investment companies AEVIS VICTORIA SA 3,003 545 - 3,548 50,027 0.02 Blackstone Resources AG 1,924 - - 1,924 1,727 0.00 Novavest Real Estate AG - 1,256 - 1,256 56,269 0.02 Pargesa Holding SA 6,656 721 - 7,377 570,611 0.19 678,634 0.23 Cosmetics & personal care Lalique Group SA 278 - - 278 10,564 0.00 10,564 0.00 Machinery - diversified Airopack Technology Group AG 1,726 - 1,726 - - 0.00 Bobst Group SA RegS 1,266 165 - 1,431^ 72,552 0.02 Bucher Industries AG RegS 1,189 147 20 1,316^ 425,331 0.14 Burckhardt Compression Holding AG 547 - - 547^ 144,408 0.05 Carlo Gavazzi Holding AG 65 - - 65 15,990 0.01 Conzzeta AG RegS 262 36 - 298 326,608 0.11 Feintool International Holding AG RegS 338 - - 338^ 17,407 0.01 Inficon Holding AG RegS 313 46 - 359 266,737 0.09 Interroll Holding AG RegS 117 17 - 134^ 252,724 0.08 Kardex AG RegS 1,061 44 - 1,105 181,883 0.06 Klingelnberg AG 753 - - 753 16,641 0.01 Komax Holding AG RegS 704 104 - 808 157,802 0.05 Rieter Holding AG RegS 536 100 30 606 77,083 0.03 SIG Combibloc Services AG 23,221 18,694 - 41,915 638,785 0.21 Zehnder Group AG 1,615 210 - 1,825 83,585 0.03 2,677,536 0.90 Media TX Group AG 542 71 - 613 55,722 0.02 55,722 0.02 Metal fabricate & hardware SFS Group AG 2,986 385 - 3,371 303,559 0.10 VAT Group AG 4,710 635 - 5,345^ 780,637 0.27 1,084,196 0.37 Food Aryzta AG 177,055 8,758 - 185,813^ 180,610 0.06 Barry Callebaut AG RegS 484 173 69 588^ 1,255,968 0.42 Bell Food Group AG RegS 399 - - 399^ 100,349 0.03 Chocoladefabriken Lindt & Spruengli AG 191 18 1 208^ 1,681,680 0.57 Chocoladefabriken Lindt & Spruengli AG RegS 19 2 - 21^ 1,887,900 0.64 Emmi AG RegS 350 52 - 402^ 375,870 0.13 Groupe Minoteries SA RegS 40 - - 40 13,680 0.00 HOCHDORF Holding AG 207 - - 207^ 17,140 0.01 Nestle SA RegS 541,538 45,602 7,110 580,030 61,703,591 20.79 Orior AG 1,079 250 110 1,219^ 107,881 0.04 67,324,669 22.69

[202] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial period ended 31 January 2020

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

Shares (continued) Private equity Airesis SA RegS 5,413 - - 5,413 5,738 0.00 Partners Group Holding AG 4,013 409 - 4,422 3,912,585 1.32 3,918,323 1.32 Software Kudelski SA 6,563 853 - 7,416 38,860 0.01 Temenos AG RegS 11,453 1,197 - 12,650 1,972,135 0.67 2,010,995 0.68 Telecommunications Ascom Holding AG RegS 5,958 778 - 6,736^ 64,463 0.02 Sunrise Communications Group AG 5,532 579 - 6,111 487,047 0.17 Swisscom AG RegS 4,495 458 - 4,953 2,623,109 0.88 3,174,619 1.07 Transportation BVZ Holding AG RegS 17 - - 17 21,420 0.01 Jungfraubahn Holding AG RegS 841 - - 841 138,765 0.05 Kuehne + Nagel International AG RegS 9,924 1,011 - 10,935^ 1,705,860 0.57 Panalpina Welttransport Holding AG - 1,770 1,770 - - 0.00 Panalpina Welttransport Holding AG RegS 1,770 - 1,770 - - 0.00 1,866,045 0.63 Packaging & containers Aluflexpack AG 1,209 - - 1,209 26,598 0.01 Vetropack Holding AG 39 3 2 40 115,600 0.04 142,198 0.05 Insurance Baloise Holding AG RegS 8,632 880 466 9,046 1,576,718 0.53 Helvetia Holding AG RegS 5,810 640 - 6,450 895,260 0.30 Swiss Life Holding AG RegS 6,054 518 345 6,227 3,022,586 1.02 Swiss Re AG 53,903 4,425 875 57,453 6,262,377 2.11 Vaudoise Assurances Holding SA 156 26 6 176 101,376 0.04 Zurich Insurance Group AG 26,772 2,458 35 29,195 11,698,436 3.94 23,556,753 7.94 Distribution & wholesale ALSO Holding AG RegS 1,129 42 - 1,171 184,316 0.06 Bossard Holding AG RegS 1,009 143 - 1,152^ 161,395 0.06 345,711 0.12 Advertising APG SGA SA 222 29 - 251 70,029 0.02 DKSH Holding AG 6,435 713 - 7,148 356,256 0.12 426,285 0.14 Hand & machine tools Mikron Holding AG RegS 1,211 - - 1,211 7,581 0.00 Schindler Holding AG 7,202 734 - 7,936 1,979,238 0.67 Schindler Holding AG RegS 3,440 376 - 3,816 915,840 0.31 Schlatter Industries AG 68 - - 68 2,448 0.00 Schweiter Technologies AG 176 29 - 205^ 244,770 0.08

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [203] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SPI® EQUITY INDEX FUND (CH) (continued)

For the financial period ended 31 January 2020

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

Shares (continued) Starrag Group Holding AG 169 - - 169 8,180 0.00 Tornos Holding AG RegS 1,422 - - 1,422 9,229 0.01 3,167,286 1.07 Total shares 295,242,938 99.50 Total securities traded on an official stock exchange 295,242,938 99.50 Total securities 295,242,938 99.50

Derivative financial instruments Index Futures Swiss Market Index Futures September 2019 24 4 28 - - 0.00 Swiss Market Index Futures December 2019 - 43 43 - - 0.00 Swiss Market Index Futures March 2020 - 16 3 13 4,680 0.00 4,680 0.00 Total derivative financial instruments 4,680 0.00 Total investments 295,247,618 99.50

Sight deposits 1,393,842 0.47 Other assets 97,093 0.03 Total sub-fund assets 296,738,553 100.00 Other liabilities (7,947) 0.00 Net sub-fund assets 296,730,606 100.00 1 Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

[204] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SMI® EQUITY INDEX FUND (CH)

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Securities traded on an official stock exchange Shares Pharmaceuticals Novartis AG RegS 669,486 65,399 191,864 543,021 49,507,225 17.62 Roche Holding AG 215,651 24,672 76,402 163,921 53,159,580 18.92 102,666,805 36.54 Banks Credit Suisse Group AG RegS 864,961 53,484 240,593 677,852 8,279,962 2.95 UBS Group AG RegS 1,377,689 78,582 445,053 1,011,218 12,134,616 4.32 20,414,578 7.27 Building materials Geberit AG RegS 13,224 817 3,678 10,363 5,276,840 1.88 LafargeHolcim Ltd RegS 171,536 20,645 50,343 141,838 6,964,246 2.48 Sika AG RegS 45,175 2,793 12,565 35,403^ 6,142,420 2.18 18,383,506 6.54 Chemicals Givaudan SA RegS 2,840 175 790 2,225^ 7,075,500 2.52 7,075,500 2.52 Retail Cie Financiere Richemont SA RegS 186,355 11,524 51,836 146,043 10,316,477 3.67 Swatch Group AG 10,972 656 3,577 8,051^ 1,953,978 0.70 12,270,455 4.37 Electronics ABB Ltd RegS 649,802 40,179 180,745 509,236 11,462,902 4.08 11,462,902 4.08 Healthcare services Lonza Group AG RegS 26,586 1,644 7,395 20,835 8,254,827 2.94 8,254,827 2.94 Healthcare - products Alcon Inc 174,467 10,794 47,695 137,566 7,833,008 2.79 7,833,008 2.79 Commercial services Adecco Group AG RegS 59,468 3,719 17,388 45,799 2,596,803 0.93 SGS SA RegS 1,853 110 530 1,433 3,999,503 1.42 6,596,306 2.35 Food Nestle SA RegS 589,010 73,517 181,720 480,807 51,148,249 18.21 51,148,249 18.21 Telecommunications Swisscom AG RegS 9,071 561 2,523 7,109 3,764,927 1.34 3,764,927 1.34 Insurance Swiss Life Holding AG RegS 12,218 718 4,009 8,927 4,333,166 1.54 Swiss Re AG 108,787 6,346 32,666 82,467 8,988,903 3.20 Zurich Insurance Group AG 54,032 3,207 15,382 41,857 16,772,100 5.97 30,094,169 10.71 Total shares 279,965,232 99.66 Total securities traded on an official stock exchange 279,965,232 99.66 Total securities 279,965,232 99.66

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [205] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SMI® EQUITY INDEX FUND (CH) (continued)

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Derivative financial instruments Index Futures Swiss Market Index Futures September 2019 62 30 92 - - 0.00 Swiss Market Index Futures December 2019 - 115 115 - - 0.00 Swiss Market Index Futures March 2020 - 28 21 7 (8,200) 0.00 (8,200) 0.00 Total derivative financial instruments (8,200) 0.00 Total investments 279,957,032 99.66

Sight deposits 512,628 0.18 Other assets 459,194 0.16 Total sub-fund assets 280,928,854 100.00 Other liabilities (175,662) (0.06) Net sub-fund assets 280,753,192 99.94 ^ These securities are partially or fully transferred as securities lent.

[206] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH)

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Securities traded on an official stock exchange Bonds Australia AMP Group Finance Services Ltd 0.75% 19.12.2022 100,000 - - 100,000 101,750 0.05 AMP Group Finance Services Ltd 0.8% 18.07.2023 100,000 - - 100,000 102,050 0.06 Commonwealth Bank of Australia 0.113% 10.12.2029 - 100,000 - 100,000 102,050 0.06 Commonwealth Bank of Australia 0.4% 25.09.2026 200,000 - - 200,000 208,900 0.11 Commonwealth Bank of Australia 1.5% 07.02.2022 75,000 - - 75,000 78,000 0.04 Macquarie Bank Ltd 0.625% 04.09.2023 80,000 - - 80,000 82,280 0.04 Macquarie Bank Ltd 0.75% 05.02.2024 75,000 - - 75,000 77,625 0.04 National Australia Bank Ltd 0.065% 29.01.2029 - 100,000 - 100,000 101,900 0.05 National Australia Bank Ltd 0.125% 21.06.2027 100,000 - - 100,000 102,450 0.06 National Australia Bank Ltd 0.25% 19.01.2023 100,000 - - 100,000 102,000 0.06 National Australia Bank Ltd 0.25% 13.03.2024 300,000 - - 300,000 307,500 0.17 National Australia Bank Ltd 1.5% 07.02.2024 100,000 - - 100,000 108,550 0.06 National Australia Bank Ltd 1.625% 05.09.2023 125,000 - - 125,000 134,062 0.07 Transurban Queensland Finance Pty Ltd 0.625% 23.06.2023 50,000 - - 50,000 51,050 0.03 Transurban Queensland Finance Pty Ltd 0.65% 02.11.2026 100,000 - - 100,000 104,050 0.06 Transurban Queensland Finance Pty Ltd 1% 08.12.2025 50,000 - - 50,000 52,825 0.03 Westpac Banking Corp 0.25% 29.01.2027 100,000 100,000 100,000 100,000 105,400 0.06 Westpac Banking Corp 0.3% 28.11.2025 50,000 - - 50,000 51,625 0.03 Westpac Banking Corp 0.4% 06.06.2024 100,000 - - 100,000 103,000 0.06 Westpac Banking Corp 0.5% 02.02.2022 120,000 - - 120,000 122,220 0.07 Westpac Banking Corp 0.5% 16.05.2028 50,000 - - 50,000 52,625 0.03 Woodside Finance Ltd 1% 11.12.2023 50,000 - - 50,000 52,200 0.03 2,304,112 1.27 Bermuda CBQ Finance Ltd 0.38% 19.10.2023 - 100,000 - 100,000 101,000 0.06 CBQ Finance Ltd 0.697% 22.03.2021 100,000 - - 100,000 100,630 0.05 CBQ Finance Ltd 1.115% 17.10.2022 100,000 - - 100,000 102,500 0.06 Holcim Overseas Finance Ltd 3.375% 10.06.2021 150,000 - - 150,000 157,335 0.09 461,465 0.26 Virgin Islands (British) Sinochem Offshore Capital Co Ltd 0.76% 17.06.2022 50,000 - - 50,000 50,800 0.03 50,800 0.03 Chile Banco de Chile 0.568% 21.11.2023 100,000 - - 100,000 101,950 0.06 Banco de Credito e Inversiones SA 0.25% 24.09.2029 - 50,000 - 50,000 49,525 0.03 Banco de Credito e Inversiones SA 0.4% 22.11.2024 100,000 - - 100,000 101,600 0.05 Banco del Estado de Chile 0.01% 04.10.2027 - 100,000 - 100,000 97,700 0.05 Banco del Estado de Chile 0.24% 06.06.2025 - 125,000 - 125,000 125,750 0.07 Banco del Estado de Chile 0.6925% 04.12.2024 50,000 - - 50,000 51,425 0.03 Banco Santander Chile 0.35% 30.05.2025 55,000 - - 55,000 55,550 0.03 Banco Santander Chile 0.384% 27.09.2024 50,000 - - 50,000 50,825 0.03 Banco Santander Chile 0.441% 21.12.2023 100,000 - - 100,000 101,900 0.06 Coopeuch Ltda 1.05% 15.10.2021 75,000 - - 75,000 75,863 0.04 Tanner Servicios Financieros SA 0.6% 07.11.2022 - 90,000 - 90,000 90,526 0.05 Tanner Servicios Financieros SA 1% 03.12.2021 100,000 - 50,000 50,000 50,650 0.03 953,264 0.53 Denmark Danske Bank A/S 0.625% 24.11.2022 200,000 - - 200,000 203,500 0.11

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Kommunekredit 0.625% 09.07.2027 100,000 - - 100,000 108,850 0.06 Kommunekredit 2.875% 13.10.2031 150,000 - - 150,000 208,650 0.12 521,000 0.29 Germany Commerzbank AG 1.1% 11.07.2025 50,000 - - 50,000 52,450 0.03 Commerzbank AG 3.125% 14.07.2025 100,000 - - 100,000 119,500 0.06 Deutsche Bahn Finance GMBH 0.1% 19.06.2029 100,000 - - 100,000 103,950 0.06 Deutsche Bahn Finance GMBH 0.45% 08.11.2030 75,000 - - 75,000 80,662 0.04 Deutsche Bahn Finance GMBH 0.5% 18.07.2028 200,000 - - 200,000 215,000 0.12 Deutsche Bahn Finance GMBH 0.5% 19.06.2034 100,000 - - 100,000 108,300 0.06 Deutsche Bahn Finance GMBH 1.375% 24.07.2023 240,000 100,000 - 340,000 363,970 0.20 Deutsche Bahn Finance GMBH 1.5% 26.08.2024 100,000 - - 100,000 109,700 0.06 Deutsche Bank AG 0.625% 08.02.2023 50,000 - - 50,000 50,325 0.03 Deutsche Bank AG 0.625% 19.12.2023 50,000 - - 50,000 50,350 0.03 Deutsche Bank AG 0.75% 05.07.2021 50,000 - - 50,000 50,300 0.03 Deutsche Bank AG 0.75% 21.03.2022 100,000 - - 100,000 101,000 0.05 Deutsche Bank AG 1.625% 12.09.2022 125,000 - - 125,000 129,125 0.07 Deutsche Pfandbriefbank AG 0.125% 05.06.2023 100,000 - - 100,000 100,750 0.05 Deutsche Pfandbriefbank AG 0.3% 02.11.2021 50,000 - - 50,000 49,950 0.03 Kreditanstalt fuer Wiederaufbau 2.5% 25.08.2025 600,000 - 200,000 400,000 471,600 0.26 Kreditanstalt fuer Wiederaufbau 2.75% 16.02.2037 50,000 - - 50,000 76,125 0.04 Muenchener Hypothekenbank eG 0.001% 19.02.2024 100,000 - - 100,000 102,300 0.06 Muenchener Hypothekenbank eG 0.1% 31.10.2024 100,000 - - 100,000 103,050 0.06 Muenchener Hypothekenbank eG 0.2% 18.06.2031 - 100,000 - 100,000 105,450 0.06 Muenchener Hypothekenbank eG 0.25% 26.02.2029 100,000 - - 100,000 105,800 0.06 Muenchener Hypothekenbank eG 0.25% 10.05.2030 - 100,000 - 100,000 105,950 0.06 Muenchener Hypothekenbank eG 0.5% 14.06.2028 100,000 - - 100,000 107,800 0.06 Muenchener Hypothekenbank eG 0.55% 15.03.2034 50,000 - - 50,000 54,975 0.03 State of North Rhine-Westphalia Germany 0.875% 29.07.2024 120,000 - - 120,000 128,340 0.07 3,046,722 1.68 Finland Municipality Finance Plc 0.875% 01.02.2023 100,000 - - 100,000 104,650 0.06 Municipality Finance Plc 1.375% 08.06.2027 200,000 - - 200,000 228,600 0.12 Municipality Finance Plc 2.375% 30.03.2026 75,000 - - 75,000 88,950 0.05 Nordea Bank Abp 0.25% 27.11.2023 100,000 100,000 - 200,000 205,100 0.11 Nordea Bank Abp 0.55% 23.06.2025 100,000 - - 100,000 104,900 0.06 Nordea Bank Abp 1.125% 02.10.2020 110,000 - 110,000 - - 0.00 OP Corporate Bank Plc 1% 14.07.2021 65,000 - - 65,000 66,463 0.04 798,663 0.44 France Accor SA 1.75% 27.06.2022 50,000 - - 50,000 51,925 0.03 Agence Francaise de Developpement EPIC 1.875% 12.11.2029 65,000 - - 65,000 79,462 0.04 Auchan Holding SA 1.5% 03.06.2024 50,000 - - 50,000 51,475 0.03 Banque Federative du Credit Mutuel SA 0.2% 12.06.2026 130,000 - - 130,000 133,250 0.07 Banque Federative du Credit Mutuel SA 0.25% 10.07.2025 - 100,000 - 100,000 102,750 0.06 Banque Federative du Credit Mutuel SA 0.32% 10.02.2025 100,000 - - 100,000 102,900 0.06 Banque Federative du Credit Mutuel SA 0.366% 10.10.2024 75,000 - - 75,000 77,287 0.04 Banque Federative du Credit Mutuel SA 0.4% 12.02.2024 200,000 - - 200,000 205,800 0.11

[208] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) 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 52,625 0.03 Banque Federative du Credit Mutuel SA 2% 22.05.2024 50,000 - - 50,000 55,050 0.03 BNP Paribas Home Loan SFH SA 2.375% 07.10.2020 50,000 - 50,000 - - 0.00 BNP Paribas SA 0.3% 15.10.2027 - 200,000 200,000 - - 0.00 BNP Paribas SA 1% 06.06.2025 125,000 - - 125,000 131,000 0.07 BNP Paribas SA 1.75% 05.06.2025 50,000 - - 50,000 53,825 0.03 BPCE SA 0.5% 08.11.2023 100,000 50,000 - 150,000 154,650 0.08 Caisse d'Amortissement de la Dette Sociale 2.5% 09.12.2025 55,000 200,000 100,000 155,000 183,055 0.10 Caisse d'Amortissement de la Dette Sociale 3% 21.04.2021 50,000 - - 50,000 52,155 0.03 Caisse de Refinancement de l'Habitat SA 1.375% 15.03.2023 150,000 - - 150,000 159,525 0.09 Caisse de Refinancement de l'Habitat SA 1.75% 26.06.2025 100,000 - - 100,000 112,450 0.06 Caisse de Refinancement de l'Habitat SA 1.875% 23.05.2022 100,000 - - 100,000 106,000 0.06 Caisse de Refinancement de l'Habitat SA 2.5% 29.03.2021 100,000 - - 100,000 103,600 0.06 Caisse des Depots et Consignations 0.3% 12.11.2027 200,000 - - 200,000 212,000 0.12 Cie de Financement Foncier SA 2.25% 13.10.2021 100,000 - - 100,000 104,800 0.06 Cie de Financement Foncier SA 2.5% 24.02.2031 200,000 - - 200,000 262,700 0.14 Credit Agricole Home Loan SFH SA 0.1% 26.01.2026 200,000 - - 200,000 206,800 0.11 Credit Agricole Home Loan SFH SA 0.25% 08.12.2025 125,000 - - 125,000 130,500 0.07 Credit Agricole Home Loan SFH SA 0.25% 18.06.2026 50,000 - - 50,000 52,300 0.03 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 53,625 0.03 Credit Agricole Home Loan SFH SA 0.5% 16.03.2027 100,000 - - 100,000 106,800 0.06 Credit Agricole SA 0.1275% 27.07.2028 - 100,000 - 100,000 101,850 0.06 Credit Agricole SA 0.2% 30.10.2023 50,000 - - 50,000 51,000 0.03 Credit Agricole SA 0.25% 10.10.2029 - 75,000 - 75,000 76,725 0.04 Credit Agricole SA 0.3% 18.04.2024 50,000 - - 50,000 51,250 0.03 Credit Agricole SA 0.45% 14.03.2022 100,000 - - 100,000 101,350 0.06 Credit Agricole SA 0.625% 15.09.2023 150,000 - 50,000 100,000 103,500 0.06 Credit Agricole SA 0.625% 12.07.2024 50,000 - - 50,000 51,475 0.03 Credit Agricole SA 1% 08.10.2021 100,000 - - 100,000 102,450 0.06 Credit Agricole SA 1% 27.01.2025 65,000 - - 65,000 68,933 0.04 Credit Agricole SA 2.125% 30.10.2024 200,000 - - 200,000 222,700 0.12 Electricite de France SA 0.3% 14.10.2024 70,000 - - 70,000 71,680 0.04 Electricite de France SA 0.65% 13.10.2028 50,000 200,000 100,000 150,000 158,400 0.09 Engie SA 1.125% 09.10.2020 125,000 - 125,000 - - 0.00 mFinance France SA 1.005% 28.03.2023 100,000 - - 100,000 102,700 0.06 Orange SA 0.2% 24.11.2025 200,000 - - 200,000 203,900 0.11 RCI Banque SA 0.5% 20.04.2022 100,000 - - 100,000 101,200 0.05 RCI Banque SA 0.5% 18.07.2024 130,000 - - 130,000 132,015 0.07 SNCF Reseau 2.625% 10.03.2031 140,000 - - 140,000 185,920 0.10 SNCF Reseau 2.625% 11.03.2037 60,000 - - 60,000 88,710 0.05 SNCF Reseau 2.875% 26.02.2021 120,000 - - 120,000 124,428 0.07 Societe Generale SA 0.4% 22.02.2022 100,000 - - 100,000 101,000 0.05 Societe Generale SA 0.875% 28.02.2024 200,000 - - 200,000 207,800 0.11 Societe Nationale SNCF SA 2.625% 13.12.2021 150,000 - - 150,000 159,075 0.09 Total Capital International SA 0.166% 21.12.2029 100,000 - - 100,000 103,950 0.06

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Total Capital International SA 0.288% 13.07.2026 100,000 - - 100,000 104,600 0.06 Total Capital International SA 0.5% 01.06.2027 50,000 - - 50,000 53,100 0.03 Total Capital International SA 1% 29.08.2024 265,000 - - 265,000 282,490 0.16 6,372,430 3.52 Guernsey Credit Suisse Group Funding Guernsey Ltd 0.625% 21.08.2020 200,000 - 200,000 - - 0.00 Credit Suisse Group Funding Guernsey Ltd 1% 14.04.2023 600,000 - - 600,000 622,800 0.34 622,800 0.34 Ireland Intesa Sanpaolo Bank Ireland Plc 0.25% 30.09.2024 - 200,000 - 200,000 202,200 0.11 Russian Railways Via RZD Capital Plc 0.898% 03.10.2025 - 375,000 - 375,000 384,375 0.21 Russian Railways Via RZD Capital Plc 1.195% 03.04.2028 - 100,000 - 100,000 103,200 0.06 Russian Railways Via RZD Capital Plc 2.1% 02.10.2023 200,000 - - 200,000 213,800 0.12 UniCredit Bank Ireland Plc 4.25% 19.10.2022 50,000 - - 50,000 55,650 0.03 959,225 0.53 Jersey Glencore Finance Europe Ltd 0.35% 10.09.2025 - 100,000 - 100,000 100,800 0.05 Glencore Finance Europe Ltd 1.25% 01.12.2020 115,000 - 115,000 - - 0.00 Glencore Finance Europe Ltd 1.25% 09.10.2024 100,000 - - 100,000 105,500 0.06 Glencore Finance Europe Ltd 2.25% 10.05.2021 100,000 - - 100,000 103,150 0.06 Heathrow Funding Ltd 0.45% 15.10.2026 130,000 - - 130,000 134,095 0.07 Heathrow Funding Ltd 0.5% 17.05.2024 100,000 - - 100,000 102,950 0.06 546,495 0.30 Cayman Islands ADCB Finance Cayman Ltd 0.375% 23.01.2023 100,000 - - 100,000 100,850 0.05 ADCB Finance Cayman Ltd 0.5% 29.11.2024 100,000 - - 100,000 101,600 0.06 BOS Funding Ltd 1.5% 29.11.2023 - 100,000 - 100,000 101,250 0.06 303,700 0.17 Canada Bank of Montreal 0.05% 30.12.2022 100,000 - - 100,000 101,500 0.06 Bank of Nova Scotia 0.2% 19.11.2025 100,000 - - 100,000 104,250 0.06 Bank of Nova Scotia 0.3% 16.09.2022 70,000 200,000 100,000 170,000 173,145 0.10 Canadian Imperial Bank of Commerce 0.05% 15.10.2026 - 150,000 - 150,000 152,475 0.08 Canadian Imperial Bank of Commerce 0.1% 30.04.2025 200,000 - - 200,000 206,700 0.11 Canadian Imperial Bank of Commerce 0.125% 22.12.2025 75,000 - - 75,000 77,775 0.04 Canadian Imperial Bank of Commerce 0.6% 30.01.2025 200,000 - - 200,000 208,600 0.11 Province of Alberta Canada 0.375% 07.02.2029 100,000 - - 100,000 107,000 0.06 Province of Manitoba Canada 0.25% 15.03.2029 100,000 - - 100,000 105,650 0.06 Province of Manitoba Canada 0.8% 15.03.2039 100,000 - - 100,000 115,900 0.06 Province of New Brunswick Canada 0.2% 07.11.2031 135,000 - - 135,000 141,750 0.08 Province of New Brunswick Canada 0.25% 19.01.2029 50,000 - - 50,000 52,850 0.03 Province of New Brunswick Canada 0.25% 06.12.2039 - 125,000 - 125,000 131,250 0.07 Province of Ontario Canada 0.25% 28.06.2029 150,000 - - 150,000 159,075 0.09 Province of Quebec Canada 0.75% 21.11.2024 235,000 - - 235,000 250,040 0.14 Province of Quebec Canada 2.875% 17.12.2021 130,000 - - 130,000 138,515 0.08 Royal Bank of Canada 0.1% 18.07.2023 100,000 - - 100,000 101,550 0.06 Royal Bank of Canada 2.25% 21.04.2021 200,000 - - 200,000 206,920 0.11 2,534,945 1.40

[210] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Liechtenstein Hilti AG 0.4% 08.11.2027 50,000 - - 50,000 52,925 0.03 LGT Bank AG 0.375% 05.07.2028 200,000 - - 200,000 207,800 0.11 LGT Bank AG 0.5% 12.05.2027 100,000 - - 100,000 105,200 0.06 LGT Bank AG 0.625% 25.11.2025 205,000 - - 205,000 215,763 0.12 LGT Bank AG 1.5% 10.05.2021 120,000 - - 120,000 123,120 0.07 Liechtensteinische Landesbank AG 0.125% 28.05.2026 100,000 - - 100,000 102,100 0.05 VP Bank AG 0.5% 07.04.2021 50,000 - - 50,000 50,450 0.03 857,358 0.47 Luxembourg ArcelorMittal SA 2.5% 03.07.2020 100,000 - - 100,000 100,980 0.05 Aroundtown SA 0.732% 30.01.2025 50,000 - - 50,000 51,625 0.03 Aroundtown SA 1.72% 05.03.2026 100,000 - - 100,000 110,000 0.06 Asian Development Bank 2.75% 12.02.2030 50,000 - - 50,000 66,700 0.04 Banque Internationale a Luxembourg SA 1% 10.07.2025 - 100,000 - 100,000 103,550 0.06 Black Sea Trade & Development Bank 0.45% 13.06.2023 - 100,000 - 100,000 101,050 0.06 Central American Bank for Economic Integration 0.194% 19.11.2021 100,000 - - 100,000 101,200 0.06 Central American Bank for Economic Integration 0.2% 25.03.2024 100,000 - - 100,000 101,900 0.06 Central American Bank for Economic Integration 1.5% 04.02.2020 50,000 - - 50,000 50,000 0.03 Central American Bank for Economic Integration 1.875% 25.02.2022 200,000 - - 200,000 209,300 0.11 Corp Andina de Fomento 0.15% 24.02.2022 200,000 - - 200,000 201,600 0.11 Corp Andina de Fomento 1.375% 11.02.2021 200,000 - - 200,000 203,220 0.11 Corp Andina de Fomento 1.5% 01.12.2028 100,000 - - 100,000 111,250 0.06 Corp Andina de Fomento 2% 05.02.2024 100,000 - - 100,000 108,150 0.06 Council Of Europe Development Bank 1% 06.03.2023 100,000 - - 100,000 105,100 0.06 Council Of Europe Development Bank 3.375% 06.11.2020 60,000 - 60,000 - - 0.00 CPI Property Group SA 1.63% 25.10.2023 100,000 - - 100,000 103,100 0.06 DH Switzerland Finance SA 0.5% 08.12.2023 115,000 - - 115,000 118,795 0.06 DH Switzerland Finance SA 1.125% 08.12.2028 100,000 - - 100,000 111,500 0.06 EUROFIMA 0.625% 30.06.2021 300,000 - 100,000 200,000 203,320 0.11 EUROFIMA 2.875% 04.02.2030 100,000 - - 100,000 132,800 0.07 EUROFIMA 3% 22.05.2024 100,000 - - 100,000 115,500 0.06 EUROFIMA 3% 15.05.2026 525,000 - - 525,000 642,075 0.35 EUROFIMA 3.375% 29.12.2020 210,000 - 210,000 - - 0.00 European Investment Bank 1.125% 26.04.2023 150,000 - - 150,000 159,000 0.09 European Investment Bank 1.375% 21.02.2028 100,000 - - 100,000 115,750 0.06 European Investment Bank 1.5% 02.08.2024 295,000 - - 295,000 324,205 0.18 European Investment Bank 1.625% 23.11.2023 250,000 - - 250,000 272,375 0.15 European Investment Bank 1.625% 04.02.2025 250,000 - - 250,000 279,250 0.15 European Investment Bank 1.625% 02.04.2026 150,000 - - 150,000 171,225 0.09 European Investment Bank 1.75% 28.06.2033 125,000 - - 125,000 160,750 0.09 European Investment Bank 2.375% 10.07.2020 185,000 - 185,000 - - 0.00 European Investment Bank 3.125% 30.06.2036 150,000 - - 150,000 234,225 0.13 European Investment Bank 3.375% 15.10.2027 125,000 - - 125,000 163,812 0.09 Fondo Financiero para el Desarrollo de la Cuenca del Plata 0.578% 11.03.2024 100,000 - - 100,000 101,900 0.06 Gazprom (Gaz Capital Sa) 2.85% 25.10.2019 450,000 - 450,000 - - 0.00 Grand City Properties SA 0.57% 24.06.2024 100,000 - - 100,000 101,900 0.06

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) International Bank for Reconstruction & Development (Zero-Coupon) 26.11.2021 100,000 - - 100,000 101,200 0.06 Mediobanca International Luxembourg SA 0.55% 02.03.2023 100,000 - - 100,000 102,050 0.06 North American Development Bank 0.2% 26.10.2027 100,000 - - 100,000 104,400 0.06 North American Development Bank 0.25% 30.04.2025 - 100,000 - 100,000 103,950 0.06 5,648,707 3.12 Mexico Banco Mercantil del Norte SA 0.45% 18.12.2023 - 100,000 - 100,000 100,350 0.05 Banco Mercantil del Norte SA 0.875% 14.12.2021 50,000 - - 50,000 50,500 0.03 Banco Mercantil del Norte SA 1.55% 11.10.2022 100,000 - - 100,000 103,400 0.06 Petroleos Mexicanos 1.75% 04.12.2023 - 200,000 50,000 150,000 153,750 0.08 Petroleos Mexicanos 2.375% 14.12.2021 - 200,000 50,000 150,000 155,700 0.09 563,700 0.31 New Zealand ANZ New Zealand Int'l Ltd 0.35% 22.10.2024 175,000 - - 175,000 180,513 0.10 ASB Finance Ltd 0.2% 02.08.2024 60,000 - - 60,000 61,440 0.03 ASB Finance Ltd 0.45% 30.01.2025 100,000 - - 100,000 103,650 0.06 Auckland Council 1.125% 07.02.2024 160,000 - - 160,000 171,200 0.09 BNZ International Funding Ltd 0.111% 24.07.2028 - 100,000 - 100,000 102,250 0.06 BNZ International Funding Ltd 0.25% 24.06.2022 75,000 - - 75,000 76,125 0.04 BNZ International Funding Ltd 1.375% 03.02.2021 65,000 - - 65,000 66,287 0.04 Kiwibank Ltd 1% 23.12.2020 100,000 - - 100,000 101,510 0.06 Transpower New Zealand Ltd 0.02% 16.12.2027 - 100,000 - 100,000 101,600 0.06 Westpac Securities NZ Ltd 0.125% 15.12.2022 250,000 - - 250,000 254,000 0.14 Westpac Securities NZ Ltd 0.625% 02.09.2020 100,000 - - 100,000 100,700 0.05 1,319,275 0.73 Netherlands ABN AMRO Bank NV 0.3% 18.12.2024 100,000 - - 100,000 102,500 0.06 ABN AMRO Bank NV 0.5% 29.07.2022 110,000 - - 110,000 112,365 0.06 ABN AMRO Bank NV 2.625% 27.04.2021 100,000 - - 100,000 103,990 0.06 ABN AMRO Bank NV 3.375% 15.08.2031 100,000 - - 100,000 143,600 0.08 Achmea Bank NV 0.5% 15.11.2022 50,000 - - 50,000 50,850 0.03 Achmea Bank NV 0.5% 27.10.2023 50,000 - - 50,000 51,175 0.03 Achmea Bank NV 0.5% 03.10.2025 50,000 - - 50,000 51,725 0.03 BMW International Investment BV 0.3% 05.09.2024 100,000 - - 100,000 102,450 0.06 BMW International Investment BV 0.75% 03.09.2027 100,000 - - 100,000 106,150 0.06 BNG Bank NV 1.125% 13.09.2022 200,000 - - 200,000 209,500 0.11 BNG Bank NV 1.125% 19.04.2023 100,000 - - 100,000 105,750 0.06 BNG Bank NV 1.25% 30.04.2024 155,000 - - 155,000 167,633 0.09 BNG Bank NV 2.125% 09.11.2029 50,000 - - 50,000 62,650 0.03 BNG Bank NV 2.25% 14.10.2020 130,000 - 130,000 - - 0.00 BNG Bank NV 2.25% 23.02.2021 105,000 - - 105,000 108,255 0.06 BNG Bank NV 2.5% 21.07.2025 285,000 - - 285,000 334,590 0.18 Cooperatieve Rabobank UA 0.25% 25.11.2027 200,000 - - 200,000 205,900 0.11 Cooperatieve Rabobank UA 1.125% 08.04.2021 100,000 - - 100,000 102,050 0.06 Cooperatieve Rabobank UA 1.25% 15.10.2020 200,000 - 200,000 - - 0.00 Cooperatieve Rabobank UA 2% 16.09.2021 100,000 - - 100,000 104,150 0.06 Cooperatieve Rabobank UA 3.125% 15.09.2026 100,000 - - 100,000 123,250 0.07 Cooperatieve Rabobank UA 3.5% 31.08.2023 100,000 - - 100,000 114,450 0.06 Daimler International Finance BV 0.25% 14.11.2022 200,000 - - 200,000 203,400 0.11 EBN BV 1.625% 03.10.2023 300,000 - - 300,000 323,100 0.18

[212] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Enel Finance International NV 0.55% 03.09.2024 50,000 - - 50,000 51,675 0.03 Enel Finance International NV 3% 23.06.2020 100,000 - - 100,000 101,360 0.05 ING Bank NV 2.625% 23.03.2021 50,000 - - 50,000 51,815 0.03 ING Bank NV 3.125% 04.03.2021 100,000 - - 100,000 103,610 0.06 Nederlandse Waterschapsbank NV 0.625% 21.08.2037 100,000 - - 100,000 114,200 0.06 Nederlandse Waterschapsbank NV 1.375% 13.09.2027 215,000 - - 215,000 246,712 0.14 Nederlandse Waterschapsbank NV 2.25% 24.02.2021 100,000 - - 100,000 103,160 0.06 Nederlandse Waterschapsbank NV 2.375% 19.08.2020 215,000 - 215,000 - - 0.00 Nederlandse Waterschapsbank NV 2.625% 07.02.2022 215,000 - 215,000 - - 0.00 Shell International Finance BV 0.375% 21.08.2023 380,000 - - 380,000 391,400 0.21 Shell International Finance BV 0.875% 21.08.2028 110,000 200,000 150,000 160,000 175,040 0.10 4,328,455 2.39 Nigeria Africa Finance Corp 0.5225% 20.12.2023 - 100,000 - 100,000 102,000 0.06 102,000 0.06 Norway DNB Bank ASA 0.05% 13.03.2024 100,000 - 100,000 - - 0.00 DNB Bank ASA 0.125% 30.11.2023 100,000 - - 100,000 101,900 0.06 DNB Boligkreditt AS 2% 02.09.2030 75,000 - - 75,000 94,088 0.05 Eksportfinans ASA 2.25% 11.02.2021 50,000 - - 50,000 51,125 0.03 Norske Tog AS 1.125% 02.05.2023 100,000 - - 100,000 104,950 0.06 SpareBank 1 Nord Norge 0.125% 11.12.2025 100,000 - - 100,000 101,450 0.05 SpareBank 1 Nord Norge 0.875% 02.12.2020 50,000 - - 50,000 50,605 0.03 SpareBank 1 SMN 0.35% 05.04.2023 50,000 - - 50,000 50,800 0.03 554,918 0.31 Austria BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG 0.01% 15.09.2021 50,000 - - 50,000 50,050 0.03 Bundesimmobiliengesellschaft mbH 3.125% 01.09.2031 70,000 - - 70,000 98,035 0.05 HYPO NOE Landesbank fuer Niederoesterreich und Wien AG 0.1% 27.11.2024 50,000 - - 50,000 50,650 0.03 HYPO NOE Landesbank fuer Niederoesterreich und Wien AG 0.125% 17.10.2023 60,000 - - 60,000 60,780 0.03 HYPO NOE Landesbank fuer Niederoesterreich und Wien AG 0.2% 31.03.2022 50,000 - - 50,000 50,650 0.03 Hypo Vorarlberg Bank AG 0.125% 06.10.2021 50,000 - - 50,000 50,400 0.03 Hypo Vorarlberg Bank AG 0.125% 03.09.2029 - 100,000 - 100,000 100,700 0.06 Hypo Vorarlberg Bank AG 0.45% 05.03.2024 50,000 - - 50,000 51,300 0.03 Hypo Vorarlberg Bank AG 1.625% 29.11.2029 - 50,000 - 50,000 52,525 0.03 Kommunalkredit Austria AG 2.375% 26.08.2020 50,000 - - 50,000 50,755 0.03 Kommunalkredit Austria AG 3.375% 22.06.2026 70,000 - - 70,000 85,470 0.05 Oesterreichische Kontrollbank AG 1% 28.09.2021 100,000 - - 100,000 102,750 0.06 Oesterreichische Kontrollbank AG 1.125% 24.07.2020 100,000 - 100,000 - - 0.00 Oesterreichische Kontrollbank AG 1.75% 24.05.2023 100,000 - - 100,000 108,050 0.06 Oesterreichische Kontrollbank AG 2.625% 22.11.2024 185,000 - - 185,000 214,415 0.12 Oesterreichische Kontrollbank AG 2.875% 25.02.2030 400,000 - - 400,000 534,600 0.29 Oesterreichische Kontrollbank AG 3% 14.06.2022 200,000 - - 200,000 217,600 0.12 Raiffeisen Bank International AG 4.75% 24.10.2022 100,000 - - 100,000 112,000 0.06 Raiffeisenlandesbank Oberoesterreich AG 0.175% 29.10.2026 - 100,000 - 100,000 100,300 0.05 State of Lower Austria 0.2% 07.08.2020 100,000 - - 100,000 100,410 0.06 State of Lower Austria 0.375% 27.04.2021 60,000 - - 60,000 60,714 0.03 2,252,154 1.25

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Philippines Bank of the Philippine Islands (Zero-Coupon) 24.09.2021 - 100,000 - 100,000 99,700 0.06 99,700 0.06 Poland Powszechna Kasa Oszczednosci Bank Polski SA 0.3% 02.11.2021 100,000 - - 100,000 100,850 0.05 Republic of Poland Government International Bond 1% 17.09.2021 100,000 - - 100,000 102,400 0.06 203,250 0.11 Sweden Akademiska Hus AB 0.25% 17.11.2025 50,000 200,000 100,000 150,000 157,200 0.08 Akademiska Hus AB 0.3% 08.10.2029 200,000 - - 200,000 213,800 0.12 Kommuninvest I Sverige AB 1.25% 28.02.2022 150,000 - - 150,000 155,925 0.08 Lansforsakringar Hypotek AB 0.2% 17.04.2026 100,000 - - 100,000 104,700 0.06 Lansforsakringar Hypotek AB 0.875% 16.09.2024 - 200,000 - 200,000 214,100 0.12 Svensk Exportkredit AB 1.25% 17.07.2023 50,000 - - 50,000 53,225 0.03 Svenska Handelsbanken AB 1.375% 05.10.2022 100,000 - - 100,000 104,900 0.06 Swedbank Hypotek AB 2.5% 03.06.2022 200,000 - - 200,000 214,600 0.12 1,218,450 0.67 Switzerland Aarekraftwerk Klingnau AG 0.625% 03.08.2029 - 100,000 - 100,000 103,900 0.06 Aargauische Kantonalbank (Zero-Coupon) 08.03.2022 50,000 - - 50,000 50,550 0.03 Aargauische Kantonalbank (Zero-Coupon) 17.09.2029 - 100,000 - 100,000 102,450 0.06 Aargauische Kantonalbank 0.11% 21.02.2024 100,000 - - 100,000 102,350 0.06 Aargauische Kantonalbank 0.125% 11.02.2026 100,000 - - 100,000 103,250 0.06 Aargauische Kantonalbank 0.25% 03.04.2025 100,000 - - 100,000 103,550 0.06 Aargauische Kantonalbank 0.25% 07.09.2026 100,000 - - 100,000 104,250 0.06 Aargauische Kantonalbank 0.5% 15.11.2027 200,000 - - 200,000 213,100 0.12 Aargauische Kantonalbank 0.625% 13.04.2028 70,000 - - 70,000 75,355 0.04 Aargauische Kantonalbank 1% 19.06.2023 300,000 - - 300,000 315,300 0.17 Aargauische Kantonalbank 1.6% 18.05.2037 50,000 - - 50,000 64,375 0.03 ABB Ltd 0.3% 06.08.2024 100,000 - - 100,000 102,550 0.06 ABB Ltd 1% 07.05.2029 100,000 - - 100,000 109,500 0.06 ABB Ltd 2.25% 11.10.2021 100,000 - - 100,000 104,550 0.06 Adecco Group AG 0.875% 18.09.2026 100,000 - - 100,000 106,000 0.06 Aduno Holding AG 1.125% 16.07.2021 50,000 - - 50,000 51,100 0.03 Aeroport International de Geneve 0.31% 27.06.2029 100,000 - - 100,000 101,650 0.06 Aeroport International de Geneve 0.4% 20.09.2027 100,000 - - 100,000 103,200 0.06 AKEB AG fuer Kernenergie Beteiligungen 1.625% 09.06.2023 50,000 - - 50,000 51,625 0.03 Allreal Holding AG 0.4% 26.09.2029 - 100,000 - 100,000 101,300 0.06 Allreal Holding AG 0.625% 10.05.2024 50,000 - - 50,000 51,900 0.03 Allreal Holding AG 0.75% 19.06.2026 50,000 - - 50,000 52,150 0.03 Allreal Holding AG 0.875% 30.03.2027 50,000 - - 50,000 52,475 0.03 Allreal Holding AG 1.375% 31.03.2025 50,000 - - 50,000 53,650 0.03 Allreal Holding AG 2% 23.09.2020 50,000 - 50,000 - - 0.00 Alpiq Holding AG 2.125% 30.06.2023 70,000 - - 70,000 74,340 0.04 Alpiq Holding AG 2.25% 20.09.2021 20,000 - - 20,000 20,720 0.01 Alpiq Holding AG 2.625% 29.07.2024 60,000 - - 60,000 66,180 0.04 Alpiq Holding AG 3% 16.05.2022 60,000 - - 60,000 64,080 0.03 Amag Leasing AG 0.125% 12.07.2022 100,000 - - 100,000 100,250 0.05 Amag Leasing AG 0.35% 27.10.2021 100,000 - - 100,000 100,600 0.05 Amag Leasing AG 0.5% 12.11.2025 - 100,000 - 100,000 101,700 0.06

[214] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Amag Leasing AG 0.55% 10.02.2023 100,000 - - 100,000 101,500 0.06 Axpo Holding AG 1.75% 29.05.2024 120,000 - - 120,000 128,160 0.07 Axpo Holding AG 3.125% 26.02.2025 50,000 - - 50,000 57,700 0.03 Baloise Holding AG (Zero-Coupon) 23.09.2022 - 200,000 - 200,000 201,900 0.11 Baloise Holding AG (Zero-Coupon) 25.09.2029 - 75,000 - 75,000 75,413 0.04 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 80,025 0.04 Baloise Holding AG 1.75% 26.04.2023 105,000 - - 105,000 111,878 0.06 Baloise Holding AG 2.875% 14.10.2020 100,000 - 100,000 - - 0.00 Banca Dello Stato del Cantone Ticino 0.05% 10.07.2029 100,000 - - 100,000 102,150 0.06 Banca Dello Stato del Cantone Ticino 0.375% 08.02.2028 50,000 - - 50,000 52,525 0.03 Banca Dello Stato del Cantone Ticino 0.45% 26.02.2029 200,000 - 80,000 120,000 127,080 0.07 Banca Dello Stato del Cantone Ticino 0.5% 24.06.2024 50,000 - - 50,000 51,950 0.03 Bank Cler AG 0.375% 26.04.2027 100,000 - - 100,000 103,800 0.06 Bank Cler AG 0.5% 28.11.2025 50,000 - - 50,000 52,025 0.03 Banque Cantonale de Fribourg 0.1% 01.11.2044 - 50,000 - 50,000 51,150 0.03 Banque Cantonale de Fribourg 0.2% 20.02.2026 75,000 - - 75,000 77,663 0.04 Banque Cantonale de Fribourg 0.25% 24.05.2029 100,000 - - 100,000 104,800 0.06 Banque Cantonale de Fribourg 0.3% 17.02.2027 50,000 - - 50,000 52,275 0.03 Banque Cantonale de Fribourg 0.5% 23.02.2028 100,000 - - 100,000 106,700 0.06 Banque Cantonale de Fribourg 0.55% 03.02.2025 100,000 - - 100,000 104,950 0.06 Banque Cantonale de Fribourg 0.6% 09.04.2027 100,000 - - 100,000 106,800 0.06 Banque Cantonale de Fribourg 1.125% 05.02.2021 50,000 - - 50,000 50,850 0.03 Banque Cantonale de Fribourg 1.125% 01.02.2022 100,000 - - 100,000 103,250 0.06 Banque Cantonale de Fribourg 1.125% 28.03.2023 125,000 - - 125,000 131,375 0.07 Banque Cantonale de Fribourg 1.25% 03.06.2024 100,000 - - 100,000 107,450 0.06 Banque Cantonale de Geneve 0.5% 10.06.2024 50,000 - - 50,000 51,800 0.03 Banque Cantonale de Geneve 1.125% 28.06.2027 50,000 - - 50,000 53,375 0.03 Banque Cantonale Neuchateloise 0.35% 14.09.2026 100,000 - - 100,000 104,250 0.06 Banque Cantonale Neuchateloise 1.25% 26.04.2021 50,000 - - 50,000 51,140 0.03 Banque Cantonale Vaudoise 0.25% 28.11.2025 50,000 - - 50,000 51,825 0.03 Banque Cantonale Vaudoise 0.4% 07.04.2031 60,000 - - 60,000 63,450 0.03 Banque Cantonale Vaudoise 1.5% 28.03.2024 50,000 - - 50,000 54,200 0.03 Banque Cantonale Vaudoise 2.5% 25.03.2020 60,000 - - 60,000 60,270 0.03 Basellandschaftliche Kantonalbank 0.05% 28.01.2031 - 100,000 - 100,000 102,700 0.06 Basellandschaftliche Kantonalbank 0.25% 13.05.2025 250,000 - - 250,000 259,000 0.14 Basellandschaftliche Kantonalbank 0.25% 25.01.2027 150,000 - - 150,000 156,450 0.09 Basellandschaftliche Kantonalbank 0.25% 04.08.2027 100,000 - - 100,000 104,450 0.06 Basellandschaftliche Kantonalbank 0.375% 23.03.2026 100,000 - - 100,000 104,800 0.06 Basellandschaftliche Kantonalbank 0.375% 13.05.2030 - 50,000 - 50,000 53,100 0.03 Basellandschaftliche Kantonalbank 0.75% 30.03.2028 50,000 - - 50,000 54,425 0.03 Basellandschaftliche Kantonalbank 1.125% 27.03.2023 150,000 - - 150,000 157,725 0.09 Basellandschaftliche Kantonalbank 1.75% 09.11.2020 220,000 - 220,000 - - 0.00 Basler Kantonalbank (Zero-Coupon) 11.04.2022 100,000 - - 100,000 101,300 0.06 Basler Kantonalbank (Zero-Coupon) 23.08.2034 - 200,000 50,000 150,000 152,400 0.08 Basler Kantonalbank 0.05% 19.12.2033 - 50,000 - 50,000 51,000 0.03 Basler Kantonalbank 0.15% 02.04.2027 200,000 - - 200,000 207,200 0.11 Basler Kantonalbank 0.3% 22.06.2027 100,000 - - 100,000 104,900 0.06 Basler Kantonalbank 1.5% 02.03.2027 50,000 - - 50,000 56,700 0.03 Basler Kantonalbank 1.875% 26.10.2026 100,000 - - 100,000 115,350 0.06 Basler Kantonalbank 2.5% 24.03.2021 90,000 - - 90,000 93,168 0.05 Basler Kantonalbank 3.25% 29.06.2022 100,000 - - 100,000 109,150 0.06 Bell Food Group AG 0.375% 01.02.2024 45,000 - - 45,000 45,878 0.02

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Bell Food Group AG 0.625% 24.03.2025 100,000 - - 100,000 103,400 0.06 Bell Food Group AG 0.75% 01.02.2028 50,000 100,000 - 150,000 158,325 0.09 Berner Kantonalbank AG 0.1% 30.09.2039 - 50,000 - 50,000 49,450 0.03 Berner Kantonalbank AG 0.4% 03.05.2027 100,000 - - 100,000 104,750 0.06 Berner Kantonalbank AG 0.75% 14.07.2025 50,000 - - 50,000 52,950 0.03 BKW AG 0.25% 29.07.2027 100,000 - - 100,000 102,200 0.06 BKW AG 0.75% 15.10.2025 200,000 - - 200,000 210,400 0.12 BKW AG 2.5% 15.10.2030 50,000 - - 50,000 62,725 0.03 BLS AG 0.4% 12.12.2028 140,000 - - 140,000 149,660 0.08 Bobst Group SA 1.125% 27.09.2024 100,000 - - 100,000 104,500 0.06 Bucher Industries AG 1.375% 02.10.2024 50,000 - - 50,000 53,125 0.03 Buehler Holding AG 0.6% 21.12.2026 100,000 - - 100,000 102,800 0.06 Canton of Aargau 0.25% 11.12.2029 50,000 - - 50,000 53,700 0.03 Canton of Aargau 0.375% 17.02.2031 50,000 - - 50,000 54,575 0.03 Canton of Aargau 2% 15.12.2028 70,000 - - 70,000 85,995 0.05 Canton of Basel-City (Zero-Coupon) 22.02.2023 150,000 - - 150,000 153,075 0.08 Canton of Basel-City (Zero-Coupon) 05.09.2023 300,000 - - 300,000 307,500 0.17 Canton of Basel-City (Zero-Coupon) 22.11.2024 50,000 - - 50,000 51,550 0.03 Canton of Basel-City (Zero-Coupon) 30.05.2025 100,000 - - 100,000 103,500 0.06 Canton of Basel-City (Zero-Coupon) 24.09.2025 100,000 - - 100,000 103,650 0.06 Canton of Basel-City (Zero-Coupon) 05.09.2029 50,000 - - 50,000 52,350 0.03 Canton of Basel-City 0.5% 22.02.2034 100,000 - - 100,000 111,300 0.06 Canton of Basel-City 0.5% 23.02.2035 50,000 - - 50,000 55,775 0.03 Canton of Basel-Landschaft 0.125% 26.02.2026 200,000 - - 200,000 209,100 0.11 Canton of Basel-Landschaft 0.5% 30.03.2022 100,000 - - 100,000 102,500 0.06 Canton of Basel-Landschaft 1% 30.03.2027 250,000 - - 250,000 278,500 0.15 Canton of Basel-Landschaft 1.375% 29.09.2034 110,000 - - 110,000 137,390 0.08 Canton of Basel-Landschaft 1.5% 26.06.2028 100,000 - - 100,000 117,450 0.06 Canton of Basel-Landschaft 1.75% 26.06.2043 60,000 - - 60,000 87,180 0.05 Canton of Basel-Landschaft 2.625% 10.05.2030 150,000 - - 150,000 198,450 0.11 Canton of Berne 0.35% 08.05.2034 150,000 - - 150,000 163,950 0.09 Canton of Berne 0.5% 28.09.2037 50,000 - - 50,000 56,325 0.03 Canton of Berne 0.625% 11.02.2032 50,000 - - 50,000 56,175 0.03 Canton of Berne 1.25% 30.03.2027 100,000 - - 100,000 113,150 0.06 Canton of Berne 1.25% 07.02.2028 100,000 - - 100,000 114,750 0.06 Canton of Berne 1.25% 12.09.2030 220,000 - - 220,000 260,150 0.14 Canton of Berne 1.75% 24.09.2025 300,000 - - 300,000 340,500 0.19 Canton of Berne 2.25% 31.05.2023 100,000 - - 100,000 109,700 0.06 Canton of Berne 2.375% 25.03.2022 120,000 - - 120,000 127,860 0.07 Canton of Geneva Switzerland (Zero-Coupon) 26.05.2028 - 100,000 - 100,000 103,350 0.06 Canton of Geneva Switzerland (Zero-Coupon) 23.09.2059 - 100,000 - 100,000 104,100 0.06 Canton of Geneva Switzerland (Zero-Coupon) 23.09.2059 - 50,000 50,000 - - 0.00 Canton of Geneva Switzerland (Zero-Coupon) 23.09.2059 - 50,000 50,000 - - 0.00 Canton of Geneva Switzerland 0.02% 27.11.2024 110,000 - - 110,000 113,025 0.06 Canton of Geneva Switzerland 0.125% 28.05.2032 - 100,000 50,000 50,000 52,125 0.03 Canton of Geneva Switzerland 0.3% 28.11.2039 - 100,000 - 100,000 106,750 0.06 Canton of Geneva Switzerland 0.4% 28.04.2036 510,000 - - 510,000 551,310 0.30 Canton of Geneva Switzerland 0.5% 27.11.2030 110,000 - - 110,000 119,295 0.07 Canton of Geneva Switzerland 0.5% 28.11.2031 100,000 - - 100,000 108,800 0.06 Canton of Geneva Switzerland 0.5% 31.10.2056 50,000 - - 50,000 60,725 0.03 Canton of Geneva Switzerland 0.6% 24.03.2038 50,000 - - 50,000 56,100 0.03 Canton of Geneva Switzerland 0.6% 04.07.2046 150,000 - - 150,000 175,125 0.10 Canton of Geneva Switzerland 1% 26.10.2022 100,000 - - 100,000 104,350 0.06

[216] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Canton of Geneva Switzerland 1% 29.09.2026 75,000 - - 75,000 82,388 0.04 Canton of Geneva Switzerland 1.25% 29.12.2022 100,000 - - 100,000 105,400 0.06 Canton of Geneva Switzerland 1.25% 22.03.2023 115,000 - - 115,000 121,728 0.07 Canton of Geneva Switzerland 1.5% 14.10.2024 100,000 - - 100,000 109,750 0.06 Canton of Geneva Switzerland 1.5% 05.03.2032 105,000 - - 105,000 127,207 0.07 Canton of Geneva Switzerland 1.625% 28.11.2023 200,000 - - 200,000 217,000 0.12 Canton of Geneva Switzerland 1.625% 30.07.2029 100,000 - - 100,000 119,000 0.06 Canton of Geneva Switzerland 1.75% 24.05.2034 285,000 - - 285,000 364,657 0.20 Canton of Geneva Switzerland 2.125% 27.10.2028 50,000 - - 50,000 61,100 0.03 Canton of Geneva Switzerland 2.25% 22.02.2021 100,000 - - 100,000 103,010 0.06 Canton of Geneva Switzerland 2.5% 06.04.2022 115,000 - - 115,000 122,820 0.07 Canton of Graubuenden 0.25% 26.11.2027 50,000 - - 50,000 53,200 0.03 Canton of Neuchatel 0.04% 11.11.2024 60,000 - - 60,000 61,770 0.03 Canton of Neuchatel 0.1% 29.10.2049 - 100,000 - 100,000 104,300 0.06 Canton of Neuchatel 0.3% 19.07.2039 100,000 - 100,000 - - 0.00 Canton of Neuchatel 0.75% 28.11.2033 100,000 - - 100,000 113,450 0.06 Canton of Schwyz Switzerland (Zero-Coupon) 20.01.2023 - 100,000 - 100,000 102,000 0.06 Canton of Solothurn (Zero-Coupon) 27.10.2025 100,000 - - 100,000 103,500 0.06 Canton of Solothurn 0.5% 16.10.2030 350,000 - - 350,000 385,000 0.21 Canton of Solothurn 1% 20.02.2045 50,000 - - 50,000 64,675 0.03 Canton of Solothurn 1.125% 29.11.2027 100,000 - - 100,000 113,400 0.06 Canton of St Gallen Switzerland 1.75% 18.07.2028 100,000 - - 100,000 119,850 0.07 Canton of St Gallen Switzerland 2% 16.07.2038 65,000 - - 65,000 91,715 0.05 Canton of Thurgau 0.375% 12.06.2025 60,000 - - 60,000 63,180 0.03 Canton of Ticino (Zero-Coupon) 18.04.2029 150,000 150,000 - 300,000 312,150 0.17 Canton of Ticino 0.01% 22.12.2025 100,000 - - 100,000 103,400 0.06 Canton of Ticino 0.25% 08.05.2028 100,000 - - 100,000 106,050 0.06 Canton of Ticino 0.4% 27.06.2044 55,000 - - 55,000 61,160 0.03 Canton of Ticino 1.375% 21.11.2022 100,000 - - 100,000 105,650 0.06 Canton of Ticino 1.875% 18.03.2038 55,000 - - 55,000 75,130 0.04 Canton of Ticino 2.5% 04.11.2021 100,000 - - 100,000 105,500 0.06 Canton of Vaud 0.5% 18.12.2024 - 150,000 - 150,000 158,475 0.09 Canton of Vaud 1% 07.06.2022 80,000 - - 80,000 83,240 0.05 Canton of Vaud 2% 24.10.2033 135,000 - - 135,000 178,875 0.10 Canton of Zurich (Zero-Coupon) 14.03.2023 200,000 - - 200,000 204,200 0.11 Canton of Zurich (Zero-Coupon) 27.06.2025 100,000 - - 100,000 103,600 0.06 Canton of Zurich 0.01% 07.09.2026 50,000 - - 50,000 52,075 0.03 Canton of Zurich 0.25% 12.07.2039 200,000 - - 200,000 217,600 0.12 Canton of Zurich 1.25% 07.03.2024 520,000 - 100,000 420,000 452,970 0.25 Canton of Zurich 1.25% 03.12.2032 100,000 - - 100,000 120,850 0.07 Canton of Zurich 1.625% 29.07.2026 100,000 - - 100,000 114,800 0.06 Canton of Zurich 2% 29.07.2038 60,000 - - 60,000 85,140 0.05 Cembra Money Bank AG (Zero-Coupon) 19.05.2023 - 100,000 - 100,000 100,300 0.05 Cembra Money Bank AG 0.1525% 14.10.2026 - 100,000 - 100,000 101,400 0.06 Cembra Money Bank AG 0.25% 23.05.2024 50,000 - - 50,000 50,700 0.03 Cembra Money Bank AG 0.285% 19.08.2027 - 100,000 - 100,000 101,900 0.06 Cembra Money Bank AG 0.375% 27.06.2025 100,000 - - 100,000 101,950 0.06 Cembra Money Bank AG 0.875% 08.06.2026 50,000 - - 50,000 52,600 0.03 Cembra Money Bank AG 1.25% 14.10.2022 70,000 - - 70,000 72,660 0.04 Chocoladefabriken Lindt & Spruengli AG 0.3% 06.10.2027 75,000 - - 75,000 77,738 0.04 Chocoladefabriken Lindt & Spruengli AG 0.5% 08.10.2020 120,000 - 120,000 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Chocoladefabriken Lindt & Spruengli AG 1% 08.10.2024 150,000 - - 150,000 159,900 0.09 City of Bern Switzerland 0.04% 31.03.2027 100,000 - - 100,000 103,100 0.06 City of Bern Switzerland 0.7% 30.01.2034 200,000 80,000 - 280,000 314,160 0.17 City of Bern Switzerland 1.5% 25.02.2028 100,000 - - 100,000 115,650 0.06 City of Bern Switzerland 2.5% 26.09.2025 120,000 - - 120,000 140,520 0.08 City of Bern Switzerland 2.5% 01.04.2041 50,000 - - 50,000 76,675 0.04 City of Biel Switzerland 0.625% 12.04.2027 100,000 - - 100,000 107,500 0.06 City of Biel Switzerland 1.375% 24.09.2029 50,000 - - 50,000 58,100 0.03 City of Biel Switzerland 2.625% 03.03.2026 50,000 - - 50,000 59,500 0.03 City of Geneva Switzerland 0.125% 12.02.2025 100,000 - - 100,000 103,250 0.06 City of Geneva Switzerland 1.625% 12.12.2024 100,000 - - 100,000 110,700 0.06 City of Lausanne Switzerland 0.05% 28.09.2054 - 50,000 - 50,000 49,550 0.03 City of Lausanne Switzerland 0.875% 06.10.2042 100,000 - - 100,000 118,150 0.06 City of Lausanne Switzerland 1% 29.04.2022 50,000 - - 50,000 51,625 0.03 City of Lausanne Switzerland 1.2% 26.10.2037 70,000 - - 70,000 85,015 0.05 City of Lausanne Switzerland 1.25% 07.06.2024 200,000 - - 200,000 214,900 0.12 City of Lugano Switzerland 0.25% 20.12.2027 100,000 - - 100,000 105,650 0.06 City of Lugano Switzerland 0.875% 09.12.2024 100,000 - - 100,000 107,150 0.06 City of Lugano Switzerland 1.125% 01.06.2022 100,000 - - 100,000 103,950 0.06 City of St Gallen 0.6% 21.09.2037 50,000 - - 50,000 56,025 0.03 City of Zurich Switzerland 0.25% 26.05.2039 - 50,000 - 50,000 53,550 0.03 City of Zurich Switzerland 0.4% 21.11.2046 60,000 - - 60,000 67,380 0.04 City of Zurich Switzerland 0.7% 24.11.2039 50,000 - - 50,000 57,800 0.03 City of Zurich Switzerland 0.95% 19.12.2042 120,000 - - 120,000 148,200 0.08 City of Zurich Switzerland 1% 05.12.2023 100,000 - - 100,000 106,100 0.06 City of Zurich Switzerland 1.5% 12.04.2032 100,000 - - 100,000 121,750 0.07 City of Zurich Switzerland 1.625% 26.09.2024 150,000 - - 150,000 165,375 0.09 City of Zurich Switzerland 2.125% 26.09.2033 100,000 - - 100,000 132,650 0.07 City of Zurich Switzerland 2.55% 10.03.2036 175,000 - - 175,000 252,787 0.14 City of Zurich Switzerland 2.625% 10.06.2038 85,000 - - 85,000 128,605 0.07 City of Zurich Switzerland 2.75% 14.02.2025 50,000 - - 50,000 58,450 0.03 City of Zurich Switzerland 2.875% 21.04.2021 200,000 - - 200,000 208,520 0.11 City of Zurich Switzerland 3% 08.06.2022 345,000 - - 345,000 374,497 0.21 Clariant AG 1.125% 15.04.2026 100,000 - 50,000 50,000 52,750 0.03 Coop-Gruppe Genossenschaft 0.25% 30.09.2022 125,000 - - 125,000 127,125 0.07 Coop-Gruppe Genossenschaft 0.5% 29.09.2027 100,000 - - 100,000 103,950 0.06 Coop-Gruppe Genossenschaft 0.75% 06.06.2025 50,000 - - 50,000 52,275 0.03 Coop-Gruppe Genossenschaft 0.875% 16.06.2021 100,000 - - 100,000 101,750 0.06 Coop-Gruppe Genossenschaft 0.875% 31.07.2024 150,000 - - 150,000 157,275 0.09 Coop-Gruppe Genossenschaft 1% 29.09.2023 50,000 - - 50,000 52,575 0.03 Credit Suisse AG 3.125% 12.11.2030 50,000 - - 50,000 66,100 0.04 Credit Suisse AG 3.375% 16.03.2020 50,000 - - 50,000 50,210 0.03 Credit Suisse Schweiz AG (Zero-Coupon) 16.07.2029 100,000 - - 100,000 102,350 0.06 CRH Finance Switzerland AG 1.375% 30.09.2022 50,000 - - 50,000 52,175 0.03 Daetwyler Holding AG 0.625% 30.05.2024 50,000 - - 50,000 51,250 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 - - 100,000 104,450 0.06 Electricite D'emosson SA 1.375% 02.11.2022 45,000 - - 45,000 46,418 0.02 Emissions- und Finanz AG 0.45% 11.07.2022 100,000 - - 100,000 101,050 0.06 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.125% 27.05.2025 200,000 - - 200,000 208,000 0.11 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.3% 25.11.2039 - 130,000 50,000 80,000 87,600 0.05

[218] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.32% 09.05.2036 50,000 - - 50,000 54,650 0.03 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.375% 22.06.2032 50,000 - - 50,000 54,625 0.03 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.44% 28.05.2037 70,000 - - 70,000 78,190 0.04 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.5% 09.03.2034 125,000 - - 125,000 139,250 0.08 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 0.77% 16.05.2033 100,000 - - 100,000 114,900 0.06 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 1.25% 15.06.2027 50,000 - - 50,000 56,675 0.03 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 1.75% 14.09.2026 70,000 - - 70,000 80,920 0.04 Emissionszentrale fuer Gemeinnuetzige Wohnbautraeger 1.75% 24.07.2028 250,000 - - 250,000 298,750 0.16 EMMI Finanz AG 1.625% 12.07.2023 150,000 - - 150,000 159,600 0.09 Engadiner Kraftwerk AG 1.625% 25.04.2024 50,000 - - 50,000 53,375 0.03 FCA Capital Suisse SA 0.1% 23.10.2023 - 100,000 - 100,000 100,350 0.05 FCA Capital Suisse SA 0.75% 29.11.2021 50,000 - - 50,000 50,750 0.03 First Swiss Mobility 2017-1 AG 0.14% 16.04.2027 50,000 - 50,000 - - 0.00 Flughafen Zurich AG 0.625% 24.05.2029 160,000 - - 160,000 171,040 0.09 Flughafen Zurich AG 1.25% 03.07.2020 50,000 - - 50,000 50,360 0.03 Flughafen Zurich AG 1.5% 17.04.2023 60,000 - - 60,000 63,600 0.03 Galenica AG 0.5% 15.06.2023 100,000 - - 100,000 102,300 0.06 Geberit AG 0.1% 17.10.2024 125,000 - - 125,000 128,312 0.07 Geberit AG 0.3% 17.04.2023 50,000 - - 50,000 51,200 0.03 Geberit AG 0.6% 17.10.2028 50,000 - - 50,000 53,925 0.03 Georg Fischer AG 1.05% 20.04.2028 150,000 - - 150,000 160,275 0.09 Georg Fischer Finanz AG 2.5% 12.09.2022 55,000 - - 55,000 58,575 0.03 Givaudan SA (Zero-Coupon) 07.12.2022 100,000 - - 100,000 100,750 0.05 Givaudan SA 0.625% 05.12.2031 50,000 - - 50,000 52,600 0.03 Givaudan SA 1.75% 19.03.2024 200,000 - - 200,000 216,600 0.12 Glarner Kantonalbank (Zero-Coupon) 16.10.2029 - 100,000 - 100,000 102,450 0.06 Glarner Kantonalbank 0.375% 26.02.2027 50,000 - - 50,000 52,550 0.03 Grande Dixence SA 0.8% 17.06.2026 - 150,000 - 150,000 156,750 0.09 Grande Dixence SA 1.75% 12.05.2022 100,000 - - 100,000 104,100 0.06 Grande Dixence SA 2.375% 10.06.2021 50,000 - - 50,000 51,670 0.03 Graubuendner Kantonalbank 0.125% 29.05.2024 50,000 - - 50,000 51,300 0.03 Graubuendner Kantonalbank 0.3% 20.02.2026 100,000 - - 100,000 104,250 0.06 Graubuendner Kantonalbank 0.375% 28.05.2032 100,000 150,000 - 250,000 266,250 0.15 Graubuendner Kantonalbank 0.625% 20.04.2029 80,000 - - 80,000 86,680 0.05 Graubuendner Kantonalbank 0.75% 07.05.2021 70,000 - - 70,000 71,148 0.04 Graubuendner Kantonalbank 1.375% 11.03.2025 100,000 - - 100,000 109,400 0.06 Hiag Immobilien Holding AG 0.875% 08.05.2024 - 100,000 - 100,000 102,200 0.06 Hiag Immobilien Holding AG 1% 01.07.2021 50,000 - - 50,000 50,550 0.03 Hiag Immobilien Holding AG 1% 26.10.2022 100,000 - - 100,000 101,450 0.06 Hiag Immobilien Holding AG 1% 04.07.2023 50,000 - - 50,000 51,300 0.03 Implenia AG 1.625% 15.10.2024 50,000 - - 50,000 52,875 0.03 Investis Holding SA 0.05% 09.10.2023 - 100,000 - 100,000 100,100 0.05 Investis Holding SA 0.75% 03.10.2022 100,000 - - 100,000 101,750 0.06 Julius Baer Group Ltd 0.375% 06.12.2024 50,000 - - 50,000 51,150 0.03 Kanton Luzern 0.125% 20.06.2029 75,000 - - 75,000 79,350 0.04 Kanton Luzern 1.52% 12.06.2043 50,000 - - 50,000 69,850 0.04 Kantonsspital Aarau AG 0.75% 28.05.2032 50,000 - - 50,000 54,250 0.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Kantonsspital Winterthur (Zero-Coupon) 30.09.2031 - 100,000 - 100,000 100,650 0.05 Kernkraftwerk Leibstadt AG 1.5% 16.12.2022 50,000 - - 50,000 51,950 0.03 Kernkraftwerk Leibstadt AG 2% 14.02.2025 100,000 100,000 - 200,000 217,200 0.12 Kinderspital Zuerich-Eleonorenstiftung 0.75% 28.07.2036 50,000 - - 50,000 54,475 0.03 Kraftwerk Hinterrhein AG 2.375% 28.07.2022 50,000 - - 50,000 53,200 0.03 Kraftwerke Linth-Limmern AG 1.5% 06.12.2022 130,000 - - 130,000 135,850 0.07 Kraftwerke Linth-Limmern AG 2% 11.12.2023 100,000 - - 100,000 107,650 0.06 Kraftwerke Linth-Limmern AG 2.375% 10.12.2026 50,000 100,000 - 150,000 172,125 0.09 Kraftwerke Linth-Limmern AG 2.75% 10.03.2022 100,000 - - 100,000 106,100 0.06 Kraftwerke Linth-Limmern AG 2.875% 30.06.2031 135,000 - - 135,000 168,210 0.09 Kraftwerke Linth-Limmern AG 2.875% 27.03.2042 75,000 - - 75,000 92,513 0.05 Kraftwerke Linth-Limmern AG 3% 27.09.2052 50,000 - - 50,000 66,875 0.04 Kraftwerke Oberhasli AG 0.7% 30.01.2026 50,000 - - 50,000 51,450 0.03 Kuehne + Nagel International AG 0.02% 18.11.2022 50,000 200,000 100,000 150,000 151,200 0.08 Kuehne + Nagel International AG 0.2% 18.06.2025 75,000 - 75,000 - - 0.00 LafargeHolcim Ltd 0.375% 03.12.2021 65,000 - - 65,000 65,748 0.04 LafargeHolcim Ltd 1% 11.12.2024 200,000 - - 200,000 210,800 0.12 LafargeHolcim Ltd 2% 09.06.2022 75,000 - - 75,000 78,938 0.04 LafargeHolcim Ltd 3% 22.11.2022 230,000 - - 230,000 251,045 0.14 Lonza Swiss Finanz AG 0.125% 01.11.2021 110,000 - - 110,000 110,715 0.06 Lonza Swiss Finanz AG 0.2% 12.07.2021 50,000 - - 50,000 50,325 0.03 Lonza Swiss Finanz AG 0.7% 12.07.2024 - 100,000 50,000 50,000 51,775 0.03 Lonza Swiss Finanz AG 1.25% 22.09.2023 100,000 - - 100,000 105,250 0.06 Luzerner Kantonalbank AG 0.1% 08.05.2024 50,000 - - 50,000 51,200 0.03 Luzerner Kantonalbank AG 0.1% 15.09.2031 125,000 - - 125,000 128,687 0.07 Luzerner Kantonalbank AG 0.15% 07.10.2044 - 50,000 - 50,000 51,675 0.03 Luzerner Kantonalbank AG 0.35% 05.02.2027 150,000 - - 150,000 157,425 0.09 Luzerner Kantonalbank AG 0.375% 30.01.2023 105,000 - - 105,000 107,730 0.06 Luzerner Kantonalbank AG 0.41% 31.01.2029 250,000 - - 250,000 265,625 0.15 Luzerner Kantonalbank AG 0.5% 26.07.2041 100,000 150,000 - 250,000 276,375 0.15 Luzerner Kantonalbank AG 1.125% 30.06.2023 100,000 - - 100,000 105,500 0.06 Luzerner Kantonalbank AG 1.625% 20.07.2037 100,000 - - 100,000 129,400 0.07 Luzerner Kantonalbank AG 1.875% 30.06.2020 100,000 - - 100,000 101,000 0.06 Luzerner Kantonalbank AG 2% 27.12.2039 100,000 - - 100,000 140,400 0.08 Luzerner Kantonalbank AG 2.125% 04.10.2041 50,000 - - 50,000 73,400 0.04 Luzerner Kantonalbank AG 3% 11.03.2025 200,000 - - 200,000 235,600 0.13 Migros Bank AG 0.25% 10.12.2027 - 100,000 - 100,000 103,200 0.06 Mobimo Holding AG 0.75% 20.03.2026 50,000 - - 50,000 52,100 0.03 Mobimo Holding AG 0.875% 02.10.2023 100,000 - - 100,000 104,000 0.06 Mobimo Holding AG 1.625% 19.05.2021 100,000 - - 100,000 102,440 0.06 Mobimo Holding AG 1.875% 16.09.2024 50,000 - - 50,000 54,725 0.03 Nant de Drance SA 1.5% 15.02.2021 55,000 - - 55,000 55,897 0.03 Nant de Drance SA 1.55% 19.08.2025 100,000 - - 100,000 107,800 0.06 Nant de Drance SA 1.75% 18.07.2024 115,000 - - 115,000 124,085 0.07 Nant de Drance SA 2.375% 15.02.2028 100,000 - - 100,000 116,100 0.06 Nestle SA 0.25% 28.06.2024 585,000 500,000 600,000 485,000 503,915 0.28 Nestle SA 0.75% 28.06.2028 200,000 - - 200,000 216,300 0.12 Nidwaldner Kantonalbank (Zero-Coupon) 05.11.2029 - 50,000 - 50,000 51,150 0.03 Nidwaldner Kantonalbank 0.2% 28.03.2025 50,000 - - 50,000 51,675 0.03 Nidwaldner Kantonalbank 0.25% 27.05.2026 50,000 - - 50,000 52,050 0.03 Novartis AG 0.25% 13.05.2025 175,000 - - 175,000 181,387 0.10 Novartis AG 0.625% 13.11.2029 185,000 - - 185,000 201,372 0.11 Novartis AG 1.05% 11.05.2035 65,000 - - 65,000 76,180 0.04

[220] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) OC Oerlikon Corp AG 2.625% 17.06.2024 100,000 - - 100,000 111,700 0.06 Orior AG 0.625% 26.09.2023 50,000 - - 50,000 50,750 0.03 Panalpina Welttransport Holding AG 1% 12.12.2022 150,000 - - 150,000 153,975 0.08 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 50,000 - 250,000 258,000 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 26.03.2021 350,000 - - 350,000 352,310 0.19 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 02.07.2021 235,000 - - 235,000 236,927 0.13 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 05.07.2022 1,000,000 - - 1,000,000 1,014,500 0.56 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 16.05.2023 300,000 - - 300,000 305,850 0.17 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 16.08.2023 - 950,000 350,000 600,000 612,300 0.34 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 29.07.2024 1,500,000 - 1,000,000 500,000 512,250 0.28 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 30.03.2026 - 1,000,000 - 1,000,000 1,029,200 0.57 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 15.06.2027 - 150,000 - 150,000 154,755 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG (Zero-Coupon) 26.08.2049 - 500,000 - 500,000 511,500 0.28 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 25.03.2024 450,000 - - 450,000 462,825 0.25 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 26.04.2024 300,000 - - 300,000 308,460 0.17 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 06.05.2025 120,000 - - 120,000 124,032 0.07 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 06.09.2028 260,000 - - 260,000 271,024 0.15 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 08.05.2029 - 100,000 - 100,000 104,430 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 10.12.2030 300,000 - 300,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 14.11.2031 - 500,000 - 500,000 522,000 0.29 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.125% 23.09.2032 100,000 - - 100,000 104,270 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 27.04.2026 150,000 - - 150,000 156,750 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 05.08.2026 670,000 - - 670,000 701,155 0.39 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 18.09.2026 100,000 - - 100,000 104,830 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 20.10.2026 350,000 - - 350,000 366,870 0.20 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 16.11.2026 150,000 - - 150,000 157,200 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 18.01.2027 100,000 - - 100,000 104,830 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 26.04.2034 100,000 200,000 100,000 200,000 212,060 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 26.04.2034 - 100,000 100,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 14.10.2036 140,000 - - 140,000 148,820 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.25% 17.05.2040 275,000 - - 275,000 293,287 0.16

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 15.10.2025 200,000 - - 200,000 210,120 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 21.03.2028 100,000 - - 100,000 106,320 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 10.07.2028 200,000 - - 200,000 213,040 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 21.01.2030 250,000 - - 250,000 267,625 0.15 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 08.07.2039 150,000 - - 150,000 163,005 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.375% 15.06.2046 100,000 - - 100,000 111,210 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 24.01.2025 150,000 - - 150,000 157,680 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 22.01.2029 150,000 - - 150,000 161,940 0.09 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 15.06.2029 275,000 - - 275,000 297,220 0.16 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 17.06.2041 100,000 - - 100,000 111,940 0.06 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 25.01.2044 900,000 950,000 850,000 1,000,000 1,137,500 0.63 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.5% 25.01.2044 - 100,000 100,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 19.03.2025 335,000 - - 335,000 354,932 0.20 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 18.10.2030 200,000 - - 200,000 219,820 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 16.05.2031 200,000 - - 200,000 220,720 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 25.01.2034 600,000 - - 600,000 669,240 0.37 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 23.01.2037 50,000 - - 50,000 56,305 0.03 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.625% 18.10.2039 50,000 - - 50,000 56,875 0.03 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.75% 18.10.2038 750,000 - - 750,000 868,050 0.48 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 07.05.2035 300,000 - 300,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 25.06.2037 180,000 - - 180,000 211,068 0.12 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 15.03.2040 250,000 - 250,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 0.875% 19.06.2043 900,000 - - 900,000 1,097,460 0.61 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 13.08.2021 2,340,000 - - 2,340,000 2,396,628 1.32 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 10.05.2022 200,000 - - 200,000 207,240 0.11 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 21.05.2024 500,000 - - 500,000 533,450 0.29 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 07.07.2026 600,000 - - 600,000 657,540 0.36 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 23.01.2043 200,000 - - 200,000 249,080 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1% 25.01.2045 150,000 - - 150,000 189,975 0.10 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.125% 03.03.2021 350,000 - - 350,000 356,440 0.20

[222] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.125% 18.10.2047 300,000 - - 300,000 399,690 0.22 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.25% 10.05.2021 150,000 - - 150,000 153,480 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.25% 29.09.2023 265,000 - - 265,000 282,861 0.16 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 30.11.2021 300,000 - - 300,000 310,890 0.17 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 14.02.2024 280,000 - - 280,000 301,952 0.17 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 14.11.2024 230,000 - - 230,000 251,298 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.375% 13.08.2027 120,000 - - 120,000 136,452 0.07 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.5% 16.01.2023 700,000 - - 700,000 743,400 0.41 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.5% 21.01.2028 400,000 - - 400,000 461,480 0.25 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.5% 14.02.2040 195,000 - - 195,000 257,166 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 03.08.2020 200,000 - 200,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 15.03.2022 290,000 - - 290,000 303,775 0.17 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 03.07.2030 110,000 - - 110,000 132,627 0.07 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.625% 29.11.2041 200,000 - - 200,000 274,820 0.15 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.75% 15.07.2025 135,000 - - 135,000 151,848 0.08 Pfandbriefbank schweizerischer Hypothekarinstitute AG 1.875% 15.09.2031 100,000 - - 100,000 125,320 0.07 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.125% 28.06.2023 300,000 - - 300,000 328,020 0.18 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.125% 28.11.2033 150,000 - - 150,000 198,900 0.11 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.125% 03.03.2044 50,000 - - 50,000 76,910 0.04 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.25% 13.08.2032 200,000 - - 200,000 263,440 0.14 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.375% 27.01.2021 350,000 - - 350,000 360,395 0.20 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.375% 27.06.2025 200,000 - - 200,000 231,640 0.13 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.75% 16.10.2020 335,000 - 335,000 - - 0.00 Pfandbriefbank schweizerischer Hypothekarinstitute AG 2.875% 14.02.2022 220,000 - - 220,000 235,598 0.13 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 15.07.2020 205,000 - 205,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 15.12.2021 230,000 - - 230,000 232,484 0.13 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 25.07.2023 400,000 - - 400,000 407,920 0.22 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 14.06.2024 400,000 - - 400,000 409,680 0.23 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 23.06.2025 - 1,200,000 - 1,200,000 1,233,840 0.68 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 02.10.2026 - 500,000 - 500,000 515,300 0.28

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 27.01.2027 400,000 - - 400,000 412,080 0.23 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 10.09.2037 - 300,000 200,000 100,000 101,520 0.06 Pfandbriefzentrale der schweizerischen Kantonalbanken AG (Zero-Coupon) 10.09.2037 - 100,000 100,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.05% 06.11.2026 190,000 - - 190,000 196,593 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.1% 03.12.2031 - 300,000 - 300,000 312,240 0.17 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 12.03.2024 290,000 - - 290,000 298,033 0.16 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 17.07.2024 280,000 - - 280,000 288,484 0.16 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 31.10.2024 1,500,000 300,000 200,000 1,600,000 1,649,920 0.91 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 16.04.2025 100,000 - - 100,000 103,290 0.06 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.125% 23.03.2032 - 270,000 - 270,000 281,691 0.15 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.2% 10.09.2029 - 800,000 - 800,000 841,600 0.46 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 01.12.2025 550,000 - - 550,000 573,705 0.32 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 12.05.2026 500,000 - - 500,000 522,400 0.29 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 20.07.2026 100,000 - - 100,000 104,560 0.06 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.25% 11.02.2028 300,000 - - 300,000 315,510 0.17 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.3% 09.04.2029 200,000 - - 200,000 212,140 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.3% 06.06.2031 150,000 - - 150,000 159,960 0.09 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.375% 14.02.2025 200,000 - - 200,000 209,120 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.375% 21.09.2027 200,000 - - 200,000 212,160 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.375% 24.07.2028 250,000 - - 250,000 266,025 0.15 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 06.04.2020 200,000 - 200,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 19.05.2028 550,000 - - 550,000 590,975 0.33 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 30.04.2030 150,000 - - 150,000 162,585 0.09 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 20.09.2030 250,000 - - 250,000 271,375 0.15 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 15.05.2034 300,000 100,000 - 400,000 438,520 0.24 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.5% 15.05.2034 - 100,000 100,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.6% 11.12.2035 555,000 - - 555,000 619,324 0.34 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.625% 08.03.2029 100,000 - - 100,000 109,230 0.06 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.625% 12.02.2030 330,000 - - 330,000 361,680 0.20 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.625% 01.11.2030 260,000 - - 260,000 285,948 0.16

[224] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.65% 15.02.2033 550,000 - - 550,000 613,195 0.34 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.7% 04.03.2039 220,000 - - 220,000 253,220 0.14 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 15.04.2024 800,000 - - 800,000 844,400 0.47 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 23.09.2024 150,000 - - 150,000 159,120 0.09 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 01.10.2032 300,000 - - 300,000 337,320 0.19 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.75% 21.06.2033 200,000 - - 200,000 225,960 0.12 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.875% 10.06.2021 280,000 - 280,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 0.875% 20.06.2022 230,000 - - 230,000 238,050 0.13 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1% 17.02.2021 300,000 - 300,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1% 09.09.2022 300,000 - - 300,000 312,420 0.17 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1% 22.09.2028 125,000 - - 125,000 140,075 0.08 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.125% 28.04.2023 280,000 - - 280,000 295,540 0.16 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.25% 29.10.2021 1,200,000 - - 1,200,000 1,238,640 0.68 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.25% 03.02.2022 1,375,000 - - 1,375,000 1,426,287 0.79 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 12.12.2022 510,000 - - 510,000 538,764 0.30 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 16.04.2025 185,000 - - 185,000 203,574 0.11 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 19.03.2027 100,000 - - 100,000 113,040 0.06 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.375% 05.11.2027 430,000 - - 430,000 490,243 0.27 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.5% 03.09.2020 320,000 20,000 340,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.5% 05.02.2029 300,000 - - 300,000 351,420 0.19 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 1.75% 02.09.2026 140,000 - - 140,000 160,706 0.09 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 2% 30.10.2025 250,000 - - 250,000 286,475 0.16 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 2.125% 06.04.2020 150,000 - 150,000 - - 0.00 Pfandbriefzentrale der schweizerischen Kantonalbanken AG 2.375% 06.04.2026 205,000 - - 205,000 241,674 0.13 PSP Swiss Property AG (Zero-Coupon) 01.09.2023 150,000 - - 150,000 151,200 0.08 PSP Swiss Property AG 0.5% 16.02.2024 100,000 - - 100,000 102,700 0.06 PSP Swiss Property AG 0.55% 04.02.2028 150,000 - - 150,000 158,100 0.09 PSP Swiss Property AG 0.7% 08.02.2027 100,000 - - 100,000 105,800 0.06 Raiffeisen Schweiz Genossenschaft 0.125% 07.05.2024 100,000 - - 100,000 101,600 0.06 Raiffeisen Schweiz Genossenschaft 0.3% 22.04.2025 50,000 100,000 - 150,000 153,975 0.08 Raiffeisen Schweiz Genossenschaft 0.35% 16.02.2024 200,000 - - 200,000 205,200 0.11 Raiffeisen Schweiz Genossenschaft 2% 21.09.2023 100,000 - - 100,000 108,300 0.06 Raiffeisen Schweiz Genossenschaft 2.625% 04.02.2026 50,000 - - 50,000 58,550 0.03 Raiffeisen Schweiz Genossenschaft 3.875% 21.12.2021 150,000 - - 150,000 160,875 0.09

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Rhaetische Bahn Stamm (Zero-Coupon) 01.09.2025 50,000 - - 50,000 51,450 0.03 Roche Kapitalmarkt AG 0.1% 23.09.2024 495,000 - - 495,000 510,097 0.28 Roche Kapitalmarkt AG 0.25% 24.09.2025 100,000 - - 100,000 103,500 0.06 Roche Kapitalmarkt AG 0.45% 23.03.2029 75,000 - - 75,000 79,500 0.04 Roche Kapitalmarkt AG 0.75% 24.09.2030 200,000 - - 200,000 219,400 0.12 Roche Kapitalmarkt AG 1.625% 23.09.2022 75,000 - - 75,000 79,500 0.04 Schaffhauser Kantonalbank 0.5% 31.05.2028 100,000 - - 100,000 106,800 0.06 Schaffhauser Kantonalbank 1.125% 24.04.2023 70,000 - - 70,000 73,675 0.04 Schindler Holding AG 0.25% 05.06.2023 100,000 - - 100,000 101,900 0.06 Schwyzer Kantonalbank 0.1% 25.10.2028 100,000 - - 100,000 103,500 0.06 Schwyzer Kantonalbank 0.25% 04.03.2027 200,000 - - 200,000 208,800 0.11 Schwyzer Kantonalbank 0.75% 12.03.2020 60,000 - - 60,000 60,084 0.03 Schwyzer Kantonalbank 0.75% 05.10.2020 50,000 - - 50,000 50,465 0.03 Schwyzer Kantonalbank 1.375% 24.09.2021 115,000 - - 115,000 118,623 0.06 See-Spital 1.25% 03.07.2026 100,000 - - 100,000 106,250 0.06 SGS SA 0.55% 03.03.2026 250,000 - - 250,000 262,500 0.14 SGS SA 0.75% 29.10.2025 70,000 - - 70,000 73,885 0.04 SGS SA 0.875% 08.05.2030 50,000 - - 50,000 54,725 0.03 SGS SA 1.25% 27.10.2028 100,000 - - 100,000 111,900 0.06 SGS SA 1.375% 25.02.2022 175,000 - - 175,000 181,212 0.10 SGS SA 1.75% 27.02.2024 40,000 - - 40,000 43,300 0.02 SGS SA 3% 27.05.2021 100,000 - - 100,000 104,550 0.06 Sika AG 0.6% 27.03.2026 50,000 - - 50,000 52,350 0.03 Sika AG 0.625% 12.07.2024 300,000 - 150,000 150,000 156,375 0.09 Sika AG 1.875% 14.11.2023 70,000 - - 70,000 75,880 0.04 Sonova Holding AG (Zero-Coupon) 11.10.2029 - 50,000 - 50,000 50,625 0.03 Sonova Holding AG 0.01% 11.10.2021 100,000 - - 100,000 100,950 0.06 Sonova Holding AG 0.4% 11.10.2034 - 125,000 50,000 75,000 76,725 0.04 Spital Limmattal 1.875% 29.11.2023 50,000 - - 50,000 54,375 0.03 St Galler Kantonalbank AG 0.1% 10.10.2041 - 100,000 - 100,000 101,500 0.06 St Galler Kantonalbank AG 0.25% 28.01.2021 110,000 - - 110,000 110,935 0.06 St Galler Kantonalbank AG 0.35% 24.01.2028 150,000 - - 150,000 158,025 0.09 St Galler Kantonalbank AG 0.5% 24.06.2025 200,000 - - 200,000 210,200 0.12 St Galler Kantonalbank AG 0.625% 09.09.2022 285,000 - - 285,000 293,550 0.16 St Galler Kantonalbank AG 0.625% 23.01.2032 100,000 - - 100,000 109,450 0.06 St Galler Kantonalbank AG 1% 30.11.2027 100,000 - - 100,000 108,050 0.06 St Galler Kantonalbank AG 1.5% 12.02.2031 100,000 - - 100,000 119,150 0.07 St Galler Kantonalbank AG 2.625% 30.06.2021 50,000 - - 50,000 51,925 0.03 Stadler Rail AG 0.375% 20.11.2026 - 100,000 - 100,000 102,900 0.06 Sulzer AG 0.375% 11.07.2022 135,000 - - 135,000 136,755 0.07 Sulzer AG 0.625% 22.10.2021 100,000 - - 100,000 101,400 0.06 Sulzer AG 1.3% 06.07.2023 100,000 - - 100,000 105,000 0.06 Sulzer AG 1.6% 22.10.2024 50,000 - - 50,000 53,400 0.03 Sunrise Communications AG 1.5% 27.06.2024 100,000 - - 100,000 105,750 0.06 Swiss Car ABS 2016-2 AG 0.3% 18.04.2020 100,000 - - 100,000 99,950 0.05 Swiss Confederation Government Bond (Zero-Coupon) 22.06.2029 2,350,000 - 700,000 1,650,000 1,779,360 0.98 Swiss Confederation Government Bond (Zero-Coupon) 26.06.2034 500,000 - - 500,000 546,275 0.30 Swiss Confederation Government Bond (Zero-Coupon) 24.07.2039 - 1,300,000 - 1,300,000 1,434,160 0.79 Swiss Confederation Government Bond 0.5% 27.05.2030 1,250,000 600,000 300,000 1,550,000 1,759,870 0.97 Swiss Confederation Government Bond 0.5% 27.06.2032 3,600,000 - - 3,600,000 4,155,120 2.30

[226] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Swiss Confederation Government Bond 0.5% 28.06.2045 400,000 - - 400,000 504,020 0.28 Swiss Confederation Government Bond 0.5% 24.05.2055 250,000 - - 250,000 337,625 0.19 Swiss Confederation Government Bond 0.5% 30.05.2058 687,000 - - 687,000 951,186 0.52 Swiss Confederation Government Bond 1.25% 11.06.2024 1,075,000 - - 1,075,000 1,173,954 0.65 Swiss Confederation Government Bond 1.25% 28.05.2026 963,000 2,000,000 1,000,000 1,963,000 2,226,238 1.23 Swiss Confederation Government Bond 1.25% 27.06.2037 865,000 - - 865,000 1,145,260 0.63 Swiss Confederation Government Bond 1.5% 24.07.2025 1,610,000 - - 1,610,000 1,818,414 1.00 Swiss Confederation Government Bond 1.5% 30.04.2042 800,000 - - 800,000 1,165,840 0.64 Swiss Confederation Government Bond 2% 28.04.2021 930,000 - 930,000 - - 0.00 Swiss Confederation Government Bond 2% 25.05.2022 1,620,000 - 700,000 920,000 980,858 0.54 Swiss Confederation Government Bond 2% 25.06.2064 434,000 - - 434,000 915,697 0.51 Swiss Confederation Government Bond 2.25% 06.07.2020 850,000 - 850,000 - - 0.00 Swiss Confederation Government Bond 2.25% 22.06.2031 795,000 - - 795,000 1,074,204 0.59 Swiss Confederation Government Bond 2.5% 08.03.2036 803,000 - - 803,000 1,215,983 0.67 Swiss Confederation Government Bond 3.25% 27.06.2027 698,000 - - 698,000 914,136 0.50 Swiss Confederation Government Bond 3.5% 08.04.2033 1,275,000 - - 1,275,000 1,998,244 1.10 Swiss Confederation Government Bond 4% 11.02.2023 552,000 - - 552,000 633,889 0.35 Swiss Confederation Government Bond 4% 08.04.2028 1,245,000 - - 1,245,000 1,755,388 0.97 Swiss Confederation Government Bond 4% 06.01.2049 543,000 - - 543,000 1,287,860 0.71 Swiss Life Holding AG 0.25% 11.10.2023 100,000 - - 100,000 101,950 0.06 Swiss Life Holding AG 0.35% 06.03.2029 - 100,000 - 100,000 104,100 0.06 Swiss Life Holding AG 1.875% 21.06.2023 100,000 - - 100,000 107,250 0.06 Swiss Prime Site AG 0.375% 30.09.2031 - 100,000 - 100,000 100,000 0.05 Swiss Prime Site AG 0.5% 03.11.2025 70,000 - - 70,000 71,820 0.04 Swiss Prime Site AG 0.825% 11.05.2026 100,000 - - 100,000 104,550 0.06 Swiss Prime Site AG 1% 16.07.2024 75,000 - - 75,000 79,088 0.04 Swiss Prime Site AG 1.25% 02.04.2027 100,000 - - 100,000 107,800 0.06 Swiss Prime Site AG 2% 21.10.2020 140,000 - 140,000 - - 0.00 Swiss Prime Site AG 2% 10.12.2024 150,000 - - 150,000 165,225 0.09 Swiss Reinsurance Co Ltd 0.75% 21.01.2027 50,000 - - 50,000 53,725 0.03 Swiss Reinsurance Co Ltd 1% 17.09.2024 50,000 - - 50,000 53,325 0.03 Swisscom AG 0.125% 15.09.2032 150,000 - - 150,000 153,525 0.08 Swisscom AG 0.25% 17.04.2023 100,000 - - 100,000 102,550 0.06 Swisscom AG 0.375% 31.05.2027 100,000 200,000 100,000 200,000 210,200 0.12 Swisscom AG 0.375% 31.03.2028 100,000 - - 100,000 105,500 0.06 Swisscom AG 0.5% 15.03.2029 100,000 - - 100,000 106,250 0.06 Swisscom AG 0.75% 12.10.2028 100,000 - - 100,000 108,050 0.06 Swisscom AG 0.75% 24.11.2033 100,000 - - 100,000 111,200 0.06 Swisscom AG 1% 17.04.2035 100,000 - - 100,000 115,500 0.06 Swisscom AG 1.5% 14.07.2026 100,000 - - 100,000 112,350 0.06 Swisscom AG 1.5% 28.09.2029 100,000 - - 100,000 117,000 0.06 Swisscom AG 1.75% 10.07.2024 200,000 - - 200,000 220,200 0.12 Swissgrid AG (Zero-Coupon) 30.06.2028 - 100,000 - 100,000 102,550 0.06 Swissgrid AG 0.05% 30.06.2050 - 100,000 50,000 50,000 49,775 0.03 Swissgrid AG 0.2% 30.06.2032 - 75,000 - 75,000 77,888 0.04 Swissgrid AG 0.625% 25.02.2030 100,000 - - 100,000 108,550 0.06 Syngenta Finance AG 2.125% 01.11.2029 - 150,000 - 150,000 175,875 0.10 Thurgauer Kantonalbank 0.375% 23.10.2020 100,000 - 100,000 - - 0.00

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [227] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Thurgauer Kantonalbank 0.375% 31.03.2025 100,000 - - 100,000 104,200 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 - - 100,000 107,200 0.06 Thurgauer Kantonalbank 0.7% 22.03.2030 200,000 - - 200,000 219,400 0.12 Thurgauer Kantonalbank 1.5% 04.03.2027 50,000 - - 50,000 56,675 0.03 Thurgauer Kantonalbank 2.25% 25.02.2021 130,000 - - 130,000 133,887 0.07 Transports Publics Genevois 0.9% 21.05.2035 50,000 - - 50,000 57,675 0.03 UBS Group AG 0.75% 22.02.2022 200,000 - - 200,000 204,000 0.11 UBS Group AG 0.875% 30.01.2025 200,000 - - 200,000 208,300 0.11 Universitaetsspital Zuerich 0.55% 28.09.2028 100,000 - - 100,000 106,350 0.06 Valiant Bank AG (Zero-Coupon) 31.07.2029 200,000 - - 200,000 205,100 0.11 Valiant Bank AG 0.125% 23.04.2024 170,000 - - 170,000 174,845 0.10 Valiant Bank AG 0.125% 04.12.2034 - 100,000 - 100,000 102,750 0.06 Valiant Bank AG 0.2% 29.01.2027 100,000 - - 100,000 104,050 0.06 Valiant Bank AG 0.375% 06.12.2027 150,000 - - 150,000 158,250 0.09 Vifor Pharma AG 0.75% 13.09.2022 200,000 - - 200,000 203,900 0.11 Walliser Kantonalbank 0.2% 02.02.2026 60,000 - - 60,000 61,950 0.03 Walliser Kantonalbank 0.25% 16.03.2023 285,000 - - 285,000 291,127 0.16 Walliser Kantonalbank 0.3% 01.02.2027 100,000 - - 100,000 104,200 0.06 Walliser Kantonalbank 0.35% 07.09.2027 100,000 - - 100,000 104,700 0.06 Walliser Kantonalbank 0.375% 15.12.2021 100,000 - - 100,000 101,600 0.06 Walliser Kantonalbank 0.4% 15.09.2025 50,000 - - 50,000 52,175 0.03 Walliser Kantonalbank 2.375% 18.05.2021 55,000 - - 55,000 57,041 0.03 Winterthur City Of 0.05% 17.03.2026 100,000 - - 100,000 102,850 0.06 Winterthur City Of 0.1% 20.03.2028 100,000 150,000 - 250,000 259,250 0.14 Winterthur City Of 0.15% 26.03.2025 100,000 - - 100,000 103,350 0.06 Winterthur City Of 1.5% 24.01.2036 80,000 - - 80,000 100,160 0.05 Zuercher Kantonalbank 0.125% 06.06.2029 200,000 - - 200,000 207,600 0.11 Zuercher Kantonalbank 0.15% 25.01.2027 170,000 - - 170,000 176,715 0.10 Zuercher Kantonalbank 0.25% 08.05.2025 150,000 - - 150,000 155,700 0.09 Zuercher Kantonalbank 0.25% 27.01.2026 50,000 - - 50,000 52,150 0.03 Zuercher Kantonalbank 0.3% 25.01.2028 150,000 - - 150,000 158,025 0.09 Zuercher Kantonalbank 0.75% 28.10.2030 100,000 - - 100,000 110,550 0.06 Zuercher Kantonalbank 0.875% 17.05.2021 100,000 - - 100,000 101,790 0.06 Zuercher Kantonalbank 1.125% 29.01.2024 350,000 - - 350,000 372,925 0.21 Zuercher Kantonalbank 1.25% 31.01.2022 100,000 - - 100,000 103,700 0.06 Zuercher Kantonalbank 1.625% 12.04.2027 215,000 - - 215,000 246,390 0.14 Zuercher Kantonalbank 2% 21.01.2021 70,000 - - 70,000 71,764 0.04 Zuercher Kantonalbank 2% 08.09.2025 200,000 - - 200,000 227,800 0.13 Zuercher Kantonalbank 2% 30.11.2034 130,000 - - 130,000 170,820 0.09 Zuercher Kantonalbank 2.125% 29.06.2022 195,000 - - 195,000 207,577 0.11 Zuercher Kantonalbank 2.375% 29.03.2023 200,000 - - 200,000 218,600 0.12 Zug Estates Holding AG 0.1% 02.10.2025 - 100,000 - 100,000 100,750 0.05 Zug Estates Holding AG 0.7% 17.02.2022 50,000 - - 50,000 50,550 0.03 Zuger Kantonalbank AG 0.125% 03.12.2029 - 100,000 - 100,000 103,550 0.06 Zuger Kantonalbank AG 0.125% 27.06.2030 100,000 100,000 - 200,000 207,300 0.11 Zuger Kantonalbank AG 0.375% 15.12.2027 100,000 - - 100,000 105,450 0.06 Zuger Kantonalbank AG 0.55% 08.03.2028 50,000 - - 50,000 53,500 0.03 Zuger Kantonalbank AG 1% 26.09.2022 100,000 - - 100,000 104,000 0.06 Zuger Kantonalbank AG 1.5% 27.09.2021 150,000 - - 150,000 155,025 0.08 Zuger Kantonalbank AG 1.5% 20.11.2037 110,000 - - 110,000 140,525 0.08 Zuger Kantonalbank AG 2.375% 25.05.2021 100,000 - - 100,000 103,800 0.06 Zurich Insurance Co Ltd 0.5% 18.12.2024 100,000 - - 100,000 103,750 0.06

[228] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Zurich Insurance Co Ltd 0.75% 22.10.2027 200,000 - - 200,000 214,500 0.12 Zurich Insurance Co Ltd 1.875% 18.09.2023 150,000 - - 150,000 162,000 0.09 Zurich Insurance Co Ltd 2.875% 27.07.2021 100,000 - - 100,000 105,050 0.06 132,352,486 73.14 Slovakia Slovakia Government International Bond 2.125% 16.10.2023 75,000 - - 75,000 82,500 0.05 82,500 0.05 Spain Banco Santander SA 0.2% 19.11.2027 - 100,000 - 100,000 102,250 0.06 Banco Santander SA 0.75% 12.06.2023 200,000 - - 200,000 206,700 0.11 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 75,270 0.04 Santander Consumer Finance SA 0.15% 10.12.2024 - 100,000 - 100,000 101,250 0.06 Santander Consumer Finance SA 0.5% 05.10.2020 100,000 - - 100,000 100,660 0.05 Telefonica Emisiones SA 2.595% 23.10.2020 50,000 - 50,000 - - 0.00 638,855 0.35 South Korea Export-Import Bank of Korea (Zero-Coupon) 27.05.2025 - 100,000 - 100,000 101,500 0.05 Export-Import Bank of Korea 0.17% 18.07.2025 100,000 100,000 100,000 100,000 102,550 0.06 Export-Import Bank of Korea 0.253% 06.03.2023 300,000 - - 300,000 305,550 0.17 GS Caltex Corp 0.633% 31.01.2024 50,000 - - 50,000 50,925 0.03 Hyundai Capital Services Inc 0.26% 11.02.2025 - 100,000 - 100,000 100,950 0.05 Hyundai Capital Services Inc 0.695% 27.06.2023 100,000 - - 100,000 102,300 0.06 Hyundai Capital Services Inc 0.7325% 26.02.2024 100,000 - - 100,000 102,850 0.06 Industrial Bank of Korea 0.0219% 16.07.2025 100,000 - - 100,000 101,850 0.06 KEB Hana Bank 0.4075% 14.09.2023 100,000 - - 100,000 101,700 0.05 Korea Development Bank 0.303% 14.06.2023 100,000 - - 100,000 101,900 0.06 Korea Gas Corp (Zero-Coupon) 28.11.2023 100,000 - - 100,000 101,400 0.05 Korea Gas Corp 0.2075% 02.08.2023 100,000 - - 100,000 101,800 0.06 Korea Gas Corp 1.125% 12.02.2020 50,000 - - 50,000 50,015 0.03 Korea Hydro & Nuclear Power Co Ltd (Zero-Coupon) 19.07.2024 100,000 - - 100,000 101,750 0.06 Korea Hydro & Nuclear Power Co Ltd 0.05% 19.07.2027 100,000 - 100,000 - - 0.00 Korea National Oil Corp (Zero-Coupon) 04.10.2024 - 100,000 - 100,000 101,700 0.05 Korea National Oil Corp 0.373% 01.06.2023 200,000 - - 200,000 204,800 0.11 Korea Railroad Corp (Zero-Coupon) 19.11.2024 - 100,000 100,000 - - 0.00 Korea Railroad Corp (Zero-Coupon) 13.06.2025 - 100,000 - 100,000 101,750 0.06 Korea Water Resources Corp 0.15% 20.09.2023 100,000 - - 100,000 101,500 0.05 Korea Western Power Co Ltd 0.125% 27.02.2024 50,000 - - 50,000 50,900 0.03 2,087,690 1.15 United Arab Emirates Emirates NBD Bank PJSC 0.625% 09.02.2023 100,000 - - 100,000 101,300 0.05 First Abu Dhabi Bank PJSC 0.07% 18.10.2027 - 50,000 - 50,000 50,125 0.03 First Abu Dhabi Bank PJSC 0.205% 04.12.2025 50,000 - - 50,000 50,850 0.03 First Abu Dhabi Bank PJSC 0.3225% 27.09.2023 50,000 - - 50,000 50,825 0.03 First Abu Dhabi Bank PJSC 0.401% 02.10.2024 100,000 - - 100,000 102,400 0.06 First Gulf Bank PJSC 0.625% 27.05.2022 100,000 - - 100,000 101,750 0.05 457,250 0.25 United States Amgen Inc 0.41% 08.03.2023 280,000 - - 280,000 286,300 0.16 Apple Inc 0.375% 25.11.2024 200,000 300,000 150,000 350,000 364,525 0.20

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [229] BLACKROCK INVESTMENT FUNDS SWITZERLAND

COMPOSITION OF PORTFOLIO AND CHANGES IN HOLDINGS (continued) iSHARES SBI AAA-BBB® BOND INDEX FUND (CH) (continued)

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Apple Inc 0.75% 25.02.2030 170,000 - - 170,000 186,235 0.10 AT&T Inc 1.375% 04.12.2024 250,000 - 100,000 150,000 160,350 0.09 AT&T Inc 1.875% 04.12.2030 65,000 - - 65,000 75,075 0.04 Bank of America Corp 0.2525% 12.06.2026 200,000 - - 200,000 203,900 0.11 Citigroup Inc 0.5% 22.11.2024 100,000 - - 100,000 103,150 0.06 Citigroup Inc 0.5% 01.11.2028 - 100,000 - 100,000 103,450 0.06 Citigroup Inc 0.75% 02.04.2026 150,000 - - 150,000 157,950 0.09 Citigroup Inc 3.125% 27.09.2021 75,000 - - 75,000 79,238 0.04 Coca-Cola Co 0.25% 22.12.2022 100,000 - - 100,000 102,000 0.06 Coca-Cola Co 1% 02.10.2028 150,000 100,000 - 250,000 276,500 0.15 Eli Lilly & Co 0.15% 24.05.2024 185,000 - - 185,000 189,625 0.10 Eli Lilly & Co 0.45% 24.05.2028 170,000 - - 170,000 178,585 0.10 Goldman Sachs Group Inc 0.5% 04.12.2024 100,000 - - 100,000 103,200 0.06 Goldman Sachs Group Inc 1% 24.11.2025 175,000 - - 175,000 185,325 0.10 Jackson National Life Global Funding 0.125% 14.07.2028 - 225,000 75,000 150,000 153,300 0.08 Jackson National Life Global Funding 0.3% 18.12.2023 50,000 - - 50,000 51,300 0.03 Jackson National Life Global Funding 0.375% 18.07.2025 100,000 - - 100,000 103,500 0.06 JPMorgan Chase & Co 0.45% 11.11.2026 50,000 - - 50,000 52,325 0.03 JPMorgan Chase & Co 0.5% 04.12.2023 165,000 - - 165,000 170,527 0.09 JPMorgan Chase & Co 1.125% 06.11.2020 75,000 - 75,000 - - 0.00 McDonald's Corp 0.17% 04.10.2024 125,000 - - 125,000 127,438 0.07 Metropolitan Life Global Funding I 0.125% 11.06.2027 100,000 - - 100,000 102,450 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 - - 125,000 129,937 0.07 Mondelez International Inc 0.625% 30.12.2021 105,000 - - 105,000 107,048 0.06 Mondelez International Inc 0.65% 26.07.2022 100,000 - - 100,000 102,200 0.06 Mondelez International Inc 1.125% 21.12.2023 100,000 - - 100,000 105,000 0.06 Mondelez International Inc 1.125% 30.12.2025 80,000 - - 80,000 84,960 0.05 Nestle Holdings Inc 0.55% 04.10.2032 100,000 - - 100,000 107,700 0.06 New York Life Global Funding 0.25% 18.10.2027 350,000 - - 350,000 363,650 0.20 New York Life Global Funding 0.375% 02.02.2022 130,000 - - 130,000 132,535 0.07 Philip Morris International Inc 1% 18.09.2020 100,000 - 100,000 - - 0.00 Philip Morris International Inc 1.625% 16.05.2024 55,000 - - 55,000 59,098 0.03 Philip Morris International Inc 2% 06.12.2021 100,000 - - 100,000 104,350 0.06 Verizon Communications Inc 0.375% 31.05.2023 375,000 - 100,000 275,000 280,912 0.15 Verizon Communications Inc 1% 30.11.2027 100,000 - - 100,000 108,000 0.06 Wells Fargo & Co 0.375% 02.06.2022 100,000 - - 100,000 101,600 0.06 Wells Fargo & Co 0.5% 02.11.2023 100,000 - - 100,000 103,000 0.06 Wells Fargo & Co 0.625% 03.09.2020 100,000 - 100,000 - - 0.00 Wells Fargo & Co 1.25% 03.09.2024 55,000 100,000 - 155,000 165,462 0.09 5,649,475 3.12 United Kingdom Barclays Plc 1.125% 12.07.2023 200,000 - - 200,000 207,900 0.12 BAT International Finance Plc 0.625% 08.09.2021 60,000 - - 60,000 60,780 0.03 BAT International Finance Plc 1.375% 08.09.2026 150,000 - - 150,000 162,525 0.09 BP Capital Markets Plc 0.75% 27.09.2021 60,000 - - 60,000 61,170 0.03 BP Capital Markets Plc 1.75% 28.02.2024 50,000 - - 50,000 53,950 0.03 Lloyds Banking Group Plc 1% 04.03.2025 100,000 - - 100,000 104,250 0.06 Nationwide Building Society (Zero-Coupon) 11.07.2025 100,000 - - 100,000 103,200 0.06 Nationwide Building Society 0.1675% 11.07.2031 100,000 - - 100,000 104,900 0.06 Nationwide Building Society 0.485% 11.07.2044 100,000 - 100,000 - - 0.00 NatWest Markets Plc 0.125% 13.09.2023 - 200,000 - 200,000 201,500 0.11

[230] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Bonds (continued) Network Rail Infrastructure Finance Plc 2.75% 06.10.2021 160,000 - - 160,000 169,040 0.09 Vodafone Group Plc 0.375% 03.12.2024 55,000 - - 55,000 56,430 0.03 Vodafone Group Plc 0.5% 19.09.2031 50,000 - - 50,000 51,950 0.03 Vodafone Group Plc 0.625% 15.03.2027 50,000 - - 50,000 52,750 0.03 1,390,345 0.77 Total bonds 179,282,189 99.07 Total securities traded on an official stock exchange 179,282,189 99.07 Total securities 179,282,189 99.07 Total investments 179,282,189 99.07

Sight deposits 685,038 0.38 Other assets 996,163 0.55 Total sub-fund assets 180,963,390 100.00 Other liabilities (200,534) (0.11) Net sub-fund assets 180,762,856 99.89

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [231] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Securities traded on an official stock exchange Bonds Egypt Egypt Government International Bond 4.55% 20.11.2023 - 400,000 - 400,000 411,000 0.04 Egypt Government International Bond 5.577% 21.02.2023 1,750,000 - - 1,750,000 1,837,500 0.18 Egypt Government International Bond 5.875% 11.06.2025 2,600,000 - - 2,600,000 2,809,625 0.27 Egypt Government International Bond 6.125% 31.01.2022 3,375,000 - 500,000 2,875,000 3,013,359 0.29 Egypt Government International Bond 6.588% 21.02.2028 2,200,000 - - 2,200,000 2,345,750 0.22 Egypt Government International Bond 6.875% 30.04.2040 450,000 - - 450,000 459,984 0.04 Egypt Government International Bond 7.0529% 15.01.2032 - 475,000 - 475,000 506,024 0.05 Egypt Government International Bond 7.5% 31.01.2027 3,150,000 - - 3,150,000 3,603,797 0.34 Egypt Government International Bond 7.6003% 01.03.2029 1,300,000 - - 1,300,000 1,454,781 0.14 Egypt Government International Bond 7.903% 21.02.2048 2,450,000 2,250,000 2,250,000 2,450,000 2,647,531 0.25 Egypt Government International Bond 8.15% 20.11.2059 - 200,000 - 200,000 219,000 0.02 Egypt Government International Bond 8.5% 31.01.2047 4,300,000 4,100,000 4,300,000 4,100,000^ 4,688,094 0.45 Egypt Government International Bond 8.7002% 01.03.2049 1,000,000 200,000 - 1,200,000^ 1,382,625 0.13 25,379,070 2.42 Angola Angolan Government International Bond 8% 26.11.2029 - 2,700,000 - 2,700,000 2,848,500 0.27 Angolan Government International Bond 8.25% 09.05.2028 2,850,000 - - 2,850,000 3,071,766 0.29 Angolan Government International Bond 9.125% 26.11.2049 - 1,900,000 - 1,900,000 1,990,250 0.19 Angolan Government International Bond 9.375% 08.05.2048 2,900,000 - 200,000 2,700,000 2,925,281 0.28 Angolan Government International Bond 9.5% 12.11.2025 2,400,000 - 400,000 2,000,000^ 2,326,875 0.22 13,162,672 1.25 Argentina Argentine Republic Government International Bond 3.75% 31.12.2038 3,325,000 - - 3,325,000 1,396,500 0.13 Argentine Republic Government International Bond 4.625% 11.01.2023 1,000,000 200,000 - 1,200,000 552,000 0.05 Argentine Republic Government International Bond 5.625% 26.01.2022 2,075,000 - - 2,075,000 1,021,938 0.10 Argentine Republic Government International Bond 5.875% 11.01.2028 2,750,000 - - 2,750,000 1,203,984 0.11 Argentine Republic Government International Bond 6.625% 06.07.2028 700,000 - - 700,000 312,594 0.03 Argentine Republic Government International Bond 6.875% 22.04.2021 2,750,000 - - 2,750,000 1,466,094 0.14 Argentine Republic Government International Bond 6.875% 26.01.2027 2,300,000 - - 2,300,000 1,036,438 0.10 Argentine Republic Government International Bond 6.875% 11.01.2048 1,850,000 100,000 - 1,950,000 822,656 0.08 Argentine Republic Government International Bond 7.125% 06.07.2036 1,100,000 - - 1,100,000 475,406 0.05 Argentine Republic Government International Bond 7.125% 28.06.2117 1,755,000 - - 1,755,000^ 761,780 0.07 Argentine Republic Government International Bond 7.5% 22.04.2026 4,150,000 - - 4,150,000 1,897,328 0.18 Argentine Republic Government International Bond 7.625% 22.04.2046 1,850,000 - - 1,850,000 787,406 0.08

[232] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Argentine Republic Government International Bond 8.28% 31.12.2033 3,084,483 - 140,204 2,944,280 1,633,155 0.16 Argentine Republic Government International Bond 8.28% 31.12.2033 841,223 - - 841,223 459,255 0.04 13,826,534 1.32 Armenia Republic of Armenia International Bond 3.95% 26.09.2029 - 800,000 - 800,000 810,000 0.08 Republic of Armenia International Bond 6% 30.09.2020 600,000 - 600,000 - - 0.00 Republic of Armenia International Bond 7.15% 26.03.2025 1,100,000 - 300,000 800,000 946,800 0.09 1,756,800 0.17 Azerbaijan Republic of Azerbaijan International Bond 3.5% 01.09.2032 1,700,000 - - 1,700,000 1,715,937 0.16 Republic of Azerbaijan International Bond 4.75% 18.03.2024 2,050,000 - 400,000 1,650,000 1,777,875 0.17 Southern Gas Corridor CJSC 6.875% 24.03.2026 3,200,000 - - 3,200,000 3,834,000 0.37 State Oil Co of the Azerbaijan Republic 4.75% 13.03.2023 1,600,000 - - 1,600,000 1,688,000 0.16 State Oil Co of the Azerbaijan Republic 6.95% 18.03.2030 1,300,000 - 250,000 1,050,000 1,300,688 0.12 10,316,500 0.98 Ethiopia Ethiopia International Bond 6.625% 11.12.2024 1,650,000 - - 1,650,000 1,780,453 0.17 1,780,453 0.17 Australia CNOOC Curtis Funding No 1 Pty Ltd 4.5% 03.10.2023 600,000 - - 600,000 649,313 0.06 649,313 0.06 Bahrain Bahrain Government International Bond 5.625% 30.09.2031 - 775,000 - 775,000 823,438 0.08 Bahrain Government International Bond 6% 19.09.2044 1,350,000 850,000 - 2,200,000 2,289,375 0.22 Bahrain Government International Bond 6.125% 05.07.2022 1,000,000 500,000 - 1,500,000 1,613,906 0.15 Bahrain Government International Bond 6.125% 01.08.2023 1,800,000 250,000 - 2,050,000 2,267,812 0.21 Bahrain Government International Bond 6.75% 20.09.2029 1,650,000 - - 1,650,000 1,916,062 0.18 Bahrain Government International Bond 7% 26.01.2026 1,000,000 500,000 - 1,500,000^ 1,758,281 0.17 Bahrain Government International Bond 7% 12.10.2028 2,050,000 - - 2,050,000 2,418,359 0.23 Bahrain Government International Bond 7.5% 20.09.2047 1,100,000 - - 1,100,000 1,342,344 0.13 CBB International Sukuk Co 5 Spc 5.624% 12.02.2024 1,150,000 500,000 - 1,650,000 1,775,297 0.17 CBB International Sukuk Co 6 Spc 5.25% 20.03.2025 1,000,000 - - 1,000,000 1,075,938 0.10 CBB International Sukuk Co 7 SPC 6.875% 05.10.2025 1,500,000 500,000 - 2,000,000 2,327,500 0.22 CBB International Sukuk Programme Co SPC 4.5% 30.03.2027 - 1,000,000 - 1,000,000 1,033,750 0.10 Oil and Gas Holding Co BSCC 7.625% 07.11.2024 700,000 - - 700,000 820,750 0.08 Oil and Gas Holding Co BSCC 8.375% 07.11.2028 1,000,000 - - 1,000,000 1,233,438 0.12 22,696,250 2.16 Belize Belize Government International Bond 4.9375% 20.02.2034 910,000 - - 910,000 569,888 0.05 569,888 0.05

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Bolivia Bolivian Government International Bond 4.5% 20.03.2028 2,100,000 - 300,000 1,800,000 1,748,813 0.17 Bolivian Government International Bond 4.875% 29.10.2022 1,050,000 - - 1,050,000 1,084,125 0.10 2,832,938 0.27 Brazil Banco Nacional de Desenvolvimento Economico e Social 5.75% 26.09.2023 1,100,000 - - 1,100,000 1,219,969 0.12 Brazilian Government International Bond 2.625% 05.01.2023 1,950,000 - - 1,950,000 1,978,641 0.19 Brazilian Government International Bond 4.25% 07.01.2025 3,700,000 - 500,000 3,200,000 3,465,000 0.33 Brazilian Government International Bond 4.5% 30.05.2029 500,000 1,100,000 - 1,600,000 1,738,500 0.16 Brazilian Government International Bond 4.625% 13.01.2028 2,500,000 - - 2,500,000 2,763,281 0.26 Brazilian Government International Bond 4.75% 14.01.2050 - 1,100,000 - 1,100,000 1,134,031 0.11 Brazilian Government International Bond 4.875% 22.01.2021 1,450,000 - 1,450,000 - - 0.00 Brazilian Government International Bond 5% 27.01.2045 2,800,000 - - 2,800,000 3,029,250 0.29 Brazilian Government International Bond 5.625% 07.01.2041 1,750,000 - - 1,750,000 2,031,094 0.19 Brazilian Government International Bond 5.625% 21.02.2047 2,400,000 - - 2,400,000 2,817,750 0.27 Brazilian Government International Bond 6% 07.04.2026 1,800,000 - 400,000 1,400,000 1,660,313 0.16 Brazilian Government International Bond 7.125% 20.01.2037 1,675,000 - - 1,675,000 2,212,570 0.21 Brazilian Government International Bond 8.25% 20.01.2034 1,475,000 - - 1,475,000 2,094,039 0.20 Brazilian Government International Bond 8.75% 04.02.2025 750,000 - - 750,000 970,313 0.09 Brazilian Government International Bond 8.875% 15.04.2024 750,000 - - 750,000 952,734 0.09 Brazilian Government International Bond 10.125% 15.05.2027 700,000 - - 700,000 1,009,531 0.10 29,077,016 2.77 Virgin Islands (British) CCTI 2017 Ltd 3.625% 08.08.2022 200,000 - - 200,000 200,500 0.02 CDBI Treasure I Ltd 2.25% 02.08.2021 200,000 - - 200,000 199,250 0.02 China Huadian Overseas Development 2018 Ltd 3.875% 17.05.2023 200,000 - - 200,000 209,100 0.02 China Huadian Overseas Development Management Co Ltd 4% 31.12.2099 430,000 - - 430,000 442,497 0.04 China Huaneng Group Hong Kong Treasury Management Holding Ltd 2.6% 10.12.2024 - 200,000 - 200,000 202,401 0.02 China Huaneng Group Hong Kong Treasury Management Holding Ltd 3% 10.12.2029 - 200,000 - 200,000 204,886 0.02 Chinalco Capital Holdings Ltd 4% 25.08.2021 200,000 - - 200,000 202,500 0.02 Chinalco Capital Holdings Ltd 4.1% 31.12.2099 - 200,000 - 200,000 203,750 0.02 CNRC Capitale Ltd 3.9% 31.12.2099 200,000 - - 200,000 202,625 0.02 Dianjian Haixing Ltd 4.05% 29.10.2049 400,000 - 400,000 - - 0.00 Dianjian Haiyu Ltd 4.3% 31.12.2099 200,000 - - 200,000 205,000 0.02 Huaneng Hong Kong Capital Ltd 3.6% 31.12.2099 250,000 - - 250,000 251,250 0.02 JIC Zhixin Ltd 3% 24.11.2022 200,000 - - 200,000 203,000 0.02 King Power Capital Ltd 5.625% 03.11.2024 400,000 - - 400,000 452,300 0.04 Leader Goal International Ltd 4.25% 31.12.2099 200,000 - - 200,000 205,063 0.02

[234] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Minmetals Bounteous Finance BVI Ltd 4.2% 27.07.2026 300,000 - - 300,000 323,625 0.03 Minmetals Bounteous Finance BVI Ltd 4.75% 30.07.2025 400,000 - - 400,000 441,875 0.04 Prosperous Ray Ltd 4.625% 12.11.2023 200,000 - - 200,000 215,063 0.02 Rongshi International Finance Ltd 2.875% 04.05.2022 200,000 - - 200,000 202,710 0.02 Rongshi International Finance Ltd 3.25% 21.05.2024 300,000 - - 300,000 311,947 0.03 Rongshi International Finance Ltd 3.625% 04.05.2027 200,000 - - 200,000 213,813 0.02 Rongshi International Finance Ltd 3.75% 21.05.2029 465,000 - - 465,000 508,012 0.05 Sinochem Overseas Capital Co Ltd 4.5% 12.11.2020 700,000 - 700,000 - - 0.00 Sinochem Overseas Capital Co Ltd 6.3% 12.11.2040 200,000 - - 200,000 285,563 0.03 Sinopec Group Overseas Development 2012 Ltd 3.9% 17.05.2022 1,000,000 - - 1,000,000 1,042,500 0.10 Sinopec Group Overseas Development 2013 Ltd 4.375% 17.10.2023 700,000 - - 700,000 755,003 0.07 Sinopec Group Overseas Development 2015 Ltd 3.25% 28.04.2025 1,050,000 - - 1,050,000 1,102,172 0.11 Sinopec Group Overseas Development 2015 Ltd 4.1% 28.04.2045 200,000 - - 200,000 231,202 0.02 Sinopec Group Overseas Development 2016 Ltd 2% 29.09.2021 750,000 - - 750,000 748,359 0.07 Sinopec Group Overseas Development 2016 Ltd 2.75% 03.05.2021 700,000 - - 700,000 705,250 0.07 Sinopec Group Overseas Development 2017 Ltd 3.25% 13.09.2027 400,000 - - 400,000 419,250 0.04 Sinopec Group Overseas Development 2018 Ltd 2.5% 12.11.2024 - 500,000 - 500,000 504,719 0.05 Sinopec Group Overseas Development 2018 Ltd 2.95% 12.11.2029 - 800,000 - 800,000 820,308 0.08 Sinopec Group Overseas Development 2018 Ltd 3.44% 12.11.2049 - 300,000 300,000 - - 0.00 Sinopec Group Overseas Development 2018 Ltd 3.68% 08.08.2049 - 250,000 - 250,000 273,125 0.03 Sinopec Group Overseas Development 2018 Ltd 4.25% 12.09.2028 300,000 - - 300,000 337,781 0.03 SPIC 2016 US dollar Bond Co Ltd 3% 06.12.2021 400,000 - - 400,000 405,000 0.04 State Grid Overseas Investment 2013 Ltd 3.125% 22.05.2023 700,000 - - 700,000 722,312 0.07 State Grid Overseas Investment 2013 Ltd 4.375% 22.05.2043 250,000 - - 250,000 305,888 0.03 State Grid Overseas Investment 2014 Ltd 4.125% 07.05.2024 600,000 - - 600,000 648,375 0.06 State Grid Overseas Investment 2014 Ltd 4.85% 07.05.2044 200,000 - - 200,000 261,712 0.02 State Grid Overseas Investment 2016 Ltd 2.125% 18.05.2021 200,000 - - 200,000 200,000 0.02 State Grid Overseas Investment 2016 Ltd 2.75% 04.05.2022 800,000 - - 800,000 814,750 0.08 State Grid Overseas Investment 2016 Ltd 2.875% 18.05.2026 300,000 - - 300,000 309,937 0.03 State Grid Overseas Investment 2016 Ltd 3.5% 04.05.2027 1,000,000 - - 1,000,000 1,069,567 0.10 State Grid Overseas Investment 2016 Ltd 3.75% 02.05.2023 200,000 - - 200,000 210,563 0.02 State Grid Overseas Investment 2016 Ltd 4% 04.05.2047 200,000 - - 200,000 236,750 0.02 State Grid Overseas Investment 2016 Ltd 4.25% 02.05.2028 500,000 - - 500,000 566,538 0.05 Sunny Express Enterprises Corp 3.5% 21.03.2022 250,000 - - 250,000 255,973 0.02 18,833,764 1.79

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Chile Banco del Estado de Chile 2.668% 08.01.2021 1,000,000 - 1,000,000 - - 0.00 Banco del Estado de Chile 2.704% 09.01.2025 - 275,000 - 275,000 277,406 0.03 Banco del Estado de Chile 3.875% 08.02.2022 600,000 - - 600,000 617,813 0.06 Banco del Estado de Chile 4.125% 07.10.2020 100,000 - 100,000 - - 0.00 Chile Government International Bond 3.125% 21.01.2026 1,100,000 - - 1,100,000 1,165,312 0.11 Chile Government International Bond 3.24% 06.02.2028 2,400,000 - 300,000 2,100,000 2,256,844 0.21 Chile Government International Bond 3.5% 25.01.2050 700,000 300,000 - 1,000,000 1,086,563 0.10 Chile Government International Bond 3.86% 21.06.2047 1,850,000 - - 1,850,000 2,137,328 0.20 Corp Nacional del Cobre de Chile 3% 30.09.2029 - 500,000 - 500,000 506,406 0.05 Corp Nacional del Cobre de Chile 3.625% 01.08.2027 2,350,000 - - 2,350,000 2,502,750 0.24 Corp Nacional del Cobre de Chile 3.7% 30.01.2050 - 800,000 - 800,000^ 800,750 0.08 Corp Nacional del Cobre de Chile 3.7% 30.01.2050 - 500,000 - 500,000 500,469 0.05 Corp Nacional del Cobre de Chile 4.25% 17.07.2042 1,250,000 - - 1,250,000 1,358,594 0.13 Corp Nacional del Cobre de Chile 4.375% 05.02.2049 1,075,000 250,000 - 1,325,000 1,481,102 0.14 Corp Nacional del Cobre de Chile 4.5% 16.09.2025 2,150,000 - 700,000 1,450,000^ 1,603,609 0.15 Corp Nacional del Cobre de Chile 4.5% 01.08.2047 1,200,000 - - 1,200,000^ 1,363,125 0.13 Corp Nacional del Cobre de Chile 4.875% 04.11.2044 1,400,000 - - 1,400,000 1,665,562 0.16 Corp Nacional del Cobre de Chile 5.625% 21.09.2035 100,000 - - 100,000 128,531 0.01 Corp Nacional del Cobre de Chile 5.625% 18.10.2043 1,400,000 - - 1,400,000 1,820,437 0.17 Corp Nacional del Cobre de Chile 6.15% 24.10.2036 350,000 - - 350,000 474,578 0.05 Empresa de Transporte de Pasajeros Metro SA 4.75% 04.02.2024 900,000 - - 900,000 968,625 0.09 Empresa Nacional del Petroleo 4.375% 30.10.2024 650,000 - - 650,000 689,813 0.07 Empresa Nacional del Petroleo 5.25% 06.11.2029 600,000 - - 600,000 679,804 0.06 24,085,421 2.29 China Agricultural Development Bank of China 2.56663% 27.09.2021 300,000 - - 300,000 300,732 0.03 China Development Bank 2.125% 01.06.2021 500,000 - - 500,000 501,250 0.05 China Development Bank 2.5% 09.10.2020 1,450,000 - 1,450,000 - - 0.00 China Development Bank 2.625% 24.01.2022 1,000,000 - - 1,000,000 1,011,250 0.10 China Development Bank 3% 01.06.2026 200,000 - - 200,000 209,000 0.02 China Development Bank 3.375% 24.01.2027 250,000 - - 250,000 268,438 0.03 China Development Bank 4% 24.01.2037 200,000 - - 200,000 232,625 0.02 China Government International Bond 1.95% 03.12.2024 - 800,000 - 800,000 811,410 0.08 China Government International Bond 2.125% 03.12.2029 - 700,000 - 700,000 709,345 0.07 China Government International Bond 2.625% 02.11.2027 650,000 - - 650,000 682,906 0.06 China Government International Bond 2.75% 03.12.2039 - 200,000 - 200,000 198,808 0.02 China Government International Bond 3.25% 19.10.2023 1,000,000 - - 1,000,000 1,053,875 0.10 China Government International Bond 3.5% 19.10.2028 300,000 - - 300,000 336,562 0.03 China Government International Bond 4% 19.10.2048 300,000 - - 300,000 369,281 0.03 China Minmetals Corp 3.75% 31.12.2099 500,000 - - 500,000 505,000 0.05 Export-Import Bank of China 2% 26.04.2021 500,000 - - 500,000 501,094 0.05 Export-Import Bank of China 2.625% 14.03.2022 550,000 - - 550,000 556,517 0.05 Export-Import Bank of China 2.75% 28.11.2022 200,000 - - 200,000 203,928 0.02 Export-Import Bank of China 2.875% 26.04.2026 650,000 - - 650,000^ 679,453 0.06 Export-Import Bank of China 3.25% 28.11.2027 600,000 - - 600,000 646,312 0.06 Export-Import Bank of China 3.375% 14.03.2027 250,000 - - 250,000 269,219 0.03 Export-Import Bank of China 3.625% 31.07.2024 400,000 - - 400,000 427,476 0.04 Export-Import Bank of China 4% 28.11.2047 200,000 - - 200,000 240,688 0.02 10,715,169 1.02

[236] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Costa Rica Costa Rica Government International Bond 4.25% 26.01.2023 1,850,000 - 300,000 1,550,000 1,566,953 0.15 Costa Rica Government International Bond 4.375% 30.04.2025 800,000 - - 800,000 807,250 0.08 Costa Rica Government International Bond 5.625% 30.04.2043 900,000 - - 900,000 834,750 0.08 Costa Rica Government International Bond 6.125% 19.02.2031 - 1,675,000 - 1,675,000 1,779,164 0.17 Costa Rica Government International Bond 7% 04.04.2044 1,600,000 - - 1,600,000^ 1,696,500 0.16 Costa Rica Government International Bond 7.158% 12.03.2045 1,700,000 400,000 200,000 1,900,000 2,039,532 0.19 Instituto Costarricense de Electricidad 6.375% 15.05.2043 700,000 - - 700,000 614,031 0.06 Instituto Costarricense de Electricidad 6.95% 10.11.2021 800,000 - - 800,000 833,000 0.08 10,171,180 0.97 Dominican Republic Dominican Republic International Bond 5.5% 27.01.2025 2,800,000 - - 2,800,000 2,994,250 0.29 Dominican Republic International Bond 5.875% 18.04.2024 2,050,000 - 750,000 1,300,000 1,394,250 0.13 Dominican Republic International Bond 5.95% 25.01.2027 2,850,000 - - 2,850,000 3,126,094 0.30 Dominican Republic International Bond 6% 19.07.2028 1,975,000 - - 1,975,000 2,182,992 0.21 Dominican Republic International Bond 6.4% 05.06.2049 1,475,000 - - 1,475,000 1,590,695 0.15 Dominican Republic International Bond 6.5% 15.02.2048 1,700,000 - - 1,700,000 1,847,687 0.18 Dominican Republic International Bond 6.6% 28.01.2024 300,000 - - 300,000 333,469 0.03 Dominican Republic International Bond 6.85% 27.01.2045 3,100,000 - - 3,100,000 3,488,469 0.33 Dominican Republic International Bond 6.875% 29.01.2026 2,800,000 - - 2,800,000 3,193,750 0.30 Dominican Republic International Bond 7.45% 30.04.2044 2,625,000 - - 2,625,000 3,138,516 0.30 Dominican Republic International Bond 7.5% 06.05.2021 700,000 - - 700,000 724,150 0.07 24,014,322 2.29 Ecuador DIFC Sukuk Ltd 4.325% 12.11.2024 - 300,000 - 300,000 315,563 0.03 Ecuador Government International Bond 7.875% 27.03.2025 - 750,000 - 750,000 638,437 0.06 Ecuador Government International Bond 7.875% 23.01.2028 4,700,000 - 200,000 4,500,000 3,659,062 0.35 Ecuador Government International Bond 7.95% 20.06.2024 2,700,000 - - 2,700,000 2,382,750 0.23 Ecuador Government International Bond 8.75% 02.06.2023 1,650,000 500,000 - 2,150,000^ 2,006,219 0.19 Ecuador Government International Bond 8.875% 23.10.2027 3,750,000 - 400,000 3,350,000 2,842,266 0.27 Ecuador Government International Bond 9.5% 27.03.2030 - 1,050,000 - 1,050,000^ 902,672 0.09 Ecuador Government International Bond 9.625% 02.06.2027 1,350,000 - - 1,350,000 1,189,350 0.11 Ecuador Government International Bond 9.65% 13.12.2026 2,450,000 - - 2,450,000^ 2,161,359 0.21 Ecuador Government International Bond 10.75% 28.03.2022 4,000,000 - 750,000 3,250,000 3,207,344 0.30 Ecuador Government International Bond 10.75% 31.01.2029 2,225,000 - - 2,225,000 2,015,711 0.19 21,320,733 2.03

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) El Salvador El Salvador Government International Bond 5.875% 30.01.2025 1,700,000 - - 1,700,000 1,825,906 0.17 El Salvador Government International Bond 6.375% 18.01.2027 1,400,000 - - 1,400,000 1,531,250 0.15 El Salvador Government International Bond 7.1246% 20.01.2050 375,000 1,200,000 - 1,575,000^ 1,726,594 0.16 El Salvador Government International Bond 7.625% 01.02.2041 700,000 - - 700,000 815,281 0.08 El Salvador Government International Bond 7.65% 15.06.2035 2,035,000 - - 2,035,000 2,365,688 0.23 El Salvador Government International Bond 7.75% 24.01.2023 700,000 - - 700,000^ 773,500 0.07 El Salvador Government International Bond 8.25% 10.04.2032 150,000 - - 150,000 183,047 0.02 El Salvador Government International Bond 8.625% 28.02.2029 1,775,000 - 200,000 1,575,000 1,934,789 0.18 11,156,055 1.06 Ivory Coast Ivory Coast Government International Bond 5.375% 23.07.2024 700,000 - 700,000 - - 0.00 Ivory Coast Government International Bond 5.75% 31.12.2032 2,640,000 - 1,357,500 1,282,500 1,280,095 0.12 Ivory Coast Government International Bond 6.125% 15.06.2033 2,350,000 - 300,000 2,050,000 2,107,016 0.20 Ivory Coast Government International Bond 6.375% 03.03.2028 1,500,000 - - 1,500,000 1,618,125 0.16 5,005,236 0.48 Gabon Gabon Government International Bond 6.375% 12.12.2024 2,700,000 - 500,000 2,200,000 2,363,625 0.23 Gabon Government International Bond 6.625% 06.02.2031 - 700,000 - 700,000 704,345 0.07 Gabon Government International Bond 6.95% 16.06.2025 1,100,000 - - 1,100,000 1,189,375 0.11 4,257,345 0.41 Georgia Georgia Government International Bond 6.875% 12.04.2021 850,000 - - 850,000 896,219 0.09 Georgian Railway JSC 7.75% 11.07.2022 700,000 - - 700,000 768,250 0.07 1,664,469 0.16 Ghana Ghana Government International Bond 7.625% 16.05.2029 2,000,000 - 300,000 1,700,000 1,734,000 0.17 Ghana Government International Bond 7.875% 07.08.2023 1,322,097 - - 1,322,097 1,477,857 0.14 Ghana Government International Bond 7.875% 26.03.2027 750,000 - - 750,000 799,687 0.08 Ghana Government International Bond 8.125% 18.01.2026 1,550,000 - 300,000 1,250,000 1,390,625 0.13 Ghana Government International Bond 8.125% 26.03.2032 1,925,000 - - 1,925,000 1,971,922 0.19 Ghana Government International Bond 8.627% 16.06.2049 1,800,000 - 200,000 1,600,000 1,600,500 0.15 Ghana Government International Bond 8.95% 26.03.2051 1,650,000 - 200,000 1,450,000 1,480,359 0.14 10,454,950 1.00

[238] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Guatemala Guatemala Government Bond 4.375% 05.06.2027 900,000 - - 900,000 940,781 0.09 Guatemala Government Bond 4.5% 03.05.2026 1,500,000 - 250,000 1,250,000 1,313,672 0.13 Guatemala Government Bond 4.875% 13.02.2028 1,300,000 - - 1,300,000^ 1,401,969 0.13 Guatemala Government Bond 4.9% 01.06.2030 700,000 - - 700,000 752,937 0.07 Guatemala Government Bond 5.75% 06.06.2022 800,000 - - 800,000^ 850,750 0.08 Guatemala Government Bond 6.125% 01.06.2050 975,000 - - 975,000 1,155,680 0.11 6,415,789 0.61 Honduras Honduras Government International Bond 6.25% 19.01.2027 1,150,000 - - 1,150,000 1,275,422 0.12 Honduras Government International Bond 7.5% 15.03.2024 1,050,000 - 200,000 850,000 950,937 0.09 Honduras Government International Bond 8.75% 16.12.2020 550,000 - 550,000 - - 0.00 2,226,359 0.21 Hong Kong CGNPC International Ltd 2.75% 02.07.2024 400,000 - 400,000 - - 0.00 CNAC HK Finbridge Co Ltd 3.375% 19.06.2024 200,000 - - 200,000 205,687 0.02 CNAC HK Finbridge Co Ltd 3.5% 19.07.2022 500,000 - - 500,000 511,250 0.05 CNAC HK Finbridge Co Ltd 3.875% 19.06.2029 200,000 400,000 - 600,000 642,375 0.06 CNAC HK Finbridge Co Ltd 4.125% 14.03.2021 300,000 - - 300,000 305,531 0.03 CNAC HK Finbridge Co Ltd 4.125% 19.07.2027 400,000 - - 400,000 431,750 0.04 CNAC HK Finbridge Co Ltd 4.625% 14.03.2023 850,000 - - 850,000 900,469 0.09 CNAC HK Finbridge Co Ltd 4.875% 14.03.2025 500,000 - - 500,000 550,550 0.05 CNAC HK Finbridge Co Ltd 5.125% 14.03.2028 800,000 - - 800,000 919,000 0.09 4,466,612 0.43 India Export-Import Bank of India 3.125% 20.07.2021 1,800,000 - 750,000 1,050,000 1,065,750 0.10 Export-Import Bank of India 3.25% 15.01.2030 - 450,000 - 450,000 451,909 0.04 Export-Import Bank of India 3.875% 12.03.2024 500,000 - - 500,000 527,656 0.05 Export-Import Bank of India 3.875% 01.02.2028 950,000 - - 950,000 1,006,832 0.10 Export-Import Bank of India 4% 14.01.2023 1,000,000 - - 1,000,000 1,040,313 0.10 Indian Railway Finance Corp Ltd 3.73% 29.03.2024 700,000 - - 700,000 731,668 0.07 Indian Railway Finance Corp Ltd 3.835% 13.12.2027 950,000 - - 950,000 1,013,531 0.10 5,837,659 0.56 Indonesia Indonesia Asahan Aluminium Persero PT 5.23% 15.11.2021 500,000 - - 500,000 523,750 0.05 Indonesia Asahan Aluminium Persero PT 5.71% 15.11.2023 575,000 - - 575,000 634,656 0.06 Indonesia Asahan Aluminium Persero PT 6.53% 15.11.2028 400,000 - - 400,000^ 490,000 0.05 Indonesia Asahan Aluminium Persero PT 6.757% 15.11.2048 400,000 - - 400,000 514,500 0.05 Indonesia Government International Bond 2.85% 14.02.2030 - 500,000 - 500,000 505,625 0.05 Indonesia Government International Bond 2.95% 11.01.2023 700,000 - - 700,000 714,126 0.07 Indonesia Government International Bond 3.375% 15.04.2023 850,000 - - 850,000 879,484 0.08 Indonesia Government International Bond 3.4% 18.09.2029 400,000 - - 400,000 422,375 0.04 Indonesia Government International Bond 3.5% 11.01.2028 800,000 - - 800,000 844,250 0.08

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Indonesia Government International Bond 3.5% 14.02.2050 - 200,000 - 200,000 204,250 0.02 Indonesia Government International Bond 3.7% 08.01.2022 200,000 - - 200,000 205,875 0.02 Indonesia Government International Bond 3.7% 30.10.2049 - 300,000 - 300,000 312,000 0.03 Indonesia Government International Bond 3.75% 25.04.2022 900,000 - - 900,000 931,500 0.09 Indonesia Government International Bond 3.85% 18.07.2027 600,000 - - 600,000 646,688 0.06 Indonesia Government International Bond 4.1% 24.04.2028 650,000 - - 650,000 715,000 0.07 Indonesia Government International Bond 4.125% 15.01.2025 1,100,000 - - 1,100,000 1,187,312 0.11 Indonesia Government International Bond 4.35% 08.01.2027 700,000 - - 700,000 775,031 0.07 Indonesia Government International Bond 4.35% 11.01.2048 700,000 - - 700,000 790,781 0.08 Indonesia Government International Bond 4.45% 11.02.2024 200,000 - - 200,000 216,654 0.02 Indonesia Government International Bond 4.625% 15.04.2043 550,000 - - 550,000 632,156 0.06 Indonesia Government International Bond 4.75% 08.01.2026 1,300,000 - - 1,300,000 1,458,437 0.14 Indonesia Government International Bond 4.75% 11.02.2029 375,000 - - 375,000 433,118 0.04 Indonesia Government International Bond 4.75% 18.07.2047 500,000 - - 500,000 590,156 0.06 Indonesia Government International Bond 4.875% 05.05.2021 500,000 - - 500,000 519,219 0.05 Indonesia Government International Bond 5.125% 15.01.2045 600,000 - - 600,000 734,062 0.07 Indonesia Government International Bond 5.25% 17.01.2042 1,150,000 - - 1,150,000 1,423,484 0.14 Indonesia Government International Bond 5.25% 08.01.2047 850,000 - - 850,000 1,067,812 0.10 Indonesia Government International Bond 5.35% 11.02.2049 325,000 - - 325,000 424,734 0.04 Indonesia Government International Bond 5.375% 17.10.2023 450,000 - - 450,000 501,188 0.05 Indonesia Government International Bond 5.875% 15.01.2024 600,000 - - 600,000 681,187 0.06 Indonesia Government International Bond 5.95% 08.01.2046 650,000 - - 650,000 880,953 0.08 Indonesia Government International Bond 6.625% 17.02.2037 400,000 - - 400,000 556,750 0.05 Indonesia Government International Bond 6.75% 15.01.2044 1,250,000 - - 1,250,000 1,828,852 0.17 Indonesia Government International Bond 7.75% 17.01.2038 1,150,000 - 200,000 950,000 1,463,219 0.14 Indonesia Government International Bond 8.5% 12.10.2035 700,000 - - 700,000 1,123,588 0.11 Lembaga Pembiayaan Ekspor Indonesia 3.875% 06.04.2024 200,000 - - 200,000 209,875 0.02 Pelabuhan Indonesia II PT 4.25% 05.05.2025 600,000 - - 600,000 637,688 0.06 Pelabuhan Indonesia II PT 5.375% 05.05.2045 200,000 - - 200,000 230,931 0.02 Pelabuhan Indonesia III Persero PT 4.5% 02.05.2023 250,000 - - 250,000 264,688 0.02 Pelabuhan Indonesia III Persero PT 4.875% 01.10.2024 400,000 - 200,000 200,000 217,813 0.02 Pertamina Persero PT 3.1% 21.01.2030 - 200,000 - 200,000 200,625 0.02

[240] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Pertamina Persero PT 3.65% 30.07.2029 200,000 - - 200,000 208,938 0.02 Pertamina Persero PT 4.175% 21.01.2050 - 200,000 - 200,000 201,310 0.02 Pertamina Persero PT 4.3% 20.05.2023 800,000 - - 800,000 843,750 0.08 Pertamina Persero PT 4.7% 30.07.2049 200,000 - - 200,000 214,250 0.02 Pertamina Persero PT 4.875% 03.05.2022 700,000 - - 700,000 736,750 0.07 Pertamina Persero PT 5.25% 23.05.2021 300,000 - - 300,000 311,625 0.03 Pertamina Persero PT 5.625% 20.05.2043 600,000 - - 600,000 706,500 0.07 Pertamina Persero PT 6% 03.05.2042 800,000 - - 800,000 985,500 0.09 Pertamina Persero PT 6.45% 30.05.2044 1,100,000 - - 1,100,000 1,424,156 0.14 Perusahaan Listrik Negara PT 3.375% 05.02.2030 - 250,000 - 250,000 252,906 0.02 Perusahaan Listrik Negara PT 4.125% 15.05.2027 700,000 - - 700,000 744,406 0.07 Perusahaan Listrik Negara PT 4.375% 05.02.2050 - 300,000 - 300,000 307,500 0.03 Perusahaan Listrik Negara PT 4.875% 17.07.2049 - 300,000 - 300,000 326,625 0.03 Perusahaan Listrik Negara PT 5.25% 24.10.2042 400,000 - - 400,000 454,375 0.04 Perusahaan Listrik Negara PT 5.25% 15.05.2047 250,000 - - 250,000 283,750 0.03 Perusahaan Listrik Negara PT 5.375% 25.01.2029 250,000 - - 250,000 290,270 0.03 Perusahaan Listrik Negara PT 5.45% 21.05.2028 600,000 - - 600,000 697,875 0.07 Perusahaan Listrik Negara PT 5.5% 22.11.2021 400,000 - - 400,000 422,500 0.04 Perusahaan Listrik Negara PT 6.15% 21.05.2048 450,000 - - 450,000 570,938 0.05 Perusahaan Listrik Negara PT 6.25% 25.01.2049 300,000 - - 300,000 389,625 0.04 Perusahaan Penerbit SBSN Indonesia III 3.3% 21.11.2022 600,000 - - 600,000 617,813 0.06 Perusahaan Penerbit SBSN Indonesia III 3.4% 29.03.2022 350,000 - - 350,000 358,750 0.03 Perusahaan Penerbit SBSN Indonesia III 3.75% 01.03.2023 900,000 - - 900,000 940,500 0.09 Perusahaan Penerbit SBSN Indonesia III 3.9% 20.08.2024 400,000 - - 400,000 426,250 0.04 Perusahaan Penerbit SBSN Indonesia III 4.15% 29.03.2027 1,200,000 - 300,000 900,000 977,062 0.09 Perusahaan Penerbit SBSN Indonesia III 4.325% 28.05.2025 800,000 - - 800,000 871,500 0.08 Perusahaan Penerbit SBSN Indonesia III 4.35% 10.09.2024 450,000 - - 450,000 487,688 0.05 Perusahaan Penerbit SBSN Indonesia III 4.4% 01.03.2028 1,100,000 - - 1,100,000 1,217,219 0.12 Perusahaan Penerbit SBSN Indonesia III 4.45% 20.02.2029 275,000 - - 275,000 307,227 0.03 Perusahaan Penerbit SBSN Indonesia III 4.55% 29.03.2026 850,000 - - 850,000 940,047 0.09 45,111,997 4.29 Iraq Iraq International Bond 5.8% 15.01.2028 4,300,000 - 250,000 4,050,000 3,895,593 0.37 Iraq International Bond 6.752% 09.03.2023 1,700,000 - - 1,700,000 1,714,344 0.16 5,609,937 0.53 Ireland Gtlk Europe Capital DAC 4.949% 18.02.2026 - 500,000 - 500,000 522,500 0.05 GTLK Europe DAC 5.125% 31.05.2024 400,000 - - 400,000 422,500 0.04 GTLK Europe DAC 5.95% 19.07.2021 200,000 - - 200,000 208,563 0.02 Russian Railways Via RZD Capital Plc 5.7% 05.04.2022 700,000 - - 700,000 752,281 0.07 SCF Capital Designated Activity Co 5.375% 16.06.2023 450,000 - - 450,000 485,016 0.04 Vnesheconombank Via VEB Finance Plc 5.942% 21.11.2023 850,000 - - 850,000 944,031 0.09

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Vnesheconombank Via VEB Finance Plc 6.025% 05.07.2022 550,000 - - 550,000 591,766 0.06 Vnesheconombank Via VEB Finance Plc 6.8% 22.11.2025 850,000 - - 850,000 1,018,937 0.10 4,945,594 0.47 Jamaica Jamaica Government International Bond 6.75% 28.04.2028 3,100,000 - 1,000,000 2,100,000 2,487,188 0.24 Jamaica Government International Bond 7.625% 09.07.2025 1,000,000 - 1,000,000 - - 0.00 Jamaica Government International Bond 7.875% 28.07.2045 1,650,000 1,000,000 - 2,650,000 3,613,109 0.34 Jamaica Government International Bond 8% 15.03.2039 2,025,000 - - 2,025,000 2,783,742 0.27 8,884,039 0.85 Jordan Jordan Government International Bond 5.75% 31.01.2027 1,650,000 - 200,000 1,450,000 1,548,781 0.15 Jordan Government International Bond 6.125% 29.01.2026 1,500,000 - - 1,500,000 1,620,938 0.15 Jordan Government International Bond 7.375% 10.10.2047 1,750,000 - 200,000 1,550,000 1,701,609 0.16 4,871,328 0.46 Cayman Islands Amber Circle Funding Ltd 3.25% 04.12.2022 500,000 - - 500,000^ 514,375 0.05 Avi Funding Co Ltd 2.85% 16.09.2020 200,000 - 200,000 - - 0.00 Avi Funding Co Ltd 3.8% 16.09.2025 600,000 - - 600,000 640,576 0.06 Chinalco Capital Holdings Ltd 4.25% 21.04.2022 400,000 - - 400,000 406,377 0.04 ICD Funding Ltd 4.625% 21.05.2024 400,000 - - 400,000 419,125 0.04 KSA Sukuk Ltd 2.894% 20.04.2022 1,500,000 1,000,000 500,000 2,000,000 2,046,000 0.19 KSA Sukuk Ltd 2.969% 29.10.2029 - 1,200,000 - 1,200,000 1,230,600 0.12 KSA Sukuk Ltd 3.628% 20.04.2027 1,500,000 1,000,000 - 2,500,000 2,700,000 0.26 KSA Sukuk Ltd 4.303% 19.01.2029 700,000 500,000 - 1,200,000 1,359,600 0.13 Lamar Funding Ltd 3.958% 07.05.2025 800,000 - 400,000 400,000 395,000 0.04 Mumtalakat Sukuk Holding Co 4.1% 21.01.2027 - 400,000 - 400,000 402,499 0.04 Mumtalakat Sukuk Holding Co 5.625% 27.02.2024 750,000 - - 750,000 799,703 0.07 OmGrid Funding Ltd 5.196% 16.05.2027 850,000 - 850,000 - - 0.00 RAK Capital 3.094% 31.03.2025 900,000 - - 900,000 917,156 0.09 Sharjah Sukuk Ltd 3.764% 17.09.2024 200,000 - - 200,000 211,625 0.02 Sharjah Sukuk Program Ltd 3.234% 23.10.2029 - 600,000 - 600,000 616,500 0.06 Sharjah Sukuk Program Ltd 3.854% 03.04.2026 1,300,000 500,000 500,000 1,300,000 1,384,500 0.13 Sharjah Sukuk Program Ltd 4.226% 14.03.2028 400,000 - - 400,000 439,125 0.04 SPARC EM SPC Panama Metro Line 2 SP (Zero-Coupon) 05.12.2022 683,331 - 683,330 - - 0.00 Three Gorges Finance I Cayman Islands Ltd 2.3% 02.06.2021 200,000 - - 200,000 200,500 0.02 Three Gorges Finance I Cayman Islands Ltd 2.3% 16.10.2024 - 400,000 - 400,000 403,000 0.04 Three Gorges Finance I Cayman Islands Ltd 3.15% 02.06.2026 500,000 - - 500,000 522,969 0.05 Three Gorges Finance I Cayman Islands Ltd 3.7% 10.06.2025 300,000 - - 300,000 322,781 0.03 15,932,011 1.52 Cameroon Republic of Cameroon International Bond 9.5% 19.11.2025 1,200,000 - - 1,200,000 1,369,500 0.13 1,369,500 0.13

[242] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Kazakhstan Development Bank of Kazakhstan JSC 4.125% 10.12.2022 1,400,000 - - 1,400,000 1,463,000 0.14 Kazakhstan Government International Bond 3.875% 14.10.2024 1,600,000 500,000 - 2,100,000 2,261,700 0.22 Kazakhstan Government International Bond 4.875% 14.10.2044 1,650,000 - - 1,650,000 2,085,187 0.20 Kazakhstan Government International Bond 5.125% 21.07.2025 3,850,000 - - 3,850,000 4,437,125 0.42 Kazakhstan Government International Bond 6.5% 21.07.2045 2,000,000 200,000 - 2,200,000 3,287,900 0.31 Kazakhstan Temir Zholy National Co JSC 4.85% 17.11.2027 1,200,000 - 1,200,000 - - 0.00 KazMunayGas National Co JSC 3.875% 19.04.2022 700,000 - - 700,000 723,450 0.07 KazMunayGas National Co JSC 4.75% 24.04.2025 600,000 - - 600,000 662,625 0.06 KazMunayGas National Co JSC 4.75% 19.04.2027 1,600,000 - - 1,600,000 1,794,500 0.17 KazMunayGas National Co JSC 5.375% 24.04.2030 1,850,000 - - 1,850,000 2,196,986 0.21 KazMunayGas National Co JSC 5.75% 19.04.2047 1,700,000 - - 1,700,000 2,103,750 0.20 KazMunayGas National Co JSC 6.375% 24.10.2048 2,000,000 300,000 - 2,300,000^ 3,083,150 0.29 24,099,373 2.29 Qatar Qatar Government International Bond 3.25% 02.06.2026 1,600,000 1,100,000 - 2,700,000 2,868,750 0.27 Qatar Government International Bond 3.375% 14.03.2024 1,425,000 - - 1,425,000 1,502,663 0.14 Qatar Government International Bond 3.875% 23.04.2023 2,000,000 300,000 - 2,300,000 2,432,250 0.23 Qatar Government International Bond 4% 14.03.2029 2,675,000 500,000 - 3,175,000 3,587,750 0.34 Qatar Government International Bond 4.5% 23.04.2028 1,700,000 600,000 - 2,300,000 2,662,250 0.26 Qatar Government International Bond 4.625% 02.06.2046 1,450,000 - - 1,450,000 1,799,812 0.17 Qatar Government International Bond 4.817% 14.03.2049 3,125,000 1,600,000 - 4,725,000 6,027,328 0.58 Qatar Government International Bond 5.103% 23.04.2048 4,100,000 600,000 - 4,700,000 6,226,031 0.59 Qatar Government International Bond 5.75% 20.01.2042 450,000 700,000 - 1,150,000 1,607,844 0.15 Qatar Government International Bond 6.4% 20.01.2040 400,000 - - 400,000 593,625 0.06 Qatar Government International Bond 9.75% 15.06.2030 700,000 300,000 - 1,000,000 1,656,250 0.16 SoQ Sukuk A QSC 3.241% 18.01.2023 950,000 600,000 - 1,550,000 1,606,188 0.15 32,570,741 3.10 Kenya Kenya Government International Bond 6.875% 24.06.2024 3,425,000 - 300,000 3,125,000^ 3,383,789 0.32 Kenya Government International Bond 7% 22.05.2027 1,250,000 200,000 - 1,450,000 1,538,813 0.15 Kenya Government International Bond 7.25% 28.02.2028 1,850,000 - 400,000 1,450,000 1,564,188 0.15 Kenya Government International Bond 8% 22.05.2032 1,725,000 - - 1,725,000 1,873,781 0.18 Kenya Government International Bond 8.25% 28.02.2048 1,700,000 - 200,000 1,500,000^ 1,615,312 0.15 9,975,883 0.95 Colombia Colombia Government International Bond 2.625% 15.03.2023 900,000 - - 900,000 911,250 0.09 Colombia Government International Bond 3% 30.01.2030 - 250,000 - 250,000 247,688 0.02 Colombia Government International Bond 3.875% 25.04.2027 3,100,000 - - 3,100,000 3,335,406 0.32 Colombia Government International Bond 4% 26.02.2024 2,150,000 - - 2,150,000 2,282,359 0.22 Colombia Government International Bond 4.375% 12.07.2021 2,050,000 - - 2,050,000 2,119,188 0.20 Colombia Government International Bond 4.5% 28.01.2026 1,450,000 - - 1,450,000 1,602,250 0.15 Colombia Government International Bond 4.5% 15.03.2029 700,000 - - 700,000 788,813 0.08

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Colombia Government International Bond 5% 15.06.2045 5,100,000 - 200,000 4,900,000 5,936,656 0.57 Colombia Government International Bond 5.2% 15.05.2049 500,000 - - 500,000 628,281 0.06 Colombia Government International Bond 5.625% 26.02.2044 3,100,000 - - 3,100,000 4,024,187 0.38 Colombia Government International Bond 6.125% 18.01.2041 2,875,000 - - 2,875,000 3,883,945 0.37 Colombia Government International Bond 7.375% 18.09.2037 1,575,000 - - 1,575,000 2,318,695 0.22 Colombia Government International Bond 8.125% 21.05.2024 1,050,000 - - 1,050,000 1,300,688 0.12 29,379,406 2.80 Croatia Croatia Government International Bond 5.5% 04.04.2023 2,400,000 - 250,000 2,150,000 2,373,734 0.23 Croatia Government International Bond 6% 26.01.2024 2,950,000 - - 2,950,000 3,397,110 0.32 Croatia Government International Bond 6.375% 24.03.2021 2,300,000 - 750,000 1,550,000 1,623,625 0.16 Hrvatska Elektroprivreda 5.875% 23.10.2022 1,000,000 - - 1,000,000 1,098,125 0.10 8,492,594 0.81 Kuwait Kuwait International Government Bond 3.5% 20.03.2027 5,150,000 1,800,000 300,000 6,650,000 7,211,094 0.69 7,211,094 0.69 Lebanon Lebanon Government International Bond 6% 27.01.2023 1,800,000 - - 1,800,000 693,000 0.07 Lebanon Government International Bond 6.1% 04.10.2022 2,050,000 - - 2,050,000 807,187 0.08 Lebanon Government International Bond 6.2% 26.02.2025 200,000 400,000 - 600,000 216,000 0.02 Lebanon Government International Bond 6.25% 04.11.2024 200,000 - - 200,000 74,000 0.01 Lebanon Government International Bond 6.6% 27.11.2026 2,900,000 - 400,000 2,500,000 918,750 0.09 Lebanon Government International Bond 6.65% 22.04.2024 1,500,000 - - 1,500,000 560,625 0.05 Lebanon Government International Bond 6.65% 03.11.2028 1,100,000 - - 1,100,000 396,000 0.04 Lebanon Government International Bond 6.65% 26.02.2030 2,400,000 - - 2,400,000 852,000 0.08 Lebanon Government International Bond 6.75% 29.11.2027 1,650,000 - - 1,650,000 606,375 0.06 Lebanon Government International Bond 6.85% 23.03.2027 1,940,000 - - 1,940,000 712,950 0.07 Lebanon Government International Bond 7% 23.03.2032 1,550,000 - - 1,550,000 554,125 0.05 Lebanon Government International Bond 7.05% 02.11.2035 400,000 - - 400,000 143,000 0.01 Lebanon Government International Bond 7.25% 23.03.2037 1,625,000 - - 1,625,000 580,938 0.05 Lebanon Government International Bond 8.25% 12.04.2021 3,000,000 - - 3,000,000^ 1,395,000 0.13 8,509,950 0.81 Lithuania Lithuania Government International Bond 6.125% 09.03.2021 1,950,000 - 750,000 1,200,000 1,257,437 0.12 Lithuania Government International Bond 6.625% 01.02.2022 2,600,000 - - 2,600,000 2,842,443 0.27 4,099,880 0.39

[244] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Luxembourg Russian Agricultural Bank OJSC Via RSHB Capital SA 8.5% 16.10.2023 500,000 - - 500,000 575,781 0.05 SPIC Luxembourg Latin America Renewable Energy Investment Co Sarl 4.65% 30.10.2023 300,000 - - 300,000 318,291 0.03 894,072 0.08 Malaysia Export-Import Bank of Malaysia Bhd 2.48% 20.10.2021 400,000 - - 400,000 402,375 0.04 Malaysia Sovereign Sukuk Bhd 3.043% 22.04.2025 1,850,000 - 300,000 1,550,000 1,631,375 0.16 Malaysia Sovereign Sukuk Bhd 4.236% 22.04.2045 1,000,000 - - 1,000,000 1,292,500 0.12 Malaysia Sukuk Global Bhd 3.179% 27.04.2026 1,575,000 - - 1,575,000^ 1,679,836 0.16 Malaysia Sukuk Global Bhd 4.08% 27.04.2046 650,000 - - 650,000 824,485 0.08 Petroliam Nasional Bhd 7.625% 15.10.2026 800,000 - - 800,000 1,057,888 0.10 Petronas Capital Ltd 7.875% 22.05.2022 1,300,000 - - 1,300,000 1,469,406 0.14 Wakala Global Sukuk Bhd 4.646% 06.07.2021 1,150,000 - - 1,150,000 1,198,156 0.11 9,556,021 0.91 Morocco Morocco Government International Bond 4.25% 11.12.2022 2,950,000 - 400,000 2,550,000 2,683,875 0.26 Morocco Government International Bond 5.5% 11.12.2042 950,000 - - 950,000 1,195,812 0.11 3,879,687 0.37 Mexico Banco Nacional de Comercio Exterior SNC 3.8% 11.08.2026 200,000 - - 200,000 202,688 0.02 Banco Nacional de Comercio Exterior SNC 4.375% 14.10.2025 500,000 - - 500,000 537,500 0.05 Comision Federal de Electricidad 4.75% 23.02.2027 600,000 - - 600,000 649,875 0.06 Comision Federal de Electricidad 4.875% 15.01.2024 400,000 - - 400,000 434,750 0.04 Comision Federal de Electricidad 5.75% 14.02.2042 400,000 - - 400,000 466,250 0.04 Comision Federal de Electricidad 6.125% 16.06.2045 300,000 - - 300,000 368,438 0.04 Mexico City Airport Trust 3.875% 30.04.2028 342,000 - - 342,000 356,108 0.03 Mexico City Airport Trust 4.25% 31.10.2026 324,000 - - 324,000 348,867 0.03 Mexico City Airport Trust 5.5% 31.10.2046 236,000 - - 236,000 259,010 0.03 Mexico City Airport Trust 5.5% 31.07.2047 838,000 - - 838,000^ 916,955 0.09 Mexico Government International Bond 3.25% 16.04.2030 - 200,000 - 200,000 203,700 0.02 Mexico Government International Bond 3.5% 21.01.2021 200,000 - 200,000 - - 0.00 Mexico Government International Bond 3.6% 30.01.2025 1,650,000 - - 1,650,000 1,747,969 0.17 Mexico Government International Bond 3.625% 15.03.2022 900,000 - - 900,000 937,125 0.09 Mexico Government International Bond 3.75% 11.01.2028 900,000 - - 900,000 954,281 0.09 Mexico Government International Bond 4% 02.10.2023 2,350,000 - 750,000 1,600,000 1,708,000 0.16 Mexico Government International Bond 4.125% 21.01.2026 1,000,000 - - 1,000,000 1,089,062 0.10 Mexico Government International Bond 4.15% 28.03.2027 1,300,000 - - 1,300,000 1,417,812 0.14 Mexico Government International Bond 4.35% 15.01.2047 950,000 - - 950,000 1,041,438 0.10 Mexico Government International Bond 4.5% 22.04.2029 225,000 - - 225,000 251,930 0.02 Mexico Government International Bond 4.5% 31.01.2050 500,000 - - 500,000 560,781 0.05 Mexico Government International Bond 4.6% 23.01.2046 1,300,000 - - 1,300,000 1,469,000 0.14 Mexico Government International Bond 4.6% 10.02.2048 1,100,000 - - 1,100,000 1,251,594 0.12 Mexico Government International Bond 4.75% 08.03.2044 1,950,000 - - 1,950,000 2,245,547 0.21

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM 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 period ended 31 January 2020

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

Bonds (continued) Mexico Government International Bond 5.55% 21.01.2045 1,300,000 - - 1,300,000 1,667,656 0.16 Mexico Government International Bond 5.75% 12.10.2110 1,070,000 - - 1,070,000 1,328,472 0.13 Mexico Government International Bond 6.05% 11.01.2040 1,100,000 - - 1,100,000 1,478,812 0.14 Mexico Government International Bond 6.75% 27.09.2034 850,000 - - 850,000 1,206,203 0.12 Mexico Government International Bond 7.5% 08.04.2033 100,000 - - 100,000 147,000 0.01 Mexico Government International Bond 8.3% 15.08.2031 150,000 - - 150,000 231,844 0.02 Petroleos Mexicanos 3.5% 30.01.2023 1,000,000 - - 1,000,000 1,019,063 0.10 Petroleos Mexicanos 4.875% 18.01.2024 500,000 - - 500,000 531,250 0.05 Petroleos Mexicanos 5.375% 13.03.2022 100,000 - - 100,000 105,906 0.01 Petroleos Mexicanos 5.53838% 11.03.2022 650,000 - - 650,000 681,905 0.07 Petroleos Mexicanos 6.35% 12.02.2048 1,350,000 - - 1,350,000 1,334,947 0.13 Petroleos Mexicanos 6.5% 13.03.2027 2,550,000 - - 2,550,000 2,759,055 0.26 Petroleos Mexicanos 6.5% 23.01.2029 975,000 - - 975,000 1,037,065 0.10 Petroleos Mexicanos 6.625% 29.09.2049 350,000 - - 350,000 340,200 0.03 Petroleos Mexicanos 6.75% 21.09.2047 2,475,000 - - 2,475,000 2,496,901 0.24 35,784,959 3.41 Mongolia Development Bank of Mongolia LLC 7.25% 23.10.2023 950,000 - - 950,000 1,008,187 0.10 Mongolia Government International Bond 5.125% 05.12.2022 1,850,000 - 400,000 1,450,000 1,471,297 0.14 Mongolia Government International Bond 5.625% 01.05.2023 1,750,000 - 250,000 1,500,000 1,532,344 0.14 Mongolia Government International Bond 8.75% 09.03.2024 750,000 - - 750,000 847,969 0.08 Mongolia Government International Bond 10.875% 06.04.2021 500,000 - - 500,000 539,219 0.05 5,399,016 0.51 Mozambique Mozambique International Bond 10.5% 18.01.2023 1,075,000 - 1,075,000 - - 0.00 - 0.00 Namibia Namibia International Bonds 5.25% 29.10.2025 1,350,000 - - 1,350,000^ 1,415,391 0.14 Namibia International Bonds 5.5% 03.11.2021 550,000 - - 550,000 572,687 0.05 1,988,078 0.19 Netherlands Kazakhstan Temir Zholy Finance BV 6.95% 10.07.2042 1,450,000 - - 1,450,000 2,052,203 0.20 Mdgh 6.875% 01.11.2041 250,000 200,000 - 450,000 696,094 0.07 MDGH - GMTN BV 2.5% 07.11.2024 - 250,000 - 250,000 253,437 0.02 MDGH - GMTN BV 2.75% 11.05.2023 300,000 - - 300,000 304,781 0.03 MDGH - GMTN BV 2.875% 07.11.2029 - 325,000 - 325,000 330,383 0.03 MDGH - GMTN BV 3% 19.04.2024 800,000 - - 800,000 822,000 0.08 MDGH - GMTN BV 3.7% 07.11.2049 - 825,000 - 825,000 862,125 0.08 MDGH - GMTN BV 3.75% 19.04.2029 200,000 500,000 - 700,000 764,094 0.07 MDGH - GMTN BV 4.5% 07.11.2028 1,050,000 - - 1,050,000 1,204,875 0.11 7,289,992 0.69 Nigeria Nigeria Government International Bond 6.375% 12.07.2023 600,000 - - 600,000^ 651,750 0.06 Nigeria Government International Bond 6.5% 28.11.2027 2,400,000 - 300,000 2,100,000 2,158,406 0.21 Nigeria Government International Bond 6.75% 28.01.2021 800,000 - 800,000 - - 0.00

[246] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Nigeria Government International Bond 7.143% 23.02.2030 2,000,000 - - 2,000,000 2,058,125 0.20 Nigeria Government International Bond 7.625% 21.11.2025 1,925,000 - - 1,925,000 2,175,250 0.21 Nigeria Government International Bond 7.625% 28.11.2047 2,600,000 - 400,000 2,200,000 2,141,563 0.20 Nigeria Government International Bond 7.696% 23.02.2038 2,150,000 - 250,000 1,900,000 1,900,000 0.18 Nigeria Government International Bond 7.875% 16.02.2032 2,250,000 300,000 300,000 2,250,000 2,358,984 0.22 Nigeria Government International Bond 8.747% 21.01.2031 1,675,000 - - 1,675,000 1,870,766 0.18 Nigeria Government International Bond 9.248% 21.01.2049 1,150,000 - - 1,150,000 1,295,547 0.12 16,610,391 1.58 Oman Mazoon Assets Co SAOC 5.2% 08.11.2027 725,000 - - 725,000 744,938 0.07 Oman Government International Bond 3.625% 15.06.2021 1,900,000 - - 1,900,000 1,908,906 0.18 Oman Government International Bond 3.875% 08.03.2022 1,450,000 - - 1,450,000 1,464,500 0.14 Oman Government International Bond 4.125% 17.01.2023 900,000 - - 900,000 918,844 0.09 Oman Government International Bond 4.75% 15.06.2026 3,025,000 - - 3,025,000 3,062,812 0.29 Oman Government International Bond 4.875% 01.02.2025 550,000 - - 550,000 567,188 0.05 Oman Government International Bond 5.375% 08.03.2027 1,600,000 - - 1,600,000 1,656,000 0.16 Oman Government International Bond 5.625% 17.01.2028 3,050,000 - - 3,050,000^ 3,152,937 0.30 Oman Government International Bond 6% 01.08.2029 625,000 1,100,000 - 1,725,000 1,806,937 0.17 Oman Government International Bond 6.5% 08.03.2047 2,300,000 - - 2,300,000 2,263,344 0.21 Oman Government International Bond 6.75% 17.01.2048 3,150,000 - - 3,150,000 3,141,141 0.30 Oman Sovereign Sukuk SAOC 4.397% 01.06.2024 2,800,000 - 1,000,000 1,800,000 1,845,000 0.18 Oman Sovereign Sukuk SAOC 5.932% 31.10.2025 1,150,000 - - 1,150,000 1,257,453 0.12 23,790,000 2.26 Pakistan Pakistan Government International Bond 6.875% 05.12.2027 2,550,000 - 300,000 2,250,000 2,370,938 0.22 Pakistan Government International Bond 8.25% 15.04.2024 1,550,000 - - 1,550,000 1,742,781 0.17 Pakistan Government International Bond 8.25% 30.09.2025 800,000 - - 800,000 906,750 0.09 Third Pakistan International Sukuk Co Ltd 5.5% 13.10.2021 1,700,000 - 500,000 1,200,000 1,227,000 0.12 Third Pakistan International Sukuk Co Ltd 5.625% 05.12.2022 1,650,000 - - 1,650,000 1,703,625 0.16 7,951,094 0.76 Panama Aeropuerto Internacional de Tocumen SA 5.625% 18.05.2036 900,000 - - 900,000^ 1,075,219 0.10 Aeropuerto Internacional de Tocumen SA 6% 18.11.2048 1,200,000 - - 1,200,000 1,509,036 0.14 Empresa de Transmision Electrica SA 5.125% 02.05.2049 750,000 - - 750,000 878,906 0.08 Panama Government International Bond 3.16% 23.01.2030 350,000 - - 350,000 370,125 0.04 Panama Government International Bond 3.75% 16.03.2025 1,900,000 - - 1,900,000 2,037,750 0.19

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [247] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Panama Government International Bond 3.87% 23.07.2060 - 500,000 - 500,000 562,031 0.05 Panama Government International Bond 3.875% 17.03.2028 1,800,000 - - 1,800,000 1,991,250 0.19 Panama Government International Bond 4% 22.09.2024 1,900,000 - 500,000 1,400,000 1,514,188 0.14 Panama Government International Bond 4.3% 29.04.2053 1,200,000 625,000 - 1,825,000 2,212,242 0.21 Panama Government International Bond 4.5% 15.05.2047 2,025,000 - - 2,025,000 2,503,406 0.24 Panama Government International Bond 4.5% 16.04.2050 2,600,000 - - 2,600,000 3,201,250 0.31 Panama Government International Bond 6.7% 26.01.2036 3,400,000 - - 3,400,000 4,893,875 0.47 Panama Government International Bond 7.125% 29.01.2026 1,700,000 - - 1,700,000 2,152,625 0.21 Panama Government International Bond 8.875% 30.09.2027 1,600,000 - - 1,600,000 2,305,500 0.22 Panama Government International Bond 9.375% 01.04.2029 500,000 - - 500,000 771,406 0.07 27,978,809 2.66 Papua New Guinea Papua New Guinea Government International Bond 8.375% 04.10.2028 900,000 - - 900,000 969,750 0.09 969,750 0.09 Paraguay Paraguay Government International Bond 4.625% 25.01.2023 1,350,000 - - 1,350,000 1,431,000 0.14 Paraguay Government International Bond 4.7% 27.03.2027 300,000 - - 300,000 332,531 0.03 Paraguay Government International Bond 5% 15.04.2026 900,000 - - 900,000^ 1,000,125 0.10 Paraguay Government International Bond 5.4% 30.03.2050 700,000 - 200,000 500,000 585,000 0.06 Paraguay Government International Bond 5.6% 13.03.2048 1,000,000 - - 1,000,000 1,192,813 0.11 Paraguay Government International Bond 6.1% 11.08.2044 1,800,000 - - 1,800,000^ 2,249,437 0.21 6,790,906 0.65 Peru Corp Financiera de Desarrollo SA 4.75% 08.02.2022 950,000 - 200,000 750,000 785,391 0.08 Corp Financiera de Desarrollo SA 4.75% 15.07.2025 900,000 - - 900,000 992,250 0.10 Fondo MIVIVIENDA SA 3.5% 31.01.2023 1,050,000 - - 1,050,000 1,078,875 0.10 Peruvian Government International Bond 2.844% 20.06.2030 - 300,000 - 300,000 317,719 0.03 Peruvian Government International Bond 4.125% 25.08.2027 2,150,000 - 400,000 1,750,000 2,001,015 0.19 Peruvian Government International Bond 5.625% 18.11.2050 4,350,000 - 500,000 3,850,000 5,861,625 0.56 Peruvian Government International Bond 6.55% 14.03.2037 2,000,000 - 250,000 1,750,000 2,653,984 0.25 Peruvian Government International Bond 7.35% 21.07.2025 2,950,000 - 700,000 2,250,000 2,874,375 0.27 Peruvian Government International Bond 8.75% 21.11.2033 3,550,000 - - 3,550,000 6,006,156 0.57 Petroleos del Peru SA 4.75% 19.06.2032 1,820,000 - 300,000 1,520,000^ 1,689,575 0.16 Petroleos del Peru SA 5.625% 19.06.2047 1,575,000 - - 1,575,000^ 1,899,844 0.18 26,160,809 2.49

[248] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Philippines Philippine Government International Bond 3% 01.02.2028 2,550,000 - - 2,550,000 2,718,937 0.26 Philippine Government International Bond 3.7% 01.03.2041 2,050,000 - - 2,050,000 2,406,188 0.23 Philippine Government International Bond 3.7% 02.02.2042 2,050,000 250,000 250,000 2,050,000 2,406,828 0.23 Philippine Government International Bond 3.75% 14.01.2029 400,000 1,250,000 - 1,650,000 1,872,750 0.18 Philippine Government International Bond 3.95% 20.01.2040 1,900,000 - - 1,900,000 2,252,094 0.21 Philippine Government International Bond 4% 15.01.2021 1,150,000 - 1,150,000 - - 0.00 Philippine Government International Bond 4.2% 21.01.2024 1,950,000 - - 1,950,000 2,121,234 0.20 Philippine Government International Bond 5% 13.01.2037 1,150,000 - - 1,150,000 1,500,750 0.14 Philippine Government International Bond 5.5% 30.03.2026 1,400,000 - - 1,400,000 1,675,625 0.16 Philippine Government International Bond 6.375% 15.01.2032 700,000 - - 700,000 969,063 0.09 Philippine Government International Bond 6.375% 23.10.2034 2,400,000 - - 2,400,000 3,477,750 0.33 Philippine Government International Bond 7.5% 25.09.2024 200,000 - - 200,000^ 238,625 0.02 Philippine Government International Bond 7.75% 14.01.2031 1,500,000 - - 1,500,000 2,257,500 0.22 Philippine Government International Bond 9.5% 02.02.2030 2,550,000 - - 2,550,000 4,160,484 0.40 Philippine Government International Bond 10.625% 16.03.2025 1,100,000 - - 1,100,000 1,559,250 0.15 Power Sector Assets & Liabilities Management Corp 7.39% 02.12.2024 1,250,000 - - 1,250,000 1,542,969 0.15 31,160,047 2.97 Poland Republic of Poland Government International Bond 3% 17.03.2023 3,300,000 - 500,000 2,800,000 2,903,250 0.28 Republic of Poland Government International Bond 3.25% 06.04.2026 2,900,000 - 500,000 2,400,000 2,560,500 0.24 Republic of Poland Government International Bond 4% 22.01.2024 3,450,000 - 300,000 3,150,000 3,410,725 0.32 Republic of Poland Government International Bond 5% 23.03.2022 4,600,000 - - 4,600,000 4,904,750 0.47 Republic of Poland Government International Bond 5.125% 21.04.2021 3,250,000 - 750,000 2,500,000 2,596,875 0.25 16,376,100 1.56 Romania Romanian Government International Bond 4.375% 22.08.2023 3,050,000 - 900,000 2,150,000 2,311,250 0.22 Romanian Government International Bond 4.875% 22.01.2024 1,850,000 - - 1,850,000 2,045,406 0.19 Romanian Government International Bond 5.125% 15.06.2048 2,132,000 - 200,000 1,932,000 2,302,099 0.22 Romanian Government International Bond 6.125% 22.01.2044 1,300,000 - - 1,300,000 1,731,031 0.17 Romanian Government International Bond 6.75% 07.02.2022 2,600,000 - - 2,600,000 2,835,625 0.27 11,225,411 1.07 Russia Russian Foreign Bond - Eurobond 4.25% 23.06.2027 2,000,000 - - 2,000,000 2,210,000 0.21

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [249] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Russian Foreign Bond - Eurobond 4.375% 21.03.2029 1,000,000 600,000 - 1,600,000 1,804,000 0.17 Russian Foreign Bond - Eurobond 4.5% 04.04.2022 2,200,000 - - 2,200,000 2,315,500 0.22 Russian Foreign Bond - Eurobond 4.75% 27.05.2026 2,200,000 - - 2,200,000 2,486,000 0.24 Russian Foreign Bond - Eurobond 4.875% 16.09.2023 2,400,000 - - 2,400,000 2,628,000 0.25 Russian Foreign Bond - Eurobond 5.1% 28.03.2035 1,000,000 - - 1,000,000 1,218,000 0.12 Russian Foreign Bond - Eurobond 5.25% 23.06.2047 5,800,000 - - 5,800,000 7,569,000 0.72 Russian Foreign Bond - Eurobond 5.625% 04.04.2042 2,400,000 - - 2,400,000 3,213,750 0.30 Russian Foreign Bond - Eurobond 5.875% 16.09.2043 1,000,000 - - 1,000,000 1,381,875 0.13 Russian Foreign Bond - Eurobond 7.5% 31.03.2030 2,475,000 - 264,000 2,211,000 2,510,867 0.24 Russian Foreign Bond - Eurobond 12.75% 24.06.2028 1,275,000 - - 1,275,000 2,212,125 0.21 29,549,117 2.81 Zambia Zambia Government International Bond 5.375% 20.09.2022 1,200,000 - - 1,200,000 828,375 0.08 Zambia Government International Bond 8.5% 14.04.2024 1,800,000 - 250,000 1,550,000 1,060,297 0.10 Zambia Government International Bond 8.97% 30.07.2027 2,100,000 - 200,000 1,900,000 1,297,937 0.12 3,186,609 0.30 Saudi Arabia Saudi Arabian Oil Co 2.75% 16.04.2022 700,000 - 700,000 - - 0.00 Saudi Arabian Oil Co 2.875% 16.04.2024 500,000 500,000 1,000,000 - - 0.00 Saudi Arabian Oil Co 3.5% 16.04.2029 1,225,000 - 1,225,000 - - 0.00 Saudi Arabian Oil Co 4.25% 16.04.2039 1,250,000 400,000 1,143,000 507,000 560,438 0.05 Saudi Arabian Oil Co 4.375% 16.04.2049 1,200,000 200,000 1,070,000 330,000 371,766 0.03 Saudi Government International Bond 2.5% 03.02.2027 - 500,000 - 500,000 501,565 0.05 Saudi Government International Bond 2.875% 04.03.2023 1,250,000 500,000 - 1,750,000^ 1,802,063 0.17 Saudi Government International Bond 3.25% 26.10.2026 2,500,000 400,000 - 2,900,000 3,059,500 0.29 Saudi Government International Bond 3.625% 04.03.2028 2,000,000 1,000,000 - 3,000,000 3,227,812 0.31 Saudi Government International Bond 3.75% 21.01.2055 - 500,000 - 500,000 508,251 0.05 Saudi Government International Bond 4% 17.04.2025 2,000,000 500,000 - 2,500,000 2,720,000 0.26 Saudi Government International Bond 4.375% 16.04.2029 1,750,000 750,000 - 2,500,000 2,857,031 0.27 Saudi Government International Bond 4.5% 17.04.2030 1,000,000 600,000 - 1,600,000 1,862,400 0.18 Saudi Government International Bond 4.5% 26.10.2046 2,850,000 800,000 - 3,650,000^ 4,170,125 0.40 Saudi Government International Bond 4.625% 04.10.2047 1,550,000 800,000 - 2,350,000 2,731,875 0.26 Saudi Government International Bond 5% 17.04.2049 1,350,000 800,000 - 2,150,000 2,655,922 0.25 Saudi Government International Bond 5.25% 16.01.2050 1,475,000 300,000 - 1,775,000 2,276,437 0.22 29,305,185 2.79 Senegal Senegal Government International Bond 6.25% 30.07.2024 500,000 - - 500,000^ 555,313 0.05 Senegal Government International Bond 6.25% 23.05.2033 2,000,000 - 300,000 1,700,000 1,811,031 0.17 Senegal Government International Bond 6.75% 13.03.2048 1,700,000 - 200,000 1,500,000 1,537,031 0.15 3,903,375 0.37 Serbia Serbia International Bond 7.25% 28.09.2021 2,609,000 - 500,000 2,109,000 2,288,265 0.22 2,288,265 0.22 Slovakia Slovakia Government International Bond 4.375% 21.05.2022 2,300,000 - - 2,300,000 2,430,804 0.23 2,430,804 0.23

[250] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Sri Lanka Sri Lanka Government International Bond 5.75% 18.01.2022 400,000 - - 400,000 405,500 0.04 Sri Lanka Government International Bond 5.75% 18.04.2023 2,250,000 - - 2,250,000 2,257,031 0.21 Sri Lanka Government International Bond 5.875% 25.07.2022 2,150,000 - 400,000 1,750,000 1,777,344 0.17 Sri Lanka Government International Bond 6.125% 03.06.2025 1,200,000 - - 1,200,000 1,177,500 0.11 Sri Lanka Government International Bond 6.2% 11.05.2027 2,850,000 - - 2,850,000 2,711,062 0.26 Sri Lanka Government International Bond 6.25% 04.10.2020 1,100,000 - 1,100,000 - - 0.00 Sri Lanka Government International Bond 6.25% 27.07.2021 1,600,000 - 600,000 1,000,000 1,019,688 0.10 Sri Lanka Government International Bond 6.35% 28.06.2024 500,000 - - 500,000 503,624 0.05 Sri Lanka Government International Bond 6.75% 18.04.2028 2,250,000 - - 2,250,000 2,174,062 0.21 Sri Lanka Government International Bond 6.825% 18.07.2026 1,550,000 - - 1,550,000 1,548,063 0.15 Sri Lanka Government International Bond 6.85% 14.03.2024 1,425,000 - - 1,425,000 1,460,677 0.14 Sri Lanka Government International Bond 6.85% 03.11.2025 2,600,000 - - 2,600,000 2,630,062 0.25 Sri Lanka Government International Bond 7.55% 28.03.2030 675,000 950,000 - 1,625,000 1,608,750 0.15 Sri Lanka Government International Bond 7.85% 14.03.2029 2,125,000 - - 2,125,000 2,159,531 0.20 21,432,894 2.04 South Africa Eskom Holdings SOC Ltd 5.75% 26.01.2021 1,850,000 - 1,850,000 - - 0.00 Eskom Holdings SOC Ltd 6.35% 10.08.2028 950,000 - - 950,000 1,017,278 0.10 Eskom Holdings SOC Ltd 6.75% 06.08.2023 900,000 - - 900,000 908,730 0.09 Eskom Holdings SOC Ltd 7.125% 11.02.2025 1,800,000 - 750,000 1,050,000^ 1,064,438 0.10 Eskom Holdings SOC Ltd 8.45% 10.08.2028 600,000 - - 600,000^ 645,000 0.06 Republic of South Africa Government International Bond 4.3% 12.10.2028 2,000,000 - - 2,000,000 1,971,500 0.19 Republic of South Africa Government International Bond 4.665% 17.01.2024 2,000,000 - 500,000 1,500,000 1,575,000 0.15 Republic of South Africa Government International Bond 4.85% 27.09.2027 1,300,000 - 300,000 1,000,000 1,046,250 0.10 Republic of South Africa Government International Bond 4.85% 30.09.2029 - 1,550,000 - 1,550,000 1,563,950 0.15 Republic of South Africa Government International Bond 4.875% 14.04.2026 1,300,000 - - 1,300,000 1,360,937 0.13 Republic of South Africa Government International Bond 5% 12.10.2046 1,100,000 - - 1,100,000 1,031,594 0.10 Republic of South Africa Government International Bond 5.375% 24.07.2044 1,025,000 - - 1,025,000 992,648 0.09 Republic of South Africa Government International Bond 5.65% 27.09.2047 1,700,000 - - 1,700,000 1,677,156 0.16 Republic of South Africa Government International Bond 5.75% 30.09.2049 - 2,650,000 - 2,650,000 2,603,678 0.25 Republic of South Africa Government International Bond 5.875% 30.05.2022 1,150,000 - 400,000 750,000 803,203 0.08 Republic of South Africa Government International Bond 5.875% 16.09.2025 2,200,000 - 300,000 1,900,000 2,098,906 0.20

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [251] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Republic of South Africa Government International Bond 5.875% 22.06.2030 1,600,000 - - 1,600,000 1,741,840 0.16 Republic of South Africa Government International Bond 6.25% 08.03.2041 900,000 - - 900,000 979,594 0.09 Republic of South Africa Government International Bond 6.3% 22.06.2048 650,000 - - 650,000 691,438 0.06 Transnet SOC Ltd 4% 26.07.2022 1,100,000 - - 1,100,000 1,119,250 0.11 24,892,390 2.37 Suriname Suriname Government International Bond 9.25% 26.10.2026 1,000,000 - - 1,000,000^ 847,150 0.08 847,150 0.08 Tajikistan Republic of Tajikistan International Bond 7.125% 14.09.2027 900,000 - - 900,000^ 784,969 0.07 784,969 0.07 Trinidad and Tobago Trinidad & Tobago Government International Bond 4.375% 16.01.2024 600,000 - - 600,000 636,375 0.06 Trinidad & Tobago Government International Bond 4.5% 04.08.2026 2,350,000 - 300,000 2,050,000^ 2,209,516 0.21 Trinidad Generation UnLtd 5.25% 04.11.2027 650,000 - - 650,000 692,900 0.07 3,538,791 0.34 Tunisia Banque Centrale de Tunisie International Bond 5.75% 30.01.2025 1,800,000 - 250,000 1,550,000 1,436,656 0.14 1,436,656 0.14 Turkey Export Credit Bank of Turkey 5% 23.09.2021 200,000 - - 200,000 205,750 0.02 Export Credit Bank of Turkey 5.375% 08.02.2021 400,000 - 400,000 - - 0.00 Export Credit Bank of Turkey 5.375% 24.10.2023 600,000 - - 600,000 613,125 0.06 Export Credit Bank of Turkey 6.125% 03.05.2024 300,000 - - 300,000 312,938 0.03 Export Credit Bank of Turkey 8.25% 24.01.2024 325,000 - - 325,000^ 363,187 0.03 Hazine Mustesarligi Varlik Kiralama AS 4.251% 08.06.2021 800,000 - - 800,000 810,080 0.08 Hazine Mustesarligi Varlik Kiralama AS 4.489% 25.11.2024 400,000 - - 400,000 406,625 0.04 Hazine Mustesarligi Varlik Kiralama AS 5.004% 06.04.2023 1,000,000 - - 1,000,000 1,027,500 0.10 Hazine Mustesarligi Varlik Kiralama AS 5.8% 21.02.2022 200,000 - - 200,000 209,188 0.02 TC Ziraat Bankasi AS 4.75% 29.04.2021 300,000 - - 300,000 304,875 0.03 TC Ziraat Bankasi AS 5.125% 03.05.2022 700,000 - - 700,000 715,969 0.07 TC Ziraat Bankasi AS 5.125% 29.09.2023 200,000 - - 200,000 203,125 0.02 Turkey Government International Bond 3.25% 23.03.2023 450,000 - - 450,000 444,937 0.04 Turkey Government International Bond 4.25% 14.04.2026 600,000 - - 600,000 586,125 0.06 Turkey Government International Bond 4.875% 09.10.2026 2,000,000 - - 2,000,000 2,005,625 0.19 Turkey Government International Bond 4.875% 16.04.2043 1,600,000 - - 1,600,000 1,430,500 0.14 Turkey Government International Bond 5.125% 25.03.2022 600,000 - - 600,000 622,875 0.06 Turkey Government International Bond 5.125% 17.02.2028 1,400,000 - 400,000 1,000,000 1,002,500 0.10 Turkey Government International Bond 5.6% 14.11.2024 - 1,200,000 - 1,200,000 1,261,200 0.12

[252] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Turkey Government International Bond 5.625% 30.03.2021 1,050,000 - - 1,050,000 1,084,125 0.10 Turkey Government International Bond 5.75% 22.03.2024 1,650,000 - - 1,650,000 1,750,031 0.17 Turkey Government International Bond 5.75% 11.05.2047 1,900,000 - - 1,900,000 1,836,469 0.18 Turkey Government International Bond 6% 25.03.2027 2,100,000 - - 2,100,000 2,220,094 0.21 Turkey Government International Bond 6% 14.01.2041 1,600,000 - - 1,600,000 1,619,500 0.15 Turkey Government International Bond 6.125% 24.10.2028 1,200,000 - - 1,200,000 1,274,250 0.12 Turkey Government International Bond 6.25% 26.09.2022 1,700,000 - - 1,700,000 1,818,469 0.17 Turkey Government International Bond 6.35% 10.08.2024 400,000 - - 400,000 432,875 0.04 Turkey Government International Bond 6.625% 17.02.2045 1,700,000 - - 1,700,000 1,822,187 0.17 Turkey Government International Bond 6.75% 30.05.2040 1,050,000 - - 1,050,000 1,146,141 0.11 Turkey Government International Bond 6.875% 17.03.2036 1,600,000 - - 1,600,000 1,778,500 0.17 Turkey Government International Bond 7.25% 23.12.2023 1,255,000 - 400,000 855,000 950,653 0.09 Turkey Government International Bond 7.25% 05.03.2038 400,000 - - 400,000 460,375 0.04 Turkey Government International Bond 7.375% 05.02.2025 1,500,000 - - 1,500,000 1,693,125 0.16 Turkey Government International Bond 7.625% 26.04.2029 400,000 350,000 - 750,000 871,875 0.08 Turkey Government International Bond 8% 14.02.2034 900,000 - - 900,000 1,098,844 0.10 Turkey Government International Bond 11.875% 15.01.2030 1,100,000 - - 1,100,000 1,638,656 0.16 36,022,293 3.43 Ukraine Ukraine Government International Bond 7.375% 25.09.2032 4,300,000 500,000 300,000 4,500,000 4,976,719 0.47 Ukraine Government International Bond 7.75% 01.09.2020 1,150,000 - 1,150,000 - - 0.00 Ukraine Government International Bond 7.75% 01.09.2021 1,800,000 - - 1,800,000 1,916,100 0.18 Ukraine Government International Bond 7.75% 01.09.2022 1,800,000 - - 1,800,000 1,960,200 0.19 Ukraine Government International Bond 7.75% 01.09.2023 2,000,000 - - 2,000,000^ 2,212,000 0.21 Ukraine Government International Bond 7.75% 01.09.2024 2,100,000 - 300,000 1,800,000 2,007,000 0.19 Ukraine Government International Bond 7.75% 01.09.2025 1,725,000 - - 1,725,000 1,941,487 0.18 Ukraine Government International Bond 7.75% 01.09.2026 1,850,000 - - 1,850,000^ 2,099,750 0.20 Ukraine Government International Bond 7.75% 01.09.2027 1,900,000 1,800,000 1,800,000 1,900,000 2,153,650 0.21 Ukraine Government International Bond 8.994% 01.02.2024 450,000 - - 450,000 516,375 0.05 Ukraine Government International Bond 9.75% 01.11.2028 1,925,000 - - 1,925,000 2,395,422 0.23 22,178,703 2.11 Hungary Hungary Government International Bond 5.375% 21.02.2023 3,000,000 - 250,000 2,750,000 3,035,312 0.29 Hungary Government International Bond 5.375% 25.03.2024 3,250,000 - 300,000 2,950,000 3,359,312 0.32 Hungary Government International Bond 5.75% 22.11.2023 3,350,000 - 300,000 3,050,000 3,482,719 0.33

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [253] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Hungary Government International Bond 6.375% 29.03.2021 4,050,000 - - 4,050,000 4,263,891 0.41 Hungary Government International Bond 7.625% 29.03.2041 2,040,000 - 200,000 1,840,000 3,097,525 0.29 MFB Magyar Fejlesztesi Bank Zrt 6.25% 21.10.2020 1,200,000 - 1,200,000 - - 0.00 17,238,759 1.64 Uruguay Uruguay Government International Bond 4.125% 20.11.2045 1,000,000 - - 1,000,000 1,125,000 0.11 Uruguay Government International Bond 4.375% 27.10.2027 3,250,000 - 300,000 2,950,000 3,310,453 0.31 Uruguay Government International Bond 4.375% 23.01.2031 1,725,000 200,000 - 1,925,000 2,208,937 0.21 Uruguay Government International Bond 4.5% 14.08.2024 2,750,000 - 1,000,000 1,750,000 1,907,500 0.18 Uruguay Government International Bond 4.975% 20.04.2055 2,850,000 1,000,000 - 3,850,000 4,781,219 0.46 Uruguay Government International Bond 5.1% 18.06.2050 6,650,000 - 300,000 6,350,000 7,995,047 0.76 Uruguay Government International Bond 7.625% 21.03.2036 2,500,000 - 400,000 2,100,000 3,226,781 0.31 Uruguay Government International Bond 7.875% 15.01.2033 500,000 - - 500,000 766,719 0.07 25,321,656 2.41 Venezuela Petroleos de Venezuela SA 5.375% 12.04.2027 1,775,000 - - 1,775,000 150,875 0.01 Petroleos de Venezuela SA 5.5% 12.04.2037 970,000 - - 970,000 77,600 0.01 Petroleos de Venezuela SA 6% 16.05.2024 3,300,000 2,891,281 3,300,000 2,891,281 260,216 0.03 Petroleos de Venezuela SA 9.75% 17.05.2035 1,950,000 1,950,000 1,950,000 1,950,000 156,000 0.02 Petroleos de Venezuela SA 12.75% 17.02.2022 600,000 600,000 600,000 600,000 48,000 0.00 Venezuela Government International Bond 6% 09.12.2020 950,000 950,000 1,900,000 - - 0.00 Venezuela Government International Bond 7% 31.03.2038 100,000 - 100,000 - - 0.00 Venezuela Government International Bond 7.65% 21.04.2025 900,000 - 900,000 - - 0.00 Venezuela Government International Bond 7.75% 13.10.2019 1,675,000 - 207,700 1,467,300 179,744 0.02 Venezuela Government International Bond 8.25% 13.10.2024 400,000 400,000 400,000 400,000 49,000 0.00 Venezuela Government International Bond 9% 07.05.2023 550,000 - 550,000 - - 0.00 Venezuela Government International Bond 9.25% 15.09.2027 2,200,000 - 2,200,000 - - 0.00 Venezuela Government International Bond 9.25% 07.05.2028 1,400,000 - 1,400,000 - - 0.00 Venezuela Government International Bond 9.375% 13.01.2034 1,050,000 - 1,050,000 - - 0.00 Venezuela Government International Bond 11.75% 21.10.2026 1,350,000 - 1,350,000 - - 0.00 Venezuela Government International Bond 11.95% 05.08.2031 600,000 - 600,000 - - 0.00 Venezuela Government International Bond 12.75% 23.08.2022 2,100,000 - 2,100,000 - - 0.00 921,435 0.09 United Arab Emirates Abu Dhabi Crude Oil Pipeline LLC 3.65% 02.11.2029 700,000 - - 700,000 763,000 0.07

[254] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Abu Dhabi Crude Oil Pipeline LLC 4.6% 02.11.2047 1,400,000 700,000 500,000 1,600,000 1,886,000 0.18 Abu Dhabi Government International Bond 2.125% 30.09.2024 - 800,000 - 800,000 805,000 0.08 Abu Dhabi Government International Bond 2.5% 11.10.2022 1,950,000 500,000 - 2,450,000 2,486,750 0.24 Abu Dhabi Government International Bond 2.5% 30.09.2029 - 1,000,000 - 1,000,000 1,013,750 0.10 Abu Dhabi Government International Bond 3.125% 03.05.2026 1,700,000 400,000 - 2,100,000 2,218,125 0.21 Abu Dhabi Government International Bond 3.125% 11.10.2027 3,350,000 500,000 - 3,850,000 4,085,812 0.39 Abu Dhabi Government International Bond 3.125% 30.09.2049 - 2,150,000 - 2,150,000 2,151,344 0.21 Abu Dhabi Government International Bond 4.125% 11.10.2047 2,100,000 400,000 - 2,500,000 2,973,438 0.28 Emirate of Dubai Government International Bonds 5.25% 30.01.2043 400,000 - - 400,000 462,875 0.04 Emirates Development Bank PJSC 3.516% 06.03.2024 1,250,000 - 500,000 750,000 778,125 0.07 19,624,219 1.87 United Kingdom NAK Naftogaz Ukraine via Kondor Finance Plc 7.625% 08.11.2026 - 500,000 - 500,000 531,500 0.05 State Savings Bank of Ukraine Via SSB #1 Plc 9.625% 20.03.2025 800,000 - - 800,000 847,500 0.08 Ukraine Railways Via Rail Capital Markets Plc 8.25% 09.07.2024 475,000 - - 475,000 519,963 0.05 Ukreximbank Via Biz Finance Plc 9.75% 22.01.2025 900,000 - - 900,000 975,150 0.09 2,874,113 0.27 Uzbekistan Republic of Uzbekistan Bond 4.75% 20.02.2024 750,000 - - 750,000 796,641 0.08 Republic of Uzbekistan Bond 5.375% 20.02.2029 800,000 - - 800,000 892,000 0.08 1,688,641 0.16 Vietnam Vietnam Government International Bond 4.8% 19.11.2024 1,700,000 - - 1,700,000 1,866,430 0.18 1,866,430 0.18 Belarus Development Bank of the Republic of Belarus JSC 6.75% 02.05.2024 700,000 - - 700,000 746,375 0.07 Republic of Belarus International Bond 6.2% 28.02.2030 900,000 - - 900,000 979,313 0.09 Republic of Belarus International Bond 6.875% 28.02.2023 1,450,000 - - 1,450,000 1,563,734 0.15 Republic of Belarus International Bond 7.625% 29.06.2027 1,000,000 - - 1,000,000 1,155,312 0.11 4,444,734 0.42 Total bonds 983,318,154 93.61 Total securities traded on an official stock exchange 983,318,154 93.61

Securities which are traded on another regulated market open to the public Bonds Bahrain Oil and Gas Holding Co BSCC 7.5% 25.10.2027 500,000 700,000 - 1,200,000 1,405,875 0.13 1,405,875 0.13

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [255] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Brazil Caixa Economica Federal 3.5% 07.11.2022 700,000 - - 700,000 713,344 0.07 713,344 0.07 Virgin Islands (British) 1MDB Global Investments Ltd 4.4% 09.03.2023 5,000,000 - - 5,000,000 4,965,625 0.47 Sinopec Group Overseas Development 2012 Ltd 4.875% 17.05.2042 800,000 - - 800,000 1,013,134 0.10 Sinopec Group Overseas Development 2016 Ltd 2.75% 29.09.2026 300,000 - - 300,000 307,031 0.03 Sinopec Group Overseas Development 2017 Ltd 2.5% 13.09.2022 1,100,000 - - 1,100,000 1,110,897 0.11 Sinopec Group Overseas Development 2017 Ltd 3.625% 12.04.2027 1,200,000 - - 1,200,000 1,283,675 0.12 Sinopec Group Overseas Development 2018 Ltd 3.75% 12.09.2023 200,000 - - 200,000 210,938 0.02 8,891,300 0.85 Chile Empresa de Transporte de Pasajeros Metro SA 5% 25.01.2047 400,000 - - 400,000 463,875 0.04 Empresa Nacional del Petroleo 3.75% 05.08.2026 1,100,000 - - 1,100,000 1,145,925 0.11 Empresa Nacional del Petroleo 4.5% 14.09.2047 950,000 - - 950,000 989,977 0.10 2,599,777 0.25 Costa Rica Banco Nacional de Costa Rica 6.25% 01.11.2023 600,000 - - 600,000 639,750 0.06 639,750 0.06 India Export-Import Bank of India 3.375% 05.08.2026 2,200,000 - - 2,200,000 2,278,375 0.22 2,278,375 0.22 Kazakhstan KazTransGas JSC 4.375% 26.09.2027 900,000 - - 900,000 962,465 0.09 962,465 0.09 Malaysia Petronas Capital Ltd 3.125% 18.03.2022 1,400,000 - 500,000 900,000 918,563 0.08 Petronas Capital Ltd 3.5% 18.03.2025 2,500,000 - 250,000 2,250,000^ 2,389,219 0.23 Petronas Capital Ltd 4.5% 18.03.2045 2,650,000 - 400,000 2,250,000 2,820,667 0.27 6,128,449 0.58 Mexico Petroleos Mexicanos 4.25% 15.01.2025 350,000 - - 350,000 361,865 0.03 Petroleos Mexicanos 4.5% 23.01.2026 700,000 - - 700,000 714,700 0.07 Petroleos Mexicanos 4.625% 21.09.2023 350,000 - - 350,000 369,906 0.04 Petroleos Mexicanos 4.875% 24.01.2022 600,000 - - 600,000 624,675 0.06 Petroleos Mexicanos 5.35% 12.02.2028 725,000 - - 725,000 731,960 0.07 Petroleos Mexicanos 5.5% 21.01.2021 1,300,000 - 1,300,000 - - 0.00 Petroleos Mexicanos 5.5% 27.06.2044 450,000 - - 450,000 419,484 0.04 Petroleos Mexicanos 5.625% 23.01.2046 700,000 - - 700,000 653,625 0.06 Petroleos Mexicanos 5.95% 28.01.2031 - 300,000 - 300,000 304,275 0.03 Petroleos Mexicanos 6.375% 04.02.2021 650,000 - 650,000 - - 0.00 Petroleos Mexicanos 6.375% 23.01.2045 1,100,000 - 200,000 900,000 895,995 0.09 Petroleos Mexicanos 6.49% 23.01.2027 - 205,000 - 205,000 222,425 0.02 Petroleos Mexicanos 6.5% 02.06.2041 1,500,000 - - 1,500,000 1,524,750 0.15 Petroleos Mexicanos 6.625% 15.06.2035 1,000,000 - - 1,000,000 1,042,500 0.10 Petroleos Mexicanos 6.84% 23.01.2030 - 1,355,000 - 1,355,000 1,468,143 0.14

[256] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

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

Bonds (continued) Petroleos Mexicanos 6.875% 04.08.2026 1,300,000 - - 1,300,000 1,463,150 0.14 Petroleos Mexicanos 6.95% 28.01.2060 - 150,000 - 150,000 152,025 0.01 Petroleos Mexicanos 7.69% 23.01.2050 - 2,405,000 - 2,405,000 2,642,133 0.25 13,591,611 1.30 Trinidad and Tobago Trinidad Petroleum Holdings Ltd 9.75% 15.06.2026 750,000 - - 750,000 854,836 0.08 854,836 0.08 Venezuela Petroleos de Venezuela SA 6% 15.11.2026 2,900,000 2,082,561 2,900,000 2,082,561 166,605 0.02 Petroleos de Venezuela SA 8.5% 27.10.2020 1,525,000 - - 1,525,000 270,687 0.02 Petroleos de Venezuela SA 9% 17.11.2021 850,000 850,000 850,000 850,000 68,000 0.01 505,292 0.05 United States DAE Funding LLC 4.5% 01.08.2022 - 600,000 - 600,000 610,788 0.06 DAE Funding LLC 5% 01.08.2024 - 750,000 - 750,000^ 786,563 0.07 1,397,351 0.13 Total bonds 39,968,425 3.81 Total securities which are traded on another regulated market open to the public 39,968,425 3.81

Securities not listed Bonds Chile Corp Nacional del Cobre de Chile 3.15% 14.01.2030 - 1,000,000 - 1,000,000 1,016,493 0.10 1,016,493 0.10 Dominican Republic Dominican Republic International Bond 4.5% 30.01.2030 - 200,000 - 200,000 199,550 0.02 Dominican Republic International Bond 5.875% 30.01.2060 - 300,000 - 300,000 299,700 0.03 499,250 0.05 Cayman Islands Brazil Minas SPE via State of Minas Gerais 5.333% 15.02.2028 900,000 - - 900,000 971,438 0.09 971,438 0.09 Mozambique Mozambique International Bond 5% 15.09.2031 - 1,264,000 - 1,264,000 1,209,095 0.11 1,209,095 0.11 Total bonds 3,696,276 0.35 Total securities not listed 3,696,276 0.35 Total securities 1,026,982,855 97.77 Total investments 1,026,982,855 97.77

Sight deposits 9,805,193 0.93 Other assets 13,622,761 1.30 Total sub-fund assets 1,050,410,809 100.00 Other liabilities (3,208,189) (0.31) Net sub-fund assets 1,047,202,620 99.69 1 Inclusive of corporate actions where applicable. ^ These securities are partially or fully transferred as securities lent.

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [257] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Securities traded on an official stock exchange Shares Pharmaceuticals Alfresa Holdings Corp 5,600 700 - 6,300^ 124,845 0.11 Astellas Pharma Inc 56,400 6,900 - 63,300 1,098,652 0.93 Chugai Pharmaceutical Co Ltd 6,700 800 - 7,500 751,801 0.64 Daiichi Sankyo Co Ltd 17,000 2,000 - 19,000 1,258,043 1.07 Eisai Co Ltd 7,600 800 - 8,400 622,562 0.53 Hisamitsu Pharmaceutical Co Inc 1,600 - - 1,600^ 80,014 0.07 Kobayashi Pharmaceutical Co Ltd 1,500 200 - 1,700 134,481 0.11 Kyowa Kirin Co Ltd 7,300 800 - 8,100 186,391 0.16 Medipal Holdings Corp 5,500 700 - 6,200^ 128,877 0.11 Mitsubishi Tanabe Pharma Corp 6,700 1,200 7,900 - - 0.00 Nippon Shinyaku Co Ltd - 1,500 - 1,500^ 130,539 0.11 Ono Pharmaceutical Co Ltd 11,400 1,300 - 12,700 286,987 0.24 Otsuka Holdings Co Ltd 11,700 1,400 - 13,100 572,702 0.48 Santen Pharmaceutical Co Ltd 11,000 1,100 - 12,100 221,370 0.19 Shionogi & Co Ltd 8,100 900 - 9,000^ 525,760 0.45 Sumitomo Dainippon Pharma Co Ltd 4,800 800 - 5,600 94,828 0.08 Suzuken Co Ltd 2,200 300 - 2,500 94,212 0.08 Taisho Pharmaceutical Holdings Co Ltd 1,100 - - 1,100 76,544 0.06 Takeda Pharmaceutical Co Ltd 44,600 5,600 - 50,200 1,888,194 1.60 8,276,802 7.02 Auto manufacturers Hino Motors Ltd 8,600 - - 8,600 79,281 0.07 Honda Motor Co Ltd 48,900 5,700 - 54,600 1,375,444 1.17 Isuzu Motors Ltd 16,500 2,000 - 18,500 179,929 0.15 Mazda Motor Corp 17,000 2,100 - 19,100 158,742 0.13 Mitsubishi Motors Corp 20,100 3,200 - 23,300 85,628 0.07 Nissan Motor Co Ltd 69,600 8,200 - 77,800 415,030 0.35 Subaru Corp 18,400 2,200 - 20,600 505,926 0.43 Suzuki Motor Corp 11,000 1,300 - 12,300 550,752 0.47 Toyota Motor Corp 68,500 8,000 - 76,500 5,208,911 4.42 8,559,643 7.26 Auto parts & equipment Aisin Seiki Co Ltd 4,900 500 - 5,400 177,549 0.15 Bridgestone Corp 17,100 2,000 - 19,100 663,010 0.56 Denso Corp 13,000 1,500 - 14,500 586,038 0.50 JTEKT Corp 6,200 - - 6,200 65,321 0.06 Koito Manufacturing Co Ltd 3,100 400 - 3,500 149,960 0.13 NGK Insulators Ltd 7,900 1,000 - 8,900 147,066 0.12 NGK Spark Plug Co Ltd 4,700 800 - 5,500^ 95,288 0.08 Stanley Electric Co Ltd 3,900 600 - 4,500^ 114,362 0.10 Sumitomo Electric Industries Ltd 22,600 2,700 - 25,300 333,191 0.28 Sumitomo Rubber Industries Ltd 5,100 - - 5,100 55,139 0.05 Toyoda Gosei Co Ltd 2,000 - - 2,000 44,865 0.04 Toyota Industries Corp 4,400 500 - 4,900 261,612 0.22 Yokohama Rubber Co Ltd 3,600 - - 3,600 60,512 0.05 2,753,913 2.34 Banks AEON Financial Service Co Ltd 3,400 - - 3,400 52,370 0.05 Aozora Bank Ltd 3,500 600 - 4,100 108,064 0.09 Bank of Kyoto Ltd 1,600 - - 1,600^ 63,356 0.05

[258] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Shares (continued) Chiba Bank Ltd 16,900 - - 16,900 90,681 0.08 Concordia Financial Group Ltd 32,200 3,900 - 36,100 134,596 0.11 Fukuoka Financial Group Inc 5,200 800 - 6,000 102,776 0.09 Japan Post Bank Co Ltd 12,100 1,500 - 13,600^ 122,954 0.10 Mitsubishi UFJ Financial Group Inc 368,800 43,300 - 412,100 2,084,700 1.77 Mizuho Financial Group Inc 723,300 84,900 - 808,200 1,168,645 0.99 Resona Holdings Inc 62,700 7,400 - 70,100 284,379 0.24 Seven Bank Ltd 17,900 - - 17,900^ 52,244 0.05 Shinsei Bank Ltd 4,700 1,800 - 6,500^ 97,749 0.08 Shizuoka Bank Ltd 13,800 2,000 - 15,800^ 109,242 0.09 Sumitomo Mitsui Financial Group Inc 39,900 4,600 - 44,500 1,537,977 1.31 Sumitomo Mitsui Trust Holdings Inc 9,900 1,200 - 11,100 403,286 0.34 6,413,019 5.44 Machinery - construction & mining Hitachi Construction Machinery Co Ltd 3,200 700 - 3,900 103,937 0.09 Hitachi Ltd 29,000 3,400 - 32,400 1,219,540 1.03 Komatsu Ltd 27,700 3,200 - 30,900 678,326 0.58 Mitsubishi Electric Corp 54,700 6,400 - 61,100 840,002 0.71 Mitsubishi Heavy Industries Ltd 9,600 1,100 - 10,700 383,135 0.33 3,224,940 2.74 Engineering & construction Japan Airport Terminal Co Ltd 1,500 - - 1,500 68,206 0.06 JGC Holdings Corp 6,600 1,200 - 7,800 110,844 0.09 Kajima Corp 13,500 1,600 - 15,100^ 188,918 0.16 Obayashi Corp 19,500 2,300 - 21,800 235,303 0.20 Shimizu Corp 17,700 2,100 - 19,800 199,621 0.17 Taisei Corp 6,100 700 - 6,800 266,844 0.23 1,069,736 0.91 Home builders Daiwa House Industry Co Ltd 17,000 2,000 - 19,000 585,148 0.50 Iida Group Holdings Co Ltd 4,400 - - 4,400 72,824 0.06 Sekisui Chemical Co Ltd 11,100 1,100 - 12,200 200,076 0.17 Sekisui House Ltd 18,600 2,200 - 20,800 436,989 0.37 1,295,037 1.10 Building materials AGC Inc 5,500 600 - 6,100 203,822 0.17 Daikin Industries Ltd 7,500 800 - 8,300^ 1,154,746 0.98 LIXIL Group Corp 8,000 900 - 8,900 145,403 0.12 Rinnai Corp 1,000 - - 1,000^ 70,119 0.06 Taiheiyo Cement Corp 3,600 600 - 4,200^ 111,522 0.10 TOTO Ltd 4,200 500 - 4,700 189,246 0.16 1,874,858 1.59 Mining Mitsubishi Materials Corp 3,400 600 - 4,000 99,056 0.08 Sumitomo Metal Mining Co Ltd 7,000 800 - 7,800 219,605 0.19 318,661 0.27 Office & business equipment Canon Inc 30,000 3,500 - 33,500 860,452 0.73 FUJIFILM Holdings Corp 10,800 1,300 - 12,100 590,464 0.50 Konica Minolta Inc 13,600 1,900 - 15,500 93,789 0.08

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [259] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Shares (continued) Ricoh Co Ltd 20,100 2,400 - 22,500 252,069 0.21 Seiko Epson Corp 8,400 1,000 - 9,400 135,504 0.12 1,932,278 1.64 Chemicals Air Water Inc 4,500 800 - 5,300 71,732 0.06 Asahi Kasei Corp 37,800 4,500 - 42,300 428,344 0.36 Daicel Corp 7,900 - - 7,900 73,742 0.06 Hitachi Chemical Co Ltd 3,100 500 - 3,600 147,197 0.12 JSR Corp 5,800 900 - 6,700^ 118,403 0.10 Kaneka Corp 1,500 - 1,500 - - 0.00 Kansai Paint Co Ltd 5,300 700 - 6,000^ 141,271 0.12 Kuraray Co Ltd 9,600 1,200 - 10,800 128,297 0.11 Mitsubishi Chemical Holdings Corp 38,400 4,500 - 42,900 305,392 0.26 Mitsubishi Gas Chemical Co Inc 4,900 - - 4,900 73,687 0.06 Mitsui Chemicals Inc 5,500 700 - 6,200^ 135,442 0.12 Nippon Paint Holdings Co Ltd 4,400 500 - 4,900 230,219 0.20 Nissan Chemical Corp 3,800 400 - 4,200^ 171,356 0.15 Nitto Denko Corp 4,700 600 - 5,300 291,929 0.25 Shin-Etsu Chemical Co Ltd 10,900 1,300 - 12,200^ 1,380,342 1.17 Showa Denko KK 4,000 600 - 4,600 109,494 0.09 Sumitomo Chemical Co Ltd 44,700 5,200 - 49,900 209,582 0.18 Taiyo Nippon Sanso Corp 3,900 700 - 4,600 98,934 0.08 Toray Industries Inc 41,600 4,900 - 46,500 300,069 0.25 Tosoh Corp 7,800 1,100 - 8,900^ 124,575 0.11 4,540,007 3.85 Computers Fujitsu Ltd 5,900 700 - 6,600^ 682,140 0.58 Itochu Techno-Solutions Corp 2,900 500 - 3,400 98,176 0.08 NEC Corp 7,400 900 - 8,300 363,374 0.31 Nomura Research Institute Ltd 10,200 1,200 - 11,400^ 245,488 0.21 NTT Data Corp 18,900 2,200 - 21,100 291,960 0.25 Obic Co Ltd 1,900 300 - 2,200 293,842 0.25 Otsuka Corp 3,100 400 - 3,500 133,921 0.11 2,108,901 1.79 Miscellaneous manufacturers Nikon Corp 9,600 1,100 - 10,700 127,490 0.11 Toshiba Corp 16,700 1,900 2,000 16,600 516,995 0.44 644,485 0.55 Diversified financial services Acom Co Ltd 12,000 - - 12,000^ 55,099 0.05 Credit Saison Co Ltd 4,700 - - 4,700 74,276 0.06 Daiwa Securities Group Inc 45,900 5,300 - 51,200 254,724 0.22 Japan Exchange Group Inc 15,300 1,800 - 17,100 301,890 0.26 Mebuki Financial Group Inc 26,500 - - 26,500^ 57,773 0.05 Mitsubishi UFJ Lease & Finance Co Ltd 12,100 - - 12,100 74,723 0.06 Nomura Holdings Inc 99,500 11,700 - 111,200 560,353 0.47 ORIX Corp 39,700 4,700 - 44,400 734,073 0.62 SBI Holdings Inc 7,100 800 - 7,900 181,226 0.15 Tokyo Century Corp 1,300 - - 1,300 65,474 0.06 2,359,611 2.00 Retail ABC-Mart Inc 1,000 - - 1,000 62,645 0.05

[260] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Shares (continued) Aeon Co Ltd 19,600 2,300 - 21,900 439,149 0.37 FamilyMart Co Ltd 7,600 900 - 8,500 182,132 0.16 Fast Retailing Co Ltd 1,700 300 - 2,000^ 1,056,059 0.90 Isetan Mitsukoshi Holdings Ltd 10,100 1,800 - 11,900 91,172 0.08 J Front Retailing Co Ltd 6,900 1,200 - 8,100 95,862 0.08 Lawson Inc 1,600 - - 1,600 90,265 0.08 Marui Group Co Ltd 5,700 700 - 6,400 144,823 0.12 McDonald's Holdings Co Japan Ltd 2,000 300 - 2,300 106,015 0.09 Nitori Holdings Co Ltd 2,400 300 - 2,700 408,075 0.35 Pan Pacific International Holdings Corp 3,300 11,600 - 14,900 234,279 0.20 Ryohin Keikaku Co Ltd 700 7,300 - 8,000^ 131,126 0.11 Shimamura Co Ltd 700 - - 700 51,450 0.04 Sundrug Co Ltd 2,100 500 - 2,600 86,297 0.07 Tsuruha Holdings Inc 1,100 200 - 1,300^ 155,357 0.13 USS Co Ltd 6,600 800 - 7,400 131,696 0.11 Welcia Holdings Co Ltd 1,400 300 - 1,700 91,217 0.08 Yamada Denki Co Ltd 18,800 2,900 - 21,700^ 106,395 0.09 3,664,014 3.11 Iron & steel Hitachi Metals Ltd 6,400 800 - 7,200 109,044 0.09 JFE Holdings Inc 14,700 1,800 - 16,500 193,072 0.16 Kobe Steel Ltd 9,300 - 9,300 - - 0.00 Nippon Steel Corp 24,200 2,900 - 27,100 370,280 0.32 672,396 0.57 Electrical components & equipment Brother Industries Ltd 6,700 800 - 7,500 144,354 0.12 Casio Computer Co Ltd 5,800 1,000 - 6,800^ 123,983 0.11 268,337 0.23 Electric Chubu Electric Power Co Inc 19,300 2,300 - 21,600 286,001 0.24 Chugoku Electric Power Co Inc 8,300 1,100 - 9,400^ 120,197 0.10 Electric Power Development Co Ltd 4,400 600 - 5,000 110,295 0.09 Kansai Electric Power Co Inc 21,100 2,500 - 23,600^ 257,882 0.22 Kyushu Electric Power Co Inc 11,400 1,400 - 12,800 102,509 0.09 Tohoku Electric Power Co Inc 12,800 1,500 - 14,300 130,810 0.11 Tokyo Electric Power Co Holdings Inc 45,800 5,300 - 51,100 197,798 0.17 1,205,492 1.02 Electronics Alps Alpine Co Ltd 6,200 800 - 7,000 124,702 0.11 Hirose Electric Co Ltd 935 200 - 1,135 138,870 0.12 Hitachi High-Technologies Corp 2,100 300 - 2,400 169,140 0.14 Hoya Corp 11,400 1,400 - 12,800 1,207,331 1.02 Kyocera Corp 9,600 1,200 - 10,800 699,049 0.59 MINEBEA MITSUMI Inc 10,900 1,300 - 12,200 237,312 0.20 Murata Manufacturing Co Ltd 17,200 2,000 - 19,200 1,081,131 0.92 Nidec Corp 6,700 800 - 7,500^ 936,998 0.80 Nippon Electric Glass Co Ltd 2,400 - 2,400 - - 0.00 Omron Corp 5,800 700 - 6,500^ 370,751 0.31 TDK Corp 3,900 400 - 4,300 454,182 0.39 Yokogawa Electric Corp 6,800 800 - 7,600 130,927 0.11 5,550,393 4.71

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [261] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Shares (continued) Oil & gas Idemitsu Kosan Co Ltd 5,922 700 - 6,622^ 162,928 0.14 Inpex Corp 30,700 3,600 - 34,300 314,523 0.27 JXTG Holdings Inc 96,400 11,400 - 107,800 449,694 0.38 927,145 0.79 Airlines ANA Holdings Inc 3,400 500 - 3,900 118,825 0.10 Japan Airlines Co Ltd 3,500 500 - 4,000 110,162 0.09 228,987 0.19 Forest products & paper Oji Holdings Corp 25,900 3,000 - 28,900 145,554 0.12 145,554 0.12 Leisure time Shimano Inc 2,200 300 - 2,500^ 375,067 0.32 Yamaha Corp 4,300 500 - 4,800 241,751 0.20 Yamaha Motor Co Ltd 8,400 1,000 - 9,400 172,475 0.15 789,293 0.67 Gas Osaka Gas Co Ltd 11,200 1,400 - 12,600 208,206 0.18 Toho Gas Co Ltd 2,200 400 - 2,600 98,211 0.08 Tokyo Gas Co Ltd 11,500 1,400 - 12,900^ 276,412 0.23 582,829 0.49 Healthcare services PeptiDream Inc 2,800 300 - 3,100 144,545 0.12 144,545 0.12 Healthcare - products Asahi Intecc Co Ltd 5,800 700 - 6,500^ 176,121 0.15 Olympus Corp 34,900 4,100 - 39,000 619,287 0.53 Shimadzu Corp 6,700 700 - 7,400^ 205,446 0.17 Sysmex Corp 5,000 600 - 5,600^ 393,514 0.33 Terumo Corp 19,400 2,200 - 21,600 765,744 0.65 2,160,112 1.83 Beverages Asahi Group Holdings Ltd 10,900 1,300 - 12,200 552,137 0.47 Coca-Cola Bottlers Japan Holdings Inc 3,700 700 - 4,400 113,269 0.10 Kirin Holdings Co Ltd 24,700 2,900 - 27,600 592,498 0.50 Suntory Beverage & Food Ltd 4,200 500 - 4,700 194,265 0.16 1,452,169 1.23 Commercial services Benesse Holdings Inc 2,200 - - 2,200 59,023 0.05 Dai Nippon Printing Co Ltd 7,300 800 - 8,100 219,474 0.19 GMO Payment Gateway Inc 1,200 200 - 1,400 88,574 0.08 Park24 Co Ltd 3,500 - - 3,500 85,803 0.07 Persol Holdings Co Ltd 5,300 700 - 6,000 105,980 0.09 Recruit Holdings Co Ltd 35,600 9,800 - 45,400 1,738,756 1.47 Secom Co Ltd 6,300 700 - 7,000 605,009 0.51 Sohgo Security Services Co Ltd 2,100 300 - 2,400^ 121,943 0.10 Toppan Printing Co Ltd 8,400 1,000 - 9,400 183,684 0.16 3,208,246 2.72 Semiconductors Advantest Corp 6,000 700 - 6,700 349,964 0.30

[262] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Shares (continued) Hamamatsu Photonics KK 4,200 500 - 4,700 196,565 0.16 Renesas Electronics Corp 22,500 3,000 - 25,500 161,332 0.14 Rohm Co Ltd 2,800 300 - 3,100 222,059 0.19 SUMCO Corp 7,500 1,100 - 8,600 133,155 0.11 Tokyo Electron Ltd 4,700 600 - 5,300 1,155,454 0.98 2,218,529 1.88 Home furnishings Hoshizaki Corp 1,600 200 - 1,800 161,772 0.14 Panasonic Corp 66,200 7,800 - 74,000 725,644 0.62 Sharp Corp 6,400 700 - 7,100 96,158 0.08 Sony Corp 38,100 4,500 - 42,600 2,925,667 2.48 3,909,241 3.32 Real estate Aeon Mall Co Ltd 3,200 - - 3,200 51,995 0.05 Daito Trust Construction Co Ltd 2,200 200 - 2,400 275,600 0.23 Hulic Co Ltd 8,000 2,200 - 10,200 121,078 0.10 Mitsubishi Estate Co Ltd 35,500 4,100 - 39,600 758,312 0.64 Mitsui Fudosan Co Ltd 26,800 3,100 - 29,900 774,638 0.66 Nomura Real Estate Holdings Inc 3,700 700 - 4,400 105,909 0.09 Sumitomo Realty & Development Co Ltd 10,000 1,200 - 11,200^ 403,630 0.34 Tokyu Fudosan Holdings Corp 18,300 2,200 - 20,500^ 141,555 0.12 2,632,717 2.23 Real estate investment trust Daiwa House Investment Corp (REIT) 56 7 - 63^ 162,293 0.14 Japan Prime Realty Investment Corp (REIT) 24 3 - 27 120,368 0.10 Japan Real Estate Investment Corp (REIT) 39 5 - 44^ 309,699 0.26 Japan Retail Fund Investment Corp (REIT) 78 10 - 88^ 181,434 0.15 Nippon Building Fund Inc (REIT) 40 5 - 45^ 351,575 0.30 Nippon Prologis Inc (REIT) 59 7 - 66 183,235 0.16 Nomura Real Estate Master Fund Inc (REIT) 117 20 - 137 232,600 0.20 Orix JREIT Inc (REIT) - 88 - 88^ 179,555 0.15 1,720,759 1.46 Internet CyberAgent Inc 3,000 400 - 3,400^ 133,574 0.11 Kakaku.com Inc 4,100 600 - 4,700 120,281 0.10 LINE Corp 2,000 - - 2,000 95,391 0.08 M3 Inc 12,600 2,200 - 14,800 424,061 0.36 Mercari Inc 2,200 - - 2,200 37,645 0.03 MonotaRO Co Ltd 3,800 600 - 4,400 104,616 0.09 Rakuten Inc 25,800 3,000 - 28,800 219,370 0.19 Trend Micro Inc 3,800 400 - 4,200 215,269 0.18 Z Holdings Corp 79,900 9,400 - 89,300^ 348,046 0.30 ZOZO Inc 6,100 700 3,100 3,700 60,020 0.05 1,758,273 1.49 Cosmetics & personal care Kao Corp 14,700 1,700 200 16,200 1,265,957 1.07 Kose Corp 1,000 100 - 1,100^ 144,180 0.12 Lion Corp 6,700 800 - 7,500 139,615 0.12 Pigeon Corp 3,500 400 - 3,900 135,865 0.12 Pola Orbis Holdings Inc 2,700 600 - 3,300 70,387 0.06

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [263] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Shares (continued) Shiseido Co Ltd 12,000 1,400 - 13,400 845,041 0.72 Unicharm Corp 12,100 1,400 - 13,500^ 453,123 0.38 3,054,168 2.59 Agriculture Japan Tobacco Inc 36,000 4,200 - 40,200 828,467 0.70 828,467 0.70 Machinery - diversified Daifuku Co Ltd 3,000 400 - 3,400^ 203,613 0.17 FANUC Corp 5,800 700 - 6,500 1,175,297 1.00 Keyence Corp 2,700 3,500 100 6,100 2,028,446 1.72 Kubota Corp 31,400 3,700 - 35,100 543,615 0.46 Nabtesco Corp 3,400 500 - 3,900 112,093 0.10 SMC Corp 1,700 200 - 1,900 815,420 0.69 Sumitomo Heavy Industries Ltd 3,300 500 - 3,800 99,142 0.09 THK Co Ltd 3,600 600 - 4,200 105,243 0.09 Yaskawa Electric Corp 7,200 800 - 8,000 275,849 0.23 5,358,718 4.55 Metal fabricate & hardware Maruichi Steel Tube Ltd 1,700 - - 1,700 46,289 0.04 MISUMI Group Inc 8,500 1,000 - 9,500 234,245 0.20 NSK Ltd 10,700 1,700 - 12,400^ 102,727 0.09 383,261 0.33 Food Ajinomoto Co Inc 13,200 1,500 - 14,700 236,105 0.20 Calbee Inc 2,400 500 - 2,900 92,641 0.08 Kikkoman Corp 4,400 500 - 4,900 234,143 0.20 MEIJI Holdings Co Ltd 3,400 400 - 3,800 261,042 0.22 NH Foods Ltd 2,600 - - 2,600 111,630 0.09 Nisshin Seifun Group Inc 5,900 800 - 6,700 111,965 0.09 Nissin Foods Holdings Co Ltd 1,900 200 - 2,100 154,351 0.13 Seven & i Holdings Co Ltd 22,600 2,600 - 25,200 945,616 0.80 Toyo Suisan Kaisha Ltd 2,700 400 - 3,100 126,891 0.11 Yakult Honsha Co Ltd 3,600 400 - 4,000^ 197,544 0.17 Yamazaki Baking Co Ltd 3,600 - - 3,600 66,887 0.06 2,538,815 2.15 Aerospace & defence IHI Corp 4,400 700 - 5,100^ 119,308 0.10 Kawasaki Heavy Industries Ltd 4,300 700 - 5,000^ 97,749 0.08 217,057 0.18 Software Konami Holdings Corp 2,800 300 - 3,100 116,960 0.10 Nexon Co Ltd 14,700 1,800 - 16,500 218,032 0.18 Oracle Corp Japan 1,200 - - 1,200 101,869 0.09 Square Enix Holdings Co Ltd - 3,100 - 3,100 148,407 0.13 585,268 0.50 Toys, games & hobbies Bandai Namco Holdings Inc 6,000 700 - 6,700 380,251 0.32 Nintendo Co Ltd 3,400 300 - 3,700^ 1,342,310 1.14 1,722,561 1.46 Telecommunications Hikari Tsushin Inc 600 100 - 700^ 168,242 0.14

[264] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Shares (continued) KDDI Corp 53,100 6,100 - 59,200 1,723,109 1.46 Nippon Telegraph & Telephone Corp 19,300 23,900 - 43,200 1,071,157 0.91 NTT DOCOMO Inc 40,000 4,700 - 44,700 1,235,832 1.05 Softbank Corp 50,200 5,900 - 56,100 746,801 0.63 SoftBank Group Corp 49,500 5,800 2,700 52,600 2,117,478 1.80 7,062,619 5.99 Textiles Teijin Ltd 5,300 800 - 6,100 107,203 0.09 107,203 0.09 Transportation Central Japan Railway Co 4,300 500 - 4,800 921,942 0.78 East Japan Railway Co 9,200 1,000 - 10,200 880,405 0.75 Hankyu Hanshin Holdings Inc 6,900 800 - 7,700^ 306,273 0.26 Kamigumi Co Ltd 3,200 600 - 3,800 79,226 0.07 Keihan Holdings Co Ltd 2,900 400 - 3,300^ 145,795 0.12 Keikyu Corp 6,600 800 - 7,400^ 133,408 0.11 Keio Corp 3,100 300 - 3,400^ 189,998 0.16 Keisei Electric Railway Co Ltd 3,900 400 - 4,300 151,904 0.13 Kintetsu Group Holdings Co Ltd 5,100 600 - 5,700^ 292,658 0.25 Kyushu Railway Co 4,800 600 - 5,400 172,264 0.15 Mitsui OSK Lines Ltd 3,400 600 - 4,000 95,711 0.08 Nagoya Railroad Co Ltd 5,500 800 - 6,300 180,232 0.15 Nippon Express Co Ltd 2,400 300 - 2,700 138,628 0.12 Nippon Yusen KK 4,600 - - 4,600 72,614 0.06 Odakyu Electric Railway Co Ltd 8,800 1,100 - 9,900^ 214,597 0.18 Seibu Holdings Inc 6,200 800 - 7,000 106,576 0.09 SG Holdings Co Ltd 4,300 500 - 4,800 99,306 0.08 Tobu Railway Co Ltd 5,700 700 - 6,400^ 220,395 0.19 Tokyu Corp 15,000 1,700 - 16,700 287,101 0.24 West Japan Railway Co 4,900 600 - 5,500^ 453,879 0.39 Yamato Holdings Co Ltd 9,200 1,100 - 10,300 162,684 0.14 5,305,596 4.50 Environmental control Kurita Water Industries Ltd 3,000 - - 3,000 86,359 0.07 86,359 0.07 Entertainment Oriental Land Co Ltd 6,000 700 - 6,700^ 850,168 0.72 Sankyo Co Ltd 1,300 - - 1,300 42,686 0.04 Sega Sammy Holdings Inc 5,200 - - 5,200^ 69,361 0.06 Toho Co Ltd 3,400 400 - 3,800^ 136,777 0.11 1,098,992 0.93 Packaging & containers Toyo Seikan Group Holdings Ltd 4,300 - - 4,300^ 71,781 0.06 71,781 0.06 Insurance Dai-ichi Life Holdings Inc 32,300 3,800 - 36,100 531,959 0.45 Japan Post Holdings Co Ltd 47,200 5,600 - 52,800 468,096 0.40 Japan Post Insurance Co Ltd - 7,600 - 7,600 125,314 0.10 MS&AD Insurance Group Holdings Inc 14,200 1,700 - 15,900 517,407 0.44 Sompo Holdings Inc 10,100 1,200 - 11,300 415,580 0.35 Sony Financial Holdings Inc 4,600 600 - 5,200 117,900 0.10

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [265] BLACKROCK INVESTMENT FUNDS SWITZERLAND

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

For the financial period ended 31 January 2020

31 January 31 July 2019 2020 number/ number/ Market % of total nominal nominal value sub-fund Description value Purchases Disposals value CHF assets

Shares (continued) T&D Holdings Inc 16,700 2,000 - 18,700 198,182 0.17 Tokio Marine Holdings Inc 19,400 2,400 400 21,400 1,139,694 0.97 3,514,132 2.98 Distribution & wholesale ITOCHU Corp 40,400 4,700 - 45,100 1,030,581 0.87 Marubeni Corp 46,900 5,500 - 52,400 370,781 0.31 Mitsubishi Corp 40,500 4,800 - 45,300 1,137,941 0.97 Mitsui & Co Ltd 49,600 5,900 - 55,500 968,212 0.82 Sumitomo Corp 35,600 4,200 - 39,800 580,106 0.49 Toyota Tsusho Corp 6,400 700 - 7,100 242,289 0.21 4,329,910 3.67 Advertising Dentsu Group Inc 6,500 700 - 7,200 234,490 0.20 Hakuhodo DY Holdings Inc 7,000 900 - 7,900 110,788 0.09 345,278 0.29 Hand & machine tools Amada Holdings Co Ltd 10,200 1,300 - 11,500 119,011 0.10 Disco Corp 800 100 - 900^ 206,941 0.17 Fuji Electric Co Ltd 3,800 500 - 4,300 125,885 0.11 Makita Corp 6,700 800 - 7,500^ 283,969 0.24 735,806 0.62 Total shares 115,956,913 98.34 Collective investment schemes Real estate investment trust United Urban Investment Corp (REIT) 87 10 - 97^ 167,709 0.15 167,709 0.15 Total collective investment schemes 167,709 0.15 Total securities traded on an official stock exchange 116,124,622 98.49 Total securities 116,124,622 98.49

Derivative financial instruments Index Futures Mini-Topix Index Futures September 2019 21 13 34 - - 0.00 Topix Index Futures September 2019 7 - 7 - - 0.00 Topix Index Futures December 2019 - 128 128 - - 0.00 Topix Index Futures March 2020 - 117 - 117 (42,497) (0.04) (42,497) (0.04) Total derivative financial instruments (42,497) (0.04) Total investments 116,082,125 98.45

Sight deposits 1,631,122 1.38 Other assets 198,691 0.17 Total sub-fund assets 117,911,938 100.00 Other liabilities (9,692) (0.01) Net sub-fund assets 117,902,246 99.99 ^ These securities are partially or fully transferred as securities lent.

[266] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

DISCLAIMERS

1. MSCI Indices (“MSCI Indices”)

None of the sub-funds in this umbrella fund are sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any third party involved in, or related to, compiling, computing or creating any MSCI Index (collectively, the “MSCI Parties”). The MSCI Indices are the exclusive property of MSCI. MSCI and the MSCI Index names are service marks of MSCI or its affiliates and have been licensed for certain purposes by the asset manager. None of the MSCI Parties makes any representation or warranty, express or implied, to the issuer or owners of the sub-funds or any other person or entity regarding the advisability of investing in the umbrella fund generally or in a sub-fund particularly or the ability of any MSCI Index to track corresponding stock market performance.

MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI Indices which are determined, composed and calculated by MSCI without regard these sub-funds or the issuer or owners of these sub-funds or any other person or entity. None of the MSCI Parties has any obligation to take the needs of the issuer or owners of these sub-funds or any other person or entity into consideration in determining, composing or calculating the MSCI Indices. None of the MSCI Parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of these sub-funds to be issued or in the determination or calculation of the equation by or the consideration into which these sub-funds is redeemable. Further, none of the MSCI Parties has any obligation or liability to the issuer or owners of these sub-funds or any other person or entity in connection with the administration, marketing or offering of these sub-funds.

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

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

2. Bloomberg Barclays Indices (“Bloomberg Barclays Indices”) Bloomberg Barclays Global Treasury Index (customised) and Bloomberg Barclays Global Aggregate Index

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”) (collectively, “Bloomberg”), or Bloomberg’s licensors own all proprietary rights in the Bloomberg Barclays Global Treasury Index and the Bloomberg Barclays Global Aggregate Index (the “Indices”).

Neither Barclays Bank PLC, Barclays Capital Inc., or any affiliate (collectively “Barclays”) or Bloomberg is the issuer or producer of the BIFS Global ex Switzerland Sovereign Screened CHF Bond Fund and/or the iShares Global Aggregate Bond Index Fund (CH) (each a “Product” and together the “Products”) and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Products. The Indices are licensed for use by the issuer of the Products. Bloomberg and Barclays’ only relationship with the issuer in respect of the Indices is the licensing of the Indices, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the issuer or the Products or the owners of the Products.

The Products are not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Products or the advisability of investing in securities generally or the ability of the Indices to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Products with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Products to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the issuer or the owners of the Products or any other third party into consideration in determining, composing or calculating the Indices. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Products.

BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT [267] BLACKROCK INVESTMENT FUNDS SWITZERLAND

DISCLAIMERS (continued)

NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDICES OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBLITY OF SUCH, RESULTING FROM THE USE OF THE INDICES OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE PRODUCTS.

3. SIX Swiss Exchange Indices (“SIX Indices”) SPI EXTRA®, SMI® or the SPI®

SIX Swiss Exchange AG (“SIX Swiss Exchange”) and its licensors (“Licensors”) have no relationship to BlackRock Inc., other than the licensing of the Swiss Performance Index (SPI®), SPI EXTRA® and the Swiss Market Index (SMI®) (together the “SIX Indices”) and the related trademarks for use in connection with the sub-funds. SIX Swiss Exchange and its Licensors do not: • sponsor, endorse, sell or promote the sub-funds. • recommend that any person invest in the sub-funds or any other securities. • have any responsibility or liability for or make any decisions about the timing, amount or pricing of the sub-funds. • have any responsibility or liability for the administration, management or marketing of the sub-funds. • consider the needs of the sub-funds or the owners of the sub-funds in determining, composing or calculating the SIX Indices or have any obligation to do so.

SIX Swiss Exchange and its Licensors give no warranty, and exclude any liability (whether in negligence or otherwise), in connection with the sub-funds or their performance. SIX Swiss Exchange does not assume any contractual relationship with the purchasers of the sub-funds or any other third parties. Specifically, SIX Swiss Exchange and its Licensors do not give any warranty, express or implied, and exclude any liability for: • The results to be obtained by the sub-funds, the owner of the sub-funds or any other person in connection with the use of the SIX Indices and the data included in the SIX Indices; • The accuracy, timeliness, and completeness of the SIX Indices and their data; • The merchantability and the fitness for a particular purpose or use of the SIX Indices and their data; • The performance of the sub-funds generally,

SIX Swiss Exchange and its Licensors give no warranty and exclude any liability, for any errors, omissions or interruptions in the SIX Indices or its data; Under no circumstances will SIX Swiss Exchange or its Licensors be liable (whether in negligence or otherwise) for any lost profits or indirect, punitive, special or consequential damages or losses, arising as a result of such errors, omissions or interruptions in the SIX Indices or their data or generally in relation to the sub-funds, even in circumstances where SIX Swiss Exchange or its Licensors are aware that such loss or damage may occur. The licensing Agreement between BlackRock Inc. and SIX Swiss Exchange is solely for their benefit and not for the benefit of the owners of the sub-funds or any other third parties.

4. J.P. Morgan Indices (“JPM Indices”) J.P. Morgan Emerging Markets Bond Global Diversified and J.P. Morgan GBI-EM Global Diversified Index

Each of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) (together the “Financial Products”) is not in any way sponsored, sold or promoted by JPMorgan Chase & Co and/or any of its affiliates (collectively “J.P. Morgan”). J.P. Morgan is not responsible for, nor has it participated in, any aspect of the structuring of any attribute of the Financial Products, the determination of the timing of the offering of the Financial Products, the pricing of the Financial Products, or in the manner of operation of the Financial Products. J.P. Morgan has no obligation or liability in connection with the administration, marketing or trading of the Financial Products. All information provided herein regarding the J.P. Morgan Indexes (the “Indices”), including without limitation, the levels of the Indices, is provided for informational purposes only. J.P. Morgan does not warrant the completeness or accuracy of the Indices and/or the completeness or accuracy or any other information furnished in connection with the Indices. The Indices are the exclusive property of J.P. Morgan and J.P. Morgan retains all property rights therein. Nothing herein constitutes, or forms part of, an offer or solicitation for the purchase or sale of any financial instrument, including of the Financial Products, or as an official confirmation of any transaction, or a valuation or price for the Indices or the Financial Products. Nothing contained herein shall be construed as a J.P. Morgan recommendation to adopt any investment strategy or as legal, tax of accounting advice. J.P. Morgan makes no express or implied representations or warranties with respect to the Indices and/or the Financial Products, including but not limited to

[268] BLACKROCK INVESTMENT FUNDS SWITZERLAND INTERIM REPORT BLACKROCK INVESTMENT FUNDS SWITZERLAND

DISCLAIMERS (continued) regarding the advisability of investing in securities or Financial Products generally and/or the Financial Products specifically, or the advisability of any of the Indices to track investment opportunities in the financial markets or otherwise achieve their objective. J.P.Morgan hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Indices and the Financial Products. Without limiting any of the foregoing, in no event shall J.P. Morgan have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) to any person, including but not limited to, for any statements contained in any offering document or any other materials used to describe the Indices and/or the Financial Products, any error in the pricing or otherwise, of the Indices and/or the Financial Products and J.P. Morgan shall not be under any obligation to advise any person of any error therein. Copyright 2017 JPMorgan Chase & Co. All rights reserved. J.P. Morgan is the marketing name for J.P. Morgan Chase & Co., and its subsidiaries and affiliates worldwide. J.P. Morgan is a member of NYSE and SIPC. JPMorgan Chase Bank, National Association is a member of FDIC. J.P. Morgan Futures Inc. is a member of the NFA. J.P. Morgan Securities Ltd and J.P. Morgan plc are authorized by the FSA and members of the LSE. J.P. Morgan Europe Limited is authorized by the FSA. J.P. Morgan Equities Limited is a member of the Johannesburg Securities Exchange and is regulated by the FSB. J.P. Morgan Securities (Asia Pacific) Limited is registered as an investment adviser with the Securities & Futures Commission in Hong Kong and its CE number is AAJ321. J.P. Morgan Securities Singapore Private Limited is a member of the Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (“MAS”). J.P. Morgan Securities Asia Private Limited is regulated by the MAS and the Financial Services Agency in Japan. J.P. Morgan Australia Limited (ABN 52 002 888 011) is a licensed securities dealer. The iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) (together the “Permitted Licensee Products”) are not sponsored, endorsed, sold or promoted by J.P. Morgan. J.P. Morgan makes no representation or warranty, express or implied, to the owners of the Permitted Licensee Products or any member of the public regarding the advisability of investing in securities generally, or in the Permitted Licensee Products particularly, or the ability of the J.P. Morgan Emerging Markets Bond Global Diversified Index and the J.P Morgan GBI-EM Global Diversified Index to track general bond market performance. J.P. Morgan’s only relationship to BlackRock Inc. is the licensing of the J.P. Morgan Emerging Markets Bond Global Diversified Index and the J.P Morgan GBI-EM Global Diversified Index which is determined, composed and calculated by J.P. Morgan without regard to BlackRock Inc. or the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH). J.P. Morgan has no obligation to take the needs of BlackRock Inc. or the owners of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) into consideration in determining, composing or calculating the J.P. Morgan Emerging Markets Bond Global Diversified Index and the J.P Morgan GBI-EM Global Diversified Index is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) to be issued or in the determination or calculation of the equation by which the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH) is to be converted into cash. J.P. Morgan has no obligation or liability in connection with the administration, marketing or trading of the iShares Emerging Markets Bond Index Fund (CH) and the iShares Emerging Markets Local Currency Bond Index Fund (CH).

THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH) ARE PROVIDED “AS IS” WITH ANY AND ALL FAULTS. J.P. MORGAN DOES NOT GUARANTEE THE AVAILABILITY, SEQUENCE, TIMELINESS, QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR THE ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH) AND/OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY BLACKROCK INC, OWNERS OF THE ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH), OR BY ANY OTHER PERSON OR ENTITY, FROM ANY USE OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH). J.P. MORGAN MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OF FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY BLACKROCK INC., OWNERS OF THE ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH), OR BY ANY OTHER PERSON OR ENTITY, FROM ANY USE OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH). THERE ARE NO REPRESENTATIONS OR WARRANTIES WHICH EXTEND BEYOND THE DESCRIPTION ON THE FACE OF THIS DOCUMENT, IF ANY. ALL WARRANTIES AND REPRESENTATIONS OF ANY KIND WITH

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DISCLAIMERS (continued)

REGARD TO THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH), ARE DISCLAIMED INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY, ACCURACY, FITNESS FOR A PARTICULAR PURPOSE AND/OR AGAINST INFRINGEMENT AND/OR WARRANTIES AS TO ANY RESULTS TO BE OBTAINED BY AND/OR FROM THE USE OF THE J.P. MORGAN EMERGING MARKETS BOND GLOBAL DIVERSIFIED INDEX AND THE J.P MORGAN GBI-EM GLOBAL DIVERSIFIED INDEX AND/OR THE USE AND/OR THE PURCHASE OF THE OR ISHARES EMERGING MARKETS BOND INDEX FUND (CH) AND THE ISHARES EMERGING MARKETS LOCAL CURRENCY BOND INDEX FUND (CH). WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL J.P. MORGAN HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PRINCIPAL AND/OR LOST PROFITS, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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