BLACKROCK FUNDS

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds, 55 East 52^nd

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at www.blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

The Markets in Review

Dear Shareholder,

In the 12 months ended January 31, 2019, concerns about a variety of political risks and a modest slowdown in global growth worked against the equity market, while the bond market delivered modest positive returns. Though the market’s appetite for risk remained healthy for most of the reporting period, risk-taking declined sharply later in the reporting period. As a result, bonds held their value better than stocks, which posted negative returns across the globe. Shorter-term, higher-quality securities led the bond market, and U.S. equities outperformed most international stock markets.

Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities.

Volatility in the U.S. equity market spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad based sell-off in December, leading to the worst December performance on record since 1931.

By comparison, fixed income securities delivered modest positive returns with relatively low volatility. In fixed income markets, short-term U.S. Treasury interest rates rose the fastest, while longer-term rates were relatively unchanged. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Although the credit fundamentals in corporate markets remained relatively solid, investment-grade and high-yield bonds trailed U.S. Treasuries.

The U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. The Fed also continued to reduce its balance sheet, gradually reversing the unprecedented stimulus measures it enacted after the financial crisis. By our estimation, the Fed’s neutral interest rate (the theoretical rate that is neither stimulative nor restrictive to the economy) is approximately 3.5%. The Fed funds rate is currently at 2.5%, which is stimulative to the economy. At its latest meeting in late January, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation gives the Fed room to maintain support for the economy until the economic data builds the case for changing interest rates.

Although fears of recession drove equity volatility higher at the end of 2018, we continue to believe the probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 — the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. Trade frictions look more baked into asset prices than a year ago, but markets may be overlooking European political risks. Consequently, we are cautious on European equities, as European unity remains tenuous with a history of flare-ups. We continue to prefer to take risk in U.S. and emerging market equities. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/reward trade-off. We also favor short-term bonds over long-term bonds because they offer nearly equivalent yields with far lower volatility.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of January 31, 2019
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	(3.00)%	(2.31)%
U.S. small cap equities (Russell 2000^® Index)	(9.62)	(3.52)
International equities (MSCI Europe, Australasia, Far East Index)	(7.80)	(12.51)
Emerging market equities (MSCI Emerging Markets Index)	(2.60)	(14.24)
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	1.10	1.95
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	4.20	3.21
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.71	2.25
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.86	3.08
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	1.07	1.73
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

BlackRock Short Obligations Fund’s (the “Fund”) investment objective is to seek current income consistent with preservation of capital.

For the six-month period ended January 31, 2019, the Fund’s Institutional and Class K Shares outperformed the Fund’s benchmark, the ICE BofAML 6-Month U.S. Treasury Bill Index, while the Fund’s Investor A Shares performed in line with the benchmark.

During the six-month period, the Fund’s security selection added to performance relative to the benchmark. In addition, exposure to credit aided Fund returns as spreads compressed during the period. Finally, the Fund’s positioning along the yield curve and stance with respect to overall portfolio duration (sensitivity to interest rate changes) supported performance.

Conversely, the Fund’s exposure to yield curve roll-down (which impacts return as a bond’s price converges toward par as it approaches maturity) detracted from relative performance. In addition, exposure to credit spread volatility during the period weighed on Fund returns.

Over the period, exposure to floating rate notes was reduced and higher quality credits were selectively purchased. Duration was also added throughout the six-month period as the Fed’s interest rate path became more transparent and the central bank approached the end of its credit tightening cycle. The Fund also looked to take advantage of spread volatility within credit products.

At period end, the Fund was positioned in anticipation of a more dovish Fed, a reversal from several months ago. The Fund was also positioned to take advantage of mild spread volatility in the short-term credit markets as spreads tightened during January. Given uncertainty surrounding the Fed’s continued normalization of interest rates, the Fund was strategically allocated across fixed- and floating-rate investments, with floating rate notes at 27% of assets at the end of the period. The Fund’s spread duration closed the period at 0.61 years, while its interest rate duration was 0.41 years. Spread duration declined over the period as longer-dated holdings were reduced, while interest rate duration increased moderately to take advantage of the approaching end of the Fed’s rate hike cycle.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.

These views are not intended to be a forecast of future events and are no guarantee of future results.

Past performance is not indicative of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

See “Disclosure of Expenses” on page 6 for further information on how expenses were calculated.

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Institutional Shares performance shown prior to the Institutional Shares inception date of July 9, 2013 is that of Class K Shares (which has no distribution or service fees) and was restated to reflect Institutional Shares fees.

Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. These shares are subject to an ongoing service fee of 0.25% per year. Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries. Investor A Shares performance shown prior to the Investor A Shares inception date of March 9, 2018 is that of Class K Shares (which have no distribution or service fees) and was restated to reflect Investor A Shares fees.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend/payable dates. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), the Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. The Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 5 of the Notes to Financial Statements for additional information on waivers and/or reimbursements. The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

Shareholders of the Fund may incur the following charges: (a) transactional expenses and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example shown on the previous pages (which is based on a hypothetical investment of $1,000 invested on August 1, 2018 and held through January 31, 2019) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense example provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


Security	Par (000)		Value

Asset-Backed Securities — 1.0%
Carmax Auto Owner Trust, Series 2019-1, Class A2A, 3.02%, 07/15/22	USD	2,810	$	2,813,142
Chase Issuance Trust, Series 2016-A2, Class A, 1.37%, 06/15/21		1,000		994,713
Mercedes-Benz Auto Receivables Trust, Series 2018-1, Class A2A, 2.71%, 04/15/21		1,313		1,311,849


Total Asset-Backed Securities — 1.0% (Cost: $5,119,699)				5,119,704


Corporate Bonds — 33.1%

Aerospace & Defense — 0.5%
Lockheed Martin Corp., 4.25%, 11/15/19		1,548		1,567,014
United Technologies Corp., (LIBOR USD 3 Month + 0.65%), 3.28%, 08/16/19^(a)		1,000		1,000,018

				2,567,032

Automobiles — 3.0%^(b)
BMW US Capital LLC:
(LIBOR USD 3 Month + 0.38%), 3.17%, 04/06/20^(a)		1,000		999,170
3.25%, 08/14/20		880		885,798
Daimler Finance North America LLC:
(LIBOR USD 3 Month + 0.62%), 3.37%, 10/30/19^(a)		500		500,392
(LIBOR USD 3 Month + 0.63%), 3.43%, 01/06/20^(a)		750		749,828
3.10%, 05/04/20		5,576		5,569,970
2.30%, 02/12/21		2,000		1,962,521
Hyundai Capital America^(a):
(LIBOR USD 3 Month + 0.80%), 3.61%, 04/03/20		425		424,393
(LIBOR USD 3 Month + 0.82%), 3.60%, 03/12/21		1,000		993,927
Nissan Motor Acceptance Corp.^(a):
(LIBOR USD 3 Month + 1.01%), 3.78%, 03/08/19		250		250,184
(LIBOR USD 3 Month + 0.39%), 3.20%, 09/28/20		750		745,135
Volkswagen Group of America Finance LLC, 3.88%, 11/13/20		2,500		2,528,304

				15,609,622

Banks — 17.4%
ABN AMRO Bank NV^(b):
2.45%, 06/04/20		1,800		1,783,917
2.65%, 01/19/21		2,000		1,980,090
(LIBOR USD 3 Month + 0.57%), 3.26%, 08/27/21^(a)		1,000		997,738
ANZ New Zealand Int’l Ltd.^(b):
2.25%, 02/01/19		750		750,000
2.60%, 09/23/19		1,000		998,338
2.75%, 01/22/21		2,000		1,981,894
Australia & New Zealand Banking Group Ltd.:
2.25%, 11/09/20		2,425		2,393,791
(LIBOR USD 3 Month + 0.32%), 2.92%, 11/09/20^(a)(b)		1,500		1,499,079
Bank of Nova Scotia (The), 2.05%, 06/05/19		2,000		1,996,115
Banque Federative du Credit Mutuel SA^(b):
2.00%, 04/12/19		2,500		2,496,683
2.20%, 07/20/20		500		493,453
2.75%, 10/15/20		3,000		2,980,783
Branch Banking & Trust Co.:
1.45%, 05/10/19		340		338,891
2.10%, 01/15/20		1,000		993,247
Canadian Imperial Bank of Commerce, (LIBOR USD 3 Month + 0.31%), 3.11%, 10/05/20^(a)		1,000		996,616
Capital One NA:
2.40%, 09/05/19		3,000		2,991,334
2.35%, 01/31/20		3,000		2,980,950
Citibank NA^(a):
(LIBOR USD 3 Month + 0.35%), 2.97%, 02/12/21		1,000		999,575
(LIBOR USD 3 Month + 0.57%), 3.34%, 07/23/21		1,000		999,620


Security	Par (000)		Value

Banks (continued)
Commonwealth Bank of Australia:
(LIBOR USD 3 Month + 1.06%), 3.85%, 03/15/19^(a)(b)	USD	350	$	350,313
2.30%, 09/06/19		2,000		1,994,535
(LIBOR USD 3 Month + 0.45%), 3.22%, 03/10/20^(a)(b)		1,135		1,138,355
5.00%, 03/19/20^(b)		2,250		2,300,619
Cooperatieve Rabobank UA:
(LIBOR USD 3 Month + 0.51%), 3.11%, 08/09/19^(a)		1,000		1,002,162
4.75%, 01/15/20^(b)		1,000		1,018,097
3.13%, 04/26/21		1,300		1,301,781
Danske Bank A/S^(b):
1.65%, 09/06/19		715		705,533
2.75%, 09/17/20		2,000		1,951,341
Fifth Third Bank, 2.20%, 10/30/20		1,000		985,911
HSBC Holdings plc, (LIBOR USD 3 Month + 0.65%), 3.43%, 09/11/21^(a)		1,500		1,498,715
KeyBank NA, 2.35%, 03/08/19		1,500		1,499,805
Lloyds Bank plc, 3.30%, 05/07/21		1,000		1,003,477
Mizuho Bank Ltd., 2.45%, 04/16/19^(b)		1,000		999,470
MUFG Bank Ltd., 2.30%, 03/10/19^(b)		1,000		999,680
National Australia Bank Ltd.:
2.25%, 07/01/19^(b)		500		499,059
(LIBOR USD 3 Month + 0.24%), 3.01%, 07/25/19^(a)(b)		1,500		1,500,491
(LIBOR USD 3 Month + 0.59%), 3.37%, 01/10/20^(a)(b)		1,500		1,506,563
2.50%, 01/12/21		1,000		988,635
3.70%, 11/04/21		1,340		1,354,491
National Bank of Canada, 2.15%, 06/12/20		4,000		3,947,789
Nordea Bank AB^(b):
2.38%, 04/04/19		1,195		1,194,366
1.63%, 09/30/19		1,000		992,300
Nordea Bank Abp, 4.88%, 01/14/21^(b)		1,350		1,394,982
Royal Bank of Canada, 1.50%, 07/29/19		1,000		994,124
Santander UK plc:
2.50%, 03/14/19		2,000		1,999,708
2.35%, 09/10/19		1,500		1,494,763
2.13%, 11/03/20		610		597,872
(LIBOR USD 3 Month + 0.30%), 2.88%, 11/03/20^(a)		500		498,308
Skandinaviska Enskilda Banken AB:
2.30%, 03/11/20		2,000		1,986,768
(LIBOR USD 3 Month + 0.43%), 3.07%, 05/17/21^(a)(b)		2,000		1,994,622
Sumitomo Mitsui Banking Corp., 2.25%, 07/11/19		1,000		997,759
Sumitomo Mitsui Trust Bank Ltd., 1.95%, 09/19/19^(b)		200		198,633
Svenska Handelsbanken AB:
2.25%, 06/17/19		1,500		1,497,414
1.50%, 09/06/19		1,500		1,487,834
(LIBOR USD 3 Month + 0.36%), 3.13%, 09/08/20^(a)		395		395,151
3.35%, 05/24/21		1,190		1,195,437
Toronto-Dominion Bank (The), (LIBOR USD 3 Month + 0.43%), 3.20%, 06/11/21^(a)		1,500		1,501,437
Wells Fargo & Co., Series N, 2.15%, 01/30/20		3,500		3,476,133
Wells Fargo Bank NA:
(LIBOR USD 3 Month + 0.23%), 3.02%, 01/15/20^(a)		685		685,206
3.32%, 07/23/20^(c)		1,000		1,003,282
(LIBOR USD 3 Month + 0.50%), 3.27%, 07/23/21^(a)		2,000		1,998,718
(LIBOR USD 3 Month + 0.51%), 3.27%, 10/22/21^(a)		1,500		1,498,952
Westpac Banking Corp., 3.05%, 05/15/20		3,000		3,005,994

				91,288,699

Biotechnology — 0.4%
Gilead Sciences, Inc., (LIBOR USD 3 Month + 0.22%), 3.01%, 03/20/19^(a)		2,000		2,000,960


Security	Par (000)		Value

Capital Markets — 2.9%
Credit Suisse AG, 2.30%, 05/28/19	USD	1,260	$	1,258,255
ING Bank NV^(b):
2.50%, 10/01/19		2,266		2,259,107
2.45%, 03/16/20		1,000		993,732
Macquarie Bank Ltd.^(b):
(LIBOR USD 3 Month + 0.35%), 3.14%, 04/04/19^(a)		1,600		1,601,201
2.60%, 06/24/19		742		741,196
Morgan Stanley:
2.65%, 01/27/20		3,000		2,990,687
Series 3NC2, (LIBOR USD 3 Month + 0.80%), 3.41%, 02/14/20^(a)		2,460		2,460,000
UBS AG, 2.38%, 08/14/19		3,050		3,044,911

				15,349,089

Consumer Finance — 3.4%
American Honda Finance Corp.:
(LIBOR USD 3 Month + 0.83%), 3.50%, 02/22/19^(a)		250		250,086
2.00%, 11/13/19		500		497,170
(LIBOR USD 3 Month + 0.15%), 2.80%, 02/21/20^(a)		1,000		1,000,352
3.15%, 01/08/21		1,405		1,411,048
Caterpillar Financial Services Corp.:
2.25%, 12/01/19		2,250		2,243,214
2.00%, 03/05/20		490		486,995
Harley-Davidson Financial Services, Inc., (LIBOR USD 3 Month + 0.50%), 3.15%, 05/21/20^(a)(b)		2,000		2,000,160
HSBC USA, Inc., (LIBOR USD 3 Month + 0.61%), 3.23%, 11/13/19^(a)		1,000		1,004,058
John Deere Capital Corp.:
(LIBOR USD 3 Month + 0.29%), 3.11%, 06/22/20^(a)		2,000		2,003,903
(LIBOR USD 3 Month + 0.42%), 3.20%, 07/10/20^(a)		2,000		2,002,463
Series 14, 2.45%, 09/11/20		785		778,699
Toyota Motor Credit Corp.:
(LIBOR USD 3 Month + 0.37%), 3.15%, 03/12/20^(a)		1,000		1,002,313
(LIBOR USD 3 Month + 0.24%), 3.03%, 07/15/20^(a)		2,000		2,001,118
3.05%, 01/08/21		1,220		1,228,727

				17,910,306

Diversified Financial Services — 0.4%^(a)
JPMorgan Chase Bank NA, (LIBOR USD 3 Month + 0.25%), 2.87%, 02/13/20		1,500		1,500,130
Siemens Financieringsmaatschappij NV, (LIBOR USD 3 Month + 0.32%), 3.10%, 09/13/19^(b)		800		800,528

				2,300,658

Diversified Telecommunication Services — 0.3%
Verizon Communications, Inc., (LIBOR USD 3 Month + 0.55%), 3.20%, 05/22/20^(a)		1,640		1,645,347


Electric Utilities — 0.5%
NextEra Energy Capital Holdings, Inc.:
(LIBOR USD 3 Month + 0.32%), 3.05%, 09/03/19^(a)		1,555		1,551,117
Series H, 3.34%, 09/01/20		995		999,762

				2,550,879

Energy Equipment & Services — 0.5%
Schlumberger Finance Canada Ltd., 2.20%, 11/20/20^(b)		2,500		2,455,915


Food & Staples Retailing — 0.4%
Walmart, Inc., 1.75%, 10/09/19		2,000		1,988,616


Health Care Equipment & Supplies — 0.2%
Medtronic, Inc., 2.50%, 03/15/20		830		828,226


Health Care Providers & Services — 0.1%
UnitedHealth Group, Inc., 1.95%, 10/15/20		285		281,522


Industrial Conglomerates — 0.0%
Honeywell International, Inc., 1.80%, 10/30/19		260		258,377


Security	Par (000)		Value

Insurance — 1.2%
Jackson National Life Global Funding, (LIBOR USD 3 Month + 0.30%), 3.09%, 10/15/20^(a)	USD	3,000	$	2,990,172
Suncorp-Metway Ltd.^(b):
2.10%, 05/03/19		1,200		1,197,756
(LIBOR USD 3 Month + 0.50%), 3.26%, 10/19/20^(a)		1,500		1,495,235
2.38%, 11/09/20		750		734,530

				6,417,693

Internet & Direct Marketing Retail — 0.6%
Alibaba Group Holding Ltd., 2.50%, 11/28/19		3,250		3,239,284


Media — 0.5%
Comcast Corp.:
(LIBOR USD 3 Month + 0.33%), 3.13%, 10/01/20^(a)		1,500		1,501,609
3.30%, 10/01/20		1,330		1,338,878

				2,840,487

Multi-Utilities — 0.3%
Sempra Energy, 1.63%, 10/07/19		1,600		1,584,401


Oil, Gas & Consumable Fuels — 0.1%
TransCanada PipeLines Ltd., (LIBOR USD 3 Month + 0.28%), 2.89%, 11/15/19^(a)		625		624,653


Thrifts & Mortgage Finance — 0.4%
BPCE SA, 2.25%, 01/27/20		2,250		2,227,981


Total Corporate Bonds — 33.1% (Cost: $173,928,351)				173,969,747


Total Long-Term Investments — 34.1% (Cost: $179,048,050)				179,089,451


Short-Term Securities — 68.4%

Certificates of Deposit — 13.8%

Domestic — 2.8%
Banco Santander SA, 3.09%, 01/29/20		4,000		4,001,075
Bank of America NA, 2.79%, 07/03/19		2,000		2,000,502
Bank of Nova Scotia, (LIBOR USD 3 Month + 0.18%), 2.82%, 02/18/20^(a)		1,000		1,000,303
Barclays Bank plc, (LIBOR USD 3 Month + 0.34%), 3.11%, 10/18/19^(a)		1,500		1,499,682
Credit Agricole Corporate and Investment Bank, (LIBOR USD 3 Month + 0.39%), 3.00%, 05/11/20^(a)		1,000		1,001,052
Lloyds Banking Group plc, 3.05%, 08/06/19		1,000		1,001,356
Mizuho Bank Ltd., (LIBOR USD 3 Month + 0.33%), 3.12%, 04/15/20^(a)		1,000		1,001,516
Nordea Bank AB, (LIBOR USD 3 Month + 0.27%), 2.89%, 08/10/20^(a)		1,000		999,257
Toronto-Dominion Bank, 3.02%, 09/18/19		2,000		2,003,604

				14,508,347

Yankee — 11.0%^(d)
Bank of Montreal, Chicago:
2.50%, 02/01/19		4,000		4,000,011
(LIBOR USD 1 Month + 0.30%), 2.81%, 06/13/19^(a)		500		500,178
(LIBOR USD 1 Month + 0.40%), 2.92%, 12/10/19^(a)		2,000		2,002,654
Bank of Nova Scotia, Houston, (LIBOR USD 3 Month + 0.20%), 2.91%, 09/20/19^(a)		1,500		1,501,453
Barclays Bank plc, New York:
3.00%, 09/19/19		1,000		999,670
3.20%, 01/31/20		2,000		1,999,798
BNP Paribas SA, New York, (LIBOR USD 3 Month + 0.08%), 2.87%, 04/04/19^(a)		1,500		1,499,885


Security	Par (000)		Value

Yankee (continued)
Canadian Imperial Bank of Commerce, New York:
(LIBOR USD 3 Month + 0.15%), 2.75%, 05/09/19^(a)	USD	2,000	$	2,000,516
(LIBOR USD 1 Month + 0.30%), 2.81%, 07/25/19^(a)		1,500		1,500,706
(LIBOR USD 3 Month + 0.41%), 3.20%, 09/20/19^(a)		500		500,703
3.08%, 10/28/19		1,000		1,002,109
Cooperatieve Rabobank UA, New York, (LIBOR USD 3 Month + 0.20%), 2.99%, 04/05/19^(a)		1,000		1,000,205
Credit Agricole Corporate and Investment Bank, New York^(a):
(LIBOR USD 3 Month + 0.47%), 3.27%, 07/13/20		2,000		1,999,985
(LIBOR USD 3 Month + 0.40%), 3.22%, 09/24/20		1,000		999,834
Credit Suisse AG, New York, 2.78%, 07/01/19		2,000		2,000,528
Lloyds Bank Corporate Markets plc, New York, (LIBOR USD 3 Month + 0.21%), 2.88%, 06/10/19^(a)		2,000		1,999,908
Mizuho Bank Ltd, New York, (LIBOR USD 3 Month + 0.15%), 2.93%, 04/18/19^(a)		1,000		1,000,154
MUFG Bank Ltd., New York:
2.90%, 08/15/19^(b)		4,000		4,002,347
(LIBOR USD 3 Month + 0.45%), 3.22%, 09/09/19^(a)		500		501,029
(LIBOR USD 3 Month + 0.10%), 2.88%, 10/24/19^(a)		2,000		2,001,273
(LIBOR USD 3 Month + 0.50%), 3.27%, 01/25/21^(a)		1,000		999,997
Natixis SA, New York, (LIBOR USD 3 Month + 0.18%), 2.85%, 06/06/19^(a)		1,500		1,500,380
Nordea Bank AB, New York, (LIBOR USD 3 Month + 0.20%), 2.99%, 04/05/19^(a)		500		500,086
Royal Bank of Canada, New York, (LIBOR USD 3 Month + 0.23%), 3.03%, 04/05/19^(a)		750		750,228
Skandinaviska Enskilda Banken AB, New York, (LIBOR USD 3 Month + 0.12%), 2.81%, 06/14/19^(a)		2,000		2,000,821
Standard Chartered Bank, New York^(a):
(LIBOR USD 3 Month + 0.10%), 2.92%, 03/25/19		1,000		1,000,111
(LIBOR USD 3 Month + 0.23%), 3.01%, 04/24/19		1,000		1,000,474
Sumitomo Mitsui Banking Corp, New York:
2.51%, 03/01/19		2,000		2,000,021
(LIBOR USD 3 Month + 0.46%), 3.08%, 05/15/19^(a)		1,000		1,000,860
(LIBOR USD 3 Month + 0.45%), 3.20%, 09/05/19 - 07/24/20^(a)		3,000		3,002,231
(LIBOR USD 3 Month + 0.41%), 3.21%, 06/18/20^(a)		1,000		1,000,259
Sumitomo Mitsui Trust Bank Ltd., New York^(a):
(LIBOR USD 3 Month + 0.10%), 2.90%, 04/05/19		1,000		999,990
(LIBOR USD 3 Month + 0.15%), 2.92%, 04/17/19		2,000		2,000,182
(LIBOR USD 3 Month + 0.20%), 2.83%, 08/16/19		2,000		2,000,418
(LIBOR USD 3 Month + 0.24%), 3.02%, 01/15/20		2,000		1,999,898
Svenska Handelsbanken, New York, (LIBOR USD 1 Month + 0.30%), 2.81%, 08/06/19^(a)		2,000		2,000,902
Toronto-Dominion Bank, New York, 2.73%, 05/10/19		1,250		1,250,278

				58,020,082


Total Certificates of Deposit — 13.8% (Cost: $72,493,464)				72,528,429


Commercial Paper — 49.4%
Antalis SA, 2.94%, 05/02/19^(e)		1,000		993,046
AstraZeneca plc^(e):
3.13%, 07/08/19		5,000		4,937,656
3.10%, 07/15/19		4,000		3,947,750
3.09%, 07/23/19		2,000		1,972,502
AT&T, Inc.^(e):
3.07%, 03/27/19		2,000		1,990,839
2.99%, 05/28/19		3,000		2,969,561
Atlantic Asset Securitization LLC^(e):
2.63%, 03/22/19		550		547,991
3.08%, 07/02/19		2,000		1,975,520


Security	Par (000)		Value

Commercial Paper (continued)
AutoZone, Inc., 2.81%, 02/21/19^(e)	USD	1,400	$	1,397,692
Barclays Bank plc, 3.35%, 11/15/19^(e)		2,000		1,950,320
BAT International Finance plc, 2.91%, 02/25/19^(e)		7,000		6,986,209
Bedford Row Funding Corp., 2.91%, 09/12/19^(e)		500		491,152
Bell Canada, Inc.^(e):
2.74%, 02/04/19		1,500		1,499,562
3.02%, 02/12/19		2,500		2,497,760
3.12%, 04/02/19		1,500		1,492,853
3.01%, 04/15/19		3,000		2,982,468
2.97%, 04/30/19		4,000		3,971,540
BNP Paribas Fortis SA, 2.81%, 02/20/19^(e)		1,250		1,248,321
BPCE SA, 3.00%, 06/21/19^(e)		1,000		989,351
Cancara Asset Securitisation LLC, 2.94%, 05/09/19^(b)(e)		1,000		992,310
CenterPoint Energy, Inc.^(e):
2.86%, 03/08/19		4,000		3,988,648
2.84%, 03/12/19		4,000		3,987,302
3.12%, 04/05/19		4,000		3,978,916
Chariot Funding LLC, 3.08%, 07/12/19^(e)		1,000		987,310
Coca-Cola Co. (The), 3.07%, 12/09/19^(e)		4,000		3,900,056
CRC Funding LLC, 2.62%, 04/01/19^(e)		2,000		1,991,300
Credit Suisse First Boston Ltd.^(e):
3.00%, 07/15/19		1,000		987,602
2.95%, 09/27/19		1,000		981,770
DNB Bank ASA^(e):
2.63%, 03/15/19		1,000		997,078
3.11%, 10/11/19		6,000		5,888,174
Duke Energy Corp., 2.84%, 04/02/19^(e)		5,000		4,974,914
Electricite de France SA, 3.04%, 02/26/19^(e)		6,000		5,987,698
Federation des Caisses Desjardins du Quebec^(e):
3.04%, 08/08/19		2,000		1,970,579
3.07%, 08/12/19		2,000		1,969,903
Glencove Funding DAC, 2.87%, 04/18/19^(b)(e)		1,500		1,491,337
Hitachi Capital America Corp.^(e):
2.83%, 02/25/19		4,000		3,992,119
2.86%, 02/27/19		4,000		3,991,474
HSBC Bank plc, (LIBOR USD 3 Month + 0.24%), 3.06%, 03/27/19^(a)		2,000		2,000,652
HSBC USA, Inc., 3.01%, 08/15/19^(e)		1,000		984,532
Hyundai Capital America^(e):
3.00%, 02/14/19		1,000		998,910
2.86%, 02/25/19		2,900		2,894,287
ING US Funding LLC^(e):
2.48%, 02/21/19		2,000		1,997,111
2.47%, 03/05/19		500		498,852
Jupiter Securitization Co. LLC^(e):
2.75%, 03/04/19		2,000		1,995,525
2.96%, 10/15/19		4,000		3,917,275
Keurig Dr Pepper, Inc., 2.91%, 03/26/19^(e)		2,480		2,468,996
Kreditanstalt fuer Wiederaufbau, 2.60%, 04/03/19^(e)		2,000		1,991,351
Landesbank Baden-Wuerttemberg, 3.03%, 04/03/19^(e)		2,500		2,488,900
Lloyds Bank plc, 2.85%, 05/24/19^(e)		1,000		991,308
LMA-Americas LLC, 2.58%, 02/01/19^(e)		1,500		1,499,899
Lockheed Martin Corp., 2.58%, 02/01/19^(e)		4,000		3,999,699
Macquarie Bank Ltd.^(e):
3.07%, 08/02/19		1,000		985,706
3.24%, 10/11/19		1,000		979,858
3.22%, 11/07/19		2,000		1,955,107
Matchpoint Finance plc, 3.03%, 06/04/19^(e)		1,000		990,139
McKesson Corp.^(e):
3.01%, 02/05/19		2,000		1,999,247
2.84%, 02/11/19		4,000		3,996,614
2.86%, 02/25/19		3,000		2,994,090


Security	Par (000)		Value

Commercial Paper (continued)
Mondelez International, Inc.^(e):
2.83%, 02/05/19	USD	2,000	$	1,999,240
2.82%, 02/06/19		1,000		999,543
3.02%, 02/28/19		2,000		1,995,575
3.12%, 03/19/19		2,000		1,992,451
2.87%, 04/02/19		1,000		994,983
3.02%, 04/09/19		2,000		1,988,776
National Australia Bank Ltd., (LIBOR USD 1 Month + 0.25%), 2.77%, 04/02/19^(a)		1,000		1,000,371
NextEra Energy Capital Holdings, Inc.^(e):
3.02%, 02/28/19		2,000		1,995,574
2.89%, 03/05/19		4,000		3,989,528
2.89%, 03/07/19		2,500		2,493,049
2.89%, 03/27/19		3,000		2,986,557
2.91%, 04/11/19		2,000		1,988,438
Nieuw Amsterdam Receivables Corp., 2.51%, 02/08/19^(e)		1,000		999,459
Old Line Funding LLC, 2.95%, 05/28/19^(e)		2,000		1,982,190
Parker-Hannifin Corp., 2.87%, 02/20/19^(e)		2,800		2,796,153
Reckitt Benckiser Treasury Services plc, 2.63%, 02/04/19^(e)		1,000		999,736
Ridgefield Funding Co. LLC^(b)(e):
2.94%, 03/18/19		1,500		1,495,088
2.94%, 05/07/19		2,000		1,985,568
3.05%, 06/11/19		1,000		990,011
Royal Bank of Canada, (LIBOR USD 3 Month + 0.21%), 3.01%, 01/07/20^(a)		1,000		1,001,455
Salisbury Receivables Co. LLC, 3.23%, 08/23/19^(e)		2,000		1,968,017
Schlumberger Holdings Corp.^(e):
3.05%, 02/19/19		2,000		1,997,114
3.02%, 03/07/19		2,000		1,994,550
Sempra Energy Production Co., 2.86%, 03/14/19^(e)		2,000		1,993,294
Sempra Global^(e):
2.84%, 02/26/19		5,000		4,989,748
2.79%, 02/27/19		2,000		1,995,737
2.86%, 03/13/19		2,000		1,993,458
Sheffield Receivables Co. LLC, 2.92%, 04/02/19^(e)		1,000		995,532
Societe Generale SA:
2.90%, 08/05/19^(e)		750		739,035
3.04%, 08/26/19^(e)		1,750		1,722,630
3.25%, 10/15/19^(e)		1,000		980,182
3.22%, 10/31/19^(e)		1,500		1,466,889
(LIBOR USD 1 Month + 0.53%), 3.04%, 12/16/19^(a)		1,000		1,002,390
Starbird Funding Corp., 2.94%, 05/13/19^(e)		2,000		1,983,884
Sumitomo Mitsui Trust Bank Ltd., 2.87%, 04/01/19^(e)		1,000		995,767
Suncor Energy, Inc.^(e):
2.83%, 02/08/19		2,000		1,998,774
3.04%, 03/04/19		1,500		1,496,195
3.12%, 04/02/19		3,000		2,984,948
3.12%, 04/11/19		1,000		994,219
2.98%, 05/02/19		4,000		3,969,637
Suncorp-Metway Ltd.^(e):
2.78%, 05/16/19		2,000		1,983,550
2.90%, 07/10/19		1,500		1,480,620
Swedbank AB, 2.57%, 03/04/19^(e)		2,000		1,995,746
TELUS Corp.^(e):
3.12%, 03/20/19		1,650		1,643,629
3.02%, 04/18/19		3,000		2,980,859
3.01%, 05/01/19		3,000		2,977,500
Toronto-Dominion Bank, 2.87%, 04/01/19^(e)		2,000		1,991,500


Security	Par (000)		Value

Commercial Paper (continued)
TransCanada PipeLines Ltd.^(e):
2.92%, 02/14/19	USD	2,500	$	2,497,276
3.07%, 02/28/19		750		748,340
3.03%, 03/11/19		1,000		996,893
3.07%, 04/04/19		2,000		1,989,626
3.07%, 04/11/19		1,500		1,491,329
UBS AG^(a):
(LIBOR USD 3 Month + 0.33%), 3.12%, 04/04/19		1,500		1,500,546
(LIBOR USD 1 Month + 0.40%), 2.92%, 07/02/19		1,000		1,000,624
(LIBOR USD 3 Month + 0.32%), 3.14%, 12/19/19		2,000		1,999,989
VW Credit, Inc.^(e):
2.67%, 02/21/19 - 02/22/19		3,000		2,994,974
2.94%, 03/20/19		1,000		996,139
Walgreens Boots Alliance, Inc.^(e):
3.16%, 02/04/19		1,000		999,697
2.87%, 02/11/19		2,000		1,998,301
3.29%, 05/09/19		4,000		3,967,039
3.30%, 05/24/19		4,000		3,961,367
3.36%, 07/17/19		1,000		985,522
Westpac Banking Corp.^(a):
(LIBOR USD 3 Month + 0.22%), 3.03%, 04/03/19		500		500,146
(LIBOR USD 3 Month + 0.18%), 2.92%, 10/31/19		1,000		1,000,653


Total Commercial Paper — 49.4% (Cost: $260,080,429)				260,146,251


	Shares

Money Market Funds — 0.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.26%^(f)(g)		1,527,809		1,527,809


Total Money Market Funds — 0.3% (Cost: $1,527,809)				1,527,809


Total Repurchase Agreements — 4.9% (Cost: $25,500,000)				25,500,000


Total Short-Term Securities — 68.4% (Cost: $359,601,702)				359,702,489


Total Investments — 102.5% (Cost: $538,649,752)				538,791,940


Liabilities in Excess of Other Assets — (2.5)%				(13,194,157	)


Net Assets — 100.0%			$	525,597,783

^(a)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Variable rate security. Rate shown is the rate in effect as of period end.

^(d)	Issuer is a U.S. branch of a foreign domiciled bank.

^(e)	Rates are discount rates or a range of discount rates as of period end.

^(f)	Annualized 7-day yield as of period end.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

During the six months ended January 31, 2019, there were no transfers between levels.

BlackRock Funds^SM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock Short Obligations Fund (the “Fund”) is a series of the Trust. The Fund is classified as diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are sold without an initial sales charge, except as discussed below and may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of equity, multi-asset, index and money market funds referred to as the Multi-Asset Complex.

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization and accretion of premiums and discounts on debt securities is recognized on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Distributions: Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Offering Costs: Offering costs are amortized over a 12-month period beginning with the commencement of operations of a class of shares.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Fund.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Fund.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods.

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation

Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities.

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, the fund may subsequently have to reinvest the proceeds at lower interest rates. If the fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Pursuant to the custodial undertaking associated with a tri-party repurchase arrangement, an unaffiliated third party custodian maintains accounts to hold collateral for the fund and its counterparties. Typically, the fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund, respectively.

In the event the counterparty defaults and the fair value of the collateral declines, the fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by the fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund’s obligation under bankruptcy law to return the excess to the counterparty.

Investment Advisory: The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of the Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund’s net assets.

Service Fees: The Trust, on behalf of the Fund, entered into a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Fund. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.

For the six months ended January 31, 2019, the class specific service fees borne directly by Investor A Shares of the Fund were $82,649.

Administration: The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rates below.

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended January 31, 2019, the following table shows the class specific administration fees borne directly by each share class of the Fund:

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended January 31, 2019, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

For the six months ended January 31, 2019, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

Expense Limitations, Waivers, Reimbursements and Recoupments: With respect to the Fund, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended January 31, 2019, the amount waived was $434.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through November 30, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended January 31, 2019, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

With respect to the Fund, the Manager contractually or voluntarily agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:

For the six months ended January 31, 2019, the Manager waived and/or reimbursed $350,116, which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

For the six months ended January 31, 2019, administration fees waived at the Fund level were $25,997. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

These amounts waived and/or reimbursed are included as service and distribution fees waived — class specific, administration fees waived — class specific, and transfer agent fees waived and/or reimbursed — class specific respectively, in the Statement of Operations. For the six months ended January 31, 2019, class specific expense waivers and/or reimbursements are as follows:

With respect to the contractual expense limitation, if during the Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year; and

(2) the Manager or an affiliate continues to serve as the Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time.

On January 31, 2019, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund’s investment policies and restrictions. The Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the six months ended January 31, 2019, the Fund did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are trustees and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Fund’s Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.

For the six months ended January 31, 2019, purchases and sales of investments, excluding short-term securities, were $96,963,560 and $21,540,251, respectively.

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for each of the four years ended July 31, 2018. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of January 31, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of January 31, 2019, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2019 unless extended or renewed. Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statement of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2019, the Fund did not borrow under the credit agreement.

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio’s current earnings rate.

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

Concentration Risk: The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The Federal Reserve has begun to raise the Federal Funds rate, and each increase results in more pronounced interest rate risk in the current market environment.

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Fund has adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statement of Assets and Liabilities, Statements of Changes in Net Assets and Notes to the Financial Statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

At a special meeting of shareholders held on November 21, 2018, the Fund’s shareholders elected Trustees who took office on January 1, 2019. The newly elected Trustees include ten former Trustees and five individuals who served as directors/trustees of the funds in the BlackRock Equity-Bond Complex. Information regarding the individuals who began serving as Trustees effective January 1, 2019 can be found in the proxy statement for the special meeting of shareholders, which is available on the SEC’s EDGAR Database at http://www.sec.gov.

A Special Meeting of Shareholders was held on November 21, 2018 for shareholders of record on September 24, 2018, to elect a Board of Trustees of the Trust. The newly elected trustees took office effective January 1, 2019.

Shareholders approved the Trustees* of BlackRock Funds^SM with voting results as follows:

The above Trustees, referred to as the BlackRock Multi-Asset Board, have also been elected to serve as trustees for other BlackRock-advised equity, multi-asset, index and money market funds.

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov. The Fund’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Information about how the Fund voted proxies relating to securities held in the Fund’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com; or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit http://www.blackrock.com for more information.

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at http://www.blackrock.com.

Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

The Markets in Review

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of January 31, 2019
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	(3.00)%	(2.31)%
U.S. small cap equities (Russell 2000^® Index)	(9.62)	(3.52)
International equities (MSCI Europe, Australasia, Far East Index)	(7.80)	(12.51)
Emerging market equities (MSCI Emerging Markets Index)	(2.60)	(14.24)
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	1.10	1.95
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	4.20	3.21
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.71	2.25
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.86	3.08
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	1.07	1.73
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

BlackRock Total Factor Fund (the “Fund”) investment objective is to seek total return.

For the six-month period ended January 31, 2019, the Fund outperformed its reference benchmark, a blend of 60% MSCI World Index Hedged USD Net/40% Bloomberg Barclays U.S. Aggregate Bond Index, with the exception of the Fund’s Investor C Shares, which underperformed the reference benchmark.

The Fund is a liquid alternative investment that utilizes a factor investing approach in order to provide a diversified engine for growth. The Fund targets multiple return drivers, or factors, across many asset classes and geographies. By leveraging a long/short implementation framework, the strategy seeks to isolate broad and persistent sources of returns, all the while maintaining a low correlation to equity and fixed income markets and being designed to be resilient to market shocks and drawdowns.

Net long exposure to the inflation factor was additive to Fund performance as government bonds outperformed amid the risk-off environment seen in the fourth quarter of 2018, which drove investors to traditional safe havens. Within the Fund’s long/short allocation, the value factor was the top driver of positive performance across bonds, commodities, currencies and equity markets. Long/short commodity exposure was additive as positioning within the cross section contributed to returns. Defensive factors within single-name stocks contributed positively, particularly in late 2018 as low volatility and quality factors performed favorably against expectations for moderating growth and increased investor risk aversion.

A slight net long stance to equity and commodity exposures within the portfolio detracted driven by increased volatility and uncertainty around global growth prospects, trade wars, and global central bank policies. This was coupled with a strengthening U.S. dollar in the fourth quarter of 2018, which hindered commodity performance. Within the long/short allocation, the momentum and carry (incremental income) factors notably detracted. Momentum detracted across all asset classes as economic regime shifts, during which the momentum factor traditionally underperforms, were notable throughout the latter half of 2018 into early 2019.

The Fund routinely holds derivatives including futures and swaps to gain exposure to single name stocks, global bonds, commodities, and equity market indices in a cost-efficient and capital-efficient manner. Additionally, the Fund holds currency forwards as a means to protect against unintended exposure to foreign currency risk. Over the past six months, the use of derivatives had a negative impact on Fund performance.

The Fund holds large unencumbered cash positions to meet collateral calls on derivative positions. The cash balance did not have a material impact on performance during the period.

The majority of the portfolio’s risk budget remains unchanged relative to the start of the period, although the Fund was tilted slightly more toward long/short fixed income factors such as value and carry, and away from long/short equity market factors such as value and momentum.

The Fund seeks to deliver absolute returns by balancing risks among bonds, equities, commodities and diversifying strategies. At the end of the period, the portfolio was modestly overweight to risk within equities, with total risk in line with the Fund’s long-term strategic target.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

See “Disclosure of Expenses” on Page 6 for further information on how expenses were calculated.

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance shown prior to the Class K February 3, 2017 inception date is that of Institutional Shares. The performance of the Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. Effective November 8, 2018, the Fund adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares, and, thereafter, investors will be subject to lower ongoing fees.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance table on the previous page assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), the Fund’s investment adviser, has contractually agreed to waive and/or reimburse a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. The Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Consolidated Financial Statements for additional information on waivers and/or reimbursements.

Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example on the previous pages (which is based on a hypothetical investment of $1,000 invested on August 1, 2018 and held through January 31, 2019) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense example provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical example that appear in shareholder reports of other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Fund’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.


Security		Par (000)		Value

Foreign Government Obligations — 7.1%

Australia — 1.4%
Commonwealth of Australia:
6.87%, 08/20/20	AUD		423	$	324,233
1.42%, 02/21/22			550		410,916
3.68%, 09/20/25			773		656,465
0.77%, 11/21/27			231		174,471
2.99%, 09/20/30			510		449,895
2.22%, 08/21/35			346		301,346
1.33%, 08/21/40			308		244,606
1.01%, 02/21/50			305		229,244

					2,791,176

Canada — 1.1%
Canadian Government Bond:
6.84%, 12/01/21	CAD		309		260,762
6.47%, 12/01/26			293		289,592
4.00%, 12/01/31			318		348,408
3.90%, 12/01/36			272		288,034
2.41%, 12/01/41			301		291,124
1.74%, 12/01/44			326		293,845
1.36%, 12/01/47			313		272,498
0.51%, 12/01/50			149		106,731

					2,150,994

France — 2.6%
Republic of France:
2.83%, 07/25/20	EUR		552		665,934
0.10%, 03/01/21			83		97,909
0.10%, 07/25/21			168		198,533
1.23%, 07/25/22			363		450,166
2.38%, 07/25/23			357		466,865
0.26%, 07/25/24			327		402,648
0.10%, 03/01/25			155		186,758
2.05%, 07/25/27			418		588,245
0.10%, 03/01/28			227		273,910
4.38%, 07/25/29			152		248,992
0.72%, 07/25/30^(a)			277		361,484
4.03%, 07/25/32			225		384,829
0.10%, 07/25/36^(a)			87		104,949
2.13%, 07/25/40^(a)			256		419,621
0.10%, 07/25/47^(a)			165		197,250

					5,048,093

Germany — 0.9%
Federal Republic of Germany:
1.98%, 04/15/20			319		375,046
0.11%, 04/15/23			311		376,639
0.10%, 04/15/26			272		340,071
0.52%, 04/15/30			243		325,155
0.11%, 04/15/46			151		215,650

					1,632,561

United Kingdom — 1.1%
U.K. Treasury Inflation Linked Bonds:
2.50%, 04/16/20	GBP		17		23,738
2.59%, 11/22/22			69		105,796
0.15%, 03/22/24			14		20,130
7.28%, 07/17/24			87		144,573
0.14%, 03/22/26			40		60,823
1.83%, 11/22/27			22		37,980
0.13%, 08/10/28			11		17,173
0.15%, 03/22/29			40		63,979
8.69%, 07/22/30			42		97,624
1.64%, 11/22/32			33		64,095
0.91%, 03/22/34			11		21,365
3.28%, 01/26/35			58		129,296
0.14%, 11/22/36			33		60,031
1.58%, 11/22/37			76		164,584


Security		Par (000)		Value

United Kingdom (continued)
0.81%, 03/22/40	GBP		13	$	27,311
0.13%, 08/10/41			10		19,815
0.84%, 11/22/42			20		43,821
0.15%, 03/22/44			67		135,233
0.14%, 03/22/46			22		45,470
1.03%, 11/22/47			59		142,702
0.13%, 08/10/48			10		22,111
0.66%, 03/22/50			9		22,305
0.29%, 03/22/52			59		136,737
1.85%, 11/22/55			57		178,572
0.13%, 11/22/56			2		5,174
0.14%, 03/22/58			38		92,158
0.45%, 03/22/62			27		74,206
0.14%, 03/22/68			50		145,955

					2,102,757


Total Foreign Government Obligations — 7.1% (Cost: $13,875,360)					13,725,581


U.S. Treasury Obligations — 1.0%
U.S. Treasury Inflation Linked Bonds:
2.38%, 01/15/25 - 01/15/27	USD		221		244,954
2.00%, 01/15/26			67		73,012
3.63%, 04/15/28			62		77,810
2.50%, 01/15/29			68		79,081
3.88%, 04/15/29			54		69,564
3.38%, 04/15/32			17		22,392
2.13%, 02/15/40 - 02/15/41			84		101,758
0.75%, 02/15/42 - 02/15/45			97		89,917
0.63%, 02/15/43			49		44,507
1.38%, 02/15/44			16		17,233
1.00%, 02/15/46 - 02/15/48			57		55,969
0.88%, 02/15/47			20		18,791
U.S. Treasury Inflation Linked Notes:
0.13%, 04/15/20 - 07/15/26			564		552,058
1.25%, 07/15/20			23		23,296
1.13%, 01/15/21			132		133,210
0.38%, 07/15/23 - 01/15/27			184		179,812
0.63%, 01/15/24 - 01/15/26			134		133,762
0.25%, 01/15/25			112		108,699
0.75%, 07/15/28			35		35,143
0.88%, 01/15/29			25		25,151


Total U.S. Treasury Obligations — 1.0% (Cost: $2,093,592)					2,086,119


Total Long-Term Investments — 8.1% (Cost: $15,968,952)					15,811,700


		Shares

Short-Term Securities — 83.9%

Money Market Funds — 5.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.26%^(b)(d)			9,801,193		9,801,193


Total Money Market Funds — 5.1% (Cost: $9,801,193)					9,801,193


		Par (000)

U.S. Treasury Obligations — 78.8%
U.S. Treasury Bills^(c):
2.28%, 02/28/19	USD		35,500		35,437,076
2.36%, 03/28/19			20,000		19,927,278
2.39%, 05/23/19			27,000		26,802,698


Security		Par (000)		Value

U.S. Treasury Obligations (continued)
2.42%, 06/20/19	USD		38,000	$	37,650,433
2.55%, 07/18/19			33,000		32,630,304


Total U.S. Treasury Obligations — 78.8% (Cost: $152,436,320)					152,447,789


Total Short-Term Securities — 83.9% (Cost: $162,237,513)					162,248,982


Total Investments — 92.0% (Cost: $178,206,465)					178,060,682

Other Assets Less Liabilities — 8.0%					15,450,308


Net Assets — 100.0%				$	193,510,990

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Bank of America NA, as of January 31, 2019, expiration dates 10/15/19 — 02/15/23:


	Shares		Value		% of Basket Value

Reference Entity — Long

Australia
BHP Group plc		6,734	$	150,456		3.4	%
Rio Tinto plc		15,183		839,957		18.8

				990,413

Austria
Raiffeisen Bank International AG		1,562		41,319		0.9


Belgium
Ageas		1,138		52,913		1.2
Colruyt SA		6,438		462,354		10.3
Groupe Bruxelles Lambert SA		583		54,932		1.2
Proximus SADP		262		7,034		0.2
Solvay SA		138		15,024		0.3
Telenet Group Holding NV		863		39,949		0.9
UCB SA		1,422		123,221		2.8

				755,427

Bermuda
RenaissanceRe Holdings Ltd.		360		49,691		1.1


China
Yum China Holdings, Inc.		12,551		457,484		10.2


Denmark
Carlsberg A/S		514		58,845		1.3
Coloplast A/S		269		24,573		0.5
GN Store Nord A/S		816		35,175		0.8
H Lundbeck A/S		3,613		158,646		3.5
Novo Nordisk A/S		868		40,680		0.9
Novozymes A/S		4,847		202,688		4.5
Pandora A/S		3,122		135,581		3.0

				656,188

Finland
Neste OYJ		1,141		104,539		2.3
Stora Enso OYJ		3,043		40,935		0.9

				145,474

France
Arkema SA		1,132		107,254		2.4
Atos SE		418		38,113		0.9
AXA SA		8,818		204,491		4.6
BNP Paribas SA		3,568		168,146		3.8
Cie de Saint-Gobain		894		30,850		0.7
Cie Generale des Etablissements Michelin SCA		1,309		142,186		3.2
Cie Plastic Omnium SA		2,841		78,127		1.7
Credit Agricole SA		5,015		57,278		1.3
Dassault Systemes SE		1,246		156,163		3.5
Eiffage SA		246		23,047		0.5
Engie SA		8,271		132,595		3.0
Faurecia SA		3,886		170,010		3.8
Fonciere Des Regions		444		45,383		1.0
Gecina SA		658		96,701		2.2
Ipsen SA		777		97,775		2.2
Kering SA		182		91,277		2.0
Klepierre SA		2,345		80,361		1.8
Legrand SA		3,646		216,013		4.8
L’Oreal SA		279		67,246		1.5
Peugeot SA		11,499		289,262		6.5
Publicis Groupe SA		711		43,414		1.0


	Shares		Value		% of Basket Value

France (continued)
Sanofi		790	$	68,665		1.5	%
Schneider Electric SE		812		57,751		1.3
Societe Generale SA		4,166		129,894		2.9
TOTAL SA		2,896		158,762		3.5
Ubisoft Entertainment SA		428		37,984		0.8
Veolia Environnement SA		10,711		226,277		5.1

				3,015,025

Germany
adidas AG		215		51,157		1.1
Allianz SE (Registered)		2,690		570,744		12.7
BASF SE		1,770		129,666		2.9
Continental AG		571		90,239		2.0
Covestro AG		5,614		310,228		6.9
Deutsche Lufthansa AG (Registered)		7,352		185,609		4.1
Deutsche Post AG (Registered)		7,843		231,652		5.2
Deutsche Telekom AG (Registered)		9,322		151,584		3.4
E.ON SE		2		22		0.0
Evonik Industries AG		14,818		405,251		9.0
Hannover Rueck SE		379		54,702		1.2
HUGO BOSS AG		2,226		159,605		3.6
MTU Aero Engines AG		524		112,997		2.5
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		160		35,706		0.8
ProSiebenSat.1 Media SE		1,568		27,990		0.6
Puma SE		46		25,615		0.6
TUI AG		742		11,235		0.3
Volkswagen AG		708		123,513		2.8

				2,677,515

Hong Kong
CK Asset Holdings Ltd.		1,000		8,419		0.2


Ireland
AerCap Holdings NV		3,838		181,384		4.0


Italy
A2A SpA		393,662		718,286		16.0
Assicurazioni Generali SpA		15,936		278,996		6.2
Enel SpA		36,581		221,093		4.9
Eni SpA		2,989		50,681		1.1
Moncler SpA		350		13,172		0.3
Recordati SpA		2,120		76,821		1.7

				1,359,049

Japan
Asahi Glass Co. Ltd.		400		13,556		0.3
Asahi Kasei Corp.		5,800		63,640		1.4
Astellas Pharma, Inc.		18,600		275,991		6.2
Bandai Namco Holdings, Inc.		600		26,506		0.6
Bridgestone Corp.		14,800		569,673		12.7
Canon, Inc.		500		14,380		0.3
Central Japan Railway Co.		700		151,286		3.4
Daiwa House Industry Co. Ltd.		500		16,211		0.4
Denso Corp.		200		9,199		0.2
East Japan Railway Co.		1,500		138,975		3.1
Eisai Co. Ltd.		300		23,294		0.5
Fujitsu Ltd.		5,000		335,577		7.5
Hitachi High-Technologies Corp.		900		32,526		0.7
Hitachi Ltd.		21,400		673,211		15.0
Hoshizaki Corp.		1,200		85,216		1.9
Hoya Corp.		8,800		510,729		11.4
Isuzu Motors Ltd.		4,300		63,964		1.4
Japan Airlines Co. Ltd.		11,000		400,493		8.9
Japan Tobacco, Inc.		5,500		139,237		3.1
JFE Holdings, Inc.		5,700		100,476		2.2


	Shares		Value		% of Basket Value

Japan (continued)
Kajima Corp.		25,500	$	362,729		8.1	%
Kao Corp.		600		42,419		0.9
Kikkoman Corp.		400		21,280		0.5
Kirin Holdings Co. Ltd.		2,700		64,459		1.4
Konami Holdings Corp.		900		41,334		0.9
Lawson, Inc.		900		55,477		1.2
Mazda Motor Corp.		7,600		84,111		1.9
McDonald’s Holdings Co. Japan Ltd.		500		22,130		0.5
Mitsubishi Chemical Holdings Corp.		34,300		294,758		6.6
Mitsubishi Electric Corp.		14,800		186,233		4.2
Mitsubishi Heavy Industries Ltd.		7,500		289,992		6.5
Mitsui & Co. Ltd.		4,500		73,521		1.6
Mitsui Chemicals, Inc.		2,500		62,763		1.4
MS&AD Insurance Group Holdings, Inc.		10,500		310,837		6.9
NGK Spark Plug Co. Ltd.		1,200		25,855		0.6
Nippon Telegraph & Telephone Corp.		1,000		42,988		1.0
Nissan Chemical Corp.		900		47,852		1.1
Nissan Motor Co. Ltd.		11,600		99,064		2.2
Nitto Denko Corp.		400		22,626		0.5
NSK Ltd.		4,800		46,818		1.0
NTT DOCOMO, Inc.		5,800		139,356		3.1
Obayashi Corp.		14,700		139,875		3.1
Oji Holdings Corp.		8,600		49,799		1.1
Olympus Corp.		800		32,817		0.7
ORIX Corp.		4,200		63,352		1.4
Osaka Gas Co. Ltd.		3,100		61,375		1.4
Panasonic Corp.		1,600		15,668		0.3
Pola Orbis Holdings, Inc.		2,700		80,756		1.8
Ryohin Keikaku Co. Ltd.		400		95,336		2.1
Secom Co. Ltd.		100		8,372		0.2
Sekisui Chemical Co. Ltd.		23,900		370,964		8.3
Shimadzu Corp.		3,600		82,791		1.8
Shionogi & Co. Ltd.		4,500		277,550		6.2
Shiseido Co. Ltd.		2,700		160,614		3.6
Sompo Holdings, Inc.		9,100		343,108		7.7
Sony Corp.		600		30,064		0.7
Sony Financial Holdings, Inc.		3,200		60,892		1.4
Subaru Corp.		3,500		82,187		1.8
Sumitomo Chemical Co. Ltd.		7,000		36,516		0.8
Sumitomo Corp.		8,400		130,062		2.9
Suzuki Motor Corp.		500		26,110		0.6
T&D Holdings, Inc.		7,500		93,106		2.1
Taisei Corp.		1,000		47,082		1.1
Tokio Marine Holdings, Inc.		3,800		186,070		4.2
Tokyo Electron Ltd.		300		43,806		1.0
Tokyo Gas Co. Ltd.		3,300		86,774		1.9
Toyota Tsusho Corp.		1,500		47,709		1.1
Yamaha Corp.		8,000		350,109		7.8
Yamato Holdings Co. Ltd.		3,500		93,259		2.1
ZOZO, Inc.		4,300		87,009		1.9

				9,163,874

Luxembourg
ArcelorMittal		9,725		224,621		5.0
Tenaris SA		1,576		19,796		0.4

				244,417

Netherlands
ASR Nederland NV		3,970		167,447		3.7
Heineken Holding NV		1,242		107,821		2.4
ING Groep NV		9,320		110,589		2.5
Koninklijke Ahold Delhaize NV		1,000		26,346		0.6
Koninklijke DSM NV		540		50,499		1.1
Koninklijke Philips NV		2,704		106,605		2.4


	Shares		Value		% of Basket Value

Netherlands (continued)
NXP Semiconductors NV		1,544	$	134,374		3.0	%
Randstad NV		3,142		151,458		3.4
Wolters Kluwer NV		1,954		121,521		2.7

				976,660

Norway
Equinor ASA		5,006		114,468		2.6
Telenor ASA		7,971		150,906		3.4

				265,374

Portugal
Galp Energia SGPS SA		3,690		57,654		1.3
Jeronimo Martins SGPS SA		15,336		217,345		4.9

				274,999

Puerto Rico
Popular, Inc.		4,597		251,042		5.6


Singapore
Mapletree Industrial Trust		17,100		25,448		0.6
Suntec REIT		28,700		41,180		0.9

				66,628

South Africa
Anglo American plc		15,389		393,278		8.8


South Korea
Kia Motors Corp.		967		31,619		0.7


Spain
Amadeus IT Group SA		3,395		246,879		5.5
Banco Santander SA		9,043		42,888		1.0
Bankinter SA		8,928		69,712		1.6
CaixaBank SA		20,706		78,310		1.7
Cia de Distribucion Integral Logista Holdings SA		54		1,394		0.0
Endesa SA		6,501		162,600		3.6
Red Electrica Corp. SA		4,423		101,930		2.3
Telefonica SA		2,437		20,962		0.5

				724,675

Sweden
Alfa Laval AB		1,536		34,824		0.8
Atlas Copco AB		3,587		93,583		2.1
Boliden AB		8,629		215,969		4.8
Sandvik AB		17,880		285,720		6.4
Securitas AB		1,952		31,388		0.7
SKF AB		4,136		69,668		1.6
Svenska Cellulosa AB SCA		24,086		211,860		4.7
Swedbank AB		2,364		53,702		1.2
Swedish Match AB		7,488		335,478		7.5
Telia Co. AB		5,206		22,688		0.5
Volvo AB		12,468		179,662		4.0

				1,534,542

Switzerland
Adecco Group AG (Registered)		2,440		122,271		2.7
Geberit AG (Registered)		88		34,402		0.8
Kuehne + Nagel International AG (Registered)		1,366		184,726		4.1
Logitech International SA (Registered)		2,991		109,120		2.4
Nestle SA (Registered)		2,677		233,391		5.2
Novartis AG (Registered)		1,612		140,729		3.1
Partners Group Holding AG		90		61,902		1.4
Roche Holding AG		2,313		615,341		13.7
SGS SA (Registered)		62		149,671		3.3
Sonova Holding AG (Registered)		712		133,625		3.0
Straumann Holding AG (Registered)		32		23,233		0.5
Swiss Life Holding AG (Registered)		338		139,442		3.1
Swiss Prime Site AG (Registered)		2,048		173,492		3.9


	Shares		Value		% of Basket Value

Switzerland (continued)
Swiss Re AG		548	$	52,556		1.2	%
Swisscom AG (Registered)		94		45,054		1.0
Temenos Group AG (Registered)		759		102,453		2.3

				2,321,408

United Kingdom
3i Group plc		21,753		242,780		5.4
Ashtead Group plc		613		15,549		0.3
Associated British Foods plc		8,482		266,196		5.9
Auto Trader Group plc		5,672		34,040		0.8
Aviva plc		82,801		450,323		10.1
Barratt Developments plc		14,094		99,689		2.2
British Land Co. plc (The)		5,678		42,773		1.0
Burberry Group plc		7,086		167,506		3.7
Experian plc		8,442		211,958		4.7
GlaxoSmithKline plc		8,135		158,019		3.5
Halma plc		2,978		54,771		1.2
Imperial Brands plc		1,642		54,505		1.2
J Sainsbury plc		6,122		22,924		0.5
Kingfisher plc		16,071		46,949		1.0
Land Securities Group plc		10,431		118,625		2.6
Legal & General Group plc		169,756		578,342		12.9
Lloyds Banking Group plc		953,406		726,843		16.2
Marks & Spencer Group plc		28,818		109,035		2.4
Meggitt plc		13,425		90,925		2.0
Next plc		532		33,835		0.8
Pearson plc		4,090		48,626		1.1
Persimmon plc		7,293		227,510		5.1
Prudential plc		8,767		171,449		3.8
Royal Mail plc		67,251		236,954		5.3
Sage Group plc (The)		2,634		21,650		0.5
Schroders plc		2,115		72,553		1.6
Segro plc		2,223		18,897		0.4
Severn Trent plc		986		25,909		0.6
Smith & Nephew plc		4,313		81,251		1.8
SSE plc		4,484		68,933		1.5
Unilever plc		3,015		158,390		3.5
Vodafone Group plc		88,419		161,257		3.6
Wm Morrison Supermarkets plc		870		2,675		0.1

				4,821,641

United States
AbbVie, Inc.		1,376		110,479		2.5
Accenture plc		526		80,767		1.8
Activision Blizzard, Inc.		743		35,099		0.8
Acuity Brands, Inc.		882		106,643		2.4
Adobe Systems, Inc.		153		37,916		0.8
Advance Auto Parts, Inc.		106		16,875		0.4
Aflac, Inc.		6,721		320,592		7.2
Agilent Technologies, Inc.		851		64,719		1.4
Air Products & Chemicals, Inc.		242		39,782		0.9
Akamai Technologies, Inc.		1,886		122,779		2.7
Allison Transmission Holdings, Inc.		856		41,662		0.9
Allstate Corp. (The)		350		30,754		0.7
Ally Financial, Inc.		6,943		180,935		4.0
Alphabet, Inc.		145		161,874		3.6
Altria Group, Inc.		389		19,197		0.4
Ameren Corp.		3,741		259,401		5.8
American Electric Power Co., Inc.		1,675		132,526		3.0
American Express Co.		1,054		108,246		2.4
American Financial Group, Inc.		1,834		174,945		3.9
Ameriprise Financial, Inc.		1,004		127,106		2.8
Amgen, Inc.		226		42,287		0.9
Annaly Capital Management, Inc.		7,465		77,935		1.7


	Shares		Value		% of Basket Value

United States (continued)
Apache Corp.		1,649	$	54,120		1.2	%
Apartment Investment & Management Co.		15		743		0.0
Apple, Inc.		121		20,139		0.4
Applied Materials, Inc.		3,268		127,713		2.9
Aspen Technology, Inc.		642		62,036		1.4
Athene Holding Ltd.		4,395		188,546		4.2
AvalonBay Communities, Inc.		1,539		296,904		6.6
Avery Dennison Corp.		577		60,268		1.3
BB&T Corp.		657		32,062		0.7
Best Buy Co., Inc.		1,698		100,590		2.2
Biogen, Inc.		529		176,570		3.9
Boeing Co. (The)		166		64,013		1.4
Booz Allen Hamilton Holding Corp.		2,333		114,620		2.6
BorgWarner, Inc.		3,985		162,986		3.6
Boston Properties, Inc.		43		5,670		0.1
Bristol-Myers Squibb Co.		3,896		192,346		4.3
Broadridge Financial Solutions, Inc.		2,063		208,012		4.6
Brookfield Property REIT, Inc.		4,545		82,719		1.8
Brunswick Corp.		1,941		97,671		2.2
Burlington Stores, Inc.		193		33,140		0.7
Cabot Oil & Gas Corp.		1,648		41,118		0.9
Cadence Design Systems, Inc.		336		16,138		0.4
Capital One Financial Corp.		813		65,520		1.5
Carnival Corp.		219		12,610		0.3
CBRE Group, Inc.		309		14,137		0.3
CBS Corp. (Non-Voting)		2,380		117,715		2.6
CDW Corp.		1,132		94,262		2.1
Celanese Corp.		1,196		114,529		2.6
Celgene Corp.		385		34,057		0.8
CenterPoint Energy, Inc.		54		1,670		0.0
CH Robinson Worldwide, Inc.		1,269		110,111		2.5
Chemours Co. (The)		3,876		138,567		3.1
Chevron Corp.		1,633		187,223		4.2
Church & Dwight Co., Inc.		558		36,052		0.8
Cisco Systems, Inc.		2,915		137,850		3.1
CIT Group, Inc.		1,191		55,012		1.2
Citizens Financial Group, Inc.		5,940		201,485		4.5
CMS Energy Corp.		1,021		53,235		1.2
Colgate-Palmolive Co.		100		6,468		0.1
Columbia Sportswear Co.		737		65,733		1.5
Comerica, Inc.		1,615		127,165		2.8
Commerce Bancshares, Inc.		1,341		80,192		1.8
ConocoPhillips		4,657		315,232		7.0
Costco Wholesale Corp.		311		66,750		1.5
Crane Co.		2,355		194,900		4.4
Cullen/Frost Bankers, Inc.		436		42,414		0.9
Cummins, Inc.		626		92,091		2.1
Curtiss-Wright Corp.		1,222		138,721		3.1
Cypress Semiconductor Corp.		2,823		39,155		0.9
Darden Restaurants, Inc.		818		85,833		1.9
Delta Air Lines, Inc.		1,562		77,210		1.7
Devon Energy Corp.		5,181		138,074		3.1
Discover Financial Services		1,119		75,521		1.7
DISH Network Corp.		1,583		48,551		1.1
Domino’s Pizza, Inc.		93		26,387		0.6
Donaldson Co., Inc.		1,275		60,282		1.3
Dover Corp.		369		32,409		0.7
DTE Energy Co.		1,146		134,941		3.0
Dunkin’ Brands Group, Inc.		731		49,993		1.1
DXC Technology Co.		266		17,056		0.4
E*TRADE Financial Corp.		2,108		98,359		2.2
East West Bancorp, Inc.		1,193		60,032		1.3
Eastman Chemical Co.		998		80,459		1.8


	Shares		Value		% of Basket Value

United States (continued)
Eaton Corp. plc		779	$	59,399		1.3	%
Edwards Lifesciences Corp.		506		86,233		1.9
Eli Lilly & Co.		287		34,400		0.8
Emerson Electric Co.		261		17,088		0.4
Encompass Health Corp.		4,779		319,428		7.1
Entergy Corp.		288		25,687		0.6
EOG Resources, Inc.		1,325		131,440		2.9
Equity LifeStyle Properties, Inc.		605		64,057		1.4
Equity Residential		1,391		100,931		2.3
Essex Property Trust, Inc.		66		17,899		0.4
Estee Lauder Cos., Inc. (The)		1,074		146,515		3.3
Everest Re Group Ltd.		260		56,953		1.3
Exelon Corp.		1,593		76,082		1.7
Expeditors International of Washington, Inc.		338		23,423		0.5
Extra Space Storage, Inc.		835		82,339		1.8
Exxon Mobil Corp.		1,711		125,382		2.8
F5 Networks, Inc.		55		8,852		0.2
Federal Realty Investment Trust		272		36,059		0.8
FedEx Corp.		181		32,140		0.7
Ferguson plc		4,175		279,571		6.2
Fiserv, Inc.		930		77,125		1.7
FLIR Systems, Inc.		536		26,200		0.6
Fortinet, Inc.		898		68,760		1.5
Freeport-McMoRan, Inc.		8,430		98,125		2.2
Gaming and Leisure Properties, Inc.		300		11,250		0.3
Garmin Ltd.		2,005		138,706		3.1
General Motors Co.		2,321		90,565		2.0
Gentex Corp.		3,835		81,225		1.8
Gilead Sciences, Inc.		2,015		141,070		3.1
Graco, Inc.		1,299		56,286		1.3
H&R Block, Inc.		2,900		68,411		1.5
Halliburton Co.		91		2,854		0.1
Hartford Financial Services Group, Inc. (The)		2,442		114,579		2.6
HD Supply Holdings, Inc.		826		34,642		0.8
Helmerich & Payne, Inc.		623		34,882		0.8
Hershey Co. (The)		388		41,167		0.9
Hewlett Packard Enterprise Co.		153		2,385		0.1
HollyFrontier Corp.		1,568		88,341		2.0
Home Depot, Inc. (The)		738		135,445		3.0
Host Hotels & Resorts, Inc.		5,446		98,355		2.2
HP, Inc.		3,652		80,454		1.8
Huntsman Corp.		4,703		103,325		2.3
IAC/InterActiveCorp		91		19,226		0.4
ICU Medical, Inc.		93		23,138		0.5
IDEX Corp.		253		34,879		0.8
IDEXX Laboratories, Inc.		216		45,960		1.0
Illinois Tool Works, Inc.		324		44,488		1.0
Illumina, Inc.		68		19,026		0.4
Ingersoll-Rand plc		544		54,422		1.2
Ingredion, Inc.		502		49,698		1.1
Intel Corp.		33		1,555		0.0
International Business Machines Corp.		414		55,650		1.2
International Paper Co.		3,734		177,104		4.0
Interpublic Group of Cos., Inc. (The)		3,033		69,001		1.5
Intuit, Inc.		427		92,155		2.1
Ionis Pharmaceuticals, Inc.		1,041		60,378		1.3
Jazz Pharmaceuticals plc		402		50,608		1.1
Johnson & Johnson		1,814		241,407		5.4
Jones Lang LaSalle, Inc.		1,608		230,603		5.1
Juniper Networks, Inc.		1,739		45,110		1.0
Kellogg Co.		353		20,831		0.5
Kimberly-Clark Corp.		371		41,322		0.9
KLA-Tencor Corp.		199		21,207		0.5


	Shares		Value		% of Basket Value

United States (continued)
Kohl’s Corp.		308	$	21,157		0.5	%
Kroger Co. (The)		1,832		51,901		1.2
Lam Research Corp.		706		119,723		2.7
Lamar Advertising Co.		587		43,702		1.0
Lear Corp.		124		19,087		0.4
Lennox International, Inc.		218		49,983		1.1
Liberty Media Corp-Liberty SiriusXM		1,452		58,022		1.3
Liberty Property Trust		3,460		163,104		3.6
Lincoln Electric Holdings, Inc.		637		55,062		1.2
Lincoln National Corp.		2,261		132,246		3.0
LPL Financial Holdings, Inc.		2,418		170,155		3.8
Lululemon Athletica, Inc.		326		48,186		1.1
LyondellBasell Industries NV		1,357		118,018		2.6
M&T Bank Corp.		355		58,412		1.3
ManpowerGroup, Inc.		145		11,459		0.3
Marathon Oil Corp.		1,201		18,964		0.4
Marathon Petroleum Corp.		353		23,390		0.5
Marriott International, Inc.		532		60,930		1.4
Masco Corp.		135		4,375		0.1
Maxim Integrated Products, Inc.		415		22,522		0.5
McKesson Corp.		205		26,291		0.6
Merck & Co., Inc.		2,045		152,209		3.4
MetLife, Inc.		3,165		144,546		3.2
Microsoft Corp.		1,664		173,772		3.9
Murphy Oil Corp.		12,649		345,950		7.7
National Retail Properties, Inc.		1,186		62,514		1.4
NetApp, Inc.		4,176		266,304		5.9
Nordstrom, Inc.		2,524		117,139		2.6
NRG Energy, Inc.		863		35,305		0.8
Nucor Corp.		3,235		198,111		4.4
Occidental Petroleum Corp.		2,193		146,449		3.3
OGE Energy Corp.		4,492		183,947		4.1
Old Dominion Freight Line, Inc.		670		91,073		2.0
Omnicom Group, Inc.		284		22,118		0.5
O’Reilly Automotive, Inc.		354		122,010		2.7
Oshkosh Corp.		1,324		99,366		2.2
PACCAR, Inc.		995		65,192		1.5
Packaging Corp. of America		488		46,028		1.0
Palo Alto Networks, Inc.		215		46,186		1.0
Park Hotels & Resorts, Inc.		3,878		116,611		2.6
Parker-Hannifin Corp.		187		30,819		0.7
Paychex, Inc.		627		44,392		1.0
Pentair plc		4,387		180,701		4.0
People’s United Financial, Inc.		1,268		20,770		0.5
PepsiCo, Inc.		396		44,617		1.0
Pfizer, Inc.		4,905		208,217		4.6
Philip Morris International, Inc.		767		58,844		1.3
Phillips 66		3,116		297,298		6.6
Pinnacle West Capital Corp.		1,951		171,922		3.8
PRA Health Sciences, Inc.		188		19,922		0.4
Principal Financial Group, Inc.		3,405		170,488		3.8
Procter & Gamble Co. (The)		679		65,503		1.5
Progressive Corp. (The)		3,455		232,487		5.2
Prudential Financial, Inc.		3,847		354,463		7.9
PulteGroup, Inc.		1,497		41,632		0.9
PVH Corp.		333		36,334		0.8
Qorvo, Inc.		2,843		185,818		4.1
Quanta Services, Inc.		2,747		97,079		2.2
Quest Diagnostics, Inc.		280		24,458		0.5
Ralph Lauren Corp.		3,789		440,054		9.8
Raymond James Financial, Inc.		259		20,850		0.5
Raytheon Co.		809		133,291		3.0
Realty Income Corp.		2,320		159,361		3.6


	Shares		Value		% of Basket Value

United States (continued)
Regions Financial Corp.		5,172	$	78,459		1.8	%
Reinsurance Group of America, Inc.		530		76,558		1.7
Reliance Steel & Aluminum Co.		1,545		126,505		2.8
ResMed, Inc.		1,519		144,563		3.2
Robert Half International, Inc.		3,986		256,818		5.7
Rockwell Automation, Inc.		1,500		254,280		5.7
Sealed Air Corp.		951		37,564		0.8
ServiceNow, Inc.		495		108,910		2.4
Simon Property Group, Inc.		1,457		265,349		5.9
SL Green Realty Corp.		181		16,730		0.4
Snap-on, Inc.		1,053		174,787		3.9
Sonoco Products Co.		4,003		230,493		5.1
Southwest Airlines Co.		1,505		85,424		1.9
Spirit AeroSystems Holdings, Inc.		1,018		84,901		1.9
Steel Dynamics, Inc.		3,689		134,981		3.0
STERIS plc		165		18,820		0.4
Stryker Corp.		687		121,991		2.7
SunTrust Banks, Inc.		693		41,178		0.9
Synchrony Financial		4,514		135,601		3.0
Synopsys, Inc.		616		57,504		1.3
Synovus Financial Corp.		3,032		107,393		2.4
Tapestry, Inc.		1,426		55,200		1.2
Target Corp.		2,229		162,717		3.6
Teradyne, Inc.		4,600		165,554		3.7
Texas Instruments, Inc.		700		70,476		1.6
Torchmark Corp.		1,067		89,372		2.0
Toro Co. (The)		5,213		310,174		6.9
Tractor Supply Co.		1,389		118,621		2.6
Ubiquiti Networks, Inc.		445		48,153		1.1
UDR, Inc.		603		26,381		0.6
UGI Corp.		541		30,853		0.7
United Continental Holdings, Inc.		443		38,661		0.9
United Parcel Service, Inc.		281		29,617		0.7
United Rentals, Inc.		560		70,146		1.6
United Therapeutics Corp.		545		62,855		1.4
UnitedHealth Group, Inc.		273		73,765		1.6
Unum Group		3,880		134,869		3.0
US Bancorp		1,097		56,123		1.3
Valero Energy Corp.		308		27,049		0.6
VeriSign, Inc.		1,438		243,410		5.4
VF Corp.		364		30,638		0.7
Viacom, Inc.		1,282		37,716		0.8
VMware, Inc.		1,669		252,136		5.6
Voya Financial, Inc.		692		32,130		0.7
WABCO Holdings, Inc.		461		52,660		1.2
Walgreens Boots Alliance, Inc.		971		70,164		1.6
Walt Disney Co. (The)		469		52,303		1.3
Waste Management, Inc.		1,364		130,494		2.9
Waters Corp.		774		178,964		4.0
Webster Financial Corp.		722		38,901		0.9
Western Digital Corp.		425		19,121		0.5
Western Union Co. (The)		6,181		112,803		2.6
Westlake Chemical Corp.		1,657		122,452		2.8
WW Grainger, Inc.		802		236,903		5.4
Xerox Corp.		941		26,546		0.7
Xilinx, Inc.		255		28,545		0.7
YUM! BRANDS, Inc.		739		69,451		1.7
Zebra Technologies Corp.		268		46,525		1.0
Zions Bancorp		908		43,212		1.0

				25,379,712


Total Reference Entity — Long				56,787,257


	Shares			Value			% of Basket Value

Reference Entity — Short

Belgium
Anheuser-Busch InBev SA/NV		(531	)	$	(40,570	)		(0.9	) %
Galapagos NV		(256	)		(26,341	)		(0.6	)
KBC Group NV		(2,221	)		(150,784	)		(3.4	)
Umicore SA		(10,950	)		(462,936	)		(10.3	)

					(680,631	)

Chile
Antofagasta plc		(9,014	)		(103,048	)		(2.3	)


China
PICC Property & Casualty Co. Ltd.		(24,000	)		(24,853	)		(0.6	)


Denmark
Ambu A/S		(885	)		(23,577	)		(0.5	)
AP Moller — Maersk A/S		(14	)		(18,723	)		(0.4	)
Danske Bank A/S		(6,337	)		(117,408	)		(2.6	)
Genmab A/S		(156	)		(22,741	)		(0.5	)
Orsted A/S		(3,295	)		(238,105	)		(5.3	)

					(420,554	)

Finland
Kone OYJ		(637	)		(30,973	)		(0.7	)
Nokia Corp.		(3,764	)		(23,780	)		(0.5	)
Nokian Renkaat OYJ		(2,874	)		(95,616	)		(2.1	)
Nordea Bank Abp		(91,086	)		(829,000	)		(18.5	)
Sampo OYJ		(946	)		(43,341	)		(1.0	)

					(1,022,710	)

France
Accor SA		(7,206	)		(313,396	)		(7.0	)
Aeroports de Paris		(1,162	)		(222,292	)		(5.0	)
Air Liquide SA		(252	)		(30,593	)		(0.7	)
Airbus SE		(2,827	)		(325,840	)		(7.3	)
Amundi SA		(546	)		(31,415	)		(0.7	)
Bureau Veritas SA		(2,067	)		(45,920	)		(1.0	)
Carrefour SA		(4,203	)		(83,118	)		(1.9	)
Danone SA		(661	)		(48,102	)		(1.1	)
EssilorLuxottica SA		(7,162	)		(907,276	)		(20.3	)
Eutelsat Communications SA		(1,024	)		(21,716	)		(0.5	)
Getlink		(41,477	)		(606,591	)		(13.5	)
Iliad SA		(690	)		(79,000	)		(1.8	)
Natixis SA		(29,829	)		(152,906	)		(3.4	)
Orpea		(291	)		(28,848	)		(0.6	)
Remy Cointreau SA		(1,123	)		(130,413	)		(2.9	)
Renault SA		(1,132	)		(80,106	)		(1.8	)
Suez		(714	)		(9,141	)		(0.2	)
Teleperformance		(236	)		(40,616	)		(0.9	)
Unibail-Rodamco-Westfield		(478	)		(85,969	)		(1.9	)

					(3,243,258	)

Germany
Bayer AG (Registered)		(2,398	)		(181,758	)		(4.1	)
Bayerische Motoren Werke AG		(2,280	)		(192,091	)		(4.3	)
Commerzbank AG		(12,191	)		(87,743	)		(2.0	)
Daimler AG (Registered)		(3,586	)		(212,431	)		(4.7	)
Delivery Hero SE		(5,108	)		(188,656	)		(4.2	)
Deutsche Bank AG (Registered)		(27,381	)		(243,398	)		(5.4	)
E.ON SE		(2	)		(22	)		0.0
Fraport AG Frankfurt Airport Services Worldwide		(1,904	)		(150,481	)		(3.4	)
Fresenius Medical Care AG & Co. KGaA		(742	)		(54,574	)		(1.2	)
Fresenius SE & Co. KGaA		(5,538	)		(287,145	)		(6.4	)
HeidelbergCement AG		(2,148	)		(148,743	)		(3.3	)
KION Group AG		(173	)		(9,989	)		(0.2	)
RWE AG		(2,033	)		(50,564	)		(1.1	)


	Shares			Value			% of Basket Value

Germany (continued)
SAP SE		(1,531	)	$	(158,313	)		(3.5	) %
Sartorius AG (Preference)		(294	)		(44,134	)		(1.0	)
Siemens AG (Registered)		(228	)		(25,034	)		(0.6	)
Siemens Healthineers AG		(836	)		(32,990	)		(0.7	)
Uniper SE		(4,245	)		(123,091	)		(2.7	)
United Internet AG (Registered)		(2,769	)		(109,864	)		(2.5	)
Wirecard AG		(400	)		(66,327	)		(1.5	)

					(2,367,348	)

Italy
Davide Campari-Milano SpA		(5,698	)		(51,194	)		(1.1	)
Ferrari NV		(267	)		(33,244	)		(0.7	)
Intesa Sanpaolo SpA		(21,447	)		(49,073	)		(1.1	)
Leonardo SpA		(3,686	)		(35,718	)		(0.8	)
Mediobanca Banca di Credito Finanziario SpA		(5,178	)		(45,125	)		(1.0	)
Pirelli & C SpA		(3,178	)		(20,773	)		(0.5	)
Prysmian SpA		(6,245	)		(134,163	)		(3.0	)
Snam SpA		(77,096	)		(368,159	)		(8.2	)

					(737,449	)

Japan
Daiwa Securities Group, Inc.		(21,600	)		(107,725	)		(2.4	)
Fast Retailing Co. Ltd.		(100	)		(45,891	)		(1.0	)
Hitachi Construction Machinery Co. Ltd.		(3,600	)		(91,428	)		(2.0	)
Idemitsu Kosan Co. Ltd.		(600	)		(21,172	)		(0.5	)
Japan Post Holdings Co. Ltd.		(14,700	)		(180,707	)		(4.0	)
Kansai Paint Co. Ltd.		(12,400	)		(217,583	)		(4.9	)
Kyocera Corp.		(700	)		(39,426	)		(0.9	)
Kyowa Hakko Kirin Co. Ltd.		(1,200	)		(23,006	)		(0.5	)
Kyushu Railway Co.		(9,300	)		(317,524	)		(7.1	)
LINE Corp.		(16,002	)		(576,196	)		(12.9	)
M3, Inc.		(4,600	)		(66,576	)		(1.5	)
Makita Corp.		(900	)		(31,889	)		(0.7	)
MINEBEA MITSUMI, Inc.		(5,000	)		(82,245	)		(1.8	)
Mitsubishi UFJ Financial Group, Inc.		(7,700	)		(41,302	)		(0.9	)
Mizuho Financial Group, Inc.		(6,500	)		(10,669	)		(0.2	)
Murata Manufacturing Co. Ltd.		(300	)		(45,065	)		(1.0	)
Nomura Research Institute Ltd.		(800	)		(32,738	)		(0.7	)
Obic Co. Ltd.		(600	)		(56,861	)		(1.3	)
Renesas Electronics Corp.		(6,200	)		(35,746	)		(0.8	)
Resona Holdings, Inc.		(6,300	)		(31,831	)		(0.7	)
Ricoh Co. Ltd.		(2,200	)		(23,436	)		(0.5	)
Rohm Co. Ltd.		(1,300	)		(91,753	)		(2.0	)
Seibu Holdings, Inc.		(4,600	)		(79,915	)		(1.8	)
SG Holdings Co. Ltd.		(2,000	)		(53,686	)		(1.2	)
Sharp Corp.		(4,900	)		(52,169	)		(1.2	)
Shimano, Inc.		(200	)		(28,063	)		(0.6	)
SoftBank Group Corp.		(300	)		(23,629	)		(0.5	)
TDK Corp.		(400	)		(31,654	)		(0.7	)
Tokyu Corp.		(100	)		(1,711	)		0.0
TOTO Ltd.		(1,100	)		(42,718	)		(1.0	)
Toyota Industries Corp.		(300	)		(14,862	)		(0.3	)
Unicharm Corp.		(6,200	)		(191,875	)		(4.3	)
Yaskawa Electric Corp.		(700	)		(19,812	)		(0.4	)

					(2,710,863	)

Luxembourg
Eurofins Scientific SE		(108	)		(43,404	)		(1.0	)


Mexico
Fresnillo plc		(15,837	)		(209,095	)		(4.7	)


Netherlands
Akzo Nobel NV COMMON		(8,266	)		(711,433	)		(15.9	)
Gemalto NV		(392	)		(22,730	)		(0.5	)
Heineken NV		(1,512	)		(135,806	)		(3.0	)


	Shares			Value			% of Basket Value

Netherlands (continued)
NN Group NV		(6,811	)	$	(287,611	)		(6.4	) %
Royal Dutch Shell plc		(917	)		(28,472	)		(0.6	)

					(1,186,052	)

Norway
Aker BP ASA		(3,080	)		(102,627	)		(2.3	)
Norsk Hydro ASA		(5,270	)		(24,432	)		(0.5	)
Yara International ASA		(10,067	)		(416,282	)		(9.3	)

					(543,341	)

Spain
Banco de Sabadell SA		(21,956	)		(25,175	)		(0.6	)
Bankia SA		(84,675	)		(246,826	)		(5.5	)
Cia de Distribucion Integral Logista Holdings SA		(54	)		(1,394	)		0.0
Ferrovial SA		(25,467	)		(571,095	)		(12.8	)
Gas Natural SDG SA		(992	)		(27,731	)		(0.6	)
Grifols SA		(1,764	)		(46,016	)		(1.0	)
Industria de Diseno Textil SA		(712	)		(19,917	)		(0.4	)
Merlin Properties Socimi SA		(6,320	)		(84,788	)		(1.9	)
Siemens Gamesa Renewable Energy SA		(35,539	)		(504,553	)		(11.3	)

					(1,527,495	)

Sweden
Assa Abloy AB		(7,982	)		(148,738	)		(3.3	)
Autoliv, Inc.		(489	)		(39,047	)		(0.9	)
Essity AB		(3,948	)		(109,235	)		(2.4	)
Kinnevik AB		(3,897	)		(95,219	)		(2.1	)
Skandinaviska Enskilda Banken AB		(4,664	)		(48,956	)		(1.1	)
Svenska Handelsbanken AB		(29,697	)		(322,950	)		(7.2	)
Tele2 AB		(25,347	)		(317,327	)		(7.1	)

					(1,081,472	)

Switzerland
Barry Callebaut AG (Registered)		(11	)		(18,714	)		(0.4	)
Cie Financiere Richemont SA (Registered)		(409	)		(28,192	)		(0.6	)
Credit Suisse Group AG (Registered)		(9,523	)		(115,755	)		(2.6	)
Dufry AG (Registered)		(729	)		(72,912	)		(1.6	)
EMS-Chemie Holding AG (Registered)		(143	)		(71,424	)		(1.6	)
Givaudan SA (Registered)		(54	)		(131,007	)		(2.9	)
Julius Baer Group Ltd.		(3,962	)		(159,242	)		(3.6	)
LafargeHolcim Ltd. (Registered)		(15,603	)		(733,775	)		(16.4	)
Lonza Group AG (Registered)		(92	)		(24,306	)		(0.5	)
Sika AG (Registered)		(1,352	)		(178,539	)		(4.0	)
UBS Group AG (Registered)		(29,117	)		(377,464	)		(8.4	)
Vifor Pharma AG		(195	)		(24,818	)		(0.6	)

					(1,936,148	)

United Arab Emirates
NMC Health plc		(1,934	)		(65,471	)		(1.5	)


United Kingdom
Admiral Group plc		(3,513	)		(95,526	)		(2.1	)
AstraZeneca plc		(1,946	)		(140,972	)		(3.1	)
BP plc		(13,689	)		(93,512	)		(2.1	)
British American Tobacco plc		(1,238	)		(43,640	)		(1.0	)
BT Group plc		(8,328	)		(25,395	)		(0.6	)
Bunzl plc		(3,114	)		(98,191	)		(2.2	)
CNH Industrial NV		(407	)		(4,000	)		(0.1	)
DCC plc		(632	)		(51,738	)		(1.2	)
Diageo plc		(1,597	)		(60,952	)		(1.4	)
DS Smith plc		(44,144	)		(195,774	)		(4.4	)
easyJet plc		(2,175	)		(36,038	)		(0.8	)
GVC Holdings plc		(12,666	)		(111,610	)		(2.5	)
Hargreaves Lansdown plc		(4,374	)		(93,926	)		(2.1	)
HSBC Holdings plc		(2,251	)		(18,954	)		(0.4	)
Informa plc		(36,029	)		(320,021	)		(7.1	)


	Shares			Value			% of Basket Value

United Kingdom (continued)
Intertek Group plc		(1,271	)	$	(82,017	)		(1.8	) %
Johnson Matthey plc		(6,835	)		(273,055	)		(6.1	)
Just Eat plc		(15,862	)		(144,955	)		(3.2	)
London Stock Exchange Group plc		(319	)		(19,185	)		(0.4	)
Melrose Industries plc		(52,019	)		(115,302	)		(2.6	)
National Grid plc		(7,213	)		(78,545	)		(1.8	)
Reckitt Benckiser Group plc		(3,274	)		(251,917	)		(5.6	)
RELX plc		(10,494	)		(232,437	)		(5.2	)
Rentokil Initial plc		(50,260	)		(221,955	)		(5.0	)
Rightmove plc		(3,354	)		(20,769	)		(0.5	)
Rolls-Royce Holdings plc		(6,501	)		(75,564	)		(1.7	)
Royal Bank of Scotland Group plc		(10,990	)		(34,863	)		(0.8	)
RSA Insurance Group plc		(10,330	)		(69,653	)		(1.6	)
Smiths Group plc		(2,059	)		(39,099	)		(0.9	)
Spirax-Sarco Engineering plc		(255	)		(21,446	)		(0.5	)
St James’s Place plc		(14,336	)		(176,708	)		(3.9	)
Tesco plc		(23,464	)		(68,690	)		(1.5	)
Weir Group plc (The)		(9,052	)		(179,136	)		(4.0	)
Whitbread plc		(2,755	)		(176,527	)		(3.9	)
WPP plc		(15,507	)		(177,455	)		(4.0	)

					(3,849,527	)

United States
3M Co.		(323	)		(64,697	)		(1.4	)
Abbott Laboratories		(238	)		(17,369	)		(0.4	)
ABIOMED, Inc.		(207	)		(72,671	)		(1.6	)
AECOM		(1,164	)		(35,630	)		(0.8	)
Affiliated Managers Group, Inc.		(1,227	)		(128,774	)		(2.9	)
AGNC Investment Corp.		(1,479	)		(26,489	)		(0.6	)
Albemarle Corp.		(2,353	)		(189,958	)		(4.2	)
Alcoa Corp.		(957	)		(28,404	)		(0.6	)
Alnylam Pharmaceuticals, Inc.		(1,449	)		(121,035	)		(2.7	)
Amazon.com, Inc.		(143	)		(245,778	)		(5.5	)
American Campus Communities, Inc.		(2,749	)		(126,509	)		(2.8	)
American Homes 4 Rent		(1,458	)		(32,236	)		(0.7	)
American International Group, Inc.		(8,949	)		(386,865	)		(8.6	)
American Tower Corp.		(1,076	)		(185,976	)		(4.2	)
Analog Devices, Inc.		(936	)		(92,533	)		(2.1	)
Antero Resources Corp.		(2,464	)		(24,788	)		(0.6	)
AptarGroup, Inc.		(387	)		(38,359	)		(0.9	)
Aqua America, Inc.		(8,000	)		(280,400	)		(6.3	)
Aramark		(949	)		(31,270	)		(0.7	)
Arch Capital Group Ltd.		(3,518	)		(103,253	)		(2.3	)
Arconic, Inc.		(5,943	)		(111,847	)		(2.5	)
Arista Networks, Inc.		(184	)		(39,520	)		(0.9	)
Arrow Electronics, Inc.		(1,388	)		(105,419	)		(2.4	)
Arthur J Gallagher & Co.		(2,063	)		(154,127	)		(3.4	)
Assurant, Inc.		(239	)		(23,037	)		(0.5	)
athenahealth, Inc.		(503	)		(67,774	)		(1.5	)
Autodesk, Inc.		(676	)		(99,507	)		(2.2	)
Axalta Coating Systems Ltd.		(1,411	)		(36,150	)		(0.8	)
Baker Hughes a GE Co.		(9,017	)		(212,531	)		(4.7	)
Ball Corp.		(2,362	)		(123,485	)		(2.8	)
Bank of New York Mellon Corp. (The)		(1,461	)		(76,440	)		(1.7	)
Becton Dickinson and Co.		(119	)		(29,686	)		(0.7	)
Berry Global Group, Inc.		(1,429	)		(70,378	)		(1.6	)
Bio-Rad Laboratories, Inc.		(939	)		(234,628	)		(5.2	)
Bio-Techne Corp.		(500	)		(87,230	)		(1.9	)
Black Knight, Inc.		(607	)		(29,858	)		(0.7	)
Bluebird Bio, Inc.		(3,263	)		(435,382	)		(9.7	)
BOK Financial Corp.		(336	)		(27,925	)		(0.6	)
Boston Scientific Corp.		(1,234	)		(47,077	)		(1.1	)
Bright Horizons Family Solutions, Inc.		(856	)		(99,116	)		(2.2	)
Broadcom, Inc.		(202	)		(54,187	)		(1.2	)


	Shares			Value			% of Basket Value

United States (continued)
Brown-Forman Corp.		(1,743	)	$	(82,357	)		(1.8	) %
BWX Technologies, Inc.		(601	)		(27,898	)		(0.6	)
Caesars Entertainment Corp.		(38,778	)		(354,431	)		(7.9	)
Campbell Soup Co.		(2,916	)		(103,314	)		(2.3	)
Carlisle Cos., Inc.		(636	)		(68,516	)		(1.5	)
CarMax, Inc.		(77	)		(4,526	)		(0.1	)
Catalent, Inc.		(4,683	)		(172,943	)		(3.9	)
Caterpillar, Inc.		(140	)		(18,642	)		(0.4	)
Cboe Global Markets, Inc.		(2,447	)		(228,232	)		(5.1	)
CDK Global, Inc.		(89	)		(4,353	)		(0.1	)
Centene Corp.		(289	)		(37,735	)		(0.8	)
CenturyLink, Inc.		(3,313	)		(50,755	)		(1.1	)
Cerner Corp.		(1,387	)		(76,160	)		(1.7	)
Charles River Laboratories International, Inc.		(247	)		(30,428	)		(0.7	)
Charles Schwab Corp. (The)		(1,905	)		(89,097	)		(2.0	)
Charter Communications, Inc.		(212	)		(70,183	)		(1.6	)
Cheniere Energy, Inc.		(1,473	)		(96,702	)		(2.2	)
Chipotle Mexican Grill, Inc.		(38	)		(20,125	)		(0.4	)
Citigroup, Inc.		(2,063	)		(132,981	)		(3.0	)
CME Group, Inc.		(636	)		(115,930	)		(2.6	)
Coca-Cola Co. (The)		(1,063	)		(51,162	)		(1.1	)
Cognex Corp.		(983	)		(44,726	)		(1.0	)
Cognizant Technology Solutions Corp.		(1,186	)		(82,640	)		(1.8	)
CommScope Holding Co., Inc.		(3,488	)		(72,934	)		(1.6	)
Concho Resources, Inc.		(1,011	)		(121,158	)		(2.7	)
Constellation Brands, Inc.		(345	)		(59,913	)		(1.3	)
Corning, Inc.		(592	)		(19,690	)		(0.4	)
CoStar Group, Inc.		(429	)		(167,627	)		(3.7	)
Coty, Inc.		(17,842	)		(138,454	)		(3.1	)
Crown Castle International Corp.		(1,113	)		(130,288	)		(2.9	)
Crown Holdings, Inc.		(2,340	)		(119,340	)		(2.7	)
CyrusOne, Inc.		(6,150	)		(333,330	)		(7.4	)
Danaher Corp.		(412	)		(45,699	)		(1.0	)
Deere & Co.		(2,357	)		(386,548	)		(8.6	)
DENTSPLY SIRONA, Inc.		(4,503	)		(188,901	)		(4.2	)
DexCom, Inc.		(225	)		(31,732	)		(0.7	)
Diamondback Energy, Inc.		(3,877	)		(399,796	)		(8.9	)
Digital Realty Trust, Inc.		(2,410	)		(261,099	)		(5.8	)
Dollar Tree, Inc.		(1,211	)		(117,261	)		(2.6	)
Dominion Energy, Inc.		(2,239	)		(157,267	)		(3.5	)
DowDuPont, Inc.		(6,262	)		(336,958	)		(7.5	)
Eaton Vance Corp.		(838	)		(32,280	)		(0.7	)
Edison International		(1,133	)		(64,547	)		(1.4	)
EPAM Systems, Inc.		(2,140	)		(302,767	)		(6.8	)
EQT Corp.		(10,860	)		(211,444	)		(4.7	)
Equifax, Inc.		(178	)		(19,050	)		(0.4	)
Equinix, Inc.		(415	)		(163,510	)		(3.7	)
Euronet Worldwide, Inc.		(296	)		(34,043	)		(0.8	)
Evergy, Inc.		(1,797	)		(103,004	)		(2.3	)
Exact Sciences Corp.		(5,131	)		(462,200	)		(10.3	)
Fidelity National Information Services, Inc.		(200	)		(20,906	)		(0.5	)
First Data Corp.		(3,414	)		(84,155	)		(1.9	)
First Horizon National Corp.		(26,423	)		(387,890	)		(8.7	)
First Republic Bank		(1,792	)		(173,161	)		(3.9	)
FleetCor Technologies, Inc.		(1,878	)		(378,999	)		(8.5	)
Flex Ltd.		(3,710	)		(35,690	)		(0.8	)
Flowserve Corp.		(1,348	)		(59,366	)		(1.3	)
Fluor Corp.		(1,728	)		(63,193	)		(1.4	)
FMC Corp.		(891	)		(71,102	)		(1.6	)
Fortive Corp.		(3,516	)		(263,665	)		(5.9	)
Gardner Denver Holdings, Inc.		(801	)		(19,761	)		(0.4	)
Gartner, Inc.		(2,629	)		(357,255	)		(8.0	)
GCI Liberty, Inc.		(822	)		(41,840	)		(0.9	)


	Shares			Value			% of Basket Value

United States (continued)
General Electric Co.		(14,782	)	$	(150,185	)		(3.4	) %
General Mills, Inc.		(566	)		(25,153	)		(0.6	)
Genesee & Wyoming, Inc.		(1,089	)		(85,508	)		(1.9	)
GoDaddy, Inc.		(1,005	)		(68,973	)		(1.5	)
Guidewire Software, Inc.		(4,560	)		(395,261	)		(8.8	)
Hanesbrands, Inc.		(120	)		(1,799	)		0.0
Harris Corp.		(411	)		(62,957	)		(1.4	)
Hasbro, Inc.		(654	)		(59,226	)		(1.3	)
Healthcare Trust of America, Inc.		(2,936	)		(83,441	)		(1.9	)
Hess Corp.		(144	)		(7,776	)		(0.2	)
Hexcel Corp.		(161	)		(10,901	)		(0.2	)
Hormel Foods Corp.		(464	)		(19,636	)		(0.4	)
Howard Hughes Corp. (The)		(701	)		(77,839	)		(1.7	)
Hubbell, Inc.		(715	)		(78,171	)		(1.7	)
Hudson Pacific Properties, Inc.		(5,777	)		(187,579	)		(4.2	)
Humana, Inc.		(266	)		(82,191	)		(1.8	)
Incyte Corp.		(647	)		(52,142	)		(1.2	)
Intercontinental Exchange, Inc.		(493	)		(37,843	)		(0.8	)
International Flavors & Fragrances, Inc.		(1,362	)		(193,104	)		(4.3	)
Invitation Homes, Inc.		(16,341	)		(367,509	)		(8.2	)
IPG Photonics Corp.		(1,233	)		(163,989	)		(3.7	)
IQVIA Holdings, Inc.		(958	)		(123,592	)		(2.8	)
Iron Mountain, Inc.		(2,873	)		(106,876	)		(2.4	)
Jack Henry & Associates, Inc.		(454	)		(60,632	)		(1.4	)
Jacobs Engineering Group, Inc.		(642	)		(41,602	)		(0.9	)
JB Hunt Transport Services, Inc.		(1,015	)		(108,646	)		(2.4	)
Jefferies Financial Group, Inc.		(796	)		(16,565	)		(0.4	)
JM Smucker Co. (The)		(427	)		(44,784	)		(1.0	)
JPMorgan Chase & Co.		(370	)		(38,295	)		(0.9	)
Kansas City Southern		(1,601	)		(169,306	)		(3.8	)
Kinder Morgan, Inc.		(3,131	)		(56,671	)		(1.3	)
Knight-Swift Transportation Holdings, Inc.		(6,394	)		(203,010	)		(4.5	)
Kraft Heinz Co. (The)		(13,198	)		(634,296	)		(14.2	)
Laboratory Corp. of America Holdings		(373	)		(51,978	)		(1.2	)
Lamb Weston Holdings, Inc.		(453	)		(32,752	)		(0.7	)
Leidos Holdings, Inc.		(2,651	)		(153,758	)		(3.4	)
Lennar Corp.		(3,855	)		(182,804	)		(4.1	)
Liberty Media Corp-Liberty Formula One		(3,065	)		(96,149	)		(2.1	)
Littelfuse, Inc.		(1,154	)		(202,781	)		(4.5	)
Live Nation Entertainment, Inc.		(4,387	)		(234,748	)		(5.2	)
LKQ Corp.		(894	)		(23,441	)		(0.5	)
Macerich Co. (The)		(1,320	)		(60,931	)		(1.4	)
Madison Square Garden Co. (The)		(364	)		(101,156	)		(2.3	)
Markel Corp.		(142	)		(149,598	)		(3.3	)
MarketAxess Holdings, Inc.		(556	)		(119,412	)		(2.7	)
Marsh & McLennan Cos., Inc.		(725	)		(63,938	)		(1.4	)
Martin Marietta Materials, Inc.		(1,409	)		(248,942	)		(5.6	)
Marvell Technology Group Ltd.		(12,360	)		(229,031	)		(5.1	)
MGM Resorts International		(2,151	)		(63,325	)		(1.4	)
Microchip Technology, Inc.		(131	)		(10,528	)		(0.2	)
Mid-America Apartment Communities, Inc.		(1,669	)		(169,036	)		(3.8	)
Middleby Corp. (The)		(166	)		(19,525	)		(0.4	)
Mohawk Industries, Inc.		(897	)		(115,525	)		(2.6	)
Moody’s Corp.		(739	)		(117,139	)		(2.6	)
Morgan Stanley		(704	)		(29,779	)		(0.7	)
MSCI, Inc.		(255	)		(43,419	)		(1.0	)
National Instruments Corp.		(1,360	)		(60,139	)		(1.3	)
Nektar Therapeutics		(3,026	)		(128,121	)		(2.9	)
Netflix, Inc.		(875	)		(297,063	)		(6.6	)
Neurocrine Biosciences, Inc.		(605	)		(53,373	)		(1.2	)
New Residential Investment Corp.		(13,927	)		(236,480	)		(5.3	)
New York Community Bancorp, Inc.		(8,270	)		(96,097	)		(2.1	)
Newell Brands, Inc.		(3,440	)		(72,962	)		(1.6	)


	Shares			Value			% of Basket Value

United States (continued)
Newmont Mining Corp.		(1,395	)	$	(47,583	)		(1.1	) %
NextEra Energy, Inc.		(778	)		(139,246	)		(3.1	)
NiSource, Inc.		(5,507	)		(150,231	)		(3.4	)
Noble Energy, Inc.		(7,910	)		(176,709	)		(3.9	)
Northern Trust Corp.		(584	)		(51,661	)		(1.2	)
Nutanix, Inc.		(6,025	)		(308,661	)		(6.9	)
NVIDIA Corp.		(649	)		(93,294	)		(2.1	)
Old Republic International Corp.		(895	)		(18,034	)		(0.4	)
ONEOK, Inc.		(1,984	)		(127,393	)		(2.8	)
PacWest Bancorp		(654	)		(25,238	)		(0.6	)
Parsley Energy, Inc.		(2,753	)		(51,151	)		(1.1	)
Paycom Software, Inc.		(137	)		(20,309	)		(0.5	)
PerkinElmer, Inc.		(319	)		(28,870	)		(0.6	)
Pioneer Natural Resources Co.		(561	)		(79,842	)		(1.8	)
Polaris Industries, Inc.		(511	)		(42,863	)		(1.0	)
Pool Corp.		(630	)		(94,443	)		(2.1	)
Post Holdings, Inc.		(2,192	)		(203,461	)		(4.5	)
PPG Industries, Inc.		(363	)		(38,275	)		(0.9	)
PPL Corp.		(1,528	)		(47,857	)		(1.1	)
Prologis, Inc.		(45	)		(3,112	)		(0.1	)
Proofpoint, Inc.		(2,672	)		(272,197	)		(6.1	)
PTC, Inc.		(1,215	)		(103,020	)		(2.3	)
Public Service Enterprise Group, Inc.		(1,474	)		(80,407	)		(1.8	)
Regency Centers Corp.		(859	)		(55,835	)		(1.2	)
Rollins, Inc.		(1,592	)		(59,286	)		(1.3	)
Roper Technologies, Inc.		(321	)		(90,926	)		(2.0	)
RPM International, Inc.		(341	)		(19,492	)		(0.4	)
S&P Global, Inc.		(772	)		(147,954	)		(3.3	)
Sage Therapeutics, Inc.		(264	)		(37,644	)		(0.8	)
salesforce.com, Inc.		(644	)		(97,869	)		(2.2	)
Sarepta Therapeutics, Inc.		(3,605	)		(503,655	)		(11.2	)
SBA Communications Corp.		(508	)		(92,725	)		(2.1	)
Seattle Genetics, Inc.		(4,558	)		(348,368	)		(7.8	)
Sempra Energy		(2,121	)		(248,115	)		(5.5	)
ServiceMaster Global Holdings, Inc.		(1,251	)		(48,776	)		(1.1	)
Sherwin-Williams Co. (The)		(71	)		(29,928	)		(0.7	)
Signature Bank		(1,109	)		(141,187	)		(3.2	)
Southern Co. (The)		(1,008	)		(48,989	)		(1.1	)
Splunk, Inc.		(1,949	)		(243,313	)		(5.4	)
SS&C Technologies Holdings, Inc.		(1,192	)		(61,376	)		(1.4	)
Stanley Black & Decker, Inc.		(385	)		(48,679	)		(1.1	)
Starwood Property Trust, Inc.		(3,825	)		(84,456	)		(1.9	)
State Street Corp.		(610	)		(43,249	)		(1.0	)
SVB Financial Group		(415	)		(96,853	)		(2.2	)
Symantec Corp.		(10,058	)		(211,419	)		(4.7	)
Tableau Software, Inc.		(612	)		(78,238	)		(1.7	)
Targa Resources Corp.		(5,949	)		(255,866	)		(5.7	)
Teleflex, Inc.		(356	)		(97,366	)		(2.2	)
TJX Cos., Inc. (The)		(1,126	)		(55,996	)		(1.3	)
T-Mobile US, Inc.		(312	)		(21,721	)		(0.5	)
TransDigm Group, Inc.		(564	)		(220,524	)		(4.9	)
TransUnion		(550	)		(33,451	)		(0.7	)
Travelers Cos., Inc. (The)		(145	)		(18,203	)		(0.4	)
Trimble, Inc.		(4,264	)		(160,582	)		(3.6	)
Twitter, Inc.		(1,212	)		(40,675	)		(0.9	)
Tyler Technologies, Inc.		(512	)		(96,865	)		(2.2	)
Ulta Beauty, Inc.		(324	)		(94,582	)		(2.1	)
Ultimate Software Group, Inc. (The)		(603	)		(164,661	)		(3.7	)
United Technologies Corp.		(2,571	)		(303,558	)		(6.8	)
Vail Resorts, Inc.		(333	)		(62,691	)		(1.4	)
VEREIT, Inc.		(169	)		(1,366	)		0.0
Verisk Analytics, Inc.		(462	)		(54,243	)		(1.2	)
VICI Properties, Inc.		(2,716	)		(58,475	)		(1.3	)


	Shares			Value			% of Basket Value

United States (continued)
Vistra Energy Corp.		(5,986	)	$	(150,308	)		(3.4	) %
Vornado Realty Trust		(1,927	)		(134,717	)		(3.0	)
Vulcan Materials Co.		(876	)		(89,045	)		(2.0	)
Wabtec Corp.		(528	)		(36,516	)		(0.8	)
Waste Connections, Inc.		(1,209	)		(101,024	)		(2.3	)
Watsco, Inc.		(613	)		(90,405	)		(2.0	)
Wells Fargo & Co.		(7,338	)		(358,902	)		(8.0	)
Welltower, Inc.		(1,999	)		(154,903	)		(3.5	)
West Pharmaceutical Services, Inc.		(1,346	)		(145,731	)		(3.3	)
Western Alliance Bancorp		(762	)		(33,741	)		(0.8	)
WEX, Inc.		(1,015	)		(163,750	)		(3.7	)
Weyerhaeuser Co.		(6,623	)		(173,788	)		(3.9	)
Williams Cos., Inc. (The)		(15,531	)		(418,250	)		(9.3	)
Workday, Inc.		(1,061	)		(192,603	)		(4.2	)
Worldpay, Inc.		(1,759	)		(146,841	)		(3.2	)
WR Berkley Corp.		(939	)		(72,200	)		(1.5	)
Wyndham Hotels & Resorts, Inc.		(8,557	)		(420,064	)		(9.3	)
Wynn Resorts Ltd.		(854	)		(105,052	)		(2.2	)
XPO Logistics, Inc.		(4,238	)		(257,587	)		(5.7	)
Xylem, Inc.		(2,488	)		(177,295	)		(4.0	)
Zayo Group Holdings, Inc.		(6,239	)		(171,262	)		(3.9	)
Zillow Group, Inc.		(894	)		(31,371	)		(0.6	)
Zimmer Biomet Holdings, Inc.		(621	)		(68,038	)		(1.4	)

					(30,555,752	)


Total Reference Entity — Short					(52,308,471	)


Net Value of Reference Entity — Bank of America NA				$	4,478,786

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Citibank NA, as of January 31, 2019, expiration dates 02/24/23 — 02/27/23:


	Shares		Value		% of Basket Value

Reference Entity — Long

Australia
Rio Tinto plc		9,630	$	532,753		9.1	%


Austria
OMV AG		423		21,033		0.4


Belgium
Ageas		2,268		105,454		1.8
Groupe Bruxelles Lambert SA		208		19,598		0.3
Proximus SADP		5,448		146,256		2.5
Solvay SA		34		3,702		0.1
UCB SA		2,490		215,766		3.7

				490,776

China
Agricultural Bank of China Ltd.		181,000		85,695		1.5
Anhui Conch Cement Co. Ltd.		39,000		212,680		3.6
ANTA Sports Products Ltd.		18,000		93,113		1.6
Bank of China Ltd.		875,000		406,824		6.9
China Merchants Bank Co. Ltd.		56,000		246,890		4.2
China Mobile Ltd.		2,500		26,293		0.4
China Petroleum & Chemical Corp.		244,000		204,032		3.5
China Resources Land Ltd.		14,000		54,625		0.9
China Telecom Corp. Ltd.		38,000		20,631		0.4
China Unicom Hong Kong Ltd.		386,000		442,155		7.5
CNOOC Ltd.		8,000		13,371		0.2
Hengan International Group Co. Ltd.		4,500		35,203		0.6
Industrial & Commercial Bank of China Ltd.		382,000		296,762		5.1


	Shares		Value		% of Basket Value

China (continued)
Sinopharm Group Co. Ltd.		3,200	$	14,301		0.2	%
Tencent Holdings Ltd.		2,800		124,641		2.1
Yum China Holdings, Inc.		2,216		80,773		1.4

				2,357,989

Denmark
Coloplast A/S		502		45,857		0.8
GN Store Nord A/S		9,263		399,295		6.8
Novozymes A/S		2,764		115,583		2.0
Pandora A/S		2,370		102,923		1.8

				663,658

Finland
Neste OYJ		499		45,719		0.8
Stora Enso OYJ		12,769		171,773		2.9
UPM-Kymmene OYJ		4,581		133,040		2.3

				350,532

France
Arkema SA		322		30,509		0.5
Atos SE		2,201		200,687		3.4
Capgemini SE		261		28,824		0.5
Cie de Saint-Gobain		1,557		53,729		0.9
Cie Generale des Etablissements Michelin SCA		1,103		119,810		2.0
Cie Plastic Omnium SA		1,530		42,075		0.7
Dassault Systemes SE		389		48,754		0.8
Engie SA		2,122		34,018		0.6
Faurecia SA		3,228		141,223		2.4
Fonciere Des Regions		1,312		134,106		2.3
Kering SA		80		40,122		0.7
Klepierre SA		1,583		54,248		0.9
L’Oreal SA		86		20,728		0.4
LVMH Moet Hennessy Louis Vuitton SE		323		103,619		1.8
Peugeot SA		6,880		173,069		2.9
Publicis Groupe SA		2,451		149,658		2.5
Sanofi		55		4,780		0.1
Sartorius Stedim Biotech		183		20,171		0.3
Schneider Electric SE		712		50,639		0.9
Thales SA		247		27,316		0.5
TOTAL SA		421		23,080		0.4
Ubisoft Entertainment SA		1,885		167,287		2.8
Veolia Environnement SA		3,007		63,525		1.1

				1,731,977

Germany
Allianz SE (Registered)		939		199,230		3.4
BASF SE		415		30,402		0.5
Beiersdorf AG		528		52,854		0.9
Brenntag AG		761		36,032		0.6
Continental AG		372		58,790		1.0
Covestro AG		4,583		253,255		4.3
Deutsche Lufthansa AG (Registered)		15,170		382,983		6.5
Deutsche Post AG (Registered)		661		19,523		0.3
Deutsche Telekom AG (Registered)		4,147		67,434		1.1
Evonik Industries AG		316		8,642		0.1
Hannover Rueck SE		963		138,993		2.4
HOCHTIEF AG		418		62,519		1.1
HUGO BOSS AG		1,328		95,218		1.6
Infineon Technologies AG		4,134		91,955		1.6
LEG Immobilien AG		125		14,684		0.2
Merck KGaA		561		58,905		1.0
MTU Aero Engines AG		127		27,387		0.5
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		1,721		384,059		6.5


	Shares		Value		% of Basket Value

Germany (continued)
ProSiebenSat.1 Media SE		1,067	$	19,047		0.3	%
Puma SE		38		21,160		0.4
Scout24 AG		499		23,460		0.4
TUI AG		2,266		34,311		0.6
Volkswagen AG		2,572		448,693		7.6

				2,529,536

Hong Kong
CK Asset Holdings Ltd.		47,500		399,894		6.8
CK Hutchison Holdings Ltd.		49,000		494,861		8.4
CLP Holdings Ltd.		30,000		349,412		5.9
Hang Seng Bank Ltd.		8,800		202,461		3.4
Hong Kong & China Gas Co. Ltd.		73,000		158,632		2.7
Hong Kong Exchanges & Clearing Ltd.		3,000		93,867		1.6
Link REIT		11,000		120,914		2.1
Power Assets Holdings Ltd.		19,500		131,362		2.2
Sino Biopharmaceutical Ltd.		333,500		282,121		4.8
Sun Hung Kai Properties Ltd.		9,000		150,953		2.6
Techtronic Industries Co. Ltd.		20,500		119,670		2.0

				2,504,147

Ireland
AerCap Holdings NV		1,461		69,047		1.2


Italy
A2A SpA		15,642		28,541		0.5
Assicurazioni Generali SpA		5,605		98,128		1.7
Enel SpA		2,921		17,654		0.3
Eni SpA		2,264		38,388		0.7
Moncler SpA		1,625		61,156		1.0
Poste Italiane SpA		3,829		32,974		0.6
Recordati SpA		237		8,588		0.1
Telecom Italia SpA		82,781		46,060		0.8
Terna Rete Elettrica Nazionale SpA		1,813		11,174		0.2

				342,663

Japan
Aisin Seiki Co. Ltd.		1,700		67,209		1.1
Asahi Glass Co. Ltd.		2,100		71,170		1.2
Astellas Pharma, Inc.		3,200		47,482		0.8
Central Japan Railway Co.		1,700		367,408		6.3
Dai-ichi Life Holdings, Inc.		4,100		66,572		1.1
Daikin Industries Ltd.		600		64,945		1.1
Daito Trust Construction Co. Ltd.		900		125,003		2.1
Daiwa House Industry Co. Ltd.		2,800		90,780		1.5
Denso Corp.		1,000		45,997		0.8
Fuji Electric Co. Ltd.		13,100		404,855		6.9
Fujitsu Ltd.		1,800		120,808		2.1
Hitachi High-Technologies Corp.		4,900		177,086		3.0
Hitachi Ltd.		1,200		37,750		0.6
Hoya Corp.		600		34,822		0.6
Isuzu Motors Ltd.		2,000		29,751		0.5
ITOCHU Corp.		8,000		146,754		2.5
Kajima Corp.		2,500		35,562		0.6
Kao Corp.		700		49,489		0.8
Konami Holdings Corp.		4,800		220,450		3.8
Kose Corp.		600		88,078		1.5
McDonald’s Holdings Co. Japan Ltd.		1,200		53,111		0.9
MEIJI Holdings Co. Ltd.		100		7,733		0.1
Mitsubishi Chemical Holdings Corp.		24,600		211,401		3.6
Mitsubishi Electric Corp.		2,200		27,683		0.5
Mitsui Chemicals, Inc.		2,900		72,805		1.2
MS&AD Insurance Group Holdings, Inc.		7,700		227,947		3.9
NGK Spark Plug Co. Ltd.		1,200		25,855		0.4
Nikon Corp.		9,600		164,145		2.8


	Shares		Value		% of Basket Value

Japan (continued)
Nippon Building Fund, Inc.		4	$	25,882		0.4	%
Nippon Telegraph & Telephone Corp.		2,500		107,471		1.8
Nitto Denko Corp.		300		16,970		0.3
NSK Ltd.		7,600		74,129		1.3
NTT DOCOMO, Inc.		100		2,403		0.0
Obayashi Corp.		14,700		139,875		2.4
Oji Holdings Corp.		5,100		29,532		0.5
Olympus Corp.		2,200		90,246		1.5
Omron Corp.		1,500		61,602		1.0
Osaka Gas Co. Ltd.		8,500		168,287		2.9
Panasonic Corp.		5,200		50,920		0.9
Pigeon Corp.		1,300		50,970		0.9
Pola Orbis Holdings, Inc.		2,600		77,765		1.3
Recruit Holdings Co. Ltd.		2,300		61,733		1.1
Ryohin Keikaku Co. Ltd.		200		47,668		0.8
Sekisui Chemical Co. Ltd.		5,400		83,816		1.4
Shimadzu Corp.		3,200		73,592		1.3
Shionogi & Co. Ltd.		700		43,174		0.7
Shiseido Co. Ltd.		800		47,589		0.8
Sompo Holdings, Inc.		4,100		154,587		2.6
Sony Corp.		2,500		125,267		2.1
Subaru Corp.		1,500		35,223		0.6
Sumitomo Chemical Co. Ltd.		17,000		88,682		1.5
Sumitomo Corp.		3,200		49,547		0.8
Sumitomo Mitsui Financial Group, Inc.		5,300		197,171		3.4
Sumitomo Realty & Development Co. Ltd.		600		22,914		0.4
Suzuki Motor Corp.		3,500		182,772		3.1
T&D Holdings, Inc.		6,600		81,933		1.4
Taisei Corp.		1,500		70,624		1.2
Tokio Marine Holdings, Inc.		1,800		88,138		1.5
Tokyo Electron Ltd.		300		43,806		0.7
Tokyo Gas Co. Ltd.		3,100		81,515		1.4
West Japan Railway Co.		500		36,518		0.6
Yamaha Corp.		500		21,882		0.4
Yokogawa Electric Corp.		15,700		292,384		5.0

				5,909,238

Luxembourg
ArcelorMittal		10,812		249,727		4.3


Macau
Sands China Ltd.		22,400		107,460		1.8


Netherlands
ASR Nederland NV		4,782		201,696		3.4
EXOR NV		2,726		174,278		3.0
Heineken Holding NV		1,831		158,954		2.7
ING Groep NV		9,206		109,237		1.9
Koninklijke Ahold Delhaize NV		5,125		135,024		2.3
Koninklijke Philips NV		1,086		42,816		0.7
NXP Semiconductors NV		909		79,110		1.3
Randstad NV		2,279		109,858		1.9
Wolters Kluwer NV		2,390		148,636		2.5

				1,159,609

Norway
Equinor ASA		4,791		109,552		1.9


Puerto Rico
Popular, Inc.		1,020		55,702		0.9


Singapore
Genting Singapore Ltd.		696,800		571,039		9.7
Mapletree Industrial Trust		38,600		57,444		1.0

				628,483


	Shares		Value		% of Basket Value

South Africa
Anglo American plc		11,808	$	301,763		5.1	%
Mondi plc		2,952		71,389		1.2

				373,152

South Korea
Hana Financial Group, Inc.		1,939		69,720		1.2
Hyundai Development Co-Engineering & Construction		71		1,195		0.0
KB Financial Group, Inc.		3,044		130,793		2.2
Kia Motors Corp.		7,705		251,939		4.3
KT&G Corp.		184		16,384		0.3
LG Household & Health Care Ltd.		20		22,756		0.4
LG Uplus Corp.		31,231		424,494		7.2
NCSoft Corp.		62		26,107		0.4
POSCO		1,746		431,004		7.3
Samsung C&T Corp.		452		48,903		0.8
Samsung Electro-Mechanics Co. Ltd.		2,797		273,728		4.7
Samsung Electronics Co. Ltd.		3,166		132,004		2.2
Samsung SDS Co. Ltd.		201		40,566		0.7
Shinhan Financial Group Co. Ltd.		3,452		133,517		2.3
SK Holdings Co. Ltd.		918		218,061		3.7
SK Hynix, Inc.		10,281		687,488		11.7
SK Telecom Co. Ltd.		1,783		412,779		7.0
Woori Bank		7,585		102,145		1.7

				3,423,583

Spain
ACS Actividades de Construccion y Servicios SA		1,206		25,286		0.4
Aena SME SA		162		28,003		0.5
Banco Santander SA		33,482		158,793		2.7
Bankinter SA		2,252		17,584		0.3
CaixaBank SA		15,561		58,852		1.0
Iberdrola SA		3,377		27,913		0.5
Red Electrica Corp. SA		2,392		55,125		0.9
Repsol SA		13,156		230,928		3.9
Telefonica SA		15,844		136,283		2.3

				738,767

Sweden
Alfa Laval AB		1,420		32,194		0.5
Atlas Copco AB		4,079		106,418		1.8
Boliden AB		1,826		45,702		0.8
Hennes & Mauritz AB		1,116		17,365		0.3
Investor AB		754		33,162		0.6
Sandvik AB		3,637		58,119		1.0
Securitas AB		2,924		47,018		0.8
SKF AB		4,472		75,327		1.3
Svenska Cellulosa AB SCA		11,661		102,570		1.7
Swedbank AB		1,671		37,959		0.6
Swedish Match AB		137		6,138		0.1

				561,972

Switzerland
Adecco Group AG (Registered)		933		46,754		0.8
Baloise Holding AG (Registered)		1,121		173,618		3.0
Flughafen Zurich AG (Registered)		165		29,145		0.5
Kuehne + Nagel International AG (Registered)		1,985		268,434		4.6
Logitech International SA (Registered)		5,059		184,566		3.1
Novartis AG (Registered)		1,330		116,110		2.0
Partners Group Holding AG		192		132,058		2.2
Roche Holding AG		1,800		478,864		8.1
SGS SA (Registered)		108		260,717		4.4
Sonova Holding AG (Registered)		103		19,331		0.3
STMicroelectronics NV		1,247		19,895		0.3


	Shares		Value		% of Basket Value

Switzerland (continued)
Straumann Holding AG (Registered)		153	$	111,081		1.9	%
Swiss Life Holding AG (Registered)		80		33,004		0.6
Swiss Prime Site AG (Registered)		518		43,881		0.7
Temenos Group AG (Registered)		623		84,095		1.4
Zurich Insurance Group AG		487		152,846		2.6

				2,154,399

Taiwan
Catcher Technology Co. Ltd.		62,000		477,279		8.1
CTBC Financial Holding Co. Ltd.		412,000		280,549		4.8
Formosa Chemicals & Fibre Corp.		86,000		299,292		5.1
Formosa Plastics Corp.		50,000		167,326		2.8
Globalwafers Co. Ltd.		19,000		187,885		3.2
Nanya Technology Corp.		11,000		22,340		0.4
Taiwan Semiconductor Manufacturing Co. Ltd.		37,000		274,465		4.7
Uni-President Enterprises Corp.		154,000		364,933		6.2
United Microelectronics Corp.		2,042,000		779,877		13.3
Yageo Corp.		19,000		207,753		3.5

				3,061,699

United Kingdom
3i Group plc		1,719		19,185		0.3
Ashtead Group plc		888		22,524		0.4
Aviva plc		17,751		96,541		1.6
Barratt Developments plc		3,846		27,203		0.5
Berkeley Group Holdings plc		1,054		51,895		0.9
British Land Co. plc (The)		693		5,220		0.1
Burberry Group plc		2,535		59,925		1.0
GlaxoSmithKline plc		9,227		179,231		3.1
Imperial Brands plc		6,445		213,936		3.6
InterContinental Hotels Group plc		1,984		112,746		1.9
ITV plc		20,945		35,554		0.6
J Sainsbury plc		27,063		101,336		1.7
Land Securities Group plc		26,739		304,086		5.2
Legal & General Group plc		34,170		116,414		2.0
Lloyds Banking Group plc		137,824		105,072		1.8
Marks & Spencer Group plc		10,474		39,629		0.7
Meggitt plc		10,340		70,030		1.2
Next plc		706		44,901		0.8
Pearson plc		14,895		177,085		3.0
Persimmon plc		701		21,868		0.4
Prudential plc		10,012		195,796		3.3
Royal Mail plc		9,660		34,036		0.6
Sage Group plc (The)		9,435		77,550		1.3
Schroders plc		701		24,047		0.4
Smith & Nephew plc		10,081		189,913		3.2
Taylor Wimpey plc		68,418		148,347		2.5
United Utilities Group plc		2,173		23,766		0.4
Wm Morrison Supermarkets plc		21,361		65,689		1.1

				2,563,525

United States
AbbVie, Inc.		1,540		123,647		2.1
Accenture plc		7		1,075		0.0
Activision Blizzard, Inc.		1,514		71,521		1.2
Acuity Brands, Inc.		172		20,797		0.4
Adobe Systems, Inc.		296		73,355		1.2
Advance Auto Parts, Inc.		378		60,178		1.0
AES Corp.		3,046		49,924		0.8
Aflac, Inc.		599		28,572		0.5
Agilent Technologies, Inc.		1,245		94,682		1.6
Air Products & Chemicals, Inc.		165		27,124		0.5
Akamai Technologies, Inc.		363		23,631		0.4
Alliance Data Systems Corp.		108		19,180		0.3


	Shares		Value		% of Basket Value

United States (continued)
Allison Transmission Holdings, Inc.		404	$	19,663		0.3	%
Allstate Corp. (The)		245		21,528		0.4
Ally Financial, Inc.		9,059		236,078		4.0
Alphabet, Inc.		299		335,566		5.7
Ameren Corp.		318		22,050		0.4
American Electric Power Co., Inc.		117		9,257		0.2
American Express Co.		2,576		264,555		4.5
American Financial Group, Inc.		448		42,735		0.7
Ameriprise Financial, Inc.		289		36,587		0.6
AMETEK, Inc.		1,795		130,855		2.2
Amgen, Inc.		2,446		457,671		7.8
Annaly Capital Management, Inc.		10,573		110,382		1.9
Anthem, Inc.		38		11,514		0.2
AO Smith Corp.		513		24,552		0.4
Apache Corp.		532		17,460		0.3
Apartment Investment & Management Co.		801		39,666		0.7
Applied Materials, Inc.		707		27,630		0.5
Archer-Daniels-Midland Co.		2,414		108,389		1.8
Athene Holding Ltd.		2,804		120,292		2.0
Automatic Data Processing, Inc.		213		29,786		0.5
AutoZone, Inc.		161		136,422		2.3
Baxter International, Inc.		2,485		180,138		3.1
Best Buy Co., Inc.		2,297		136,074		2.3
Biogen, Inc.		797		266,023		4.5
Booking Holdings, Inc.		34		62,316		1.1
Booz Allen Hamilton Holding Corp.		872		42,841		0.7
Boston Properties, Inc.		427		56,308		1.0
Bristol-Myers Squibb Co.		1,823		90,002		1.5
Broadridge Financial Solutions, Inc.		85		8,571		0.1
Burlington Stores, Inc.		787		135,136		2.3
Cabot Oil & Gas Corp.		322		8,034		0.1
Cadence Design Systems, Inc.		1,956		93,947		1.6
Campbell Soup Co.		109		3,862		0.1
Capital One Financial Corp.		2,945		237,338		4.0
Carnival Corp.		363		20,902		0.4
Carnival plc		684		38,700		0.7
CBRE Group, Inc.		2,610		119,407		2.0
CBS Corp. (Non-Voting)		1,000		49,460		0.8
CDW Corp.		421		35,057		0.6
Celanese Corp.		2,484		237,868		4.0
CenterPoint Energy, Inc.		5,213		161,186		2.7
CH Robinson Worldwide, Inc.		1,322		114,710		2.0
Chemours Co. (The)		247		8,830		0.2
Chevron Corp.		1,845		211,529		3.6
Cigna Corp.		467		93,311		1.6
Cimarex Energy Co.		855		64,416		1.1
Cintas Corp.		342		64,128		1.1
Cisco Systems, Inc.		953		45,067		0.8
CIT Group, Inc.		1,479		68,315		1.2
Citizens Financial Group, Inc.		5,196		176,248		3.0
Citrix Systems, Inc.		299		30,659		0.5
Clorox Co. (The)		273		40,508		0.7
CMS Energy Corp.		1,387		72,318		1.2
Colgate-Palmolive Co.		249		16,105		0.3
Columbia Sportswear Co.		1,096		97,752		1.7
Comcast Corp.		3,216		117,609		2.0
Comerica, Inc.		1,342		105,669		1.8
Commerce Bancshares, Inc.		1,521		90,956		1.5
ConocoPhillips		6,137		415,414		7.1
Consolidated Edison, Inc.		519		40,300		0.7
Copart, Inc.		949		48,048		0.8
Costco Wholesale Corp.		86		18,458		0.3
CubeSmart		2,420		74,899		1.3


	Shares		Value		% of Basket Value

United States (continued)
Cullen/Frost Bankers, Inc.		481	$	46,792		0.8	%
Cummins, Inc.		940		138,283		2.4
Cypress Semiconductor Corp.		3,310		45,910		0.8
Darden Restaurants, Inc.		1,295		135,884		2.3
Devon Energy Corp.		4,250		113,262		1.9
Discover Financial Services		3,311		223,459		3.8
Dollar General Corp.		1,053		121,548		2.1
Domino’s Pizza, Inc.		78		22,131		0.4
Donaldson Co., Inc.		1,756		83,024		1.4
Dover Corp.		501		44,003		0.7
DTE Energy Co.		1,800		211,950		3.6
Duke Realty Corp.		6,628		193,803		3.3
E*TRADE Financial Corp.		1,779		83,008		1.4
East West Bancorp, Inc.		1,398		70,347		1.2
Eastman Chemical Co.		2,003		161,482		2.7
Eaton Corp. plc		1,920		146,400		2.5
Eli Lilly & Co.		548		65,683		1.1
Emerson Electric Co.		1,135		74,308		1.3
Encompass Health Corp.		328		21,924		0.4
EOG Resources, Inc.		985		97,712		1.7
EPR Properties		3,074		224,586		3.8
Equity LifeStyle Properties, Inc.		2,163		229,018		3.9
Equity Residential		2,197		159,414		2.7
Essex Property Trust, Inc.		133		36,070		0.6
Estee Lauder Cos., Inc. (The)		1,327		181,029		3.1
Exelon Corp.		1,222		58,363		1.0
Expeditors International of Washington, Inc.		3,303		228,898		3.9
Extra Space Storage, Inc.		113		11,143		0.2
F5 Networks, Inc.		1,349		217,122		3.7
Fair Isaac Corp.		686		154,487		2.6
Fastenal Co.		1,125		68,017		1.2
Federal Realty Investment Trust		96		12,727		0.2
Ferguson plc		853		57,120		1.0
Fifth Third Bancorp		6,098		163,548		2.8
FirstEnergy Corp.		2,152		84,358		1.4
Fiserv, Inc.		158		13,103		0.2
FLIR Systems, Inc.		380		18,574		0.3
Foot Locker, Inc.		1,058		59,132		1.0
Ford Motor Co.		6,494		57,147		1.0
Fortinet, Inc.		658		50,383		0.9
Fortune Brands Home & Security, Inc.		900		40,770		0.7
Gaming and Leisure Properties, Inc.		530		19,875		0.3
Gap, Inc. (The)		6,460		164,342		2.8
Garmin Ltd.		339		23,452		0.4
Gentex Corp.		1,647		34,883		0.6
Graco, Inc.		1,263		54,726		0.9
H&R Block, Inc.		2,666		62,891		1.1
Halliburton Co.		5,370		168,403		2.9
Hanover Insurance Group, Inc. (The)		211		24,062		0.4
Hartford Financial Services Group, Inc. (The)		917		43,026		0.7
HCA Healthcare, Inc.		903		125,905		2.1
HD Supply Holdings, Inc.		3,262		136,808		2.3
Helmerich & Payne, Inc.		1,384		77,490		1.3
Herbalife Nutrition Ltd.		4,713		281,366		4.8
Hershey Co. (The)		588		62,387		1.1
Hewlett Packard Enterprise Co.		11,661		181,795		3.1
Hill-Rom Holdings, Inc.		303		30,306		0.5
HollyFrontier Corp.		560		31,550		0.5
Home Depot, Inc. (The)		305		55,977		1.0
Honeywell International, Inc.		493		70,810		1.2
Host Hotels & Resorts, Inc.		1,523		27,505		0.5
HP, Inc.		2,235		49,237		0.8
Huntsman Corp.		4,760		104,577		1.8


	Shares		Value		% of Basket Value

United States (continued)
IAC/InterActiveCorp		290	$	61,271		1.0	%
IDEX Corp.		631		86,990		1.5
IDEXX Laboratories, Inc.		226		48,088		0.8
Illinois Tool Works, Inc.		577		79,228		1.3
Ingersoll-Rand plc		1,805		180,572		3.1
Integrated Device Technology, Inc.		2,034		99,361		1.7
Intel Corp.		1,993		93,910		1.6
International Business Machines Corp.		296		39,788		0.7
Interpublic Group of Cos., Inc. (The)		987		22,454		0.4
Intuit, Inc.		705		152,153		2.6
Johnson & Johnson		165		21,958		0.4
Jones Lang LaSalle, Inc.		296		42,449		0.7
Juniper Networks, Inc.		4,312		111,853		1.9
KAR Auction Services, Inc.		815		42,388		0.7
Kellogg Co.		867		51,162		0.9
Kimco Realty Corp.		2,806		47,730		0.8
KLA-Tencor Corp.		1,143		121,810		2.1
Kohl’s Corp.		4,179		287,056		4.9
Kroger Co. (The)		90		2,550		0.0
Lam Research Corp.		754		127,863		2.2
Lear Corp.		2,243		345,265		5.9
Lennox International, Inc.		560		128,397		2.2
Liberty Property Trust		374		17,630		0.3
Lincoln Electric Holdings, Inc.		602		52,037		0.9
Loews Corp.		5,458		261,438		4.4
LPL Financial Holdings, Inc.		478		33,637		0.6
Lululemon Athletica, Inc.		191		28,232		0.5
LyondellBasell Industries NV		1,018		88,535		1.5
M&T Bank Corp.		509		83,751		1.4
Macy’s, Inc.		4,671		122,847		2.1
ManpowerGroup, Inc.		1,387		109,615		1.9
Marathon Oil Corp.		7,906		124,836		2.1
Masco Corp.		1,280		41,485		0.7
Maxim Integrated Products, Inc.		1,434		77,823		1.3
McKesson Corp.		500		64,125		1.1
MetLife, Inc.		1,660		75,812		1.3
Mettler-Toledo International, Inc.		245		156,349		2.7
Micron Technology, Inc.		2,096		80,109		1.4
Motorola Solutions, Inc.		953		111,415		1.9
National Retail Properties, Inc.		1,849		97,461		1.7
NetApp, Inc.		3,091		197,113		3.4
News Corp.		5,289		67,858		1.2
NIKE, Inc.		581		47,572		0.8
Nordstrom, Inc.		424		19,678		0.3
Norfolk Southern Corp.		365		61,225		1.0
NRG Energy, Inc.		2,224		90,984		1.5
Nucor Corp.		504		30,865		0.5
Occidental Petroleum Corp.		1,696		113,259		1.9
Old Dominion Freight Line, Inc.		982		133,483		2.3
Omnicom Group, Inc.		2,408		187,535		3.2
Oracle Corp.		695		34,910		0.6
O’Reilly Automotive, Inc.		24		8,272		0.1
Oshkosh Corp.		1,481		111,149		1.9
PACCAR, Inc.		1,075		70,434		1.2
Packaging Corp. of America		208		19,619		0.3
Park Hotels & Resorts, Inc.		77		2,315		0.0
Parker-Hannifin Corp.		378		62,298		1.1
Paychex, Inc.		734		51,967		0.9
Pentair plc		3,804		156,687		2.7
People’s United Financial, Inc.		4,929		80,737		1.4
Phillips 66		728		69,458		1.2
PPG Industries, Inc.		194		20,455		0.3
Progressive Corp. (The)		979		65,877		1.1
Prudential Financial, Inc.		430		39,620		0.7


	Shares		Value		% of Basket Value

United States (continued)
PulteGroup, Inc.		2,850	$	79,258		1.3	%
Quest Diagnostics, Inc.		956		83,507		1.4
Ralph Lauren Corp.		245		28,454		0.5
Raytheon Co.		274		45,144		0.8
Regions Financial Corp.		2,764		41,930		0.7
Reinsurance Group of America, Inc.		1,352		195,296		3.3
Reliance Steel & Aluminum Co.		197		16,130		0.3
ResMed, Inc.		618		58,815		1.0
Robert Half International, Inc.		3,558		229,242		3.9
Rockwell Automation, Inc.		1,913		324,292		5.5
Ross Stores, Inc.		181		16,674		0.3
Seagate Technology plc		630		27,896		0.5
ServiceNow, Inc.		167		36,743		0.6
Simon Property Group, Inc.		158		28,775		0.5
Sirius XM Holdings, Inc.		6,871		40,058		0.7
Six Flags Entertainment Corp.		837		51,551		0.9
SL Green Realty Corp.		1,089		100,656		1.7
Snap-on, Inc.		777		128,974		2.2
Sonoco Products Co.		379		21,823		0.4
Southwest Airlines Co.		1,854		105,233		1.8
Steel Dynamics, Inc.		4,494		164,435		2.8
STERIS plc		359		40,948		0.7
STORE Capital Corp.		1,350		43,632		0.7
SunTrust Banks, Inc.		4,102		243,741		4.1
Synchrony Financial		3,429		103,007		1.8
Synopsys, Inc.		1,255		117,154		2.0
Synovus Financial Corp.		319		11,299		0.2
Sysco Corp.		288		18,389		0.3
Tapestry, Inc.		1,613		62,439		1.1
Target Corp.		1,245		90,885		1.5
Teledyne Technologies, Inc.		104		23,319		0.4
Teradyne, Inc.		2,247		80,870		1.4
Texas Instruments, Inc.		1,913		192,601		3.3
Thermo Fisher Scientific, Inc.		158		38,816		0.7
Torchmark Corp.		2,047		171,457		2.9
Toro Co. (The)		989		58,846		1.0
Tractor Supply Co.		173		14,774		0.3
TripAdvisor, Inc.		328		18,821		0.3
Twenty-First Century Fox, Inc.		1,785		87,572		1.5
Tyson Foods, Inc.		523		32,384		0.6
UDR, Inc.		2,911		127,356		2.2
UGI Corp.		2,196		125,238		2.1
United Continental Holdings, Inc.		1,726		150,628		2.6
United Rentals, Inc.		728		91,189		1.6
UnitedHealth Group, Inc.		30		8,106		0.1
Verizon Communications, Inc.		1,037		57,097		1.0
Vertex Pharmaceuticals, Inc.		344		65,673		1.1
Viacom, Inc.		1,876		55,192		0.9
Visa, Inc.		1,711		231,002		3.9
Voya Financial, Inc.		1,749		81,206		1.4
Walgreens Boots Alliance, Inc.		1,115		80,570		1.4
Walmart, Inc.		1,107		106,084		1.8
Waters Corp.		754		174,340		3.0
WEC Energy Group, Inc.		326		23,808		0.4
Western Digital Corp.		188		8,458		0.1
Western Union Co. (The)		11,651		212,631		3.6
Westlake Chemical Corp.		847		62,593		1.1
Williams-Sonoma, Inc.		3,610		196,492		3.3
WW Grainger, Inc.		142		41,945		0.7
Xcel Energy, Inc.		1,863		97,547		1.7
YUM! BRANDS, Inc.		2,348		220,665		3.8

				23,910,501


Total Reference Entity — Long				56,601,480


	Shares			Value			% of Basket Value

Reference Entity — Short

Belgium
Anheuser-Busch InBev SA/NV		(3,368	)	$	(257,326	)		(4.4	) %
Galapagos NV		(235	)		(24,180	)		(0.4	)
Umicore SA		(1,331	)		(56,271	)		(1.0	)

					(337,777	)

Chile
Antofagasta plc		(13,370	)		(152,845	)		(2.6	)


China
AAC Technologies Holdings, Inc.		(19,500	)		(122,389	)		(2.1	)
BOC Hong Kong Holdings Ltd.		(170,500	)		(658,798	)		(11.2	)
Brilliance China Automotive Holdings Ltd.		(276,141	)		(261,459	)		(4.4	)
BYD Co. Ltd.		(77,000	)		(455,729	)		(7.8	)
China Evergrande Group		(195,000	)		(615,061	)		(10.5	)
China Life Insurance Co. Ltd.		(125,000	)		(310,402	)		(5.3	)
China Mengniu Dairy Co. Ltd.		(10,000	)		(30,974	)		(0.5	)
China Overseas Land & Investment Ltd.		(60,000	)		(226,328	)		(3.9	)
China Pacific Insurance Group Co. Ltd.		(5,600	)		(19,720	)		(0.3	)
Country Garden Holdings Co. Ltd.		(132,000	)		(187,637	)		(3.2	)
PICC Property & Casualty Co. Ltd.		(94,000	)		(97,343	)		(1.7	)
Semiconductor Manufacturing International Corp.		(1,065,000	)		(1,006,400	)		(17.1	)
Shenzhou International Group Holdings Ltd.		(14,000	)		(164,855	)		(2.8	)
Sunac China Holdings Ltd.		(150,000	)		(597,436	)		(10.2	)
Sunny Optical Technology Group Co. Ltd.		(17,400	)		(172,681	)		(2.9	)

					(4,927,212	)

Denmark
AP Moller — Maersk A/S		(1	)		(1,337	)		0.0
Chr Hansen Holding A/S		(1,372	)		(130,293	)		(2.2	)
ISS A/S		(1,974	)		(55,945	)		(1.0	)
Orsted A/S		(3,326	)		(240,345	)		(4.1	)
Tryg A/S		(1,477	)		(37,683	)		(0.6	)
Vestas Wind Systems A/S		(3,231	)		(267,085	)		(4.5	)

					(732,688	)

Finland
Nokia Corp.		(28,596	)		(180,660	)		(3.1	)
Nokian Renkaat OYJ		(1,293	)		(43,017	)		(0.7	)
Nordea Bank Abp		(4,111	)		(37,415	)		(0.6	)
Sampo OYJ		(2,236	)		(102,443	)		(1.7	)
Wartsila OYJ Abp		(5,153	)		(84,142	)		(1.4	)

					(447,677	)

France
Aeroports de Paris		(1,683	)		(321,959	)		(5.5	)
Air Liquide SA		(661	)		(80,245	)		(1.4	)
Alstom SA		(1,990	)		(80,057	)		(1.4	)
Bollore SA		(1	)		(4	)		0.0
Bureau Veritas SA		(12,201	)		(271,057	)		(4.6	)
Carrefour SA		(1,093	)		(21,615	)		(0.4	)
EssilorLuxottica SA		(864	)		(109,298	)		(1.9	)
Getlink		(5,271	)		(77,087	)		(1.3	)
Natixis SA		(16,090	)		(82,479	)		(1.4	)
Pernod Ricard SA		(554	)		(91,916	)		(1.6	)
Rubis SCA		(7,610	)		(454,250	)		(7.7	)
Teleperformance		(913	)		(157,128	)		(2.7	)
Unibail-Rodamco-Westfield		(179	)		(32,193	)		(0.5	)
Vivendi SA		(2,183	)		(55,664	)		(0.9	)

					(1,834,952	)

Germany
1&1 Drillisch AG		(8,270	)		(344,095	)		(5.9	)
Commerzbank AG		(57,118	)		(411,100	)		(7.0	)


	Shares			Value			% of Basket Value

Germany (continued)
Daimler AG (Registered)		(2,786	)	$	(165,040	)		(2.8	) %
Delivery Hero SE		(22,307	)		(823,872	)		(14.0	)
Deutsche Bank AG (Registered)		(31,798	)		(282,663	)		(4.8	)
Deutsche Boerse AG		(1,139	)		(151,656	)		(2.6	)
E.ON SE		(5,091	)		(56,594	)		(1.0	)
Fresenius Medical Care AG & Co. KGaA		(1,120	)		(82,376	)		(1.4	)
GEA Group AG		(1,193	)		(32,868	)		(0.6	)
Innogy SE		(652	)		(30,891	)		(0.5	)
KION Group AG		(3,678	)		(212,362	)		(3.6	)
LANXESS AG		(956	)		(52,619	)		(0.9	)
METRO AG		(2,954	)		(49,990	)		(0.9	)
SAP SE		(508	)		(52,530	)		(0.9	)
Sartorius AG (Preference)		(215	)		(32,275	)		(0.5	)
Siemens AG (Registered)		(2,163	)		(237,493	)		(4.0	)
Symrise AG		(943	)		(78,327	)		(1.3	)
Telefonica Deutschland Holding AG		(57,931	)		(203,098	)		(3.5	)
Uniper SE		(1,879	)		(54,485	)		(0.9	)
United Internet AG (Registered)		(86	)		(3,412	)		(0.1	)
Volkswagen AG (Preference)		(614	)		(104,728	)		(1.8	)
Zalando SE		(1,161	)		(35,426	)		(0.6	)

					(3,497,900	)

Hong Kong
AIA Group Ltd.		(42,600	)		(384,657	)		(6.5	)


Italy
Atlantia SpA		(11,053	)		(261,615	)		(4.5	)
Davide Campari-Milano SpA		(18,169	)		(163,241	)		(2.8	)
Ferrari NV		(950	)		(118,285	)		(2.0	)
Intesa Sanpaolo SpA		(14,242	)		(32,587	)		(0.6	)
Leonardo SpA		(1,895	)		(18,363	)		(0.3	)
Mediobanca Banca di Credito Finanziario SpA		(2,687	)		(23,417	)		(0.4	)
Pirelli & C SpA		(2,890	)		(18,890	)		(0.3	)
Prysmian SpA		(2,273	)		(48,832	)		(0.8	)
Snam SpA		(6,192	)		(29,569	)		(0.5	)

					(714,799	)

Japan
Aeon Co. Ltd.		(1,900	)		(38,669	)		(0.7	)
Alps Alpine Co. Ltd.		(6,800	)		(143,348	)		(2.4	)
ANA Holdings, Inc.		(6,300	)		(232,217	)		(4.0	)
Asahi Group Holdings Ltd.		(500	)		(20,945	)		(0.4	)
Coca-Cola Bottlers Japan Holdings, Inc.		(3,800	)		(117,375	)		(2.0	)
Daifuku Co. Ltd.		(4,100	)		(206,050	)		(3.5	)
Daiichi Sankyo Co. Ltd.		(1,900	)		(65,907	)		(1.1	)
Daiwa Securities Group, Inc.		(600	)		(2,992	)		(0.1	)
Dentsu, Inc.		(2,400	)		(113,842	)		(1.9	)
Don Quijote Holdings Co. Ltd.		(4,600	)		(267,496	)		(4.6	)
Hikari Tsushin, Inc.		(100	)		(16,028	)		(0.3	)
Hitachi Construction Machinery Co. Ltd.		(1,400	)		(35,556	)		(0.6	)
Honda Motor Co. Ltd.		(7,800	)		(234,171	)		(4.0	)
IHI Corp.		(400	)		(12,669	)		(0.2	)
Japan Post Bank Co. Ltd.		(3,300	)		(38,408	)		(0.7	)
Japan Post Holdings Co. Ltd.		(18,700	)		(229,879	)		(3.9	)
Japan Real Estate Investment Corp.		(3	)		(17,585	)		(0.3	)
Kansai Paint Co. Ltd.		(1,400	)		(24,566	)		(0.4	)
Keyence Corp.		(300	)		(154,385	)		(2.6	)
Komatsu Ltd.		(3,200	)		(84,263	)		(1.4	)
Kubota Corp.		(900	)		(14,269	)		(0.2	)
Kyocera Corp.		(800	)		(45,058	)		(0.8	)
Kyowa Hakko Kirin Co. Ltd.		(3,100	)		(59,433	)		(1.0	)
LINE Corp.		(5,400	)		(194,442	)		(3.3	)
M3, Inc.		(26,700	)		(386,429	)		(6.6	)
Makita Corp.		(1,100	)		(38,975	)		(0.7	)
MINEBEA MITSUMI, Inc.		(2,600	)		(42,768	)		(0.7	)


	Shares			Value			% of Basket Value

Japan (continued)
MISUMI Group, Inc.		(2,800	)	$	(64,089	)		(1.1	) %
Mitsubishi Corp.		(1,800	)		(52,755	)		(0.9	)
Mitsubishi UFJ Financial Group, Inc.		(16,200	)		(86,896	)		(1.5	)
Mizuho Financial Group, Inc.		(167,500	)		(274,927	)		(4.7	)
Murata Manufacturing Co. Ltd.		(300	)		(45,065	)		(0.8	)
Nexon Co. Ltd.		(6,000	)		(91,281	)		(1.6	)
NGK Insulators Ltd.		(2,500	)		(38,446	)		(0.7	)
Nitori Holdings Co. Ltd.		(800	)		(104,176	)		(1.8	)
Nomura Holdings, Inc.		(6,900	)		(26,943	)		(0.5	)
Oriental Land Co. Ltd.		(1,100	)		(112,787	)		(1.9	)
Otsuka Holdings Co. Ltd.		(3,600	)		(147,656	)		(2.5	)
Rakuten, Inc.		(50,400	)		(380,509	)		(6.5	)
Renesas Electronics Corp.		(27,100	)		(156,245	)		(2.7	)
Resona Holdings, Inc.		(15,800	)		(79,831	)		(1.4	)
Ricoh Co. Ltd.		(6,400	)		(68,178	)		(1.2	)
SBI Holdings, Inc.		(4,100	)		(87,583	)		(1.5	)
Sekisui House Ltd.		(1,200	)		(17,934	)		(0.3	)
SG Holdings Co. Ltd.		(7,800	)		(209,377	)		(3.6	)
Sharp Corp.		(48,134	)		(512,468	)		(8.7	)
Shimano, Inc.		(200	)		(28,063	)		(0.5	)
Shin-Etsu Chemical Co. Ltd.		(500	)		(42,158	)		(0.7	)
Showa Denko KK		(1,000	)		(33,588	)		(0.6	)
SMC Corp.		(300	)		(99,014	)		(1.7	)
SoftBank Group Corp.		(529	)		(41,666	)		(0.7	)
Sumitomo Mitsui Trust Holdings, Inc.		(600	)		(22,728	)		(0.4	)
Sysmex Corp.		(100	)		(5,575	)		(0.1	)
TDK Corp.		(1,800	)		(142,445	)		(2.4	)
Tokyo Electric Power Co. Holdings, Inc.		(3,200	)		(19,696	)		(0.3	)
Tokyu Corp.		(1,400	)		(23,960	)		(0.4	)
Toray Industries, Inc.		(47,300	)		(350,545	)		(6.0	)
Toshiba Corp.		(2,600	)		(82,334	)		(1.4	)
TOTO Ltd.		(1,900	)		(73,785	)		(1.3	)
Toyota Industries Corp.		(7,000	)		(346,788	)		(5.9	)
Tsuruha Holdings, Inc.		(100	)		(9,257	)		(0.2	)
Unicharm Corp.		(500	)		(15,474	)		(0.3	)

					(6,731,947	)

Macau
Galaxy Entertainment Group Ltd.		(18,000	)		(125,328	)		(2.1	)
Wynn Macau Ltd.		(8,400	)		(20,620	)		(0.4	)

					(145,948	)

Netherlands
Gemalto NV		(6,383	)		(370,121	)		(6.3	)
Heineken NV		(116	)		(10,419	)		(0.2	)
Royal Dutch Shell plc		(7,014	)		(217,775	)		(3.7	)

					(598,315	)

Norway
Aker BP ASA		(906	)		(30,188	)		(0.5	)
Orkla ASA		(5,814	)		(46,991	)		(0.8	)
Yara International ASA		(496	)		(20,510	)		(0.3	)

					(97,689	)

South Korea
Amorepacific Corp.		(2,368	)		(387,258	)		(6.6	)
Celltrion Healthcare Co. Ltd.		(203	)		(13,622	)		(0.2	)
Celltrion, Inc.		(804	)		(159,188	)		(2.7	)
Hyundai Engineering & Construction Co. Ltd.		(1,540	)		(86,534	)		(1.5	)
Hyundai Heavy Industries Co. Ltd.		(10,776	)		(1,348,545	)		(23.0	)
Hyundai Mobis Co. Ltd.		(2,715	)		(549,970	)		(9.4	)
Hyundai Motor Co.		(4,755	)		(554,345	)		(9.4	)
Kakao Corp.		(11,618	)		(1,040,825	)		(17.7	)
LG Chem Ltd.		(1,478	)		(490,317	)		(8.3	)
LG Display Co. Ltd.		(23,153	)		(394,357	)		(6.7	)


	Shares			Value			% of Basket Value

South Korea (continued)
Lotte Chemical Corp.		(521	)	$	(140,917	)		(2.4	) %
NAVER Corp.		(10,458	)		(1,282,000	)		(21.8	)
Netmarble Corp.		(5,420	)		(523,113	)		(8.9	)
Samsung Biologics Co. Ltd.		(404	)		(145,805	)		(2.5	)
Samsung SDI Co. Ltd.		(2,870	)		(579,335	)		(9.9	)
SK Innovation Co. Ltd.		(633	)		(107,451	)		(1.8	)
S-Oil Corp.		(912	)		(85,875	)		(1.5	)

					(7,889,457	)

Spain
Bankia SA		(48,956	)		(142,706	)		(2.4	)
Cellnex Telecom SA		(284	)		(8,003	)		(0.1	)
Grifols SA		(5,707	)		(148,875	)		(2.5	)
Merlin Properties Socimi SA		(1,609	)		(21,586	)		(0.4	)

					(321,170	)

Sweden
Autoliv, Inc.		(770	)		(61,484	)		(1.0	)
Epiroc AB		(2,883	)		(27,684	)		(0.5	)
Hexagon AB		(2,354	)		(115,279	)		(2.0	)
ICA Gruppen AB		(5,907	)		(207,759	)		(3.5	)
Kinnevik AB		(5,422	)		(132,481	)		(2.3	)
Svenska Handelsbanken AB		(13,220	)		(143,766	)		(2.4	)
Tele2 AB		(1,800	)		(22,535	)		(0.4	)

					(710,988	)

Switzerland
Cie Financiere Richemont SA (Registered)		(5,553	)		(382,757	)		(6.5	)
Clariant AG (Registered)		(996	)		(19,784	)		(0.3	)
Dufry AG (Registered)		(396	)		(39,606	)		(0.7	)
EMS-Chemie Holding AG (Registered)		(359	)		(179,308	)		(3.1	)
Glencore plc		(179,192	)		(728,653	)		(12.4	)
LafargeHolcim Ltd. (Registered)		(1,811	)		(85,167	)		(1.4	)
Lonza Group AG (Registered)		(79	)		(20,872	)		(0.4	)
Sika AG (Registered)		(1,286	)		(169,824	)		(2.9	)
Vifor Pharma AG		(152	)		(19,346	)		(0.3	)

					(1,645,317	)

Taiwan
Cathay Financial Holding Co. Ltd.		(132,000	)		(189,826	)		(3.2	)
Chunghwa Telecom Co. Ltd.		(117,000	)		(410,435	)		(7.0	)
Delta Electronics, Inc.		(14,000	)		(69,955	)		(1.2	)
Hon Hai Precision Industry Co. Ltd.		(76,240	)		(176,719	)		(3.0	)
Largan Precision Co. Ltd.		(4,000	)		(508,594	)		(8.7	)
Taiwan Cement Corp.		(207,000	)		(256,556	)		(4.4	)

					(1,612,085	)

United Arab Emirates
NMC Health plc		(3,193	)		(108,091	)		(1.8	)


United Kingdom
Admiral Group plc		(1,257	)		(34,180	)		(0.6	)
ASOS plc		(2,025	)		(87,812	)		(1.5	)
AstraZeneca plc		(1,714	)		(124,166	)		(2.1	)
BP plc		(4,656	)		(31,806	)		(0.5	)
British American Tobacco plc		(15,487	)		(545,918	)		(9.3	)
CNH Industrial NV		(1,340	)		(13,171	)		(0.2	)
Diageo plc		(2,317	)		(88,432	)		(1.5	)
DS Smith plc		(52,905	)		(234,628	)		(4.0	)
easyJet plc		(2,758	)		(45,698	)		(0.8	)
GVC Holdings plc		(12,723	)		(112,113	)		(1.9	)
Hargreaves Lansdown plc		(3,133	)		(67,277	)		(1.1	)
Hiscox Ltd.		(19,586	)		(364,469	)		(6.2	)
HSBC Holdings plc		(16,512	)		(139,035	)		(2.4	)
Informa plc		(11,959	)		(106,223	)		(1.8	)
Janus Henderson Group plc		(2,434	)		(53,134	)		(0.9	)


	Shares			Value			% of Basket Value

United Kingdom (continued)
John Wood Group plc		(15,182	)	$	(107,753	)		(1.8	) %
Johnson Matthey plc		(1,588	)		(63,440	)		(1.1	)
Just Eat plc		(4,696	)		(42,914	)		(0.7	)
Liberty Global plc		(2,051	)		(50,044	)		(0.9	)
London Stock Exchange Group plc		(2,422	)		(145,661	)		(2.5	)
Melrose Industries plc		(40,812	)		(90,461	)		(1.5	)
Micro Focus International plc		(3,449	)		(65,756	)		(1.1	)
Ocado Group plc		(1,912	)		(24,876	)		(0.4	)
Reckitt Benckiser Group plc		(1,293	)		(99,490	)		(1.7	)
RELX plc		(2,152	)		(47,666	)		(0.8	)
Rentokil Initial plc		(9,091	)		(40,147	)		(0.7	)
Rolls-Royce Holdings plc		(8,799	)		(102,275	)		(1.7	)
Royal Bank of Scotland Group plc		(26,421	)		(83,813	)		(1.4	)
RSA Insurance Group plc		(13,030	)		(87,859	)		(1.5	)
Spirax-Sarco Engineering plc		(171	)		(14,381	)		(0.2	)
Standard Chartered plc		(16,010	)		(129,123	)		(2.2	)
Standard Life Aberdeen plc		(48,678	)		(160,929	)		(2.7	)
TechnipFMC plc		(7,075	)		(162,442	)		(2.8	)
Tesco plc		(21,804	)		(63,830	)		(1.1	)
Unilever NV		(972	)		(52,051	)		(0.9	)
Weir Group plc (The)		(9,465	)		(187,309	)		(3.2	)
Whitbread plc		(4,607	)		(295,195	)		(5.0	)

					(4,165,477	)

United States
3M Co.		(347	)		(69,504	)		(1.2	)
ABIOMED, Inc.		(63	)		(22,117	)		(0.4	)
AECOM		(503	)		(15,397	)		(0.3	)
Affiliated Managers Group, Inc.		(178	)		(18,681	)		(0.3	)
Alcoa Corp.		(1,064	)		(31,580	)		(0.5	)
Alexandria Real Estate Equities, Inc.		(406	)		(53,474	)		(0.9	)
Alkermes plc		(3,242	)		(106,565	)		(1.8	)
Allergan plc		(47	)		(6,767	)		(0.1	)
Alliant Energy Corp.		(268	)		(11,918	)		(0.2	)
Alnylam Pharmaceuticals, Inc.		(1,491	)		(124,543	)		(2.1	)
American Homes 4 Rent		(7,222	)		(159,678	)		(2.7	)
American International Group, Inc.		(1,733	)		(74,918	)		(1.3	)
American Tower Corp.		(390	)		(67,408	)		(1.1	)
Amphenol Corp.		(1,208	)		(106,207	)		(1.8	)
Aon plc		(792	)		(123,734	)		(2.1	)
Aptiv plc		(1,451	)		(114,818	)		(2.0	)
Aqua America, Inc.		(879	)		(30,809	)		(0.5	)
Aramark		(2,600	)		(85,670	)		(1.5	)
Arista Networks, Inc.		(312	)		(67,011	)		(1.1	)
Arrow Electronics, Inc.		(176	)		(13,367	)		(0.2	)
Arthur J Gallagher & Co.		(2,217	)		(165,632	)		(2.8	)
AT&T, Inc.		(2,445	)		(73,497	)		(1.3	)
athenahealth, Inc.		(635	)		(85,560	)		(1.5	)
Atmos Energy Corp.		(730	)		(71,270	)		(1.2	)
Axalta Coating Systems Ltd.		(3,350	)		(85,827	)		(1.5	)
Baker Hughes a GE Co.		(1,607	)		(37,877	)		(0.6	)
Ball Corp.		(301	)		(15,736	)		(0.3	)
Bank of New York Mellon Corp. (The)		(377	)		(19,725	)		(0.3	)
Becton Dickinson and Co.		(706	)		(176,119	)		(3.0	)
Berry Global Group, Inc.		(1,473	)		(72,545	)		(1.2	)
BioMarin Pharmaceutical, Inc.		(2,248	)		(220,686	)		(3.8	)
Bio-Techne Corp.		(127	)		(22,156	)		(0.4	)
Black Knight, Inc.		(1,546	)		(76,048	)		(1.3	)
Boston Scientific Corp.		(889	)		(33,915	)		(0.6	)
Bright Horizons Family Solutions, Inc.		(28	)		(3,242	)		(0.1	)
Brown & Brown, Inc.		(2,996	)		(81,371	)		(1.4	)
BWX Technologies, Inc.		(2,309	)		(107,184	)		(1.8	)
Caesars Entertainment Corp.		(39,591	)		(361,862	)		(6.2	)
Campbell Soup Co.		(109	)		(3,862	)		(0.1	)


	Shares			Value			% of Basket Value

United States (continued)
Carlisle Cos., Inc.		(416	)	$	(44,816	)		(0.8	) %
CarMax, Inc.		(2,993	)		(175,929	)		(3.0	)
Catalent, Inc.		(893	)		(32,978	)		(0.6	)
Cerner Corp.		(292	)		(16,034	)		(0.3	)
CF Industries Holdings, Inc.		(1,066	)		(46,531	)		(0.8	)
Charles Schwab Corp. (The)		(2,359	)		(110,330	)		(1.9	)
Charter Communications, Inc.		(90	)		(29,795	)		(0.5	)
Cheniere Energy, Inc.		(524	)		(34,401	)		(0.6	)
Cincinnati Financial Corp.		(995	)		(80,714	)		(1.4	)
Cognex Corp.		(393	)		(17,881	)		(0.3	)
Cognizant Technology Solutions Corp.		(727	)		(50,657	)		(0.9	)
CommScope Holding Co., Inc.		(1,886	)		(39,436	)		(0.7	)
Concho Resources, Inc.		(1,814	)		(217,390	)		(3.7	)
Constellation Brands, Inc.		(416	)		(72,243	)		(1.2	)
Cooper Cos., Inc. (The)		(311	)		(86,694	)		(1.5	)
Coty, Inc.		(18,241	)		(141,550	)		(2.4	)
CyrusOne, Inc.		(565	)		(30,623	)		(0.5	)
Danaher Corp.		(787	)		(87,294	)		(1.5	)
DaVita, Inc.		(349	)		(19,589	)		(0.3	)
DENTSPLY SIRONA, Inc.		(23	)		(965	)		0.0
DexCom, Inc.		(1,515	)		(213,660	)		(3.6	)
Diamondback Energy, Inc.		(1,374	)		(141,687	)		(2.4	)
Digital Realty Trust, Inc.		(539	)		(58,395	)		(1.0	)
Dollar Tree, Inc.		(519	)		(50,255	)		(0.9	)
DowDuPont, Inc.		(1,581	)		(85,074	)		(1.4	)
DR Horton, Inc.		(6,582	)		(253,078	)		(4.3	)
Eaton Vance Corp.		(5,557	)		(214,056	)		(3.6	)
Ecolab, Inc.		(772	)		(122,107	)		(2.1	)
Edison International		(223	)		(12,704	)		(0.2	)
Equifax, Inc.		(1,310	)		(140,196	)		(2.4	)
Equinix, Inc.		(284	)		(111,896	)		(1.9	)
Exact Sciences Corp.		(480	)		(43,238	)		(0.7	)
Exelixis, Inc.		(5,078	)		(119,688	)		(2.0	)
Fidelity National Information Services, Inc.		(928	)		(97,004	)		(1.7	)
First Horizon National Corp.		(600	)		(8,808	)		(0.1	)
First Republic Bank		(1,218	)		(117,695	)		(2.0	)
First Solar, Inc.		(1,019	)		(51,551	)		(0.9	)
FleetCor Technologies, Inc.		(197	)		(39,757	)		(0.7	)
Fluor Corp.		(3,811	)		(139,368	)		(2.4	)
FNF Group		(533	)		(19,273	)		(0.3	)
General Electric Co.		(9,232	)		(93,797	)		(1.6	)
General Mills, Inc.		(1,054	)		(46,840	)		(0.8	)
GrubHub, Inc.		(538	)		(43,255	)		(0.7	)
Guidewire Software, Inc.		(126	)		(10,922	)		(0.2	)
Hanesbrands, Inc.		(4,018	)		(60,230	)		(1.0	)
Harris Corp.		(211	)		(32,321	)		(0.6	)
Hasbro, Inc.		(1,005	)		(91,013	)		(1.5	)
Healthcare Trust of America, Inc.		(4,315	)		(122,632	)		(2.1	)
Hexcel Corp.		(773	)		(52,340	)		(0.9	)
Hormel Foods Corp.		(448	)		(18,959	)		(0.3	)
Hudson Pacific Properties, Inc.		(2,187	)		(71,012	)		(1.2	)
Huntington Bancshares, Inc.		(1,505	)		(19,926	)		(0.3	)
Intercontinental Exchange, Inc.		(96	)		(7,369	)		(0.1	)
International Flavors & Fragrances, Inc.		(621	)		(88,045	)		(1.5	)
Intuitive Surgical, Inc.		(261	)		(136,670	)		(2.3	)
Invesco Ltd.		(7,382	)		(134,500	)		(2.3	)
Invitation Homes, Inc.		(2,010	)		(45,205	)		(0.8	)
JB Hunt Transport Services, Inc.		(760	)		(81,350	)		(1.4	)
Jefferies Financial Group, Inc.		(1,994	)		(41,495	)		(0.7	)
JM Smucker Co. (The)		(524	)		(54,957	)		(0.9	)
Johnson Controls International plc		(1,133	)		(38,261	)		(0.7	)
JPMorgan Chase & Co.		(181	)		(18,733	)		(0.3	)
Kansas City Southern		(792	)		(83,754	)		(1.4	)


	Shares			Value			% of Basket Value

United States (continued)
KeyCorp		(6,049	)	$	(99,627	)		(1.7	) %
Knight-Swift Transportation Holdings, Inc.		(782	)		(24,829	)		(0.4	)
Kraft Heinz Co. (The)		(1,060	)		(50,944	)		(0.9	)
L Brands, Inc.		(987	)		(27,478	)		(0.5	)
Laboratory Corp. of America Holdings		(497	)		(69,257	)		(1.2	)
Las Vegas Sands Corp.		(328	)		(19,142	)		(0.3	)
Lennar Corp.		(735	)		(34,854	)		(0.6	)
Liberty Media Corp-Liberty Formula One		(5,617	)		(176,205	)		(3.0	)
LKQ Corp.		(5,620	)		(147,356	)		(2.5	)
Macerich Co. (The)		(364	)		(16,802	)		(0.3	)
Markel Corp.		(89	)		(93,762	)		(1.6	)
Marsh & McLennan Cos., Inc.		(1,089	)		(96,039	)		(1.6	)
Martin Marietta Materials, Inc.		(172	)		(30,389	)		(0.5	)
Marvell Technology Group Ltd.		(3,498	)		(64,818	)		(1.1	)
McCormick & Co., Inc. (Non-Voting)		(527	)		(65,158	)		(1.1	)
MGM Resorts International		(5,864	)		(172,636	)		(2.9	)
Microchip Technology, Inc.		(799	)		(64,216	)		(1.1	)
Middleby Corp. (The)		(1,528	)		(179,723	)		(3.1	)
Mohawk Industries, Inc.		(476	)		(61,304	)		(1.0	)
Mondelez International, Inc.		(639	)		(29,560	)		(0.5	)
Moody’s Corp.		(182	)		(28,849	)		(0.5	)
Mylan NV		(2,329	)		(69,754	)		(1.2	)
Nasdaq, Inc.		(25	)		(2,201	)		0.0
National Instruments Corp.		(1,086	)		(48,023	)		(0.8	)
Nektar Therapeutics		(1,653	)		(69,988	)		(1.2	)
Netflix, Inc.		(126	)		(42,777	)		(0.7	)
Neurocrine Biosciences, Inc.		(1,100	)		(97,042	)		(1.7	)
New Residential Investment Corp.		(559	)		(9,492	)		(0.2	)
NextEra Energy, Inc.		(251	)		(44,924	)		(0.8	)
Nielsen Holdings plc		(2,326	)		(59,732	)		(1.0	)
Noble Energy, Inc.		(225	)		(5,026	)		(0.1	)
Nordson Corp.		(732	)		(94,896	)		(1.6	)
Norwegian Cruise Line Holdings Ltd.		(1,286	)		(66,139	)		(1.1	)
Old Republic International Corp.		(114	)		(2,297	)		0.0
Omega Healthcare Investors, Inc.		(685	)		(27,530	)		(0.5	)
Owens Corning		(868	)		(45,475	)		(0.8	)
PacWest Bancorp		(1,192	)		(45,999	)		(0.8	)
Paycom Software, Inc.		(1,102	)		(163,360	)		(2.8	)
Perrigo Co. plc		(1,380	)		(64,101	)		(1.1	)
Pilgrim’s Pride Corp.		(2,618	)		(53,041	)		(0.9	)
Pioneer Natural Resources Co.		(626	)		(89,092	)		(1.5	)
Polaris Industries, Inc.		(359	)		(30,113	)		(0.5	)
PPG Industries, Inc.		(1,173	)		(123,681	)		(2.1	)
PTC, Inc.		(284	)		(24,080	)		(0.4	)
QUALCOMM, Inc.		(1,550	)		(76,756	)		(1.3	)
Regency Centers Corp.		(715	)		(46,475	)		(0.8	)
Royal Caribbean Cruises Ltd.		(872	)		(104,684	)		(1.8	)
Sage Therapeutics, Inc.		(644	)		(91,828	)		(1.6	)
SBA Communications Corp.		(167	)		(30,483	)		(0.5	)
Seattle Genetics, Inc.		(1,780	)		(136,045	)		(2.3	)
Sempra Energy		(326	)		(38,135	)		(0.6	)
Service Corp. International		(2,001	)		(85,883	)		(1.5	)
ServiceMaster Global Holdings, Inc.		(2,080	)		(81,099	)		(1.4	)
Signature Bank		(556	)		(70,784	)		(1.2	)
Splunk, Inc.		(349	)		(43,569	)		(0.7	)
Sprint Corp.		(3,792	)		(23,662	)		(0.4	)
SS&C Technologies Holdings, Inc.		(3,494	)		(179,906	)		(3.1	)
Stanley Black & Decker, Inc.		(121	)		(15,299	)		(0.3	)
Starwood Property Trust, Inc.		(2,427	)		(53,588	)		(0.9	)
State Street Corp.		(849	)		(60,194	)		(1.0	)
Tableau Software, Inc.		(972	)		(124,260	)		(2.1	)
TE Connectivity Ltd.		(454	)		(36,751	)		(0.6	)
Tesla, Inc.		(101	)		(31,009	)		(0.5	)


	Shares			Value			% of Basket Value

United States (continued)
T-Mobile US, Inc.		(2,296	)	$	(159,848	)		(2.7	) %
TransDigm Group, Inc.		(194	)		(75,854	)		(1.3	)
Transocean Ltd.		(14,666	)		(125,688	)		(2.1	)
TransUnion		(359	)		(21,834	)		(0.4	)
Travelers Cos., Inc. (The)		(384	)		(48,207	)		(0.8	)
Trimble, Inc.		(1,411	)		(53,138	)		(0.9	)
Tyler Technologies, Inc.		(921	)		(174,244	)		(3.0	)
USG Corp.		(76	)		(3,279	)		(0.1	)
Vail Resorts, Inc.		(475	)		(89,424	)		(1.5	)
Ventas, Inc.		(1,728	)		(111,439	)		(1.9	)
VEREIT, Inc.		(2,948	)		(23,820	)		(0.4	)
Verisk Analytics, Inc.		(317	)		(37,219	)		(0.6	)
Vistra Energy Corp.		(1,012	)		(25,411	)		(0.4	)
Vornado Realty Trust		(674	)		(47,119	)		(0.8	)
Vulcan Materials Co.		(194	)		(19,720	)		(0.3	)
Watsco, Inc.		(262	)		(38,640	)		(0.7	)
Welltower, Inc.		(307	)		(23,789	)		(0.3	)
Western Alliance Bancorp		(168	)		(7,439	)		(0.1	)
Willis Towers Watson plc		(555	)		(90,348	)		(1.4	)
Workday, Inc.		(725	)		(131,609	)		(2.1	)
WP Carey, Inc.		(372	)		(27,859	)		(0.4	)
WPX Energy, Inc.		(975	)		(11,954	)		(0.1	)
WR Berkley Corp.		(644	)		(49,517	)		(0.7	)
Wynn Resorts Ltd.		(296	)		(36,411	)		(0.5	)
XPO Logistics, Inc.		(781	)		(47,469	)		(0.7	)
Zayo Group Holdings, Inc.		(2,770	)		(76,038	)		(1.2	)
Zoetis, Inc.		(1,882	)		(162,154	)		(2.7	)

					(13,668,798	)


Total Reference Entity — Short					(50,725,789	)


Net Value of Reference Entity — Citibank NA				$	5,875,691

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Credit Suisse International, as of January 31, 2019, expiration dates 02/13/20 — 02/08/23:


	Shares		Value		% of Basket Value

Reference Entity — Long

Australia
BHP Group plc		15,565	$	347,765		6.9	%
Rio Tinto plc		1,259		69,651		1.4

				417,416

Austria
OMV AG		2,352		116,948		2.3


Belgium
Colruyt SA		539		38,709		0.8
Groupe Bruxelles Lambert SA		1,296		122,112		2.4
Proximus SADP		648		17,396		0.3
Telenet Group Holding NV		410		18,979		0.4
UCB SA		2,141		185,524		3.7

				382,720

China
Agricultural Bank of China Ltd.		64,000		30,301		0.6
Anhui Conch Cement Co. Ltd.		28,000		152,693		3.0
ANTA Sports Products Ltd.		26,000		134,497		2.6
Bank of China Ltd.		217,000		100,892		2.0
China Merchants Bank Co. Ltd.		17,000		74,949		1.5
China Mobile Ltd.		17,500		184,054		3.6


	Shares		Value		% of Basket Value

China (continued)
China Petroleum & Chemical Corp.		40,000	$	33,448		0.7	%
China Resources Land Ltd.		26,000		101,446		2.0
China Shenhua Energy Co. Ltd.		59,000		150,159		3.0
China Taiping Insurance Holdings Co. Ltd.		7,800		21,532		0.4
CNOOC Ltd.		69,000		115,328		2.3
CSPC Pharmaceutical Group Ltd.		72,000		124,214		2.4
Hengan International Group Co. Ltd.		500		3,911		0.1
Industrial & Commercial Bank of China Ltd.		80,000		62,149		1.2
Lenovo Group Ltd.		120,000		87,606		1.7
Sinopharm Group Co. Ltd.		12,000		53,629		1.1
Tencent Holdings Ltd.		500		22,257		0.4
Yum China Holdings, Inc.		4,845		176,600		3.5

				1,629,665

Denmark
Carlsberg A/S		829		94,907		1.9
Coloplast A/S		718		65,589		1.3
DSV A/S		1,458		116,361		2.3
H Lundbeck A/S		351		15,412		0.3
Novo Nordisk A/S		7,620		357,120		7.0
Novozymes A/S		2,186		91,412		1.8
Pandora A/S		2,262		98,233		1.9
William Demant Holding A/S		584		18,449		0.4

				857,483

Finland
Neste OYJ		1,358		124,420		2.5
Stora Enso OYJ		2,168		29,165		0.6
UPM-Kymmene OYJ		625		18,151		0.4

				171,736

France
Arkema SA		456		43,205		0.9
Atos SE		1,095		99,842		2.0
AXA SA		2,109		48,908		1.0
BNP Paribas SA		461		21,725		0.4
Cie de Saint-Gobain		2,310		79,714		1.6
Cie Plastic Omnium SA		6,073		167,007		3.3
Credit Agricole SA		16,088		183,748		3.6
Dassault Systemes SE		774		97,007		1.9
Eiffage SA		1,626		152,334		3.0
Faurecia SA		2,069		90,518		1.8
Fonciere Des Regions		850		86,882		1.7
Kering SA		138		69,210		1.4
Legrand SA		1,271		75,302		1.5
Orange SA		2,305		35,751		0.7
Peugeot SA		6,355		159,863		3.1
Publicis Groupe SA		1,699		103,741		2.0
Sanofi		1,812		157,495		3.1
Schneider Electric SE		292		20,768		0.4
SCOR SE		1,126		47,382		0.9
Societe Generale SA		703		21,919		0.4
TOTAL SA		100		5,482		0.1
Ubisoft Entertainment SA		2,971		263,666		5.2
Veolia Environnement SA		560		11,830		0.2

				2,043,299

Germany
adidas AG		299		71,144		1.4
Allianz SE (Registered)		1,340		284,311		5.6
BASF SE		3,454		253,032		5.0
Beiersdorf AG		384		38,439		0.8
Continental AG		535		84,550		1.7
Covestro AG		2,166		119,692		2.4
Deutsche Lufthansa AG (Registered)		13,260		334,763		6.6


	Shares		Value		% of Basket Value

Germany (continued)
Deutsche Telekom AG (Registered)		9,265	$	150,657		3.0	%
Evonik Industries AG		3,590		98,181		1.9
Hannover Rueck SE		957		138,127		2.7
Henkel AG & Co. KGaA (Preference)		270		26,280		0.5
HUGO BOSS AG		684		49,043		1.0
Porsche Automobil Holding SE (Preference)		1,249		81,219		1.6
ProSiebenSat.1 Media SE		3,439		61,388		1.2
Puma SE		47		26,172		0.5
TUI AG		712		10,781		0.2
Volkswagen AG		1,269		221,381		4.4

				2,049,160

Hong Kong
CK Asset Holdings Ltd.		41,000		345,171		6.8
CK Hutchison Holdings Ltd.		22,000		222,183		4.4
CLP Holdings Ltd.		98,000		1,141,412		22.5
Hang Seng Bank Ltd.		700		16,105		0.3
Hong Kong & China Gas Co. Ltd.		79,000		171,671		3.4
Hong Kong Exchanges & Clearing Ltd.		900		28,160		0.6
Power Assets Holdings Ltd.		21,000		141,467		2.8
Sino Biopharmaceutical Ltd.		217,000		183,569		3.6
Sun Hung Kai Properties Ltd.		5,500		92,249		1.8
Techtronic Industries Co. Ltd.		38,000		221,827		4.4

				2,563,814

Ireland
AerCap Holdings NV		1,448		68,432		1.3


Italy
A2A SpA		50,540		92,217		1.8
Assicurazioni Generali SpA		4,378		76,647		1.5
Enel SpA		38,867		234,909		4.6
Eni SpA		2,559		43,390		0.9
Poste Italiane SpA		2,133		18,369		0.4
Recordati SpA		622		22,539		0.4
Telecom Italia SpA		32,035		17,824		0.4

				505,895

Japan
Ajinomoto Co., Inc.		7,100		122,934		2.4
Astellas Pharma, Inc.		24,700		366,504		7.2
Bridgestone Corp.		400		15,397		0.3
Central Japan Railway Co.		500		108,061		2.1
Chiba Bank Ltd. (The)		15,600		94,959		1.9
Concordia Financial Group Ltd.		4,600		18,973		0.4
CyberAgent, Inc.		7,500		242,921		4.8
Daiwa House Industry Co. Ltd.		1,700		55,116		1.1
Denso Corp.		3,900		179,387		3.5
Fuji Electric Co. Ltd.		19,200		593,375		11.7
FUJIFILM Holdings Corp.		4,400		189,051		3.7
Fujitsu Ltd.		2,900		194,635		3.8
Hitachi High-Technologies Corp.		2,000		72,280		1.4
Hitachi Ltd.		12,600		396,377		7.8
Hoshizaki Corp.		300		21,304		0.4
Hoya Corp.		1,500		87,056		1.7
Inpex Corp.		5,100		49,023		1.0
Isuzu Motors Ltd.		3,500		52,064		1.0
Japan Airlines Co. Ltd.		2,400		87,380		1.7
Japan Tobacco, Inc.		2,200		55,695		1.1
JFE Holdings, Inc.		6,200		109,290		2.2
JXTG Holdings, Inc.		3,900		21,302		0.4
Kajima Corp.		33,900		482,216		9.5
Kao Corp.		5,600		395,911		7.8
KDDI Corp.		3,500		87,446		1.7
Kikkoman Corp.		7,300		388,359		7.7


	Shares		Value		% of Basket Value

Japan (continued)
Kirin Holdings Co. Ltd.		100	$	2,387		0.0	%
Konami Holdings Corp.		200		9,185		0.2
Marubeni Corp.		14,400		112,242		2.2
Mazda Motor Corp.		13,900		153,835		3.0
MEIJI Holdings Co. Ltd.		1,000		77,325		1.5
Mitsubishi Chemical Holdings Corp.		10,200		87,654		1.7
Mitsubishi Electric Corp.		7,900		99,408		2.0
Mitsubishi Heavy Industries Ltd.		700		27,066		0.5
MS&AD Insurance Group Holdings, Inc.		2,200		65,128		1.3
Nikon Corp.		24,000		410,362		8.1
Nippon Building Fund, Inc.		14		90,587		1.8
Nippon Telegraph & Telephone Corp.		14,400		619,030		12.2
NSK Ltd.		2,000		19,508		0.4
NTT DOCOMO, Inc.		14,900		357,999		7.1
Olympus Corp.		2,400		98,451		1.9
Omron Corp.		3,800		156,059		3.1
Panasonic Corp.		5,100		49,940		1.0
Pigeon Corp.		500		19,604		0.4
Pola Orbis Holdings, Inc.		3,300		98,702		1.9
Recruit Holdings Co. Ltd.		3,600		96,626		1.9
Sekisui Chemical Co. Ltd.		5,500		85,368		1.7
Shimadzu Corp.		10,900		250,673		4.9
Shionogi & Co. Ltd.		4,000		246,711		4.9
Shiseido Co. Ltd.		1,300		77,333		1.5
Sompo Holdings, Inc.		6,000		226,225		4.5
Sony Financial Holdings, Inc.		8,100		154,133		3.0
Subaru Corp.		4,000		93,928		1.9
Sumitomo Chemical Co. Ltd.		19,700		102,767		2.0
Sumitomo Mitsui Financial Group, Inc.		2,800		104,166		2.1
T&D Holdings, Inc.		3,800		47,174		0.9
Taisei Corp.		1,900		89,457		1.8
Tokio Marine Holdings, Inc.		4,100		200,759		4.0
Tokyo Electron Ltd.		1,100		160,623		3.2
Trend Micro, Inc.		700		37,245		0.7
West Japan Railway Co.		300		21,911		0.4
Yamaha Corp.		1,700		74,398		1.5
Yokogawa Electric Corp.		5,300		98,703		1.9
ZOZO, Inc.		2,700		54,634		1.1

				9,264,322

Luxembourg
ArcelorMittal		148		3,418		0.1


Macau
Sands China Ltd.		15,600		74,838		1.5


Netherlands
ASR Nederland NV		2,988		126,028		2.5
EXOR NV		825		52,744		1.0
ING Groep NV		6,463		76,689		1.5
Koninklijke DSM NV		1,291		120,729		2.4
Koninklijke Philips NV		2,968		117,014		2.3
NXP Semiconductors NV		717		62,401		1.2
Randstad NV		683		32,924		0.6
Wolters Kluwer NV		1,278		79,480		1.6

				668,009

Norway
Equinor ASA		4,072		93,111		1.8
Telenor ASA		15,449		292,479		5.8

				385,590

Portugal
Galp Energia SGPS SA		1,615		25,234		0.5


	Shares		Value		% of Basket Value

Puerto Rico
Popular, Inc.		604	$	32,984		0.6	%


Singapore
Ascendas REIT		1,008,600		2,056,881		40.5
Genting Singapore Ltd.		927,300		759,938		15.0
Mapletree Industrial Trust		3,900		5,804		0.1

				2,822,623

South Africa
Mondi plc		3,380		81,739		1.6


South Korea
Hana Financial Group, Inc.		604		21,718		0.4
Hyundai Development Co-Engineering & Construction		74		1,246		0.0
KB Financial Group, Inc.		4,001		171,912		3.4
Kia Motors Corp.		1,484		48,524		1.0
KT&G Corp.		1,417		126,172		2.5
LG Household & Health Care Ltd.		95		108,089		2.1
LG Uplus Corp.		14,107		191,743		3.8
NCSoft Corp.		250		105,271		2.1
POSCO		631		155,764		3.1
Samsung C&T Corp.		1,435		155,255		3.1
Samsung Electro-Mechanics Co. Ltd.		1,321		129,280		2.5
Samsung Electronics Co. Ltd.		11,713		488,363		9.6
Samsung SDS Co. Ltd.		148		29,870		0.6
Shinhan Financial Group Co. Ltd.		3,863		149,414		2.9
SK Holdings Co. Ltd.		1,113		264,381		5.2
SK Hynix, Inc.		298		19,927		0.4
SK Telecom Co. Ltd.		898		207,895		4.1
Woori Bank		13,990		188,399		3.7

				2,563,223

Spain
ACS Actividades de Construccion y Servicios SA		9,848		206,478		4.1
Banco Bilbao Vizcaya Argentaria SA		9,975		59,203		1.2
Bankinter SA		26,231		204,818		4.0
CaixaBank SA		35,432		134,004		2.6
Endesa SA		1,964		49,123		1.0
Mapfre SA		1,627		4,527		0.1
Red Electrica Corp. SA		1,706		39,316		0.8
Repsol SA		3,598		63,156		1.2
Telefonica SA		8,258		71,032		1.4

				831,657

Sweden
Atlas Copco AB		16,652		434,440		8.6
Hennes & Mauritz AB		3,459		53,821		1.1
Investor AB		1,393		61,266		1.2
Sandvik AB		8,248		131,802		2.6
SKF AB		359		6,047		0.1
Svenska Cellulosa AB SCA		13,147		115,641		2.3
Swedish Match AB		5,011		224,503		4.4

				1,027,520

Switzerland
Adecco Group AG (Registered)		2,543		127,432		2.5
Baloise Holding AG (Registered)		638		98,812		1.9
Kuehne + Nagel International AG (Registered)		477		64,505		1.3
Logitech International SA (Registered)		3,214		117,255		2.3
Novartis AG (Registered)		278		24,270		0.5
Roche Holding AG		154		40,970		0.8
SGS SA (Registered)		41		98,976		1.9
Sonova Holding AG (Registered)		206		38,661		0.8
STMicroelectronics NV		2,293		36,583		0.7


	Shares		Value		% of Basket Value

Switzerland (continued)
Swiss Life Holding AG (Registered)		265	$	109,326		2.2	%
Swisscom AG (Registered)		146		69,978		1.4
Temenos Group AG (Registered)		151		20,383		0.4
Zurich Insurance Group AG		402		126,169		2.5

				973,320

United Kingdom
3i Group plc		2,733		30,502		0.6
Associated British Foods plc		2,002		62,830		1.2
Auto Trader Group plc		10,881		65,301		1.3
Aviva plc		33,488		182,128		3.6
Barratt Developments plc		6,801		48,104		0.9
Berkeley Group Holdings plc		461		22,698		0.4
British Land Co. plc (The)		29,231		220,200		4.3
Burberry Group plc		4,838		114,365		2.3
Direct Line Insurance Group plc		4,959		21,919		0.4
Fiat Chrysler Automobiles NV		1,454		24,881		0.5
GlaxoSmithKline plc		7,522		146,112		2.9
Imperial Brands plc		1,318		43,750		0.9
InterContinental Hotels Group plc		769		43,700		0.9
ITV plc		1,790		3,038		0.1
J Sainsbury plc		48,269		180,741		3.6
Kingfisher plc		9,288		27,134		0.5
Land Securities Group plc		15,871		180,491		3.6
Legal & General Group plc		70,081		238,759		4.7
Lloyds Banking Group plc		131,705		100,407		2.0
Marks & Spencer Group plc		7,058		26,704		0.5
Next plc		327		20,797		0.4
Pearson plc		8,225		97,786		1.9
Persimmon plc		1,237		38,589		0.8
Prudential plc		1,519		29,706		0.6
Royal Mail plc		22,999		81,035		1.6
Sage Group plc (The)		4,343		35,697		0.7
Schroders plc		1,504		51,593		1.0
SSE plc		2,147		33,006		0.7
Taylor Wimpey plc		10,577		22,934		0.5
Wm Morrison Supermarkets plc		31,080		95,576		1.9

				2,290,483

United States
AbbVie, Inc.		767		61,582		1.2
Accenture plc		181		27,793		0.5
Activision Blizzard, Inc.		1,584		74,828		1.5
Acuity Brands, Inc.		328		39,658		0.8
Adobe Systems, Inc.		78		19,330		0.4
Advance Auto Parts, Inc.		378		60,178		1.2
AES Corp.		11,355		186,108		3.7
Aflac, Inc.		926		44,170		0.9
Agilent Technologies, Inc.		1,999		152,024		3.0
Air Products & Chemicals, Inc.		1,139		187,240		3.7
Allison Transmission Holdings, Inc.		1,012		49,254		1.0
Allstate Corp. (The)		2,432		213,700		4.2
Alphabet, Inc.		149		167,501		3.3
Altria Group, Inc.		2,223		109,705		2.2
Ameren Corp.		916		63,515		1.3
American Electric Power Co., Inc.		277		21,916		0.4
American Financial Group, Inc.		336		32,051		0.6
Ameriprise Financial, Inc.		899		113,813		2.2
Amgen, Inc.		1,770		331,185		6.5
Anadarko Petroleum Corp.		2,461		116,479		2.3
Annaly Capital Management, Inc.		7,689		80,273		1.6
ANSYS, Inc.		352		57,851		1.1
Anthem, Inc.		90		27,270		0.5
Apartment Investment & Management Co.		1,039		51,451		1.0


	Shares		Value		% of Basket Value

United States (continued)
Applied Materials, Inc.		2,663	$	104,070		2.1	%
Archer-Daniels-Midland Co.		2,144		96,266		1.9
Aspen Technology, Inc.		2,703		261,191		5.1
Athene Holding Ltd.		5,973		256,242		5.0
AutoZone, Inc.		128		108,460		2.1
AvalonBay Communities, Inc.		336		64,821		1.3
Avery Dennison Corp.		1,472		153,750		3.0
Baxter International, Inc.		1,885		136,644		2.7
Best Buy Co., Inc.		707		41,883		0.8
Biogen, Inc.		129		43,058		0.8
Boeing Co. (The)		224		86,379		1.7
Booz Allen Hamilton Holding Corp.		3,628		178,244		3.5
Boston Properties, Inc.		200		26,374		0.5
Bristol-Myers Squibb Co.		2,883		142,334		2.8
Brixmor Property Group, Inc.		1,153		19,751		0.4
Broadridge Financial Solutions, Inc.		729		73,505		1.4
Brookfield Property REIT, Inc.		3,906		71,089		1.4
Burlington Stores, Inc.		990		169,993		3.3
Cabot Oil & Gas Corp.		1,621		40,444		0.8
Cadence Design Systems, Inc.		3,690		177,231		3.5
Capital One Financial Corp.		3,553		286,336		5.6
Carnival Corp.		152		8,752		0.2
Carnival plc		4,354		246,345		4.9
CBRE Group, Inc.		5,908		270,291		5.3
CBS Corp. (Non-Voting)		2,832		140,071		2.8
CDW Corp.		488		40,636		0.8
Celanese Corp.		1,883		180,316		3.6
Celgene Corp.		4,202		371,709		7.3
CenterPoint Energy, Inc.		1,473		45,545		0.9
CH Robinson Worldwide, Inc.		289		25,077		0.5
Chemours Co. (The)		256		9,152		0.2
Chevron Corp.		158		18,115		0.4
Cigna Corp.		915		182,826		3.6
Cimarex Energy Co.		927		69,840		1.4
Cintas Corp.		410		76,879		1.5
Cisco Systems, Inc.		1,116		52,776		1.0
CIT Group, Inc.		3,844		177,554		3.5
Citizens Financial Group, Inc.		541		18,351		0.4
Citrix Systems, Inc.		477		48,912		1.0
CMS Energy Corp.		2,154		112,310		2.2
Colgate-Palmolive Co.		2,630		170,108		3.4
Comcast Corp.		3,056		111,758		2.2
Comerica, Inc.		871		68,583		1.4
Commerce Bancshares, Inc.		1,056		63,149		1.2
ConocoPhillips		3,876		262,366		5.2
Costco Wholesale Corp.		249		53,443		1.1
Crane Co.		345		28,552		0.6
Cullen/Frost Bankers, Inc.		586		57,006		1.1
Cummins, Inc.		1,337		196,686		3.9
Darden Restaurants, Inc.		572		60,020		1.2
Devon Energy Corp.		3,595		95,807		1.9
Discover Financial Services		2,615		176,486		3.5
Dollar General Corp.		191		22,047		0.4
Domino’s Pizza, Inc.		491		139,311		2.7
Donaldson Co., Inc.		978		46,240		0.9
Dover Corp.		227		19,937		0.4
DTE Energy Co.		23		2,708		0.1
Duke Realty Corp.		2,290		66,960		1.3
Dun & Bradstreet Corp. (The)		906		131,134		2.6
DXC Technology Co.		1,275		81,753		1.6
E*TRADE Financial Corp.		1,090		50,859		1.0
East West Bancorp, Inc.		81		4,076		0.1
Eastman Chemical Co.		310		24,992		0.5


	Shares		Value		% of Basket Value

United States (continued)
Eaton Corp. plc		577	$	43,996		0.9	%
Edwards Lifesciences Corp.		670		114,181		2.2
Eli Lilly & Co.		3,130		375,162		7.4
Emerson Electric Co.		3,663		239,817		4.7
Encompass Health Corp.		391		26,134		0.5
Entergy Corp.		4,721		421,066		8.3
Equity LifeStyle Properties, Inc.		331		35,046		0.7
Equity Residential		2,059		149,401		2.9
Essex Property Trust, Inc.		94		25,493		0.5
Evergy, Inc.		1		57		0.0
Exelon Corp.		4,479		213,917		4.2
Extra Space Storage, Inc.		94		9,269		0.2
Exxon Mobil Corp.		4,180		306,310		6.0
F5 Networks, Inc.		200		32,190		0.6
Federal Realty Investment Trust		351		46,532		0.9
Ferguson plc		1,846		123,614		2.4
Fifth Third Bancorp		49		1,314		0.0
FirstEnergy Corp.		422		16,542		0.3
FLIR Systems, Inc.		512		25,027		0.5
Foot Locker, Inc.		1,448		80,929		1.6
Fortinet, Inc.		2,558		195,866		3.9
Freeport-McMoRan, Inc.		3,915		45,571		0.9
Gap, Inc. (The)		1,635		41,594		0.8
Garmin Ltd.		356		24,628		0.5
Gentex Corp.		484		10,251		0.2
Gilead Sciences, Inc.		2,277		159,413		3.1
Graco, Inc.		533		23,095		0.5
H&R Block, Inc.		3,779		89,147		1.8
Halliburton Co.		1,374		43,089		0.8
Hanover Insurance Group, Inc. (The)		252		28,738		0.6
Harley-Davidson, Inc.		715		26,355		0.5
Hartford Financial Services Group, Inc. (The)		1,075		50,439		1.0
HCP, Inc.		619		19,523		0.4
HD Supply Holdings, Inc.		930		39,004		0.8
Helmerich & Payne, Inc.		1,322		74,019		1.5
Henry Schein, Inc.		506		39,316		0.8
Herbalife Nutrition Ltd.		1,339		79,938		1.6
Hershey Co. (The)		1,231		130,609		2.6
Hewlett Packard Enterprise Co.		4,482		69,874		1.4
Hill-Rom Holdings, Inc.		427		42,709		0.8
HollyFrontier Corp.		2,089		117,694		2.3
Home Depot, Inc. (The)		585		107,365		2.1
Honeywell International, Inc.		230		33,035		0.7
Host Hotels & Resorts, Inc.		5,546		100,161		2.0
HP, Inc.		8,762		193,027		3.8
Huntsman Corp.		17,178		377,401		7.4
IAC/InterActiveCorp		111		23,452		0.5
IDEX Corp.		1,231		169,706		3.3
IDEXX Laboratories, Inc.		532		113,199		2.2
Illinois Tool Works, Inc.		40		5,492		0.1
Ingersoll-Rand plc		707		70,728		1.4
Ingredion, Inc.		659		65,241		1.3
Intel Corp.		1,752		82,554		1.6
International Business Machines Corp.		409		54,978		1.1
International Paper Co.		2,188		103,777		2.0
Interpublic Group of Cos., Inc. (The)		913		20,771		0.4
Intuit, Inc.		501		108,126		2.1
Johnson & Johnson		1,840		244,867		4.8
Juniper Networks, Inc.		842		21,841		0.4
KAR Auction Services, Inc.		251		13,055		0.3
Kellogg Co.		379		22,365		0.4
Kohl’s Corp.		1,109		76,177		1.5
Kroger Co. (The)		858		24,307		0.5


	Shares		Value		% of Basket Value

United States (continued)
Lam Research Corp.		330	$	55,961		1.1	%
Lamar Advertising Co.		171		12,731		0.3
Lear Corp.		2,152		331,257		6.5
Lennox International, Inc.		301		69,013		1.4
Liberty Media Corp-Liberty SiriusXM		847		33,846		0.7
Liberty Property Trust		3,074		144,908		2.9
Lincoln Electric Holdings, Inc.		1,925		166,397		3.3
Lincoln National Corp.		784		45,856		0.9
Lululemon Athletica, Inc.		474		70,062		1.4
LyondellBasell Industries NV		3,274		284,740		5.6
M&T Bank Corp.		160		26,326		0.5
Macy’s, Inc.		1,088		28,614		0.6
ManpowerGroup, Inc.		931		73,577		1.4
Marriott International, Inc.		283		32,412		0.6
Masco Corp.		3,073		99,596		2.0
Maxim Integrated Products, Inc.		749		40,648		0.8
McDonald’s Corp.		132		23,599		0.5
McKesson Corp.		320		41,040		0.8
MDU Resources Group, Inc.		2,195		56,433		1.1
Merck & Co., Inc.		2,242		166,872		3.3
MetLife, Inc.		5,320		242,964		4.8
Mettler-Toledo International, Inc.		451		287,810		5.7
Microsoft Corp.		1,388		144,949		2.9
Molina Healthcare, Inc.		433		57,580		1.1
Motorola Solutions, Inc.		373		43,607		0.9
Murphy Oil Corp.		581		15,890		0.3
National Retail Properties, Inc.		1,918		101,098		2.0
NetApp, Inc.		891		56,819		1.1
News Corp.		3,250		41,698		0.8
NIKE, Inc.		560		45,853		0.9
Occidental Petroleum Corp.		1,074		71,722		1.4
OGE Energy Corp.		1,244		50,942		1.0
Old Dominion Freight Line, Inc.		307		41,731		0.8
Omnicom Group, Inc.		524		40,809		0.8
ON Semiconductor Corp.		2,072		41,523		0.8
O’Reilly Automotive, Inc.		39		13,442		0.3
Oshkosh Corp.		275		20,639		0.4
PACCAR, Inc.		777		50,909		1.0
Park Hotels & Resorts, Inc.		564		16,959		0.3
Parker-Hannifin Corp.		17		2,802		0.1
Paychex, Inc.		575		40,710		0.8
Pentair plc		3,015		124,188		2.4
People’s United Financial, Inc.		2,962		48,518		1.0
PepsiCo, Inc.		556		62,645		1.2
Pfizer, Inc.		2,919		123,912		2.4
Phillips 66		2,415		230,415		4.5
Pinnacle West Capital Corp.		688		60,627		1.2
Principal Financial Group, Inc.		779		39,005		0.8
Progressive Corp. (The)		539		36,269		0.7
Prudential Financial, Inc.		56		5,160		0.1
Public Storage		740		157,265		3.1
PulteGroup, Inc.		4,003		111,323		2.2
PVH Corp.		685		74,740		1.5
Qorvo, Inc.		973		63,595		1.3
Ralph Lauren Corp.		587		68,174		1.3
Regions Financial Corp.		203		3,080		0.1
Reliance Steel & Aluminum Co.		1,103		90,314		1.8
Robert Half International, Inc.		1,397		90,009		1.8
Rockwell Automation, Inc.		505		85,608		1.7
Ross Stores, Inc.		2,069		190,596		3.8
Seagate Technology plc		1,270		56,236		1.1
ServiceNow, Inc.		19		4,180		0.1
Simon Property Group, Inc.		185		33,692		0.7


	Shares			Value			% of Basket Value

United States (continued)
Sirius XM Holdings, Inc.		25,875		$	150,851			3.0	%
SL Green Realty Corp.		894			82,632			1.6
Snap-on, Inc.		123			20,417			0.4
Sonoco Products Co.		2,536			146,023			2.9
Southwest Airlines Co.		1,905			108,128			2.1
Spirit AeroSystems Holdings, Inc.		283			23,602			0.5
Starbucks Corp.		608			41,429			0.8
Steel Dynamics, Inc.		29			1,061			0.0
STORE Capital Corp.		1,285			41,531			0.8
SunTrust Banks, Inc.		344			20,440			0.4
Synchrony Financial		4,163			125,057			2.5
Synopsys, Inc.		3,729			348,102			6.9
Synovus Financial Corp.		1,245			44,098			0.9
Sysco Corp.		960			61,296			1.2
Tapestry, Inc.		508			19,665			0.4
Target Corp.		551			40,223			0.8
Teledyne Technologies, Inc.		451			101,123			2.0
Teradyne, Inc.		3,694			132,947			2.6
Texas Instruments, Inc.		1,569			157,967			3.1
Tiffany & Co.		330			29,281			0.6
Torchmark Corp.		2,340			195,998			3.9
Toro Co. (The)		5,412			322,014			6.3
Tractor Supply Co.		1,344			114,778			2.3
TripAdvisor, Inc.		285			16,353			0.3
Tyson Foods, Inc.		757			46,873			0.9
Ubiquiti Networks, Inc.		881			95,333			1.9
UDR, Inc.		1,291			56,481			1.1
UGI Corp.		2,090			119,193			2.3
United Rentals, Inc.		956			119,749			2.4
United Therapeutics Corp.		1,887			217,628			4.3
UnitedHealth Group, Inc.		128			34,586			0.7
Valero Energy Corp.		323			28,366			0.6
VeriSign, Inc.		760			128,645			2.5
Vertex Pharmaceuticals, Inc.		168			32,073			0.6
VF Corp.		429			36,109			0.7
Viacom, Inc.		3,200			94,144			1.9
Visa, Inc.		5,175			698,677			13.8
VMware, Inc.		488			73,722			1.5
Voya Financial, Inc.		5,576			258,894			5.1
Walgreens Boots Alliance, Inc.		1,338			96,684			1.9
Walmart, Inc.		392			37,565			0.7
Walt Disney Co. (The)		1,103			123,007			2.4
Waste Management, Inc.		807			77,206			1.5
Waters Corp.		68			15,723			0.3
WEC Energy Group, Inc.		1,403			102,461			2.0
WellCare Health Plans, Inc.		103			28,477			0.6
Western Digital Corp.		2,227			100,193			2.0
Western Union Co. (The)		2,395			43,709			0.9
Westlake Chemical Corp.		264			19,510			0.4
Williams-Sonoma, Inc.		383			20,847			0.4
Xcel Energy, Inc.		1,654			86,603			1.7
Xilinx, Inc.		884			98,955			1.9
YUM! BRANDS, Inc.		1,964			184,577			3.6
Zebra Technologies Corp.		3636			63,538			1.3
Zions Bancorp		2,575			122,544			2.4

					25,125,855


Total Reference Entity — Long					56,977,383


Reference Entity — Short

Belgium
Anheuser-Busch InBev SA/NV		(1,201	)		(91,760	)		(1.8	)
Galapagos NV		(353	)		(36,322	)		(0.7	)


	Shares			Value			% of Basket Value

Belgium (continued)
KBC Group NV		(1,675	)	$	(113,716	)		(2.2	) %
Umicore SA		(3,251	)		(137,443	)		(2.7	)

					(379,241	)

Chile
Antofagasta plc		(3,445	)		(39,383	)		(0.8	)


China
China Evergrande Group		(30,000	)		(94,625	)		(1.9	)


Denmark
AP Moller — Maersk A/S		(61	)		(81,581	)		(1.6	)
Orsted A/S		(1,037	)		(74,936	)		(1.5	)

					(156,517	)

Finland
Fortum OYJ		(1,626	)		(36,956	)		(0.7	)
Kone OYJ		(3,928	)		(190,992	)		(3.8	)
Nokia Corp.		(34,133	)		(215,641	)		(4.2	)
Nordea Bank Abp		(23,587	)		(214,672	)		(4.2	)
Wartsila OYJ Abp		(4,710	)		(76,908	)		(1.5	)

					(735,169	)

France
Accor SA		(1,673	)		(72,761	)		(1.4	)
Aeroports de Paris		(654	)		(125,111	)		(2.5	)
Air Liquide SA		(1,047	)		(127,105	)		(2.5	)
Airbus SE		(202	)		(23,283	)		(0.5	)
Amundi SA		(801	)		(46,087	)		(0.9	)
Danone SA		(1,882	)		(136,957	)		(2.7	)
Edenred		(144	)		(5,832	)		(0.1	)
Electricite de France SA		(4,087	)		(67,650	)		(1.3	)
EssilorLuxottica SA		(876	)		(110,971	)		(2.2	)
Eutelsat Communications SA		(3,911	)		(82,939	)		(1.6	)
Getlink		(4,973	)		(72,729	)		(1.4	)
Hermes International		(187	)		(112,067	)		(2.2	)
Iliad SA		(1,804	)		(206,545	)		(4.1	)
Natixis SA		(94,193	)		(482,842	)		(9.5	)
Orpea		(426	)		(42,231	)		(0.8	)
Pernod Ricard SA		(439	)		(72,836	)		(1.4	)
Remy Cointreau SA		(259	)		(30,077	)		(0.6	)
Safran SA		(896	)		(117,725	)		(2.3	)
Sodexo SA		(1,505	)		(156,672	)		(3.1	)
Suez		(357	)		(4,570	)		(0.1	)

					(2,096,990	)

Germany
Carl Zeiss Meditec AG		(1,234	)		(112,001	)		(2.2	)
Commerzbank AG		(13,965	)		(100,511	)		(2.0	)
Daimler AG (Registered)		(1,981	)		(117,352	)		(2.3	)
Delivery Hero SE		(1,352	)		(49,934	)		(1.0	)
Deutsche Bank AG (Registered)		(37,979	)		(337,607	)		(6.7	)
Deutsche Boerse AG		(237	)		(31,556	)		(0.6	)
Deutsche Wohnen AG		(1,772	)		(88,524	)		(1.7	)
E.ON SE		(26,100	)		(290,138	)		(5.7	)
GEA Group AG		(4,578	)		(126,126	)		(2.5	)
Innogy SE		(305	)		(14,450	)		(0.3	)
KION Group AG		(2,438	)		(140,767	)		(2.8	)
RWE AG		(5,405	)		(134,431	)		(2.6	)
Siemens AG (Registered)		(267	)		(29,316	)		(0.6	)
thyssenkrupp AG NPV		(3,154	)		(56,053	)		(1.1	)
Uniper SE		(1,736	)		(50,338	)		(1.0	)
United Internet AG (Registered)		(2,344	)		(93,001	)		(1.8	)
Volkswagen AG (Preference)		(1,239	)		(211,332	)		(4.2	)
Vonovia SE		(2,570	)		(129,165	)		(2.5	)
Wirecard AG		(622	)		(103,139	)		(2.0	)

					(2,215,741	)


	Shares			Value			% of Basket Value

Italy
Atlantia SpA		(4,929	)	$	(116,665	)		(2.3	) %
Ferrari NV		(408	)		(50,800	)		(1.0	)
FinecoBank Banca Fineco SpA		(10,424	)		(113,350	)		(2.2	)
Leonardo SpA		(15,709	)		(152,221	)		(3.0	)
Mediobanca Banca di Credito Finanziario SpA		(9,616	)		(83,801	)		(1.7	)
Pirelli & C SpA		(38,414	)		(251,088	)		(4.9	)
Saipem SpA		(21,134	)		(100,471	)		(2.0	)
Snam SpA		(13,340	)		(63,703	)		(1.3	)

					(932,099	)

Japan
Aeon Co. Ltd.		(8,400	)		(170,959	)		(3.4	)
ANA Holdings, Inc.		(500	)		(18,430	)		(0.4	)
Asahi Group Holdings Ltd.		(1,200	)		(50,267	)		(1.0	)
Coca-Cola Bottlers Japan Holdings, Inc.		(2,900	)		(89,576	)		(1.8	)
Daifuku Co. Ltd.		(2,600	)		(130,666	)		(2.6	)
Daiwa Securities Group, Inc.		(13,300	)		(66,331	)		(1.3	)
Dentsu, Inc.		(1,900	)		(90,125	)		(1.8	)
Disco Corp.		(200	)		(29,691	)		(0.6	)
FamilyMart UNY Holdings Co. Ltd.		(4,600	)		(538,856	)		(10.6	)
FANUC Corp.		(2,300	)		(391,188	)		(7.7	)
Idemitsu Kosan Co. Ltd.		(1,000	)		(35,287	)		(0.7	)
IHI Corp.		(2,600	)		(82,346	)		(1.6	)
Japan Post Bank Co. Ltd.		(10,000	)		(116,389	)		(2.3	)
Japan Post Holdings Co. Ltd.		(16,600	)		(204,064	)		(4.0	)
Japan Real Estate Investment Corp.		(20	)		(117,233	)		(2.3	)
Kansai Electric Power Co., Inc. (The)		(3,700	)		(56,320	)		(1.1	)
Kansai Paint Co. Ltd.		(5,900	)		(103,527	)		(2.0	)
Komatsu Ltd.		(6,900	)		(181,692	)		(3.6	)
Kubota Corp.		(11,600	)		(183,907	)		(3.6	)
Kuraray Co. Ltd.		(3,300	)		(50,750	)		(1.0	)
Kyocera Corp.		(800	)		(45,058	)		(0.9	)
Kyushu Electric Power Co., Inc.		(2,000	)		(24,783	)		(0.5	)
Kyushu Railway Co.		(1,800	)		(61,456	)		(1.2	)
LINE Corp.		(3,200	)		(115,225	)		(2.3	)
LIXIL Group Corp.		(1,400	)		(20,618	)		(0.4	)
M3, Inc.		(10,600	)		(153,414	)		(3.0	)
Makita Corp.		(700	)		(24,802	)		(0.5	)
MINEBEA MITSUMI, Inc.		(1,000	)		(16,449	)		(0.3	)
MISUMI Group, Inc.		(1,500	)		(34,334	)		(0.7	)
Mitsubishi Corp.		(6,200	)		(181,711	)		(3.6	)
Mitsubishi Motors Corp.		(86,600	)		(538,061	)		(10.6	)
Mitsubishi UFJ Financial Group, Inc.		(33,900	)		(181,837	)		(3.6	)
Mitsui Fudosan Co. Ltd.		(9,800	)		(238,090	)		(4.7	)
Mizuho Financial Group, Inc.		(69,400	)		(113,910	)		(2.2	)
Murata Manufacturing Co. Ltd.		(1,000	)		(150,216	)		(3.0	)
NEC Corp.		(6,900	)		(231,874	)		(4.6	)
Nexon Co. Ltd.		(21,200	)		(322,526	)		(6.4	)
NGK Insulators Ltd.		(2,400	)		(36,908	)		(0.7	)
Nidec Corp.		(1,000	)		(120,258	)		(2.4	)
Nintendo Co. Ltd.		(200	)		(60,658	)		(1.2	)
Nippon Steel & Sumitomo Metal Corp.		(7,500	)		(138,887	)		(2.7	)
Nitori Holdings Co. Ltd.		(1,600	)		(208,352	)		(4.1	)
Nomura Holdings, Inc.		(12,600	)		(49,201	)		(1.0	)
Obic Co. Ltd.		(2,400	)		(227,444	)		(4.5	)
Ono Pharmaceutical Co. Ltd.		(2,000	)		(43,692	)		(0.9	)
Oriental Land Co. Ltd.		(800	)		(82,027	)		(1.6	)
Otsuka Holdings Co. Ltd.		(2,000	)		(82,031	)		(1.6	)
Rakuten, Inc.		(2,700	)		(20,384	)		(0.4	)
Renesas Electronics Corp.		(10,900	)		(62,844	)		(1.2	)
Resona Holdings, Inc.		(2,400	)		(12,126	)		(0.2	)
Ricoh Co. Ltd.		(2,300	)		(24,502	)		(0.5	)
SBI Holdings, Inc.		(3,500	)		(74,766	)		(1.5	)
Seibu Holdings, Inc.		(11,200	)		(194,576	)		(3.8	)


	Shares			Value			% of Basket Value

Japan
Sekisui House Ltd.		(1,300	)	$	(19,429	)		(0.4	) %
Seven & i Holdings Co. Ltd.		(1,300	)		(56,606	)		(1.1	)
SG Holdings Co. Ltd.		(2,300	)		(61,739	)		(1.2	)
Sharp Corp.		(10,600	)		(112,855	)		(2.2	)
SMC Corp.		(400	)		(132,019	)		(2.6	)
SoftBank Group Corp.		(600	)		(47,258	)		(0.9	)
Sumitomo Electric Industries Ltd.		(3,100	)		(44,170	)		(0.9	)
Sumitomo Mitsui Trust Holdings, Inc.		(1,100	)		(41,667	)		(0.8	)
Suntory Beverage & Food Ltd.		(1,900	)		(84,126	)		(1.7	)
Sysmex Corp.		(100	)		(5,575	)		(0.1	)
Takeda Pharmaceutical Co. Ltd.		(2,400	)		(96,896	)		(1.9	)
TDK Corp.		(1,900	)		(150,358	)		(3.0	)
Terumo Corp.		(900	)		(51,383	)		(1.0	)
Tokyu Corp.		(9,800	)		(167,723	)		(3.3	)
Toray Industries, Inc.		(14,700	)		(108,943	)		(2.1	)
TOTO Ltd.		(3,600	)		(139,804	)		(2.8	)
Toyota Industries Corp.		(8,100	)		(401,283	)		(7.9	)
Toyota Motor Corp.		(3,300	)		(203,115	)		(4.0	)
Tsuruha Holdings, Inc.		(1,100	)		(101,823	)		(2.0	)
Unicharm Corp.		(5,900	)		(182,591	)		(3.6	)
Yahoo Japan Corp.		(10,800	)		(29,192	)		(0.6	)
Yakult Honsha Co. Ltd.		(1,800	)		(120,128	)		(2.4	)

					(8,959,307	)

Luxembourg
Eurofins Scientific SE		(297	)		(119,361	)		(2.4	)


Mexico
Fresnillo plc		(9,205	)		(121,533	)		(2.4	)


Netherlands
Aegon NV		(15,571	)		(80,218	)		(1.6	)
NN Group NV		(879	)		(37,118	)		(0.7	)
Royal Dutch Shell plc		(1,177	)		(36,544	)		(0.7	)

					(153,880	)

Norway
Aker BP ASA		(3,951	)		(131,649	)		(2.6	)
Marine Harvest ASA		(5,538	)		(122,337	)		(2.4	)

					(253,986	)

South Korea
Amorepacific Corp.		(1,557	)		(254,629	)		(5.0	)
Celltrion, Inc.		(913	)		(180,769	)		(3.6	)
Hyundai Heavy Industries Co. Ltd.		(442	)		(55,313	)		(1.1	)
Hyundai Mobis Co. Ltd.		(1,403	)		(284,202	)		(5.6	)
Hyundai Motor Co.		(6,085	)		(709,399	)		(14.0	)
LG Chem Ltd.		(3,732	)		(1,238,068	)		(24.4	)
LG Display Co. Ltd.		(4,844	)		(82,506	)		(1.6	)
Lotte Chemical Corp.		(105	)		(28,400	)		(0.6	)
NAVER Corp.		(367	)		(44,989	)		(0.9	)
Netmarble Corp.		(382	)		(36,869	)		(0.7	)
Samsung SDI Co. Ltd.		(1,716	)		(346,390	)		(6.8	)
S-Oil Corp.		(1,130	)		(106,402	)		(2.1	)

					(3,367,936	)

Spain
Banco de Sabadell SA		(62,949	)		(72,178	)		(1.4	)
Bankia SA		(81,056	)		(236,276	)		(4.7	)
Cellnex Telecom SA		(25,500	)		(718,581	)		(14.2	)
Ferrovial SA		(9,035	)		(202,609	)		(4.0	)
Merlin Properties Socimi SA		(7,044	)		(94,501	)		(1.9	)
Siemens Gamesa Renewable Energy SA		(1,993	)		(28,295	)		(0.6	)

					(1,352,440	)

Sweden
Epiroc AB		(2,521	)		(24,207	)		(0.5	)


	Shares			Value			% of Basket Value

Sweden (continued)
Essity AB		(1,501	)	$	(41,531	)		(0.8	) %
Hexagon AB		(2,081	)		(101,910	)		(2.0	)
Kinnevik AB		(3,150	)		(76,967	)		(1.5	)
Skandinaviska Enskilda Banken AB		(3,442	)		(36,129	)		(0.7	)
Skanska AB		(7,050	)		(123,447	)		(2.4	)
Svenska Handelsbanken AB		(13,795	)		(150,019	)		(3.0	)
Telefonaktiebolaget LM Ericsson		(7,595	)		(67,698	)		(1.3	)

					(621,908	)

Switzerland
ABB Ltd. (Registered)		(1,940	)		(37,133	)		(0.7	)
Barry Callebaut AG (Registered)		(13	)		(22,117	)		(0.4	)
Cie Financiere Richemont SA (Registered)		(5,967	)		(411,293	)		(8.1	)
Clariant AG (Registered)		(3,093	)		(61,436	)		(1.2	)
Dufry AG (Registered)		(638	)		(63,810	)		(1.3	)
EMS-Chemie Holding AG (Registered)		(114	)		(56,939	)		(1.1	)
Glencore plc		(60,561	)		(246,261	)		(4.9	)
Julius Baer Group Ltd.		(3,350	)		(134,644	)		(2.7	)
Lonza Group AG (Registered)		(865	)		(228,531	)		(4.5	)
UBS Group AG (Registered)		(18,012	)		(233,502	)		(4.6	)

					(1,495,666	)

United Arab Emirates
NMC Health plc		(1,244	)		(42,113	)		(0.8	)


United Kingdom
ASOS plc		(1,588	)		(68,862	)		(1.4	)
BAE Systems plc		(14,002	)		(94,197	)		(1.9	)
Centrica plc		(25,672	)		(46,134	)		(0.9	)
CNH Industrial NV		(640	)		(6,290	)		(0.1	)
DCC plc		(715	)		(58,532	)		(1.2	)
Diageo plc		(1,491	)		(56,906	)		(1.1	)
DS Smith plc		(19,750	)		(87,589	)		(1.7	)
easyJet plc		(10,388	)		(172,121	)		(3.4	)
Hargreaves Lansdown plc		(7,283	)		(156,394	)		(3.1	)
Hiscox Ltd.		(3,955	)		(73,597	)		(1.4	)
HSBC Holdings plc		(8,676	)		(73,054	)		(1.4	)
Janus Henderson Group plc		(8,234	)		(179,748	)		(3.5	)
John Wood Group plc		(50,078	)		(355,423	)		(7.0	)
Just Eat plc		(5,548	)		(50,700	)		(1.0	)
Linde plc		(3,524	)		(574,447	)		(11.3	)
London Stock Exchange Group plc		(1,360	)		(81,792	)		(1.6	)
Melrose Industries plc		(8,819	)		(19,548	)		(0.4	)
Micro Focus International plc		(1,062	)		(20,247	)		(0.4	)
Ocado Group plc		(2,630	)		(34,218	)		(0.7	)
Reckitt Benckiser Group plc		(4,297	)		(330,631	)		(6.5	)
RELX plc		(1,353	)		(29,968	)		(0.6	)
Rentokil Initial plc		(56,091	)		(247,706	)		(4.9	)
Rightmove plc		(11,217	)		(69,460	)		(1.4	)
Royal Bank of Scotland Group plc		(26,027	)		(82,563	)		(1.6	)
Smiths Group plc		(1,037	)		(19,692	)		(0.4	)
Spirax-Sarco Engineering plc		(806	)		(67,785	)		(1.3	)
Standard Chartered plc		(7,231	)		(58,319	)		(1.1	)
Standard Life Aberdeen plc		(23,638	)		(78,147	)		(1.5	)
TechnipFMC plc		(8,499	)		(195,137	)		(3.8	)
Tesco plc		(19,888	)		(58,221	)		(1.1	)
Unilever NV		(472	)		(25,276	)		(0.5	)
Weir Group plc (The)		(3,503	)		(69,323	)		(1.4	)
Whitbread plc		(297	)		(19,030	)		(0.4	)

					(3,561,057	)

United States
3M Co.		(497	)		(99,549	)		(2.0	)
Abbott Laboratories		(2,596	)		(189,456	)		(3.7	)
Advanced Micro Devices, Inc.		(11,731	)		(286,354	)		(5.6	)


	Shares			Value			% of Basket Value

United States (continued)
AECOM		(1,939	)	$	(59,353	)		(1.2	) %
Alexion Pharmaceuticals, Inc.		(627	)		(77,096	)		(1.5	)
Align Technology, Inc.		(108	)		(26,887	)		(0.5	)
Alkermes plc		(2,194	)		(72,117	)		(1.4	)
Alleghany Corp.		(49	)		(30,946	)		(0.6	)
Allergan plc		(570	)		(82,069	)		(1.6	)
Alliant Energy Corp.		(1,547	)		(68,795	)		(1.4	)
Alnylam Pharmaceuticals, Inc.		(1,612	)		(134,650	)		(2.7	)
American Airlines Group, Inc.		(992	)		(35,484	)		(0.7	)
American Campus Communities, Inc.		(2,141	)		(98,529	)		(1.9	)
American Homes 4 Rent		(102	)		(2,255	)		0.0
American International Group, Inc.		(2,186	)		(94,501	)		(1.9	)
American Water Works Co., Inc.		(1,592	)		(152,307	)		(3.0	)
Analog Devices, Inc.		(3,967	)		(392,178	)		(7.7	)
Aon plc		(634	)		(99,050	)		(2.0	)
AptarGroup, Inc.		(547	)		(54,219	)		(1.1	)
Aptiv plc		(2,181	)		(172,583	)		(3.4	)
Aramark		(122	)		(4,020	)		(0.1	)
Arista Networks, Inc.		(133	)		(28,566	)		(0.6	)
Arrow Electronics, Inc.		(1,347	)		(102,305	)		(2.0	)
Ashland Global Holdings, Inc.		(771	)		(58,519	)		(1.2	)
Autodesk, Inc.		(1,141	)		(167,955	)		(3.3	)
Axalta Coating Systems Ltd.		(531	)		(13,604	)		(0.3	)
Ball Corp.		(1,782	)		(93,163	)		(1.8	)
Bank of New York Mellon Corp. (The)		(1,640	)		(85,805	)		(1.7	)
Becton Dickinson and Co.		(753	)		(187,843	)		(3.7	)
Berkshire Hathaway, Inc.		(480	)		(98,659	)		(1.9	)
BioMarin Pharmaceutical, Inc.		(705	)		(69,210	)		(1.4	)
Bio-Rad Laboratories, Inc.		(73	)		(18,241	)		(0.4	)
Bio-Techne Corp.		(557	)		(97,174	)		(1.9	)
Black Knight, Inc.		(1,482	)		(72,900	)		(1.4	)
Bluebird Bio, Inc.		(367	)		(48,969	)		(1.0	)
BOK Financial Corp.		(2,372	)		(197,137	)		(3.9	)
Boston Scientific Corp.		(1,337	)		(51,007	)		(1.0	)
Bright Horizons Family Solutions, Inc.		(193	)		(22,347	)		(0.4	)
Broadcom, Inc.		(521	)		(139,758	)		(2.8	)
Brown-Forman Corp.		(843	)		(39,832	)		(0.8	)
BWX Technologies, Inc.		(4,007	)		(186,005	)		(3.7	)
Caesars Entertainment Corp.		(1,562	)		(14,277	)		(0.3	)
Camden Property Trust		(399	)		(38,683	)		(0.8	)
Capri Holdings Ltd.		(2,112	)		(89,718	)		(1.8	)
Cardinal Health, Inc.		(385	)		(19,238	)		(0.4	)
Carlisle Cos., Inc.		(619	)		(66,685	)		(1.3	)
CarMax, Inc.		(850	)		(49,963	)		(1.0	)
Catalent, Inc.		(3,068	)		(113,301	)		(2.2	)
Cboe Global Markets, Inc.		(264	)		(24,623	)		(0.5	)
CenturyLink, Inc.		(2,888	)		(44,244	)		(0.9	)
Cerner Corp.		(1,660	)		(91,151	)		(1.8	)
Charles Schwab Corp. (The)		(518	)		(24,227	)		(0.5	)
Cheniere Energy, Inc.		(4,482	)		(294,243	)		(5.8	)
Cincinnati Financial Corp.		(1,917	)		(155,507	)		(3.1	)
CME Group, Inc.		(460	)		(83,849	)		(1.7	)
Coca-Cola Co. (The)		(508	)		(24,450	)		(0.5	)
Cognex Corp.		(1,374	)		(62,517	)		(1.2	)
Cognizant Technology Solutions Corp.		(239	)		(16,654	)		(0.3	)
CommScope Holding Co., Inc.		(833	)		(17,418	)		(0.3	)
Concho Resources, Inc.		(2,039	)		(244,354	)		(4.8	)
Constellation Brands, Inc.		(240	)		(41,678	)		(0.8	)
Continental Resources, Inc.		(1,022	)		(47,186	)		(0.9	)
Cooper Cos., Inc. (The)		(68	)		(18,956	)		(0.4	)
CoStar Group, Inc.		(300	)		(117,222	)		(2.3	)
Coty, Inc.		(19,062	)		(147,921	)		(2.9	)
CVS Health Corp.		(1,369	)		(89,738	)		(1.8	)


	Shares			Value			% of Basket Value

United States (continued)
Deere & Co.		(541	)	$	(88,724	)		(1.7	) %
DENTSPLY SIRONA, Inc.		(782	)		(32,805	)		(0.6	)
DexCom, Inc.		(317	)		(44,707	)		(0.9	)
Diamondback Energy, Inc.		(505	)		(52,076	)		(1.0	)
Digital Realty Trust, Inc.		(625	)		(67,713	)		(1.3	)
Dollar Tree, Inc.		(1,054	)		(102,059	)		(2.0	)
DowDuPont, Inc.		(5,852	)		(314,896	)		(6.2	)
Duke Energy Corp.		(541	)		(47,489	)		(0.9	)
Eaton Vance Corp.		(1,941	)		(74,767	)		(1.5	)
Ecolab, Inc.		(1,337	)		(211,473	)		(4.2	)
Edison International		(268	)		(15,268	)		(0.3	)
EQT Corp.		(6,183	)		(120,383	)		(2.4	)
Equinix, Inc.		(81	)		(31,914	)		(0.6	)
Evergy, Inc.		(2,198	)		(125,989	)		(2.5	)
Eversource Energy		(2,192	)		(152,147	)		(3.0	)
Exact Sciences Corp.		(1,000	)		(90,080	)		(1.8	)
Expedia Group, Inc.		(442	)		(52,709	)		(1.0	)
Facebook, Inc.		(496	)		(82,678	)		(1.6	)
Fidelity National Information Services, Inc.		(1,798	)		(187,945	)		(3.7	)
First Horizon National Corp.		(2,219	)		(32,575	)		(0.6	)
First Republic Bank		(2,014	)		(194,613	)		(3.8	)
First Solar, Inc.		(2,651	)		(134,114	)		(2.6	)
Fluor Corp.		(1,555	)		(56,866	)		(1.1	)
FMC Corp.		(1,162	)		(92,728	)		(1.8	)
FNF Group		(4,669	)		(168,831	)		(3.3	)
Fortive Corp.		(987	)		(74,015	)		(1.5	)
Gardner Denver Holdings, Inc.		(1,279	)		(31,553	)		(0.6	)
GCI Liberty, Inc.		(9,866	)		(502,179	)		(9.9	)
General Electric Co.		(22,643	)		(230,053	)		(4.5	)
General Mills, Inc.		(492	)		(21,864	)		(0.4	)
Genesee & Wyoming, Inc.		(3,811	)		(299,240	)		(5.9	)
Genuine Parts Co.		(578	)		(57,696	)		(1.1	)
Global Payments, Inc.		(1,797	)		(201,767	)		(4.0	)
GoDaddy, Inc.		(1,574	)		(108,024	)		(2.1	)
GrubHub, Inc.		(1,402	)		(112,721	)		(2.2	)
Guidewire Software, Inc.		(2,028	)		(175,787	)		(3.5	)
Hanesbrands, Inc.		(81	)		(1,214	)		0.0
Healthcare Trust of America, Inc.		(507	)		(14,409	)		(0.3	)
Hess Corp.		(1,392	)		(75,168	)		(1.5	)
Hexcel Corp.		(1,427	)		(96,622	)		(1.9	)
Hilton Worldwide Holdings, Inc.		(729	)		(54,296	)		(1.1	)
Hubbell, Inc.		(520	)		(56,852	)		(1.1	)
Hudson Pacific Properties, Inc.		(4,640	)		(150,661	)		(3.0	)
Huntington Ingalls Industries, Inc.		(100	)		(20,645	)		(0.4	)
IHS Markit Ltd.		(8,011	)		(415,931	)		(8.2	)
Incyte Corp.		(2,326	)		(187,452	)		(3.7	)
Intercontinental Exchange, Inc.		(3,667	)		(281,479	)		(5.5	)
Invesco Ltd.		(7,372	)		(134,318	)		(2.6	)
Invitation Homes, Inc.		(315	)		(7,084	)		(0.1	)
IPG Photonics Corp.		(831	)		(110,523	)		(2.2	)
IQVIA Holdings, Inc.		(1,695	)		(218,672	)		(4.3	)
Iron Mountain, Inc.		(2,714	)		(100,961	)		(2.0	)
Jacobs Engineering Group, Inc.		(1,678	)		(108,734	)		(2.1	)
JB Hunt Transport Services, Inc.		(360	)		(38,534	)		(0.8	)
Jefferies Financial Group, Inc.		(784	)		(16,315	)		(0.3	)
JM Smucker Co. (The)		(261	)		(27,374	)		(0.5	)
Johnson Controls International plc		(12,641	)		(426,887	)		(8.4	)
JPMorgan Chase & Co.		(277	)		(28,669	)		(0.6	)
Kansas City Southern		(1,278	)		(135,149	)		(2.7	)
Keysight Technologies, Inc.		(2,667	)		(197,411	)		(3.9	)
Kilroy Realty Corp.		(988	)		(69,614	)		(1.4	)
Knight-Swift Transportation Holdings, Inc.		(2,240	)		(71,120	)		(1.4	)
Kraft Heinz Co. (The)		(1,463	)		(70,312	)		(1.4	)


	Shares			Value			% of Basket Value

United States (continued)
L3 Technologies, Inc.		(246	)	$	(48,432	)		(1.0	) %
Laboratory Corp. of America Holdings		(196	)		(27,313	)		(0.5	)
Leggett & Platt, Inc.		(2,780	)		(113,869	)		(2.2	)
Leidos Holdings, Inc.		(638	)		(37,004	)		(0.7	)
Lennar Corp.		(2,100	)		(99,582	)		(2.0	)
Liberty Broadband Corp.		(2,689	)		(228,619	)		(4.5	)
Liberty Media Corp-Liberty Formula One		(882	)		(27,668	)		(0.5	)
Live Nation Entertainment, Inc.		(579	)		(30,982	)		(0.6	)
LKQ Corp.		(4,841	)		(126,931	)		(2.5	)
Macerich Co. (The)		(3,658	)		(168,853	)		(3.3	)
Madison Square Garden Co. (The)		(124	)		(34,460	)		(0.7	)
Markel Corp.		(75	)		(79,013	)		(1.6	)
MarketAxess Holdings, Inc.		(1,325	)		(284,570	)		(5.6	)
Martin Marietta Materials, Inc.		(1,112	)		(196,468	)		(3.9	)
Marvell Technology Group Ltd.		(4,964	)		(91,983	)		(1.8	)
Medtronic plc		(4,149	)		(366,730	)		(7.2	)
MGM Resorts International		(5,263	)		(154,943	)		(3.1	)
Microchip Technology, Inc.		(4,073	)		(327,347	)		(6.4	)
Mid-America Apartment Communities, Inc.		(345	)		(34,942	)		(0.7	)
Middleby Corp. (The)		(1,472	)		(173,137	)		(3.4	)
Mohawk Industries, Inc.		(1,222	)		(157,381	)		(3.1	)
Molson Coors Brewing Co.		(512	)		(34,104	)		(0.7	)
Mondelez International, Inc.		(2,334	)		(107,971	)		(2.1	)
Monster Beverage Corp.		(2,275	)		(130,221	)		(2.6	)
Moody’s Corp.		(753	)		(119,358	)		(2.4	)
MSCI, Inc.		(1,094	)		(186,275	)		(3.7	)
Mylan NV		(743	)		(22,253	)		(0.4	)
Nasdaq, Inc.		(984	)		(86,631	)		(1.7	)
National Oilwell Varco, Inc.		(2,052	)		(60,493	)		(1.2	)
Netflix, Inc.		(532	)		(180,614	)		(3.6	)
New Residential Investment Corp.		(3,649	)		(61,960	)		(1.2	)
New York Community Bancorp, Inc.		(8,150	)		(94,703	)		(1.9	)
Newmont Mining Corp.		(871	)		(29,710	)		(0.6	)
Nielsen Holdings plc		(6,008	)		(154,285	)		(3.0	)
Noble Energy, Inc.		(1,599	)		(35,722	)		(0.7	)
Norwegian Cruise Line Holdings Ltd.		(685	)		(35,230	)		(0.7	)
NVIDIA Corp.		(625	)		(89,844	)		(1.8	)
NVR, Inc.		(20	)		(53,200	)		(1.0	)
Old Republic International Corp.		(3,120	)		(62,868	)		(1.2	)
ONEOK, Inc.		(3,544	)		(227,560	)		(4.5	)
PacWest Bancorp		(905	)		(34,924	)		(0.7	)
PayPal Holdings, Inc.		(2,080	)		(184,621	)		(3.6	)
PerkinElmer, Inc.		(885	)		(80,093	)		(1.6	)
Perrigo Co. plc		(618	)		(28,706	)		(0.6	)
Prologis, Inc.		(1,509	)		(104,362	)		(2.1	)
Proofpoint, Inc.		(485	)		(49,407	)		(1.0	)
PTC, Inc.		(359	)		(30,440	)		(0.6	)
QUALCOMM, Inc.		(747	)		(36,991	)		(0.7	)
Regeneron Pharmaceuticals, Inc.		(138	)		(59,239	)		(1.2	)
Republic Services, Inc.		(1,266	)		(97,115	)		(1.9	)
Rollins, Inc.		(2,185	)		(81,369	)		(1.6	)
Roper Technologies, Inc.		(164	)		(46,455	)		(0.9	)
Royal Caribbean Cruises Ltd.		(213	)		(25,571	)		(0.5	)
S&P Global, Inc.		(209	)		(40,055	)		(0.8	)
Sage Therapeutics, Inc.		(1,203	)		(171,536	)		(3.4	)
salesforce.com, Inc.		(458	)		(69,602	)		(1.4	)
Sarepta Therapeutics, Inc.		(222	)		(31,016	)		(0.6	)
SBA Communications Corp.		(407	)		(74,290	)		(1.5	)
Schlumberger Ltd.		(2,549	)		(112,691	)		(2.2	)
Seattle Genetics, Inc.		(382	)		(29,196	)		(0.6	)
SEI Investments Co.		(1,403	)		(66,699	)		(1.3	)
Sempra Energy		(982	)		(114,874	)		(2.3	)
Sensata Technologies Holding plc		(404	)		(19,190	)		(0.4	)


	Shares			Value			% of Basket Value

United States (continued)
Service Corp. International		(877	)	$	(37,641	)		(0.7	) %
ServiceMaster Global Holdings, Inc.		(4,006	)		(156,194	)		(3.1	)
Sherwin-Williams Co. (The)		(130	)		(54,798	)		(1.1	)
Signature Bank		(173	)		(22,025	)		(0.4	)
Skyworks Solutions, Inc.		(941	)		(68,731	)		(1.4	)
Southern Co. (The)		(1,086	)		(52,780	)		(1.0	)
Splunk, Inc.		(166	)		(20,723	)		(0.4	)
SS&C Technologies Holdings, Inc.		(3,909	)		(201,274	)		(4.0	)
State Street Corp.		(1,001	)		(70,971	)		(1.4	)
Sun Communities, Inc.		(929	)		(102,106	)		(2.0	)
SVB Financial Group		(132	)		(30,806	)		(0.6	)
Tableau Software, Inc.		(354	)		(45,255	)		(0.9	)
Take-Two Interactive Software, Inc.		(257	)		(27,126	)		(0.5	)
Targa Resources Corp.		(5,232	)		(225,028	)		(4.4	)
Teleflex, Inc.		(298	)		(81,503	)		(1.6	)
Total System Services, Inc.		(286	)		(25,628	)		(0.5	)
TransDigm Group, Inc.		(206	)		(80,546	)		(1.6	)
Transocean Ltd.		(2,189	)		(18,760	)		(0.4	)
TransUnion		(1,454	)		(88,432	)		(1.7	)
Travelers Cos., Inc. (The)		(559	)		(70,177	)		(1.4	)
Trimble, Inc.		(570	)		(21,466	)		(0.4	)
Twilio, Inc.		(800	)		(89,056	)		(1.8	)
Twitter, Inc.		(2,671	)		(89,639	)		(1.8	)
Tyler Technologies, Inc.		(580	)		(109,730	)		(2.2	)
Ultimate Software Group, Inc. (The)		(745	)		(203,437	)		(4.0	)
Union Pacific Corp.		(407	)		(64,741	)		(1.3	)
Universal Display Corp.		(2,823	)		(293,112	)		(5.8	)
USG Corp.		(498	)		(21,489	)		(0.4	)
Vail Resorts, Inc.		(67	)		(12,613	)		(0.2	)
Veeva Systems, Inc.		(560	)		(61,074	)		(1.2	)
VEREIT, Inc.		(12,345	)		(99,748	)		(2.0	)
Verisk Analytics, Inc.		(1,239	)		(145,471	)		(2.9	)
VICI Properties, Inc.		(1,677	)		(36,106	)		(0.7	)
Vistra Energy Corp.		(3,778	)		(94,866	)		(1.9	)
Vulcan Materials Co.		(2,785	)		(283,095	)		(5.6	)
Wabtec Corp.		(622	)		(43,018	)		(0.8	)
Watsco, Inc.		(459	)		(67,693	)		(1.3	)
Wells Fargo & Co.		(5,752	)		(281,330	)		(5.5	)
Welltower, Inc.		(449	)		(34,793	)		(0.7	)
West Pharmaceutical Services, Inc.		(1,014	)		(109,786	)		(2.2	)
Western Alliance Bancorp		(1,079	)		(47,778	)		(0.9	)
Weyerhaeuser Co.		(562	)		(14,747	)		(0.4	)
Whirlpool Corp.		(853	)		(113,458	)		(2.3	)
Williams Cos., Inc. (The)		(7,523	)		(202,593	)		(4.1	)
Willis Towers Watson plc		(769	)		(125,185	)		(2.6	)
Workday, Inc.		(233	)		(42,295	)		(0.7	)
Worldpay, Inc.		(6,434	)		(537,110	)		(10.7	)
WPX Energy, Inc.		(2,157	)		(26,444	)		(0.6	)
WR Berkley Corp.		(306	)		(23,527	)		(0.6	)
WRKCo, Inc.		(3,647	)		(148,469	)		(2.9	)
Wyndham Hotels & Resorts, Inc.		(896	)		(43,984	)		(0.9	)
Wynn Resorts Ltd.		(1,452	)		(178,610	)		(3.6	)
XPO Logistics, Inc.		(663	)		(40,296	)		(0.9	)
Zayo Group Holdings, Inc.		(1,733	)		(47,570	)		(0.9	)
Zillow Group, Inc.		(1,554	)		(54,529	)		(1.1	)
Zimmer Biomet Holdings, Inc.		(2,603	)		(285,184	)		(5.7	)

					(25,202,271	)


Total Reference Entity — Short					(51,901,223	)


Net Value of Reference Entity — Credit Suisse International				$	5,076,160

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Deutsche Bank AG, as of January 31, 2019, expiration dates 02/17/23 — 02/20/23:


	Shares		Value		% of Basket Value

Reference Entity — Long

Australia
BHP Group plc		28,704	$	641,326		14.4	%


Austria
OMV AG		5,210		259,056		5.8
Raiffeisen Bank International AG		2,315		61,238		1.4

				320,294

Belgium
Colruyt SA		742		53,288		1.2
Groupe Bruxelles Lambert SA		444		41,835		0.9
Proximus SADP		458		12,295		0.3
Solvay SA		1,108		120,628		2.7
UCB SA		1,268		109,876		2.5

				337,922

China
Anhui Conch Cement Co. Ltd.		11,000		59,987		1.3
ANTA Sports Products Ltd.		11,000		56,903		1.3
China Mobile Ltd.		47,000		494,315		11.1
China Petroleum & Chemical Corp.		58,000		48,499		1.1
China Taiping Insurance Holdings Co. Ltd.		9,800		27,053		0.6
CNOOC Ltd.		41,000		68,528		1.5
CSPC Pharmaceutical Group Ltd.		182,000		313,985		7.0
Hengan International Group Co. Ltd.		1,000		7,823		0.2
Sinopharm Group Co. Ltd.		7,600		33,965		0.8

				1,111,058

Denmark
Carlsberg A/S		674		77,162		1.7
Coloplast A/S		2,060		188,179		4.2
GN Store Nord A/S		729		31,425		0.7
H Lundbeck A/S		763		33,503		0.8
Novo Nordisk A/S		4,114		192,807		4.3
Novozymes A/S		5,441		227,527		5.1
Pandora A/S		1,470		63,839		1.4

				814,442

Finland
Neste OYJ		1,417		129,826		2.9
Stora Enso OYJ		7,860		105,735		2.4
UPM-Kymmene OYJ		5,278		153,282		3.4

				388,843

France
Arkema SA		1,594		151,028		3.4
Atos SE		1,833		167,133		3.8
AXA SA		1,947		45,151		1.0
BNP Paribas SA		670		31,574		0.7
Cie Generale des Etablissements Michelin SCA		870		94,501		2.1
Credit Agricole SA		11,034		126,024		2.8
Dassault Systemes SE		2,499		313,204		7.0
Engie SA		32,644		523,327		11.7
Faurecia SA		3,438		150,411		3.4
Fonciere Des Regions		474		48,450		1.1
Ipsen SA		1,585		199,451		4.5
Kering SA		872		437,328		9.8
Klepierre SA		3,813		130,668		2.9
Legrand SA		3,373		199,838		4.5
L’Oreal SA		1,297		312,610		7.0


	Shares		Value		% of Basket Value

France (continued)
Orange SA		5,444	$	84,439		1.9	%
Publicis Groupe SA		1,167		71,257		1.6
Sanofi		359		31,204		0.7
Schneider Electric SE		1,624		115,502		2.6
Societe Generale SA		4,117		128,366		2.9
Thales SA		3,748		414,489		9.3
TOTAL SA		3,945		216,269		4.9
Ubisoft Entertainment SA		1,735		153,975		3.5

				4,146,199

Germany
adidas AG		734		174,649		3.9
Allianz SE (Registered)		850		180,347		4.0
Covestro AG		3,339		184,512		4.1
Deutsche Lufthansa AG (Registered)		1,601		40,419		0.9
Deutsche Post AG (Registered)		3,146		92,921		2.1
Evonik Industries AG		8,297		226,911		5.1
Hannover Rueck SE		942		135,962		3.1
Henkel AG & Co. KGaA (Preference)		2,208		214,913		4.8
HOCHTIEF AG		1,648		246,487		5.5
HUGO BOSS AG		3,780		271,027		6.1
Infineon Technologies AG		1,797		39,972		0.9
LEG Immobilien AG		3,453		405,629		9.1
MTU Aero Engines AG		818		176,395		4.0
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		1,438		320,905		7.2
Porsche Automobil Holding SE (Preference)		256		16,647		0.4
ProSiebenSat.1 Media SE		15,410		275,078		6.2
Puma SE		30		16,705		0.4
TUI AG		2,441		36,960		0.8
Volkswagen AG		248		43,264		1.0

				3,099,703

Hong Kong
CK Asset Holdings Ltd.		53,500		450,406		10.1
CK Hutchison Holdings Ltd.		1,500		15,149		0.3
Hang Seng Bank Ltd.		4,000		92,028		2.1
Hong Kong & China Gas Co. Ltd.		12,000		26,077		0.6
Power Assets Holdings Ltd.		11,000		74,102		1.7
Sino Biopharmaceutical Ltd.		68,000		57,524		1.3
Sun Hung Kai Properties Ltd.		2,000		33,545		0.8
Techtronic Industries Co. Ltd.		35,500		207,233		4.7

				956,064

Italy
A2A SpA		34,340		62,658		1.4
Assicurazioni Generali SpA		3,243		56,776		1.3
Eni SpA		12,032		204,013		4.6
Moncler SpA		3,190		120,055		2.7
Poste Italiane SpA		51,622		444,553		10.0
Recordati SpA		1,396		50,586		1.1
Terna Rete Elettrica Nazionale SpA		15,451		95,226		2.1

				1,033,867

Japan
Asahi Glass Co. Ltd.		200		6,778		0.2
Asahi Kasei Corp.		5,900		64,737		1.5
Astellas Pharma, Inc.		7,200		106,835		2.4
Bandai Namco Holdings, Inc.		700		30,924		0.7
Bridgestone Corp.		200		7,698		0.2
Concordia Financial Group Ltd.		16,400		67,644		1.5
Fuji Electric Co. Ltd.		800		24,724		0.6
Fujitsu Ltd.		4,200		281,885		6.3
Hitachi Ltd.		1,900		59,771		1.3
Inpex Corp.		3,400		32,682		0.7


	Shares		Value		% of Basket Value

Japan (continued)
Isuzu Motors Ltd.		1,100	$	16,363		0.4	%
Japan Airlines Co. Ltd.		4,600		167,479		3.8
JFE Holdings, Inc.		500		8,814		0.2
Kajima Corp.		6,600		93,883		2.1
Kao Corp.		2,600		183,816		4.1
Kirin Holdings Co. Ltd.		900		21,486		0.5
Konami Holdings Corp.		1,300		59,705		1.3
Lawson, Inc.		900		55,477		1.2
Marubeni Corp.		29,500		229,941		5.2
Mazda Motor Corp.		15,000		166,009		3.7
Mitsubishi Heavy Industries Ltd.		600		23,199		0.5
Mitsui & Co. Ltd.		5,300		86,591		1.9
Mitsui Chemicals, Inc.		1,500		37,658		0.8
MS&AD Insurance Group Holdings, Inc.		900		26,643		0.6
NGK Spark Plug Co. Ltd.		2,900		62,483		1.4
Nippon Telegraph & Telephone Corp.		3,100		133,263		3.0
Nissan Motor Co. Ltd.		4,700		40,138		0.9
Nitto Denko Corp.		500		28,283		0.6
NSK Ltd.		2,300		22,434		0.5
NTT DOCOMO, Inc.		2,700		64,872		1.5
Obayashi Corp.		1,700		16,176		0.4
Omron Corp.		3,800		156,059		3.5
ORIX Corp.		13,100		197,598		4.4
Panasonic Corp.		4,000		39,169		0.9
Pola Orbis Holdings, Inc.		1,200		35,892		0.8
Ryohin Keikaku Co. Ltd.		100		23,834		0.5
Secom Co. Ltd.		3,700		309,771		7.0
Sekisui Chemical Co. Ltd.		18,900		293,357		6.6
Shiseido Co. Ltd.		1,400		83,281		1.9
Sompo Holdings, Inc.		300		11,311		0.3
Sony Corp.		700		35,075		0.8
Subaru Corp.		1,100		25,830		0.6
Sumitomo Chemical Co. Ltd.		29,000		151,281		3.4
Sumitomo Corp.		6,500		100,643		2.3
Suzuki Motor Corp.		400		20,888		0.5
T&D Holdings, Inc.		3,600		44,691		1.0
Tokyo Gas Co. Ltd.		2,500		65,738		1.5
Yamaha Corp.		100		4,376		0.1
Yokogawa Electric Corp.		1,900		35,384		0.8
ZOZO, Inc.		1,900		38,446		0.9

				3,901,015

Luxembourg
ArcelorMittal		11,622		268,436		6.0


Macau
Sands China Ltd.		66,800		320,462		7.2


Netherlands
ASR Nederland NV		2,588		109,157		2.5
Heineken Holding NV		533		46,271		1.0
ING Groep NV		21,600		256,302		5.8
Koninklijke Ahold Delhaize NV		8,463		222,967		5.0
Koninklijke DSM NV		1,028		96,135		2.2
Koninklijke Philips NV		8,017		316,071		7.1
NN Group NV		1,186		50,082		1.1
Randstad NV		4,479		215,908		4.8
Wolters Kluwer NV		885		55,039		1.2

				1,367,932

Norway
Telenor ASA		3,601		68,174		1.5


Portugal
Galp Energia SGPS SA		7,589		118,574		2.7


	Shares		Value		% of Basket Value

Singapore
Genting Singapore Ltd.		109,700	$	89,901		2.0	%
Mapletree Industrial Trust		42,500		63,248		1.4

				153,149

South Africa
Anglo American plc		10,514		268,694		6.0


South Korea
KB Financial Group, Inc.		3,992		171,526		3.9
Kia Motors Corp.		13,310		435,212		9.8
POSCO		214		52,826		1.2
Samsung Electronics Co. Ltd.		4,210		175,532		3.9
Shinhan Financial Group Co. Ltd.		5,104		197,413		4.4
SK Holdings Co. Ltd.		75		17,815		0.4

				1,050,324

Spain
ACS Actividades de Construccion y Servicios SA		6,220		130,412		2.9
Aena SME SA		391		67,587		1.5
Banco Bilbao Vizcaya Argentaria SA		36,649		217,517		4.9
Bankinter SA		20,243		158,063		3.5
CaixaBank SA		26,235		99,221		2.2
Endesa SA		4,986		124,707		2.8
Mapfre SA		30,020		83,527		1.9
Red Electrica Corp. SA		696		16,040		0.4
Repsol SA		24,869		436,527		9.8
Telefonica SA		34,347		295,439		6.6

				1,629,040

Sweden
Alfa Laval AB		2,783		63,096		1.4
Atlas Copco AB		9,959		259,824		5.8
Hennes & Mauritz AB		2,760		42,945		1.0
Lundin Petroleum AB		2,104		67,297		1.5
Sandvik AB		15,596		249,222		5.6
SKF AB		18,314		308,485		6.9
Svenska Cellulosa AB SCA		25,775		226,716		5.1
Swedbank AB		5,799		131,733		3.0
Swedish Match AB		1,331		59,632		1.3
Volvo AB		10,434		150,353		3.4

				1,559,303

Switzerland
Adecco Group AG (Registered)		7,336		367,615		8.3
Baloise Holding AG (Registered)		190		29,427		0.7
Geberit AG (Registered)		298		116,498		2.6
Kuehne + Nagel International AG (Registered)		1,294		174,989		3.9
Logitech International SA (Registered)		1,975		72,053		1.6
Nestle SA (Registered)		208		18,134		0.4
Novartis AG (Registered)		1,994		174,078		3.9
Partners Group Holding AG		314		215,971		4.8
Roche Holding AG		269		71,564		1.6
SGS SA (Registered)		152		366,934		8.2
Sonova Holding AG (Registered)		869		163,090		3.7
STMicroelectronics NV		5,395		86,072		1.9
Straumann Holding AG (Registered)		258		187,314		4.2
Swiss Life Holding AG (Registered)		78		32,179		0.7
Swiss Prime Site AG (Registered)		2,231		188,995		4.2
Swiss Re AG		401		38,458		0.9
Swisscom AG (Registered)		1,049		502,788		11.3
Temenos Group AG (Registered)		755		101,913		2.3
Zurich Insurance Group AG		316		99,178		2.2

				3,007,250

Taiwan
Catcher Technology Co. Ltd.		27,000		207,847		4.7


	Shares		Value		% of Basket Value

Taiwan (continued)
CTBC Financial Holding Co. Ltd.		234,000	$	159,341		3.6	%
United Microelectronics Corp.		51,000		19,478		0.4

				386,666

United Kingdom
3i Group plc		47,869		534,253		12.0
Ashtead Group plc		4,997		126,749		2.8
Auto Trader Group plc		26,051		156,341		3.5
Aviva plc		7,529		40,947		0.9
Barratt Developments plc		6,823		48,260		1.1
Berkeley Group Holdings plc		1,662		81,831		1.8
British Land Co. plc (The)		9,512		71,655		1.6
Burberry Group plc		5,097		120,488		2.7
easyJet plc		149		2,469		0.1
Experian plc		4,186		105,100		2.4
Fiat Chrysler Automobiles NV		26,812		458,804		10.3
Halma plc		4,005		73,660		1.7
Imperial Brands plc		3,681		122,187		2.7
InterContinental Hotels Group plc		2,363		134,284		3.0
ITV plc		96,399		163,635		3.7
J Sainsbury plc		6,869		25,721		0.6
Kingfisher plc		14,563		42,544		1.0
Land Securities Group plc		22,473		255,571		5.7
Legal & General Group plc		126,062		429,481		9.6
Lloyds Banking Group plc		411,403		313,639		7.0
Marks & Spencer Group plc		95,994		363,201		8.2
Meggitt plc		7,153		48,446		1.1
Next plc		2,511		159,696		3.6
Pearson plc		8,921		106,061		2.4
Persimmon plc		8,250		257,364		5.8
Prudential plc		1,609		31,466		0.7
Royal Mail plc		38,948		137,230		3.1
Schroders plc		565		19,382		0.4
Smith & Nephew plc		963		18,142		0.4
Taylor Wimpey plc		103,056		223,451		5.0
Unilever plc		142		7,460		0.2
Wm Morrison Supermarkets plc		8,280		25,462		0.6

				4,704,980

United States
Bristol-Myers Squibb Co.		316		15,601		0.4
Celanese Corp.		39		3,735		0.1
CIT Group, Inc.		60		2,771		0.1
Citizens Financial Group, Inc.		517		17,537		0.4
Comerica, Inc.		79		6,220		0.1
Commerce Bancshares, Inc.		491		29,362		0.7
Cullen/Frost Bankers, Inc.		29		2,821		0.1
Duke Realty Corp.		343		10,029		0.2
East West Bancorp, Inc.		259		13,033		0.3
Equity Residential		374		27,137		0.6
Essex Property Trust, Inc.		29		7,865		0.2
Extra Space Storage, Inc.		208		20,511		0.5
Federal Realty Investment Trust		19		2,519		0.1
Ferguson plc		3,442		230,487		5.2
Gaming and Leisure Properties, Inc.		630		23,625		0.5
Host Hotels & Resorts, Inc.		85		1,535		0.0
IDEX Corp.		124		17,095		0.4
Jones Lang LaSalle, Inc.		96		13,767		0.3
Lamar Advertising Co.		17		1,266		0.0
Lennox International, Inc.		134		30,724		0.7
Lincoln Electric Holdings, Inc.		59		5,100		0.1
LPL Financial Holdings, Inc.		250		17,593		0.4
Masco Corp.		345		11,181		0.3
National Retail Properties, Inc.		286		15,075		0.3


	Shares			Value			% of Basket Value

United States (continued)
Omnicom Group, Inc.		124		$	9,657			0.2	%
Park Hotels & Resorts, Inc.		579			17,411			0.4
PulteGroup, Inc.		46			1,279			0.0
Regions Financial Corp.		268			4,066			0.1
Snap-on, Inc.		102			16,931			0.4
Steel Dynamics, Inc.		202			7,391			0.2
SunTrust Banks, Inc.		207			12,300			0.3
Torchmark Corp.		128			10,721			0.2
Western Digital Corp.		278			12,507			0.3
Western Union Co. (The)		2,406			43,909			1.0

					662,761


Total Reference Entity — Long					32,316,478


Reference Entity — Short

Belgium
Anheuser-Busch InBev SA/NV		(2,720	)		(207,817	)		(4.7	)
Galapagos NV		(5,068	)		(521,471	)		(11.7	)
KBC Group NV		(4,492	)		(304,962	)		(6.8	)
Umicore SA		(4,146	)		(175,282	)		(3.9	)

					(1,209,532	)

Canada
Barrick Gold Corp.		(16,000	)		(188,870	)		(4.2	)


Chile
Antofagasta plc		(16,231	)		(185,552	)		(4.2	)


China
AAC Technologies Holdings, Inc.		(50,000	)		(313,818	)		(7.0	)
Brilliance China Automotive Holdings Ltd.		(368,000	)		(348,434	)		(7.8	)
China Life Insurance Co. Ltd.		(25,000	)		(62,080	)		(1.4	)
China Pacific Insurance Group Co. Ltd.		(23,200	)		(81,697	)		(1.8	)
China Resources Beer Holdings Co. Ltd.		(22,000	)		(77,324	)		(1.7	)
ENN Energy Holdings Ltd.		(17,500	)		(167,609	)		(3.8	)
PICC Property & Casualty Co. Ltd.		(144,000	)		(149,121	)		(3.3	)
Ping An Insurance Group Co. of China Ltd.		(41,000	)		(399,158	)		(9.0	)
Sunny Optical Technology Group Co. Ltd.		(7,900	)		(78,401	)		(1.8	)

					(1,677,642	)

Denmark
Ambu A/S		(2,979	)		(79,362	)		(1.8	)
AP Moller — Maersk A/S		(177	)		(236,717	)		(5.3	)
Chr Hansen Holding A/S		(1,662	)		(157,833	)		(3.5	)
Danske Bank A/S		(1,090	)		(20,195	)		(0.5	)
Genmab A/S		(1,799	)		(262,247	)		(5.9	)
Orsted A/S		(908	)		(65,614	)		(1.5	)

					(821,968	)

Finland
Fortum OYJ		(8,023	)		(182,346	)		(4.1	)
Kone OYJ		(4,420	)		(214,914	)		(4.8	)
Nokia Corp.		(60,193	)		(380,279	)		(8.5	)
Nokian Renkaat OYJ		(906	)		(30,142	)		(0.7	)
Nordea Bank Abp		(4,937	)		(44,933	)		(1.0	)
Sampo OYJ		(734	)		(33,628	)		(0.8	)

					(886,242	)

France
Aeroports de Paris		(166	)		(31,756	)		(0.7	)
Airbus SE		(2,064	)		(237,897	)		(5.3	)
Alstom SA		(258	)		(10,379	)		(0.2	)
Amundi SA		(798	)		(45,915	)		(1.0	)
Bouygues SA		(3,607	)		(127,663	)		(2.9	)
Carrefour SA		(305	)		(6,032	)		(0.1	)
Danone SA		(2,023	)		(147,217	)		(3.3	)


	Shares			Value			% of Basket Value

France (continued)
Edenred		(2,442	)	$	(98,893	)		(2.2	) %
Electricite de France SA		(691	)		(11,438	)		(0.3	)
EssilorLuxottica SA		(3,104	)		(393,212	)		(8.8	)
Getlink		(6,697	)		(97,942	)		(2.2	)
Hermes International		(41	)		(24,571	)		(0.6	)
Iliad SA		(2,188	)		(250,510	)		(5.6	)
Natixis SA		(39,037	)		(200,107	)		(4.5	)
Orpea		(656	)		(65,032	)		(1.5	)
Remy Cointreau SA		(1,123	)		(130,413	)		(2.9	)
Renault SA		(3,380	)		(239,186	)		(5.4	)
Sodexo SA		(995	)		(103,581	)		(2.3	)
Suez		(11,469	)		(146,830	)		(3.3	)
Unibail-Rodamco-Westfield		(1,967	)		(353,769	)		(7.9	)

					(2,722,343	)

Germany
1&1 Drillisch AG		(5,267	)		(219,147	)		(4.9	)
Bayerische Motoren Werke AG		(1,361	)		(114,665	)		(2.6	)
Commerzbank AG		(34,645	)		(249,353	)		(5.6	)
Daimler AG (Registered)		(3,892	)		(230,558	)		(5.2	)
Fraport AG Frankfurt Airport Services Worldwide		(537	)		(42,441	)		(1.0	)
Fresenius Medical Care AG & Co. KGaA		(383	)		(28,170	)		(0.6	)
HeidelbergCement AG		(94	)		(6,509	)		(0.1	)
LANXESS AG		(1,102	)		(60,655	)		(1.4	)
SAP SE		(631	)		(65,249	)		(1.5	)
Siemens AG (Registered)		(709	)		(77,847	)		(1.7	)
Symrise AG		(1,090	)		(90,537	)		(2.0	)
thyssenkrupp AG NPV		(18,369	)		(326,456	)		(7.3	)
United Internet AG (Registered)		(4,944	)		(196,159	)		(4.4	)
Vonovia SE		(10	)		(503	)		0.0
Wirecard AG		(431	)		(71,468	)		(1.6	)

					(1,779,717	)

Hong Kong
AIA Group Ltd.		(18,000	)		(162,531	)		(3.6	)


Italy
Atlantia SpA		(3,015	)		(71,362	)		(1.6	)
Davide Campari-Milano SpA		(16,249	)		(145,990	)		(3.3	)
Intesa Sanpaolo SpA		(69,154	)		(158,233	)		(3.6	)
Mediobanca Banca di Credito Finanziario SpA		(4,307	)		(37,534	)		(0.8	)
Prysmian SpA		(14,583	)		(313,291	)		(7.0	)
Saipem SpA		(31,857	)		(151,449	)		(3.4	)

					(877,859	)

Japan
Asahi Group Holdings Ltd.		(6,500	)		(272,282	)		(6.1	)
Chubu Electric Power Co., Inc.		(5,200	)		(82,308	)		(1.8	)
Chugai Pharmaceutical Co. Ltd.		(2,000	)		(118,093	)		(2.7	)
Coca-Cola Bottlers Japan Holdings, Inc.		(2,100	)		(64,865	)		(1.5	)
Daiichi Sankyo Co. Ltd.		(3,300	)		(114,470	)		(2.6	)
Daiwa Securities Group, Inc.		(9,000	)		(44,885	)		(1.0	)
Disco Corp.		(400	)		(59,382	)		(1.3	)
Idemitsu Kosan Co. Ltd.		(700	)		(24,701	)		(0.6	)
IHI Corp.		(800	)		(25,337	)		(0.6	)
Japan Post Bank Co. Ltd.		(5,600	)		(65,178	)		(1.5	)
Japan Post Holdings Co. Ltd.		(11,700	)		(143,828	)		(3.2	)
Komatsu Ltd.		(7,500	)		(197,491	)		(4.4	)
Kyocera Corp.		(4,600	)		(259,085	)		(5.8	)
Makita Corp.		(700	)		(24,802	)		(0.6	)
MINEBEA MITSUMI, Inc.		(8,400	)		(138,172	)		(3.1	)
MISUMI Group, Inc.		(1,400	)		(32,045	)		(0.7	)
Mitsubishi UFJ Financial Group, Inc.		(67,000	)		(359,383	)		(8.1	)
Mizuho Financial Group, Inc.		(44,100	)		(72,384	)		(1.6	)
Murata Manufacturing Co. Ltd.		(2,100	)		(315,453	)		(7.1	)


	Shares			Value			% of Basket Value

Japan (continued)
Nexon Co. Ltd.		(2,800	)	$	(42,598	)		(1.0	) %
NGK Insulators Ltd.		(2,500	)		(38,446	)		(0.9	)
Nidec Corp.		(1,300	)		(156,336	)		(3.5	)
Nintendo Co. Ltd.		(500	)		(151,644	)		(3.4	)
Nippon Steel & Sumitomo Metal Corp.		(2,600	)		(48,148	)		(1.1	)
Nomura Holdings, Inc.		(3,700	)		(14,448	)		(0.3	)
NTT Data Corp.		(5,200	)		(61,990	)		(1.4	)
Ono Pharmaceutical Co. Ltd.		(7,100	)		(155,107	)		(3.5	)
Oriental Land Co. Ltd.		(500	)		(51,267	)		(1.2	)
Renesas Electronics Corp.		(9,300	)		(53,619	)		(1.2	)
Resona Holdings, Inc.		(36,300	)		(183,409	)		(4.1	)
Ricoh Co. Ltd.		(3,800	)		(40,481	)		(0.9	)
Rohm Co. Ltd.		(300	)		(21,174	)		(0.5	)
SBI Holdings, Inc.		(3,400	)		(72,630	)		(1.6	)
Sekisui House Ltd.		(6,500	)		(97,145	)		(2.2	)
Seven & i Holdings Co. Ltd.		(1,800	)		(78,377	)		(1.8	)
Shimano, Inc.		(400	)		(56,127	)		(1.3	)
Shin-Etsu Chemical Co. Ltd.		(2,200	)		(185,497	)		(4.2	)
SoftBank Group Corp.		(5,800	)		(456,830	)		(10.3	)
Sumitomo Metal Mining Co. Ltd.		(8,700	)		(251,629	)		(5.6	)
Sumitomo Mitsui Trust Holdings, Inc.		(2,400	)		(90,910	)		(2.0	)
Sysmex Corp.		(2,300	)		(128,218	)		(2.9	)
TDK Corp.		(3,600	)		(284,890	)		(6.4	)
Terumo Corp.		(1,600	)		(91,347	)		(2.1	)
Tokyu Corp.		(14,300	)		(244,738	)		(5.5	)
Toyota Motor Corp.		(2,500	)		(153,875	)		(3.5	)
Tsuruha Holdings, Inc.		(200	)		(18,513	)		(0.4	)
Unicharm Corp.		(5,600	)		(173,307	)		(3.9	)
Yamaha Corp.		(100	)		(4,376	)		(0.1	)

					(5,821,220	)

Jordan
Hikma Pharmaceuticals plc		(1,845	)		(39,033	)		(0.9	)


Luxembourg
Eurofins Scientific SE		(452	)		(181,653	)		(4.1	)


Netherlands
Aegon NV		(30,609	)		(157,690	)		(3.5	)
Akzo Nobel NV COMMON		(746	)		(64,206	)		(1.4	)
Heineken NV		(1,340	)		(120,358	)		(2.7	)
Koninklijke Vopak NV		(10,733	)		(545,442	)		(12.2	)
NN Group NV		(9,925	)		(419,107	)		(9.4	)
Royal Dutch Shell plc		(6,874	)		(213,429	)		(4.8	)

					(1,520,232	)

Norway
Aker BP ASA		(4,483	)		(149,375	)		(3.4	)
Marine Harvest ASA		(6,932	)		(153,132	)		(3.4	)
Norsk Hydro ASA		(20,736	)		(96,133	)		(2.2	)
Orkla ASA		(2,516	)		(20,335	)		(0.5	)
Yara International ASA		(6,077	)		(251,291	)		(5.6	)

					(670,266	)

Singapore
DBS Group Holdings Ltd.		(13,300	)		(237,040	)		(5.3	)
Singapore Telecommunications Ltd.		(37,700	)		(84,765	)		(1.9	)

					(321,805	)

Spain
Bankia SA		(131,407	)		(383,048	)		(8.6	)
Ferrovial SA		(4,909	)		(110,084	)		(2.5	)
Grifols SA		(4,275	)		(111,519	)		(2.5	)
Merlin Properties Socimi SA		(23,764	)		(318,813	)		(7.2	)

					(923,464	)

Sweden
Assa Abloy AB		(6,867	)		(127,960	)		(2.9	)


	Shares			Value			% of Basket Value

Sweden (continued)
Epiroc AB		(9,781	)	$	(93,920	)		(2.1	) %
Essity AB		(1,628	)		(45,044	)		(1.0	)
Hexagon AB		(3,132	)		(153,379	)		(3.4	)
Kinnevik AB		(4,405	)		(107,631	)		(2.4	)
Tele2 AB		(8,259	)		(103,397	)		(2.3	)

					(631,331	)

Switzerland
Cie Financiere Richemont SA (Registered)		(3,446	)		(237,526	)		(5.3	)
Clariant AG (Registered)		(6,759	)		(134,254	)		(3.0	)
Credit Suisse Group AG (Registered)		(9,069	)		(110,237	)		(2.5	)
EMS-Chemie Holding AG (Registered)		(9	)		(4,495	)		(0.1	)
Givaudan SA (Registered)		(21	)		(50,947	)		(1.1	)
Glencore plc		(15,622	)		(63,524	)		(1.4	)
Julius Baer Group Ltd.		(3,133	)		(125,922	)		(2.8	)
LafargeHolcim Ltd. (Registered)		(1,583	)		(74,445	)		(1.7	)
Sika AG (Registered)		(620	)		(81,875	)		(1.8	)
Vifor Pharma AG		(2,457	)		(312,713	)		(7.0	)

					(1,195,938	)

United Arab Emirates
NMC Health plc		(7,470	)		(252,879	)		(5.7	)


United Kingdom
Admiral Group plc		(2,201	)		(59,850	)		(1.3	)
ASOS plc		(228	)		(9,887	)		(0.2	)
AstraZeneca plc		(2,250	)		(162,994	)		(3.7	)
BP plc		(3,853	)		(26,320	)		(0.6	)
CNH Industrial NV		(14,473	)		(142,251	)		(3.2	)
Croda International plc		(1,195	)		(75,659	)		(1.7	)
DCC plc		(2,608	)		(213,500	)		(4.8	)
Diageo plc		(63	)		(2,404	)		(0.1	)
DS Smith plc		(42,287	)		(187,538	)		(4.2	)
easyJet plc		(7,245	)		(120,044	)		(2.7	)
GVC Holdings plc		(45,335	)		(399,483	)		(9.0	)
HSBC Holdings plc		(9,822	)		(82,704	)		(1.9	)
Informa plc		(14,702	)		(130,588	)		(2.9	)
Intertek Group plc		(1,710	)		(110,345	)		(2.5	)
Johnson Matthey plc		(1,630	)		(65,118	)		(1.5	)
Just Eat plc		(34,097	)		(311,595	)		(7.0	)
London Stock Exchange Group plc		(1,891	)		(113,727	)		(2.6	)
Melrose Industries plc		(323,478	)		(716,999	)		(16.1	)
Micro Focus International plc		(34,719	)		(661,922	)		(14.9	)
National Grid plc		(15,462	)		(168,372	)		(3.8	)
Ocado Group plc		(14,606	)		(190,032	)		(4.3	)
Reckitt Benckiser Group plc		(136	)		(10,464	)		(0.2	)
RELX plc		(3,130	)		(69,328	)		(1.6	)
Rentokil Initial plc		(8,380	)		(37,007	)		(0.8	)
Rightmove plc		(15,191	)		(94,069	)		(2.1	)
Rolls-Royce Holdings plc		(5,437	)		(63,197	)		(1.4	)
Royal Bank of Scotland Group plc		(64,921	)		(205,943	)		(4.6	)
RSA Insurance Group plc		(34,919	)		(235,452	)		(5.3	)
Smiths Group plc		(866	)		(16,445	)		(0.4	)
Spirax-Sarco Engineering plc		(742	)		(62,403	)		(1.4	)
Standard Chartered plc		(21,097	)		(170,150	)		(3.8	)
Tesco plc		(53,893	)		(157,769	)		(3.5	)
Unilever NV		(1,562	)		(83,645	)		(1.9	)
Weir Group plc (The)		(9,300	)		(184,044	)		(4.1	)
Whitbread plc		(3,614	)		(231,568	)		(5.2	)
WPP plc		(2,817	)		(32,236	)		(0.7	)

					(5,605,052	)

United States
AECOM		(623	)		(19,070	)		(0.4	)
Aramark		(350	)		(11,533	)		(0.3	)
Axalta Coating Systems Ltd.		(618	)		(15,833	)		(0.4	)


	Shares			Value			% of Basket Value

United States (continued)
Catalent, Inc.		(368	)	$	(13,590	)		(0.3	) %
Charles Schwab Corp. (The)		(377	)		(17,632	)		(0.4	)
Coty, Inc.		(901	)		(6,992	)		(0.2	)
DENTSPLY SIRONA, Inc.		(12	)		(503	)		0.0
FNF Group		(159	)		(5,749	)		(0.1	)
General Electric Co.		(461	)		(4,684	)		(0.1	)
Hanesbrands, Inc.		(1,095	)		(16,414	)		(0.4	)
Invitation Homes, Inc.		(603	)		(13,561	)		(0.3	)
Live Nation Entertainment, Inc.		(224	)		(11,986	)		(0.3	)
New Residential Investment Corp.		(325	)		(5,520	)		(0.1	)
PTC, Inc.		(250	)		(21,199	)		(0.5	)
ServiceMaster Global Holdings, Inc.		(448	)		(17,469	)		(0.5	)
Signature Bank		(28	)		(3,566	)		(0.1	)
VEREIT, Inc.		(141	)		(1,140	)		0.0

					(186,441	)


Total Reference Entity — Short					(27,861,570	)


Net Value of Reference Entity — Deutsche Bank AG				$	4,454,908

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA, as of January 31, 2019, expiration date 02/08/23:


	Shares		Value		% of Basket Value

Reference Entity — Long

Australia
BHP Group plc		12,784	$	285,629		7.7	%
Rio Tinto plc		1,744		96,482		2.6

				382,111

Austria
OMV AG		424		21,082		0.6


Belgium
Ageas		269		12,508		0.3
Proximus SADP		2,663		71,490		1.9
Solvay SA		169		18,399		0.5
UCB SA		644		55,805		1.5

				158,202

Bermuda
RenaissanceRe Holdings Ltd.		707		97,587		2.6


China
Anhui Conch Cement Co. Ltd.		49,500		269,940		7.3
China Mobile Ltd.		6,500		68,363		1.9
China Petroleum & Chemical Corp.		140,000		117,067		3.2
China Taiping Insurance Holdings Co. Ltd.		9,400		25,949		0.7
China Telecom Corp. Ltd.		146,000		79,266		2.1
China Unicom Hong Kong Ltd.		50,000		57,274		1.6
CNOOC Ltd.		8,000		13,371		0.4
CSPC Pharmaceutical Group Ltd.		88,000		151,817		4.1
Hengan International Group Co. Ltd.		7,000		54,761		1.5
Sinopharm Group Co. Ltd.		6,000		26,814		0.7

				864,622

Denmark
Carlsberg A/S		1,614		184,777		5.0
H Lundbeck A/S		635		27,883		0.8
Novo Nordisk A/S		2,250		105,449		2.9

				318,109


	Shares		Value		% of Basket Value

Finland
Neste OYJ		156	$	14,293		0.4	%
Stora Enso OYJ		11,272		151,635		4.1
UPM-Kymmene OYJ		4,964		144,163		3.9

				310,091

France
Arkema SA		2,602		246,533		6.7
Capgemini SE		563		62,175		1.7
Cie Generale des Etablissements Michelin SCA		1,979		214,963		5.8
Eiffage SA		483		45,250		1.2
Engie SA		219		3,511		0.1
Faurecia SA		1,306		57,137		1.5
Kering SA		78		39,119		1.1
Legrand SA		2,186		129,513		3.5
L’Oreal SA		191		46,036		1.2
Orange SA		14,107		218,805		5.9
Peugeot SA		39,617		996,582		27.0
Publicis Groupe SA		1,104		67,410		1.8
Schneider Electric SE		260		18,492		0.5
Societe Generale SA		6,683		208,373		5.6
Ubisoft Entertainment SA		808		71,707		1.9

				2,425,606

Germany
Allianz SE (Registered)		682		144,702		3.9
Beiersdorf AG		73		7,307		0.2
Covestro AG		2,271		125,495		3.4
Deutsche Post AG (Registered)		1,300		38,397		1.0
MTU Aero Engines AG		244		52,617		1.4
ProSiebenSat.1 Media SE		1,148		20,492		0.6

				389,010

Hong Kong
CK Asset Holdings Ltd.		36,500		307,287		8.3
CLP Holdings Ltd.		8,000		93,177		2.5
Hong Kong & China Gas Co. Ltd.		18,000		39,115		1.1
Power Assets Holdings Ltd.		71,000		478,294		13.0
Sino Biopharmaceutical Ltd.		348,000		294,387		8.0
Sun Hung Kai Properties Ltd.		1,000		16,773		0.5
Techtronic Industries Co. Ltd.		32,500		189,720		5.1

				1,418,753

Ireland
AerCap Holdings NV		3,280		155,013		4.2


Italy
A2A SpA		9,490		17,316		0.5
Assicurazioni Generali SpA		643		11,257		0.3
Enel SpA		5,308		32,081		0.9
Eni SpA		1,963		33,284		0.9
Moncler SpA		565		21,264		0.6
Recordati SpA		1,246		45,151		1.2
Terna Rete Elettrica Nazionale SpA		11,756		72,453		2.0

				232,806

Japan
Aisin Seiki Co. Ltd.		1,000		39,535		1.1
Asahi Glass Co. Ltd.		5,600		189,786		5.1
Astellas Pharma, Inc.		10,600		157,285		4.3
Bandai Namco Holdings, Inc.		1,700		75,100		2.0
Bridgestone Corp.		5,900		227,099		6.2
Canon, Inc.		12,800		368,131		10.0
Central Japan Railway Co.		100		21,612		0.6
Dai-ichi Life Holdings, Inc.		3,900		63,324		1.7
Daikin Industries Ltd.		300		32,472		0.9


	Shares		Value		% of Basket Value

Japan (continued)
Daito Trust Construction Co. Ltd.		1,400	$	194,449		5.3	%
Daiwa House Industry Co. Ltd.		4,800		155,622		4.2
Hitachi Ltd.		2,700		84,938		2.3
Hoya Corp.		800		46,430		1.3
Inpex Corp.		2,400		23,070		0.6
Isuzu Motors Ltd.		1,400		20,825		0.6
Japan Tobacco, Inc.		2,200		55,695		1.5
JFE Holdings, Inc.		6,100		107,527		2.9
Kajima Corp.		25,000		355,617		9.6
Kikkoman Corp.		4,000		212,799		5.8
Kirin Holdings Co. Ltd.		2,800		66,847		1.8
Konami Holdings Corp.		200		9,185		0.2
Lawson, Inc.		700		43,149		1.2
MEIJI Holdings Co. Ltd.		300		23,198		0.6
Mitsubishi Heavy Industries Ltd.		900		34,799		0.9
Mitsui Chemicals, Inc.		1,200		30,126		0.8
MS&AD Insurance Group Holdings, Inc.		5,100		150,978		4.1
Nippon Telegraph & Telephone Corp.		6,100		262,228		7.1
Nitto Denko Corp.		700		39,596		1.1
NSK Ltd.		2,900		28,286		0.8
NTT DOCOMO, Inc.		16,400		394,040		10.7
Obayashi Corp.		2,700		25,691		0.7
Olympus Corp.		1,700		69,736		1.9
ORIX Corp.		14,500		218,715		5.9
Osaka Gas Co. Ltd.		1,000		19,798		0.5
Otsuka Corp.		3,900		126,235		3.4
Pola Orbis Holdings, Inc.		1,800		53,837		1.5
Shimadzu Corp.		900		20,698		0.6
Shiseido Co. Ltd.		2,100		124,922		3.4
Sompo Holdings, Inc.		100		3,770		0.1
Sony Corp.		2,400		120,257		3.3
Subaru Corp.		3,900		91,580		2.5
Sumitomo Corp.		2,800		43,354		1.2
Suzuki Motor Corp.		6,600		344,656		9.3
T&D Holdings, Inc.		800		9,931		0.3
Taisei Corp.		800		37,666		1.0
Tokio Marine Holdings, Inc.		1,400		68,552		1.9
Tokyo Gas Co. Ltd.		700		18,407		0.5

				4,911,553

Luxembourg
ArcelorMittal		3,756		86,753		2.4


Macau
Sands China Ltd.		4,000		19,189		0.5


Netherlands
ASR Nederland NV		600		25,307		0.7
EXOR NV		1,766		112,904		3.1
ING Groep NV		1,177		13,966		0.4
Koninklijke Ahold Delhaize NV		4,020		105,911		2.9
Koninklijke Philips NV		1,254		49,439		1.3
Randstad NV		2,684		129,381		3.5
Wolters Kluwer NV		938		58,335		1.6

				495,243

Norway
Equinor ASA		2,286		52,272		1.4
Telenor ASA		380		7,194		0.2

				59,466

Portugal
Galp Energia SGPS SA		2,835		44,296		1.2
Jeronimo Martins SGPS SA		4,015		56,901		1.5

				101,197


	Shares		Value		% of Basket Value

Singapore
Mapletree Industrial Trust		59,600	$	88,696		2.4	%


South Africa
Anglo American plc		2,520		64,401		1.7
Mondi plc		4,375		105,801		2.9

				170,202

South Korea
Hyundai Development Co-Engineering & Construction		138		2,323		0.1
KB Financial Group, Inc.		1,617		69,478		1.9
Kia Motors Corp.		8,220		268,778		7.3
LG Household & Health Care Ltd.		209		237,795		6.4
LG Uplus Corp.		6,826		92,780		2.5
NCSoft Corp.		236		99,376		2.7
POSCO		386		95,285		2.6
Samsung Electro-Mechanics Co. Ltd.		3,752		367,189		10.0
Samsung Electronics Co. Ltd.		2,489		103,777		2.8
Samsung SDS Co. Ltd.		1,197		241,581		6.5
Shinhan Financial Group Co. Ltd.		1,860		71,941		1.9
SK Holdings Co. Ltd.		264		62,710		1.7
SK Hynix, Inc.		980		65,532		1.8
SK Telecom Co. Ltd.		1,299		300,729		8.1
Woori Bank		1,895		25,519		0.7

				2,104,793

Spain
ACS Actividades de Construccion y Servicios SA		5,416		113,554		3.1
Banco Bilbao Vizcaya Argentaria SA		34,009		201,849		5.5
Bankinter SA		2,436		19,021		0.5
CaixaBank SA		10,656		40,301		1.1
Endesa SA		3,273		81,863		2.2

				456,588

Sweden
Hennes & Mauritz AB		3,470		53,993		1.5
Sandvik AB		1,596		25,504		0.7
SKF AB		807		13,593		0.4
Svenska Cellulosa AB SCA		2,579		22,685		0.6
Swedish Match AB		1,945		87,140		2.4

				202,915

Switzerland
Adecco Group AG (Registered)		2,809		140,762		3.8
Baloise Holding AG (Registered)		365		56,530		1.5
Geberit AG (Registered)		393		153,636		4.2
Kuehne + Nagel International AG (Registered)		3		406		0.0
Logitech International SA (Registered)		1,181		43,086		1.2
Novartis AG (Registered)		401		35,008		0.9
Partners Group Holding AG		257		176,766		4.8
SGS SA (Registered)		115		277,615		7.5
STMicroelectronics NV		1,220		19,464		0.5
Straumann Holding AG (Registered)		214		155,369		4.2
Swiss Life Holding AG (Registered)		60		24,753		0.7
Swiss Re AG		746		71,545		1.9
Swisscom AG (Registered)		76		36,427		1.0
Temenos Group AG (Registered)		210		28,347		0.8
Zurich Insurance Group AG		1,342		421,191		11.4

				1,640,905

Taiwan
Catcher Technology Co. Ltd.		11,000		84,678		2.3
CTBC Financial Holding Co. Ltd.		1,653,000		1,125,599		30.5
Formosa Chemicals & Fibre Corp.		46,000		160,087		4.3
Formosa Plastics Corp.		8,000		26,772		0.7


	Shares		Value		% of Basket Value

Taiwan (continued)
Globalwafers Co. Ltd.		10,000	$	98,887		2.7	%
Nanya Technology Corp.		82,000		166,534		4.5
Taiwan Semiconductor Manufacturing Co. Ltd.		16,000		118,688		3.2
Uni-President Enterprises Corp.		54,000		127,963		3.5
United Microelectronics Corp.		684,000		261,232		7.1
Yageo Corp.		17,000		185,884		5.0

				2,356,324

United Kingdom
3i Group plc		9,359		104,453		2.8
Aviva plc		25,461		138,473		3.8
Barratt Developments plc		15,775		111,579		3.0
Berkeley Group Holdings plc		3,189		157,016		4.3
British Land Co. plc (The)		23,391		176,207		4.8
Burberry Group plc		608		14,372		0.4
Experian plc		6,407		160,864		4.4
Imperial Brands plc		78		2,589		0.1
InterContinental Hotels Group plc		1,016		57,737		1.6
ITV plc		8,653		14,688		0.4
J Sainsbury plc		6,288		23,545		0.6
Kingfisher plc		18,791		54,895		1.5
Legal & General Group plc		2,352		8,013		0.2
Lloyds Banking Group plc		143,588		109,466		3.0
Next plc		1,866		118,675		3.2
Pearson plc		7,849		93,316		2.5
Persimmon plc		2,691		83,947		2.3
Royal Mail plc		3,040		10,711		0.3
Schroders plc		4,460		152,996		4.1
Smith & Nephew plc		5,972		112,505		3.0
SSE plc		350		5,381		0.1
Taylor Wimpey plc		5,518		11,964		0.3
Wm Morrison Supermarkets plc		2,218		6,821		0.2

				1,730,213

United States
AbbVie, Inc.		325		26,094		0.7
Activision Blizzard, Inc.		1,982		93,630		2.5
Acuity Brands, Inc.		414		50,057		1.4
Advance Auto Parts, Inc.		199		31,681		0.9
AES Corp.		3,369		55,218		1.5
Aflac, Inc.		5,248		250,330		6.8
Agilent Technologies, Inc.		559		42,512		1.2
Akamai Technologies, Inc.		316		20,572		0.6
Allison Transmission Holdings, Inc.		11,287		549,338		14.9
Allstate Corp. (The)		1,381		121,348		3.3
Ally Financial, Inc.		3,764		98,090		2.7
Alphabet, Inc.		77		86,694		2.3
Altria Group, Inc.		242		11,943		0.3
Ameren Corp.		702		48,677		1.3
American Electric Power Co., Inc.		15		1,187		0.0
American Financial Group, Inc.		2,182		208,141		5.6
Ameriprise Financial, Inc.		712		90,139		2.4
AMETEK, Inc.		547		39,876		1.1
Anadarko Petroleum Corp.		2,587		122,443		3.3
Annaly Capital Management, Inc.		8,655		90,358		2.4
Anthem, Inc.		230		69,690		1.9
Apache Corp.		2,350		77,127		2.1
Apartment Investment & Management Co.		1,065		52,739		1.4
Applied Materials, Inc.		4,297		167,927		4.6
Athene Holding Ltd.		3,344		143,458		3.9
AutoZone, Inc.		18		15,252		0.4
Avery Dennison Corp.		1,119		116,880		3.2
Baxter International, Inc.		677		49,076		1.3
Best Buy Co., Inc.		3,182		188,502		5.1


	Shares		Value		% of Basket Value

United States (continued)
Biogen, Inc.		449	$	149,867		4.1	%
Boeing Co. (The)		91		35,091		1.0
Booz Allen Hamilton Holding Corp.		610		29,969		0.8
BorgWarner, Inc.		917		37,505		1.0
Boston Properties, Inc.		409		53,935		1.5
Bristol-Myers Squibb Co.		148		7,307		0.2
Brixmor Property Group, Inc.		1,921		32,907		0.9
Cabot Oil & Gas Corp.		807		20,135		0.5
Carnival Corp.		970		55,853		1.5
CBS Corp. (Non-Voting)		1,086		53,714		1.5
Celanese Corp.		430		41,177		1.1
Celgene Corp.		445		39,365		1.1
CenterPoint Energy, Inc.		6,422		198,568		5.4
CH Robinson Worldwide, Inc.		530		45,988		1.2
Chemours Co. (The)		4,959		177,284		4.8
Chevron Corp.		1,232		141,249		3.8
Church & Dwight Co., Inc.		898		58,020		1.6
Cimarex Energy Co.		607		45,731		1.2
Cintas Corp.		70		13,126		0.4
Cisco Systems, Inc.		14		662		0.0
CIT Group, Inc.		1,426		65,867		1.8
Citrix Systems, Inc.		5,850		599,859		16.3
CMS Energy Corp.		72		3,754		0.1
Comcast Corp.		1,169		42,750		1.2
Comerica, Inc.		567		44,646		1.2
Commerce Bancshares, Inc.		421		25,176		0.7
ConocoPhillips		1,579		106,883		2.9
Crane Co.		644		53,297		1.4
CubeSmart		3,287		101,733		2.8
Cullen/Frost Bankers, Inc.		48		4,669		0.1
Cummins, Inc.		2,539		373,512		10.1
Curtiss-Wright Corp.		304		34,510		0.9
Darden Restaurants, Inc.		681		71,457		1.9
Delta Air Lines, Inc.		2,107		104,149		2.8
Devon Energy Corp.		4,446		118,486		3.2
Discover Financial Services		664		44,813		1.2
Domino’s Pizza, Inc.		310		87,956		2.4
DTE Energy Co.		1,048		123,402		3.3
Duke Realty Corp.		505		14,766		0.4
E*TRADE Financial Corp.		2,162		100,879		2.7
East West Bancorp, Inc.		179		9,007		0.2
Eastman Chemical Co.		506		40,794		1.1
Edwards Lifesciences Corp.		296		50,444		1.4
Eli Lilly & Co.		162		19,417		0.5
Entergy Corp.		266		23,725		0.6
EOG Resources, Inc.		1,345		133,424		3.6
Equity Residential		158		11,464		0.3
Essex Property Trust, Inc.		275		74,580		2.0
Estee Lauder Cos., Inc. (The)		799		109,000		3.0
Exelon Corp.		3,082		147,196		4.0
Expeditors International of Washington, Inc.		1,065		73,804		2.0
Extra Space Storage, Inc.		823		81,156		2.2
F5 Networks, Inc.		942		151,615		4.1
Fair Isaac Corp.		270		60,804		1.6
Federal Realty Investment Trust		347		46,002		1.2
Ferguson plc		5,264		352,494		9.6
Fifth Third Bancorp		2,129		57,100		1.5
FirstEnergy Corp.		576		22,579		0.6
FLIR Systems, Inc.		1,119		54,697		1.5
Foot Locker, Inc.		891		49,798		1.3
Fortinet, Inc.		172		13,170		0.4
Freeport-McMoRan, Inc.		1,614		18,787		0.5
Gaming and Leisure Properties, Inc.		734		27,525		0.7


	Shares		Value		% of Basket Value

United States (continued)
Gap, Inc. (The)		5,635	$	143,354		3.9	%
Gentex Corp.		557		11,797		0.3
Gilead Sciences, Inc.		2,411		168,794		4.6
Goodyear Tire & Rubber Co. (The)		903		19,135		0.5
Graco, Inc.		2,700		116,991		3.2
Halliburton Co.		2,036		63,849		1.7
Hanover Insurance Group, Inc. (The)		535		61,011		1.7
Hartford Financial Services Group, Inc. (The)		256		12,012		0.3
HCA Healthcare, Inc.		3,030		422,473		11.4
HD Supply Holdings, Inc.		1,154		48,399		1.3
Hershey Co. (The)		305		32,360		0.9
Hewlett Packard Enterprise Co.		2,557		39,864		1.1
Hill-Rom Holdings, Inc.		189		18,904		0.5
HollyFrontier Corp.		1,675		94,369		2.6
Home Depot, Inc. (The)		757		138,932		3.8
Honeywell International, Inc.		412		59,176		1.6
Host Hotels & Resorts, Inc.		5,854		105,723		2.9
HP, Inc.		15,385		338,932		9.2
Huntsman Corp.		3,864		84,892		2.3
IDEXX Laboratories, Inc.		747		158,947		4.3
Illinois Tool Works, Inc.		277		38,035		1.0
Ingersoll-Rand plc		214		21,409		0.6
Ingredion, Inc.		107		10,593		0.3
Intel Corp.		1,765		83,167		2.3
International Business Machines Corp.		514		69,092		1.9
Interpublic Group of Cos., Inc. (The)		1,062		24,160		0.7
Intuit, Inc.		278		59,998		1.6
KAR Auction Services, Inc.		654		34,015		0.9
Kellogg Co.		275		16,228		0.4
KLA-Tencor Corp.		2,946		313,955		8.5
Kohl’s Corp.		445		30,567		0.8
Kroger Co. (The)		2,282		64,649		1.8
Lam Research Corp.		1,420		240,804		6.5
Lamar Advertising Co.		707		52,636		1.4
Lear Corp.		253		38,944		1.1
Lennox International, Inc.		257		58,925		1.6
Liberty Media Corp-Liberty SiriusXM		1,074		42,917		1.2
Lincoln Electric Holdings, Inc.		905		78,228		2.1
LyondellBasell Industries NV		5,027		437,198		11.8
M&T Bank Corp.		401		65,981		1.8
Macy’s, Inc.		4,084		107,409		2.9
ManpowerGroup, Inc.		985		77,845		2.1
Marathon Oil Corp.		3,406		53,781		1.5
Masco Corp.		604		19,576		0.5
Maxim Integrated Products, Inc.		2,283		123,898		3.4
McKesson Corp.		978		125,428		3.4
Merck & Co., Inc.		3,814		283,876		7.7
Micron Technology, Inc.		5,240		200,273		5.4
Motorola Solutions, Inc.		228		26,655		0.7
National Retail Properties, Inc.		2,280		120,179		3.3
NetApp, Inc.		921		58,732		1.6
Nordstrom, Inc.		1,447		67,155		1.8
Nucor Corp.		2,605		159,530		4.3
OGE Energy Corp.		606		24,816		0.7
Omnicom Group, Inc.		2,140		166,663		4.5
O’Reilly Automotive, Inc.		113		38,947		1.1
Oshkosh Corp.		948		71,147		1.9
Packaging Corp. of America		1,389		131,010		3.6
Park Hotels & Resorts, Inc.		7,832		235,508		6.4
Parker-Hannifin Corp.		263		43,345		1.2
Paychex, Inc.		659		46,657		1.3
Pentair plc		1,344		55,359		1.5
Pfizer, Inc.		3,186		135,246		3.7


	Shares			Value			% of Basket Value

United States (continued)
Phillips 66		414		$	39,500			1.1	%
Progressive Corp. (The)		2,759			185,653			5.0
Prudential Financial, Inc.		2,120			195,337			5.3
PulteGroup, Inc.		4,604			128,037			3.5
PVH Corp.		262			28,587			0.8
Ralph Lauren Corp.		152			17,653			0.5
Regions Financial Corp.		5,125			77,746			2.1
Reinsurance Group of America, Inc.		184			26,579			0.7
Reliance Steel & Aluminum Co.		37			3,030			0.1
ResMed, Inc.		674			64,145			1.7
Robert Half International, Inc.		1,636			105,407			2.9
Rockwell Automation, Inc.		227			38,481			1.0
Ross Stores, Inc.		7			645			0.0
Seagate Technology plc		4,808			212,898			5.8
Sirius XM Holdings, Inc.		13,841			80,693			2.2
Snap-on, Inc.		254			42,161			1.1
Spirit AeroSystems Holdings, Inc.		82			6,839			0.2
Steel Dynamics, Inc.		4,159			152,178			4.1
STORE Capital Corp.		788			25,468			0.7
SunTrust Banks, Inc.		1,184			70,353			1.9
Sysco Corp.		1,561			99,670			2.7
Tapestry, Inc.		1,689			65,381			1.8
Target Corp.		289			21,097			0.6
Teledyne Technologies, Inc.		88			19,731			0.5
Teradyne, Inc.		1,429			51,430			1.4
Torchmark Corp.		446			37,357			1.0
Tractor Supply Co.		175			14,945			0.4
Tyson Foods, Inc.		982			60,805			1.6
UDR, Inc.		1,359			59,456			1.6
UGI Corp.		1,587			90,507			2.5
United Continental Holdings, Inc.		1,038			90,586			2.5
United Rentals, Inc.		54			6,764			0.2
UnitedHealth Group, Inc.		353			95,381			2.6
Unum Group		605			21,030			0.6
US Foods Holding Corp.		731			24,649			0.7
Valero Energy Corp.		3,481			305,701			8.3
VeriSign, Inc.		296			50,104			1.4
Verizon Communications, Inc.		1,081			59,520			1.6
VF Corp.		842			70,871			1.9
Viacom, Inc.		2,869			84,406			2.3
VMware, Inc.		1,442			217,843			5.9
Voya Financial, Inc.		4,432			205,778			5.6
WABCO Holdings, Inc.		522			59,628			1.6
Walgreens Boots Alliance, Inc.		813			58,747			1.6
Walmart, Inc.		616			59,031			1.6
Webster Financial Corp.		252			13,578			0.4
Western Digital Corp.		730			32,843			0.9
WW Grainger, Inc.		78			23,040			0.6
YUM! BRANDS, Inc.		208			19,548			0.5
Zions Bancorp		788			37,501			1.0

					17,760,346


Total Reference Entity — Long					38,957,375


Reference Entity — Short

Argentina
MercadoLibre, Inc.		(683	)		(248,612	)		(6.7	)


Belgium
Anheuser-Busch InBev SA/NV		(974	)		(74,417	)		(2.0	)
KBC Group NV		(1,279	)		(86,831	)		(2.4	)
Umicore SA		(1,706	)		(72,125	)		(2.0	)

					(233,373	)


	Shares			Value			% of Basket Value

Canada
Barrick Gold Corp.		(10,607	)	$	(125,209	)		(3.4	) %


Chile
Antofagasta plc		(9,358	)		(106,980	)		(2.9	)


China
AAC Technologies Holdings, Inc.		(27,000	)		(169,462	)		(4.6	)
Brilliance China Automotive Holdings Ltd.		(689,032	)		(652,397	)		(17.7	)
BYD Co. Ltd.		(4,500	)		(26,634	)		(0.7	)
China Evergrande Group		(22,018	)		(69,448	)		(1.9	)
China Life Insurance Co. Ltd.		(77,000	)		(191,208	)		(5.2	)
China Overseas Land & Investment Ltd.		(60,000	)		(226,328	)		(6.1	)
China Pacific Insurance Group Co. Ltd.		(16,000	)		(56,343	)		(1.5	)
China Resources Beer Holdings Co. Ltd.		(8,000	)		(28,118	)		(0.8	)
ENN Energy Holdings Ltd.		(14,200	)		(136,003	)		(3.7	)
PetroChina Co. Ltd.		(466,000	)		(300,763	)		(8.2	)
PICC Property & Casualty Co. Ltd.		(167,000	)		(172,939	)		(4.7	)
Semiconductor Manufacturing International Corp.		(236,193	)		(223,197	)		(6.0	)
Sunac China Holdings Ltd.		(17,070	)		(67,988	)		(1.8	)
Sunny Optical Technology Group Co. Ltd.		(31,500	)		(312,612	)		(8.5	)

					(2,633,440	)

Denmark
Ambu A/S		(10,306	)		(274,556	)		(7.4	)
AP Moller — Maersk A/S		(132	)		(176,535	)		(4.8	)
Orsted A/S		(674	)		(48,705	)		(1.3	)

					(499,796	)

Finland
Kone OYJ		(730	)		(35,495	)		(1.0	)
Nokia Corp.		(3,449	)		(21,790	)		(0.6	)
Nokian Renkaat OYJ		(965	)		(32,105	)		(0.9	)
Sampo OYJ		(1,247	)		(57,132	)		(1.5	)
Wartsila OYJ Abp		(10,694	)		(174,619	)		(4.7	)

					(321,141	)

France
Accor SA		(5,757	)		(250,378	)		(6.8	)
Aeroports de Paris		(308	)		(58,921	)		(1.6	)
Air Liquide SA		(2,559	)		(310,661	)		(8.4	)
Amundi SA		(1,651	)		(94,994	)		(2.6	)
Bouygues SA		(1,209	)		(42,790	)		(1.2	)
Bureau Veritas SA		(6,341	)		(140,871	)		(3.8	)
Carrefour SA		(2,817	)		(55,709	)		(1.5	)
Electricite de France SA		(12,215	)		(202,189	)		(5.5	)
EssilorLuxottica SA		(412	)		(52,192	)		(1.4	)
Orpea		(8,974	)		(889,627	)		(24.1	)
Rubis SCA		(51	)		(3,044	)		(0.1	)
Unibail-Rodamco-Westfield		(92	)		(16,546	)		(0.4	)

					(2,117,922	)

Germany
1&1 Drillisch AG		(1,711	)		(71,191	)		(1.9	)
Bayer AG (Registered)		(2,899	)		(219,732	)		(6.0	)
Commerzbank AG		(4,881	)		(35,130	)		(1.0	)
Daimler AG (Registered)		(5,241	)		(310,471	)		(8.4	)
Deutsche Boerse AG		(557	)		(74,163	)		(2.0	)
Deutsche Wohnen AG		(2,311	)		(115,451	)		(3.1	)
GEA Group AG		(2,665	)		(73,422	)		(2.0	)
Innogy SE		(506	)		(23,973	)		(0.6	)
KION Group AG		(480	)		(27,715	)		(0.8	)
Symrise AG		(3,639	)		(302,259	)		(8.2	)
Telefonica Deutschland Holding AG		(20,665	)		(72,449	)		(2.0	)
Uniper SE		(4,954	)		(143,650	)		(3.9	)
Vonovia SE		(811	)		(40,760	)		(1.1	)


	Shares			Value			% of Basket Value

Germany (continued)
Zalando SE		(9,139	)	$	(278,862	)		(7.6	) %

					(1,789,228	)

Hong Kong
AIA Group Ltd.		(37,800	)		(341,316	)		(9.2	)
China Gas Holdings Ltd.		(230,800	)		(736,716	)		(20.0	)
WH Group Ltd.		(135,000	)		(115,767	)		(3.1	)

					(1,193,799	)

Italy
Atlantia SpA		(151	)		(3,574	)		(0.1	)
Leonardo SpA		(2,727	)		(26,425	)		(0.7	)
Mediobanca Banca di Credito Finanziario SpA		(2,182	)		(19,016	)		(0.5	)
Snam SpA		(4,277	)		(20,424	)		(0.6	)

					(69,439	)

Japan
ANA Holdings, Inc.		(2,200	)		(81,092	)		(2.2	)
Chugai Pharmaceutical Co. Ltd.		(1,600	)		(94,474	)		(2.6	)
Coca-Cola Bottlers Japan Holdings, Inc.		(2,200	)		(67,954	)		(1.8	)
Daiwa Securities Group, Inc.		(4,900	)		(24,438	)		(0.7	)
Disco Corp.		(300	)		(44,537	)		(1.2	)
Don Quijote Holdings Co. Ltd.		(4,200	)		(244,235	)		(6.6	)
Hikari Tsushin, Inc.		(100	)		(16,028	)		(0.4	)
Hitachi Construction Machinery Co. Ltd.		(1,000	)		(25,397	)		(0.7	)
Honda Motor Co. Ltd.		(2,200	)		(66,048	)		(1.8	)
Idemitsu Kosan Co. Ltd.		(500	)		(17,644	)		(0.5	)
IHI Corp.		(400	)		(12,669	)		(0.3	)
Japan Post Bank Co. Ltd.		(7,000	)		(81,472	)		(2.2	)
Japan Post Holdings Co. Ltd.		(5,900	)		(72,529	)		(2.0	)
Keyence Corp.		(200	)		(102,923	)		(2.8	)
Kyocera Corp.		(2,100	)		(118,278	)		(3.2	)
M3, Inc.		(21,200	)		(306,827	)		(8.3	)
Makita Corp.		(1,100	)		(38,975	)		(1.1	)
MINEBEA MITSUMI, Inc.		(1,500	)		(24,674	)		(0.7	)
MISUMI Group, Inc.		(1,300	)		(29,756	)		(0.8	)
Mitsubishi Motors Corp.		(11,300	)		(70,209	)		(1.9	)
Mitsubishi UFJ Financial Group, Inc.		(12,200	)		(65,440	)		(1.8	)
Mizuho Financial Group, Inc.		(4,400	)		(7,222	)		(0.2	)
Nexon Co. Ltd.		(8,100	)		(123,229	)		(3.3	)
NGK Insulators Ltd.		(1,700	)		(26,143	)		(0.7	)
Nidec Corp.		(3,300	)		(396,852	)		(10.8	)
Nintendo Co. Ltd.		(200	)		(60,658	)		(1.6	)
Nomura Research Institute Ltd.		(1,300	)		(53,199	)		(1.4	)
NTT Data Corp.		(18,700	)		(222,927	)		(6.0	)
Obic Co. Ltd.		(400	)		(37,907	)		(1.0	)
Ono Pharmaceutical Co. Ltd.		(1,200	)		(26,215	)		(0.7	)
Oriental Land Co. Ltd.		(800	)		(82,027	)		(2.2	)
Renesas Electronics Corp.		(10,400	)		(59,961	)		(1.6	)
Resona Holdings, Inc.		(700	)		(3,537	)		(0.1	)
Ricoh Co. Ltd.		(9,300	)		(99,072	)		(2.7	)
Rohm Co. Ltd.		(300	)		(21,174	)		(0.6	)
SBI Holdings, Inc.		(1,900	)		(40,587	)		(1.1	)
Sekisui House Ltd.		(1,200	)		(17,934	)		(0.5	)
Shimano, Inc.		(800	)		(112,253	)		(3.0	)
SMC Corp.		(200	)		(66,009	)		(1.8	)
SoftBank Group Corp.		(2,500	)		(196,909	)		(5.3	)
Sumitomo Electric Industries Ltd.		(4,400	)		(62,693	)		(1.7	)
Sumitomo Metal Mining Co. Ltd.		(1,800	)		(52,061	)		(1.4	)
Sumitomo Mitsui Trust Holdings, Inc.		(200	)		(7,576	)		(0.2	)
Suntory Beverage & Food Ltd.		(3,400	)		(150,541	)		(4.1	)
Sysmex Corp.		(1,000	)		(55,747	)		(1.5	)
TDK Corp.		(1,500	)		(118,704	)		(3.2	)
Terumo Corp.		(400	)		(22,837	)		(0.6	)
Tokyu Corp.		(5,100	)		(87,284	)		(2.4	)


	Shares			Value			% of Basket Value

Japan (continued)
Toray Industries, Inc.		(17,500	)	$	(129,694	)		(3.5	) %
TOTO Ltd.		(2,300	)		(89,319	)		(2.4	)
Toyota Industries Corp.		(500	)		(24,771	)		(0.7	)
Toyota Motor Corp.		(3,600	)		(221,580	)		(6.0	)
Tsuruha Holdings, Inc.		(1,000	)		(92,566	)		(2.5	)
Yakult Honsha Co. Ltd.		(600	)		(40,043	)		(1.1	)

					(4,414,830	)

Luxembourg
Eurofins Scientific SE		(783	)		(314,678	)		(8.5	)


Macau
Galaxy Entertainment Group Ltd.		(56,000	)		(389,908	)		(10.6	)
Wynn Macau Ltd.		(9,600	)		(23,566	)		(0.6	)

					(413,474	)

Mexico
Fresnillo plc		(27,867	)		(367,926	)		(10.0	)


Netherlands
Aegon NV		(33,750	)		(173,871	)		(4.7	)
Akzo Nobel NV COMMON		(488	)		(42,001	)		(1.1	)

					(215,872	)

South Korea
Amorepacific Corp.		(309	)		(50,533	)		(1.4	)
Celltrion Healthcare Co. Ltd.		(90	)		(6,039	)		(0.2	)
Celltrion, Inc.		(724	)		(143,348	)		(3.9	)
Netmarble Corp.		(819	)		(79,046	)		(2.1	)
S-Oil Corp.		(403	)		(37,947	)		(1.0	)

					(316,913	)

Spain
Bankia SA		(10,800	)		(31,482	)		(0.9	)
Cellnex Telecom SA		(358	)		(10,088	)		(0.3	)
Ferrovial SA		(1,124	)		(25,206	)		(0.7	)
Industria de Diseno Textil SA		(5,435	)		(152,034	)		(4.1	)

					(218,810	)

Sweden
Epiroc AB		(5,963	)		(57,259	)		(1.6	)
Hexagon AB		(1,687	)		(82,615	)		(2.2	)
Kinnevik AB		(138	)		(3,372	)		(0.1	)
Svenska Handelsbanken AB		(17,616	)		(191,571	)		(5.2	)

					(334,817	)

Switzerland
Cie Financiere Richemont SA (Registered)		(279	)		(19,231	)		(0.5	)
Credit Suisse Group AG (Registered)		(3,683	)		(44,768	)		(1.2	)
Dufry AG (Registered)		(1,269	)		(126,920	)		(3.4	)
Givaudan SA (Registered)		(12	)		(29,113	)		(0.8	)
LafargeHolcim Ltd. (Registered)		(1,622	)		(76,279	)		(2.1	)
Lonza Group AG (Registered)		(855	)		(225,889	)		(6.1	)
UBS Group AG (Registered)		(37,942	)		(491,869	)		(13.3	)
Vifor Pharma AG		(3,377	)		(429,805	)		(11.6	)

					(1,443,874	)

Taiwan
Cathay Financial Holding Co. Ltd.		(26,000	)		(37,390	)		(1.0	)
Delta Electronics, Inc.		(19,792	)		(98,896	)		(2.7	)
Hon Hai Precision Industry Co. Ltd.		(292,037	)		(676,920	)		(18.3	)
Largan Precision Co. Ltd.		(1,612	)		(204,963	)		(5.6	)

					(1,018,169	)

United Arab Emirates
NMC Health plc		(637	)		(21,564	)		(0.6	)


United Kingdom
CNH Industrial NV		(1,934	)		(19,009	)		(0.5	)


	Shares			Value			% of Basket Value

United Kingdom (continued)
Croda International plc		(1,935	)	$	(122,511	)		(3.3	) %
DCC plc		(1,262	)		(103,312	)		(2.8	)
Informa plc		(63,600	)		(564,915	)		(15.3	)
Intertek Group plc		(237	)		(15,293	)		(0.4	)
Janus Henderson Group plc		(5,416	)		(118,231	)		(3.2	)
John Wood Group plc		(4,411	)		(31,307	)		(0.8	)
Just Eat plc		(19,946	)		(182,276	)		(4.9	)
Melrose Industries plc		(52,571	)		(116,525	)		(3.2	)
Ocado Group plc		(30,454	)		(396,223	)		(10.7	)
RELX plc		(17,962	)		(397,850	)		(10.8	)
Rentokil Initial plc		(10,175	)		(44,934	)		(1.2	)
Royal Bank of Scotland Group plc		(49,679	)		(157,592	)		(4.3	)
Standard Chartered plc		(2,267	)		(18,284	)		(0.5	)
TechnipFMC plc		(3,290	)		(75,538	)		(2.0	)
Tesco plc		(25,864	)		(75,715	)		(2.1	)
Weir Group plc (The)		(3,190	)		(63,129	)		(1.7	)

					(2,502,644	)

United States
3M Co.		(70	)		(14,021	)		(0.4	)
AECOM		(1,733	)		(53,047	)		(1.4	)
Affiliated Managers Group, Inc.		(447	)		(46,913	)		(1.3	)
AGNC Investment Corp.		(4,020	)		(71,998	)		(2.0	)
Alcoa Corp.		(678	)		(20,123	)		(0.5	)
Alkermes plc		(10	)		(329	)		0.0
Alleghany Corp.		(322	)		(203,362	)		(5.5	)
Alnylam Pharmaceuticals, Inc.		(1,004	)		(83,864	)		(2.3	)
American International Group, Inc.		(5,567	)		(240,661	)		(6.5	)
American Tower Corp.		(17	)		(2,938	)		(0.1	)
Amphenol Corp.		(2,039	)		(179,269	)		(4.9	)
Antero Resources Corp.		(1,748	)		(17,585	)		(0.5	)
Aon plc		(126	)		(19,685	)		(0.5	)
Aramark		(3,920	)		(129,164	)		(3.5	)
Arconic, Inc.		(6,907	)		(129,990	)		(3.5	)
Arista Networks, Inc.		(127	)		(27,277	)		(0.7	)
Arrow Electronics, Inc.		(238	)		(18,076	)		(0.5	)
Arthur J Gallagher & Co.		(774	)		(57,826	)		(1.6	)
Assurant, Inc.		(924	)		(89,064	)		(2.4	)
athenahealth, Inc.		(220	)		(29,643	)		(0.8	)
Atmos Energy Corp.		(354	)		(34,561	)		(0.9	)
Axalta Coating Systems Ltd.		(3,015	)		(77,244	)		(2.1	)
Baker Hughes a GE Co.		(12,402	)		(292,315	)		(7.9	)
Ball Corp.		(379	)		(19,814	)		(0.5	)
Becton Dickinson and Co.		(365	)		(91,053	)		(2.5	)
Berkshire Hathaway, Inc.		(583	)		(119,830	)		(3.2	)
BioMarin Pharmaceutical, Inc.		(2,852	)		(279,981	)		(7.6	)
Bio-Techne Corp.		(137	)		(23,901	)		(0.6	)
Black Knight, Inc.		(1,183	)		(58,192	)		(1.6	)
Bluebird Bio, Inc.		(254	)		(33,891	)		(0.9	)
Boston Scientific Corp.		(1,051	)		(40,096	)		(1.1	)
Brown & Brown, Inc.		(1,898	)		(51,550	)		(1.4	)
Caesars Entertainment Corp.		(9,681	)		(88,484	)		(2.4	)
Campbell Soup Co.		(896	)		(31,745	)		(0.9	)
Carlisle Cos., Inc.		(1,436	)		(154,700	)		(4.2	)
CarMax, Inc.		(4,094	)		(240,645	)		(6.5	)
CenturyLink, Inc.		(1,105	)		(16,929	)		(0.5	)
Charles Schwab Corp. (The)		(686	)		(32,084	)		(0.9	)
Charter Communications, Inc.		(187	)		(61,906	)		(1.7	)
Cheniere Energy, Inc.		(569	)		(37,355	)		(1.0	)
Chipotle Mexican Grill, Inc.		(283	)		(149,880	)		(4.1	)
Cincinnati Financial Corp.		(213	)		(17,279	)		(0.5	)
Coca-Cola Co. (The)		(43	)		(2,070	)		(0.1	)
Cognex Corp.		(3,619	)		(164,664	)		(4.5	)
Cognizant Technology Solutions Corp.		(434	)		(30,241	)		(0.8	)


	Shares			Value			% of Basket Value

United States (continued)
CommScope Holding Co., Inc.		(3,436	)	$	(71,847	)		(1.9	) %
Constellation Brands, Inc.		(834	)		(144,832	)		(3.9	)
Cooper Cos., Inc. (The)		(289	)		(80,562	)		(2.2	)
Coty, Inc.		(675	)		(5,238	)		(0.1	)
Crown Holdings, Inc.		(860	)		(43,860	)		(1.2	)
CyrusOne, Inc.		(630	)		(34,146	)		(0.9	)
DENTSPLY SIRONA, Inc.		(2,941	)		(123,375	)		(3.3	)
Dollar Tree, Inc.		(1,552	)		(150,280	)		(4.1	)
Dominion Energy, Inc.		(1,711	)		(120,181	)		(3.3	)
DowDuPont, Inc.		(1,712	)		(92,123	)		(2.5	)
Eaton Vance Corp.		(338	)		(13,020	)		(0.4	)
Edison International		(569	)		(32,416	)		(0.9	)
Equifax, Inc.		(1,410	)		(150,898	)		(4.1	)
Equinix, Inc.		(182	)		(71,708	)		(1.9	)
Evergy, Inc.		(5,521	)		(316,464	)		(8.6	)
Fidelity National Information Services, Inc.		(677	)		(70,767	)		(1.9	)
First Data Corp.		(2,020	)		(49,793	)		(1.3	)
First Horizon National Corp.		(1,296	)		(19,025	)		(0.5	)
First Solar, Inc.		(1,241	)		(62,782	)		(1.7	)
FleetCor Technologies, Inc.		(1,198	)		(241,768	)		(6.6	)
Flowserve Corp.		(2,141	)		(94,290	)		(2.6	)
Fluor Corp.		(1,582	)		(57,854	)		(1.6	)
FMC Corp.		(326	)		(26,015	)		(0.7	)
FNF Group		(3,957	)		(143,085	)		(3.9	)
Fortive Corp.		(1,670	)		(125,233	)		(3.4	)
Gardner Denver Holdings, Inc.		(4,074	)		(100,506	)		(2.7	)
General Electric Co.		(1,103	)		(11,206	)		(0.3	)
General Mills, Inc.		(444	)		(19,731	)		(0.5	)
GrubHub, Inc.		(488	)		(39,235	)		(1.1	)
Hanesbrands, Inc.		(3,933	)		(58,956	)		(1.6	)
Harris Corp.		(356	)		(54,532	)		(1.5	)
Hexcel Corp.		(412	)		(27,897	)		(0.8	)
Hologic, Inc.		(1,792	)		(79,565	)		(2.2	)
Hormel Foods Corp.		(2,215	)		(93,739	)		(2.5	)
Howard Hughes Corp. (The)		(416	)		(46,193	)		(1.3	)
IHS Markit Ltd.		(6,015	)		(312,299	)		(8.5	)
International Flavors & Fragrances, Inc.		(1,761	)		(249,675	)		(6.8	)
Invitation Homes, Inc.		(5,806	)		(130,577	)		(3.5	)
IPG Photonics Corp.		(639	)		(84,987	)		(2.3	)
Iron Mountain, Inc.		(900	)		(33,480	)		(0.9	)
JB Hunt Transport Services, Inc.		(195	)		(20,873	)		(0.6	)
Jefferies Financial Group, Inc.		(3,185	)		(66,280	)		(1.8	)
JM Smucker Co. (The)		(431	)		(45,203	)		(1.2	)
Johnson Controls International plc		(491	)		(16,581	)		(0.4	)
Kansas City Southern		(223	)		(23,582	)		(0.6	)
Kinder Morgan, Inc.		(8,243	)		(149,198	)		(4.0	)
Knight-Swift Transportation Holdings, Inc.		(4,237	)		(134,525	)		(3.6	)
Laboratory Corp. of America Holdings		(351	)		(48,912	)		(1.3	)
Las Vegas Sands Corp.		(1,380	)		(80,537	)		(2.2	)
Leggett & Platt, Inc.		(1,417	)		(58,040	)		(1.6	)
Lennar Corp.		(4,264	)		(202,189	)		(5.5	)
Liberty Media Corp-Liberty Formula One		(1,313	)		(41,189	)		(1.1	)
Live Nation Entertainment, Inc.		(463	)		(24,775	)		(0.7	)
LKQ Corp.		(5,173	)		(135,636	)		(3.7	)
Macerich Co. (The)		(155	)		(7,155	)		(0.2	)
Madison Square Garden Co. (The)		(339	)		(94,208	)		(2.6	)
Marsh & McLennan Cos., Inc.		(2,231	)		(196,752	)		(5.3	)
Martin Marietta Materials, Inc.		(206	)		(36,396	)		(1.0	)
Marvell Technology Group Ltd.		(4,929	)		(91,334	)		(2.5	)
Microchip Technology, Inc.		(1,152	)		(92,586	)		(2.5	)
Mid-America Apartment Communities, Inc.		(1,279	)		(129,537	)		(3.5	)
Monolithic Power Systems, Inc.		(1,283	)		(162,376	)		(4.4	)
Monster Beverage Corp.		(155	)		(8,872	)		(0.2	)


	Shares			Value			% of Basket Value

United States (continued)
Moody’s Corp.		(251	)	$	(39,786	)		(1.1	) %
Mylan NV		(48	)		(1,438	)		0.0
Netflix, Inc.		(226	)		(76,727	)		(2.1	)
Neurocrine Biosciences, Inc.		(63	)		(5,558	)		(0.2	)
New Residential Investment Corp.		(2,361	)		(40,090	)		(1.1	)
New York Community Bancorp, Inc.		(16,328	)		(189,731	)		(5.1	)
Newell Brands, Inc.		(9,456	)		(200,562	)		(5.4	)
NextEra Energy, Inc.		(84	)		(15,034	)		(0.4	)
Nielsen Holdings plc		(300	)		(7,704	)		(0.2	)
NiSource, Inc.		(3,069	)		(83,722	)		(2.3	)
Nordson Corp.		(566	)		(73,376	)		(2.0	)
Owens Corning		(1,034	)		(54,171	)		(1.5	)
PacWest Bancorp		(1,397	)		(53,910	)		(1.5	)
Parsley Energy, Inc.		(11,143	)		(207,037	)		(5.6	)
Perrigo Co. plc		(1,297	)		(60,246	)		(1.6	)
Post Holdings, Inc.		(574	)		(53,279	)		(1.4	)
PPG Industries, Inc.		(151	)		(15,921	)		(0.4	)
Proofpoint, Inc.		(378	)		(38,507	)		(1.0	)
Public Service Enterprise Group, Inc.		(852	)		(46,477	)		(1.3	)
Rollins, Inc.		(1,836	)		(68,373	)		(1.9	)
Roper Technologies, Inc.		(501	)		(141,913	)		(3.8	)
Royal Caribbean Cruises Ltd.		(364	)		(43,698	)		(1.2	)
SBA Communications Corp.		(207	)		(37,784	)		(1.0	)
Schlumberger Ltd.		(202	)		(8,930	)		(0.2	)
SEI Investments Co.		(1,016	)		(48,301	)		(1.3	)
ServiceMaster Global Holdings, Inc.		(1,496	)		(58,329	)		(1.6	)
Sherwin-Williams Co. (The)		(101	)		(42,574	)		(1.2	)
Signature Bank		(1,019	)		(129,729	)		(3.5	)
Sprint Corp.		(11,541	)		(72,016	)		(2.0	)
SS&C Technologies Holdings, Inc.		(554	)		(28,525	)		(0.8	)
Stanley Black & Decker, Inc.		(945	)		(119,486	)		(3.2	)
Symantec Corp.		(3,212	)		(67,516	)		(1.8	)
Targa Resources Corp.		(5,406	)		(232,512	)		(6.3	)
Tesla, Inc.		(1,524	)		(467,898	)		(12.7	)
TransDigm Group, Inc.		(122	)		(47,702	)		(1.3	)
TransUnion		(214	)		(13,015	)		(0.4	)
Twilio, Inc.		(3,567	)		(397,078	)		(10.8	)
United Technologies Corp.		(790	)		(93,275	)		(2.5	)
USG Corp.		(861	)		(37,152	)		(1.0	)
Vail Resorts, Inc.		(106	)		(19,956	)		(0.5	)
Verisk Analytics, Inc.		(84	)		(9,862	)		(0.3	)
Vistra Energy Corp.		(1,332	)		(33,447	)		(0.9	)
Vulcan Materials Co.		(572	)		(58,144	)		(1.6	)
Wabtec Corp.		(4,057	)		(280,582	)		(7.6	)
Waste Connections, Inc.		(4,291	)		(358,556	)		(9.7	)
Welltower, Inc.		(1,199	)		(92,911	)		(2.5	)
WEX, Inc.		(848	)		(136,808	)		(3.7	)
Weyerhaeuser Co.		(2,720	)		(71,373	)		(1.9	)
Whirlpool Corp.		(157	)		(20,883	)		(0.6	)
Williams Cos., Inc. (The)		(5,932	)		(159,749	)		(4.3	)
Willis Towers Watson plc		(248	)		(40,372	)		(1.1	)
WPX Energy, Inc.		(18,203	)		(223,169	)		(6.0	)
Wynn Resorts Ltd.		(1,014	)		(124,732	)		(3.5	)
XPO Logistics, Inc.		(424	)		(25,770	)		(0.8	)
Zillow Group, Inc.		(3,792	)		(133,060	)		(3.7	)

					(14,344,577	)


Total Reference Entity — Short					(35,267,087	)


Net Value of Reference Entity — JPMorgan Chase Bank NA				$	3,690,288

Balances reported in the Consolidated Statement of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps

As of period end, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

For the six month ended January 31, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations were as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

During the six months ended January 31, 2019, there were no transfers between levels.

BlackRock Funds^SM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock Total Factor Fund (the “Fund”) is a series of the Trust. The Fund is classified as non-diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares are generally available through financial intermediaries. Effective November 8, 2018, the Fund adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares, and, thereafter, investors will be subject to lower ongoing fees. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A distribution and service plan).

Basis of Consolidation: The accompanying consolidated financial statements of the Fund include the account of BlackRock Cayman Strategic Risk Allocation Fund, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Subsidiary enables the Fund to hold these commodity-related instruments and other derivatives and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Subsidiary may invest without limitation in commodity related instruments.

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Defensive Positions: Investment policies may vary for temporary defensive purposes during periods in which the investment adviser believes that conditions in the securities markets or other economic, financial or political conditions warrant. Under such conditions, the Fund may invest up to 100% of its total assets in U.S. Government securities, certificates of deposit, repurchase agreements that involve purchases of debt securities, bankers’ acceptances and other bank obligations, commercial paper, money market funds and/or other debt securities, or may hold its assets in cash. The investment adviser applies this defensive posture as applicable and is consistent with the Fund’s investment policies.

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by the Fund are recorded on the ex-dividend date. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the consolidated financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Fund’s net assets. Each business day, the Fund uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Inflation-Indexed Bonds: Inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Consolidated Schedule of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal

to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Consolidated Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Consolidated Statement of Assets and Liabilities.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Consolidated Statement of Operations.

The Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends

received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Consolidated Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from its counterparties are not fully collateralized, it bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, it bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund’s net assets.

The Manager provides investment management and other services to the Subsidiary. The Manager does not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund’s net assets, which includes the assets of the Subsidiary.

With respect to the Fund, the Manager entered into a sub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

Service and Distribution Fees: The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended January 31, 2019, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

Administration: The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Consolidated Statement of Operations, is paid at the annual rates below.

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Consolidated Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended January 31, 2019, the Fund paid the following to the Manager in return for these services, which are included in administration — class specific in the Consolidated Statement of Operations:

For the six months ended January 31, 2019, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

Other Fees: For the six months ended January 31, 2019, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares of $103.

Expense Limitations, Waivers, Reimbursements and Recoupments: With respect to the Fund, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended January 31, 2019, the amount waived was $3,020.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through November 30, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Fund, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended January 31, 2019, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

With respect to the Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:

The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2019, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended January 31, 2019, the Manager waived and/or reimbursed $598,686, which is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations.

For the six months ended January 31, 2019, administration fees waived at the Fund level were $33,394. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations.

These amounts waived and/or reimbursed are included in administration fees waived — class specific and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Consolidated Statement of Operations. For the six months ended January 31, 2019, class specific expense waivers and/or reimbursements are as follows:

(2) the Manager or an affiliate continues to serve as the Fund’s investment adviser or administrator.

On January 31, 2019, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), the Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund’s investment policies and restrictions. The Fund is currently permitted to borrow and lend under the Interfund Lending Program.

During the period ended January 31, 2019, the Fund did not participate in the Interfund Lending Program.

For the six months ended January 31, 2019, purchases and sales of investments, excluding short-term securities, were as follows:

As of January 31, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2019 unless extended or renewed. Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Consolidated Statement of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2019, the Fund did not borrow under the credit agreement.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments and may experience difficulty in selling those investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by the Fund.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

Concentration Risk: The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed- income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The Federal Reserve has begun to raise the Federal Funds rate, and each increase results in more pronounced interest rate risk in the current market environment.

As of January 31, 2019, shares owned by BlackRock HoldCo 2, Inc., an affiliate of the Fund, were as follows:

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Fund has adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the Consolidated Statement of Assets and Liabilities, Consolidated Statements of Changes in Net Assets and Notes to Consolidated Financial Statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the Consolidated Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.

Shareholders approved the Trustees* of BlackRock Funds^SM with voting results as follows:

The above Trustees, referred to as the BlackRock Multi-Asset Board, have also been elected to serve as trustees for other BlackRock-advised equity, multi-asset, index and money market funds.

Information about how the Fund voted proxies relating to securities held in the Fund’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.


Currency

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

DKK		Danish Krone

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

MXN		Mexican Peso

NOK		Norwegian Krone

NZD		New Zealand Dollar

RUB		New Russian Ruble

SEK		Swedish Krona

SGD		Singapore Dollar

TWD		New Taiwan Dollar

USD		United States Dollar

Portfolio Abbreviations

ASX		Australian Securities Exchange

CAC		Cotation Assistée en Continu (French Stock Exchange)

CBOE		Chicago Board Options Exchange

CDX		Credit Default Swap Index

DAX		Deutscher Aktien Index

EMMI		European Money Markets Institute

HIBOR		Hong Kong Interbank Offer Rate

IBEX		Bolsa de Madrid (Spain Stock Exchange)

IBOVESPA		Indice Bolsa de Valores do Estado de Sao Paulo

KOSPI		Korean Stock Exchange

LIBOR		London Interbank Offered Rate

MIB		Milano Italia Borsa

MSCI		Morgan Stanley Capital International

OMX		Stockholm Nordic Exchange

OTC		Over-the-counter

RBOB		Reformulated Gasoline Blend Stock for Oxygen Blending

S&P		Standard & Poor’s

SGX		Singapore Stock Exchange

SONIA		Sterling Overnight Interbank Avergage Rate

TOPIX		Tokyo Stock Price Index

WTI		West Texas Intermediate

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


	Percent of Net Assets
1-7 days		4	%
8-14 days		3
15-30 days		10
31-60 days		12
61-90 days		13
91-120 days		9
121-150 days		3
>150 days		46


										Average Annual Total Returns ^(a)(b)
	Standardized 30-Day Yields^(c)			Unsubsidized 30-Day Yields^(c)			6-Month Total Returns			1 Year			5 Years			Since Inception^(d)
Institutional		2.80	%		2.58	%		1.41	%		2.32	%		1.14	%		1.01	%
Investor A		2.59			2.37			1.19			1.97			0.86			0.73
Class K		2.86			2.62			1.43			2.37			1.22			1.09
ICE BofAML 6-Month U.S. Treasury Bill Index^(e)		—			—			1.17			2.04			0.82			0.70


	Actual						Hypothetical^(a)
	Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period^(b)		Beginning Account Value (08/01/18)		Ending Account Value (01/31/19)		Expenses Paid During the Period^(b)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,014.10	$	1.27	$	1,000.00	$	1,023.95	$	1.28		0.25	%
Investor A		1,000.00		1,011.90		2.33		1,000.00		1,022.89		2.35		0.46
Class K		1,000.00		1,014.30		1.02		1,000.00		1,024.20		1.02		0.20


Affiliate	Shares Held at 07/31/18		Net Activity		Shares Held at 01/31/19		Value at 01/31/19		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		208,535		1,319,274		1,527,809	$	1,527,809	$	11,808	$	—	$	—


	Repurchase Agreements												Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest	Position	Original Par	Position Received, At Value
Barclays Bank plc		3.12	%^(a)		01/31/19		05/07/19	$	5,000	$	5,000	$5,041,600	Corporate/Debt Obligation, 2.65%, due 12/25/36	$10,371,504	$	5,750,000
Citigroup Global Markets, Inc.		3.08	^(a)		01/31/19		04/07/19		1,000		1,000	1,005,638	Corporate/Debt Obligations, 3.14% to 5.10%, due 04/15/29 to 09/23/37	2,699,894		1,070,000
		3.24	^(a)		01/31/19		05/07/19		6,000		6,000	6,051,800	Corporate/Debt Obligations, 2.88% to 3.51%, due 07/15/36 to 10/28/64	12,674,186		6,420,000

Total Citigroup Global Markets, Inc.										$	7,000				$	7,490,000

Credit Suisse Securities USA LLC		2.96	^(a)		01/31/19		03/08/19		1,000		1,000	1,002,964	Corporate/Debt Obligations, 5.24% to 5.93%, due 05/16/42 to 10/25/46	2,852,119		1,149,999
JP Morgan Securities LLC		3.24	^(a)		01/31/19		05/03/19		4,000		4,000	4,033,094	Corporate/Debt Obligations, 0.03% to 7.75%, due 09/15/22 to 12/31/49	102,671,999		4,391,353
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2.99	^(a)		01/31/19		03/18/19		1,000		1,000	1,003,821	Corporate/Debt Obligation, 6.71%, due 06/01/46	1,204,370		1,150,001
		3.09	^(a)		01/31/19		04/07/19		4,000		4,000	4,022,660	Corporate/Debt Obligation, 6.71%, due 06/01/46	4,817,477		4,600,000

Total Merrill Lynch, Pierce, Fenner & Smith, Inc.										$	5,000				$	5,750,001

Mizuho Securities USA LLC		3.05	^(a)		01/31/19		03/08/19		3,500		3,500	3,510,671	Corporate/Debt Obligations, 7.45% to 8.00%, due 02/25/25 to 05/25/26	10,760,651		3,675,000

										$	25,500				$	28,206,353


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Financial Statements:
Schedule of Investments		7
Statement of Assets and Liabilities		12
Statement of Operations		13
Statements of Changes in Net Assets		14
Financial Highlights		15
Notes to Financial Statements		18
Trustee and Officer Information		25
Additional Information		26
Glossary of Terms Used in this Report		27


Fund Summary as of January 31, 2019		BlackRock Short Obligations Fund


Asset Type	Percent of Net Assets
Commercial Paper		50	%
Corporate Bonds		33
Certificates of Deposit		14
Repurchase Agreements		5
Asset-Backed Securities		1
Money Market Funds		—	^(a)
Liabilities in Excess of Other Assets		(3	)


Fund Summary as of January 31, 2019 (continued)		BlackRock Short Obligations Fund


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	179,089,451	$	—	$	179,089,451
Short-Term Securities:
Certificates of Deposit		—		72,528,429		—		72,528,429
Commercial Paper		—		260,146,251		—		260,146,251
Money Market Funds		1,527,809		—		—		1,527,809
Repurchase Agreements		—		25,500,000		—		25,500,000

Total Investments	$	1,527,809	$	537,264,131	$	—	$	538,791,940


	BlackRock Short Obligations Fund

ASSETS
Investments at value — unaffiliated (cost — $511,621,943)	$	511,764,131
Investments at value — affiliated (cost — $1,527,809)		1,527,809
Cash		35,129
Repurchase agreements at value (cost — $25,500,000)		25,500,000
Receivables:
Capital shares sold		12,678,973
Dividends — affiliated		4,290
Interest — unaffiliated		1,261,128
From the Manager		311
Prepaid expenses		129,415

Total assets		552,901,186


LIABILITIES
Payables:
Investments purchased		13,227,844
Capital shares redeemed		13,846,212
Income dividend distributions		4,762
Service fees		30,847
Administration fees		22,554
Board realignment and consolidation		1,301
Investment advisory fees		13,454
Trustees’ and Officer’s fees		2,759
Other accrued expenses		153,670

Total liabilities		27,303,403


NET ASSETS	$	525,597,783


NET ASSETS CONSIST OF
Paid-in capital	$	525,459,224
Accumulated earnings		138,559

NET ASSETS	$	525,597,783


NET ASSET VALUE
Institutional — Based on net assets of $261,587,846 and 26,170,767 shares outstanding, unlimited number of shares authorized, par value $0.001 per share	$	10.00

Investor A — Based on net assets of $186,600,712 and 18,673,675 shares outstanding, unlimited number of shares authorized, par value $0.001 per share	$	9.99

Class K — Based on net assets of $77,409,225 and 7,728,795 shares outstanding, unlimited number of shares authorized, par value $0.001 per share	$	10.02


	BlackRock Short Obligations Fund

INVESTMENT INCOME
Dividends — affiliated	$	11,808
Interest — unaffiliated		3,912,559

Total investment income		3,924,367


EXPENSES
Investment advisory		349,647
Service — class specific		82,649
Offering		71,640
Professional		67,970
Administration		59,436
Registration		39,074
Administration — class specific		27,969
Accounting services		23,320
Transfer agent — class specific		19,341
Printing		17,066
Custodian		6,110
Trustees and Officer		5,231
Board realignment and consolidation		706
Miscellaneous		13,882

Total expenses		784,041
Less:
Administration fees waived — class specific		(9,282	)
Fees waived and/or reimbursed by the Manager		(376,547	)
Service and distribution fees waived — class specific		(158	)
Transfer agent fees waived and/or reimbursed — class specific		(319	)

Total expenses after fees waived and/or reimbursed		397,735

Net investment income		3,526,632


REALIZED AND UNREALIZED GAIN
Net realized gain from investments		5,526
Net change in unrealized appreciation on investments		366,764

Net realized and unrealized gain		372,290

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,898,922


	BlackRock Short Obligations Fund
	Six Months Ended 01/31/19 (unaudited)			Year Ended 07/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,526,632		$	2,503,261
Net realized gain		5,526			2,788
Net change in unrealized appreciation (depreciation)		366,764			(372,341	)

Net increase in net assets resulting from operations		3,898,922			2,133,708


DISTRIBUTIONS TO SHAREHOLDERS^(a)(b)
Institutional		(1,637,594	)		(953,797	)
Investor A		(818,829	)		(1,113	)
Class K		(1,162,939	)		(1,582,427	)

Decrease in net assets resulting from distributions to shareholders		(3,619,362	)		(2,537,337	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		371,635,787			17,044,123


NET ASSETS^(b)
Total increase in net assets		371,915,347			16,640,494
Beginning of period		153,682,436			137,041,942

End of period	$	525,597,783		$	153,682,436


	BlackRock Short Obligations Fund (continued)

	Investor A
	Six Months Ended 01/31/19 (unaudited)			Period from 03/09/18^(a) to 07/31/18

Net asset value, beginning of period	$	9.99		$	9.99

Net investment income^(b)		0.12			0.07
Net realized and unrealized gain		0.00	^(c)		0.00	^(c)

Net increase from investment operations		0.12			0.07


Distributions^(d)
From net investment income		(0.12	)		(0.07	)
From net realized gain		(0.00	)^(e)		—

Total distributions		(0.12	)		(0.07	)


Net asset value, end of period	$	9.99		$	9.99


Total Return^(f)
Based on net asset value		1.19	%^(g)		0.73	%^(g)


Ratios to Average Net Assets
Total expenses		0.71	%^(h)		0.78	%^(h)(i)

Total expenses after fees waived and/or reimbursed		0.46	%^(h)		0.42	%^(h)(i)

Net investment income		2.38	%^(h)		1.87	%^(h)


Supplemental Data
Net assets, end of period (000)	$	186,601		$	621

Portfolio turnover rate		20	%		87	%


	BlackRock Short Obligations Fund (continued)

	Class K ^(a)
	Six Months Ended 01/31/19 (unaudited)			Year Ended July 31,
	Six Months Ended 01/31/19 (unaudited)			2018			2017			2016			2015			2014

Net asset value, beginning of period	$	10.01		$	10.04		$	10.03		$	10.01		$	10.02		$	10.01

Net investment income^(b)		0.13			0.18			0.12			0.08			0.06			0.05
Net realized and unrealized gain (loss)		0.01			(0.03	)		0.01			0.02			(0.01	)		0.00	^(c)

Net increase from investment operations		0.14			0.15			0.13			0.10			0.05			0.05


Distributions^(d)
From net investment income		(0.13	)		(0.18	)		(0.12	)		(0.08	)		(0.06	)		(0.04	)
From net realized gain		(0.00	)^(e)		(0.00	)^(e)		(0.00	)^(e)		(0.00	)^(e)		—			(0.00	)^(e)

Total distributions		(0.13	)		(0.18	)		(0.12	)		(0.08	)		(0.06	)		(0.04	)


Net asset value, end of period	$	10.02		$	10.01		$	10.04		$	10.03		$	10.01		$	10.02


Total Return^(f)
Based on net asset value		1.43	%^(g)		1.52	%		1.35	%		1.01	%		0.47	%		0.59	%


Ratios to Average Net Assets
Total expenses		0.52	%^(h)		0.53	%		0.50	%⁽ⁱ⁾		0.55	%⁽ⁱ⁾		0.99	%		1.15	%

Total expenses after fees waived and/or reimbursed		0.20	%^(h)		0.20	%		0.17	%		0.10	%		0.10	%		0.10	%

Net investment income		2.57	%^(h)		1.78	%		1.22	%		0.79	%		0.57	%		0.49	%


Supplemental Data
Net assets, end of period (000)	$	77,409		$	82,549		$	98,882		$	31,918		$	41,660		$	15,029

Portfolio turnover rate		20	%		87	%		140	%		184	%		68	%		50	%


SEMI-ANNUAL REPORT (UNAUDITED)


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT


4		2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


FUND SUMMARY			5


Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional Shares	No		No		None
Investor A Shares	No		No	^(a)	None
Class K Shares	No		No		None


Average Daily Net Assets	Investment Advisory Fees
First $1 Billion		0.25	%
$1 Billion — $3 Billion		0.24
$3 Billion — $5 Billion		0.23
$5 Billion — $10 Billion		0.22
Greater than $10 Billion		0.21


Average Daily Net Assets	Administration Fees
First $500 Million		0.0425	%
$500 Million — $1 Billion		0.0400
$1 Billion — $2 Billion		0.0375
$2 Billion — $4 Billion		0.0350
$4 Billion — $13 Billion		0.0325
Greater than $13 Billion		0.0300


Institutional		Investor A		Class K		Total
$	12,466	$	6,611	$	8,892	$	27,969


	Contractual^(a)			Voluntary^(b)
Institutional		0.35	%		0.30	%
Investor A^(c)		0.60			0.50
Class K		0.30			0.20


	Expiring July 31,
	2019		2020		2021
Fund Level	$	167,205	$	343,023	$	239,754
Institutional	$	614	$	1,262	$	126
Investor A		—		—	$	422
Class K	$	11,666	$	18,314	$	9,211


Tax cost	$	538,649,752

Gross unrealized appreciation	$	408,103
Gross unrealized depreciation		(265,915	)

Net unrealized appreciation	$	142,188


	Six Months Ended 01/31/19						Year Ended 07/31/18
	Shares			Amount			Shares			Amount
Institutional
Shares sold		24,249,280		$	242,183,344			10,790,914		$	107,947,863
Shares issued in reinvestment of distributions		160,546			1,604,260			80,376			803,774
Shares redeemed		(5,294,654	)		(52,883,663	)		(7,621,118	)		(76,250,292	)

Net increase		19,115,172		$	190,903,941			3,250,172		$	32,501,345


							Period from 03/09/18^(a) to 07/31/18
Investor A
Shares sold		22,613,465		$	225,842,829			62,058		$	619,951
Shares issued in reinvestment of distributions		81,440			813,168			98			985
Shares redeemed		(4,083,386	)		(40,773,797	)		—			—

Net increase		18,611,519		$	185,882,200			62,156		$	620,936


Share Class	Net Investment Income			Net Realized Gain
Institutional		(942,054	)		(11,743	)
Investor A		(1,113	)		—
Class K		(1,560,096	)		(22,331	)


	Votes For		Votes Withheld
Bruce R. Bond		1,194,453,855		13,902,348
Susan J. Carter		1,196,552,121		11,804,082
Collette Chilton		1,196,528,363		11,827,840
Neil A. Cotty		1,196,166,120		12,190,083
Robert Fairbairn		1,193,957,290		14,398,913
Lena G. Goldberg		1,196,028,565		12,327,638
Robert M. Hernandez		1,194,378,100		13,978,103
Henry R. Keizer		1,195,228,758		13,127,445
Cynthia A. Montgomery		1,196,372,720		11,983,483
Donald C. Opatrny		1,195,869,848		12,486,356
John M. Perlowski		1,193,999,184		14,357,019
Joseph P. Platt		1,195,764,828		12,591,375
Mark Stalnecker		1,195,994,960		12,361,243
Kenneth L. Urish		1,195,716,210		12,639,993
Claire A. Walton		1,196,904,200		11,452,003


ADDITIONAL INFORMATION / GLOSSARY OF TERMS USED IN THIS REPORT			27


Fund Summary as of January 31, 2019		BlackRock Total Factor Fund


Asset Type	Percent of Total Investments^(a)
Foreign Government Obligations		87	%
U.S. Treasury Obligations		13


Security	Percent of Total Investments^(a)
Republic of France		32	%
Commonwealth of Australia		18
Canadian Government Bond		14
U.K. Treasury Inflation Linked Bonds		13
Federal Republic of Germany		10
U.S. Treasury Inflation Linked Notes		8
U.S. Treasury Inflation Linked Bonds		5


				Average Annual Total Returns^(a)(b)
				1 Year						5 Years						Since Inception^(c)
	6-Month Total Returns			w/o sales charge			w/ sales charge			w/o sales charge			w/ sales charge			w/o sales charge			w/ sales charge
Institutional		(0.87	)%		(2.22	)%		N/A			4.43	%		N/A			3.23	%		N/A
Investor A		(1.07	)		(2.51	)		(7.63	)%		4.14			3.03	%		2.96			2.06	%
Investor C		(1.51	)		(3.24	)		(4.19	)		3.37			3.37			2.18			2.18
Class K		(0.85	)		(2.10	)		N/A			4.44			N/A			3.24			N/A
60% MSCI World Index Hedged USD Net/40% Bloomberg Barclays U.S. Aggregate Bond Index^(d)		(1.44	)		(0.95	)		N/A			6.25			N/A			7.40			N/A
MSCI World Index Hedged USD Net^(e)		(4.45	)		(3.44	)		N/A			8.61			N/A			10.98			N/A
Bloomberg Barclays U.S. Aggregate Bond Index^(f)		2.71			2.25			N/A			2.44			N/A			1.88			N/A


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Amsterdam Exchanges Index		72		02/15/19	$	8,554	$	300,142
CAC 40 10 Euro Index		149		02/15/19		8,512		311,278
IBEX 35 Index		43		02/15/19		4,457		115,246
OMXS30 Index		3		02/15/19		50		1,569
Hang Seng China Enterprises Index		10		02/27/19		707		14,037
Brent Crude Oil^(a)		17		02/28/19		1,034		8,274
RBOB Gasoline^(a)		36		02/28/19		2,083		(59,770	)
Low Sulphur Gasoil^(a)		26		03/12/19		1,514		46,327
FTSE 100 Index		42		03/15/19		3,802		94,520
ASX SPI 200 Index		23		03/21/19		2,426		60,530
100 oz Gold^(a)		2		04/26/19		265		3,354

								895,507

Short Contracts
WTI Crude Oil^(a)		20		02/20/19		1,076		(24,870	)
Natural Gas^(a)		62		02/26/19		1,745		60,481
Hang Seng Index		11		02/27/19		1,966		(29,851	)
SGX NIFTY 50 Index		303		02/28/19		6,578		(106,085	)
TOPIX Index		32		03/07/19		4,606		(66,044	)
S&P/TSX 60 Index		31		03/14/19		4,378		(206,324	)
Australian Government Bonds (10 Year)		707		03/15/19		68,618		(376,620	)
DAX Index		16		03/15/19		5,107		(148,488	)
FTSE/MIB Index		2		03/15/19		225		(361	)
S&P 500 E-Mini Index		75		03/15/19		10,142		(411,485	)

								(1,309,647	)

							$	(414,140	)


Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	12,492,235	^(a)	BRL	48,704,000	Deutsche Bank AG		03/20/19	$	(824,302	)
USD	903,206	^(a)	BRL	3,502,000	HSBC Bank plc		03/20/19		(54,303	)
USD	1,083,660	^(a)	BRL	4,216,000	JPMorgan Chase Bank NA		03/20/19		(69,070	)
USD	9,259,283	^(a)	CAD	12,300,000	Morgan Stanley & Co. International plc		03/20/19		(111,189	)
USD	33,782,094	^(a)	EUR	29,653,002	JPMorgan Chase Bank NA		03/20/19		(282,937	)
USD	8,896,241	^(a)	EUR	7,796,000	Morgan Stanley & Co. International plc		03/20/19		(59,714	)
USD	10,626,391	^(a)	GBP	8,279,000	Morgan Stanley & Co. International plc		03/20/19		(256,176	)
USD	1,051,474	^(a)	INR	75,643,000	BNP Paribas SA		03/20/19		(9,031	)
USD	3,627,657	^(a)	INR	260,977,000	HSBC Bank plc		03/20/19		(31,204	)
USD	2,693,641	^(a)	INR	193,120,000	JPMorgan Chase Bank NA		03/20/19		(13,874	)
USD	694,935	^(a)	JPY	78,482,000	JPMorgan Chase Bank NA		03/20/19		(28,073	)
USD	10,742,511	^(a)	JPY	1,211,023,633	Morgan Stanley & Co. International plc		03/20/19		(413,935	)
USD	418,545	^(a)	KRW	471,591,000	Bank of America NA		03/20/19		(5,935	)
USD	8,950,742	^(a)	KRW	9,982,309,000	HSBC Bank plc		03/20/19		(34,345	)
USD	8,196,865	^(a)	KRW	9,199,248,000	JPMorgan Chase Bank NA		03/20/19		(83,388	)
USD	1,450,050	^(a)	MXN	28,297,000	JPMorgan Chase Bank NA		03/20/19		(20,207	)
USD	5,544,408	^(a)	MXN	110,936,000	Morgan Stanley & Co. International plc		03/20/19		(219,610	)
USD	124,729	^(a)	NOK	1,068,000	JPMorgan Chase Bank NA		03/20/19		(2,150	)
USD	18,267,870	^(a)	NZD	26,885,000	Morgan Stanley & Co. International plc		03/20/19		(332,220	)
USD	331,191	^(a)	RUB	22,174,000	Deutsche Bank AG		03/20/19		(5,521	)
USD	2,366,889	^(a)	RUB	160,497,000	HSBC Bank plc		03/20/19		(70,260	)
USD	2,946,948	^(a)	RUB	205,707,000	JPMorgan Chase Bank NA		03/20/19		(176,714	)
USD	65,497	^(a)	SGD	90,000	JPMorgan Chase Bank NA		03/20/19		(1,421	)
USD	165,290	^(a)	SGD	224,000	Morgan Stanley & Co. International plc		03/20/19		(1,262	)
USD	1,254,842	^(a)	TWD	38,614,000	HSBC Bank plc		03/20/19		(6,296	)

									(3,929,271	)

	Net unrealized depreciation							$	(200,374	)


Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.HY.30.V3		5.00	%		Quarterly		12/20/23	NR	USD	4,500	$	293,151	$	243,033	$	50,118
ITRAXX.EUR.CROSSOVER.30.V2		5.00			Quarterly		12/20/23	NR	EUR	4,003		400,794		421,354		(20,560	)

											$	693,945	$	664,387	$	29,558


Reference Entity	Fixed Amount Paid/ (Received) by the Fund^(a)			Counterparty	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
IBOVESPA Index February 2019	BRL	(1,739,720	)	Merrill Lynch International & Co.	02/13/19		BRL	1,740	$	(31,834	)	$	—	$	(31,834	)
IBOVESPA Index February 2019	BRL	(2,613,047	)	Merrill Lynch International & Co.	02/13/19		BRL	2,613		(86,971	)		—		(86,971	)
IBOVESPA Index February 2019	BRL	(777,211	)	Merrill Lynch International & Co.	02/13/19		BRL	777		(27,929	)		—		(27,929	)
IBOVESPA Index February 2019	BRL	(1,061,354	)	Merrill Lynch International & Co.	02/13/19		BRL	1,061		(3,584	)		—		(3,584	)
TAIEX February 2019	TWD	164,691,876		Merrill Lynch International & Co.	02/20/19		TWD	164,692		175,548			—		175,548
TAIEX February 2019	TWD	127,034,348		Merrill Lynch International & Co.	02/20/19		TWD	127,034		98,649			—		98,649
Canadian 10-Year Bond February 2019	CAD	11,228,604		Merrill Lynch International & Co.	02/25/19		CAD	11,229		44,047			—		44,047
Canadian 10-Year Bond February 2019	CAD	1,504,516		Merrill Lynch International & Co.	02/25/19		CAD	1,505		7,248			—		7,248
Canadian 10-Year Bond February 2019	CAD	33,690,733		Merrill Lynch International & Co.	02/25/19		CAD	33,691		128,396			—		128,396
Canadian 10-Year Bond February 2019	CAD	11,631,757		Merrill Lynch International & Co.	02/25/19		CAD	11,632		51,481			—		51,481
Canadian 10-Year Bond February 2019	CAD	13,522,874		Merrill Lynch International & Co.	02/25/19		CAD	13,523		393,018			—		393,018


	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps^(a)	$	664,387	$	—	$	50,118	$	(20,560	)
OTC Swaps		—		—		3,130,372		(495,854	)