BlackRock Asset Management Deutschland AG Semi-annual report as at 30 September 2015 for the investment fund

Transcription

1 BlackRock Asset Management Deutschland AG Semi-annual report as at 30 September 2015 for the investment fund ishares Euro Government Bond Capped yr UCITS ETF (DE) ishares Euro Government Bond Capped yr UCITS ETF (DE) ishares Euro Government Bond Capped yr UCITS ETF (DE) ishares Euro Government Bond Capped yr UCITS ETF (DE) ishares Euro Government Bond Capped 10.5+yr UCITS ETF (DE)

2 Contents Notice and note on licenses Additional Information for Investors in Austria Report of the Management Board Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Semi-annual report for ishares Euro Government Bond Capped 10.5+yr UCITS ETF (DE) Management Company and Depository of 26

3 Note The investment funds named in this report are governed by German law. Fund units are bought on the basis of the currently valid prospectus and management regulations, supplemented by the most recent annual report concerned and also by the semi-annual report if such a report exists that is more recent than the last annual report. The financial statements were drawn up in German and translated into English. Only the German version is legally binding. Note on Licences Legal Information The German ishares funds mentioned in this document are investment funds subject to the German Investment Code. These funds are managed by BlackRock Asset Management Deutschland AG and are regulated by the Federal Financial Supervisory Authority (BaFin). For Investors in Germany The sales prospectuses of the funds issued in Germany are available free of charge electronically and in hard copy from BlackRock Asset Management Deutschland AG, Max-Joseph-Str. 6, D Munich, Tel: +49 (0) , Fax: +49 (0) , info@ishares.de. Risk Warnings The value of investments in all the ishares funds may fluctuate, and investors may not get back the amount invested. Past performance may not be repeated and is no guarantee of future returns. Investment risks from market and currency losses as well as high volatility and concentration risk cannot be excluded. Index Disclaimers of Liability Markit iboxx is a registered trademark of Markit Indices Limited and has been licensed for use by BlackRock Asset Management Deutschland AG. Markit Indices Limited refrains from approving, endorsing or recommending BlackRock Asset Management Deutschland AG and the following: ishares Euro Government Bond Capped yr UCITS ETF (DE), ishares Euro Government Bond Capped yr UCITS ETF (DE), ishares Euro Government Bond Capped yr UCITS ETF (DE), ishares Euro Government Bond Capped yr UCITS ETF (DE) and ishares Euro Government Bond Capped 10.5+yr UCITS ETF (DE). These products are not supported or sold by Markit Indices Limited, and Markit Indices Limited does not make any representations as to the suitability of investing in the products. ishares is a registered trademark of BlackRock Institutional Trust Company, N.A BlackRock Asset Management Deutschland AG. All rights reserved. Additional Information for Investors in Austria The sales prospectuses, including contractual terms and conditions, financial statements and semi-annual reports can be obtained, without charge, at the relevant paying agent and distributor. Paying Agent and Distributor in Austria: UniCredit Bank Austria AG Schottengasse Vienna, Austria Tax Representative in Austria: Ernst & Young Wagramer Str Vienna, Austria 3 of 26

4 Report of the Management Board Dear Investors, BlackRock Asset Management Deutschland AG is able to look back on a successful first half of Private and institutional investors value the benefits provided by the reasonable pricing, liquidity and transparency of ishares ETFs. BlackRock conducts all its global business in exchange traded index funds (ETFs) under the ishares brand. As at 30 September 2015, the volume of assets under management for the 58 ishares funds currently issued in Germany was approximately EUR 36 billion, making BlackRock Asset Management Deutschland AG the fifth-largest retail fund company in Germany (source: BVI Bundesverband Investment und Asset Management e.v.). This semi-annual report provides detailed information about the performance of our index funds. Our ETF product range includes 241 ishares funds currently approved in Germany, providing investors with easy and diversified access to a large number of worldwide markets and asset classes. Around a quarter of these exchange-traded index funds are issued in Germany. The code (DE) in the fund name identifies them as such. Institutional and private investors alike value ishares ETFs not only as building blocks that enable them to put their own investment ideas into practice in their portfolios, but as the funds become more widespread, demand also rises for ETF-based asset management products. In light of this, together with respected partners we have developed models that enable different types of investor with differing risk/return profiles to create suitable asset inventories. In the first half of the year, this included developing sample portfolios for a major retail bank and various online brokers. This year marks an anniversary of the success story of ETFs in Germany and Europe. 15 years ago, on 11 April 2000, ishares DJ Euro STOXX 50 (now ishares EURO STOXX 50 UCITS ETF (Dist) and ishares DJ STOXX 50 (now ishares STOXX Europe 50 UCITS ETF) were the first exchange-traded index funds to be listed on Deutsche Börse. This listing has been instrumental in making a lasting change to the European investment landscape. ETFs have provided investors with new avenues in portfolio management, particularly through their high level of liquidity, efficiency and transparency. Today in Europe there are more than 2,200 ETFs, which are available in 22 countries from 45 providers. As a provider from the outset, ishares retains its outstanding positioning on the European ETF market. We continue to invest in excellent service and products that meet the needs of our clients. We intend to develop our market leadership further through the continuous and innovative extension of our product range. Among the strategic competitive advantages of ishares ETFs are high market liquidity, narrow bid/ask spreads and a high level of precision in index replication. Please visit our website or call us on +49 (0) for further information. We would like to thank you for your trust and we are looking forward to continuing to work together in partnership. Your BlackRock Asset Management Deutschland AG Directors Christian Staub Dr Thomas Groffmann Alexander Mertz 4 of 26

5 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Statement of assets and liabilities as at 30/09/15 Market value % of fund in EUR assets 1) I. Assets 39,032, Bonds 38,654, Germany 7,771, Finland 1,218, France 5,210, Ireland 1,696, Italy 7,725, Netherlands 7,340, Spain 7,691, Receivables 352, Bank accounts 25, II. Liabilities -4, Other liabilities -4, III. Fund assets 39,027, ) Rounding of percentages during the calculation may result in slight rounding differences. 5 of 26

6 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Statement of Net Assets as at 30/09/15 Designation of class of security ISIN Market Units, shares or currency in 1,000s As at Purchases/ 30/09/2015 Additions Sales/ Disposals in the reporting period Price Market value in EUR Securities 38,654, Exchange-traded securities 38,654, Bonds 38,654, % Bundesrep.Deutschland Bundesobl.Ser.163 DE EUR 2, % ,730, v.2012(17) 0.500% Bundesrep.Deutschland Bundesobl.Ser.164 DE EUR 2,440 2, % ,477, v.2012(17) 0.500% Bundesrep.Deutschland Bundesobl.Ser.165 DE EUR 2,520 2,520 - % ,564, v.2013(18) 0.500% Niederlande EO-Anl. 2014(17) NL EUR 3,500 1,060 - % ,539, % Spanien EO-Bonos 2014(17) ES V0 EUR 2,180 3,220 1,040 % ,192, % Italien, Republik EO-B.T.P. 2014(18) IT EUR 2,420 2,420 - % ,448, % Frankreich EO-BTAN 2012(17) FR EUR 5,100 2,600 - % ,210, % Niederlande EO-Anl. 2012(18) NL EUR 3,680 3,680 - % ,801, % Finnland, Republik EO-Bonds 2011(17) FI EUR 1, % ,218, % Spanien EO-Bonos 2013(17) ES I2 EUR 2, ,160 % ,886, % Italien, Republik EO-B.T.P. 2012(17) IT EUR 2,520 2,520 - % ,693, % Spanien EO-Bonos 2012(18) ES Q7 EUR 2,380 2,380 - % ,611, % Italien, Republik EO-B.T.P. 2012(17) IT EUR 2, % ,583, % Irland EO-Treasury Bonds 2012(17) IE00B8DLLB38 EUR 1,520 1,520 - % ,696, Bank Accounts, Unsecuritised Money Market Instruments, Money Market Funds 25, Bank accounts 25, EUR balances 25, Depository: State Street Bank GmbH EUR 25, % , Other assets 352, Interest receivables EUR 352, , Other liabilities % of fund assets 2) -4, Management fees EUR -4, , Fund assets EUR 39,027, Unit value EUR Units in circulation UNITS 400,000 2) Rounding of percentages during the calculation may result in slight rounding differences. 6 of 26

7 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Transactions during the reporting period, insofar as these no longer appear in the assets listed: Securities purchases and sales, investment units and bonds (market allocation on the reporting date) ISIN Units, shares or currency in 1,000s Purchases/ Additions Sales/ Disposals Securities Exchange-traded securities Bonds 0.250% Frankreich EO-OAT 2014(16) FR EUR - 1, % Bundesrep.Deutschland Bundesobl.Ser.162 v.2012(17) DE EUR - 2, % Bundesrep.Deutschland Bundesobl.Ser.161 v.2011(16) DE EUR - 2, % Italien, Republik EO-B.T.P. 2014(16) IT EUR - 2, % Frankreich EO-BTAN 2012(17) FR EUR 1,020 4, % Niederlande EO-Anl. 2011(17) NL EUR 420 2, % Belgien, Königreich EO-Obl. Lin. 2011(17) Ser. 63 BE EUR - 2, % Spanien EO-Bonos 2011(16) ES J2 EUR - 3, % Italien, Republik EO-B.T.P. 2011(16) IT EUR - 2,460 Profit and Loss Account (incl. Income Adjustment) I. Income 1. Interest from domestic securities EUR 24, Interest from foreign securities (before withholding tax) EUR 340, Total income EUR 365, II. Expenses 1. Management fees EUR -29, Other expenses EUR -1, Total expenses EUR -30, III. Ordinary net income EUR 334, IV. Disposals 1. Realised gains EUR 3, Realised losses EUR -314, Gain/loss on disposals EUR -310, V. Annual realised results EUR 23, Net change in unrealised gains EUR -23, Net change in unrealised losses EUR -5, VI. Annual unrealised results EUR -29, VII. Result for the financial year EUR -5, of 26

8 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Change in Fund Assets 2015 I. Value of fund assets at the start of the financial year EUR 39,384, Distribution for the previous year EUR -171, Interim distributions EUR -180, Inflow/Outflow of funds (net) EUR 0.00 a) Proceeds received from sales of units EUR 0.00 b) Payments for redemption of units EUR Income adjustment/cost compensation EUR Result for the financial year EUR -5, of which unrealised gains EUR -23, of which unrealised losses EUR -5, II. Value of fund assets at the end of the financial year EUR 39,027, Annex Other information Number of fund units in circulation and value of a fund unit on the reporting date pursuant to Article 16 Para. 1 No. 1 of the German Capital Investment Accounting and Valuation Ordinance (KARBV) Unit value EUR Units in circulation UNITS 400,000 Information on the evaluation process for assets pursuant to Article 16 Para. 1 No. 2 KARBV Security Prices and Market Prices The fund assets are valued on the basis of the following market prices: All securities: Closing prices on the respective valuation dates The valuation of assets generally took place during the financial year and at the balance sheet date on the basis of the last traded stock exchange price. Assets not admitted for trading on stock exchanges nor admitted to another regulated market or included in such market, or for which no tradable value is available, are valued at current market values, which shall be assessed with due care using appropriate valuation models and taking into consideration current market conditions. Money in bank accounts and existing receivables are valued at their current nominal value. Existing liabilities are reported at the amounts payable. Index fund information pursuant to Article 16 Para. 2 KARBV Tracking error level at the end of the reporting period, pursuant to Article 16 Para. 2 No. 1 KARBV 0.07 percentage points Further information necessary for understanding the report pursuant to Article 7 No. 9 d) KARBV Explanation of the calculation of net change in unrealised gains and losses Determination of net change in unrealised gains and losses takes place by means of comparing, in each financial year, the valuations of assets included in the unit price with the relevant historical purchase prices, the level of the positive differences in the sum of unrealised gains included, the level of the negative differences in the sum of unrealised losses included and by determining the net changes from a comparison of the sum totals at the end of the financial year with those at the beginning. Munich, 30 September 2015 BlackRock Asset Management Deutschland AG Dr Thomas Groffmann Alexander Mertz 8 of 26

9 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Statement of assets and liabilities as at 30/09/15 Market value % of fund in EUR assets 3) I. Assets 221,720, Bonds 219,008, Belgium ,01 8,58 Germany ,74 19,85 France ,22 19,86 Italy ,55 19,76 Netherlands ,31 11,12 Spain ,92 19,62 2. Receivables 1,862, Bank accounts 850, II. Liabilities -26, Other liabilities ,34-0,01 III. Fund assets 221,693, ) Rounding of percentages during the calculation may result in slight rounding differences. 9 of 26

10 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Statement of Net Assets as at 30/09/15 Designation of class of security ISIN Market Units, shares or currency in 1,000s As at Purchases/ 30/09/2015 Additions Sales/ Disposals in the reporting period Price Market value in EUR Securities 219,008, Exchange-traded securities 219,008, Bonds 219,008, % Bundesrep.Deutschland Bundesobl.Ser.171 DE EUR 7,544 7,544 - % ,566, v.2015(20) 0.250% Niederlande EO-Anl. 2014(20) NL EUR 8,004 8,004 - % ,088, % Bundesrep.Deutschland Anl.v.2015 (2025) DE EUR 9,108 9, % ,080, % Frankreich EO-OAT 2015(25) FR EUR 8,096 8,096 - % ,797, % Bundesrep.Deutschland Anl.v.2014 (2024) DE EUR 7,268 1,027 1,264 % ,615, % Niederlande EO-Anl. 2012(18) NL EUR 7, ,362 % ,887, % Spanien EO-Bonos 2014(20) ES C0 EUR 7,728 8, % ,940, % Bundesrep.Deutschland Anl.v.2012 (2022) DE EUR 9,660 1,198 1,703 % ,687, % Frankreich EO-OAT 2013(23) FR EUR 8,096 2,250 1,184 % ,809, % Frankreich EO-OAT 2014(24) FR EUR 7,820 1,587 1,272 % ,468, % Niederlande EO-Anl. 2013(23) NL EUR 7, ,404 % ,670, % Bundesrep.Deutschland Anl.v.2011(2022) DE EUR 8,096 1,413 1,392 % ,050, % Spanien EO-Bonos 2013(17) ES I2 EUR 7, ,588 % ,062, % Frankreich EO-OAT 2013(24) FR EUR 7,268 1,275 1,227 % ,204, % Italien, Republik EO-B.T.P. 2014(24) IT EUR 7,176 1,710 1,184 % ,662, % Belgien, Königreich EO-Obl. Lin. 2014(24) Ser. BE EUR 8,004 1,128 1,389 % ,270, % Spanien EO-Bonos 2014(19) ES V5 EUR 8,004 1,052 1,408 % ,620, % Spanien EO-Bonos 2014(24) ES B2 EUR 8,556 1,050 1,709 % ,222, % Frankreich EO-OAT 2012(22) FR EUR 9,200 2,004 1,449 % ,753, % Italien, Republik EO-B.T.P. 2013(18) IT EUR 6,992 7, % ,585, % Belgien, Königreich EO-Obl. Lin. 2012(22) Ser. BE EUR 7,728 8, % ,759, % Italien, Republik EO-B.T.P. 2013(24) IT EUR 8,096 1,500 1,384 % ,933, % Italien, Republik EO-B.T.P. 2011(22) IT EUR 7,268 1,480 1,242 % ,983, % Italien, Republik EO-B.T.P. 2012(22) IT EUR 7,544 1,588 1,264 % ,640, % Spanien EO-Bonos 2011(22) ES K0 EUR 7,544 8, % ,645, Bank Accounts, Unsecuritised Money Market Instruments, Money Market Funds 850, Bank accounts 850, EUR balances 850, Depository: State Street Bank GmbH EUR 850, % , Other assets 1,862, Interest receivables EUR 1,862, ,862, Other liabilities % of fund assets 4) -26, Management fees EUR -26, , Fund assets EUR 221,693, Unit value EUR Units in circulation UNITS 1,840,000 4) Rounding of percentages during the calculation may result in slight rounding differences. 10 of 26

11 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Transactions during the reporting period, insofar as these no longer appear in the assets listed: Securities purchases and sales, investment units and bonds (market allocation on the reporting date) ISIN Units, shares or currency in 1,000s Purchases/ Additions Sales/ Disposals Securities Exchange-traded securities Bonds 1.500% Bundesrep.Deutschland Anl.v.2014 (2024) DE EUR 1,182 8, % Niederlande EO-Anl. 2011(17) NL EUR 584 8, % Bundesrep.Deutschland Anl.v.2011(2021) DE EUR 332 8, % Frankreich EO-OAT 2011(21) FR EUR , % Niederlande EO-Anl. 2011(21) NL EUR 450 9, % Spanien EO-Bonos 2014(24) ES W3 EUR 410 8, % Spanien EO-Bonos 2011(16) ES J2 EUR 320 7, % Italien, Republik EO-B.T.P. 2011(21) IT EUR 344 8,514 Profit and Loss Account (incl. Income Adjustment) I. Income 1. Interest from domestic securities EUR 296, Interest from foreign securities (before withholding tax) EUR 2,262, Total income EUR 2,558, II. Expenses 1. Management fees EUR -163, Other expenses EUR -7, Total expenses EUR -171, III. Ordinary net income EUR 2,387, IV. Disposals 1. Realised gains EUR 1,829, Realised losses EUR -580, Gain/loss on disposals EUR 1,248, V. Annual realised results EUR 3,635, Net change in unrealised gains EUR -6,700, Net change in unrealised losses EUR -1,051, VI. Annual unrealised results EUR -7,751, VII. Result for the financial year EUR -4,116, of 26

12 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Change in Fund Assets 2015 I. Value of fund assets at the start of the financial year EUR 235,510, Distribution for the previous year EUR -1,446, Interim distributions EUR -1,230, Inflow/Outflow of funds (net) EUR -7,044, a) Proceeds received from sales of units EUR 31,348, b) Payments for redemption of units EUR -38,392, Income adjustment/cost compensation EUR 21, Result for the financial year EUR -4,116, of which unrealised gains EUR -6,700, of which unrealised losses EUR -1,051, II. Value of fund assets at the end of the financial year EUR 221,693, Annex Other information Number of fund units in circulation and value of a fund unit on the reporting date pursuant to Article 16 Para. 1 No. 1 of the German Capital Investment Accounting and Valuation Ordinance (KARBV) Unit value EUR Units in circulation UNITS 1,840,000 Information on the evaluation process for assets pursuant to Article 16 Para. 1 No. 2 KARBV Security Prices and Market Prices The fund assets are valued on the basis of the following market prices: All securities: Closing prices on the respective valuation dates The valuation of assets generally took place during the financial year and at the balance sheet date on the basis of the last traded stock exchange price. Assets not admitted for trading on stock exchanges nor admitted to another regulated market or included in such market, or for which no tradable value is available, are valued at current market values, which shall be assessed with due care using appropriate valuation models and taking into consideration current market conditions. Money in bank accounts and existing receivables are valued at their current nominal value. Existing liabilities are reported at the amounts payable. Index fund information pursuant to Article 16 Para. 2 KARBV Tracking error level at the end of the reporting period, pursuant to Article 16 Para. 2 No. 1 KARBV 0.07 percentage points Further information necessary for understanding the report pursuant to Article 7 No. 9 d) KARBV Explanation of the calculation of net change in unrealised gains and losses Determination of net change in unrealised gains and losses takes place by means of comparing, in each financial year, the valuations of assets included in the unit price with the relevant historical purchase prices, the level of the positive differences in the sum of unrealised gains included, the level of the negative differences in the sum of unrealised losses included and by determining the net changes from a comparison of the sum totals at the end of the financial year with those at the beginning. Munich, 30 September 2015 BlackRock Asset Management Deutschland AG Dr Thomas Groffmann Alexander Mertz 12 of 26

13 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Statement of assets and liabilities as at 30/09/15 Market value % of fund in EUR assets 5) I. Assets 53,754, Bonds 53,228, Belgium ,55 6,15 Germany ,71 19,89 France ,56 19,91 Italy ,87 19,82 Netherlands ,66 13,63 Spain ,09 19,64 2. Receivables 402, Bank accounts 124, II. Liabilities -6, Other liabilities ,92-0,01 III. Fund assets 53,747, ) Rounding of percentages during the calculation may result in slight rounding differences. 13 of 26

14 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Statement of Net Assets as at 30/09/15 Designation of class of security ISIN Market Units, shares or currency in 1,000s As at Purchases/ 30/09/2015 Additions Sales/ Disposals Price Market value in EUR % of fund assets 6) in the reporting period Securities 53,228, Exchange-traded securities 53,228, Bonds 53,228, % Bundesrep.Deutschland Bundesobl.Ser.171 DE EUR 3,888 4, % ,899, v.2015(20) 0.250% Bundesrep.Deutschland Bundesobl.Ser.166 DE EUR 3, ,008 % ,207, v.2013(18) 0.250% Niederlande EO-Anl. 2014(20) NL EUR 3,528 4, % ,565, % Frankreich EO-OAT 2014(19) FR EUR 3, % ,787, % Bundesrep.Deutschland Bundesobl.Ser.167 DE EUR 3, % ,582, v.2013(18) 1.000% Frankreich EO-OAT 2013(18) FR EUR 3, % ,483, % Frankreich EO-OAT 2014(19) FR EUR 3, % ,432, % Niederlande EO-Anl. 2013(19) NL EUR 3, % ,759, % Spanien EO-Bonos 2014(20) ES C0 EUR 3,384 3, % ,477, % Italien, Republik EO-B.T.P. 2014(19) IT EUR 3, % ,368, % Spanien EO-Bonos 2014(19) ES V5 EUR 3, % ,851, % Belgien, Königreich EO-Obl. Lin. 2012(19) Ser. BE EUR 2,952 2,952 - % ,304, % Italien, Republik EO-B.T.P. 2013(18) IT EUR 3, % ,636, % Italien, Republik EO-B.T.P. 2013(18) IT EUR 3, % ,645, % Spanien EO-Bonos 2013(18) ES B7 EUR 2, % ,225, Bank Accounts, Unsecuritised Money Market Instruments, Money Market Funds 124, Bank accounts 124, EUR balances 124, Depository: State Street Bank GmbH EUR 124, % , Other assets 402, Interest receivables EUR 402, , Other liabilities -6, Management fees EUR -6, , Fund assets EUR 53,747, Unit value EUR Units in circulation UNITS 480,000 6) Rounding of percentages during the calculation may result in slight rounding differences. 14 of 26

15 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Transactions during the reporting period, insofar as these no longer appear in the assets listed: Securities purchases and sales, investment units and bonds (market allocation on the reporting date) ISIN Units, shares or currency in 1,000s Purchases/ Additions Sales/ Disposals Securities Exchange-traded securities Bonds 0.500% Bundesrep.Deutschland Bundesobl.Ser.165 v.2013(18) DE EUR - 4, % Belgien, Königreich EO-Obl. Lin. 2013(18) Ser. 69 BE EUR - 3, % Niederlande EO-Anl. 2012(18) NL EUR 154 4, % Spanien EO-Bonos 2012(18) ES Q7 EUR - 3,444 Profit and Loss Account (incl. Income Adjustment) I. Income 1. Interest from domestic securities EUR 24, Interest from foreign securities (before withholding tax) EUR 400, Total income EUR 425, II. Expenses 1. Management fees EUR -40, Other expenses EUR -1, Total expenses EUR -42, III. Ordinary net income EUR 382, IV. Disposals 1. Realised gains EUR 198, Realised losses EUR -54, Gain/loss on disposals EUR 144, V. Annual realised results EUR 526, Net change in unrealised gains EUR -605, Net change in unrealised losses EUR -15, VI. Annual unrealised results EUR -621, VII. Result for the financial year EUR -94, Change in Fund Assets 2015 I. Value of fund assets at the start of the financial year EUR 63,262, Distribution for the previous year EUR -281, Interim distributions EUR -212, Inflow/Outflow of funds (net) EUR -8,948, a) Proceeds received from sales of units EUR 2,236, b) Payments for redemption of units EUR -11,184, Income adjustment/cost compensation EUR 21, Result for the financial year EUR -94, of which unrealised gains EUR -605, of which unrealised losses EUR -15, II. Value of fund assets at the end of the financial year EUR 53,747, of 26

16 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Annex Other information Number of fund units in circulation and value of a fund unit on the reporting date pursuant to Article 16 Para. 1 No. 1 of the German Capital Investment Accounting and Valuation Ordinance (KARBV) Unit value EUR Units in circulation UNITS 480,000 Information on the evaluation process for assets pursuant to Article 16 Para. 1 No. 2 KARBV Security Prices and Market Prices The fund assets are valued on the basis of the following market prices: All securities: Closing prices on the respective valuation dates The valuation of assets generally took place during the financial year and at the balance sheet date on the basis of the last traded stock exchange price. Assets not admitted for trading on stock exchanges nor admitted to another regulated market or included in such market, or for which no tradable value is available, are valued at current market values, which shall be assessed with due care using appropriate valuation models and taking into consideration current market conditions. Money in bank accounts and existing receivables are valued at their current nominal value. Existing liabilities are reported at the amounts payable. Index fund information pursuant to Article 16 Para. 2 KARBV Tracking error level at the end of the reporting period, pursuant to Article 16 Para. 2 No. 1 KARBV 0.08 percentage points Further information necessary for understanding the report pursuant to Article 7 No. 9 d) KARBV Explanation of the calculation of net change in unrealised gains and losses Determination of net change in unrealised gains and losses takes place by means of comparing, in each financial year, the valuations of assets included in the unit price with the relevant historical purchase prices, the level of the positive differences in the sum of unrealised gains included, the level of the negative differences in the sum of unrealised losses included and by determining the net changes from a comparison of the sum totals at the end of the financial year with those at the beginning. Munich, 30 September 2015 BlackRock Asset Management Deutschland AG Dr Thomas Groffmann Alexander Mertz 16 of 26

17 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Statement of assets and liabilities as at 30/09/15 Market value % of fund in EUR assets 7) I. Assets 73,705, Bonds 72,614, Belgium ,60 13,47 Germany ,86 19,81 France ,99 19,86 Italy ,35 19,62 Netherlands ,68 6,17 Spain ,58 19,61 2. Receivables 694, Bank accounts 397, II. Liabilities -8, Other liabilities ,49-0,01 III. Fund assets 73,696, ) Rounding of percentages during the calculation may result in slight rounding differences. 17 of 26

18 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Statement of Net Assets as at 30/09/15 Designation of class of security ISIN Market Units, shares or currency in 1,000s As at Purchases/ 30/09/2015 Additions Sales/ Disposals in the reporting period Price Market value in EUR % of fund assets 8) Securities 72,614, Exchange-traded securities 72,614, Bonds 72,614, % Bundesrep.Deutschland Anl.v.2015 (2025) DE EUR 4,553 4, % ,539, % Frankreich EO-OAT 2015(25) FR EUR 4,292 4,292 - % ,133, % Bundesrep.Deutschland Anl.v.2012 (2022) DE EUR 5, % ,550, % Frankreich EO-OAT 2013(23) FR EUR 4,292 4,292 - % ,670, % Niederlande EO-Anl. 2013(23) NL EUR 4, % ,544, % Bundesrep.Deutschland Anl.v.2011(2022) DE EUR 4, % ,506, % Belgien, Königreich EO-Obl. Lin. 2014(24) Ser. BE EUR 4, % ,836, % Spanien EO-Bonos 2014(24) ES B2 EUR 4, % ,720, % Frankreich EO-OAT 2012(22) FR EUR 4,988 1, % ,830, % Spanien EO-Bonos 2014(24) ES W3 EUR 3, % ,617, % Belgien, Königreich EO-Obl. Lin. 2012(22) Ser. BE EUR 4,031 4, % ,090, % Italien, Republik EO-B.T.P. 2013(24) IT EUR 4, % ,088, % Italien, Republik EO-B.T.P. 2011(22) IT EUR 3,712 3, % ,588, % Italien, Republik EO-B.T.P. 2012(22) IT EUR 3, % ,780, % Spanien EO-Bonos 2011(22) ES K0 EUR 4, % ,116, Bank Accounts, Unsecuritised Money Market Instruments, Money Market Funds 397, Bank accounts 397, EUR balances 397, Depository: State Street Bank GmbH EUR 397, % , Other assets 694, Interest receivables EUR 694, , Other liabilities -8, Management fees EUR -8, , Fund assets EUR 73,696, Unit value EUR Units in circulation UNITS 580,000 8) Rounding of percentages during the calculation may result in slight rounding differences. 18 of 26

19 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Transactions during the reporting period, insofar as these no longer appear in the assets listed: Securities purchases and sales, investment units and bonds (market allocation on the reporting date) Securities Exchange-traded securities Bonds ISIN Units, shares or currency in 1,000s Purchases/ Additions Sales/ Disposals 1.750% Frankreich EO-OAT 2014(24) FR EUR 130 3, % Bundesrep.Deutschland Anl.v.2011(2021) DE EUR - 3, % Frankreich EO-OAT 2011(21) FR EUR 187 4, % Niederlande EO-Anl. 2011(21) NL EUR - 4, % Italien, Republik EO-B.T.P. 2011(21) IT EUR - 4,088 Profit and Loss Account (incl. Income Adjustment) I. Income 1. Interest from domestic securities EUR 112, Interest from foreign securities (before withholding tax) EUR 876, Total income EUR 988, II. Expenses 1. Management fees EUR -54, Other expenses EUR -2, Total expenses EUR -57, III. Ordinary net income EUR 931, IV. Disposals 1. Realised gains EUR 460, Realised losses EUR -246, Gain/loss on disposals EUR 214, V. Annual realised results EUR 1,145, Net change in unrealised gains EUR -2,090, Net change in unrealised losses EUR -369, VI. Annual unrealised results EUR -2,459, VII. Result for the financial year EUR -1,314, Change in Fund Assets 2015 I. Value of fund assets at the start of the financial year EUR 73,463, Distribution for the previous year EUR -510, Interim distributions EUR -483, Inflow/Outflow of funds (net) EUR 2,568, a) Proceeds received from sales of units EUR 5,057, b) Payments for redemption of units EUR -2,489, Income adjustment/cost compensation EUR -26, Result for the financial year EUR -1,314, of which unrealised gains EUR -2,090, of which unrealised losses EUR -369, II. Value of fund assets at the end of the financial year EUR 73,696, of 26

20 Semi-annual report for ishares Euro Government Bond Capped yr UCITS ETF (DE) Annex Other information Number of fund units in circulation and value of a fund unit on the reporting date pursuant to Article 16 Para. 1 No. 1 of the German Capital Investment Accounting and Valuation Ordinance (KARBV) Unit value EUR Units in circulation UNITS 580,000 Information on the evaluation process for assets pursuant to Article 16 Para. 1 No. 2 KARBV Security Prices and Market Prices The fund assets are valued on the basis of the following market prices: All securities: Closing prices on the respective valuation dates The valuation of assets generally took place during the financial year and at the balance sheet date on the basis of the last traded stock exchange price. Assets not admitted for trading on stock exchanges nor admitted to another regulated market or included in such market, or for which no tradable value is available, are valued at current market values, which shall be assessed with due care using appropriate valuation models and taking into consideration current market conditions. Money in bank accounts and existing receivables are valued at their current nominal value. Existing liabilities are reported at the amounts payable. Index fund information pursuant to Article 16 Para. 2 KARBV Tracking error level at the end of the reporting period, pursuant to Article 16 Para. 2 No. 1 KARBV 0.10 percentage points Further information necessary for understanding the report pursuant to Article 7 No. 9 d) KARBV Explanation of the calculation of net change in unrealised gains and losses Determination of net change in unrealised gains and losses takes place by means of comparing, in each financial year, the valuations of assets included in the unit price with the relevant historical purchase prices, the level of the positive differences in the sum of unrealised gains included, the level of the negative differences in the sum of unrealised losses included and by determining the net changes from a comparison of the sum totals at the end of the financial year with those at the beginning. Munich, 30 September 2015 BlackRock Asset Management Deutschland AG Dr Thomas Groffmann Alexander Mertz 20 of 26

21 Semi-annual report for ishares Euro Government Bond Capped 10.5+yr UCITS ETF (DE) Statement of assets and liabilities as at 30/09/15 Market value % of fund in EUR assets 9) I. Assets 58,903, Bonds 57,924, Belgium Germany France Italy Netherlands Spain Receivables 944, Bank accounts 34, II. Liabilities -7, Other liabilities III. Fund assets 58,896, ) Rounding of percentages during the calculation may result in slight rounding differences. 21 of 26

22 Semi-annual report for ishares Euro Government Bond Capped 10.5+yr UCITS ETF (DE) Statement of Net Assets as at 30/09/15 Designation of class of security ISIN Market Units, shares or currency in 1,000s As at Purchases/ 30/09/2015 Additions Sales/ Disposals in the reporting period Price Market value in EUR % of fund assets 10) Securities 57,924, Exchange-traded securities 57,924, Bonds 57,924, % Frankreich EO-OAT 2012(27) FR EUR 3, % ,789, % Frankreich EO-OAT 2010(26) FR EUR 2, % ,698, % Niederlande EO-Anl. 2010(42) NL EUR 2, % ,940, % Bundesrep.Deutschland Anl.v.2005(2037) DE EUR 2, % ,224, % Italien, Republik EO-B.T.P. 2005(37) IT EUR 2, % ,270, % Belgien, Königreich EO-Obl. Lin. 2010(41) Ser. BE EUR 2, % ,400, % Bundesrep.Deutschland Anl.v.2003(2034) DE EUR 2, % ,972, % Belgien, Königreich EO-Obl. Lin. 2004(35) Ser. BE EUR 2, % ,240, % Italien, Republik EO-B.T.P. 1998(29) IT EUR 2, % ,917, % Belgien, Königreich EO-Obl. Lin. 1998(28) Ser. BE EUR 2, % ,937, % Bundesrep.Deutschland Anl.v.2000(2031) DE EUR 2, % ,342, % Frankreich EO-OAT 1997(29) FR EUR 2, % ,059, % Spanien EO-Obl. 2001(32) ES EUR 2,478 2, % ,565, % Italien, Republik EO-B.T.P. 1999(31) IT EUR 3, % ,503, % Spanien EO-Bonos 1999(29) ES EUR 2, % ,060, Bank Accounts, Unsecuritised Money Market Instruments, Money Market Funds 34, Bank accounts 34, EUR balances 34, Depository: State Street Bank GmbH EUR 34, % , Other assets 944, Interest receivables EUR 944, , Other liabilities -7, Management fees EUR -7, , Fund assets EUR 58,896, Unit value EUR Units in circulation UNITS 420,000 10) Rounding of percentages during the calculation may result in slight rounding differences. 22 of 26

23 Semi-annual report for ishares Euro Government Bond Capped 10.5+yr UCITS ETF (DE) Transactions during the reporting period, insofar as these no longer appear in the assets listed: Securities purchases and sales, investment units and bonds (market allocation on the reporting date) ISIN Units, shares or currency in 1,000s Purchases/ Additions Sales/ Disposals Securities Exchange-traded securities Bonds 4.000% Niederlande EO-Anl. 2005(37) NL EUR 452 2,825 Profit and Loss Account (incl. Income Adjustment) I. Income 1. Interest from domestic securities EUR 170, Interest from foreign securities (before withholding tax) EUR 774, Total income EUR 944, II. Expenses 1. Interest from borrowing EUR Management fees EUR -44, Other expenses EUR -2, Total expenses EUR -46, III. Ordinary net income EUR 897, IV. Disposals 1. Realised gains EUR 93, Realised losses EUR -28, Gain/loss on disposals EUR 65, V. Annual realised results EUR 963, Net change in unrealised gains EUR -6,472, Net change in unrealised losses EUR -156, VI. Annual unrealised results EUR -6,629, VII. Result for the financial year EUR -5,665, Change in Fund Assets 2015 I. Value of fund assets at the start of the financial year EUR 64,626, Distribution for the previous year EUR -551, Interim distributions EUR -456, Inflow/Outflow of funds (net) EUR 882, a) Proceeds received from sales of units EUR 12,025, b) Payments for redemption of units EUR -11,143, Income adjustment/cost compensation EUR 61, Result for the financial year EUR -5,665, of which unrealised gains EUR -6,472, of which unrealised losses EUR -156, II. Value of fund assets at the end of the financial year EUR 58,896, of 26

24 Semi-annual report for ishares Euro Government Bond Capped 10.5+yr UCITS ETF (DE) Annex Other information Number of fund units in circulation and value of a fund unit on the reporting date pursuant to Article 16 Para. 1 No. 1 of the German Capital Investment Accounting and Valuation Ordinance (KARBV) Unit value EUR Units in circulation UNITS 420,000 Information on the evaluation process for assets pursuant to Article 16 Para. 1 No. 2 KARBV Security Prices and Market Prices The fund assets are valued on the basis of the following market prices: All securities: Closing prices on the respective valuation dates The valuation of assets generally took place during the financial year and at the balance sheet date on the basis of the last traded stock exchange price. Assets not admitted for trading on stock exchanges nor admitted to another regulated market or included in such market, or for which no tradable value is available, are valued at current market values, which shall be assessed with due care using appropriate valuation models and taking into consideration current market conditions. Money in bank accounts and existing receivables are valued at their current nominal value. Existing liabilities are reported at the amounts payable. Index fund information pursuant to Article 16 Para. 2 KARBV Tracking error level at the end of the reporting period, pursuant to Article 16 Para. 2 No. 1 KARBV 0.12 percentage points Further information necessary for understanding the report pursuant to Article 7 No. 9 d) KARBV Explanation of the calculation of net change in unrealised gains and losses Determination of net change in unrealised gains and losses takes place by means of comparing, in each financial year, the valuations of assets included in the unit price with the relevant historical purchase prices, the level of the positive differences in the sum of unrealised gains included, the level of the negative differences in the sum of unrealised losses included and by determining the net changes from a comparison of the sum totals at the end of the financial year with those at the beginning. Munich, 30 September 2015 BlackRock Asset Management Deutschland AG Dr Thomas Groffmann Alexander Mertz 24 of 26

25 Management Company and Depository Management Company BlackRock Asset Management Deutschland AG Max-Joseph-Straße Munich, Germany Share capital as at 31/12/14: EUR 5 million Liable equity as at 31/12/14: EUR 10 million Shareholder BlackRock Investment Management (UK) Limited Management Christian Staub Chairman of the Management Board Munich Dr Thomas Groffmann Vice Chairman of the Management Board Munich Alexander Mertz Management Board Munich Supervisory Board Rachel Lord (Chairwoman) BlackRock, Managing Director, Head of Sales EMEA ishares London, UK Derek Stein BlackRock, Managing Director, Head of Business Operations Group San Francisco, USA Prof. Markus Rudolf Vice-Rector and University Professor, WHU Otto Beisheim School of Management Depository State Street Bank GmbH Brienner Straße Munich, Germany Auditor Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft Rosenheimer Platz Munich, Germany 25 of 26

26 BlackRock Asset Management Deutschland AG Max-Joseph-Straße 6 D Munich, Germany Tel: +49 (0) info@ishares.de

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