ANNUAL REPORT AND AUDITED FINANCIAL … Investment in Transferable Securities) Regulations, 2011 (as amended) (the "UCITS Regulations") and is regulated by the Central Bank of Ireland

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTSiSHARES V PLC

FOR THE YEAR ENDED 30 NOVEMBER 2014

iSHARES V PLC

i S H A R E S V P L C A N N U A L R E P O R T [ 1 ]

Contents General information 3

Background 5

Investment Manager’s report 9

Chairman’s Statement 21

Board of Directors 22

Corporate Governance Statement 23

Audit Committee report 29

Statement of Directors’ Responsibilities 33

Directors’ report 35

Statement of the Custodian's Responsibilities 37

Custodian’s report to the shareholders 38

Independent Auditors’ report 39

Financial Statements

Financial statements of the Company

Accounting policies 42

Financial instruments and risks 47

Income statement 77

Statement of changes in net assets attributable to redeemable participating shareholders 77

Balance sheet 78

Notes to the financial statements 79

Fund primary statements and notes, schedules of investments and unaudited schedules of material purchases and sales:

iShares $ Emerging Markets Corporate Bond UCITS ETF 86

iShares Agribusiness UCITS ETF 105

iShares Austria Government Bond UCITS ETF 114

iShares Belgium Government Bond UCITS ETF 121

iShares Emerging Markets Dividend UCITS ETF 128

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF 138

iShares Finland Government Bond UCITS ETF 169

iShares France Government Bond UCITS ETF 176

iShares Germany Government Bond UCITS ETF 184

iShares Gold Producers UCITS ETF 192

iShares Italy Government Bond UCITS ETF 200

iShares MSCI ACWI UCITS ETF 208

iShares MSCI Emerging Markets Consumer Growth UCITS ETF 235

iShares MSCI Japan EUR Hedged UCITS ETF 248

iShares MSCI Japan GBP Hedged UCITS ETF 260

iShares MSCI Poland UCITS ETF 272

iShares MSCI USA UCITS ETF 279

iShares MSCI World EUR Hedged UCITS ETF 285

iShares MSCI World GBP Hedged UCITS ETF 318

iShares Netherlands Government Bond UCITS ETF 351

iShares Oil & Gas Exploration & Production UCITS ETF 358

iSHARES V PLC

[ 2 ] i S H A R E S V P L C A N N U A L R E P O R T

Contents (continued) Financial Statements (continued)

Fund primary statements and notes, schedules of investments and unaudited schedules of material purchases and sales (continued):

iShares S&P 500 EUR Hedged UCITS ETF 367

iShares S&P 500 GBP Hedged UCITS ETF 382

iShares Spain Government Bond UCITS ETF 397

Disclaimers 404

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

iSHARES V PLC


General information Board of Directors1 Sub-Investment Managers 2

Paul McNaughton (Chairman) (Irish) BlackRock Financial Management, Inc.

Paul McGowan (Irish) 40 East 52nd Street

Cora O’Donohoe (Irish - British Resident) New York

Barry O’Dwyer (Irish) NY 10022

Karen Prooth (British) United States

Audit Committee Members Custodian

Paul McGowan (Chairman) State Street Custodial Services (Ireland) Limited

Paul McNaughton 78 Sir John Rogerson’s Quay

Dublin 2

Nomination Committee Members Ireland

Paul McNaughton (Chairman)

Paul McGowan Registered office of the Company:

Barry O'Dwyer J.P. Morgan House

International Financial Services Centre

Manager Dublin 1

BlackRock Asset Management Ireland Limited Ireland

Registered office: Legal Advisors to the Company

J.P. Morgan House as to Irish Law:

International Financial Services Centre William Fry

Dublin 1 Fitzwilton House, Wilton Place, Dublin 2

Ireland Ireland

Administrator as to English Law:

State Street Fund Services (Ireland) Limited Hogan Lovells

78 Sir John Rogerson’s Quay 65 Holborn Viaduct, London EC1A 2DY

Dublin 2 England

Ireland

Independent Auditors

Registrar PricewaterhouseCoopers

Computershare Investor Services (Ireland) Limited Chartered Accountants and Registered Auditors

Heron House One Spencer Dock

Corrig Road North Wall Quay

Sandyford Industrial Estate Dublin 1

Dublin 18 Ireland

Ireland

Representative in Switzerland

Company Secretary BlackRock Asset Management Schweiz AG

Chartered Corporate Services Bahnhofstrasse 39

Taney Hall 8001 Zurich

Eglinton Terrace Switzerland

Dundrum

Dublin 14 Paying Agent in Switzerland

Ireland JPMorgan Chase Bank

National Association

Investment Manager and Promoter Columbus, Zurich Branch

BlackRock Advisors (UK) Limited Dreikönigstrasse 21

8002 Zurich

Registered office: Switzerland

12 Throgmorton Avenue

London EC2N 2DL

England

1 All Directors are non-executive Directors 2 The Investment Manager has sub-delegated certain portfolio management functions in respect of iShares $ Emerging Markets Corporate Bond UCITS ETF.

iSHARES V PLC


General information (continued) German Paying and Information Agent

Commerzbank AG

Theodor-Heuss-Allee 50

60486 Frankfurt am Main

Germany

Austrian Paying and Information Agent

UniCredit Bank Austria AG

8398 Global Securities Sales & Services

P.O. Box 35

A-1011 Vienna

Austria

iSHARES V PLC

Background


iShares V public limited company (the "Company") is organised as an open-ended investment Company with variable capital. The Company was

incorporated in Ireland on 2 December 2009 with limited liability and segregated liability between its Funds and is organised under the laws of

Ireland as a Public Limited Company (“plc”) pursuant to the Companies Acts 1963 to 2013 and the European Communities (Undertaking for

Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the "UCITS Regulations") and is regulated by the Central

Bank of Ireland.

The Company is structured as an umbrella Fund and comprises separate Funds (“Funds”) of the Company.

The term “Fund” shall be deemed to mean either a Fund of the Company, or if the context so requires, the Manager or its delegate acting for the

account of the relevant Fund. The term “BlackRock” is used to represent BlackRock Advisors (UK) Limited. The investment objectives and

policies of each Fund are set out in the prospectus and the relevant supplemental prospectus.

Changes to the Company

Effective 9 January 2014, iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF was listed on the Borsa Italiana.

Effective 24 January 2014, iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF was listed on the SIX Swiss Exchange.

An updated prospectus was issued on 14 April 2014. A further updated prospectus was issued on 6 October 2014. Please refer to the

prospectus for details of amendments made.

Until 30 April 2014, securities lending income was split between the Fund and the securities lending agent in a ratio of 60:40 in favour of the

Fund. Effective 1 May 2014 the ratio changed to 62.5:37.5 in favour of the Fund.

iShares MSCI Emerging Markets Consumer Growth UCITS ETF launched on 6 June 2014. This Fund has adopted UK Reporting Fund Status.

On 12 June 2014, the Board of Directors resolved to merge iShares MSCI USA UCITS ETF, a Fund of iShares V Plc with iShares MSCI USA - B

UCITS ETF a Fund of iShares VII Plc with effect from 18 August 2014. The merger was approved at the Extraordinary General Meeting ("EGM") on

14 July 2014. The exchange ratio used to calculate the number of shares in the Receiving Fund issued to former shareholders of the Merging

Fund was 0.245811029. As a result, iShares MSCI USA UCITS ETF closed on 18 August 2014, this Fund has been prepared on a termination

basis.

Effective 6 October 2014, the Investment Manager changed the methodology used to calculate global exposure from relative Value at Risk

(“VaR”) to the commitment approach on all Funds with the exception of those presented in the table below:

Fund

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF

iShares MSCI Japan EUR Hedged UCITS ETF

iShares MSCI Japan GBP Hedged UCITS ETF

iShares MSCI World EUR Hedged UCITS ETF

iShares MSCI World GBP Hedged UCITS ETF

iShares S&P 500 EUR Hedged UCITS ETF

iShares S&P 500 GBP Hedged UCITS ETF

The Investment Manager has concluded that the commitment approach is a more suitable methodology based on the Funds’ investment

strategies and risk profile. The commitment approach is a methodology that aggregates the underlying market or notional value of financial

derivative instruments to determine the global exposure of the Fund. In accordance with the UCITS notices, global exposure for a fund utilising

the commitment approach must not exceed 100% of the Fund’s NAV. The change in methodology does not change the way in which the Funds

are managed. As disclosed under the Market Risk section, the Investment Manager will continue to report VaR and other relevant metrics to the

Board of Directors on a quarterly basis for risk management purposes.

iSHARES V PLC

Background (continued)


Fund Details

There were 23 Funds in operation at 30 November 2014. The investment objective of the Funds is to track or replicate the benchmark indices

listed in the table below:

Fund Benchmark Index

Investment Management Approach*

iShares $ Emerging Markets Corporate Bond

UCITS ETF Morningstar Emerging Markets Corporate Bond Index Non-replicating

iShares Agribusiness UCITS ETF S&P Commodity Producers Agribusiness Index Replicating

iShares Austria Government Bond UCITS ETF Barclays Austria Treasury Bond Index Non-replicating

iShares Belgium Government Bond UCITS ETF Barclays Belgium Treasury Bond Index Non-replicating

iShares Emerging Markets Dividend UCITS ETF Dow Jones Emerging Markets Select Dividend Index Non-replicating

iShares Euro Corporate Bond Interest Rate Hedged

UCITS ETF Barclays EUR Corporate Interest Rate Hedged Index Non-replicating

iShares Finland Government Bond UCITS ETF Barclays Finland Treasury Bond Index Non-replicating

iShares France Government Bond UCITS ETF Barclays France Treasury Bond Index Non-replicating

iShares Germany Government Bond UCITS ETF Barclays Germany Treasury Bond Index Non-replicating

iShares Gold Producers UCITS ETF S&P Commodity Producers Gold Index Replicating

iShares Italy Government Bond UCITS ETF Barclays Italy Treasury Bond Index Non-replicating

iShares MSCI ACWI UCITS ETF MSCI All Countries World Index Net USD Non-replicating

iShares MSCI Emerging Markets Consumer Growth

UCITS ETF MSCI Emerging Markets Consumer Growth Index Non-replicating

iShares MSCI Japan EUR Hedged UCITS ETF MSCI Japan 100% Hedged to EUR Index Net Non-replicating

iShares MSCI Japan GBP Hedged UCITS ETF MSCI Japan 100% Hedged to GBP Net TR Index Non-replicating

iShares MSCI Poland UCITS ETF MSCI Poland Index Replicating

iShares MSCI World EUR Hedged UCITS ETF MSCI World 100% Hedged to EUR Index Net Non-replicating

iShares MSCI World GBP Hedged UCITS ETF MSCI World 100% Hedged to GBP Index Net Non-replicating

iShares Netherlands Government Bond UCITS ETF Barclays Netherlands Treasury Bond Index Non-replicating

iShares Oil & Gas Exploration & Production UCITS ETF S&P Commodity Producers Oil & Gas Exploration & Production Index Replicating

iShares S&P 500 EUR Hedged UCITS ETF S&P 500 Euro Hedged Non-replicating

iShares S&P 500 GBP Hedged UCITS ETF S&P 500 British Pound Non-replicating

iShares Spain Government Bond UCITS ETF Barclays Spain Treasury Bond Index Non-replicating

* Please refer to the Investment Manager’s report for further information on replicating and non-replicating Funds.

All figures relating to each Fund are shown in the relevant functional currency. The financial statements of the Company are presented in British

Pounds. These Funds are Exchange Traded Funds (“ETFs”), which provide the flexibility of a share with the diversification of a fund. They can be

bought and sold like any other share listed on a stock exchange, but provide instant exposure to many companies or various financial

instruments relevant to the Fund and its benchmark index.

PEA Eligibility (Plan d’Epargne en Actions)

The Plan d’Epargne en Actions (“PEA”) is a French equity savings plan intended to encourage French tax resident individuals to invest in

European equities. Due to their eligibility to the PEA, the Fund listed below invests on a permanent basis at least 75% of its assets in securities

and rights eligible to the PEA, issued by companies established in a Member State of the European Union or in Iceland and Norway and subject

to corporate income, or an equivalent, tax.

As at 30 November 2014, the below Fund had the following percentage of its assets invested in eligible PEA assets:

Fund % Invested in European

PEA eligible shares

iShares MSCI Poland UCITS ETF 95.86

iSHARES V PLC



Stock exchange listings

The Company maintained a primary listing on the London Stock Exchange (“LSE”).

As at 30 November 2014, the Funds are traded on the following exchanges:

Fund Base

Currency*

London Stock

Exchange Borsa

Italiana Deutsche Börse**

NYSE Euronext

Amsterdam SIX Swiss Exchange

iShares $ Emerging Markets Corporate Bond UCITS ETF $ � � � - �

iShares Agribusiness UCITS ETF $ � - � - �

iShares Austria Government Bond UCITS ETF € � - � - -

iShares Belgium Government Bond UCITS ETF € � - � � -

iShares Emerging Markets Dividend UCITS ETF $ � - � - �

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF € � � � � �

iShares Finland Government Bond UCITS ETF € � - � - -

iShares France Government Bond UCITS ETF € � - � � -

iShares Germany Government Bond UCITS ETF € � - � - -

iShares Gold Producers UCITS ETF $ � - � - �

iShares Italy Government Bond UCITS ETF € � � � - -

iShares MSCI ACWI UCITS ETF $ � - � - -

iShares MSCI Emerging Markets Consumer Growth UCITS ETF $ � - � - �

iShares MSCI Japan EUR Hedged UCITS ETF € � � � � �

iShares MSCI Japan GBP Hedged UCITS ETF £ � - - - -

iShares MSCI Poland UCITS ETF $ � - � - -

iShares MSCI World EUR Hedged UCITS ETF € � � � � �

iShares MSCI World GBP Hedged UCITS ETF £ � - - - -

iShares Netherlands Government Bond UCITS ETF € � - � � -

iShares Oil & Gas Exploration & Production UCITS ETF $ � - � - �

iShares S&P 500 EUR Hedged UCITS ETF € � � � � �

iShares S&P 500 GBP Hedged UCITS ETF £ � - - - -

iShares Spain Government Bond UCITS ETF € � - � - -

* All $, £ and € base currency Funds are denominated in United States Dollar, British Pound and Euro respectively. ** Funds trade on the Deutsche Börse Xetra XTF Funds Platform of the Frankfurt Stock Exchange.

Transactions with connected parties

The UCITS Notices published by the Central Bank of Ireland states that any transaction carried out with a UCITS by a promoter, manager,

trustee, investment adviser and/or associated or group companies of these (“connected parties”) must be carried out as if negotiated at arm’s

length. Transactions must be in the best interests of the shareholders.

The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set

out in the UCITS Notices are applied to all transactions with connected parties; and the Board is satisfied that transactions with connected

parties entered into during the year complied with this obligation.

iSHARES V PLC



Total expense ratio and portfolio turnover rate

The total expense ratio ("TER") shown below expresses the sum of all costs and commissions, with the exception of portfolio rebalancing costs,

charged to each Fund’s assets as a percentage of the average Fund assets during the year.

The portfolio turnover rate (“PTR”) is an indication of the level of trading conducted by the Fund based on a twelve month period ended

30 November 2014.

Fund TER (%) Annual PTR (%)

iShares $ Emerging Markets Corporate Bond UCITS ETF 0.50 19.00

iShares Agribusiness UCITS ETF 0.55 20.14

iShares Austria Government Bond UCITS ETF 0.20 31.15

iShares Belgium Government Bond UCITS ETF 0.20 30.39

iShares Emerging Markets Dividend UCITS ETF 0.65 98.17

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF 0.25 31.46

iShares Finland Government Bond UCITS ETF 0.20 40.48

iShares France Government Bond UCITS ETF 0.20 42.61

iShares Germany Government Bond UCITS ETF 0.20 49.16

iShares Gold Producers UCITS ETF 0.55 22.58

iShares Italy Government Bond UCITS ETF 0.20 64.38

iShares MSCI ACWI UCITS ETF 0.60 8.92

iShares MSCI Emerging Markets Consumer Growth UCITS ETF* 0.60 5.48

iShares MSCI Japan EUR Hedged UCITS ETF 0.64 26.37

iShares MSCI Japan GBP Hedged UCITS ETF 0.64 23.93

iShares MSCI Poland UCITS ETF 0.74 23.75

iShares MSCI USA UCITS ETF** 0.33 2.75

iShares MSCI World EUR Hedged UCITS ETF 0.55 18.78

iShares MSCI World GBP Hedged UCITS ETF 0.55 21.18

iShares Netherlands Government Bond UCITS ETF 0.20 34.25

iShares Oil & Gas Exploration & Production UCITS ETF 0.55 11.05

iShares S&P 500 EUR Hedged UCITS ETF 0.45 25.74

iShares S&P 500 GBP Hedged UCITS ETF 0.45 15.86

iShares Spain Government Bond UCITS ETF 0.20 68.81

* As this Fund launched during the year, the TER and PTR shown were relevant from launch date to the year end date. ** As this Fund closed on 18 August 2014, the TER shown is the TER applicable at the closure date. The PTR shown was relevant to the closure date.

iSHARES V PLC

Investment Manager’s report


INVESTMENT OBJECTIVE

The investment objective of the Funds is to track or replicate the benchmark indices listed in the Background section.

FUND PERFORMANCE*

The performance of the Funds for the year under review is shown below:

Fund return for the year

ended 30/11/2014

Benchmark return for the

year ended 30/11/2014

Fund return for the year

ended 30/11/2013



Fund % % % %

iShares $ Emerging Markets Corporate Bond UCITS ETF 6.23 6.64 (2.59) (2.26)

iShares Agribusiness UCITS ETF 5.74 6.10 6.91 7.27

iShares Austria Government Bond UCITS ETF 9.71 9.94 0.39 0.59

iShares Belgium Government Bond UCITS ETF 11.98 12.21 1.15 1.35

iShares Emerging Markets Dividend UCITS ETF (7.27) (6.93) (1.93) (1.96)

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF 2.00 2.23 3.07 3.32

iShares Finland Government Bond UCITS ETF 7.93 8.15 (0.03) 0.17

iShares France Government Bond UCITS ETF 9.77 9.99 0.93 1.13

iShares Germany Government Bond UCITS ETF 7.55 7.76 (0.56) (0.36)

iShares Gold Producers UCITS ETF (16.08) (15.63) (52.52) (52.36)

iShares Italy Government Bond UCITS ETF 13.75 13.99 7.53 7.77

iShares MSCI ACWI UCITS ETF 7.95 8.04 22.96 23.45

iShares MSCI Emerging Markets Consumer Growth UCITS ETF** 1.19 1.84 N/A N/A

iShares MSCI Japan EUR Hedged UCITS ETF 11.99 12.84 60.01 61.31

iShares MSCI Japan GBP Hedged UCITS ETF 12.37 13.27 60.90 62.29

iShares MSCI Poland UCITS ETF (10.07) (10.05) 16.83 16.64

iShares MSCI USA UCITS ETF*** 9.49 9.53 29.51 29.52

iShares MSCI World EUR Hedged UCITS ETF 12.32 12.63 27.34 27.78

iShares MSCI World GBP Hedged UCITS ETF 12.80 13.11 28.31 28.83

iShares Netherlands Government Bond UCITS ETF 8.89 9.11 (0.24) (0.05)

iShares Oil & Gas Exploration & Production UCITS ETF (19.47) (19.22) 15.85 16.36

iShares S&P 500 EUR Hedged UCITS ETF 15.70 15.87 28.71 28.85

iShares S&P 500 GBP Hedged UCITS ETF 16.20 16.39 29.69 29.85

iShares Spain Government Bond UCITS ETF 14.86 15.10 11.75 12.01

* Fund performance is shown net of fees and expenses (TER). ** As this Fund launched on 6 June 2014, performance figures are shown from launch date to period end date. *** As this Fund closed on 18 August 2014, results are shown from 1 December 2013 to closure date.

The Fund return figures are the aggregated net monthly returns and are based on the average published pricing NAV for the financial period

under review. Due to accounting policy requirements under Irish accounting standards which apply to the financial statements, there may be

slight differences between the NAV per share as recorded in the financial statements and the published pricing NAV per share. The returns are

net of management fees.

Past performance may not necessarily be repeated and future performance may vary.

iSHARES V PLC

Investment Manager’s report (continued)

[ 1 0 ] i S H A R E S V P L C A N N U A L R E P O R T

TRACKING DIFFERENCE

Tracking difference is defined as the difference in returns between a fund and its benchmark index.

For physically replicating funds, the investment management approach is to buy a portfolio of securities that as far as practicable consist of the

securities that make up the benchmark index, in similar proportion to the weights represented in the benchmark index.

For non-replicating funds, the investment management approach aims to match the main risk characteristics of the benchmark index by

investing in a portfolio that is primarily made up of securities that represent the benchmark index. The objective is to generate a return which is

as close as practicable to the total return of the index net of transaction costs and gross of fees and other costs.

Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and currency

hedging can have an impact on tracking difference. Importantly, these impacts can be either positive or negative depending on the underlying

circumstances.

In addition to the above, the Funds may also have a tracking difference due to withholding tax suffered by the Funds on any income received

from its investments. The level and quantum of tracking difference arising due to withholding taxes depends on various factors such as any

reclaims filed on behalf of the Funds with various tax authorities, any benefits obtained by the Funds under a tax treaty or any securities lending

activities carried out by the Funds.

The table below compares the realised Fund performance against the performance of the relevant benchmark index during the year ended

30 November 2014. An explanation for the difference gross of TER is provided:

Fund return for the




Tracking difference

net of TER TER

Tracking difference

gross of TER Explanation of the tracking difference

Fund % % % % %

iShares $ Emerging Markets

Corporate Bond UCITS ETF

6.23 6.64 (0.41) 0.50 0.09 The outperformance of the Fund was due to

sampling techniques employed.

iShares Agribusiness

UCITS ETF


differences in the tax rates applied to

dividends received in the Fund versus the tax

rate assumed in the total return calculation of

the benchmark.

iShares Austria Government

Bond UCITS ETF

9.71 9.94 (0.23) 0.20 (0.03) The Fund performed in line with the index

before costs (TER).

iShares Belgium Government

Bond UCITS ETF


before costs (TER).

iShares Emerging Markets

Dividend UCITS ETF

(7.27) (6.93) (0.34) 0.65 0.31 The outperformance of the Fund was due to


iShares Euro Corporate Bond

Interest Rate Hedged UCITS ETF

2.00 2.23 (0.23) 0.25 0.02 The Fund performed in line with the index

before costs (TER).

iShares Finland Government

Bond UCITS ETF


before costs (TER).

iShares France Government

Bond UCITS ETF


before costs (TER).

iShares Germany Government

Bond UCITS ETF


before costs (TER).

iShares Gold Producers

UCITS ETF





the benchmark.

iSHARES V PLC


i S H A R E S V P L C A N N U A L R E P O R T [ 1 1 ]

TRACKING DIFFERENCE (continued)

Fund return for the




Tracking difference

net of TER TER

Tracking difference


Fund % % % % %

iShares Italy Government Bond

UCITS ETF


before costs (TER).

iShares MSCI ACWI UCITS ETF 7.95 8.04 (0.09) 0.60 0.51 The outperformance of the Fund was due to


iShares MSCI Emerging Markets

Consumer Growth UCITS ETF*

1.19 1.84 (0.65) 0.29 (0.36) The underperformance of the Fund was due

to sampling techniques employed.

iShares MSCI Japan EUR

Hedged UCITS ETF


to sampling techniques employed and to

effects from currency hedging.

iShares MSCI Japan GBP

Hedged UCITS ETF


to sampling techniques employed and to

effects from currency hedging.

iShares MSCI Poland UCITS ETF (10.07) (10.05) (0.02) 0.74 0.72 The outperformance of the Fund was due to




the benchmark.

iShares MSCI USA UCITS ETF** 9.49 9.53 (0.04) 0.24 0.20 The outperformance of the Fund was due to




the benchmark.

iShares MSCI World EUR

Hedged UCITS ETF


sampling techniques employed and to effects

from currency hedging.

iShares MSCI World GBP

Hedged UCITS ETF


sampling techniques employed and to effects

from currency hedging.

iShares Netherlands

Government Bond UCITS ETF


before costs (TER).

iShares Oil & Gas Exploration &

Production UCITS ETF





the benchmark.

iShares S&P 500 EUR Hedged

UCITS ETF





the benchmark and to effects from currency

hedging.

* As this Fund launched during the year, the TER is the effective TER from launch date to year end date. ** As this Fund closed during the year, the Fund return, benchmark and TER are the effective TER from1 December 2013 to the closure date.

iSHARES V PLC



TRACKING DIFFERENCE (continued)

Fund return for the




Tracking difference

net of TER TER

Tracking difference


Fund % % % % %

iShares S&P 500 GBP Hedged

UCITS ETF





the benchmark and to effects from currency

hedging.

iShares Spain Government

Bond UCITS ETF


before costs (TER).

TRACKING ERROR

Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its benchmark index.

Tracking error shows the consistency of the returns relative to the benchmark index over a defined period of time.

Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of its benchmark

index.

For physically replicating funds, the investment management approach is to buy a portfolio of securities that as far as practicable consist of the

securities that make up the benchmark index, in similar proportion to the weights represented in the benchmark index.

For non-replicating funds, the investment management approach aims to match the main risk characteristics of the benchmark index by

investing in a portfolio that is primarily made up of securities that represent the benchmark index. The objective is to generate a return which is

as close as practicable to the total return of the index net of transaction costs and gross of fees and other costs.

Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and currency

hedging can have an impact on tracking error as well as the return differential between a fund and its benchmark index. Importantly, these

impacts can be either positive or negative depending on the underlying circumstances.

In addition to the above, the Funds may also have a tracking error due to withholding tax suffered by the Funds on any income received from its

investments. The level and quantum of tracking error arising due to withholding taxes depends on various factors such as any reclaims filed by

the Funds with various tax authorities, any benefits obtained by the Funds under a tax treaty or any securities lending activities carried out by

the Funds.

The table below compares the anticipated tracking error of the Funds (disclosed in the prospectus on an ex ante basis) against the actual

realised tracking error of the Funds as at 30 November 2014. An explanation of the difference is provided. The realised tracking error is

annualised and calculated using data from the preceding 36 month observation period. Where a fund has not been trading for 36 months, the

annualised tracking error since inception has been presented.

Anticipated

Tracking Error Realised

Tracking Error Explanation for difference Fund % %

iShares $ Emerging Markets Corporate

Bond UCITS ETF

Up to 0.45 0.21 The Fund has tracked its benchmark index within its

anticipated tracking error.

iShares Agribusiness UCITS ETF Up to 0.15 0.09 The Fund has tracked its benchmark index within its


iShares Austria Government Bond

UCITS ETF



iSHARES V PLC



TRACKING ERROR (continued)

Anticipated

Tracking Error Realised

Tracking Error Explanation for difference Fund % %

iShares Belgium Government Bond

UCITS ETF



iShares Emerging Markets Dividend

UCITS ETF



iShares Euro Corporate Bond Interest

Rate Hedged UCITS ETF



iShares Finland Government Bond

UCITS ETF



iShares France Government Bond

UCITS ETF



iShares Germany Government Bond

UCITS ETF



iShares Gold Producers UCITS ETF Up to 0.50 0.12 The Fund has tracked its benchmark index within its


iShares Italy Government Bond UCITS ETF Up to 0.30 0.08 The Fund has tracked its benchmark index within its


iShares MSCI ACWI UCITS ETF Up to 0.40 0.31 The Fund has tracked its benchmark index within its



Consumer Growth UCITS ETF



iShares MSCI Japan EUR Hedged

UCITS ETF



iShares MSCI Japan GBP Hedged

UCITS ETF

Up to 0.15 0.16 The tracking error of the Fund was due to sampling

techniques employed and effects from currency hedging.

iShares MSCI Poland UCITS ETF Up to 0.90 0.45 The Fund has tracked its benchmark index within its


iShares MSCI USA UCITS ETF Up to 0.05 0.04 The Fund has tracked its benchmark index within its


iShares MSCI World EUR Hedged

UCITS ETF



iShares MSCI World GBP Hedged

UCITS ETF



iShares Netherlands Government Bond

UCITS ETF




Production UCITS ETF

Up to 0.05 0.07 The tracking error of the Fund was due to differences in the

tax rates applied to dividends received in the Fund versus the

tax rate assumed in the total return calculation of the

benchmark and to the timing of a dividend receipt received in

the Fund versus the calculation of the benchmark.

iShares S&P 500 EUR Hedged UCITS ETF Up to 0.15 0.04 The Fund has tracked its benchmark index within its


iShares S&P 500 GBP Hedged

UCITS ETF



iShares Spain Government Bond

UCITS ETF



iSHARES V PLC



CALENDAR YEAR PERFORMANCE

The performance of the Funds, on a calendar year basis, is shown below:

2014 2013 2012 2011 01/01/2014 01/01/2013 01/01/2012 01/01/2011 to 30/11/2014 to 31/12/2013 to 31/12/2012 to 31/12/2011 Launch Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark Fund Date % % % % % % % %


UCITS ETF Apr-12 6.01 6.38 (3.13) (2.81) 9.20 9.49 N/A N/A

iShares Agribusiness UCITS ETF Sep-11 2.86 3.17 6.62 6.96 17.17 17.64 (8.50) (8.49)

iShares Austria Government Bond UCITS ETF May-12 10.98 11.21 (1.25) (1.08) 6.73 6.86 N/A N/A

iShares Belgium Government Bond UCITS ETF May-12 12.90 13.14 (0.65) (0.48) 8.72 8.86 N/A N/A

iShares Emerging Markets Dividend UCITS ETF Nov-11 (4.15) (3.83)

(10.40) (10.01) 24.04 24.21 5.25 5.21

iShares Euro Corporate Bond Interest Rate

Hedged UCITS ETF Oct-12 1.45 1.66 3.05 3.28 0.88 0.90 N/A N/A

iShares Finland Government Bond UCITS ETF May-12 9.10 9.32 (2.10) (1.92) 4.20 4.29 N/A N/A

iShares France Government Bond UCITS ETF May-12 10.79 11.02 (0.69) (0.52) 6.55 6.68 N/A N/A

iShares Germany Government Bond UCITS ETF May-12 8.77 8.98 (2.43) (2.26) 2.27 2.36 N/A N/A

iShares Gold Producers UCITS ETF Sep-11 (13.39) (12.95)

(52.28) (52.12) (14.05) (13.59) (18.74) (18.66)

iShares Italy Government Bond UCITS ETF May-12 13.73 13.96 7.00 7.19 9.19 9.37 N/A N/A

iShares MSCI ACWI UCITS ETF Oct-11 6.11 6.21 22.37 22.80 15.95 16.13 (0.50) (0.56)

iShares MSCI Emerging Markets Consumer

Growth UCITS ETF Jun-14 1.19 1.84 N/A N/A N/A N/A N/A N/A

iShares MSCI Japan EUR Hedged UCITS ETF Sep-10 8.39 9.14 50.78 51.98 16.61 17.74 (11.35) (10.63)

iShares MSCI Japan GBP Hedged UCITS ETF Aug-12 8.73 9.53 51.63 52.88 17.86 18.25 N/A N/A

iShares MSCI Poland UCITS ETF Jan-11 (5.69) (5.72) 2.76 2.59 39.61 39.24 (32.00) (32.31)

iShares MSCI USA UCITS ETF* Apr-10 6.69 6.72 31.75 31.79 15.28 15.33 5.71 6.04

iShares MSCI World EUR Hedged UCITS ETF Sep-10 10.15 10.37 27.55 28.07 14.00 14.63 1.24 2.03

iShares MSCI World GBP Hedged UCITS ETF Sep-10 10.56 10.82 28.54 29.09 14.85 15.19 1.38 2.09


UCITS ETF May-12 9.91 10.13 (2.29) (2.12) 4.27 4.39 N/A N/A

iShares Oil & Gas Exploration & Production

UCITS ETF Sep-11 (19.06) (18.83) 14.19 14.67 (2.21) (1.69) (3.02) (2.89)

iShares S&P 500 EUR Hedged UCITS ETF Sep-10 12.95 13.10 30.81 30.96 13.97 14.09 11.11 11.32

iShares S&P 500 GBP Hedged UCITS ETF Sep-10 13.41 13.58 31.79 31.95 14.54 14.71 11.18 11.55

iShares Spain Government Bond UCITS ETF May-12 14.59 14.84 10.82 11.04 6.66 6.76 N/A N/A

* For Funds closed in the period, returns are shown from the 1 January 2014 to the closure date. Closure dates are shown in the income statements of the relevant Funds.

The Fund return figures are the aggregated net monthly returns and are based on the average published pricing NAV for the financial period

under review. Due to accounting policy requirements under Irish accounting standards which apply to the financial statements, there may be

slight differences between the NAV per share as recorded in the financial statements, and the published pricing NAV per share. The returns are

net of management fees.

Past performance may not necessarily be repeated and future performance may vary.

iSHARES V PLC



MARKET REVIEW

Equities

Global equities

This market background summary covers iShares MSCI ACWI UCITS ETF, iShares MSCI World EUR Hedged UCITS ETF and iShares MSCI

World GBP Hedged UCITS ETF.

Global equities generated solid gains over the Company’s review year. Despite a rise in geopolitical tensions as conflict in the Middle East

deepened and concerns persisted over the lacklustre Eurozone economy, optimism that the US led global economic recovery would continue to

underpin corporate earnings lent support to global equities.

Against the backdrop of firm economic data during the final quarter of 2013, the US Federal Reserve (Fed) announced that the $85

billion/month quantitative easing (QE) stimulus programme would be progressively wound down, by $10 billion/month from January. Although

the news initially produced a muted reaction in developed markets, many higher risk emerging equity markets suffered significant falls around

the turn of the year, reflecting concerns that earlier QE related inflows could be reversed. Equity investors remained nervous for much of the

first quarter amid concerns over the ongoing Ukraine crisis and some disappointing economic news from China and the US. However, sentiment

subsequently gradually improved amid signs that the US economy’s poor first quarter performance had been largely weather related, with signs

of a significant second quarter rebound subsequently helping US equities to lead their global peers higher. Asian emerging markets were among

the leading gainers against the backdrop of some more positive Japanese economic news flow and sporadic signs of improvement in some

Chinese data. Meanwhile growing optimism that European Central Bank (ECB) policymakers would introduce new measures to boost faltering

growth and fight deflationary pressures helped global equities to end the first half of 2014 on a high.

Although global equities lost ground in late July as the loss of the Malaysian Airlines passenger jet over eastern Ukraine prompted tougher

sanctions against Russia, optimism over the outlook for the US economy helped equities to recover. Market volatility picked up from historically

low levels, with investors’ appetite for risk hit by rising geopolitical worries amid coalition military intervention in the Middle East and fears over

the spread of Ebola. Despite disappointing economic indicators in the Eurozone, investors drew comfort from news that ECB policymakers

would combine recent interest rate cuts with a limited asset repurchase programme, albeit stopping short of QE. Despite a sharp slide in early

October amid concerns that increasingly robust US economic news could convince the Fed to raise interest rates in mid-2015, global equities

subsequently sustained a robust rally from their mid-October lows to end the Company’s review year on a firm note. The gains were driven by

the announcement of a large extension to Japan’s economic stimulus programme, encouraging news from the US jobs market, positive data

from China’s manufacturing sector and optimism that Eurozone policymakers could be inching towards launching a full QE programme. A slide

in oil prices also raised hopes that global businesses and consumers could channel the savings from lower energy related outgoings into

increased spending elsewhere. Nevertheless, the sharp drop in oil prices and the effect of sanctions increasingly impacted on the Russian

economy, with the rouble’s declining intensifying into December.

Over the review year the equities complying with the size, liquidity and free float criteria specified for inclusion in MSCI’s All Country World Index

(ACWI) Net USD Index marginally underperformed relative to wider global equity indices. iShares MSCI World GBP Hedged UCITS ETF slightly

outperformed iShares MSCI World EUR Hedged UCITS ETF during the year, reflecting sterling’s gains relative to the euro.

US equities

This market background summary covers iShares MSCI USA UCITS ETF, iShares S&P 500 EUR Hedged UCITS ETF and iShares S&P 500 GBP

Hedged UCITS ETF.

US stocks delivered very strong returns over the Company’s review year, outperforming their global developed and developing market peers.

Despite some sporadic signs that the pace of the US economic recovery was moderating very slightly in late 2013 and the Fed’s decision to taper

QE, growing confidence that the increasingly robust US economic backdrop was feeding through to support corporate earnings helped US

equities to produce significant gains.

iSHARES V PLC



MARKET REVIEW (continued)

Equities (continued)

US equities (continued)

With US economic data remaining positive in late 2013, albeit with some indicators suggesting that growth was moderating slightly from earlier

high levels, the Fed announced in December 2013 that QE tapering would begin in January 2014. Assuming that the economy continued to

recover in line with forecasts, monthly asset repurchases would be reduced by $10 billion/month. In January 2014, a selloff in emerging

markets – unsettled by concerns over a reversal of previous QE related capital inflows – subsequently weighed to some extent on developed

markets, while the softer tone of US economic data also raised questions over the sustainability of the recovery. Nevertheless, having made

only modest progress late in the first quarter amid mixed earnings announcements from US companies, US equities rose strongly during the

second quarter. Despite confirmation that the economy suffered a surprise contraction during the first quarter, growing conviction that the

setback was largely weather related lifted investors’ confidence in the outlook for US corporate earnings. Against the backdrop of improving

signs from the housing market and positive trends in the labour market, data would subsequently show that economic activity rebounded

strongly from the shock (2.10%) first quarter contraction, with growth of 4.00% on an annualised basis during the second quarter. Following a

brief dip in line with their global peers on the loss of the Malaysia Airlines passenger jet over eastern Ukraine in late July, confidence in the US

economic environment helped US equities to reach new all-time highs in August and September. Although volatility picked up in October as

global equities briefly dipped amid deepening concerns over conflict in the Middle East, disappointing Chinese economic data and speculation

that the robust nature of the US recovery could warrant an earlier than expected rise in interest rates, US equities rallied sharply over the final

six weeks of the review year. Growing confidence that the recovery would continue following the end of QE in October, coupled with optimism

that Eurozone policymakers would follow the lead of their Japanese peers with significant new stimulus measures, helped US equities to rally

to new all-time highs in late November. Although sliding oil prices weighed on the energy sector, the broader market rallied strongly on

optimism that lower energy related outgoings would act as a further stimulus to economic activity.

During the year sterling’s gains relative to the euro helped iShares S&P 500 GBP Hedged UCITS ETF to marginally outperform iShares S&P 500

EUR Hedged UCITS ETF.

Japanese equities

This market background summary covers iShares MSCI Japan EUR Hedged UCITS ETF and iShares MSCI Japan GBP Hedged UCITS ETF.

Despite performing well in local terms, the weakness of the yen saw Japanese equities deliver disappointing returns during the Company’s

review year, sharply underperforming their overseas counterparts, both developed and developing, for unhedged overseas investors. Despite

policymakers’ determination to stimulate economic activity with massive amounts of QE, some concerns arose that the stimulus packages were

gradually having less effect on the underlying economy, with April’s sales tax increase also impacting on spending patterns.

Japanese equities began the review year on a relatively soft note, weighed by signs that economic activity was gradually slowing towards the

end of 2013. Amid concerns that the outlook for exports to China was also deteriorating, Japanese equities fell sharply during the first quarter

of 2014 on fears that the Fed’s decision to taper QE could impact on wider demand for Japanese exports across emerging markets.

Nevertheless, having bottomed out early in the second quarter, more encouraging signs from the domestic jobs market and optimism over the

outlook for exports to developed economies, notably the US, added weight to the Bank of Japan’s (BoJ) forecast that economic growth should

recover. This view was subsequently vindicated by news that growth picked up sharply from 0.10% in Q4 2013 to 1.50% in Q1 2014, albeit that

the figures were distorted by consumers bringing forward spending ahead of the rise in consumption tax in April. Amid signs that Japan was

winning the battle against deflation, as inflation rose to 23 year highs of 3.40%, Japanese equities ended the second quarter on a firm note,

making good some of their earlier underperformance relative to their overseas peers.

Having briefly dipped, alongside their international counterparts following the loss of the Malaysian passenger jet over Ukraine in late July,

Japanese equities made modest gains during the third quarter. Despite disappointment on news that the Japanese economy contracted by

(1.80%) during the second quarter, reflecting the distorted timing of consumer and business spending due to April’s sales tax increase,

encouraging news from the Japanese labour market and optimism over the export prospects as the US economy grew strongly helped Japanese

equities to make further gains into September.

iSHARES V PLC





Japanese equities (continued)

Although global equities slipped in early October amid fresh geopolitical worries and fears over the potential for an earlier than expected US

interest rate rise, the surprise news of a large extension of the BoJ’s stimulus package underpinned Japanese stocks during the final six weeks

of the Company’s review year. Highlighting concerns that domestic demand remained subdued and the risk that sliding oil prices could rekindle

deflationary pressures, the BoJ announced the expansion of its asset repurchase programme, from ¥60-70 trillion to ¥80 trillion a year.

With sentiment heavily reliant on the level of ongoing policymaker support for the economy, in dollar terms, Japanese equities significantly

underperformed their developed market peers, as the yen weakened by approximately 15% against the US currency during the review year.

iShares MSCI Japan GBP Hedged UCITS ETF outperformed iShares MSCI Japan EUR Hedged UCITS ETF as sterling marginally outperformed the

single currency during the year.

Emerging markets

This market background summary covers iShares Emerging Markets Dividend UCITS ETF, iShares MSCI Emerging Markets Consumer Growth

UCITS ETF and iShares MSCI Poland UCITS ETF.

Emerging markets posted disappointing returns over the Company’s review year, reflecting the reduction in many investors’ appetite for

markets regarded as higher risk against the backdrop of rising geopolitical tensions and the prospect of slower than expected Chinese

economic growth. Concerns over the growing impact of sanctions and the falling oil price on the Russian economy also weighed on sentiment.

Emerging market equities suffered steep falls around the turn of the calendar year as the Fed’s QE tapering announcement prompted concerns

over the potential reversal of QE related inflows that had previously helped emerging markets to outperform. Signs that the recovery in China’s

economic growth that many investors had anticipated was failing to materialise was a further cause for concern, with indications of a slowdown

in industrial production and retail activity. Russian equities performed poorly, weighed by unease over the impact of sanctions as the Ukraine

crisis deepened while other European emerging markets also struggled on concerns over the export prospects to many sluggish Eurozone

economies. Meanwhile, with the Chinese economy continuing to largely disappoint, resource rich Latin American markets also delivered poor

returns amid downgrades to forecasts for exports to Far Eastern countries. Nevertheless, emerging market equities fared relatively well during

the second quarter as some earlier economic concerns receded. Although the Ukraine situation remained tense, there was some relief that

there had been no significant escalation of hostilities, while a modest recovery in Chinese industrial production raised hopes that economic

growth could yet prove more resilient than had been forecast. Optimism over the potential for a recovery in Chinese demand for commodities

particularly benefitted Latin American equities.

Following a brief setback in late July on the loss of the Malaysian passenger aircraft over Ukraine, broadly positive global economic news flow

underpinned investors’ appetite for risk, helping emerging markets to make further progress into mid-September. However, sentiment took a

marked turn for the worse in early October, with disappointing Chinese economic data and worries over the effect of coalition military

intervention in the Middle East, with emerging markets sharply underperforming their developed peers. Although more reassuring US economic

data and the surprise extension of Japan’s economic stimulus programme subsequently helped developed markets to recover, emerging

markets failed to rally alongside their global peers during the final weeks of the review year, reflecting investors’ reluctance to add exposure to

higher risk areas as global uncertainties persisted.

Income orientated emerging market equities underperformed wider emerging markets over the review year, impacted by the formers’ relatively

high exposure to dividend paying companies in the underperforming Brazilian market and relatively low exposure to outperforming Indian

equities which benefitted from hopes of market friendly reform from the new government.

iSHARES V PLC





Emerging markets (continued)

Following its launch in early June, iShares MSCI Emerging Markets Consumer Growth UCITS ETF, which offers exposure to large and mid-cap

consumer oriented stocks that derive high or growing revenues from emerging markets, performed ahead of wider emerging market equity

indices. Performance benefitted from the strong relative returns from several major constituents of the underlying index, including China

Mobile and Apple. Meanwhile, having performed largely in line with wider emerging markets during the first half of the review year, the Polish

market subsequently underperformed wider EM markets by a wide margin. Polish equities struggled in tandem with other Eastern European

markets amid concern over the impact of more stringent sanctions on Russia.

Fixed income

European Government Bonds

This market background summary covers iShares Austria Government Bond UCITS ETF, iShares Belgium Government Bond UCITS ETF,

iShares Finland Government Bond UCITS ETF, iShares France Government Bond UCITS ETF, iShares Germany Government Bond UCITS ETF,

iShares Italy Government Bond UCITS ETF, iShares Netherlands Government Bond UCITS ETF and iShares Spain Government Bond UCITS

ETF.

European government bonds generated very strong returns over the Company’s review year, outperforming US Treasury bonds, and, to a lesser

extent, UK gilts. The robust returns delivered by the main Eurozone bond markets were underpinned by the region’s sluggish growth outlook, the

marked fall in inflation and investors’ confidence that the ECB was set to embark on a large scale asset repurchase programme.

European sovereign debt markets began the review year on a relatively soft note. Despite ongoing evidence that the region’s economic recovery

remained very subdued, speculation that more positive US economic data would herald the tapering of QE was subsequently vindicated by

December’s announcement that the US bond repurchases programme would be progressively withdrawn from January. However, European

bond markets rallied strongly in February and March, underpinned by rising concerns that, following a lengthy period of poor economic

performance, deflationary risks had risen. Data would subsequently show that inflation fell to 0.50% in February, compared to 1.50% as

recently as June 2014. Although senior ECB officials sought to downplay the risk of a deflationary spiral, with economic activity showing only

sporadic signs of any upturn, speculation grew of further support measures from the ECB. Having cut interest rates by 0.25% in June 2014, the

ECB implemented a similar cut in September 2014, taking the benchmark borrowing rate to euro era lows of just 0.05%, while also setting a

negative deposit rate to encourage banks to lend rather than keep funds on deposit at the central bank. Nevertheless, with inflation continuing

to fall, slipping to just 0.30% in September, growth remaining generally weak, with Italy returning to recession, and investors seeking safe

havens amid ongoing geopolitical tensions, European government debt performed strongly towards the end of the review year. Speculation rose

that a support package announced by the ECB, a bond repurchase package aimed at private securities, such as asset backed and covered

bonds, could yet develop into a full QE programme, including government bond purchases, should resistance, notably from Germany, be

overcome.

Over the review year long-dated bonds outperformed their shorter-dated peers, reflecting longer-dated bonds’ greater exposure to expectations

that interest rates will remain ‘lower for longer’, and the decline in inflation. In country terms, debt issued by ‘core’ AAA rated Eurozone

countries, such as Germany, Finland and the Netherlands, delivered solid returns. Meanwhile, debt issued by countries previously seen as

entailing higher risk produced higher returns. Mid-rated countries, such as Belgium, Austria and France, the latter has been regarded as ‘core’

to the single currency project but has struggled to implement reforms and meet deficit targets, outperformed debt issued by core countries.

However, despite some concerns over political risks in Greece as polls showed significant support for anti-euro parties ahead of December

elections, lower-rated ‘peripheral’ debt issued by Spain and Italy delivered stronger returns, bolstered by the perceived reduction in systemic

risks to the single currency project and the growing perception that the ECB could embark on large scale sovereign bond purchases through QE.

iSHARES V PLC




Fixed income (continued)

Corporate Bonds

This market background summary covers iShares $ Emerging Markets Corporate Bond UCITS ETF and iShares Euro Corporate Bond Interest

Rate Hedged UCITS ETF.

Having lost ground early in the Company’s review year on concerns over the impact of the Fed’s QE tapering announcement and generally

disappointing economic data from the Eurozone and China, credit markets subsequently recovered to end the twelve month period with modest

gains. Despite the positive returns generated by credit during the year, the underperformance relative to government bonds largely reflected the

increased level of caution among many investors as geopolitical uncertainties deepened.

Having suffered steep losses around the turn of the calendar year, corporate bond prices generally rallied steadily from mid-January, helped by

tentative signs that global economic activity could surprise positively following earlier downgrades underpinned investors’ appetite for risk

based assets, such as corporate bonds. Despite the lack of any significant political progress towards a negotiated solution to the Ukraine crisis,

relief that the annexation of Crimea had not sparked a significant broadening of the conflict also helped to underpin credit markets.

Nevertheless, with the Eurozone economic backdrop remaining disappointing and deflationary risks rising, the strong performance of European

government bonds was generally very supportive of European credit valuations into mid-2014, largely offsetting a brief setback in late July

following the loss of the Malaysian passenger jet.

Although the prospect of additional central bank support continued to underpin sentiment towards euro denominated bonds towards the end of

the review year, increasing levels of risk aversion as geopolitical tensions rose limited investors’ appetite for emerging market credit.

US dollar denominated emerging market credit’s gains over the Company’s review year were largely driven by strong returns during the first half

of the period. Over the year as a whole dollar based credit significantly outperformed higher risk dollar denominated high yield bonds but

marginally underperformed dollar sovereign and quasi-sovereign emerging markets bonds.

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF delivered modest positive returns over the Company’s review year. Although

credit spreads narrowed in early 2014, as investors drew reassurance that central bank support would underpin the trading environment and

therefore boost corporate borrowers’ ability to service their debt burdens, investors’ risk appetite subsequently waned as global uncertainties

rose. Longer-dated bonds significantly outperformed their shorter-dated peers while financials marginally underperformed relative to non-

financial corporate debt.

Agriculture

This market background summary covers iShares Agribusiness UCITS ETF.

Investing in the largest publicly traded companies involved in agribusiness from around the world, the Fund ended the Company’s review year

with positive returns, albeit underperforming relative to wider global equities. Having performed broadly in line with global equity indices for the

bulk of the review year, sentiment towards agri-business equities deteriorated in line with the weakness in soft commodity prices during the

final three months of the Company’s review year.

iShares Agribusiness UCITS ETF shares lost ground early in the review year as QE related uncertainties weighed heavily on emerging markets,

reflecting the importance of developing economies for companies such as crop chemical producer Syngenta. In particular, concerns over the

decline in emerging market currencies relative to the dollar weighed on sentiment towards agribusiness companies. Although China’s rejection

of US corn shipments containing genetically modified corn also weighed on sentiment towards seed producers during the first half of the review

year, optimism that the policy could be reconsidered and a rally in emerging market currencies helped agribusiness valuations to recover.

iSHARES V PLC




Fixed income (continued)

Agriculture (continued)

Sentiment also benefitted from more encouraging sector news during the third quarter, with crop processing index heavyweight Archer Daniels

Midland performing strongly. However, agribusiness equities were hit by a rise in geopolitical uncertainties in October amid a return of emerging

market concerns. The underperformance of stocks such as seed supply giant Monsanto weighed on the agribusiness sector even as global

equities recovered in late October and November amid concerns over the effects on earnings of renewed emerging market currency weakness

against the dollar.

Energy

This market background summary covers iShares Oil & Gas Exploration & Production UCITS ETF.

Investing in the largest companies involved in the production of oil & gas from around the world, the Fund fell sharply in value during the

Company’s review year, reflecting a marked deterioration in sentiment as crude oil prices plummeted during the second half of 2014.

Exploration and production companies’ valuations weakened early in the Company’s review year on concerns that the cooling Chinese economy

would impact on demand. Although the harsh North American post-Christmas weather underpinned near term domestic demand for oil & gas,

signs that that US economy was set to fail to match growth forecasts in the first quarter weighed to some extent on sector returns.

Nevertheless, energy producers’ valuations recovered strongly in the second quarter, bolstered by relatively firm levels of demand from

emerging markets and evidence that the US economy was staging a robust recovery from the surprise first quarter contraction. Having peaked

in June on good results from companies such as independent US oil & gas producer ConocoPhillips, which reported rising US shale production,

and relief that supplies from countries such as Iraq and Libya had held up relatively well despite rising levels of conflict, oil & gas producers

valuations fell sharply as oil prices slipped during the third quarter. Despite ongoing strength in the US economy and optimism that further

support from policymakers in the Eurozone and Japan would underpin global energy demand, robust levels of supply from US shale production

and the Organization of the Petroleum Exporting Countries (OPEC’s) decision not to impose production cuts in the face of weaker prices

triggered a deeper slump in crude oil prices during the final weeks of the Company’s review year. This in turn weighed heavily on producers’

valuations.

Gold

This market background summary covers iShares Gold Producers UCITS ETF.

Investing in major companies involved in the exploration and production of gold and related products, the Fund produced negative returns

during the Company’s review year, underperforming both physical gold and wider global stock markets.

Gold producers’ share prices rallied early in the review year. Despite many investors’ view that the Fed’s decision to taper QE from January could

reduce medium-term global inflationary risks, thereby undermining the attraction of gold given the precious metal’s status as a traditional anti-

inflation hedge, uncertainties related to volatility in emerging markets highlighted gold’s status as a ‘store of value’. Some encouraging sector

developments, such as news that Barrick Gold had made by progress towards bringing its massive Pascua-Lama mine in Chile on stream

following earlier disagreements with local communities, supported producers’ valuations. Although ongoing tensions in Ukraine partly offset

declining concerns over the outlook for growth in emerging markets in mid-2014, gold prices suffered a bout of weakness in August and

September as robust US economic data releases prompted renewed strength in the dollar. Despite ongoing geopolitical uncertainties amid

coalition intervention aimed at stemming conflict in Iraq and Syria, speculation that the strength of the US economic recovery could warrant a

rise in US interest rates by mid-2015 produced further dollar strength. Against the backdrop of falling physical gold prices, disappointing

results from companies such as Goldcorp, which reported lower-than-expected levels of 2014 production, weighed heavily on gold producers’

valuations late in the Company’s review year.

BlackRock Advisors (UK) Limited

December 2014

iSHARES V PLC

Chairman’s Statement


The Board of iShares V plc (the “Company”) considers corporate governance matters and adherence to codes of best practice to be of the

utmost importance. As Chairman of the Board, I believe that it has operated effectively throughout the year and that its role and its composition

are well defined, appropriate and support the long-term development of the Company.

Overview of the Company

The Company is incorporated in Ireland as a public limited company pursuant to the Companies Acts 1963 to 2013 (the “Companies Acts”) and

the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS

Regulations”) and is regulated by the Central Bank of Ireland.

The Company is an exchange traded fund (“ETF”). The Funds of the Company pursue strategies of either tracking or replicating the performance

of a benchmark index in order to deliver the objectives of each fund.

The Company’s sole objective is the collective investment in transferable securities and by its nature it operates a delegated model under which

the Board exercises overall central management and control over its activities. The management and administration is delegated to BlackRock

Asset Management Ireland Limited (the “Manager”) which, in turn has appointed BlackRock Advisors (UK) Limited (the “Investment Manager”)

as the Investment Manager. The Manager has delegated the administration of the Company and its funds to State Street Fund Services (Ireland)

Limited (the “Administrator”) including the calculation of the daily net asset value, and the preparation of the accounts of the Company subject

to the overall supervision of the Directors and the Manager, while Computershare Investor Services (Ireland) Limited has been appointed

registrar of the Company. The Company has appointed State Street Custodial Services (Ireland) Limited (the “Custodian”) as Custodian of the

assets with responsibility for the safe keeping of such assets, pursuant to the UCITS Regulations. As part of its fiduciary responsibility to the

Company the Custodian provides a certain level of ongoing oversight of the Company as well as reporting on the conduct of the Company in each

annual accounting period as set out in the Statement of the Custodian’s Responsibilities.

In accordance with Guidance Note 4/07 on the Organisation of Management Companies issued by the Central Bank of Ireland the Board of the

Manager has identified BlackRock personnel who monitor and control the management functions as outlined therein. These BlackRock personnel

report to the Board of the Manager and the Company on a regular basis. The management functions delegated by the Manager are subject to

appropriate reporting and ratification procedures, which are designed to ensure that the appropriate reports are received in a timely fashion such

that the Manager and the Board can discharge their duties, as part of the governance framework put in place by the Manager and the Company. The

Board reviews risk reporting on a regular basis together with an annual review of internal controls and risk management from the Manager.

The Board

The Board comprises five Directors, two of whom are independent. The members of the Board were chosen for their range of skills and

experience - Paul McGowan has extensive experience in the area of tax, financial services and corporate governance, Karen Prooth has over

twenty years’ experience in the asset management industry, Cora O’Donohoe has considerable experience in the area of portfolio management,

Barry O’Dwyer has extensive knowledge and experience in corporate governance and I have over 25 years’ experience in the banking and

finance, fund management and securities processing industries.

Matters relating to the Company during the year

There were 23 Funds in operation at 30 November 2014. iShares MSCI Emerging Markets Consumer Growth UCITS ETF launched on 6 June

2014. On 12 June 2014, the Board of Directors resolved to merge iShares MSCI USA UCITS ETF with iShares MSCI USA - B UCITS ETF, a Fund of

iShares VII Plc effective 18 August 2014. The merger was approved at the EGM on 14 July 2014. The financial statements of this Fund have been

prepared on a termination basis.

Effective 6 October 2014, the Investment Manager changed the methodology used to calculate global exposure from VaR to the commitment

approach. The Investment Manager has concluded that the commitment approach is a more suitable methodology for calculating global

exposure based on the Funds’ investment strategies and risk profiles other than for those Funds outlined on page 5.

During the year there was a change in the securities lending income split between the Funds and the securities lending agent. For further

details please refer to the Background section.

It is the opinion of the Board that all funds have performed in line with their objectives and that any tracking differences have been explained in

the Investment Manager’s report. Additional information on the funds’ performance can be found in the Investment Management Report.

Paul McNaughton

Chairman

30 March 2015

iSHARES V PLC

Board of Directors


Paul McNaughton (Irish) Chairman of the Board, Independent non-

executive Director, member of the Audit Committee and Nomination

Committee (appointed 31 March 2013): Mr McNaughton has over 25

years’ experience in the Banking/Finance, Fund Management and

Securities Processing Industries. In addition Mr McNaughton spent 10

years with IDA (Ireland) both in Dublin and in the USA marketing

Ireland as a location for multinational investment. He went on to

establish Bank of Ireland’s IFSC Fund’s business before joining

Deutsche Bank to establish their funds business in Ireland. He was

overall Head of Deutsche Bank’s Offshore Funds business, including

their hedge fund administration businesses primarily based in Dublin

and the Cayman Islands, before assuming the role of Global Head of

Deutsche’s Fund Servicing business worldwide. Mr McNaughton left

Deutsche Bank in August 2004 after leading the sale of Deutsche’s

Global Custody and Funds businesses to State Street Bank and now

acts as an advisor and non-executive director for several investment

companies and other financial entities in Ireland including several

alternative/hedge fund entities. Mr McNaughton holds an Honours

Economics Degree from Trinity College Dublin. He was the founding

Chairman of the Irish Funds Industry Association (“IFIA”) and a

member of the Irish Government Task Force on Mutual Fund

Administration. He was instrumental in the growth of the Funds

business in Ireland both for traditional and alternative asset classes.

Paul McGowan (Irish) – Chairman of the Audit Committee,

Independent non-executive Director, Senior Independent Director

and Member of the Nomination Committee (appointed 31 March

2013): Mr McGowan was a financial services tax partner in KPMG

(Ireland) for more than 25 years and was Global Head of Financial

Services Tax for KPMG (International). He is a former Chairman of

both the Irish Funds Industry Association and the IFSC Funds Working

Group. He currently holds a number of non-executive directorships

including Chairman of AEGON Ireland PLC and Coronation Capital LTD

and is a Director of Epoch Investments Fund PLC. He was appointed

to the EU Arbitration Panel on transfer pricing by the Irish

Government. Mr McGowan is a Fellow of the Institute of Chartered

Accountants in Ireland and holds a business studies degree from

Trinity College Dublin and a Diploma in Corporate Financial

Management from Harvard Business School.

Cora O’Donohoe (Irish nationality, British resident) Non-Executive

Director (appointed 31 March 2013): Mrs O'Donohoe is a Managing

Director of BlackRock. She was, until recently, head of the portfolio

management team in BlackRock's Index Equity Group in Europe

where she was responsible for the portfolio management teams that

manage the institutional and iShares product range. She is currently

involved in supporting the Index business in EMEA and represents the

business in a number of areas including being responsible for the

integration of the investment technology platform and product

operating model. Mrs O'Donohoe's service with the firm dates back to

1995, including her years with Barclays Global Investors (BGI), which

merged with BlackRock in 2009. At BGI, she was head of portfolio

management for the Index Equity team. Previously, Mrs O'Donohoe

was an Executive Director at Goldman Sachs. Mrs O'Donohoe earned

a BA degree in History and English from University College Dublin.

Barry O’Dwyer (Irish) Non-Executive Director and member of the

Nomination Committee (appointed 2 December 2009): Mr O’Dwyer is

the Head of Funds Governance for BlackRock's European open-ended

fund range and is the Chief Operating Officer for BlackRock's Irish

business. He serves as a Director on a number of BlackRock

corporate, fund, and management companies in Ireland, Luxembourg,

Switzerland and Germany and on BlackRock's UK Life company. He is

the Chairman for the Irish Funds Industry Association, a Board

Director of Financial Services Ireland and a member of the Strategic

group for An Taoiseach’s Clearing House Group. He joined BlackRock

Advisors (UK) Limited in 1999 as head of risk management and moved

to his present role in 2006. Prior to joining BlackRock Advisors (UK)

Limited, Mr O'Dwyer worked as risk manager at Gartmore Investment

Management and at HypoVereinsbank and National Westminster

Bank. Mr O'Dwyer graduated from Trinity College Dublin with a degree

in Business Studies and Economics in 1991. He holds a Chartered

Association of Certified Accountants qualification and an MBA from

London City University Business School.

Karen Prooth (British) Non-Executive Director (appointed 31 March

2013): Ms Prooth is a Managing Director at BlackRock and is the Chief

Operating Officer (“COO”) of iShares in EMEA, BlackRock’s Exchange

Traded Funds (ETF) business. She has over twenty years’ experience

in the asset management industry. Ms Prooth joined Barclays Global

Investors (“BGI” now Blackrock) in 2007. Prior to joining BGI, Ms

Prooth spent 17 years at JP Morgan Asset Management (“JP Morgan”)

where she was a Managing Director in a number of roles including

COO of the International Equity and Balanced business and Head of

Risk for EMEA. She was also a Trustee Director of the JP Morgan

Chase Pension Plan and a member of the Pension Plan Investment

Committee. Prior to her time at JP Morgan, she was a quantitative

analyst at Prudential Portfolio Managers. Ms Prooth graduated from

the University of Leeds with first class honours in Mathematics and

Operational Research in 1986.

iSHARES V PLC

Corporate Governance Statement


Introduction

The Board of the Company (an umbrella open-ended investment company with variable capital and having segregated liability between its funds (an

“Investment Company”), is committed to maintaining the highest standards of corporate governance and is accountable to shareholders for the

governance of the Company’s affairs. The Company is subject to the United Kingdom Listing Authority Listing Rules (the “UKLA Listing Rules”) as

they apply to overseas open-ended investment funds under Chapter 16 of the UKLA Listing Rules, and applicable chapters of the Financial Conduct

Authority (“FCA”) Disclosure and Transparency Rules; available at http://www.fca.org.uk (the “DTR Rules”). The Company is subject to the

governance standards set out in the UK Corporate Governance Code (the “Code”) issued by the Financial Reporting Council in September 2012,

which is applicable to accounting periods beginning on or after 1 October 2012. The Company is also subject to corporate governance practices

imposed by the Central Bank of Ireland (the “Central Bank”) in their UCITS Notices and Guidance Notes which can be obtained from the Central

Bank’s website at http://www.centralbank.ie/regulation/industry-sectors/funds/ucits/Pages/default.aspx and are available for inspection at the

registered office of the Company.

The Board has considered the principles and recommendations of the Code and has put in place a framework for corporate governance which it

believes both adheres to best practice and is appropriate for the Company, given the nature of its structure as an Investment Company.

The Code is published by the Financial Reporting Council (FRC) and is available to download from http://www.frc.org.uk. The Company has also

voluntarily adopted the Irish Funds Industry Association Corporate Governance Code for Collective Investment Schemes and Management

Companies (Dec 2011) (the “IFIA Code”) and, in addition, refers to this Code for the period under review. The IFIA Code can be obtained from the

IFIA website at http://www.irishfunds.ie/media-centre/news-archive/67-corporate-governance-code-and-faqs/.

The sole objective of the Company is the collective investment in transferable securities and/or other liquid financial assets referred to in

Regulation 68 of the UCITS Regulations of capital raised from the public and which operates on the principle of risk spreading. The Articles of

Association of the Company provide that the Company may offer separate classes of shares, each representing interests in a fund comprising a

distinct portfolio of investments. The shares of each fund are issued on different terms and conditions to those of the other funds. The specific

investment objectives and policies of each fund are formulated by the Directors at the time of the creation of the Fund and any change to a

fund’s investment objective and/or material change to the investment policy of a fund is subject to the prior consent of Shareholders evidenced

by either a majority vote at a meeting of Shareholders of a fund or by written consent of all the Shareholders. The Funds of the Company are

exchange traded funds and pursue strategies of either tracking or replicating the performance of a benchmark index in order to deliver the

objectives of each fund.

This statement summarises the corporate governance structure and processes in place for the Company for the period under review.

Compliance

The Board has made the appropriate disclosures in this report to ensure the Company meets its continuing obligations pursuant to the UKLA

Listing Rules and the DTR Rules. It should be noted that as an Investment Company all of the Company’s day-to-day management and

administration is delegated to BlackRock group companies such as the Manager and the Investment Manager and other third party service

providers. The Company has no employees and the Directors are all non-executive. The Board recognises that the shareholders of the Company

invest into a regulated Investment Company and considers that the governance structure and operational processes in place for the Company

are suitable for an Investment Company.

The Board considers that the Company has complied with the relevant provisions contained within the Code throughout this accounting period

except, as explained below, where departure from the Code is considered appropriate given the Company’s position as an Investment Company.

This Corporate Governance Statement, together with the Statement of Directors’ Responsibilities, describes how the main principles of the

Code are applied to the Company.

The Code includes provisions relating to:

(i) the appointment and role of the Chief Executive;

(ii) executive Directors’ remuneration;

(iii) the need for an internal audit function; and

(iv) the need to establish a Remuneration Committee.

iSHARES V PLC

Corporate Governance Statement (continued)


Compliance (continued)

Due to the nature of its structure as an Investment Company, the Board does not consider these provisions appropriate to the Company.

Therefore the Company was not compliant with these provisions during and post the period under review.

The Code also includes provisions for the re-election of Directors by shareholders with which the Company was not in compliance during the

period under review. The Board is currently considering a re-election policy in line with the Code.

The Board considers that the Company has been in full compliance with the IFIA Code during the period under review.

Board Composition

The Board currently consists of five non-executive Directors, two of whom are independent. The Board is committed to maintaining an

appropriate balance of skills, experience, independence and knowledge amongst its members.

In accordance with the Code, the Board has carried out an assessment based on the independence requirements set out therein and has

determined that, in its judgement the Chairman, Mr Paul McNaughton, and Mr Paul McGowan are independent within the meaning of those

requirements. They are independent of the Manager, the Investment Manager and other third party service providers such as the Administrator

and Custodian. The Board has also considered and is satisfied that the presence of two non-executive independent Directors (including the

Chairman) is an appropriate balance for the Board. The Board has appointed Mr Paul McGowan as the Senior Independent Director.

The Directors’ biographies, collectively demonstrate a breadth of investment knowledge, business and financial skills which enables them to

provide effective strategic leadership, oversight and proper governance of the Company.

Delegation of responsibilities

The Directors of the Company have delegated the following areas of responsibility:

Management and Administration

The Directors of the Company have delegated the investment management, distribution and administration of the Company and its Funds to the

Manager. The Manager has delegated the management of the investment portfolio and distribution of the Company's shares to the Investment

Manager. The Investment Manager operates under guidelines determined by the Company and as detailed in the Company’s prospectus and the

various supplementary prospectuses relating to the Company’s Funds. The Investment Manager has direct responsibility for the decisions

relating to the day-to-day running of the Company’s Funds and is accountable to the Board of the Manager and the Company for the investment

performance of the Funds.

The Company has appointed State Street Custodial Services (Ireland) Limited as the custodian of its assets, which has responsibility for safe-

keeping of such assets, pursuant to the UCITS Regulations.

The Manager has delegated the administration of the Company and its funds to the Administrator including the calculation of the daily net

asset value, and the preparation of the accounts of the Company subject to the overall supervision of the Board and the Manager.

The Board of the Company has established a Nominations Committee and an Audit Committee. The Directors of the Company have delegated

certain functions to these committees. Please see the “Committees of the Board” section in this Corporate Governance Statement for further

details.

Insurance

The Company has maintained appropriate Directors’ and Officers’ liability insurance cover throughout the period.

iSHARES V PLC



Board’s Responsibilities

The Board meets monthly and also on an ad hoc basis as required. All Directors are expected to attend each meeting and the attendance at

board and committee meetings during the period is set out below. Directors are provided with relevant papers in advance of each meeting. In

addition, electronic copies of meeting papers and other relevant information are available to Directors. If a Director is unable to attend a

meeting, they will still receive the supporting papers. During the period, ad hoc board meetings were arranged at short notice and it was not

always possible for all Directors to attend.

The Board reserves to itself decisions relating to the determination of investment policy and objectives, any change in investment strategy, the

appointment and removal of the Company Secretary and entering into any material contracts. The Board also approves the prospectus,

circulars to shareholders, listing particulars and other relevant legal documentation. A formal schedule of matters specifically reserved for

decision by the Board is maintained.

Any Director who resigns his/her position is obliged to confirm to the Board and the Central Bank that the resignation is not connected with any

issues with or claims against the Company. Furthermore, any Director who has concerns about the running of the Company or a proposed

course of action may provide a written statement to the Chairman outlining his/her concerns for circulation to the Board or alternatively may

have his/her concerns formally recorded in the minutes of a board meeting. There were no resignations during the period under review.

The Board has responsibility for ensuring that the Company keeps proper accounting records which disclose with reasonable accuracy at any

time the financial position of the Company and which enable it to ensure that the financial statements comply with the Companies Acts and

relevant accounting standards. It is the Board’s responsibility to present a balanced and understandable assessment of the Company’s

financial position, which extends to interim financial statements and other reports made available to shareholders and the public. The Board is

also responsible for safeguarding the assets of the Company and for taking reasonable steps in the prevention and detection of fraud and other

irregularities.

The Directors have access to the advice and services of the Company Secretary, external counsel and the resources of the Investment Manager

should they be needed. Where necessary, in the furtherance of their duties, the Board and individual Directors may seek independent

professional advice at the expense of the Manager.

Directors’ induction and training

Prior to his/her appointment, each new Director receives a full and formal tailored induction incorporating relevant information regarding the

Company and his/her duties and responsibilities as a Director. In addition, a new Director is required to spend some time with representatives

of the Investment Manager so that the new Director will become familiar with the various processes which the Investment Manager considers

necessary for the performance of his/her duties and responsibilities to the Company.

The Company’s policy is to encourage Directors to keep up to date with developments relevant to the Company. The Directors have attended and

will continue to attend updates and briefings run by the Investment Manager and which are relevant to the Company. The Directors also receive

regular briefings from, amongst others, PricewaterhouseCoopers Ireland (the “External Auditors”), investment strategists, custodians and legal

advisors regarding any proposed product developments or changes in laws or regulations that could affect the Company. The Board is supplied

with information in a timely manner and in a form and of a quality appropriate to enable it to discharge its duties. The training needs of the

Directors are evaluated as part of the annual performance evaluation of the Board. Further information in respect of performance evaluation is

provided below.

Performance Evaluation

The Board formally reviews its performance on an annual basis and an appraisal system has been implemented for the Board, its supporting

Committees and the individual Directors, including the Chairman. This evaluation process assists in identifying individual Directors training and

development needs. The Board is satisfied with the robustness of the appraisal system and considers the current review and evaluation

process adequate. The Board evaluation for 2014 was completed on 26 November 2014.

iSHARES V PLC



Committees of the Board

Nominations Committee

The Board has established a Nominations Committee comprising a majority of independent Directors. The Nominations Committee comprises

of Mr Paul McNaughton (Chairman), Mr Paul McGowan and Mr Barry O’Dwyer. The key objective of the Nominations Committee is to ensure the

Board comprises individuals with the appropriate balance of skills, experience, independence and knowledge appropriate to the Company to

ensure that it is effective in discharging its responsibilities and oversight of all matters relating to corporate governance.

No Director has exceeded the term of six years tenure on the Board of the Company during the period under review.

The terms of reference of the Nominations Committee are available upon request.

As there were no new appointments to the Board the Nominations Committee did not meet during the period under review. The Board has,

subject to the approval of the Central Bank, the final decision on the appointment of new Directors.

The Articles of Association provide that retiring Directors are eligible for re-appointment by the other Directors every three years. The Board is

currently reviewing its policy on director re-election.

Board Diversity

The Nominations Committee, together with the Board, acknowledges the importance of diversity to enhance its operation. During the selection

process the Board and Nominations Committee are committed to selecting those with diversity of business skills, experience and gender and

candidates for appointment are considered based on these attributes. They will ensure that all selection decisions are based on merit and that

recruitment is fair and non-discriminatory. The Board has not set specific targets in respect of gender diversity but acknowledges its

importance and currently has a female representation of 40%.

Audit Committee

The Company has established an Audit Committee which reports directly to the Board and meets regularly throughout the year in order to

discharge its duties. Further information on how the Audit Committee carried out its duties during the period under review is contained in the

Audit Committee report.

The Board considered that all of the members of the Audit Committee were suitably qualified and had sufficient experience to discharge their

responsibilities effectively. Furthermore, Paul McGowan is a qualified accountant with relevant experience in financial matters as they pertain

to investment companies.

The number of Board and Audit Committee meetings and their attendance by members are set out on the table below:

Attendance Record

Board 1 December 2013 to 30 November 2014

Audit Committee of the Company

1 December 2013 to 30 November 2014

A* B* A* B*

Barry O’Dwyer 14 14 N/A N/A

Paul McNaughton 14 14 9 9

Paul McGowan 14 14 9 9

Karen Prooth 14 13 N/A N/A

Cora O’Donohoe 14 13 N/A N/A

* Column A indicates the number of meetings held during the period the Director was a member of the Board or Committee and was eligible to attend. Column B indicates the number of meetings attended

1. There were twelve scheduled and two ad-hoc Board meetings held during the period.

2. There were nine scheduled and no ad-hoc Audit Committee meetings held during the period.

iSHARES V PLC



Internal Control and Risk Management

The Board is responsible for the risk management and internal controls of the Company and for reviewing their effectiveness, for ensuring that

financial information published or used within the business is reliable, and for regularly monitoring compliance with regulations governing the

operation of the Company. Certain of these responsibilities have been delegated to the Audit Committee as outlined in the Audit Committee

report. The system is designed to manage rather than eliminate the risk of failure to achieve the Company’s business objectives and can only

provide reasonable and not absolute assurance against material misstatement or loss and relies on the operating controls established by the

service providers. The Board is also responsible for overseeing the management of the most significant risks through the regular review of risk

exposures and related key controls.

The Board reviews the Company’s principal risks and the control processes over the risks identified. The control processes cover financial,

operational, compliance and risk management, and are embedded in the operations of the Manager, the Investment Manager and other third

party service providers including the Administrator and the Custodian. There is a monitoring and reporting process to review these controls,

which has been in place throughout the period under review and up to the date of this report.

The Board is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation

to the financial reporting process. The Company has procedures in place to ensure all relevant accounting records are properly maintained and

are readily available, including production of annual and half-yearly financial statements. These procedures include appointing the

Administrator to maintain the accounting records of the Company independently of the Investment Manager and the Custodian. The annual and

half-yearly financial statements of the Company are required to be approved by the Board of Directors of the Company and filed with the Central

Bank and the London Stock Exchange. The financial statements are prepared in accordance with accounting standards generally accepted in

Ireland, the Companies Acts 1963 to 2013 and the European Communities (Undertakings for Collective Investment in Transferable Securities)

Regulations 2011 (as amended).The accounting information given in the annual report is required to be audited. The External Auditor’s report,

including any qualifications, is reproduced in full in the annual report of the Company.

Monitoring and review activities

There are procedures designed for monitoring the system of internal control and risk management and to capture and evaluate any failings or

weaknesses. Should a case be categorised by the Board as significant, procedures exist to ensure that necessary action is taken to remedy the

failings.

During the financial year under review the Custodian reported to the Board on a quarterly basis.

The Board receives a report from the Custodian on the internal controls of the custodial operations of the Company. The Manager receives a

report from the Administrator on the internal controls of the administrative operations of the Company and the Administrator reports to the

Board on an annual basis.

Review of effectiveness

The Board has reviewed the effectiveness of the internal control and risk management systems (including financial, operational and compliance

controls) in accordance with the Code for the year under review and up to the date of approval of the financial statements. The Board is not

aware of any significant failings or weaknesses in internal control arising during this review. Had there been any such failings or weaknesses,

the Board confirms that necessary action would have been taken to remedy them.

Going Concern

The going concern statement is set out in the Directors’ Report.

Remuneration

The Company is an Investment Company and has no employees or executive Directors. The Board believes that the principles of Section D of the

Code relating to remuneration do not apply to the Company, except as outlined below, as the Company has no executive Directors. No Director

past or present has any entitlement to pensions, and the Company has not awarded any share options or long-term performance incentives to

any of them. No element of Directors’ remuneration is performance-related.

iSHARES V PLC



Remuneration (continued)

Those Directors who are also employees of the BlackRock group are not entitled to receive a Director’s fee. All other Directors have fees paid to

them which are set out in service contracts with the Investment Manager. The Board believes that the level of remuneration for those Directors

who take a fee properly reflects the time commitment and responsibilities of their roles. The maximum amount of remuneration payable to the

Directors is determined by the Board and is set out in the prospectus of the Company.

The terms of the aforementioned service contracts are for one year and include an assessment of the time commitment expected of each

Director. The Directors also have a continuing obligation to ensure they have sufficient time to discharge their duties. The detail of each

Director’s, including the Chairman’s, other appointments and commitments are made available to the Board for inspection and all new

appointments or significant commitments require the prior approval of the Investment Manager. The Directors, who are employees of the

BlackRock group, have executed letters of appointment which include an assessment of the time commitment expected. Extracts of the service

contracts as they relate to the Company and letters of appointment are available for inspection on request and at each AGM.

Communication with Shareholders

The Company is an Investment Company and the shareholders invest in its range of funds in order to, inter alia, gain exposure to the expertise of

the Investment Manager and its investment strategies. Given the nature of the Company, it is not necessary or desirable for the Chairman or any

of the other Directors to discuss investment strategy with shareholders. Furthermore, the Manager has appointed the Investment Manager as

distributor and it is this entity which is tasked with actively managing the relationship between the Company and its shareholders.

The Board reviews monthly reports on shareholder communications and in addition, the Board reviews reports from the Manager’s compliance

function which include updates on shareholder complaints.

The Board is responsible for convening the annual general meeting (the “AGM”) and all other general meetings of the Company. All shareholders

have the opportunity to attend and vote at general meetings. Notice of general meetings is issued in accordance with the Companies Acts and

the Articles of Association of the Company and notice of the annual general meeting is sent out at least 21 clear days in advance of the meeting

and any item not of an entirely routine nature is explained in a covering circular. All substantive matters put before a general meeting are dealt

with by way of separate resolution. Proxy voting figures are noted by the chairman of the general meeting and the results of each general

meeting, including the number of votes withheld, will be announced and made available on the iShares website shortly after the meeting.

General meetings are managed and run by the Company Secretary. Strategic issues and all operational matters of a material nature are

determined by the Board. If the shareholders wish to engage on matters relating to the management of the Company then invariably they will

wish to discuss these matters or meet with the Investment Manager.

However, the Board will accept requests to make individual Directors available to shareholders. One of the independent Directors is always

available to attend general meetings. The Chairman of the Audit and Nominations Committees will be available to attend general meetings and

to answer questions, if required, while the Senior Independent Director will be also available to liaise with shareholders, where required.

Every holder of participating shares present in person or by proxy who votes on a show of hands is entitled to one vote. On a poll, every holder of

participating shares present in person or by proxy is entitled to one vote in respect of each share held by him. The poll may be demanded by the

chairman of a general meeting or at least five members present in person or by proxy or by any holder or holders of shares present in person or

by proxy representing at least one tenth of the shares in issue having the right to vote at such meeting.

iSHARES V PLC

Audit Committee Report


The Company is a collective investment scheme and by its nature it operates a delegated model under which the Board exercises overall central

management and control over its activities. The management and administration is delegated to BlackRock Asset Management Ireland Limited

(the “Manager”) which, in turn has appointed BlackRock Advisors (UK) Limited (the “Investment Manager”) as the Investment Manager and

Distributor. The Manager has delegated the administration of the Company and its funds to State Street Fund Services (Ireland) Limited (the

“Administrator”) including the calculation of the daily net asset value, and the preparation of the accounts of the Company subject to the overall

supervision of the Directors and the Manager, while Computershare Investor Services (Ireland) Limited has been appointed registrar of the

Company. The Company has appointed State Street Custodial Services (Ireland) Limited (the “Custodian”) as Custodian of the assets which has

responsibility for the safe keeping of such assets, pursuant to the UCITS Regulations and as part of its fiduciary responsibility to the Company

the Custodian provides a certain level of ongoing oversight of the Company as well as reporting on the conduct of the Company in each annual

accounting period as set out in the Statement of the Custodian’s Responsibilities.

In accordance with Guidance Note 4/07 on the Organisation of Management Companies issued by the Central Bank of Ireland the Board of the

Manager has identified BlackRock personnel who monitor and control the management functions as outlined therein. These BlackRock

personnel report to the Board of the Manager and the Company on a regular basis. The management functions delegated by the Directors are

subject to appropriate reporting and ratification procedures, which are designed to ensure that the appropriate reports are received in a timely

fashion such that the Board can discharge its duties, as part of the governance framework put in place by the Company. The Board reviews risk

reporting on a regular basis together with an annual review of internal controls and risk management from the Manager.

The Board established an Audit Committee whose roles and responsibilities are detailed below. The Audit Committee comprises of Paul

McGowan (Chairman) and Paul McNaughton.

Roles and Responsibilities

The main responsibilities of the Audit Committee include considering and recommending to the Board for approval the contents of the interim

and annual financial statements, and providing an opinion as to whether the annual financial statements, taken as a whole, are fair, balanced

and understandable and provides the information necessary for shareholders to assess the Company’s performance, business model and

strategy. The Audit Committee also reviews related information presented within the financial statements, including statements concerning

internal controls and risk management from its delegates. In addition, the Audit Committee is responsible for approving the audit fees of the

External Auditor, conducting a review of the External Auditors report on the annual financial statements and reviewing and forming an opinion

on the effectiveness of the external audit process and audit quality. Other duties include reviewing the appropriateness of the Company’s

accounting policies, reviewing the requirement for an internal audit function and reviewing the Investment Managers internal audit activities.

There are formal terms of reference in place for the Audit Committee. The terms of reference of the Audit Committee are available to

shareholders on request.

The Audit Committee meets at least three times a year and has met nine times during the reporting period. These additional meetings were to

consider various items including updates in the regulatory environment as they relate to the financial statements of the Company, updates on

the Company’s accounting policies and progress reports on the audit. The significant issues considered by the Audit Committee in relation to

the financial statements are discussed overleaf/below.

Financial Statements

The Audit Committee reviewed the interim financial statements, annual financial statements and the audit findings presentation from the

External Auditors.

Significant issues considered in relation to the financial statements

During the year, the Audit Committee considered the following significant issues in relation to the financial statements.

1. Valuation

The Board has in place a hierarchical structure for the pricing of every asset class of the Company which details the primary, secondary and

tertiary pricing sources (the “Pricing Hierarchy”). The Administrator has been appointed for the purposes of valuing each asset class of the

Company.

iSHARES V PLC

Audit Committee Report (continued)


Roles and Responsibilities (continued)

Significant issues considered in relation to the financial statements (continued)

1. Valuation (continued)

The Administrator follows the Pricing Hierarchy in this regard. During the year under review, monthly reporting was provided by the Investment

Manager in which any exceptions to this process were identified and investigated and referred to the Audit Committee. No significant

exceptions to valuation of the assets were noted during the year under review.

2. Existence

In order to gain comfort on the existence of the assets of the Company, a daily reconciliation of all asset classes is performed by the

Administrator between their records and the separate records held by counterparties, the Custodian and the Investment Manager. During the

year under review, any material exceptions identified by these reconciliations were reported on a monthly basis by the Investment Manager and

quarterly by the Administrator and Custodian. The Custodian also provided a report in relation to the oversight of its global sub-custodian and

global custody network and any exceptional items regarding existence of assets of the Company were referred for consideration by the Audit

Committee. No significant exceptions to the existence of the assets were noted during the year under review.

3. Investment Performance

The Board received and considered regular presentations from the Investment Manager throughout the year which detailed the performance of

the Funds. In addition the Manager has appointed BlackRock personnel with responsibility for monitoring the investment policies, investment

strategies and performance of the Company. Reporting in respect of this is provided to the Board on a monthly basis. Any exceptional items

regarding investment performance were referred to the Audit Committee. The performance of the Funds together with the tracking difference

and tracking error is detailed in the Investment Manager’s report. No significant exceptions in respect of the investment performance of the

Funds were noted during the year under review.

4. Risk of Management Override

The Custodian and Administrator provided reports to the Board on an annual basis on the controls in place to minimise the risk of management

override. In addition to this, the Manager has reviewed the Statement on Service Organisational Control (the “SOC1”) prepared by the Custodian

and Administrator to further ensure that the relevant control procedures were in place to minimise the risk of management override. The SOC1

of the Investment Manager is also presented annually for review. Any exceptions noted were referred to the Audit Committee for further review.

No significant exceptions in respect of the risk of management override were noted during the year under review.

5. Financial Instruments and Risks

The Board receives quarterly risk summary reports from the Manager on the risks faced by the Company. In addition the Manager has appointed

BlackRock personnel, who monitor and report to the Manager on a monthly basis, and who have responsibility for risk management and

operational risks. Any exceptions noted were referred to the Audit Committee for further review. No significant exceptions in respect of financial

instruments and risks were noted during the year under review.

6. Developments in Corporate Governance

In September 2014 the FRC revised the Code. The new Code applies to accounting periods beginning on or after 1 October 2014. The new

requirements are currently being evaluated by the Board and the Audit Committee and will be reflected in the financial statements for the year

end 30 November 2015.

7. Termination basis of accounting

The Board has considered and adopted a recommendation from the Manager to apply the termination basis of accounting in preparing the

financial statements of iShares MSCI USA UCITS ETF, which they resolved to merge during the period. In light of the performance, marketability

and risks of the remaining funds within the Company, the Board has determined it appropriate to adopt the going concern basis in preparing the

financial statements of the Company.

iSHARES V PLC



Fair, Balanced and Understandable

The production and audit of the financial statements is a comprehensive process requiring input from a number of different contributors.

Following the adoption by the Company of the revised version of the Code, which applies to financial years commencing on or after 1 October

2012, the Board requested that the Audit Committee advise on whether it believes the financial statements, taken as a whole, are fair, balanced

and understandable and provides the information necessary for shareholders to assess the Company’s performance, business model and

strategy. In so doing the Audit Committee has given consideration to the following:

� The comprehensive reviews that are undertaken at different levels in the production process of the financial statements, by the Manager

and the Administrator;

� The comprehensive review also undertaken during the production process by the Investment Manager;

� The comprehensive review undertaken by the Audit Committee that aimed to ensure consistency, overall balance and appropriate

disclosure;

� The controls that are in place at the Investment Manager, the Administrator and Custodian, to ensure the completeness and accuracy of the

Company’s financial records and the security of the Company’s assets;

� The existence of satisfactory SOC1 control reports reviewing the effectiveness of the internal controls of the Investment Manager, the

Administrator and the Custodian; and

� The timely identification and resolution of any significant audit risks, process errors or control breaches that may have impacted the

Company’s Net Assets Value (“NAV”) and accounting records and how successfully any issues in respect of areas of accounting judgement

were identified and resolved.

As a result of the work performed, the Audit Committee has concluded that the financial statements for the year ended 30 November 2014,

taken as a whole, are fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s

performance, business model and strategy. The Audit Committee has reported on these findings to the Board and recommended the approval of

the financial statements to the Board. The Board’s conclusions in this respect are set out in the Statement of Directors’ Responsibilities.

External Auditor

To assess the effectiveness of the external audit, members of the Audit Committee work closely with the Investment Manager and the Manager

to obtain a good understanding of the progress and efficiency of the audit.

Feedback in relation to the audit process and also the efficiency of the Investment Manager and the Manager in performing their role is also

sought from relevant involved parties, notably the audit partner and audit team. The External Auditor is invited to attend the Audit Committee

meetings at which the annual financial statements are considered.

PricewaterhouseCoopers Ireland, in their capacity as statutory auditor, has acted as the External Auditor since the Company was incorporated

in December 2009 and the lead audit partner rotates every five years to assure independence. The Company is not a FTSE350 entity and thus

the requirement to put the external audit contract out to tender at least every ten years does not apply. To form a conclusion with regard to the

independence of the External Auditor, the Audit Committee considers whether their skills and experience make them a suitable supplier of non-

audit services and whether there are safeguards in place to ensure that there is no threat to their objectivity and independence in the conduct

of the audit resulting from the provision of such services. During the year the External Auditor performed other assurance services relating to

merger exchange ratios as required by Regulation 60 of Statutory Instrument (“S.I.”) No 352/2011. The audit and assurance services fees are

disclosed in note 5 of the financial statements of the Company.

On an annual basis, the External Auditor reviews the independence of its relationship with the Company and reports this to the Board. The Audit

Committee also receives information about policies and processes for maintaining independence and monitoring compliance with relevant

requirements from the Company’s External Auditors, including information on the rotation of audit partners and staff, details of any

relationships between the audit firm and its staff and the Company as well as an overall confirmation from the External Auditors’ of their

independence and objectivity.

iSHARES V PLC



External Auditor (continued)

As a result of its review, the Audit Committee has concluded that PricewaterhouseCoopers Ireland, as External Auditor, is independent of the

Company. The Audit Committee has therefore recommended to the Board that a resolution be put to shareholders for the re-appointment of

the External Auditor, at the Annual General Meeting of the Company.

The Audit Committee has conducted a review of independence of the External Auditor and has in place a pre-approval policy on the engagement

of the External Auditor to supply non-audit services.

Internal Audit

The Board considers it appropriate for the Company not to have its own internal audit function as all of the management and administration of

the Company is delegated to the Manager, Investment Manager, Administrator and Custodian. The internal audit report prepared by the

Investment Manager is provided to the Audit Committee on quarterly basis.

Whistleblowing Policy

The Investment Manager has a “Whistleblowing” policy under which its staff, in confidence, may raise concerns about possible improprieties in

matters of financial reporting or other matters insofar as they may affect the Company. As the Company does not have any employees, the

Board review this policy on an annual basis and have adopted this policy as the Company’s “Whistleblowing” policy.

Audit Committee Effectiveness

The performance of the Audit Committee is reviewed at least annually. The Audit Committee evaluation for 2014 was completed on 26 November

2014.

Paul McGowan

Chairman of the Audit Committee

30 March 2015

iSHARES V PLC

Statement of Directors’ Responsibilities


The Directors are responsible for preparing the financial statements in accordance with applicable Irish law and Generally Accepted Accounting

Practice in Ireland including the accounting standards issued by the Financial Reporting Council and published by the Institute of Chartered

Accountants in Ireland and comply with the Irish Companies Acts, 1963 to 2013 and the European Communities (Undertakings for Collective

Investment in Transferable Securities) Regulations 2011 (as amended) (the "UCITS Regulations").

Irish Company law requires the Directors to prepare financial statements for each financial year which gives a true and fair view of the state of

affairs of the Company for that year. In preparing these financial statements, the Directors are required to:

� select suitable accounting policies and apply them consistently;

� make judgements and estimates that are reasonable and prudent;

� prepare the financial statements on the going concern basis, unless it is appropriate to presume that the Company will not continue in

business.

The Directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of

the Company and to enable them to ensure that the financial statements are prepared in accordance with Irish law and accounting standards

issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting

Practice in Ireland). In this regard State Street Fund Services (Ireland) Limited have been appointed for the purpose of maintaining proper books

of accounts and the preparation of the financial statements. Accordingly, the books of accounts are kept at the following address:

State Street Fund Services (Ireland) Limited

78 Sir John Rogerson’s Quay

Dublin 2

Ireland

The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and

detection of fraud and other irregularities. The Directors have entrusted the assets of the Company to the Custodian for safekeeping in

accordance with the Memorandum and Articles of Association of the Company. In this regard the Directors have appointed State Street

Custodial Services (Ireland) Limited as Custodian pursuant to the terms of a Custodian Agreement. The address at which this business is

conducted is as follows:

State Street Custodial Services (Ireland) Limited


Dublin 2

Ireland

Under applicable law and regulations, the Directors are also responsible for preparing a Directors’ report and a corporate governance statement

that comply with that law and those regulations.

The financial statements are published on the www.iShares.com website. The Directors, together with the Manager and BlackRock Advisors

(UK) Limited are responsible for the maintenance and integrity of the financial information included on this website. Legislation in the Republic

of Ireland governing the presentation and dissemination of the financial statements may differ from legislation in other jurisdictions.

The Directors confirm to the best of their knowledge, that:

� The financial statements are prepared in accordance with accounting standards generally accepted in Ireland, the Companies Acts 1963 to

2013 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended)

and disclose with reasonable accuracy the financial position of the Company and give a true and fair view of the state of affairs of the

Company;

� The financial statements include a fair review of the development and performance of the business and the position of the Company

together with a description of the principal risks and uncertainties that it faces.

iSHARES V PLC

Statement of Directors’ Responsibilities (continued)


The UK Corporate Governance Code (the “Code”) also requires Directors to ensure that the financial statements are fair, balanced and

understandable and provide the information necessary for shareholders to assess the Company’s performance, business model and strategy. In

order to reach a conclusion on this matter, the Board of Directors have requested that the Audit Committee advise on whether they consider

that the financial statements fulfil these requirements. The process by which the Audit Committee has reached these conclusions is set out in

the Audit Committee report. As a result, the Directors have concluded that the financial statements for the year ended 30 November 2014,

taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company’s

performance, business model and strategy.

On behalf of the Board of Directors

Paul McNaughton Paul McGowan

Director Director

30 March 2015 30 March 2015

iSHARES V PLC

Directors’ Report


The Directors present the financial statements for the year from 1 December 2013 to 30 November 2014.

The financial statements have been prepared in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland

including the accounting standards issued by the Financial Reporting Council and published by the Institute of Chartered Accountants in

Ireland and comply with the Irish Companies Acts, 1963 to 2013 and the European Communities (Undertakings for Collective Investment in

Transferable Securities) Regulations 2011 (as amended) (the "UCITS Regulations").

Review of Business and Future Developments

The Company is an umbrella Fund with segregated liability between its Funds. The sole objective for which the Company is established is the

collective investment under UCITS Regulations.

The specific investment objectives and policies, as set out in the Investment Manager’s report, of each Fund are formulated by Directors at the

time of the creation of the Fund. Investors in a fund are expected to be informed investors who have taken professional advice, are able to bear

capital and income risk, and should view investment in a fund as a medium to long term investment. A description of the Funds, market review

and market outlook can be found in the Background section and the Investment Manager’s report. Market review encompasses tracking error

and tracking difference disclosures which are key metrics as to how well the Funds have been managed against their benchmark indices.

Risk management objectives and policies

The financial instruments and risks facing the Company are set out on pages 47 to 76. The Company’s corporate governance statement is set

out on pages 23 to 28.

Results and Dividends

The results and dividends for the year are set out in the income statement on page 77.

Subsequent Events

The subsequent events which have occurred since the balance sheet date are set out in note 21 of the notes to the financial statements of the

Company.

Directors’ and Company Secretary’s Interests and Related Party Transactions

The Directors and Company Secretary had no interest in the shares of the Company during the year ended 30 November 2014 other than those

disclosed in the related party transactions note of the financial statements of the Company.

No Director had at any time during the year, a material interest in any contract of significance, during or at the end of the year in relation to the

business of the Company.

All related party transactions are set out in note 18 of the notes to the financial statements of the Company.

Board of Directors

The Board of Directors of the Company and their biographies are set out on page 22.

Statement of Directors Responsibilities

The Statement of Directors’ Responsibilities in respect of the financial statements is set out on pages 33 and 34.

Going Concern

The financial statements of the Company have been prepared on a going concern basis. The Company is able to meet all of its liabilities from its

assets. The performance, marketability and risks of the Funds are reviewed on a regular basis throughout the year to ensure that the Funds will

continue on a going concern basis. Therefore the Directors believe that the Company will continue in operational existence for the foreseeable

future and is financially sound. The Directors are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the

going concern basis in preparing the financial statements of the Company.

iSHARES V PLC

Directors’ Report (continued)


Independent Auditors

The Directors recommend the re-appointment of the auditors, PricewaterhouseCoopers Ireland, in accordance with section 160(2) of the

Companies Acts, 1963.

On behalf of the Board of Directors


Director Director

30 March 2015 30 March 2015

iSHARES V PLC

Statement of the Custodian’s Responsibilities


As outlined in UCITS Notice 4, the Custodian is required, under the Companies Act, 1990 Part XIII (the “Act”) to:

1. Ensure that the sale, issue, repurchase, redemption and cancellation of shares effected by or on behalf of the Company are carried out in

accordance with the Act including conditions imposed by the Central Bank of Ireland and in accordance with the Articles of Association;

2. Ensure that the value of shares is calculated in accordance with the Articles of Association;

3. Carry out the instructions of the Company unless they conflict with the Act and/or the Memorandum and Articles of Association;

4. Ensure that in transactions involving the Company’s assets, any consideration is remitted to it within time limits which are acceptable

market practice in the context of a particular transaction;

5. Ensure that the Company’s income is applied in accordance with the Articles of Association; and

6. Enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders. The Custodian’s report

shall be delivered to the Company in good time to enable the Company to include a copy of the report in its Annual Report. The Custodian’s

report shall state whether, in the Custodian’s opinion, the Company has been managed in that period:

i) In accordance with the limitations imposed on the investment and borrowing powers of the Company and the Custodian by the

Memorandum and Articles of Association and by the Central Bank of Ireland under its powers granted to the Central Bank of Ireland by the

Act; and

ii) Otherwise in accordance with the provisions of the Memorandum and Articles of Association and the Act.

If the Company does not comply with (i) or (ii) above, the Custodian must state why this is the case and outline the steps which the Custodian

has taken to rectify the situation.

7. Notify the Central Bank of Ireland promptly of any material breach of the UCITS Regulations, conditions imposed by the Central Bank of

Ireland or provisions of the prospectus with regard to the Company.

The duties provided for above may not be delegated by the Custodian to a third party. These duties must be carried out in the State.

iSHARES V PLC

Custodian’s report to the shareholders


We have enquired into the conduct of iShares V plc (‘the Company’) for the year ended 30 November 2014, in our capacity as Custodian to the

Company.

This report including the opinion has been prepared for and solely for the shareholders in the Company as a body, in accordance with the

Central Bank’s UCITS Notice 4, and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose

or to any other person to whom this report is shown.

Responsibilities of the Custodian

Our duties and responsibilities are outlined in the Central Bank’s UCITS Notice 4. One of those duties is to enquire into the conduct of the

Company in each annual accounting period and report thereon to the shareholders.

Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the

Company’s Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the Company to comply with

these provisions. If the Company has not so complied, we as Custodian must state why this is the case and outline the steps which we have

taken to rectify the situation.

Basis of Custodian opinion

The Custodian conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in UCITS

Notice 4 and to ensure that, in all material respects, the Company has been managed:

(i) In accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation

and the appropriate regulations; and

(ii) Otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations.

Opinion

In our opinion, the Company has been managed during the year, in all material respects:

(i) In accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of

Association and by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations

2011 (as amended), and

(ii) Otherwise in accordance with the provisions of the Memorandum & Articles of Association and the UCITS Regulations.

For and on behalf of

State Street Custodial Services (Ireland) Limited


Dublin 2

Ireland

30 March 2015

Independent Auditors’ report to the members of iShares V plc (the “Company”)

P r i c e w a t e r h o u s e C o o p e r s , O n e S p e n c e r D o c k , N o r t h W a l l Q u a y , D u b l i n 1 , I r e l a n d , I . D . E . B o x N o . 1 3 7 T : + 3 5 3 ( 0 ) 1 7 9 2 6 0 0 0 , F : + 3 5 3 ( 0 ) 1 7 9 2 6 2 0 0 , w w w . p w c . c o m / i e

C h a r t e r e d A c c o u n t a n t s


Report on the financial statements

Our opinion

In our opinion the financial statements:

� give a true and fair view in accordance with Generally Accepted Accounting Practice in Ireland of the state of the Company’s

and Funds’ (as listed on pages 1 and 2) affairs as at

30 November 2014 and of their results for the year then ended;

and

� have been properly prepared in accordance with the requirements of the Companies Acts 1963 to 2013 and the

European Communities (Undertakings for Collective Investment

in Transferable Securities) Regulations 2011 (as amended).

This opinion is to be read in the context of what we say in the

remainder of this report.

What we have audited

The financial statements, which are prepared by the Directors of

iShares V plc, comprise:

� the Company and Funds’ Balance sheets as at 30 November

2014;

� the Company and Funds’ Income statements for the year then

ended;

� the Company and Funds’ Statements of changes in net assets

attributable to redeemable participating shareholders for the

year then ended;

� the Schedule of investments for each of the Funds as at

30 November 2014;

� the Financial instruments and risks which are presented

separately rather than as part of the notes to the financial

statements; and

� the Accounting policies and Notes to the financial statements

for the year then ended.

The financial reporting framework that has been applied in their

preparation comprises Irish law and accounting standards issued by

the Financial Reporting Council and promulgated by the Institute of

Chartered Accountants in Ireland (Generally Accepted Accounting

Practice in Ireland).

What an audit of financial statements involves

We conducted our audit in accordance with International Standards

on Auditing (UK and Ireland) (ISAs (UK & Ireland)). An audit involves

obtaining evidence about the amounts and disclosures in the

financial statements sufficient to give reasonable assurance that the

financial statements are free from material misstatement, whether

caused by fraud or error.

This includes an assessment of:

� whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied

and adequately disclosed;

� the reasonableness of significant accounting estimates made

by the Directors; and

� the overall presentation of the financial statements.

In addition, we read all the financial and non-financial information in

the annual report to identify material inconsistencies with the audited

financial statements and to identify any information that is

apparently materially incorrect based on, or materially inconsistent

with, the knowledge acquired by us in the course of performing the

audit. If we become aware of any apparent material misstatements or

inconsistencies we consider the implications for our report.

Overview of our audit approach

Materiality

We set certain thresholds for materiality. These helped us to

determine the nature, timing and extent of our audit procedures and

to evaluate the effect of misstatements, both individually and on the

financial statements as a whole.

During the year, 1 Fund terminated, (the ‘terminated Fund’). There are

23 Funds operating as at 30 November 2014 (the ‘continuing Funds’).

Based on our professional judgement, we determined materiality for

each continuing Fund to be 50 basis points of Net Asset Value (“NAV”)

at 30 November 2014. For the terminated Fund, we determined

materiality to be 50 basis points of average NAV during the year. We

viewed these as appropriate benchmarks because the main objective

of the Company is to provide investors with a total return at a Fund

level, taking into account the capital and income returns.

We agreed with the Audit Committee that we would report to them

misstatements identified during our audit above 5 basis points of the

relevant NAV, for NAV per share impacting differences, as well as

misstatements below that amount that, in our view, warranted

reporting for qualitative reasons.

Overview of the scope of our audit

The Company is an open-ended investment Company with variable

capital. The Company’s Balance sheet, Income statement and

Statement of changes in net assets attributable to redeemable

participating shareholders are an aggregation of the results of the 24

Funds that were in existence during the year.

Independent Auditors’ report to the members of iShares V plc (the “Company”) (continued)

P r i c e w a t e r h o u s e C o o p e r s , O n e S p e n c e r D o c k , N o r t h W a l l Q u a y , D u b l i n 1 , I r e l a n d , I . D . E . B o x N o . 1 3 7 T : + 3 5 3 ( 0 ) 1 7 9 2 6 0 0 0 , F : + 3 5 3 ( 0 ) 1 7 9 2 6 2 0 0 , w w w . p w c . c o m / i e C h a r t e r e d A c c o u n t a n t s [ 4 0 ] i S H A R E S V P L C A N N U A L R E P O R T

Overview of the scope of our audit (continued)

The Directors control the affairs of the Company and are responsible

for the overall investment policy which is determined by them. The

Directors have delegated certain duties and responsibilities to

BlackRock Asset Management Ireland Limited (the “Manager”) with

regards to the day-to-day management of the Company.

The Manager has delegated certain of these responsibilities to

BlackRock Advisors (UK) Limited (the “Investment Manager”) and to

State Street Fund Services (Ireland) Limited (the “Administrator”).

State Street Custodial Services (Ireland) Limited (the “Custodian”) has

been appointed as the Custodian. The financial statements, which

remain the responsibility of the Directors, are prepared on their behalf

by the Administrator.

In establishing the overall approach to our audit we assessed the risk

of material misstatement at a Fund level, taking into account the

nature, likelihood and potential magnitude of any misstatement. We

look at each Fund at an individual level. As part of our risk

assessment, we considered the Company’s interaction with the

Administrator, and we assessed the control environment in place at

this entity.

Areas of particular audit focus

In preparing the financial statements, the Directors made a number of

subjective judgements, for example the selection of pricing sources to

value the investment portfolio. We primarily focused our work in these

areas by assessing the Directors’ judgements against available

evidence, forming our own judgements, and evaluating the

disclosures in the financial statements.

In our audit, we tested and examined information, using sampling and

other auditing techniques, to the extent we considered necessary to

provide a reasonable basis for us to draw conclusions. We obtained

audit evidence through testing the effectiveness of controls,

substantive procedures or a combination of both.

We considered the following areas to be those that required particular

focus in the current year. This is not a complete list of all risks or

areas of focus identified by our audit. We discussed these areas of

focus with the Audit Committee. Their report, which includes those

matters that they considered to be significant issues in relation to the

financial statements is set out on pages 29 to 32.

Area of focus How the scope of our audit

addressed the area of focus

Existence of financial assets at

fair value through profit or loss

The financial assets at fair value

through profit or loss included in

the Balance sheet of each Fund

are held in the Fund’s name at

30 November 2014.

We focused on this area because

it represents the principal

element of the financial

statements.

We obtained independent

confirmation from the Custodian

and counterparties of the

investment portfolio held at

30 November 2014, agreeing the

confirmation to the books and

records.

Valuation of financial assets at

fair value through profit or loss

The financial assets at fair value

through profit or loss included in

the Balance sheet of each Fund

at 30 November 2014 are valued

at fair value in line with Generally

Accepted Accounting Practice in

Ireland.

We focused on this area because

it represents the principal

element of the financial

statements.

We tested the investment

portfolios by independently

agreeing the valuation of

investments to third party vendor

sources.

Risk of management override of

internal controls

ISAs (UK & Ireland) require that

we consider this.

We assessed the overall control

environment of the Company and

each of the Funds. We tested key

reconciliations and certain manual

journal entries. We considered

whether there was evidence of

bias by the Directors in the

significant accounting estimates

and judgements relevant to the

financial statements.

Independent Auditors’ report to the members of iShares V plc (the “Company”) (continued)

P r i c e w a t e r h o u s e C o o p e r s , O n e S p e n c e r D o c k , N o r t h W a l l Q u a y , D u b l i n 1 , I r e l a n d , I . D . E . B o x N o . 1 3 7 T : + 3 5 3 ( 0 ) 1 7 9 2 6 0 0 0 , F : + 3 5 3 ( 0 ) 1 7 9 2 6 2 0 0 , w w w . p w c . c o m / i e

C h a r t e r e d A c c o u n t a n t s


Matters on which we are required to report by the Companies Acts 1963 to 2013

� We have obtained all the information and explanations which

we consider necessary for the purposes of our audit.

� In our opinion proper books of account have been kept by the Company.

� The financial statements are in agreement with the books of

account.

� In our opinion the information given in the Directors’ report is

consistent with the financial statements.

Matters on which we are required to report by exception

Directors’ remuneration and transactions

Under the Companies Acts 1963 to 2013 we are required to report to

you if, in our opinion, the disclosure of Directors’ remuneration and

transactions specified by law has not been made. We have nothing to

report arising from these responsibilities.

Corporate Governance Statement

Under the United Kingdom Listing Authority Listing Rules we are

required to review the part of the Corporate Governance Statement

relating to the Company’s compliance with ten provisions of the UK

Corporate Governance Code (‘the Code’). We have nothing to report

having performed our review.

On page 34 of the annual report, as required by the Code Provision

C.1.1, the Directors state that they consider the annual report taken

as a whole to be fair, balanced and understandable and provides the

information necessary for members to assess the Company and

Funds’ performance, business model and strategy. On pages 29 and

30, as required by C.3.8 of the Code, the Audit Committee has set out

the significant issues that it considered in relation to the financial

statements, and how they were addressed. Under ISAs (UK & Ireland)

we are required to report to you if, in our opinion:

� the statement given by the Directors is materially inconsistent

with our knowledge of the Company acquired in the course of

performing our audit; or

� the section of the annual report describing the work of the Audit Committee does not appropriately address matters

communicated by us to the Audit Committee.

We have no exceptions to report arising from this responsibility.

Other information in the annual report

Under ISAs (UK & Ireland), we are required to report to you if, in our

opinion, information in the annual report is:

� materially inconsistent with the information in the audited

financial statements; or

� apparently materially incorrect based on, or materially

inconsistent with, our knowledge of the Company acquired in

the course of performing our audit; or

� is otherwise misleading.

We have no exceptions to report arising from this responsibility.

Responsibilities for the financial statements and the audit

Our responsibilities and those of the Directors

As explained more fully in the Statement of Directors' Responsibilities

set out on pages 33 and 34, the Directors are responsible for the

preparation of the financial statements giving a true and fair view.

Our responsibility is to audit and express an opinion on the financial

statements in accordance with Irish law and ISAs (UK & Ireland).

Those standards require us to comply with the Auditing Practices

Board’s Ethical Standards for Auditors.

This report, including the opinions, has been prepared for and only for

the Company’s members as a body in accordance with Section 193 of

the Companies Act, 1990 and for no other purpose. We do not, in

giving these opinions, accept or assume responsibility for any other

purpose or to any other person to whom this report is shown or into

whose hands it may come save where expressly agreed by our prior

consent in writing.

Marie O'Connor

for and on behalf of PricewaterhouseCoopers

Chartered Accountants and Statutory Audit Firm

Dublin

Ireland

30 March 2015

iSHARES V PLC

Accounting policies*

* The accounting policies are an integral part of the notes to the financial statements.


The financial statements are prepared in accordance with accounting

standards generally accepted in Ireland and Irish statute comprising

the Companies Acts, 1963 to 2013 and the provisions of the European

Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”).

Accounting standards generally accepted in Ireland in preparing

financial statements which present a true and fair view are those

published by the Institute of Chartered Accountants in Ireland (the

“Institute”) and issued by the Financial Reporting Council.

The financial statements are prepared under the historical cost

convention as modified by the revaluation of financial assets and

financial liabilities held at fair value through profit or loss, with the

exception of the Merging Fund as detailed in the background section.

This Fund has been prepared on a termination basis.

The preparation of the financial statements in accordance with Irish

Generally Accepted Accounting Policies (“Irish GAAP”) requires

management to make estimates and assumptions that affect the

reported amount of assets and liabilities and the reported amount of

income and expenses during the year. Actual results could differ from

those estimates. Details of any critical accounting estimates and

judgements are set out in section b) in this accounting policies

section.

The information required by Financial Reporting Standard (“FRS”) 3,

"Reporting Financial Performance", to be included in a statement of

total recognised gains and losses and reconciliation of movements in

shareholders' funds, is, in the opinion of the Directors, contained in

the income statement and the statement of changes in net assets

attributable to redeemable participating shareholders of the

Company.

The Company has availed of the exemption available to open-ended

investment funds under FRS 1 (revised) “Cash Flow Statements” and

is not presenting a cash flow statement.

All references to net assets throughout this document refer to net

assets attributable to redeemable participating shareholders unless

otherwise stated.

New standards issued but not yet adopted

In 2012, 2013 and 2014 the Financial Reporting Council (FRC) revised

Financial Reporting Standards in the United Kingdom and Republic of

Ireland. The revisions fundamentally reformed financial reporting,

replacing the extant standards with a number of new Financial

Reporting Standards. The only new standard relevant to the Company

is FRS 102, the Financial Reporting Standard applicable in the UK and

Republic of Ireland. FRS 102 is effective for accounting periods

beginning on or after 1 January 2015 with early adoption permitted.

The Company does not plan to early adopt FRS 102. The Manager is

currently evaluating the new standard to determine the impact it will

have on the Company’s financial statements.

The significant accounting policies adopted by the Company are:

a) Investments

Classification of investments

The Company classifies its investments as financial assets or

financial liabilities at fair value through profit or loss. The category of

financial assets through profit or loss comprises financial

instruments designated by the Investment Manager, at inception, as

being at fair value through profit or loss.

Financial assets and financial liabilities designated at fair value

through profit or loss at inception are those that are managed and

their performance evaluated on a fair value basis in accordance with

the documented investment strategy.

Recognition/derecognition of investments

Purchases and sales of investments are accounted for on the date the

trade transaction takes place. Investments are derecognised when

the rights to receive cashflows from the investments have expired or

the risks and rewards of ownership have all been substantially

transferred. Realised gains and losses on disposals are calculated

using the average cost method and are reflected as net gains/(losses)

on financial assets/liabilities at fair value through profit or loss in the

income statement.

Initial measurement of investments

Financial assets and financial liabilities at fair value through profit or

loss are initially recognised at fair value. Gains and losses arising

from changes in the fair value of the financial assets or financial

liabilities are presented in the income statement in the year in which

they arise. Transaction costs on purchases and sales of investments

are included in the net gains/(losses) on financial assets/liabilities at

fair value through profit or loss in the income statement.

Valuation of investments

The estimation of fair value, after initial recognition, is determined as

follows:

i) Listed investments

Investments which are quoted, listed, traded or dealt on a market or

exchange are based on quoted prices which, for the purpose of the

financial statements, is the closing bid-market price for financial

assets and the closing ask market price for financial liabilities, as at

the year end date, on the relevant market or exchange which is

normally the principal market or exchange for such investments.

iSHARES V PLC

Accounting policies* (continued)



a) Investments (continued)

Valuation of investments (continued)

ii) Futures contracts

A futures contract is a contract, traded on an exchange, to buy or sell

a certain underlying instrument at a certain date in the future, at a

specified price.

Initial margin deposits are made to the relevant brokers upon entering

into future contracts and are generally made in margin cash. The cash

balances held as margin at the reporting date are included in current

assets/liabilities in the balance sheet.

The changes in value of futures contracts are recognised as

unrealised gains or losses by marking-to-market the value of the

contract at the balance sheet date. Changes in the futures contracts’

value are settled daily with the exchange by paying or receiving a

variation margin amount. Changes in unrealised gains or losses are

recognised in the income statement.

When the contract is closed, the difference between the proceeds

from (or cost of) the closing transactions and the original transaction

is recorded as a realised gain or loss in the income statement.

iii) Forward currency contracts

A forward currency contract is an agreement between two parties to

buy or sell a certain underlying instrument at a certain date in the

future, at a specified price.

The unrealised gain or loss on open forward currency contracts is

calculated by reference to the difference between the contracted rate

and the rate to close out the contract as at the year end date.

Unrealised gains and losses are included in the balance sheet.

Contracts are marked-to-market and the change, if any, is recorded

as an unrealised gain or loss.

Realised gains or losses are recognised on the maturity of a contract

as the difference between the rate that the contract was entered into

and the closing spot rate at the settlement date of the contract.

Realised gains or losses and changes in unrealised gains or losses are

recognised in the income statement.

iv) Warrants

Warrants are financial instruments that convey the right, but not the

obligation, to engage in a future transaction on an underlying

security, within a certain time frame.

Warrants which are quoted, listed, traded or dealt on a market or

exchange are valued based on quoted prices which, for the purpose of

the financial statements are the closing bid-market price as at the

year end date, on the relevant market or exchange which is normally

the principal market or exchange for such investments.

b) Critical accounting estimates and judgements

The preparation of financial statements in conformity with Irish GAAP

requires the use of certain critical accounting estimates. It also

requires management to exercise its judgement in the process of

applying the Company's accounting policies.

The estimates and associated judgements are based on historical

experience and various other factors that are believed to be

reasonable under the circumstances, the results of which form the

basis of making the judgements about carrying values of assets and

liabilities that are not readily apparent from other sources. Actual

results may differ from these estimates.

Management makes estimates and assumptions concerning the

future. The resulting accounting estimates will, by definition, seldom

equal the actual results.

i) Prices calculated in consultation with the Manager

A number of securities were valued by the administrator in

consultation with the Manager in the absence of year end vendor

prices. The total value of securities valued using a price calculated by

the investment manager as at 30 November 2014 and 30 November

2013 is less than 1% of the NAV of the applicable Funds.

c) Income

i) Dividend income

Dividend income is recognised when the securities are declared ex-

dividend. Dividend income is shown gross of any non-reclaimable

withholding tax, which is disclosed separately in the income

statement.

ii) Bond interest income

Bond interest income is accrued on a daily basis using the effective

yield method.

iii) Bank interest income

Bank interest income is recognised as income on an effective yield

basis.

iSHARES V PLC




c) Income (continued)

iv) Amortisation/accretion of premium/discounts on purchase of

interest-bearing investments

Premiums or discounts on the purchase of fixed and variable interest

rate investments are amortised over the life of the investment on an

effective yield basis.

v) Securities lending income

Securities lending income is earned from lending securities owned by

the Fund to a number of third-party borrowers. Securities lending

income is accounted for on an accruals basis.

d) Fees and expenses

Expenses are accounted for on an accruals basis with the exception of

transaction charges relating to the acquisition and realisation of

investments which are charged as incurred. Bank interest expense is

accrued on a daily basis using the effective yield method.

e) Transaction costs

Transaction costs are incremental costs that are directly attributable

to the acquisition, issue or disposal of a financial asset or financial

liability.

An incremental cost is one that would not have been incurred if the

entity had not acquired, issued or disposed of the financial

instrument. When a financial asset or financial liability is recognised

initially, it is measured at its fair value through profit or loss, plus

transaction costs that are directly attributable to the acquisition or

issue of the financial asset or financial liability.

Transaction costs on purchases or sales of financial assets or

financial liabilities are included in net gains/(losses) on financial

assets at fair value through profit or loss in the income statement of

the Fund. Separately identifiable transaction costs are disclosed in

note 10 of the notes to the financial statements of the Company.

Custody transaction costs are not separately identifiable as they form

part of the total expense ratio of the Fund. The Manager is

responsible for discharging all operational expenses of the Fund, see

note 4 of the notes to the financial statements of the Company on

page 79 for more details.

f) Distributions

Dividend expenses are accounted for as finance costs. The Directors

may declare distributions for each distributing Fund, in respect of

each financial period. Dividends will normally be declared quarterly,

semi-annually or such other times as the Directors deem appropriate.

iShares $ Emerging Markets Corporate Bond UCITS ETF, iShares

Austria Government Bond UCITS ETF, iShares Belgium Government

Bond UCITS ETF, iShares Emerging Markets Dividend UCITS ETF,

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF,

iShares Finland Government Bond UCITS ETF, iShares France

Government Bond UCITS ETF, iShares Germany Government Bond

UCITS ETF, iShares Italy Government Bond UCITS ETF, iShares

Netherlands Government Bond UCITS ETF and iShares Spain

Government Bond UCITS ETF are distributing Funds.

As of 30 November 2014 and 30 November 2013, all of the Funds have

adopted UK Reporting Fund Status.

g) Redeemable participating shares

Subscriptions and redemptions are accounted for on the day the

trade transaction takes place.

Redeemable participating shares are redeemable at the option of the

shareholders and are classified as financial liabilities. Any

distributions on these shares are recognised in the income statement

as finance costs.

The redeemable participating shares can be redeemed for cash equal

to a proportionate share of the NAV calculated in accordance with the

Company's prospectus. The redeemable participating share is valued

at the redemption amount that is payable at the balance sheet date if

the shareholder exercised their right to put the shares back to the

Company.

The fair value of the financial liabilities for the redeemable

participating shares is the redemption amount per share, calculated

as the NAV per share less any associated duties and charges and any

redemption fee which is payable on the shares redeemed. Any

potential duties and charges are at the discretion of the Board of

Directors.

h) Foreign currency

i) Functional and presentation currency

The presentation currency of the Company's financial statements is

British Pounds.

iSHARES V PLC




h) Foreign currency (continued)

i) Functional and presentation currency (continued)

Foreign currency items included in the Funds' financial statements

are measured in the Funds' functional currency which is shown in the

table below. The presentation currency of the Funds' financial

statements is the same as the functional currency.

Fund Currency

iShares $ Emerging Markets Corporate Bond UCITS ETF $

iShares Agribusiness UCITS ETF $

iShares Austria Government Bond UCITS ETF €

iShares Belgium Government Bond UCITS ETF €

iShares Emerging Markets Dividend UCITS ETF $

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF €

iShares Finland Government Bond UCITS ETF €

iShares France Government Bond UCITS ETF €

iShares Germany Government Bond UCITS ETF €

iShares Gold Producers UCITS ETF $

iShares Italy Government Bond UCITS ETF €

iShares MSCI ACWI UCITS ETF $

iShares MSCI Emerging Markets Consumer Growth UCITS ETF $

iShares MSCI Japan EUR Hedged UCITS ETF €

iShares MSCI Japan GBP Hedged UCITS ETF £

iShares MSCI Poland UCITS ETF $

iShares MSCI USA UCITS ETF** $

iShares MSCI World EUR Hedged UCITS ETF €

iShares MSCI World GBP Hedged UCITS ETF £

iShares Netherlands Government Bond UCITS ETF €

iShares Oil & Gas Exploration & Production UCITS ETF $

iShares S&P 500 EUR Hedged UCITS ETF €

iShares S&P 500 GBP Hedged UCITS ETF £

iShares Spain Government Bond UCITS ETF €

** This Fund closed on 18 August 2014.

ii) Transactions and balances

Transactions in foreign currencies are translated into the functional

currency of each Fund at the foreign currency exchange rate in effect

at the date of the transaction.

Subscriptions and redemptions of shares in foreign currencies are

translated at the foreign currency exchange rate in effect at the date

of the transaction. Foreign currency assets and liabilities, including

investments, are translated at the exchange rate prevailing at year

end. The foreign exchange gain or loss based on the translation of the

investments, as well as the gain or loss arising on the translation of

other assets and liabilities, is included in net gains/(losses) on

financial assets/liabilities at fair value through profit or loss in the

income statement.

i) Receivables

Receivables are recognised initially at fair value plus transaction

costs that are directly attributable to their acquisition. They are

subsequently measured at amortised cost using the effective interest

method less provision for impairment.

Dividend tax reclaim receivables are accounted for on the dividend ex-

date. The carrying amount of receivables approximates to their fair

value.

j) Payables

Payables are recognised initially at fair value and subsequently stated

at amortised cost. The difference between proceeds and the amount

payable is recognised over the period of the payable using the

effective interest method.

The carrying amount of payables approximates to their fair value.

k) Cash and cash equivalents

Cash and cash equivalents may include deposits held on call with

banks and other short-term highly liquid investments with original

maturities of three months or less. Bank overdrafts are classified as

liabilities.

l) Collateral

For collateral received from counterparties other than cash, a

disclosure of the value of collateral provided is made in the notes to

the financial statements.

m) Adjustment to align to the valuation methodology as set out in

the prospectus

The accounting policy of the Company, for the purpose of compliance

with FRS 26 “Financial Instruments: Recognition and Measurement”,

is to value its investments at the relevant fair value at the balance

sheet date. Fair value is considered to be the relevant closing bid

market price on the balance sheet date.

Any difference between the valuation methodology stated in the

financial statements and the valuation methodology indicated in the

prospectus results in an adjustment between the net assets as per

the financial statements and the dealing NAV.

iSHARES V PLC




m) Adjustment to align to the valuation methodology as set out in

the prospectus (continued)

Net assets attributable to redeemable participating shareholders

represent a liability on the balance sheet, and are reflected at the

redemption amount that would be payable at the balance sheet date,

if the shareholder exercised their right to redeem shares in the Funds.

The redemption amount is based on the number of shares in issue at

the balance sheet date multiplied by the price per share.

Consequently, the differences described above adjust the carrying

amount of the net assets attributable to shareholders and the

cumulative differences are included in "Adjustment to align to the

valuation methodology as set out in the prospectus” on the balance

sheet. Further details are set out in note 9 in the financial statements

of the Company.

n) Equalisation on distributions

Equalisation arrangements are applied in the case of shares in the

Company. These arrangements are intended to ensure that the

income distribution per share is not affected by changes in the

number of shares in issue during the year.

To ensure that each shareholder receives the same rate of

distribution per share, the buying price of each share contains an

amount called equalisation. This is equivalent to the net of

distributable income less expenses accrued in the Company at the

time of purchase/sale.

As part of the distribution payment, the average amount of this

equalisation is returned to shareholders who subscribed to or

redeemed from the Company during the year. The equalisation

element of the distribution is treated as a repayment of capital.

For tax and accounting purposes, the Manager implements income

and equalisation arrangements, to ensure that the level of income

derived from investments is not affected by the issue, conversion or

redemption of units during the accounting period.

Equalisation income and/or expense amounts are included in note 6

in the notes to the financial statements of the Company.

o) Comparative period

Certain prior year figures have been reclassified to correspond to

current year presentation.

iSHARES V PLC

Financial instruments and risks*

* The information relating to financial instruments and risks is an integral part of the notes to the financial statements.


The Company's investment activities expose it to the various types of

risk which are associated with the financial instruments and markets

in which it invests. The following information is not intended to be a

comprehensive summary of all risks and investors should refer to the

prospectus and supplements for a more detailed discussion of the

risks inherent in investing in the Company.

The Directors of the Company review quarterly investment

performance reports and receive semi-annual presentations in

person from the Investment Manager, which cover the Company’s

performance and risk profile during the year. The Directors have

delegated certain duties and responsibilities to the Manager with

regard to the day-to-day management of the Company. The Manager

has in turn delegated the day-to-day administration of the investment

programme to the Investment Manager. The Investment Manager is

also responsible for ensuring that the Company is managed within the

terms of its investment guidelines and limits set out in the prospectus

and supplements. The Board reserves to itself the investment

performance and product risk monitoring and oversight and delegates

to the Manager responsibility for the monitoring and oversight of

regulatory and operational risk for the Company. The Board has

delegated the daily risk management to key risk management

personnel of the Manager. The Manager has appointed a Risk

Manager who has responsibility for the daily risk management

process with assistance from key risk management personnel of the

Investment Manager, including members of the Risk and Quantitative

Analysis Group (“RQA Group”) which is a centralised group which

performs an independent risk management function. The group

independently identifies, measures and monitors investment risk.

RQA track the actual risk management practices being deployed

across the different Funds. By breaking down the components of the

process, RQA have the ability to determine if the appropriate risk

management processes are in place across the Funds. This captures

the risk management tools employed, how the levels of risk are

controlled, ensuring risk/return is considered in portfolio construction

and reviewing outcomes.

Change to global exposure calculation methodology

Under the UCITS notices issued by the Central Bank of Ireland, the

Investment Manager is required to employ a risk management

methodology which enables it to accurately monitor, manage and

calculate the global exposure of the Funds. Prior to 6 October 2014

the Investment Manager used a methodology known as "relative VaR"

to calculate global exposure.

Effective 6 October 2014, the Investment Manager changed the

methodology used to calculate global exposure from relative VaR to

the commitment approach for all Funds with the exception of 7

Funds, as disclosed in the background section. The Investment

Manager has concluded that the commitment approach is a more

suitable methodology based on the Funds’ investment strategies and

risk profile.

The commitment approach is a methodology that aggregates the

underlying market or notional value of financial derivative

instruments to determine the global exposure of the Fund. In

accordance with the UCITS notices, global exposure for a fund

utilising the commitment approach must not exceed 100% of the

Fund’s NAV.

The change in methodology does not change the way in which the

Funds are managed. As disclosed under the Market Risk section, the

Investment Manager will continue to report VaR and other relevant

metrics to the Board of Directors on a quarterly basis for risk

management purposes.

The principal risk exposure of the Company is set out as follows:

a) Market risk

Market risk arises mainly from uncertainty about future values of

financial instruments influenced by other price, currency and interest

rate movements. It represents the potential loss the Company may

suffer through holding market positions in the face of market

movements. The Company is exposed to market risk by virtue of its

investments in equities, rights, warrants, bonds, Exchange Traded

Funds (“ETFs”), futures contracts and forward currency contracts.

There is no assurance that each benchmark index will continue to be

calculated on the basis described in the prospectus or that they will

not be amended significantly. The past performance of each

benchmark index is not necessarily a guide to future performance.

A key metric the RQA Group uses to measure market risk is VaR which

encompasses price, currency and interest rate risk. The RQA Group is

a centralised group which performs an independent risk management

function. The group independently identifies, measures and monitors

investment risk.

VaR is a statistical risk measure that estimates the potential portfolio

loss from adverse market moves in an ordinary market environment.

VaR analysis reflects the interdependencies between risk variables,

unlike a traditional sensitivity analysis.

The VaR calculations are based on a confidence level of 99% with a

holding period of not greater than 1 month (20 days) and a historical

observation period of not less than 1 year (250 days) where relevant. A

VaR number is defined at a specified probability and a specified time

horizon. A 99% 1 month VaR means that the expectation is that 99%

of the time over a 1 month period the Fund will lose less than this

number in percentage terms. Therefore, higher VaR numbers indicate

higher risk.

iSHARES V PLC

Financial instruments and risks* (continued)



a) Market risk (continued)

It is noted that the use of VaR methodology has limitations, namely

assumptions that risk factor returns are normally distributed and that

the use of historical market data as a basis for estimating future

events does not encompass all possible scenarios, particularly those

that are of an extreme nature and that the use of a specified

confidence level (e.g. 99%) does not take into account losses that

occur beyond this level.

There is some probability that the loss could be greater than the VaR

amounts. These limitations and the nature of the VaR measure mean

that the Fund can neither guarantee that losses will not exceed the

VaR amounts indicated, nor that losses in excess of the VaR amounts

will not occur more frequently.

The 1 month VaR as at 30 November 2014 and 30 November 2013

based on 99% confidence level is outlined in the table below and

overleaf:

Fund

30 November 2014

%

30 November 2013

%

iShares $ Emerging Markets Corporate

Bond UCITS ETF 2.08 4.22

iShares Agribusiness UCITS ETF 7.94 10.56

iShares Austria Government Bond

UCITS ETF 1.90 2.42

iShares Belgium Government Bond

UCITS ETF 2.42 2.57

iShares Emerging Markets Dividend

UCITS ETF 9.36 12.13

iShares Euro Corporate Bond Interest

Rate Hedged UCITS ETF 0.66 0.77

iShares Finland Government Bond

UCITS ETF 1.59 2.17

iShares France Government Bond

UCITS ETF 2.15 2.28

iShares Germany Government Bond

UCITS ETF 1.71 2.17

iShares Gold Producers UCITS ETF 21.90 24.73

iShares Italy Government Bond UCITS ETF 2.82 2.64

iShares MSCI ACWI UCITS ETF 8.05 10.11


Consumer Growth UCITS ETF** 8.93 N/A

iShares MSCI Japan EUR Hedged

UCITS ETF 11.90 14.20

iShares MSCI Japan GBP Hedged

UCITS ETF 11.94 12.89

iShares MSCI Poland UCITS ETF 14.42 19.60

iShares MSCI USA UCITS ETF*** N/A 9.93

** This Fund launched during the year ended 30 November 2014. *** This Fund closed on 18 August 2014.

Fund

30 November 2014

%

30 November 2013

%

iShares MSCI World EUR Hedged

UCITS ETF 7.54 9.28

iShares MSCI World GBP Hedged

UCITS ETF 7.55 9.29


UCITS ETF 1.84 2.10


Production UCITS ETF 15.45 14.15



iShares Spain Government Bond

UCITS ETF 2.90 2.53

i) Market risk arising from other price risk

Other price risk is the risk that the fair value or future cash flows of a

financial instrument will fluctuate because of changes in market

prices (other than those arising from interest rate risk or currency

risk), whether those changes are caused by factors specific to the

individual financial instrument or its issuer, or factors affecting

similar financial instruments traded in the market.

The Company is exposed to market price risk arising from its

investments in equities, rights, bonds, warrants, ETFs, futures

contracts and forward currency contracts. The movements in the

prices of these investments result in movements in the performance

of the Company. The investment concentrations within the portfolio

are disclosed in the schedules of investments by investment type.

The Investment Manager manages the Company’s market risk on a

daily basis in accordance with the Company’s investment objective.

The investment objective of the Funds is to provide investors with a

total return, taking into account the capital and income returns, which

reflect the total returns of the respective benchmark. The Fund’s

performance is correlated to its benchmark. The correlation of the

Funds’ performance against the benchmark is a metric monitored by

key management personnel.

ii) Market risk arising from foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows

of a financial instrument will fluctuate because of changes in foreign

exchange rates.

The Company may invest in securities, which as far as possible and

practicable, consist of the component securities of the benchmark

index of each Fund, and which may be denominated in currencies

other than its reporting currency. Consequently, each Fund is exposed

to the risk of currency fluctuations between the base currency of the

benchmark index and the base currency of the constituent securities

of the benchmark index.

iSHARES V PLC





ii) Market risk arising from foreign currency risk (continued)

To minimise this risk, the Funds, iShares MSCI Japan EUR Hedged

UCITS ETF, iShares MSCI Japan GBP Hedged UCITS ETF, iShares MSCI

World EUR Hedged UCITS ETF, iShares MSCI World GBP Hedged

UCITS ETF, iShares S&P 500 EUR Hedged UCITS ETF, iShares S&P 500

GBP Hedged UCITS ETF (collectively the ''Currency Hedged Funds''),

invest in forward foreign exchange contracts that as far as possible

track the hedging methodology of the benchmark index. The

benchmark indices of the Currency Hedged Funds are designed to

represent a close approximation of the return that can be achieved by

hedging the currency exposures of the index in the one-month

forward market at the end of each month.

The Currency Hedged Funds in the following tables track the currency

hedged indices which aim to provide investors with a return

correlated to the local index return by reducing the effect of exchange

rate fluctuations between the local and hedged currency.

The hedge is not adjusted during the month for price movements of

securities, corporate actions or index changes but is adjusted

proportionately for subscription and redemption activity.

This approach means the Fund retains an element of currency risk on

mid month price movements. The hedge is closed on the last business

day of each month by executing a spot transaction which will settle

two days after the month end. The value of the foreign currency

contracts are disclosed in the Fund's Schedule of Investments.

With the exception of the Currency Hedged Funds, the Funds, in line

with their benchmarks, are unhedged and are therefore exposed to

foreign currency risk.

The tables below outline the exposure to foreign currency risk as at 30 November 2014 and 30 November 2013:

30 November 2014

Foreign currency exposure

Gross foreign currency

exposure Forward currency

contracts

Net foreign currency

exposure % of

Net Assets

iShares Agribusiness UCITS ETF $’000 $’000 $’000

AUD 483 - 483 0.48

CAD 10,881 - 10,881 10.78

CHF 8,213 - 8,213 8.14

DKK 204 - 204 0.20

EUR 3,399 - 3,399 3.37

GBP 5,520 - 5,520 5.47

HKD 689 - 689 0.68

ILS 1,065 - 1,065 1.06

JPY 7,687 - 7,687 7.62

KRW 702 - 702 0.70

NOK 3,601 - 3,601 3.57

SEK 378 - 378 0.37

SGD 2,326 - 2,326 2.30

Total exposure to foreign currencies 45,148 - 45,148 44.74

iShares Emerging Markets Dividend UCITS ETF $’000 $’000 $’000

BRL 42,056 - 42,056 14.58

CLP 4,768 - 4,768 1.65

CZK 11,018 - 11,018 3.82

EGP 11 - 11 0.00

EUR 4,429 - 4,429 1.54

HKD 22,480 - 22,480 7.79

IDR 12,950 - 12,950 4.49

INR 2,439 - 2,439 0.85

KRW 6,166 - 6,166 2.14

MAD 74 - 74 0.03

iSHARES V PLC






30 November 2014




contracts


exposure % of

Net Assets

iShares Emerging Markets Dividend UCITS ETF (cont) $’000 $’000 $’000

MYR 16,194 - 16,194 5.61

PHP 2,428 - 2,428 0.84

PLN 23,097 - 23,097 8.01

RUB 1,283 - 1,283 0.44

THB 20,811 - 20,811 7.22

TRY 18,779 - 18,779 6.51

TWD 71,419 - 71,419 24.76

ZAR 27,024 - 27,024 9.37


iShares Gold Producers UCITS ETF $’000 $’000 $’000

AUD 19,553 - 19,553 7.63

CAD 152,152 - 152,152 59.37

GBP 19,863 - 19,863 7.75

HKD 6,687 - 6,687 2.61


iShares Italy Government Bond UCITS ETF €’000 €’000 €’000

GBP 2 - 2 0.00

Total exposure to foreign currencies 2 - 2 0.00

iShares MSCI ACWI UCITS ETF $’000 $’000 $’000

AED 175 - 175 0.06

AUD 7,396 - 7,396 2.57

BRL 2,933 - 2,933 1.02

CAD 10,304 - 10,304 3.57

CHF 9,363 - 9,363 3.25

CZK 27 - 27 0.01

DKK 1,735 - 1,735 0.60

EUR 30,531 - 30,531 10.59

GBP 20,597 - 20,597 7.15

HKD 9,279 - 9,279 3.22

HUF 18 - 18 0.01

IDR 948 - 948 0.33

ILS 588 - 588 0.20

JPY 20,494 - 20,494 7.11

KRW 4,363 - 4,363 1.51

MXN 1,589 - 1,589 0.55

MYR 1,174 - 1,174 0.41

iSHARES V PLC






30 November 2014




contracts


exposure % of

Net Assets

iShares MSCI ACWI UCITS ETF (cont) $’000 $’000 $’000

NOK 719 - 719 0.25

NZD 55 - 55 0.02

PHP 250 - 250 0.09

PLN 442 - 442 0.15

QAR 92 - 92 0.03

RUB 3 - 3 0.00

SEK 3,046 - 3,046 1.06

SGD 1,505 - 1,505 0.52

THB 858 - 858 0.30

TRY 591 - 591 0.21

TWD 3,909 - 3,909 1.36

ZAR 2,381 - 2,381 0.83


iShares MSCI Emerging Markets Consumer Growth UCITS ETF $’000 $’000 $’000

BRL 241 - 241 4.73

CHF 85 - 85 1.67

CLP 42 - 42 0.82

COP 6 - 6 0.12

CZK 2 - 2 0.05

EGP 4 - 4 0.07

EUR 416 - 416 8.17

GBP 461 - 461 9.06

HKD 762 - 762 14.97

HUF 4 - 4 0.08

IDR 112 - 112 2.21

JPY 30 - 30 0.59

KRW 462 - 462 9.07

MXN 260 - 260 5.11

MYR 86 - 86 1.70

PHP 50 - 50 0.97

PLN 10 - 10 0.20

SEK 14 - 14 0.27

SGD 26 - 26 0.51

THB 66 - 66 1.30

TRY 49 - 49 0.96

TWD 124 - 124 2.44

ZAR 355 - 355 6.97


iSHARES V PLC






30 November 2014




contracts


exposure % of

Net Assets

iShares MSCI Japan EUR Hedged UCITS ETF €’000 €’000 €’000

JPY 3,323,903 (3,265,357) 58,546 1.69

Total exposure to foreign currencies 3,323,903 (3,265,357) 58,546 1.69

iShares MSCI Japan GBP Hedged UCITS ETF £’000 £’000 £’000

JPY 440,629 (434,486) 6,143 1.35

Total exposure to foreign currencies 440,629 (434,486) 6,143 1.35

iShares MSCI Poland UCITS ETF $’000 $’000 $’000

GBP 4 - 4 0.01

PLN 62,017 - 62,017 99.79


iShares MSCI World EUR Hedged UCITS ETF €’000 €’000 €’000

AUD 14,226 (15,612) (1,386) (0.30)

CAD 19,919 (20,186) (267) (0.05)

CHF 18,102 (18,027) 75 0.02

DKK 2,959 (2,999) (40) (0.01)

GBP 40,046 (40,456) (410) (0.08)

HKD 5,945 (6,109) (164) (0.03)

ILS 1,058 (1,089) (31) (0.01)

JPY 39,928 (40,238) (310) (0.06)

NOK 1,310 (1,478) (168) (0.03)

NZD 199 (256) (57) (0.01)

SEK 5,906 (5,904) 2 0.00

SGD 2,850 (2,858) (8) 0.00

USD 286,898 (287,219) (321) (0.06)

Total exposure to foreign currencies 439,346 (442,431) (3,085) (0.62)

iShares MSCI World GBP Hedged UCITS ETF £’000 £’000 £’000

AUD 4,274 (4,687) (413) (0.28)

CAD 6,008 (6,114) (106) (0.07)

CHF 5,440 (5,409) 31 0.02

DKK 918 (924) (6) 0.00

EUR 17,624 (17,206) 418 0.28

HKD 1,801 (1,859) (58) (0.04)

ILS 307 (324) (17) (0.01)

JPY 11,954 (12,136) (182) (0.12)

NOK 415 (451) (36) (0.02)

NZD 58 (76) (18) (0.01)

iSHARES V PLC






30 November 2014




contracts


exposure % of

Net Assets

iShares MSCI World GBP Hedged UCITS ETF (cont) £’000 £’000 £’000

SEK 1,768 (1,779) (11) (0.01)

SGD 856 (850) 6 0.00

USD 86,457 (86,643) (186) (0.13)

Total exposure to foreign currencies 137,880 (138,458) (578) (0.39)

iShares Oil & Gas Exploration & Production UCITS ETF $’000 $’000 $’000

AUD 2,001 - 2,001 8.79

CAD 6,345 - 6,345 27.89

EUR 42 - 42 0.18

GBP 823 - 823 3.62

HKD 1,355 - 1,355 5.95

JPY 636 - 636 2.79

NOK 97 - 97 0.43

SEK 175 - 175 0.77


iShares S&P 500 EUR Hedged UCITS ETF €’000 €’000 €’000

GBP 6 - 6 0.00

USD 982,310 (984,287) (1,977) (0.20)

Total exposure to foreign currencies 982,316 (984,287) (1,971) (0.20)

iShares S&P 500 GBP Hedged UCITS ETF £’000 £’000 £’000

USD 95,912 (96,179) (267) (0.28)


iShares Spain Government Bond UCITS ETF €’000 €’000 €’000

GBP 1 - 1 0.00

Total exposure to foreign currencies 1 - 1 0.00

The following Funds have a foreign currency exposure of less than 500

of the Funds' functional currency for the year ended 30 November

2014, all other assets and liabilities of the Funds were held in the

functional currency: iShares $ Emerging Markets Corporate Bond

UCITS ETF, iShares Austria Government Bond UCITS ETF, iShares

Belgium Government Bond UCITS ETF, iShares Euro Corporate Bond

Interest Rate Hedged UCITS ETF, iShares Finland Government Bond

UCITS ETF, iShares France Government Bond UCITS ETF, iShares

Germany Government Bond UCITS ETF and iShares Netherlands

Government Bond UCITS ETF.

iSHARES V PLC






30 November 2013




contracts


exposure % of

Net Assets

iShares Agribusiness UCITS ETF $’000 $’000 $’000

AUD 261 - 261 0.62

CAD 4,136 - 4,136 9.82

CHF 4,020 - 4,020 9.55

EUR 1,312 - 1,312 3.12

GBP 1,926 - 1,926 4.57

HKD 379 - 379 0.90

ILS 496 - 496 1.18

JPY 5,262 - 5,262 12.51

KRW 224 - 224 0.53

NOK 1,181 - 1,181 2.80

SEK 149 - 149 0.35

SGD 1,128 - 1,128 2.68


iShares Emerging Markets Dividend UCITS ETF $’000 $’000 $’000

BRL 49,735 - 49,735 14.44

CLP 8,355 - 8,355 2.43

CZK 11,529 - 11,529 3.35

EGP 116 - 116 0.03

EUR 4,791 - 4,791 1.39

HKD 31,619 - 31,619 9.18

IDR 8,751 - 8,751 2.54

INR 12 - 12 0.00

KRW 9,313 - 9,313 2.70

MYR 23,117 - 23,117 6.71

PHP 5,062 - 5,062 1.47

PLN 11,220 - 11,220 3.26

THB 20,894 - 20,894 6.07

TRY 24,628 - 24,628 7.15

TWD 97,631 - 97,631 28.33

ZAR 26,316 - 26,316 7.64


iShares Gold Producers UCITS ETF $’000 $’000 $’000

AUD 10,034 - 10,034 6.12

CAD 98,533 - 98,533 60.09

GBP 11,514 - 11,514 7.02

HKD 3,899 - 3,899 2.38

SGD 168 - 168 0.10


iSHARES V PLC






30 November 2013




contracts


exposure % of

Net Assets

iShares MSCI ACWI UCITS ETF $’000 $’000 $’000

AUD 7,995 - 7,995 2.78

BRL 3,182 - 3,182 1.11

CAD 10,304 - 10,304 3.58

CHF 9,157 - 9,157 3.18

DKK 1,204 - 1,204 0.42

EUR 30,950 - 30,950 10.75

GBP 22,210 - 22,210 7.71

HKD 8,661 - 8,661 3.01

IDR 732 - 732 0.25

ILS 418 - 418 0.15

JPY 21,499 - 21,499 7.47

KRW 4,616 - 4,616 1.60

MXN 1,655 - 1,655 0.57

MYR 1,287 - 1,287 0.45

NOK 952 - 952 0.33

PHP 108 - 108 0.04

PLN 500 - 500 0.17

RUB 5 - 5 0.00

SEK 3,304 - 3,304 1.15

SGD 1,503 - 1,503 0.52

THB 523 - 523 0.18

TRY 403 - 403 0.14

TWD 3,280 - 3,280 1.14

ZAR 2,043 - 2,043 0.71


iShares MSCI Japan EUR Hedged UCITS ETF €’000 €’000 €’000

JPY 2,745,652 (2,747,964) (2,312) (0.08)

Total exposure to foreign currencies 2,745,652 (2,747,964) (2,312) (0.08)

iShares MSCI Japan GBP Hedged UCITS ETF £’000 £’000 £’000

JPY 242,516 (242,455) 61 0.02

Total exposure to foreign currencies 242,516 (242,455) 61 0.02

iSHARES V PLC






30 November 2013




contracts


exposure % of

Net Assets

iShares MSCI Poland UCITS ETF $’000 $’000 $’000

PLN 89,436 - 89,436 99.84


iShares MSCI World EUR Hedged UCITS ETF €’000 €’000 €’000

AUD 20,585 (20,887) (302) (0.05)

CAD 26,854 (26,308) 546 0.08

CHF 24,235 (23,968) 267 0.04

DKK 3,586 (3,051) 535 0.08

GBP 58,782 (58,967) (185) (0.03)

HKD 7,408 (7,831) (423) (0.06)

ILS 1,175 (1,233) (58) (0.01)

JPY 56,509 (56,151) 358 0.06

NOK 2,048 (1,988) 60 0.01

NZD 206 (318) (112) (0.02)

SEK 8,442 (8,571) (129) (0.02)

SGD 3,678 (3,809) (131) (0.02)

USD 353,311 (352,998) 313 0.05

Total exposure to foreign currencies 566,819 (566,080) 739 0.11

iShares MSCI World GBP Hedged UCITS ETF £’000 £’000 £’000

AUD 1,620 (1,639) (19) (0.04)

CAD 2,051 (2,094) (43) (0.08)

CHF 1,862 (1,900) (38) (0.07)

DKK 251 (243) 8 0.02

EUR 6,357 (6,500) (143) (0.28)

HKD 604 (612) (8) (0.02)

ILS 98 (103) (5) (0.01)

JPY 4,367 (4,484) (117) (0.24)

NOK 183 (173) 10 0.02

NZD 10 (25) (15) (0.03)

SEK 667 (676) (9) (0.02)

SGD 332 (317) 15 0.03

USD 26,983 (27,567) (584) (1.14)


iSHARES V PLC






30 November 2013




contracts


exposure % of

Net Assets

iShares Oil & Gas Exploration & Production UCITS ETF $’000 $’000 $’000 %

AUD 645 - 645 5.77

CAD 2,147 - 2,147 19.20

EUR 17 - 17 0.15

GBP 449 - 449 4.02

HKD 551 - 551 4.93

JPY 198 - 198 1.77

NOK 44 - 44 0.39

SEK 71 - 71 0.63


iShares S&P 500 EUR Hedged UCITS ETF €’000 €’000 €’000 %

USD 769,447 (769,933) (486) (0.06)


iShares S&P 500 GBP Hedged UCITS ETF £’000 £’000 £’000 %

USD 67,275 (67,344) (69) (0.10)


The following Funds had a foreign currency exposure of less than 500

of the Funds' functional currency for the year ended 30 November

2013, all other assets and liabilities of the Funds were held in the

functional currency: iShares $ Emerging Markets Corporate Bond

UCITS ETF, iShares Austria Government Bond UCITS ETF, iShares

Belgium Government Bond UCITS ETF, iShares Euro Corporate Bond

Interest Rate Hedged UCITS ETF, iShares Finland Government Bond

UCITS ETF, iShares France Government Bond UCITS ETF, iShares

Germany Government Bond UCITS ETF, iShares Italy Government

Bond UCITS ETF, iShares MSCI USA UCITS ETF, iShares Netherlands

Government Bond UCITS ETF and iShares Spain Government Bond

UCITS ETF.

iii) Market risk arising from interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a

financial instrument will fluctuate because of changes in market

interest rates.

All of the Funds are exposed to interest rate risk through their cash

holdings including margin cash held with brokers. The Funds listed in

the following tables are also exposed to interest rate risk through

their investments in bonds where the value of these securities may

fluctuate as a result of a change in interest rates. The Funds that

invest in ETFs have an indirect exposure to those investments that are

held by the ETFs.

The Funds also have indirect exposure to interest rate risk through

investments into futures contracts, whereby the value of the

underlying asset may fluctuate as a result of a change in interest

rates.

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF (the

"Interest Rate Hedged Fund") sells German government futures

contracts in order to hedge the underlying German government bond

yield risk, which is part of the Funds European corporate bond

exposure.

The Interest Rate Hedged Fund, as far as possible and practicable,

tracks the hedging methodology of the benchmark index. The

benchmark index of the Interest Rate Hedged Fund aims to measure

the total return of euro denominated corporate bonds in the Barclays

EUR Corporate Interest Rate Hedged Index while hedging against

underlying interest rate risk of euro corporate bonds in the form of

German government bond yield risk. The benchmark index hedges

against underlying interest rate risk by subtracting from the total

return of the Barclays EUR Corporate Interest Rate Hedged Index, the

return on a basket of German government bond futures contracts on a

monthly basis. The hedge aims to minimise exposure to movements in

the yield of German government bonds, which is a part of European

corporate bond exposure.

iSHARES V PLC





iii) Market risk arising from interest rate risk (continued)

Movements in the prices of these investments are derived from

movements in market interest rates and issuer credit-worthiness.

Issuer credit-worthiness and credit spreads are monitored by the

Investment Manager regularly. The securities in which the Funds

invest will generally have a minimum rating of investment grade from

a ratings agency as set out in the investment policy of the Funds.

The following table outlines the exposure to significant interest rate

risk as at 30 November 2014 and 30 November 2013 whereby short

term financial assets and liabilities are those with a residual maturity

date of less than one year and long term financial assets and

liabilities are those with a residual maturity date of greater than one

year.

30 November 2014

Exposure to interest rate risk Floating interest rate Fixed interest rate Non-interest bearing Total


UCITS ETF $’000 $’000 $’000 $’000

Short term financial assets 3,574 - 1,710 5,284

Long term financial assets - 133,724 - 133,724

Short term financial liabilities - - (3,010) (3,010)

Long term financial liabilities - - - -

Net asset value 3,574 133,724 (1,300) 135,998

iShares Austria Government Bond UCITS ETF €’000 €’000 €’000 €’000

Short term financial assets 28 - 257 285


Short term financial liabilities - - (79) (79)


Net asset value 28 12,548 178 12,754

iShares Belgium Government Bond UCITS ETF €’000 €’000 €’000 €’000

Short term financial assets 1,475 - 469 1,944

Long term financial assets 21,719 - 21,719



Net asset value 1,475 21,719 (1,137) 22,057


Hedged UCITS ETF† €’000 €’000 €’000 €’000

Short term financial assets 12,373 5,924 11,198 29,495




Net asset value 12,373 646,031 3,982 662,386

iShares Finland Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 4 8,071 83 8,158

† Futures contracts used to hedge against underlying interest rate risk are included in this table at their fair value.

iSHARES V PLC






30 November 2014


iShares France Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 2,986 121,341 (1,609) 122,718

iShares Germany Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 7 7,916 109 8,032

iShares Italy Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 6,634 590,226 (979) 595,881

iShares Netherlands Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 8 12,111 179 12,298

iShares Spain Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 1,860 660,006 9,803 671,669

30 November 2013



UCITS ETF $’000 $’000 $’000 $’000

Short term financial assets 951 - 3,294 4,245




Net asset value 951 99,452 1,221 101,624

iSHARES V PLC






30 November 2013


iShares Austria Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 113 10,254 94 10,461

iShares Belgium Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 26 2,613 24 2,663


Hedged UCITS ETF† €’000 €’000 €’000 €’000





Net asset value 8,808 357,271 2,191 368,270

iShares Finland Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 18 2,513 15 2,546

iShares France Government Bond UCITS ETF €’000 €’000 €’000 €’000

Short term financial assets 576 - 942 1,518




Net asset value 576 75,328 423 76,327

iShares Germany Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 31 7,383 107 7,521

† Futures contracts used to hedge against underlying interest rate risk are included in this table at their fair value.

iSHARES V PLC






30 November 2013


iShares Italy Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 8,032 449,403 (2,628) 454,807

iShares Netherlands Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 18 2,494 25 2,537

iShares Spain Government Bond UCITS ETF €’000 €’000 €’000 €’000





Net asset value 4,946 276,949 1,115 283,010

b) Counterparty credit risk

Counterparty credit risk is the risk that the issuer of a financial

instrument will fail to fulfil an obligation or commitment that it has

entered into with the Company.

A number of the Funds invest into sovereign and corporate debt. This

exposes the Funds to the risk that the issuer of the bonds may default

on interest or principal payments. To manage this risk, the Investment

Manager invests in a wide range of securities, subject to the

investment objectives of each Fund and monitors the credit ratings of

the investments as disclosed in the schedules of investments.

The ratings of the debt securities are continually monitored by the

BlackRock Portfolio Management Group (“PMG”).

The Company is exposed to counterparty credit risk from the parties

with which it trades and will bear the risk of settlement default.

Counterparty credit risk to the Company arises from transactions to

purchase or sell futures contracts, forward currency contracts,

equities, bonds, rights, warrants and ETFs (through their underlying

holdings).

Counterparty credit risk is monitored and managed by BlackRock’s

RQA Counterparty & Concentration Risk Team. The team is headed by

BlackRock’s Chief Credit Officer who reports to the Global Head of

RQA. Credit authority resides with the Chief Credit Officer and

selected team members to whom specific credit authority has been

delegated.

As such, counterparty approvals may be granted by the Chief Credit

Officer, or by identified RQA Credit Risk Officers who have been

formally delegated authority by the Chief Credit Officer.

The BlackRock RQA Counterparty & Concentration Risk Team

completes a formal review of each new counterparty, monitors and

reviews all approved counterparties on an ongoing basis and

maintains an active oversight of counterparty exposures and the

collateral management process.

iSHARES V PLC




b) Counterparty credit risk (continued)

The Company’s holdings in futures contracts expose the Company to

counterparty credit risk. The exposure is limited by trading the

contracts through a clearing house. The Company's exposure to

counterparty credit risk on contracts in which it currently has a gain

position is reduced by such gains received in cash from the

counterparty under the daily mark-to-market mechanism on

exchange traded futures contracts (variation margin). The Company's

exposure to counterparty credit risk on contracts in which it currently

has a loss position is equal to the amount of margin posted to the

counterparty which has not been transferred to the exchange under

the daily mark-to-market mechanism. The counterparty for futures

contracts is Barclay's Plc. The long term credit rating of Barclay's Plc

as at 30 November 2014 is A- (30 November 2013: A- (Standard and

Poor's rating).

Margin is paid or received on futures contracts to cover any exposure

by the counterparty or the Company to each other. ''Margin cash

account” on the balance sheet consists of margin receivable from or

payable to the Company's clearing brokers and various

counterparties.

The Company's holdings in forward currency contracts also expose

the Company to counterparty credit risk. The Company's maximum

exposure to counterparty credit risk from holding forward currency

contracts will be equal to the notional amount of the currency and any

net unrealised gains as disclosed in the schedules of investments.

Forward currency contracts do not require variation margins and thus

the counterparty credit risk is monitored through the BlackRock RQA

Counterparty & Concentration Risk Team who monitor the

creditworthiness of the counterparty. The counterparties for forward

currency contracts are disclosed in the schedules of investments.

State Street Bank is the counterparty for forward currency contracts

and has a credit rating of AA- (S&P rating).

All transactions in listed securities are settled/paid for upon delivery

using approved brokers. The risk of default is considered minimal, as

delivery of securities sold is only made once the broker has received

payment. Payment is made on a purchase once the securities have

been received by the broker. The trade will fail if either party fails to

meet its obligation.

Counterparty credit risk arising on transactions with brokers relates

to transactions awaiting settlement. Risk relating to unsettled

transactions is considered small due to the short settlement period

involved and the high credit quality of the brokers used. The Company

monitors the credit rating and financial position of the brokers used to

further mitigate this risk.

The Company is indirectly exposed to the counterparty credit risk

within each ETF from the parties with whom each ETF trades. Each

ETF is subject to the same control procedures that the Investment

Manager employs on the Company.

The Company’s Custodian is State Street Custodial Services (Ireland)

Limited (the "Custodian"). The majority of the investments are held by

same at year end. Investments are segregated from the assets of the

Custodian, with ownership rights remaining with the Company.

Bankruptcy or insolvency of the Custodian may cause the Company’s

rights with respect to its investments held by the Custodian to be

delayed or limited. The maximum exposure to this risk is the amount

of long investments disclosed in the schedules of investments.

The Custodian has appointed State Street Bank and Trust Company

(the “Sub-Custodian”) as its global Sub-Custodian. Substantially all of

the cash of the Company is held with the Sub-Custodian.

The Funds' cash balances are held by the Sub-Custodian in its

account together with its own cash balances and with those cash

balances that are held on behalf of other clients. The Funds’ cash

balances are separately identified within the records of the Sub-

Custodian.

In respect of the cash held by the Sub-Custodian or other depositaries

it appoints, the Company will be exposed to the counterparty credit

risk of the Sub-Custodian or those depositaries. In the event of the

insolvency or bankruptcy of the Sub-Custodian or other depositaries,

the Company will be treated as a general creditor of the Sub-

Custodian or the depositaries.

To mitigate the Company's exposure to the Custodian, the Investment

Manager employs specific procedures to ensure that the Custodian is

a reputable institution and that the counterparty credit risk is

acceptable to the Company. The Company only transacts with

Custodians that are regulated entities subject to prudential

supervision, or with "high credit ratings" assigned by international

credit rating agencies.

The long term credit rating of the parent company of the Custodian

and Sub-Custodian, State Street Corporation, as at 30 November

2014, is A+ (30 November 2013: A+) (Standard and Poor's rating).

Prior to the dividend payment date for the distributing funds, cash,

equal to the dividend payable by the Company to shareholders will be

transferred from the Company’s cash accounts with the Custodian to

client asset accounts held with Computershare Investor Services

(Ireland) Limited (the “Registrar”). The Registrar is responsible for

making dividend payments to shareholders invested in distributing

funds and it will do so out of the monies held in client asset accounts.

iSHARES V PLC





While dividend monies are held with the Registrar in the form of cash,

the Company will have counterparty credit risk exposure to the

Registrar and any depositary bank with which the Registrar maintains

cash accounts for the benefit of the Company.

The Company has sought to mitigate its counterparty credit risk

exposure to the Registrar in terms of dividend monies by agreeing

with the Registrar that the cash accounts held with the Registrar

would be operated as client asset accounts in accordance with the

requirements of the Central Bank of Ireland and the Registrar’s

authorisation under the European Communities (Markets in Financial

Instruments Directive) Regulations 2007 (MiFID).

In order to further mitigate the Company’s counterparty credit risk

exposure to depositary banks with which dividend monies are held,

the Company has put in place arrangements with the Registrar to

invest some or all of the dividend monies in money market CIS's

(which may include CIS's managed by the Manager and/or its

affiliates) during part of the period in which dividend monies are held

with the Registrar pending payment to shareholders.

These arrangements include the Registrar holding the units in the

money market CIS's for the benefit of the Company on a segregated

basis, separate from the Registrar’s own assets. This is because,

while securities may be ring-fenced in segregated accounts, cash is

usually held by depositary banks on a commingled basis and, in the

event of insolvency of a depositary bank, a cash account holder would

usually be treated as a general creditor of the depositary bank.

The CIS's with which dividend monies may be invested may comprise

funds in Institutional Cash Series Plc (“ICS”) (a BlackRock umbrella

fund and open-ended investment company with variable capital

incorporated in Ireland. ICS holds these distribution monies for a

short duration pending payment to shareholders. Residual cash held

by the Funds was also invested in ICS during the year), which invest in

money market instruments.

The Company engages in securities lending activities which expose

the Funds to counterparty credit risk. The maximum exposure to each

Fund is equal to the value of the securities loaned in accordance with

note 19 of the notes to the financial statements of the Company.

To mitigate this risk, the Funds receive securities as collateral

(financial instruments) equal to a certain percentage of the value of

the securities loaned and BlackRock provides the Funds with

indemnification against borrower default as disclosed in note 19.

The securities lending borrowers that received securities on loan

during the year included: Barclays Bank Plc, Barclays Capital

Securities Ltd, BNP Paribas Arbitrage, Citigroup Global Markets

Limited, Goldman Sachs International, HSBC Bank Plc, JP Morgan

Securities Plc, Merill Lynch International, Morgan Stanley & Co.

International Plc, Nomura International Plc, Socéité Générale, The

Bank of Nova Scotia and UBS AG.

The carrying value of financial assets together with cash best

represents the Company’s gross maximum exposure to counterparty

credit risk at the reporting date, before including the effect of

International Swaps and Derivatives Association, Inc. (“ISDA”) master

agreements and close-out netting, which would reduce the overall

counterparty credit risk exposure.

Cash held as security by the counterparty to derivative contracts is

subject to the credit risk of the counterparty. There were no past due

or impaired assets as at 30 November 2014 and 30 November 2013.

The following tables detail the credit rating profile of the debt securities held by the Company as at 30 November 2014 and 30 November 2013:

30 November 2014

Currency AAA ’000

AA ’000

A ’000

BBB ’000

BB ’000

B and below ’000

Total ’000

iShares $ Emerging Markets Corporate Bond UCITS ETF $ - 9,252 31,718 63,617 18,360 10,777 133,724

iShares Austria Government Bond UCITS ETF € - 12,548 - - - - 12,548

iShares Belgium Government Bond UCITS ETF € - 21,719 - - - - 21,719


UCITS ETF € 2,529 73,601 304,847 261,993 3,061 - 646,031

iShares Finland Government Bond UCITS ETF € - 8,071 - - - - 8,071

iShares France Government Bond UCITS ETF € - 121,341 - - - - 121,341

iShares Germany Government Bond UCITS ETF € 7,916 - - - - - 7,916

iShares Italy Government Bond UCITS ETF € - - - 590,226 - - 590,226

iShares Netherlands Government Bond UCITS ETF € - 12,111 - - - - 12,111

iShares Spain Government Bond UCITS ETF € - - - 660,006 - - 660,006

iSHARES V PLC





30 November 2013

Currency AAA ’000

AA ’000

A ’000

BBB ’000

BB ’000

B and below ’000

Total ’000

iShares $ Emerging Markets Corporate Bond UCITS ETF $ - 12,653 18,485 51,348 9,138 7,828 99,452

iShares Austria Government Bond UCITS ETF € 10,254 - - - - - 10,254

iShares Belgium Government Bond UCITS ETF € - 2,613 - - - - 2,613


UCITS ETF € 272 45,496 150,933 150,158 10,412 - 357,271

iShares Finland Government Bond UCITS ETF € 2,513 - - - - - 2,513

iShares France Government Bond UCITS ETF € - 75,328 - - - - 75,328

iShares Germany Government Bond UCITS ETF € 7,383 - - - - - 7,383

iShares Italy Government Bond UCITS ETF € - - - 449,403 - - 449,403

iShares Netherlands Government Bond UCITS ETF € 2,494 - - - - - 2,494

iShares Spain Government Bond UCITS ETF € - - - 276,949 - - 276,949

There were no unrated securities held on the Funds as at 30 November 2014 and 30 November 2013.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulties

in meeting obligations associated with financial liabilities.

Liquidity risk to the Company arises from the redemption requests of

investors and the liquidity of the underlying investments the Company

is invested in. The Company’s shareholders may redeem their shares

on the close of any daily dealing deadline for cash equal to a

proportionate share of the Company’s NAV. The Company is therefore

potentially exposed to the liquidity risk of meeting the shareholders’

redemptions and may need to sell assets at prevailing market prices

to meet liquidity demands. It is also exposed to the liquidity risk of

daily margin calls on derivatives.

Liquidity risk is minimised by holding sufficient liquid investments

which can be readily realised to meet liquidity demands. To manage

this risk, if redemption requests on any dealing day represent 10% or

more of the shares in issue in respect of any Fund, the Manager may,

in its discretion, refuse to redeem any shares in excess of 10% (at any

time including after the cut-off time on the dealing day). Any request

for redemption on such dealing day shall be reduced rateably and the

redemption requests shall be treated as if they were received on each

subsequent dealing day until all shares to which the original request

related have been redeemed. Any deferred redemption requests shall

be treated in priority to any redemption requests received on

subsequent dealing days. In any event settlement for redemptions will

normally be made within fourteen days of the day on which the

redemption request is made.

The Company’s liquidity risk is managed on a daily basis by the

Investment Manager in accordance with established policies and

procedures in place. The portfolio managers review daily forward

looking cash reports which project cash obligations. These reports

allow them to manage their cash obligations.

All financial liabilities of the Funds held at the years ended

30 November 2014 and 30 November 2013 fall due within one month,

with the exception of those disclosed in the following tables:

As at 30 November 2014

Fund Currency

1-3 Months

'000


- Forward currency contracts € (13)


Fund Currency

1-3 Months

'000


- Forward currency contracts £ (1)

iSHARES V PLC




d) Valuation of financial instruments

FRS 29 “Financial Instruments: Disclosures” requires the Company to

classify fair value measurements using a fair value hierarchy that

reflects the significance of inputs used in making the measurements.

The Company’s accounting policies on fair value measurement are

discussed in note a) in the Accounting Policies.

The fair value hierarchy has the following levels:

Level 1 – Quoted market price in an active market for an identical

instrument. These included active listed equities, rights, ETFs,

warrants, exchange traded derivatives etc.

A financial instrument is regarded as quoted in an active market if

quoted prices are readily and regularly available from an exchange,

dealer, broker, industry group, pricing service, or regulatory agency

and those prices represent actual and regularly occurring market

transactions on an arm’s length basis.

Level 2 – Valuation techniques used to price securities based on

observable inputs. This category includes instruments valued using:

quoted market prices in active markets for similar instruments;

quoted prices for similar instruments in markets that are considered

less than active; or other valuation techniques where all significant

inputs are directly or indirectly observable from market data.

Valuation techniques used for non-standardised financial

instruments such as over-the-counter derivatives, include the use of

comparable recent arm’s length transactions, reference to other

instruments that are substantially the same, discounted cash flow

analysis, option pricing models and other valuation techniques

commonly used by market participants making the maximum use of

market inputs and relying as little as possible on entity-specific

inputs.

Level 3 – Valuation techniques using significant unobservable inputs.

This category includes all instruments where the valuation technique

includes inputs not based on observable data and the unobservable

inputs could have a significant impact on the instrument’s valuation.

This category includes instruments that are valued based on quoted

prices for similar instruments where significant unobservable

adjustments or assumptions are required to reflect differences

between the instruments and instruments for which there is no active

market.

The level in the fair value hierarchy within which the fair value

measurement is categorised in its entirety is determined on the basis

of the lowest level input that is significant to the fair value

measurement in its entirety.

For this purpose, the significance of an input is assessed against the

fair value measurement in its entirety. If a fair value measurement

uses observable inputs that require significant adjustment based on

unobservable inputs, that measurement is a level 3 measurement.

Assessing the significance of a particular input to the fair value

measurement in its entirety requires judgement, considering factors

specific to the asset or liability.

The determination of what constitutes observable requires significant

judgement by the Investment Manager.

The Investment Manager considers observable data to be that market

data that is readily available, regularly distributed or updated, reliable

and verifiable, not proprietary, and provided by independent sources

that are actively involved in the relevant market.

The following is an analysis of the Funds’ financial assets and liabilities measured at fair value as at 30 November 2014 and 30 November 2013:

30 November 2014

Level 1 Level 2 Level 3 Total

iShares $ Emerging Markets Corporate Bond UCITS ETF $‘000 $‘000 $‘000 $‘000

Financial assets at fair value through profit or loss

- Debt securities - 133,724 - 133,724

Total - 133,724 - 133,724

iShares Agribusiness UCITS ETF $’000 $’000 $’000 $’000


- Equity securities 100,765 - - 100,765

- Futures contracts 5 - - 5

Total 100,770 - - 100,770

iSHARES V PLC




d) Valuation of financial instruments (continued)

30 November 2014


iShares Austria Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000


- Debt securities - 12,548 - 12,548

Total - 12,548 - 12,548

iShares Belgium Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000



Total - 21,719 - 21,719

iShares Emerging Markets Dividend UCITS ETF $‘000 $‘000 $‘000 $‘000


- Equity securities 285,292 - 3 285,295

- Warrants^ - - - -

Total 285,292 - 3 285,295

Financial liabilities at fair value through profit or loss

- Futures contracts (53) - - (53)

Total (53) - - (53)

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF €‘000 €‘000 €‘000 €‘000


- Debt securities - 646,031 - 646,031


Total 57 646,031 - 646,088


- Futures contracts (6,118) - - (6,118)

Total (6,118) - - (6,118)

iShares Finland Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000



Total - 8,071 - 8,071

iShares France Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000


- Debt securities - 121,341 - 121,341

Total - 121,341 - 121,341

^ Level 3 securities which are less than $500 are rounded to zero.

iSHARES V PLC





30 November 2014


iShares Germany Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000



Total - 7,916 - 7,916

iShares Gold Producers UCITS ETF $’000 $’000 $’000 $’000



Total 255,797 - - 255,797

iShares Italy Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000


- Debt securities - 590,226 - 590,226

Total - 590,226 - 590,226

iShares MSCI ACWI UCITS ETF $‘000 $‘000 $‘000 $‘000



- Rights 15 - - 15


Total 286,566 - 78 286,644

iShares MSCI Emerging Markets Consumer Growth UCITS ETF $‘000 $‘000 $‘000 $‘000



- Rights 2 - - 2

- Warrants** - - - -


Total 4,927 - - 4,927

iShares MSCI Japan EUR Hedged UCITS ETF €‘000 €‘000 €‘000 €‘000


- Equity securities 3,406,738 - - 3,406,738

- Forward currency contracts - 149,702 - 149,702


Total 3,407,717 149,702 - 3,557,419


- Forward currency contracts - (83) - (83)

Total - (83) - (83)

** Level 1 securities which are less than $500 are rounded to zero.

iSHARES V PLC





30 November 2014


iShares MSCI Japan GBP Hedged UCITS ETF £‘000 £‘000 £‘000 £‘000





Total 448,963 13,721 - 462,684



Total - (83) - (83)

iShares MSCI Poland UCITS ETF $‘000 $‘000 $‘000 $‘000



Total 61,663 - - 61,663


- Futures contracts (14) - - (14)

Total (14) - - (14)

iShares MSCI World EUR Hedged UCITS ETF €‘000 €‘000 €‘000 €‘000



- Rights 33 - - 33



Total 497,378 3,121 4 500,503


- Forward currency contracts - (1,476) - (1,476)

Total - (1,476) - (1,476)

iShares MSCI World GBP Hedged UCITS ETF £‘000 £‘000 £‘000 £‘000



- Rights 10 - - 10

- Forward currency contracts - 444 - 444


Total 147,100 444 1 147,545



Total - (2,227) - (2,227)

iSHARES V PLC





30 November 2014


iShares Netherlands Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000



Total - 12,111 - 12,111

iShares Oil & Gas Exploration & Production UCITS ETF $’000 $’000 $’000 $’000



Total 33,707 - - 33,707

iShares S&P 500 EUR Hedged UCITS ETF €‘000 €‘000 €‘000 €‘000





Total 968,840 111 - 968,951



Total - (4,760) - (4,760)

iShares S&P 500 GBP Hedged UCITS ETF £‘000 £‘000 £‘000 £‘000





Total 93,097 24 - 93,121



Total - (1,978) - (1,978)

iShares Spain Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000


- Debt securities - 660,006 - 660,006

Total - 660,006 - 660,006

iSHARES V PLC





30 November 2013


iShares $ Emerging Markets Corporate Bond UCITS ETF $‘000 $‘000 $‘000 $‘000



Total - 99,452 - 99,452

iShares Agribusiness UCITS ETF $’000 $’000 $’000 $’000




Total 41,929 - - 41,929

iShares Austria Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000



Total - 10,254 - 10,254

iShares Belgium Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000



Total - 2,613 - 2,613

iShares Emerging Markets Dividend UCITS ETF $‘000 $‘000 $‘000 $‘000



- Rights 414 - - 414

Total 342,923 - - 342,923

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF €‘000 €‘000 €‘000 €‘000


- Debt securities - 357,271 - 357,271

Total - 357,271 - 357,271


- Futures contracts (4,032) - - (4,032)

Total (4,032) - - (4,032)

iShares Finland Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000



Total - 2,513 - 2,513

iSHARES V PLC





30 November 2013


iShares France Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000



Total - 75,328 - 75,328

iShares Germany Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000



Total - 7,383 - 7,383

iShares Gold Producers UCITS ETF $’000 $’000 $’000 $’000



Total 163,644 - - 163,644

iShares Italy Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000


- Debt securities - 449,403 - 449,403

Total - 449,403 - 449,403

iShares MSCI ACWI UCITS ETF $‘000 $‘000 $‘000 $‘000



- Rights 1 - - 1

Total 273,693 - - 273,693

iShares MSCI Japan EUR Hedged UCITS ETF €‘000 €‘000 €‘000 €‘000


- Equity securities 2,796,065 - - 2,796,065


- Futures contracts 3,477 - - 3,477

Total 2,799,542 116,852 - 2,916,394

iShares MSCI Japan GBP Hedged UCITS ETF £‘000 £‘000 £‘000 £‘000





Total 251,293 15,055 - 266,348



Total - (187) - (187)

iSHARES V PLC





30 November 2013


iShares MSCI Poland UCITS ETF $‘000 $‘000 $‘000 $‘000



Total 89,364 - - 89,364

iShares MSCI USA UCITS ETF $‘000 $‘000 $‘000 $‘000




Total 149,425 - - 149,425

iShares MSCI World EUR Hedged UCITS ETF €‘000 €‘000 €‘000 €‘000



- Rights 2 - - 2

- UCITS exchange traded funds 7,320 - - 7,320



Total 644,299 4,523 - 648,822



Total - (1,044) - (1,044)

iShares MSCI World GBP Hedged UCITS ETF £‘000 £‘000 £‘000 £‘000



- UCITS exchange traded funds 1,961 - - 1,961



Total 48,925 1,151 - 50,076

iShares Netherlands Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000



Total - 2,494 - 2,494

iShares Oil & Gas Exploration & Production UCITS ETF $’000 $’000 $’000 $’000




Total 11,076 - - 11,076

iSHARES V PLC





30 November 2013


iShares S&P 500 EUR Hedged UCITS ETF €‘000 €‘000 €‘000 €‘000





Total 733,197 1,312 - 734,509



Total - (287) - (287)

iShares S&P 500 GBP Hedged UCITS ETF £‘000 £‘000 £‘000 £‘000





Total 66,293 1,349 - 67,642



Total - (15) - (15)

iShares Spain Government Bond UCITS ETF €‘000 €‘000 €‘000 €‘000


- Debt securities - 276,949 - 276,949

Total - 276,949 - 276,949

Investments whose values are based on quoted market prices in

active markets and therefore classified within level 1. These include

active listed equities, rights, ETFs, warrants and exchange traded

derivatives. The Fund does not adjust the quoted price for these

instruments.

Financial instruments that trade in markets that are not considered

to be active but are valued based on quoted market prices, dealer

quotations or alternative pricing sources supported by observable

inputs are classified within level 2. These include bonds and over-the-

counter derivatives.

As level 2 investments include positions that are not traded in active

markets and/or are subject to transfer restrictions, valuations may be

adjusted to reflect illiquidity and/or non-transferability, which are

generally based on available market information.

There were no transfers between level 1 and 2 during the current year

or in the prior year.

Investments whose values are based on unobservable inputs are

classified within level 3. These include equities and warrants that are

currently suspended and equities priced at zero at the year ended 30

November 2014. The Company has used specific valuation techniques

to determine the fair value of these securities.

The level 3 equities consist of securities with stale and/or suspended

prices at the year ended 30 November 2013. The total market value of

level 3 securities is deemed immaterial for the purposes of presenting

a level 3 roll forward table.

iSHARES V PLC




e) Global exposure

In accordance with the UCITS notices issued by the Central Bank of

Ireland, the Manager is required to employ a risk management

process which enables it to accurately monitor and manage the global

exposure of the Funds to financial derivative instruments (“FDI”).

Effective 6 October 2014, global exposure is measured using the

commitment approach to measure the global exposure of a fund and

manage the potential loss to the Fund due to market risk. This

approach is used for all funds with the exception of iShares Euro

Corporate Bond Interest Rate Hedged UCITS ETF, iShares MSCI Japan

EUR Hedged UCITS ETF, iShares MSCI Japan GBP Hedged UCITS ETF,

iShares MSCI World EUR Hedged UCITS ETF, iShares MSCI World GBP

Hedged UCITS ETF, iShares S&P 500 EUR Hedged UCITS ETF and

iShares S&P 500 GBP Hedged UCITS ETF, where global exposure is

measured using VaR.

The commitment approach is a methodology that aggregates the

underlying market or notional value of FDI to determine the global

exposure of the Fund. In accordance with the UCITS notices, global

exposure for a fund utilising the commitment approach must not

exceed 100% of the Fund’s NAV.

The exposures to FDI at year end are marked on the relevant Funds

schedule of investments.

Prior to 6 October 2014 global exposure was measured using the VaR approach for all Funds with the exception of the Funds detailed in the

following table. The following table details the highest, lowest and average utilisation of the VaR limit, expressed as a percentage of the

respective relative VaR regulatory limit for years ended 30 November 2014 and 30 November 2013. For relative VaR, the VaR of the Fund’s

portfolio will not exceed twice the VaR of the reference portfolio. Utilisation refers to the level of risk taken in this context.

30 November 2014

Fund

Market Risk

Approach Reference portfolio

Highest utilisation

of the VaR limit

%

Lowest utilisation

of the VaR limit

%

Average utilisation

of the VaR limit

%


Hedged UCITS ETF

Relative VaR Barclays EUR Corporate Interest Rate

Hedged Index 51.36 48.94 49.87

iShares MSCI Japan EUR Hedged UCITS ETF Relative VaR MSCI Japan 100% Hedged to EUR

Index Net 51.97 48.07 49.90

iShares MSCI Japan GBP Hedged UCITS ETF Relative VaR MSCI Japan 100% Hedged to GBP Net

TR Index 50.98 47.69 49.82

iShares MSCI World EUR Hedged UCITS ETF Relative VaR MSCI World 100% Hedged to EUR

Index Net 51.35 48.72 49.91

iShares MSCI World GBP Hedged UCITS ETF Relative VaR MSCI World 100% Hedged to GBP

Index Net 50.26 49.16 49.87

iShares S&P 500 EUR Hedged UCITS ETF Relative VaR S&P 500 Euro Hedged 51.78 48.36 49.97

iShares S&P 500 GBP Hedged UCITS ETF Relative VaR S&P 500 British Pound 50.62 48.32 49.95

30 November 2013

Fund

Market Risk


Highest utilisation

of the VaR limit

%

Lowest utilisation

of the VaR limit

%

Average utilisation

of the VaR limit

%


UCITS ETF

Relative VaR Morningstar Emerging Markets

Corporate Bond Index 50.80 49.25 49.99

iShares Agribusiness UCITS ETF Relative VaR S&P Commodity Producers Agribusiness

Index 51.87 48.89 50.65

iShares Austria Government Bond UCITS ETF Relative VaR Barclays Austria Treasury Bond Index 50.82 49.93 49.99

iShares Belgium Government Bond UCITS ETF Relative VaR Barclays Belgium Treasury Bond Index 53.54 49.73 50.01

iSHARES V PLC




e) Global exposure (continued)

30 November 2013

Fund

Market Risk


Highest utilisation

of the VaR limit

%

Lowest utilisation

of the VaR limit

%

Average utilisation

of the VaR limit

%

iShares Emerging Markets Dividend UCITS ETF Relative VaR Dow Jones Emerging Markets Select

Dividend Index 51.85 49.39 49.89


Hedged UCITS ETF

Relative VaR Barclays EUR Corporate Interest Rate

Hedged Index 51.10 49.04 49.93

iShares Finland Government Bond UCITS ETF Relative VaR Barclays Finland Treasury Bond Index 50.03 49.92 49.98

iShares France Government Bond UCITS ETF Relative VaR Barclays France Treasury Bond Index 50.32 49.91 49.98

iShares Germany Government Bond UCITS ETF Relative VaR Barclays Germany Treasury Bond Index 50.63 49.81 50.00

iShares Gold Producers UCITS ETF Relative VaR S&P Commodity Producers Gold Index 49.83 40.56 47.75

iShares Italy Government Bond UCITS ETF Relative VaR Barclays Italy Treasury Bond Index 50.70 49.88 49.98

iShares MSCI ACWI UCITS ETF Relative VaR MSCI All Countries World Index Net USD 54.43 40.47 49.56

iShares MSCI Japan EUR Hedged UCITS ETF Relative VaR MSCI Japan 100% Hedged to EUR

Index Net 61.61 46.16 50.52

iShares MSCI Japan GBP Hedged UCITS ETF Relative VaR MSCI Japan 100% Hedged to GBP Net

TR Index 52.69 39.05 49.72

iShares MSCI Poland UCITS ETF Relative VaR MSCI Poland Index 63.50 48.28 50.14

iShares MSCI USA UCITS ETF Relative VaR MSCI USA Index 59.77 45.32 50.00

iShares MSCI World EUR Hedged UCITS ETF Relative VaR MSCI World 100% Hedged to EUR

Index Net 63.31 34.00 49.90

iShares MSCI World GBP Hedged UCITS ETF Relative VaR MSCI World 100% Hedged to GBP

Index Net 60.43 33.99 49.70


UCITS ETF

Relative VaR Barclays Netherlands Treasury Bond

Index 50.04 49.94 49.97

iShares Oil & Gas Exploration & Production

UCITS ETF

Relative VaR S&P Commodity Producers Oil & Gas

Exploration & Production Index 60.23 44.78 50.18

iShares S&P 500 EUR Hedged UCITS ETF Relative VaR S&P 500 Euro Hedged 62.49 37.18 50.15

iShares S&P 500 GBP Hedged UCITS ETF Relative VaR S&P 500 British Pound 65.51 38.66 50.02

iShares Spain Government Bond UCITS ETF Relative VaR Barclays Spain Treasury Bond Index 50.18 49.79 49.98

f) Leverage

The use of derivatives may expose Funds to a higher degree of risk. In

particular, derivative contracts can be highly volatile, and the amount

of initial margin is generally small relative to the size of the contract

so that transactions may be leveraged in terms of market exposure.

A relatively small market movement may have a potentially larger

impact on derivatives than on non-derivative instruments. Leveraged

derivative positions can therefore increase Fund volatility.

iSHARES V PLC




f) Leverage (continued)

For funds where global exposure is measured using VaR, the leverage is calculated on a gross exposure basis, by taking the sum of the notional

values of the derivatives used by a fund, without netting, and is expressed as a percentage of the NAV. Disclosed in the following table is the

average leverage employed during the years ended 30 November 2014 and 30 November 2013 for the applicable Funds:

Fund

Average leverage employed

during the year ended

30 November 2014 %

Average leverage employed

during the year ended

30 November 2013 %

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF 92.62 91.06

iShares MSCI Japan EUR Hedged UCITS ETF 115.71 114.10

iShares MSCI Japan GBP Hedged UCITS ETF 114.12 110.78

iShares MSCI World EUR Hedged UCITS ETF 100.76 103.46

iShares MSCI World GBP Hedged UCITS ETF 102.45 107.37



iSHARES V PLC


INCOME STATEMENT

For the year ended 30 November 2014

Note Year ended 30 November

2014 £’000

Year ended 30 November

2013 £’000

Operating income 2 145,140 81,841

Net gains on financial assets/liabilities at fair value through profit or loss 3 467,376 590,273

Total gains 612,516 672,114

Operating expenses 4 (31,408) (16,791)

Net operating profit 581,108 655,323

Finance costs:

Distributions to redeemable participating shareholders 6 (42,449) (24,239)

Interest expense 7 (41) (44)

Total finance costs (42,490) (24,283)

Net profit for the financial year before tax 538,618 631,040

Capital gains tax (14) (10)

Non-reclaimable withholding tax 8 (14,596) (5,664)

Net profit for the financial year after tax 524,008 625,366

Adjustment to align to the valuation methodology as set out in the prospectus 9 (2,536) 4,524

Increase in net assets attributable to redeemable participating shareholders from operations 521,472 629,890

There are no recognised gains or losses arising in the year other than those dealt with in the income statement. In arriving at the results of the

financial year, all amounts relate to continuing operations except for amounts relating to discontinued operations on iShares MSCI USA UCITS

ETF which closed on 18 August 2014.

Approved on behalf of the Board of Directors


Director Director

30 March 2015 30 March 2015

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS



2014 £’000


2013 £’000

Net assets attributable to redeemable participating shareholders at the beginning of the year 5,655,974 1,286,379

Notional foreign exchange adjustment* (182,066) (74,047)


Share transactions:

Proceeds from issue of redeemable participating shares 3,492,151 4,875,797

Payments on redemption of redeemable participating shares (2,326,009) (1,062,045)

Transfer due to merger out of the Company** (107,036) -

Increase in net assets resulting from share transactions 1,059,106 3,813,752

Net assets attributable to redeemable participating shareholders at the end of the year 7,054,486 5,655,974

* The notional foreign exchange adjustment arises from the retranslation of the net assets at the beginning of the year using the exchange rate as at 30 November 2014. The average rate for the year is applied to the income statement items and share transactions (See note 17). ** Please see details of the Fund Merger in the background section.

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

iSHARES V PLC


BALANCE SHEET


Note 30 November 2014 £’000

30 November 2013 £’000

CURRENT ASSETS

Cash and cash equivalents 76,068 99,822

Margin cash account 9,950 6,106

Receivables 12 70,239 85,422

Financial assets at fair value through profit or loss 13 7,103,116 5,657,444

Total current assets 7,259,373 5,848,794

CURRENT LIABILITIES

Bank overdraft (509) (183)

Margin cash account (65) (830)

Payables 14 (175,816) (180,128)

Distributions payable to redeemable participating shareholders (17,805) (13,094)

Financial liabilities at fair value through profit or loss 13 (14,231) (4,660)

Total current liabilities excluding net assets attributable to redeemable participating shareholders (208,426) (198,895)

Net assets attributable to redeemable participating shareholders 7,050,947 5,649,899

Adjustment to align to the valuation methodology as set out in the prospectus 9 3,539 6,075

Net asset value attributable to redeemable participating shareholders at the end of the year 7,054,486 5,655,974


Approved on behalf of the Board of Directors


Director Director

30 March 2015 30 March 2015

iSHARES V PLC

NOTES TO THE FINANCIAL STATEMENTS



1. ACCOUNTING POLICIES, FINANCIAL INSTRUMENTS AND RISKS

The accounting policies are set out on pages 42 to 46. The financial

instruments and risks are set out on pages 47 to 76.

2. OPERATING INCOME


2014 £’000


2013 £’000

Deposit interest income 26 8

Dividend income 105,830 59,917

Bond interest income 38,123 21,640

Securities lending income 1,148 244

Management fee rebate* 13 32

145,140 81,841

* The management fee rebate is calculated based on the amounts invested by iShares MSCI World EUR Hedged UCITS ETF and iShares MSCI World GBP Hedged UCITS ETF multiplied by the management fee rate of iShares Core MSCI Japan IMI UCITS ETF.

3. NET GAINS ON FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE

THROUGH PROFIT OR LOSS


2014 £’000


2013 £’000

Net gains on investments in

securities held at fair value

through profit or loss 412,977 275,577

Net gains on forward currency

contracts 74,298 299,587

Net (losses)/gains on futures

contracts (21,146) 19,843

Net gains/(losses) on other

investments 1,247 (4,734)

467,376 590,273

4. OPERATING EXPENSES


2014 £’000


2013 £’000

Management fees (31,408) (16,791)

(31,408) (16,791)

5. MANAGEMENT FEES

Fees earned by the Manager during the year and balances

outstanding as at 30 November 2014 and 30 November 2013 are

disclosed in note 4 and note 14 respectively.

Management fees (inclusive of investment management fees):

The Manager is entitled to an annual fee at rates not exceeding those

set out below, these rates are the maximum fee rates as at

30 November 2014:

Fund

Maximum fee rate

(% of NAV)

iShares $ Emerging Markets Corporate Bond UCITS ETF 0.50

iShares Agribusiness UCITS ETF 0.55

iShares Austria Government Bond UCITS ETF 0.20

iShares Belgium Government Bond UCITS ETF 0.20

iShares Emerging Markets Dividend UCITS ETF 0.65

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF 0.25

iShares Finland Government Bond UCITS ETF 0.20

iShares France Government Bond UCITS ETF 0.20

iShares Germany Government Bond UCITS ETF 0.20

iShares Gold Producers UCITS ETF 0.55

iShares Italy Government Bond UCITS ETF 0.20

iShares MSCI ACWI UCITS ETF 0.60

iShares MSCI Emerging Markets Consumer Growth

UCITS ETF* 0.60

iShares MSCI Japan EUR Hedged UCITS ETF 0.64

iShares MSCI Japan GBP Hedged UCITS ETF 0.64

iShares MSCI Poland UCITS ETF 0.74

iShares MSCI USA UCITS ETF** 0.33

iShares MSCI World EUR Hedged UCITS ETF 0.55

iShares MSCI World GBP Hedged UCITS ETF 0.55

iShares Netherlands Government Bond UCITS ETF 0.20

iShares Oil & Gas Exploration & Production UCITS ETF 0.55

iShares S&P 500 EUR Hedged UCITS ETF 0.45

iShares S&P 500 GBP Hedged UCITS ETF 0.45

iShares Spain Government Bond UCITS ETF 0.20

* This Fund launched during the year ended 30 November 2014. ** This Fund closed on 18 August 2014.

The Company employs an “all in one” fee structure for its Funds, with

each Fund paying all of its fees, operating costs and expenses (and its

due proportion of any costs and expenses allocated to it) as a single

flat fee (the “Total Expense Ratio” or “TER”). The TER is calculated in

accordance with the Committee of European Securities Regulators

(“CESR”) guidelines on the methodology for calculation of the ongoing

charges figure in the Key Investor Information Document.

The Manager is responsible for discharging all operational expenses,

including but not limited to fees and expenses of the Directors,

Investment Manager, Custodian, Administrator, Transfer Agent and

Registrar from the amounts received by the Manager from the TER.

iSHARES V PLC

NOTES TO THE FINANCIAL STATEMENTS (continued)



5. MANAGEMENT FEES (continued)

Such operational expenses include regulatory and audit fees.

Directors’ fees will not exceed the sum of €40,000 per annum per

Director without the approval of the Board of Directors.

In the event a fund’s costs and expenses in connection with the

operation of the Fund exceed the stated TER, the Manager will

discharge any excess amount out of its own assets. The

establishment costs of the Company have been paid by the Manager.

The following fees were included in management fees during the year:


2014 €’000


2013 €’000

Directors’ fees (25) (30)

Audit fees relating to the audit

of the annual accounts (163) (216)

Other assurance services fee

relating to fund merger (5) -

There were no other assurance, tax, advisory or non audit fees other

than the audit and assurance fees disclosed above paid to

PricewaterhouseCoopers in Dublin, Ireland as the Statutory Auditor of

the Company as no other services were provided. The other assurance

services relate to merger exchange ratios as required by Regulation

60 of Statutory Instrument (“S.I.”) No 352/2011.

Whilst it is anticipated that the TER borne by a fund shall not exceed

the amounts set out above during the life of a fund such amounts may

need to be increased. Any such increase will be subject to the prior

approval of the shareholders of the relevant Fund evidenced either by

a majority vote at a meeting of shareholders or by a written resolution

of all of the shareholders.

As disclosed above, no commissions, discounts, brokerages or other

special terms have been granted or are payable by the Company in

connection with the issue or sale of any capital of the Company.

6. DISTRIBUTIONS TO REDEEMABLE PARTICIPATING

SHAREHOLDERS

The Company may declare and pay dividends on any distributing class

of shares in the Company.

Distributions declared during the year were as follows:


2014 £’000


2013 £’000

February 2013 - 552

May 2013 - 11,523

June 2013 - 2,764

August 2013 - 3,724

November 2013 - 13,416

December 2013 2,920 -

February 2014 61 -

May 2014 16,631 -

June 2014 4,574 -

August 2014 3,954 -

November 2014 17,800 -

45,940 31,979

Equalisation income (7,092) (10,312)

Equalisation expense 3,601 2,572

42,449 24,239

7. INTEREST EXPENSE


2014 £’000


2013 £’000

Bank interest (41) (44)

(41) (44)

8. TAXATION

Under current law and practice, the Company qualifies as an

investment undertaking as defined in Section 739B of the Taxes

Consolidation Act, 1997, as amended. On that basis it is not

chargeable to Irish tax on its income or gains. However, Irish tax may

arise on the occurrence of a “chargeable event”.

A chargeable event includes any distribution payments to

shareholders or any encashment, redemption, cancellation or

transfer of shares and the holding of shares at the end of each eight

year period beginning with the acquisition of such shares.

No Irish tax will arise on the Company in respect of chargeable events

in respect of:

a) A shareholder who is neither Irish resident nor ordinarily

resident in Ireland for tax purposes, at the time of the

chargeable event, provided appropriate valid declarations in

accordance with the provisions of the Taxes Consolidation Act,

1997, as amended, are held by the Company; or the Company

has been authorised by the Irish Revenue to make gross

payments in the absence of appropriate declarations; and

iSHARES V PLC




8. TAXATION (continued)

b) Certain exempted Irish tax resident shareholders who have

provided the Company with the necessary signed Annual

declarations; and

c) Any transaction (which might otherwise be a chargeable event)

in relation to shares held in a recognised clearing system as

designated by order of the Irish Revenue Commissioners (such

as CREST) will not constitute a chargeable event. It is the

current intention of the Directors that all the shares in the

Company will be held in Crest or another recognised clearing

system.

Dividends, interest and capital gains (if any) received on investments

made by the Company may be subject to withholding taxes imposed

by the country from which the investment income/gains are received

and such taxes may not be recoverable by the Company or its

shareholders.

9. ADJUSTMENT TO ALIGN TO THE VALUATION METHODOLOGY AS

SET OUT IN THE PROSPECTUS

The adjustment between the financial statements net asset value and

the valuation methodology set out in the prospectus is shown below:


2014 £’000


2013 £’000

Balance brought forward 6,075 1,551

Adjustment to align to the

valuation methodology as set

out in the prospectus (2,536) 4,524

Total adjustment for the year (2,536) 4,524

Balance carried forward 3,539 6,075

Further details are set out in the accounting policies note m).

10. TRANSACTION COSTS

In order to achieve its investment objective, a fund will incur

transaction costs in relation to trading activity on its portfolio.

Disclosed in the table below are separately identifiable transaction

costs incurred by the Company for the years ended 30 November 2014

and 30 November 2013. These include all brokers’ commission,

settlement fees, stamp duties and broker fees charges on equities,

exchange traded futures contracts and some fixed income

investments.


2014 £’000


2013 £’000

Transaction costs (1,489) (1,405)

Not all transaction costs are separately identifiable. For some fixed

income investments, transaction costs will be included in the

purchase and sales price of the investment and are not separately

disclosed.

11. SHARE CAPITAL

The issued and fully paid redeemable participating share capital is at

all times equal to the net asset value of the Company. Redeemable

participating shares are redeemable at the shareholders' option and

are classified as financial liabilities.

Redeemable Participating Shares - issued and fully paid

Number of redeemable participating shares:

30 November 2014

No. of Shares

30 November 2013

No. of Shares

Balance at the beginning of year 182,470,992 56,568,985

Issued during year 112,013,406 160,745,007

Redeemed during year (83,754,000) (34,843,000)

Balance at the end of year 210,730,398 182,470,992

Authorised

The authorised share capital of the Company is £2 divided into 2

subscriber shares of a par value of £1 each and 500 billion

participating shares of no par value initially designated as

unclassified shares.

Subscriber shares

The Company has issued 2 subscriber shares to the Manager and

nominees of the Manager. They do not form part of the net asset value

of the Company. They are thus disclosed in the financial statements

by way of this note only. In the opinion of the Directors this disclosure

reflects the nature of the Company’s investment business.

12. RECEIVABLES

30 November 2014 £’000

30 November 2013 £’000

Sale of securities

awaiting settlement 29,151 21,493

Subscription for shares

awaiting settlement - 35,511

Dividend income receivable 16,196 16,528

Deposit interest receivable 1 -

Management fee rebate

receivable* - 3

Securities lending income

receivable 66 36

Bond interest income receivable 24,622 11,674

Tax reclaim receivable 137 98

Other receivables 66 79

70,239 85,422

* The management fee rebate is calculated based on the amounts invested by iShares MSCI World EUR Hedged UCITS ETF and iShares MSCI World GBP Hedged UCITS ETF multiplied by the management fee rate of iShares Core MSCI Japan IMI UCITS ETF.

iSHARES V PLC




13. FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH

PROFIT OR LOSS

Financial assets:

30 November 2014 £’000

30 November 2013 £’000

Investment in equities 5,224,456 4,480,032

Investment in bonds 1,741,149 1,045,015

Investment in rights 47 255

Investment in UCITS exchange

traded funds - 8,045

Investment in warrants* - -

Unrealised gains on forward

currency contracts 135,932 119,531

Unrealised gains on futures contracts 1,532 4,566

7,103,116 5,657,444

Financial liabilities:

Unrealised losses on forward

currency contracts (9,318) (1,308)

Unrealised losses on

futures contracts (4,913) (3,352)

(14,231) (4,660)

* Investments which are less than £500 are rounded to zero.

14. PAYABLES

30 November2014£’000

30 November 2013 £’000

Purchase of securities

awaiting settlement (155,724) (159,204)

Payable for fund shares

repurchased (17,495) (18,723)

Interest payable (1) (2)

Management fees payable (2,594) (2,189)

Capital gains tax payable - (10)

Other payables (2) -

(175,816) (180,128)

15. SOFT COMMISSIONS

There were no soft commissions arrangements entered into by the

Investment Manager on behalf of the Company during the years

ended 30 November 2014 and 30 November 2013, other than those

disclosed in the financial statements of the Funds.

16. COMMITMENTS AND CONTINGENT LIABILITIES

There were no significant commitments or contingent liabilities at the

year ended 30 November 2014 and 30 November 2013, other than

those disclosed in the financial statements of the Funds.

17. EXCHANGE RATES

The rates of exchange ruling at 30 November 2014 and 30 November

2013 were:

30 November

2014 30 November

2013

GBP1= AUD 1.8349 1.7925

CAD 1.7857 1.7342

CHF 1.5089 1.4802

DKK 9.3473 8.9739

EGP - 11.2758

EUR 1.2562 1.2031

HKD 12.1447 12.6992

HUF - 362.5354

ILS 6.1038 5.7705

JPY 185.8667 167.6790

MYR - 5.2794

NOK 10.9715 10.0182

NZD 1.9950 2.0064

PHP - 71.7056

SEK 11.6544 10.7062

SGD 2.0413 2.0535

THB - 52.5978

TRY - 3.3070

USD 1.5661 1.6380

ZAR - 16.6533

EUR1= AUD 1.4606 1.4899

CAD 1.4215 1.4415

CHF 1.2011 1.2304

CZK - 27.3815

DKK 7.4409 7.4591

GBP 0.7960 0.8312

HKD 9.6678 10.5556

IDR - 16,287.5430

ILS 4.8589 4.7965

JPY 147.9586 139.3751

KRW - 1,440.9285

NOK 8.7338 8.3272

NZD 1.5881 1.6677

SEK 9.2774 8.8990

SGD 1.6250 1.7068

TRY - 2.7488

TWD - 40.2937

USD 1.2466 1.3616

USD1= AED 3.6731 -

AUD 1.1716 1.0943

BRL 2.5761 2.3333

iSHARES V PLC




17. EXCHANGE RATES (continued)

30 November

2014 30 November

2013

CAD 1.1403 1.0587

CHF 0.9635 0.9037

CLP 608.2000 531.2200

COP 2,211.0500 -

CZK 22.1682 20.1105

DKK 5.9687 5.4784

EGP 7.1501 6.8837

EUR 0.8022 0.7345

GBP 0.6385 0.6105

HKD 7.7550 7.7527

HUF 245.7346 221.3214

IDR 12,204.0000 11,962.5000

ILS 3.8976 3.5228

INR 62.0550 -

JPY 118.6850 102.3650

KRW 1,107.9500 1,058.3000

MAD 8.8512 -

MXN 13.8998 13.1038

MYR 3.3825 3.2230

NOK 7.0059 6.1160

NZD 1.2739 -

PHP 44.9050 43.7750

PLN 3.3540 3.0861

QAR 3.6411 -

RUB 49.4725 33.0802

SEK 7.4419 6.5360

SGD 1.3035 1.2536

THB 32.8350 32.1100

TRY 2.2171 2.0189

TWD 30.9475 29.5940

ZAR 11.0465 10.1666

The average rates of exchange for the years ended 30 November 2014

and 30 November 2013 were:

30 November

2014 30 November

2013

GBP1= EUR 1.2345 1.1808

USD 1.6542 1.5624

18. RELATED PARTY TRANSACTIONS

Parties are considered to be related if one party has the ability to

control the other party or is able to exercise significant influence over

the other party, in making financial or operational decisions.

The following entities were related parties to the Company during the

year ended 30 November 2014:

Board of Directors of the Company

Manager: BlackRock Asset Management

Ireland Limited

Investment Manager and

Promoter: BlackRock Advisors (UK) Limited

Sub-Investment Manager: BlackRock Financial Management, Inc.

Securities lending agent: BlackRock Advisors (UK) Limited

The ultimate holding Company of the Manager, Investment Manager

and sub-Investment Managers is BlackRock Inc., a company

incorporated in Delaware USA. PNC Financial Services Group, Inc.

(“PNC”), is a substantial shareholder in BlackRock Inc. PNC did not

provide any services to the Company in the years ended 30 November

2014 or 30 November 2013.

When arranging transactions in securities for the Company, affiliates

of PNC may provide securities brokerage, foreign exchange, banking

and other services, or may act as principal, on their usual terms and

may benefit therefrom. Commissions have been paid to brokers and

agents in accordance with the relevant market practice and the

benefit of any bulk or other commission discounts or cash

commissions rebates provided by brokers or agents have been passed

on to the Company. The services of PNC companies could have been

used by the Investment Manager where it is considered appropriate to

do so provided that their commissions and other terms of business

are generally comparable with those available from unassociated

brokers and agents in the markets concerned, and this is consistent

with the above policy of obtaining best net results.

Fees payable to the Manager and Investment Manager are paid out of

the TER charged to the Funds. The TER forms part of the operating

expenses which are included in the income statement. The

Investment Manager will discharge the fees and expenses of the Sub-

Investment Managers. The Securities Lending Agent pays the

securities lending income to the Funds net of their fees.

Details of soft commission arrangements with related parties are

disclosed in note 15.

Barry O'Dwyer is a non-executive Director of the Manager.

With the exception of Paul McGowan and Paul McNaughton, all

Directors are also employees of the BlackRock Group.

iSHARES V PLC




18. RELATED PARTY TRANSACTIONS (continued)

The Directors of the Company and the Manager who are also

employees of the BlackRock Group are not entitled to receive

Directors’ fees.

Each of the Directors of the Company at the year-end also serves on

the Board of a number of BlackRock Funds.

On her appointment as a non-executive Director on 31 March 2013

Cora O'Donohoe held either directly or indirectly, 510 redeemable

participating shares in iShares Emerging Markets Dividend UCITS

ETF. These shareholdings had not changed as at 30 November 2014.

Computershare Investor Services (Ireland) Limited (the “Registrar”)

can invest distribution monies in Institutional Cash Series Plc (“ICS”),

a BlackRock umbrella fund and open-ended investment company

with variable capital incorporated in Ireland. ICS holds these

distribution monies for a short duration pending payment to

shareholders. Residual cash held by the Funds was also invested in

ICS during the year.

Investments in Funds managed by BlackRock Asset Management

Ireland Limited are marked on the relevant Funds' schedule of

investments. Details of management fee rebates applied to

investments in iShares Funds are set out in note 2 and note 12 of the

financial statements of the Company.

All related party transactions were carried out at arm’s length in the

ordinary course of business. The terms and returns received by the

related parties in making the investments above were no more

favourable than those received by other investors investing into the

same share classes.

Significant holdings

The Company had no shareholders with holdings of voting shares

greater than 20% or any shareholders who are considered to be

related parties as at the years ended 30 November 2014 and

30 November 2013.

No provisions have been recognised by the Funds against amounts

due from related parties at the year-end date (30 November 2013:

Nil).

No amounts have been written off in the year in respect of amounts

due to or from related parties (30 November 2013: Nil).

No commitments secured or unsecured or guarantees have been

entered into with related parties during the year (30 November 2013:

Nil).

Securities Lending

The security lending agent appointed pursuant to the securities

lending agreement is BlackRock Advisors (UK) Limited which is a

related party to the Company.

The Funds benefit from a borrower default indemnity provided by

BlackRock Inc. The indemnity allows for full replacement of securities

lent. BlackRock Inc. bears all operational costs directly related to

securities loan transactions as well as the cost of indemnification

against borrower default.

See further information in note 19: Efficient Portfolio Management.

19. EFFICIENT PORTFOLIO MANAGEMENT

The Company may, subject to the conditions and within the limits

from time to time laid down by the Central Bank of Ireland and the

prospectus, engage in securities lending and employ techniques and

instruments relating to transferable securities for efficient portfolio


During the year the Company engaged in securities lending. The

Company receives either cash collateral or securities as collateral, as

determined within the schedule, for a value in excess of the market

value of the securities loaned. As at 30 November 2014 and 30

November 2013, the collateral consists of securities admitted to or

dealt on a regulated market.

The collateral is registered and held in the name of BlackRock

Advisors (UK) Limited on behalf of the Funds in any or all of the

following collateral agents and central securities depositaries:

JP Morgan Chase, Bank of New York Mellon Corporation, Euroclear or

CREST, depending on the type of collateral the counterparty needs to

give as per the schedule in order to cover the required value of

exposure. Further details can be seen on page 63.

The Investment Manager monitors the fair value of the securities

loaned and additional collateral is obtained, if necessary.

The securities lending agent appointed pursuant to the stock lending

agreement is BlackRock Advisors (UK) Limited. Until 30 April 2014

securities lending income was split between the Fund and the

securities lending agent in a ratio of 60:40 in favour of the Fund.

Effective 1 May 2014 the ratio changed to 62.5:37.5 in favour of the

Fund, with all operational costs borne out of the securities lending

agents share.

iSHARES V PLC




19. EFFICIENT PORTFOLIO MANAGEMENT (continued)

30 November 2014 £’000

30 November 2013 £’000

Income earned during the year 1,148 244

Value of securities on loan at

year end 193,095 21,691

Value of collateral held on behalf

of the Company at year end 212,203 24,739

Please see note 20 for more information on financial derivative

instruments.

20. FINANCIAL DERIVATIVE INSTRUMENTS

The Company may buy and sell financial derivative instruments. See

further details in note 3 of the financial statements of the Company

and the Fund's Schedule of Investments.

21. SUBSEQUENT EVENTS

Effective 10 March 2015 the address of the Austrian Paying Agent

and Information Agent changed from: 8398 Global Securities Sales

& Services, P.O. Box 35, A-1011 Vienna, Austria to: Attn.: 8398/

Custody, Julius Tandler Platz 3, 1090 Vienna, Austria.

Other than the above, there have been no events subsequent to the

year end, which, in the opinion of the Directors of the Company, may

have had an impact on the financial statements for the year ended

30 November 2014.

iSHARES V PLC

iShares $ Emerging Markets Corporate Bond UCITS ETF


INCOME STATEMENT



2014 $’000


2013 $’000


Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 3 1,824 (7,636)

Total gains/(losses) 7,793 (3,343)

Operating expenses 4 (651) (497)

Net operating profit/(loss) 7,142 (3,840)

Finance costs:



Net profit/(loss) for the financial year before tax 1,804 (7,558)

Capital gains tax - (16)

Non-reclaimable withholding tax - (2)

Net profit/(loss) for the financial year after tax 1,804 (7,576)

Increase/(decrease) in net assets attributable to redeemable participating shareholders

from operations 1,804 (7,576)


financial year, all amounts relate to continuing operations.




2014 $’000


2013 $’000

Net assets attributable to redeemable participating shareholders at the beginning of the year 101,624 43,610


from operations 1,804 (7,576)

Share transactions:

Proceeds from issue of redeemable participating shares 83,433 86,866

Payments on redemption of redeemable participating shares (50,863) (21,276)

Increase in net assets resulting from share transactions 32,570 65,590

Net assets attributable to redeemable participating shareholders at the end of the year 135,998 101,624


iSHARES V PLC



BALANCE SHEET


Note 30 November 2014 $’000

30 November 2013 $’000

CURRENT ASSETS

Cash and cash equivalents 3,574 951

Receivables 10 1,710 3,294

Financial assets at fair value through profit or loss 11 133,724 99,452

Total current assets 139,008 103,697

CURRENT LIABILITIES

Payables 12 (55) (54)

Distributions payable to redeemable participating shareholders 6 (2,955) (2,019)


Net asset value attributable to redeemable participating shareholders at the end of the year 135,998 101,624

The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 9.

iSHARES V PLC





1. ACCOUNTING POLICIES, FINANCIAL INSTRUMENTS AND RISKS,

TAX, SOFT COMMISSIONS AND EXCHANGE RATES


instruments and risks are set out on pages 47 to 76. The notes

relating to tax, soft commissions and exchange rates are set out in the

notes on pages 79 to 85.

2. OPERATING INCOME


2014 $’000


2013 $’000



Securities lending income 16 -

5,969 4,293

3. NET GAINS/(LOSSES) ON FINANCIAL ASSETS/LIABILITIES AT

FAIR VALUE THROUGH PROFIT OR LOSS


2014 $’000


2013 $’000

Net gains/(losses) on

investments in securities held at

fair value through profit or loss 1,824 (7,636)

1,824 (7,636)



2014 $’000


2013 $’000

Management fees (651) (497)

(651) (497)

5. MANAGEMENT FEES




Please refer to note 5 of the financial statements of the Company for

each Fund’s management fee rate.

The Manager is responsible for discharging, from this fee, all fees of

the Investment Manager, the Administrator and the Custodian and

any distributing agent appointed by the distributor through whom the

shares will be marketed, together with all reasonable out of pocket

expenses of such service providers, (including sub-custodial fees and

expenses, (which will be at normal commercial rates) and transaction

related charges of the Administrator and Custodian). The Manager

will also be responsible for discharging from its fee for each share

class an attributable proportion of the organisational and operating

expenses, including audit and directors fees, of the Company. The fee

will be accrued daily based on the daily net asset value of the share

classes and will be paid monthly in arrears. Where the actual fees and

costs incurred exceed the amount paid to the Manager, the excess

will be discharged by the Manager from its own assets.

The Fund employs an “all in one” fee structure, paying all of its fees,

operating costs and expenses (and its due proportion of any costs and

expenses allocated to it) as a single flat fee (the “Total Expense Ratio”

or “TER”). The TER is calculated in accordance with the Committee of

European Securities Regulators (“CESR”) guidelines on the

methodology for calculation of the ongoing charges figure in the Key

Investor Information Document.

Total fees paid to the Manager as a percentage of the average Fund

assets for the year were as follows:

TER % 30 November

2014

TER % 30 November

2013

0.50 0.50


SHAREHOLDERS

The Company may declare and pay distributions to Redeemable

Participating Shareholders on any distributing class of Shares in the

Company. The Company intends to declare distributions to

redeemable participating shareholders for each distributing Fund, in

respect of each financial year, which are generally equal to the total

income of the Fund net of expenses for that financial year.

iSHARES V PLC






SHAREHOLDERS (continued)



2014 $’000


2013 $’000

May 2013 - 1,899

November 2013 - 2,019

May 2014 2,443 -

November 2014 2,955 -

5,398 3,918

Equalisation income (836) (491)

Equalisation expense 776 291

5,338 3,718


Transaction costs on this Fund are not separately identifiable for the

years ended 30 November 2014 and 30 November 2013. Please refer

to note 10 of the financial statements of the Company for further

details.

8. SHARE CAPITAL


all times equal to the net asset value of the Fund. Redeemable




30 November 2014

No. of Shares

30 November 2013

No. of Shares

Balance at the beginning of year 1,029,147 415,000

Issued during year 822,250 829,147

Redeemed during year (501,000) (215,000)


9. NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING

SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 1,350,397

As at 30 November 2013 1,029,147

As at 30 November 2012 415,000

$’000

Net asset value




Net asset value per share

As at 30 November 2014 $100.71



10. RECEIVABLES

30 November 2014 $’000

30 November 2013 $’000

Sale of securities

awaiting settlement 4 3

Subscription for shares



receivable 4 -

Bond income receivable 1,702 1,317

1,710 3,294

11. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Financial assets:

30 November 2014 $’000

30 November 2013 $’000

Investment in bonds 133,724 99,452

133,724 99,452

12. PAYABLES

30 November 2014 $’000

30 November 2013 $’000

Management fees payable (55) (38)

Capital gains tax payable - (16)

(55) (54)



years ended 30 November 2014 and 30 November 2013, other than

those disclosed in note 16 of the financial statements of the

Company.

iSHARES V PLC






The related parties are set out in note 18 of the financial statements

of the Company.










value of the securities loaned. As at 30 November 2014 the collateral

consists of securities admitted to or dealt on a regulated market.



following collateral agents and central securities depositaries: JP

Morgan Chase, Bank of New York Mellon Corporation, Euroclear or












agents share.

30 November 2014 $’000

30 November 2013 $’000

Income earned during the year 16 -


year end 5,864 212


of the Fund at year end 6,179 234


instruments.


The Fund may buy and sell financial derivative instruments. See


and the Fund’s Schedule of Investments.


Please refer to note 21 of the financial statements of the Company.

iSHARES V PLC


SCHEDULE OF INVESTMENTS



Holding Investment Fair value

$'000

% of net asset value

Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market

Bonds

Argentina

Corporate bonds: CCC+ rating

200,000 YPF SA 8.75% 04/04/2024 208 0.15

115,000 YPF SA 8.875% 19/12/2018 121 0.09

Total Argentina 329 0.24

Australia

Corporate bonds: AA- rating

200,000 CNOOC Curtis Funding No 1 Pty Ltd 4.5% 03/10/2023 214 0.16

Total Australia 214 0.16

Austria

Corporate bonds: BB rating

200,000 JBS Investments GmbH 7.25% 03/04/2024 210 0.15

200,000 JBS Investments GmbH 7.75% 28/10/2020 217 0.16

Total Austria 427 0.31

Barbados

Corporate bonds: B/*+ rating

200,000 Columbus International Inc 7.375% 30/03/2021 213 0.16

Total Barbados 213 0.16

Bermuda

Corporate bonds: A- rating

200,000 CBQ Finance Ltd 3.375% 11/04/2017 208 0.15

200,000 Ooredoo International Finance Ltd 3.25% 21/02/2023 196 0.15




200,000 Ooredoo International Finance Ltd 5% 19/10/2025 217 0.16


Corporate bonds: BBB+ rating

100,000 CBQ Finance Ltd 7.5% 18/11/2019 120 0.09

200,000 Li & Fung Ltd 5.25% 13/05/2020 218 0.16

Corporate bonds: BBB- rating

250,000 BTG Investments LP 4.5% 17/04/2018 245 0.18

300,000 Noble Group Ltd 6.75% 29/01/2020 336 0.25


$'000


Bermuda (cont)

Corporate bonds: B+ rating

300,000 Digicel Ltd 6% 15/04/2021 294 0.22

100,000 Digicel Ltd 8.25% 01/09/2017 102 0.07


200,000 Digicel Group Ltd 7.125% 01/04/2022 195 0.14

400,000 Digicel Group Ltd 8.25% 30/09/2020 410 0.30

Total Bermuda 3,280 2.41

Brazil


350,000 Vale SA 5.625% 11/09/2042 337 0.25

Corporate bonds: BBB rating

200,000 Banco Bradesco SA 5.75% 01/03/2022 209 0.16


200,000 Caixa Economica Federal 2.375% 06/11/2017 195 0.14


200,000 Votorantim Cimentos SA 7.25% 05/04/2041 205 0.15



200,000 Banco BTG Pactual SA 4% 16/01/2020 189 0.14

400,000 Banco do Brasil SA 3.875% 10/10/2022 374 0.28



200,000 Banco do Brasil SA 6% 22/01/2020 217 0.16

300,000 Banco Santander Brasil SA 4.25% 14/01/2016 308 0.23

200,000 Banco Santander Brasil SA 4.625% 13/02/2017 209 0.15

350,000 Banco Votorantim SA 7.375% 21/01/2020 387 0.28

200,000 BRF SA 4.75% 22/05/2024 197 0.14

200,000 BRF SA 5.875% 06/06/2022 215 0.16



400,000 Centrais Eletricas Brasileiras SA 5.75% 27/10/2021 396 0.29

100,000 Centrais Eletricas Brasileiras SA 6.875% 30/07/2019 107 0.08

400,000 Itau Unibanco Holding SA 5.125% 13/05/2023 400 0.29




iSHARES V PLC


SCHEDULE OF INVESTMENTS (continued)




$'000


Bonds (cont)

Bermuda (cont)

Corporate bonds: BBB- rating (cont)



200,000 Samarco Mineracao SA 4.125% 01/11/2022 183 0.13

200,000 Samarco Mineracao SA 5.75% 24/10/2023 200 0.15

Corporate bonds: BB+ rating

200,000 Banco BTG Pactual SA 5.75% 28/09/2022 193 0.14

150,000 Banco Daycoval SA 5.75% 19/03/2019 151 0.11

200,000 Banco Votorantim SA 5.25% 11/02/2016 207 0.15

200,000 Oi SA 5.75% 10/02/2022 190 0.14

500,000 Telemar Norte Leste SA 5.5% 23/10/2020 488 0.36



Government bonds: BBB- rating

200,000 Banco Nacional de Desenvolvimento Economico e Social 3.375% 26/09/2016 204 0.15

400,000 Banco Nacional de Desenvolvimento Economico e Social 4% 14/04/2019 403 0.30





Total Brazil 9,960 7.32

British Virgin Islands


200,000 CNOOC Finance 2011 Ltd 4.25% 26/01/2021 214 0.16



200,000 CNOOC Finance 2013 Ltd 3% 09/05/2023 192 0.14

200,000 Sinopec Capital 2013 Ltd 1.875% 24/04/2018 198 0.14

200,000 Sinopec Capital 2013 Ltd 3.125% 24/04/2023 193 0.14

200,000 Sinopec Group Overseas Development 2012 Ltd 2.75% 17/05/2017 205 0.15



$'000


British Virgin Islands (cont)

Corporate bonds: AA- rating (cont)




200,000 State Grid Overseas Investment 2013 Ltd 4.375% 22/05/2043 207 0.15



Corporate bonds: A+ rating

200,000 CNPC General Capital Ltd 3.4% 16/04/2023 195 0.14

200,000 CNPC General Capital Ltd 3.95% 19/04/2022 206 0.15

200,000 CNPC HK Overseas Capital Ltd 3.125% 28/04/2016 205 0.15

200,000 COSCO Finance 2011 Ltd 4% 03/12/2022 198 0.15

200,000 TSMC Global Ltd 1.625% 03/04/2018 198 0.15

Corporate bonds: A rating

100,000 CLP Power Hong Kong Financing Ltd 4.75% 19/03/2020 110 0.08


200,000 COSL Finance BVI Ltd 3.25% 06/09/2022 190 0.14

200,000 Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 214 0.16


200,000 China Cinda Finance 2014 Ltd 4% 14/05/2019 203 0.15

200,000 Mega Advance Investments Ltd 5% 12/05/2021 218 0.16


200,000 Greenland Global Investment Ltd 5.875% 03/07/2024 202 0.15


200,000 Gerdau Trade Inc 4.75% 15/04/2023 194 0.14

300,000 Gerdau Trade Inc 5.75% 30/01/2021 313 0.23

150,000 GTL Trade Finance Inc 5.893% 29/04/2024 153 0.11

250,000 GTL Trade Finance Inc 7.25% 20/10/2017 278 0.21

200,000 Sino-Ocean Land Treasure Finance I Ltd 6% 30/07/2024 205 0.15


200,000 Gold Fields Orogen Holding BVI Ltd 4.875% 07/10/2020 176 0.13


200,000 Trillion Chance Ltd 8.5% 10/01/2019 198 0.14

Total British Virgin Islands 6,602 4.85

iSHARES V PLC






$'000


Bonds (cont)

Canada


200,000 CNOOC Nexen Finance 2014 ULC 1.625% 30/04/2017 200 0.15


200,000 PTTEP Canada International Finance Ltd 5.692% 05/04/2021 228 0.17


200,000 Pacific Rubiales Energy Corp 5.125% 28/03/2023 184 0.13




Total Canada 1,299 0.96

Cayman Islands

Corporate bonds: AA rating

200,000 IPIC GMTN Ltd 3.75% 01/03/2017 211 0.15

250,000 IPIC GMTN Ltd 5% 15/11/2020 280 0.21

200,000 IPIC GMTN Ltd 6.875% 01/11/2041 271 0.20


200,000 Amber Circle Funding Ltd 3.25% 04/12/2022 196 0.14

200,000 QNB Finance Ltd 2.875% 29/04/2020 200 0.15


200,000 QNB Finance Ltd 2.125% 14/02/2018 200 0.15

200,000 QNB Finance Ltd 2.75% 31/10/2018 203 0.15

200,000 Sun Hung Kai Properties Capital Market Ltd 3.625% 16/01/2023 200 0.14


200,000 ADCB Finance Cayman Ltd 2.5% 06/03/2018 202 0.15

200,000 ADCB Finance Cayman Ltd 3% 04/03/2019 204 0.15

200,000 Hongkong Land Finance Cayman Islands Co Ltd 4.5% 01/06/2022 214 0.15

100,000 Hongkong Land Finance Cayman Islands Co Ltd 4.5% 07/10/2025 106 0.08


200,000 ADCB Finance Cayman Ltd 4.5% 06/03/2023 206 0.15

200,000 Baidu Inc 2.25% 28/11/2017 201 0.15

200,000 Baidu Inc 2.75% 09/06/2019 201 0.15

200,000 Baidu Inc 3.25% 06/08/2018 206 0.15

200,000 Baidu Inc 3.5% 28/11/2022 199 0.15

100,000 Hutchison Whampoa Finance CI Ltd 7.45% 01/08/2017 115 0.08

200,000 Hutchison Whampoa International 03/33 Ltd 7.45% 24/11/2033 289 0.21


$'000


Cayman Islands (cont)

Corporate bonds: A- rating (cont)

200,000 Hutchison Whampoa International 09 Ltd 7.625% 09/04/2019 243 0.18

300,000 Hutchison Whampoa International 09/19 Ltd 5.75% 11/09/2019 345 0.25

200,000 Hutchison Whampoa International 11 Ltd 4.625% 13/01/2022 218 0.16

200,000 Hutchison Whampoa International 12 II Ltd 2% 08/11/2017 201 0.15

200,000 Hutchison Whampoa International 12 II Ltd 3.25% 08/11/2022 200 0.15

200,000 Swire Pacific MTN Financing Ltd 4.5% 09/10/2023 215 0.16



200,000 Tencent Holdings Ltd 2% 02/05/2017 200 0.15

200,000 Tencent Holdings Ltd 3.375% 05/03/2018 206 0.15

200,000 Tencent Holdings Ltd 3.375% 02/05/2019 204 0.15

550,000 Vale Overseas Ltd 4.375% 11/01/2022 549 0.40









250,000 China Overseas Finance Cayman II Ltd 5.5% 10/11/2020 273 0.20

200,000 China Overseas Finance Cayman VI Ltd 4.25% 08/05/2019 207 0.15

200,000 China Resources Land Ltd 4.625% 19/05/2016 207 0.16


100,000 Embraer Overseas Ltd 5.696% 16/09/2023 107 0.08

200,000 ENN Energy Holdings Ltd 6% 13/05/2021 224 0.17

200,000 MAF Global Securities Ltd 5.25% 05/07/2019 218 0.16

200,000 Odebrecht Finance Ltd 5.25% 27/06/2029 180 0.13

200,000 Odebrecht Finance Ltd 7.125% 26/06/2042 189 0.14


200,000 Braskem Finance Ltd 5.75% 15/04/2021 206 0.15

200,000 Braskem Finance Ltd 6.45% 03/02/2024 209 0.15

200,000 Grupo Aval Ltd 4.75% 26/09/2022 199 0.15

200,000 Grupo Aval Ltd 5.25% 01/02/2017 211 0.16

iSHARES V PLC






$'000


Bonds (cont)



200,000 Kuwait Projects Co 4.8% 05/02/2019 211 0.16

100,000 Kuwait Projects Co 9.375% 15/07/2020 127 0.09

402,000 Odebrecht Drilling Norbe VIII/IX Ltd 6.35% 30/06/2021 352 0.26

400,000 Odebrecht Offshore Drilling Finance Ltd 6.75% 01/10/2022 371 0.27


200,000 Country Garden Holdings Co Ltd 7.25% 04/04/2021 197 0.14



200,000 Fibria Overseas Finance Ltd 5.25% 12/05/2024 201 0.15

200,000 Greenland Hong Kong Holdings Ltd 4.375% 07/08/2017 199 0.15

Corporate bonds: BB- rating

200,000 Kaisa Group Holdings Ltd 10.25% 08/01/2020 209 0.15

200,000 MCE Finance Ltd 5% 15/02/2021 193 0.14

200,000 Shimao Property Holdings Ltd 6.625% 14/01/2020 199 0.15

200,000 Shimao Property Holdings Ltd 8.125% 22/01/2021 207 0.15


200,000 Evergrande Real Estate Group Ltd 8.75% 30/10/2018 188 0.14

200,000 Greentown China Holdings Ltd 8.5% 04/02/2018 193 0.14

200,000 KWG Property Holding Ltd 8.975% 14/01/2019 201 0.15

100,000 Marfrig Overseas Ltd 9.5% 04/05/2020 107 0.08

Corporate bonds: B+/*- rating

200,000 Agile Property Holdings Ltd 8.375% 18/02/2019 188 0.14

100,000 Agile Property Holdings Ltd 8.875% 28/04/2017 98 0.07

Corporate bonds: B- rating

200,000 Global A&T Electronics Ltd 10% 01/02/2019 181 0.13

Total Cayman Islands 15,210 11.18

Chile


150,000 Banco del Estado de Chile 2% 09/11/2017 150 0.11

150,000 Banco del Estado de Chile 3.875% 08/02/2022 153 0.11


$'000


Chile (cont)


100,000 Banco del Estado de Chile 4.125% 07/10/2020 106 0.08

200,000 Corp Nacional del Cobre de Chile 3% 17/07/2022 194 0.14

100,000 Corp Nacional del Cobre de Chile 3.75% 04/11/2020 104 0.08








200,000 Banco de Credito e Inversiones 3% 13/09/2017 205 0.15

150,000 Banco Santander Chile 3.875% 20/09/2022 151 0.11


200,000 ENTEL Chile SA 4.75% 01/08/2026 200 0.15

200,000 ENTEL Chile SA 4.875% 30/10/2024 202 0.15

200,000 GNL Quintero SA 4.634% 31/07/2029 205 0.15

Corporate bonds: BBB-/*+ rating

200,000 Corpbanca SA 3.875% 22/09/2019 203 0.15


182,000 Celulosa Arauco y Constitucion SA 4.75% 11/01/2022 187 0.14

200,000 Celulosa Arauco y Constitucion SA 7.25% 29/07/2019 235 0.17

200,000 Cencosud SA 4.875% 20/01/2023 200 0.15

150,000 Cencosud SA 5.5% 20/01/2021 160 0.12

200,000 Colbun SA 4.5% 10/07/2024 201 0.15

100,000 Empresa Nacional del Petroleo 4.75% 06/12/2021 102 0.07

100,000 Empresa Nacional del Petroleo 5.25% 10/08/2020 106 0.08

150,000 Inversiones CMPC SA 4.5% 25/04/2022 151 0.11

200,000 Inversiones CMPC SA 4.75% 15/09/2024 200 0.14

Total Chile 4,502 3.31

Colombia


200,000 Bancolombia SA 5.95% 03/06/2021 221 0.16

200,000 Ecopetrol SA 4.125% 16/01/2025 195 0.14

300,000 Ecopetrol SA 5.875% 18/09/2023 327 0.24

iSHARES V PLC






$'000


Bonds (cont)

Colombia (cont)

Corporate bonds: BBB rating (cont)

500,000 Ecopetrol SA 5.875% 28/05/2045 495 0.36

100,000 Ecopetrol SA 7.375% 18/09/2043 118 0.09

237,000 Ecopetrol SA 7.625% 23/07/2019 281 0.21


200,000 Banco de Bogota SA 5.375% 19/02/2023 208 0.15


250,000 Bancolombia SA 5.125% 11/09/2022 254 0.19

197,000 Bancolombia SA 6.125% 26/07/2020 214 0.16

Total Colombia 2,313 1.70

Curacao


300,000 Teva Pharmaceutical Finance Co BV 2.95% 18/12/2022 293 0.22

Total Curacao 293 0.22

Hong Kong


100,000 Standard Chartered Bank Hong Kong Ltd 5.875% 24/06/2020 112 0.08


200,000 AIA Group Ltd 2.25% 11/03/2019 200 0.15

200,000 AIA Group Ltd 3.125% 13/03/2023 195 0.14

300,000 Bank of China Hong Kong Ltd 5.55% 11/02/2020 329 0.24

200,000 Bank of East Asia Ltd 2.375% 24/04/2017 202 0.15


100,000 Bank of East Asia Ltd 6.125% 16/07/2020 111 0.08

200,000 Swire Properties MTN Financing Ltd 4.375% 18/06/2022 214 0.16

200,000 Wharf Finance Ltd 4.625% 08/02/2017 210 0.15


200,000 CITIC Ltd 6.8% 17/01/2023 234 0.17

200,000 CITIC Ltd 6.875% 21/01/2018 223 0.17


100,000 China CITIC Bank International Ltd 6.875% 24/06/2020 111 0.08

200,000 Yancoal International Resources Development Co Ltd 5.73% 16/05/2022 189 0.14

Total Hong Kong 2,330 1.71

India


200,000 Oil India Ltd 5.375% 17/04/2024 219 0.16


$'000


India (cont)


300,000 Axis Bank Ltd 4.75% 02/05/2016 312 0.23

200,000 Bank of Baroda 4.875% 23/07/2019 215 0.16

200,000 Bank of Baroda 5% 24/08/2016 210 0.15

200,000 Export-Import Bank of India 4% 07/08/2017 209 0.15

200,000 Export-Import Bank of India 4% 14/01/2023 203 0.15

200,000 HDFC Bank Ltd 3% 30/11/2016 204 0.15

200,000 ICICI Bank Ltd 4.7% 21/02/2018 213 0.16

200,000 ICICI Bank Ltd 4.75% 25/11/2016 210 0.16

200,000 ICICI Bank Ltd 4.8% 22/05/2019 215 0.16

116,000 ICICI Bank Ltd 5% 15/01/2016 120 0.09

200,000 ICICI Bank Ltd 5.75% 16/11/2020 224 0.17

200,000 Indian Oil Corp Ltd 5.625% 02/08/2021 220 0.16

200,000 Indian Railway Finance Corp Ltd 3.917% 26/02/2019 207 0.15

200,000 NTPC Ltd 5.625% 14/07/2021 222 0.16

400,000 ONGC Videsh Ltd 3.75% 07/05/2023 393 0.29

200,000 State Bank of India 3.25% 18/04/2018 204 0.15



200,000 Syndicate Bank 4.75% 06/11/2016 209 0.15


200,000 IDBI Bank Ltd 4.375% 26/03/2018 206 0.15

200,000 Indian Overseas Bank 5% 19/10/2016 209 0.16


254,000 ICICI Bank Ltd 6.375% 30/04/2022 264 0.19

Total India 5,103 3.75

Indonesia


200,000 Pertamina Persero PT 4.3% 20/05/2023 198 0.15




200,000 Pertamina Persero PT 6% 03/05/2042 204 0.15



200,000 Perusahaan Gas Negara Persero Tbk PT 5.125% 16/05/2024 208 0.15


200,000 Perusahaan Listrik Negara PT 5.25% 24/10/2042 183 0.13

200,000 Perusahaan Listrik Negara PT 5.5% 22/11/2021 215 0.16

Total Indonesia 2,363 1.74

iSHARES V PLC






$'000


Bonds (cont)

Ireland


200,000 AK Transneft OJSC Via TransCapitalInvest Ltd 8.7% 07/08/2018 215 0.16

200,000 MMC Norilsk Nickel OJSC via MMC Finance Ltd 5.55% 28/10/2020 192 0.14

200,000 Mobile Telesystems OJSC via MTS International Funding Ltd 8.625% 22/06/2020 210 0.15

200,000 Novatek OAO via Novatek Finance Ltd 5.326% 03/02/2016 198 0.15

200,000 Rosneft Oil Co via Rosneft International Finance Ltd 3.149% 06/03/2017 187 0.14

100,000 Russian Railways via RZD Capital Plc 5.739% 03/04/2017 99 0.07

100,000 Vnesheconombank Via VEB Finance Plc 5.45% 22/11/2017 98 0.07





200,000 Alfa Bank OJSC Via Alfa Bond Issuance Plc 7.75% 28/04/2021 192 0.14


200,000 OJSC Novolipetsk Steel via Steel Funding Ltd 4.45% 19/02/2018 187 0.14

200,000 Sibur Securities Ltd 3.914% 31/01/2018 171 0.12


200,000 Metalloinvest Finance Ltd 5.625% 17/04/2020 170 0.12

200,000 Metalloinvest Finance Ltd 6.5% 21/07/2016 198 0.15

200,000 Vimpel Communications Via VIP Finance Ireland Ltd OJSC 7.748% 02/02/2021 191 0.14

300,000 Vimpel Communications Via VIP Finance Ireland Ltd OJSC 9.125% 30/04/2018 307 0.23



200,000 Bank Otkritie Financial Corp OJSC via OFCB Capital Plc 7.25% 25/04/2018 187 0.14

200,000 Gazprombank OJSC Via GPB Eurobond Finance Plc 7.496% 28/12/2023 173 0.13

Total Ireland 3,919 2.88


$'000


Isle of Man


200,000 Sasol Financing International Plc 4.5% 14/11/2022 202 0.15


200,000 AngloGold Ashanti Holdings Plc 5.125% 01/08/2022 191 0.14

Total Isle of Man 393 0.29

Israel


200,000 Israel Electric Corp Ltd 6.7% 10/02/2017 216 0.16



Total Israel 673 0.49

Kazakhstan


250,000 Development Bank of Kazakhstan JSC 4.125% 10/12/2022 229 0.17


200,000 KazMunayGas National Co JSC 4.4% 30/04/2023 194 0.14



280,000 KazMunayGas National Co JSC 7% 05/05/2020 311 0.23



100,000 Halyk Savings Bank of Kazakhstan JSC 7.25% 03/05/2017 105 0.08

200,000 Halyk Savings Bank of Kazakhstan JSC 7.25% 28/01/2021 211 0.15


100,000 Kazkommertsbank JSC 5.5% 21/12/2022 73 0.05

Total Kazakhstan 2,122 1.56

Luxembourg


150,000 Sberbank of Russia Via SB Capital SA 5.4% 24/03/2017 150 0.11


iSHARES V PLC






$'000


Bonds (cont)

Luxembourg (cont)




200,000 Gazprom Neft OAO Via GPN Capital SA 4.375% 19/09/2022 166 0.12

200,000 Gazprom Neft OAO Via GPN Capital SA 6% 27/11/2023 182 0.13

200,000 Gazprom OAO Via Gaz Capital SA 3.85% 06/02/2020 178 0.13










175,000 Petrobras International Finance Co SA 3.5% 06/02/2017 174 0.13










119,000 Rosneft Finance SA 6.625% 20/03/2017 119 0.09





$'000


Luxembourg (cont)



200,000 VTB Bank OJSC Via VTB Capital SA 6% 12/04/2017 194 0.14

100,000 VTB Bank OJSC Via VTB Capital SA 6.25% 30/06/2035 101 0.07





200,000 CSN Resources SA 6.5% 21/07/2020 194 0.14

200,000 Russian Agricultural Bank OJSC Via RSHB Capital SA 5.1% 25/07/2018 187 0.14




400,000 Severstal OAO Via Steel Capital SA 6.7% 25/10/2017 402 0.30



200,000 Millicom International Cellular SA 6.625% 15/10/2021 211 0.15


200,000 ALROSA Finance SA 7.75% 03/11/2020 198 0.15

200,000 Minerva Luxembourg SA 7.75% 31/01/2023 207 0.15

200,000 Puma International Financing SA 6.75% 01/02/2021 202 0.15


200,000 Evraz Group SA 6.5% 22/04/2020 164 0.12

200,000 Evraz Group SA 6.75% 27/04/2018 175 0.13

200,000 Evraz Group SA 9.5% 24/04/2018 192 0.14

200,000 Promsvyazbank OJSC Via PSB Finance SA 10.2% 06/11/2019 177 0.13

200,000 Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/07/2017 191 0.14

200,000 TMK OAO Via TMK Capital SA 6.75% 03/04/2020 162 0.12

Total Luxembourg 11,355 8.35

iSHARES V PLC






$'000


Bonds (cont)

Malaysia


100,000 Penerbangan Malaysia Bhd 5.625% 15/03/2016 106 0.08

100,000 Petroliam Nasional Bhd 7.625% 15/10/2026 138 0.10

550,000 Petronas Capital Ltd 5.25% 12/08/2019 622 0.46

200,000 Petronas Capital Ltd 7.875% 22/05/2022 264 0.19


200,000 Malayan Banking Bhd 3.25% 20/09/2022 202 0.15

Total Malaysia 1,332 0.98

Mexico


150,000 BBVA Bancomer SA 4.375% 10/04/2024 153 0.11

158,000 BBVA Bancomer SA 4.5% 10/03/2016 164 0.12


300,000 America Movil SAB de CV 2.375% 08/09/2016 306 0.22



200,000 America Movil SAB de CV 5% 16/10/2019 224 0.16





150,000 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 4.125% 09/11/2022 151 0.11

150,000 Coca-Cola Femsa SAB de CV 2.375% 26/11/2018 151 0.11





150,000 Banco Inbursa SA Institucion de Banca Multiple 4.125% 06/06/2024 147 0.11

200,000 Comision Federal de Electricidad 4.875% 26/05/2021 215 0.16



$'000


Mexico (cont)

Corporate bonds: BBB+ rating (cont)


150,000 Fomento Economico Mexicano SAB de CV 4.375% 10/05/2043 141 0.10

200,000 Grupo Televisa SAB 6.625% 18/03/2025 245 0.18

261,000 Grupo Televisa SAB 6.625% 15/01/2040 316 0.23

200,000 Petroleos Mexicanos 3.5% 18/07/2018 207 0.15







265,000 Petroleos Mexicanos 6% 05/03/2020 301 0.22





450,000 Petroleos Mexicanos 8% 03/05/2019 539 0.40


150,000 BBVA Bancomer SA 6.5% 10/03/2021 166 0.12

300,000 BBVA Bancomer SA 6.75% 30/09/2022 337 0.25

200,000 Grupo Bimbo SAB de CV 3.875% 27/06/2024 201 0.15



200,000 Trust F/1401 5.25% 15/12/2024 210 0.16


200,000 Alfa SAB de CV 5.25% 25/03/2024 212 0.16

200,000 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.95% 30/01/2024 211 0.16

300,000 BBVA Bancomer SA 7.25% 22/04/2020 338 0.25

200,000 Fermaca Enterprises S de RL de CV 6.375% 30/03/2038 209 0.15

200,000 Mexichem SAB de CV 5.875% 17/09/2044 196 0.14


200,000 Cemex SAB de CV 5.875% 25/03/2019 202 0.15

200,000 Cemex SAB de CV 6.5% 10/12/2019 209 0.15

200,000 Cemex SAB de CV 7.25% 15/01/2021 211 0.16

200,000 Cemex SAB de CV 9.5% 15/06/2018 222 0.16

iSHARES V PLC






$'000


Bonds (cont)

Mexico (cont)

Corporate bonds: B rating

200,000 Empresas ICA SAB de CV 8.875% 29/05/2024 190 0.14


100,000 Axtel SAB de CV 8% 31/01/2020 100 0.07

Total Mexico 14,797 10.88

Midway Islands


200,000 Nakilat Inc 6.067% 31/12/2033 228 0.17

Total Midway Islands 228 0.17

Morocco


200,000 OCP SA 5.625% 25/04/2024 212 0.16

200,000 OCP SA 6.875% 25/04/2044 220 0.16

Total Morocco 432 0.32

Netherlands


200,000 MDC-GMTN BV 3.75% 20/04/2016 207 0.15

200,000 MDC-GMTN BV 5.5% 20/04/2021 233 0.17


400,000 SABIC Capital II BV 2.625% 03/10/2018 405 0.30


300,000 Bharti Airtel International Netherlands BV 5.125% 11/03/2023 323 0.24


200,000 Kazakhstan Temir Zholy Finance BV 6.375% 06/10/2020 216 0.16

200,000 Kazakhstan Temir Zholy Finance BV 6.95% 10/07/2042 216 0.16

300,000 Lukoil International Finance BV 3.416% 24/04/2018 273 0.20





200,000 Myriad International Holdings BV 6% 18/07/2020 220 0.16

300,000 Petrobras Global Finance BV 2% 20/05/2016 294 0.22

200,000 Petrobras Global Finance BV 3% 15/01/2019 190 0.14


$'000


Netherlands (cont)


400,000 Petrobras Global Finance BV 3.25% 17/03/2017 395 0.29







100,000 Majapahit Holding BV 7.25% 28/06/2017 111 0.08




100,000 Majapahit Holding BV 8% 07/08/2019 118 0.09

200,000 VimpelCom Holdings BV 5.2% 13/02/2019 181 0.13





200,000 Marfrig Holding Europe BV 6.875% 24/06/2019 197 0.14

200,000 Marfrig Holding Europe BV 8.375% 09/05/2018 208 0.15

200,000 VTR Finance BV 6.875% 15/01/2024 211 0.16

Corporate bonds: CCC rating

200,000 Metinvest BV 8.75% 14/02/2018 129 0.10

Total Netherlands 8,061 5.93

People's Republic of China


200,000 Bank of China Ltd/Hong Kong 3.125% 23/01/2019 203 0.15


200,000 Bank of Communications Co Ltd 2.125% 15/01/2017 201 0.14

Government bonds: AA- rating

200,000 Export-Import Bank of China 2.5% 31/07/2019 201 0.15

Total People's Republic of China 605 0.44

iSHARES V PLC




[ 1 0 0 ] i S H A R E S V P L C A N N U A L R E P O R T


$'000


Bonds (cont)

Peru


200,000 Banco de Credito del Peru 4.25% 01/04/2023 200 0.15


100,000 BBVA Banco Continental SA 5% 26/08/2022 105 0.08

200,000 Corp Financiera de Desarrollo SA 4.75% 08/02/2022 210 0.15

200,000 Transportadora de Gas del Peru SA 4.25% 30/04/2028 193 0.14



100,000 Banco Internacional del Peru SAA 5.75% 07/10/2020 108 0.08

Total Peru 1,088 0.80

Philippines


100,000 Power Sector Assets & Liabilities Management Corp 6.875% 02/11/2016 109 0.08



Total Philippines 745 0.55

Qatar


500,000 Qatari Diar Finance Co 5% 21/07/2020 561 0.41


250,000 Ras Laffan Liquefied Natural Gas Co Ltd III 5.838% 30/09/2027 283 0.21

250,000 Ras Laffan Liquefied Natural Gas Co Ltd III 6.332% 30/09/2027 292 0.22

Total Qatar 1,136 0.84

Republic of South Korea


200,000 Korea Development Bank 3% 17/03/2019 207 0.15


200,000 Industrial Bank of Korea 2.375% 17/07/2017 204 0.15

200,000 Korea Development Bank 1.5% 22/01/2018 198 0.15




$'000


Republic of South Korea (cont)

Corporate bonds: A+ rating (cont)




200,000 Korea East-West Power Co Ltd 2.625% 27/11/2018 203 0.15

200,000 Korea Expressway Corp 1.875% 22/10/2017 200 0.15

200,000 Korea Finance Corp 2.25% 07/08/2017 203 0.15



200,000 Korea Gas Corp 2.25% 25/07/2017 203 0.15

200,000 Korea Gas Corp 2.875% 29/07/2018 206 0.15

200,000 Korea Gas Corp 6.25% 20/01/2042 276 0.20

200,000 Korea Hydro & Nuclear Power Co Ltd 3% 19/09/2022 199 0.15

200,000 Korea Hydro & Nuclear Power Co Ltd 4.75% 13/07/2021 225 0.17

200,000 Korea National Oil Corp 2.75% 23/01/2019 204 0.15

200,000 Korea National Oil Corp 3.125% 03/04/2017 207 0.15

200,000 Korea National Oil Corp 4% 27/10/2016 210 0.15

200,000 Korea National Oil Corp 4% 23/01/2024 214 0.16

200,000 Korea Resources Corp 2.125% 02/05/2018 200 0.15

200,000 Korea Western Power Co Ltd 2.875% 10/10/2018 205 0.15


200,000 Hana Bank 3.5% 25/10/2017 209 0.15

200,000 Hana Bank 4% 03/11/2016 210 0.15

200,000 Korea Exchange Bank 2.5% 12/06/2019 201 0.15

200,000 Korea Exchange Bank 3.125% 26/06/2017 207 0.15

200,000 National Agricultural Cooperative Federation 3.5% 08/02/2017 208 0.15

100,000 National Agricultural Cooperative Federation 4.25% 28/01/2016 104 0.08

200,000 Shinhan Bank 4.375% 27/07/2017 213 0.16


200,000 KT Corp 1.75% 22/04/2017 200 0.15

200,000 SK Telecom Co Ltd 2.125% 01/05/2018 200 0.15

200,000 Woori Bank 2.875% 02/10/2018 206 0.15


200,000 Hyundai Capital Services Inc 4.375% 27/07/2016 210 0.15

300,000 Posco 4.25% 28/10/2020 323 0.24


200,000 Woori Bank 4.75% 30/04/2024 210 0.16

iSHARES V PLC




i S H A R E S V P L C A N N U A L R E P O R T [ 1 0 1 ]


$'000


Bonds (cont)



200,000 Woori Bank 6.208% 02/05/2037 216 0.16

Government bonds: AA+ rating

250,000 Korea Housing Finance Corp 3.5% 15/12/2016 260 0.19

Government bonds: A+ rating

200,000 Export-Import Bank of Korea 1.75% 27/02/2018 200 0.15




200,000 Export-Import Bank of Korea 4% 11/01/2017 211 0.15






Total Republic of South Korea 10,445 7.68

Singapore


100,000 PSA International Pte Ltd 3.875% 11/02/2021 107 0.08

100,000 PSA International Pte Ltd 4.625% 11/09/2019 111 0.08


200,000 DBS Bank Ltd 2.35% 28/02/2017 206 0.15


200,000 DBS Bank Ltd 3.625% 21/09/2022 207 0.15

200,000 Oversea-Chinese Banking Corp Ltd 3.15% 11/03/2023 203 0.15

200,000 Oversea-Chinese Banking Corp Ltd 3.75% 15/11/2022 207 0.15

200,000 SingTel Group Treasury Pte Ltd 2.375% 08/09/2017 205 0.15

200,000 SingTel Group Treasury Pte Ltd 4.5% 08/09/2021 222 0.17


200,000 Oversea-Chinese Banking Corp Ltd 4% 15/10/2024 206 0.15


200,000 United Overseas Bank Ltd 3.75% 19/09/2024 204 0.15


$'000


Singapore (cont)


200,000 Flextronics International Ltd 5% 15/02/2023 204 0.15


200,000 ABJA Investment Co Pte Ltd 5.95% 31/07/2024 202 0.15

Total Singapore 2,284 1.68

South Africa


400,000 Eskom Holdings SOC Ltd 5.75% 26/01/2021 415 0.31

200,000 Eskom Holdings SOC Ltd 6.75% 06/08/2023 216 0.16

200,000 Transnet SOC Ltd 4% 26/07/2022 192 0.14

200,000 Transnet SOC Ltd 4.5% 10/02/2016 207 0.15

Total South Africa 1,030 0.76

Sri Lanka


200,000 Bank of Ceylon 6.875% 03/05/2017 212 0.15

200,000 National Savings Bank 8.875% 18/09/2018 227 0.17

Total Sri Lanka 439 0.32

Thailand


200,000 Bangkok Bank PCL 3.875% 27/09/2022 207 0.15

100,000 Bangkok Bank PCL 4.8% 18/10/2020 109 0.08

200,000 PTT PCL 4.5% 25/10/2042 185 0.14

200,000 Siam Commercial Bank Ltd 3.375% 19/09/2017 207 0.15


200,000 PTT Global Chemical PCL 4.25% 19/09/2022 207 0.15

400,000 Thai Oil PCL 3.625% 23/01/2023 398 0.30


200,000 Krung Thai Bank PCL 5.2% 26/12/2024 209 0.15

Total Thailand 1,522 1.12

Trinidad And Tobago


120,000 Petroleum Co of Trinidad & Tobago Ltd 6% 08/05/2022 78 0.06

100,000 Petroleum Co of Trinidad & Tobago Ltd 9.75% 14/08/2019 124 0.09

Total Trinidad And Tobago 202 0.15

iSHARES V PLC






$'000


Bonds (cont)

Turkey


150,000 Akbank TAS 5% 24/10/2022 154 0.11

150,000 Akbank TAS 6.5% 09/03/2018 165 0.12

200,000 TC Ziraat Bankasi AS 4.25% 03/07/2019 201 0.15

200,000 Turk Telekomunikasyon AS 4.875% 19/06/2024 203 0.15

400,000 Turkiye Garanti Bankasi AS 4.75% 17/10/2019 414 0.30


200,000 Turkiye Halk Bankasi AS 3.875% 05/02/2020 196 0.15

200,000 Turkiye Halk Bankasi AS 4.875% 19/07/2017 208 0.15

200,000 Turkiye Is Bankasi 3.75% 10/10/2018 201 0.15

200,000 Turkiye Is Bankasi 3.875% 07/11/2017 203 0.15

200,000 Turkiye Is Bankasi 5% 25/06/2021 205 0.15

200,000 Turkiye Vakiflar Bankasi Tao 3.75% 15/04/2018 200 0.15

200,000 Yapi ve Kredi Bankasi AS 6.75% 08/02/2017 216 0.16


200,000 Export Credit Bank of Turkey 5.375% 04/11/2016 211 0.16

200,000 Export Credit Bank of Turkey 5.875% 24/04/2019 216 0.16


200,000 Finansbank AS 5.5% 11/05/2016 207 0.15

200,000 Turkiye Is Bankasi 6% 24/10/2022 204 0.15

200,000 Turkiye Vakiflar Bankasi Tao 6% 01/11/2022 202 0.15

200,000 Yapi ve Kredi Bankasi AS 5.5% 06/12/2022 195 0.14

Total Turkey 4,010 2.95

United Arab Emirates


200,000 Emirates Telecommunications Corp 3.5% 18/06/2024 205 0.15

200,000 National Bank of Abu Dhabi PJSC 3% 13/08/2019 206 0.15

200,000 National Bank of Abu Dhabi PJSC 3.25% 27/03/2017 208 0.16


200,000 Dolphin Energy Ltd 5.5% 15/12/2021 228 0.17

218,000 Dolphin Energy Ltd 5.888% 15/06/2019 147 0.11


200,000 Emirates NBD PJSC 4.875% 28/03/2023 208 0.15

200,000 First Gulf Bank PJSC 2.862% 09/10/2017 205 0.15


$'000


United Arab Emirates (cont)


200,000 Abu Dhabi National Energy Co 2.5% 12/01/2018 202 0.15











200,000 Emirates NBD PJSC 4.625% 28/03/2017 211 0.16


200,000 Dubai Electricity & Water Authority 6.375% 21/10/2016 218 0.16

225,000 Dubai Electricity & Water Authority 7.375% 21/10/2020 276 0.20


300,000 DP World Ltd 6.85% 02/07/2037 345 0.25

Total United Arab Emirates 4,270 3.14

United Kingdom

Corporate bonds: BB+/*- rating

100,000 Standard Bank Plc 8.125% 02/12/2019 115 0.08


200,000 Vedanta Resources Plc 6% 31/01/2019 192 0.14

200,000 Vedanta Resources Plc 6.75% 07/06/2016 207 0.16



Total United Kingdom 923 0.68

United States


200,000 Hyundai Capital America 1.45% 06/02/2017 200 0.15


iSHARES V PLC






$'000


Bonds (cont)

United States (cont)




250,000 Reliance Holding USA Inc 4.5% 19/10/2020 265 0.19

250,000 Reliance Holding USA Inc 6.25% 19/10/2040 284 0.21


200,000 Southern Copper Corp 5.25% 08/11/2042 185 0.14




100,000 Gerdau Holdings Inc 7% 20/01/2020 111 0.08

500,000 Rio Oil Finance Trust Series 2014-1 6.25% 06/07/2024 508 0.38


200,000 JBS USA LLC / JBS USA Finance Inc 5.875% 15/07/2024 203 0.15




400,000 Cemex Finance LLC 6% 01/04/2024 400 0.29

200,000 Cemex Finance LLC 9.375% 12/10/2022 228 0.17

Total United States 3,684 2.71

Venezuela

Corporate bonds: B rating

150,000 Petroleos de Venezuela SA 5.125% 28/10/2016 105 0.08





900,000 Petroleos de Venezuela SA 6% 16/05/2024 401 0.29


1,365,000 Petroleos de Venezuela SA 8.5% 02/11/2017 955 0.70



$'000


Venezuela (cont)

Corporate bonds: CCC+ rating (cont)



Total Venezuela 3,591 2.64

Total bonds 133,724 98.33

Total value of investments 133,724 98.33

Cash† 3,574 2.63

Other net liabilities (1,300) (0.96)

Net asset value attributable to redeemable participating shareholders at the end of the year 135,998 100.00

† Substantially all cash positions are held with State Street Bank and Trust Company.

All credit ratings are shown as at 30 November 2014.

Fixed and variable income securities are primarily classified by the

country of incorporation of the issuer for corporate fixed and variable

income securities.

Analysis of total current assets gross of all liabilities

Fair value $’000

% of total current assets

Transferable securities admitted to an official stock exchange listing or traded on a regulated market 133,724 96.20

Other assets 5,284 3.80

Total current assets 139,008 100.00

iSHARES V PLC


SCHEDULE OF MATERIAL PURCHASES AND SALES (unaudited)



Holding Investments Proceeds

$’000 Holding Investments Cost $’000

Sales Purchases

644,000 Petroleos Mexicanos 6.625% 15/06/2035 751 800,000 Petroleos Mexicanos 6.625% 15/06/2035 898

564,000 Vale Overseas Ltd 6.875% 21/11/2036 632 1,625,000 Petroleos de Venezuela SA 6% 15/11/2026 866

550,000 Banco Nacional de Desenvolvimento Economico e 800,000 Evergrande Real Estate Group Ltd 8.75% 30/10/2018 770

Social 5.5% 12/07/2020 590 700,000 Petrobras Global Finance BV 6.25% 17/03/2024 736

600,000 Evergrande Real Estate Group Ltd 8.75% 30/10/2018 557 1,150,000 Petroleos de Venezuela SA 6% 16/05/2024 735

500,000 Reliance Holding USA Inc 5.4% 14/02/2022 550 650,000 Petroleos Mexicanos 6.375% 23/01/2045 719

475,000 Petroleos Mexicanos 5.75% 01/03/2018 529 650,000 Banco Nacional de Desenvolvimento Economico e

500,000 Hyundai Capital America 3.75% 06/04/2016 519 Social 5.5% 12/07/2020 695

550,000 Petroleos de Venezuela SA 12.75% 17/02/2022 490 580,000 Vale Overseas Ltd 6.875% 21/11/2036 638

400,000 Corp Nacional del Cobre de Chile 6.15% 24/10/2036 472 600,000 VTR Finance BV 6.875% 15/01/2024 631

400,000 MDC-GMTN BV 5.5% 20/04/2021 462 600,000 Shimao Property Holdings Ltd 8.125% 22/01/2021 624

400,000 Dolphin Energy Ltd 5.5% 15/12/2021 454 600,000 JBS Investments GmbH 7.25% 03/04/2024 623

400,000 Centrais Eletricas Brasileiras SA 6.875% 30/07/2019 438 600,000 Petrobras International Finance Co SA 5.375% 27/01/2021 614

400,000 Marfrig Holding Europe BV 9.875% 24/07/2017 438 600,000 Cemex Finance LLC 6% 01/04/2024 613

400,000 KazMunayGas National Co JSC 6.375% 09/04/2021 436 600,000 Ecopetrol SA 5.875% 28/05/2045 613

400,000 Hutchison Whampoa International 11 Ltd 4.625% 600,000 Eskom Holdings SOC Ltd 5.75% 26/01/2021 611

13/01/2022 433 600,000 Banco Nacional de Desenvolvimento Economico e

425,000 Petrobras International Finance Co SA 5.375% 27/01/2021 432 Social 4% 14/04/2019 607

400,000 Korea Gas Corp 4.25% 02/11/2020 431 600,000 United Overseas Bank Ltd 3.75% 19/09/2024 604

400,000 Petrobras International Finance Co SA 5.875% 01/03/2018 431 600,000 Tencent Holdings Ltd 2% 02/05/2017 602

400,000 Bank of East Asia Ltd 6.375% 04/05/2022 430 600,000 Emirates Telecommunications Corp 3.5% 18/06/2024 602

400,000 Shinhan Bank 4.375% 27/07/2017 428 600,000 KT Corp 1.75% 22/04/2017 601

The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the year. These are defined as aggregate

purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of

the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full

listing of the portfolio changes for the year is available, upon request, at no cost from the Administrator.

iSHARES V PLC

iShares Agribusiness UCITS ETF


INCOME STATEMENT



2014 $’000


2013 $’000

Operating income 2 968 849


Total gains 2,205 2,360




Non-reclaimable withholding tax (162) (123)


Adjustment to align to the valuation methodology as set out in the prospectus 6 1 2







2014 $’000


2013 $’000



Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 $’000

CURRENT ASSETS

Cash and cash equivalents 57 88

Margin cash account 1 3

Receivables 10 80 75



CURRENT LIABILITIES

Payables 12 (22) (18)

Total current liabilities excluding net assets attributable to redeemable participating shareholders (22) (18)

Net assets attributable to redeemable participating shareholders 100,886 42,077




iSHARES V PLC











2. OPERATING INCOME


2014 $’000


2013 $’000

Dividend income 951 845

Securities lending income 17 4

968 849




2014 $’000


2013 $’000




Net gains on futures contracts 14 15

Net losses on other investments (5) (3)

1,237 1,511



2014 $’000


2013 $’000


(223) (206)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.55 0.55






2014 $’000


2013 $’000

Balance brought forward 27 25



out in the prospectus 1 2

Total adjustment for the year 1 2

Balance carried forward 28 27


iSHARES V PLC







costs incurred by the Fund for the years ended 30 November 2014 and

30 November 2013. Please refer to note 10 of the financial statements

of the Company for further details.


2014 $’000


2013 $’000

Transaction costs (43) (11)

8. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares


Issued during year 2,700,000 700,000




SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 3,400,000

As at 30 November 2013 1,500,000

As at 30 November 2012 1,000,000

$’000

Net asset value








10. RECEIVABLES

30 November 2014 $’000

30 November 2013 $’000

Dividend income receivable 53 55


receivable 2 -


80 75


Financial assets:

30 November 2014 $’000

30 November 2013 $’000

Investment in equities 100,765 41,923

Unrealised gains on futures

contracts 5 6

100,770 41,929

12. PAYABLES

30 November 2014 $’000

30 November 2013 $’000


(22) (18)





Company.



of the Company.












iSHARES V PLC





















agents share.

30 November 2014 $’000

30 November 2013 $’000

Income earned during the year 17 4


year end 3,018 425




instruments.







iSHARES V PLC






$'000



Equities

Australia

Agriculture

43,950 GrainCorp Ltd Com NPV 305 0.30

Chemicals

44,891 Nufarm Ltd Com NPV 176 0.18

Total Australia 481 0.48

Bermuda

Agriculture

36,031 Bunge Ltd Com USD 0.01 3,271 3.24

1,708,000 CP Pokphand Co Ltd Com USD 0.01 176 0.18

Food

335,275 China Yurun Food Group Ltd Com HKD 0.10 152 0.15


Brazil

Food products

163,734 BRF SA ADR NPV 4,257 4.22


Canada

Food products

22,676 Maple Leaf Foods Inc Com NPV 373 0.37

Specialty chemicals

35,486 Agrium Inc Com NPV 3,423 3.39

205,599 Potash Corp of Saskatchewan Inc Com NPV 7,085 7.02


Cayman Islands

Food products

8,837 Fresh Del Monte Produce Inc Com USD 0.01 298 0.29

Total Cayman Islands 298 0.29

Chile

Chemicals

22,952 Sociedad Quimica y Minera de Chile SA ADR NPV 578 0.57

Total Chile 578 0.57

Denmark

Chemicals

3,896 Auriga Industries A/S Com DKK 10.00 199 0.20

Total Denmark 199 0.20


$'000


Faeroe Islands

Food

10,439 Bakkafrost P/F Com DKK 1.00 259 0.26

Total Faeroe Islands 259 0.26

France

Biotechnology

1,566 Vilmorin & Cie SA Com EUR 15.25 161 0.16

Total France 161 0.16

Germany

Chemicals

42,485 K&S AG Com NPV 1,279 1.27

Food

19,326 Suedzucker AG Com NPV 301 0.29

Total Germany 1,580 1.56

Hong Kong

Agriculture

549,000 China Agri-Industries Holdings Ltd Com NPV 212 0.21

Total Hong Kong 212 0.21

Ireland

Food

43,545 Glanbia Plc Com EUR 0.06 671 0.66

Total Ireland 671 0.66

Israel

Chemicals

105,889 Israel Chemicals Ltd Com ILS 1.00 722 0.72

Investment services

683 Israel Corp Ltd Com ILS 1.00 335 0.33

Total Israel 1,057 1.05

Japan

Agriculture

6,434 Hokuto Corp Com NPV 109 0.11

Food products

10,800 Maruha Nichiro Corp Com NPV 152 0.15

50,712 NH Foods Ltd Com NPV 1,018 1.01

72,000 Nichirei Corp Com NPV 313 0.31

40,000 Nippon Flour Mills Co Ltd Com NPV 178 0.18

68,800 Nippon Suisan Kaisha Ltd Com NPV 240 0.24

24,850 Toyo Suisan Kaisha Ltd Com NPV 842 0.83

Machinery - diversified

62,408 Iseki & Co Ltd Com NPV 120 0.12

291,689 Kubota Corp Com NPV 4,559 4.51

iSHARES V PLC






$'000


Equities (cont)

Japan (cont)

Specialty chemicals

13,200 Nihon Nohyaku Co Ltd Com NPV 144 0.14

Total Japan 7,675 7.60

Mauritius

Agriculture

1,597,309 Golden Agri-Resources Ltd Com USD 0.025 564 0.56

Total Mauritius 564 0.56

Netherlands

Food

17,250 Nutreco NV Com EUR 0.12 988 0.98

Total Netherlands 988 0.98

Norway

Chemicals

44,230 Yara International ASA Com NOK 1.70 1,883 1.87

Food products

22,507 Austevoll Seafood ASA Com NOK 0.50 135 0.13

75,407 Marine Harvest ASA Com NOK 7.50 1,071 1.06

13,249 Salmar ASA Com NOK 0.25 228 0.23

Total Norway 3,317 3.29


Chemicals

412,670 China BlueChemical Ltd Com HKD 1.00 150 0.15



Food products

2,148 CJ CheilJedang Corp Com KRW 5000.00 683 0.68

Total Republic of South Korea 683 0.68

Russian Federation

Chemicals

19,091 Phosagro OAO GDR NPV 210 0.21

47,554 Uralkali OJSC GDR NPV 634 0.63

Total Russian Federation 844 0.84

Singapore

Agriculture

131,063 First Resources Ltd Com NPV 194 0.19

97,000 Indofood Agri Resources Ltd Com NPV 56 0.06

Food

614,198 Wilmar International Ltd Com NPV 1,513 1.50



$'000


Sweden

Food

6,866 AAK AB Com NPV 378 0.37

Total Sweden 378 0.37

Switzerland

Food products

548 Barry Callebaut AG Com CHF 18.60 588 0.58

Specialty chemicals

23,080 Syngenta AG Com CHF 0.10 7,625 7.56

Total Switzerland 8,213 8.14

United Kingdom

Food

87,965 Associated British Foods Plc Com GBP 0.0568 4,412 4.37

116,470 Tate & Lyle Plc Com GBP 0.25 1,101 1.09

Total United Kingdom 5,513 5.46

United States

Agriculture

159,943 Archer-Daniels-Midland Co Com NPV 8,424 8.35

Auto parts & equipment

12,546 Titan International Inc Com NPV 124 0.12

Chemicals

5,518 American Vanguard Corp Com USD 0.10 60 0.06

14,125 Intrepid Potash Inc Com USD 0.001 202 0.20

119,919 Monsanto Co Com USD 0.01 14,383 14.25

78,644 Mosaic Co Com USD 0.01 3,600 3.57

Food products

7,464 Cal-Maine Foods Inc Com USD 0.01 313 0.31

40,444 Darling Ingredients Inc Com USD 0.01 752 0.75

18,335 Ingredion Inc Com USD 0.01 1,526 1.51

15,267 Pilgrim's Pride Corp Com USD 0.01 493 0.49

4,967 Sanderson Farms Inc Com USD 1.00 431 0.43

69 Seaboard Corp Com USD 1.00 238 0.24

72,333 Tyson Foods Inc Com USD 0.10 3,063 3.03

Household products

10,979 Scotts Miracle-Gro Co Com USD 0.01 670 0.66


21,267 AGCO Corp Com USD 0.01 897 0.89

88,833 Deere & Co Com USD 1.00 7,697 7.63

3,176 Lindsay Corp Com USD 1.00 279 0.27

Specialty chemicals

12,270 CF Industries Holdings Inc Com USD 0.01 3,292 3.26


Total equities 100,765 99.85

iSHARES V PLC





No. of contracts

Underlying exposure

$’000 Fair value

$'000


Financial derivative instruments

Futures contracts

1 S&P 500 E Mini Index Futures December 2014 99 5 0.00

Total unrealised gains on futures contracts 5 0.00

Total financial derivative instruments 5 0.00

Fair value

$'000



Cash† 58 0.06

Other net assets 58 0.06

Net assets attributable to redeemable participating shareholders 100,886 99.97

Adjustment to align to the valuation methodology as set out in the prospectus 28 0.03


† Cash holdings of $56,976 are held with State Street Bank and Trust Company. $528 is held as security for futures contracts with Barclays Plc.

Underlying exposure has been calculated according to the guidelines

issued by the European Securities and Market Authority (“ESMA”) and

represents the market value of an equivalent position in the assets

underlying each financial derivative instrument.

Equities are primarily classified by the country of incorporation of the

entity in which the Fund holds shares.


Fair value $’000



Exchange traded financial derivative instruments 5 0.00

Other assets 138 0.14


iSHARES V PLC







Sales Purchases

32,440 Monsanto Co Com USD 0.01 3,755 99,774 Monsanto Co Com USD 0.01 11,860

103,745 Komatsu Ltd Com NPV 2,094 131,966 Archer-Daniels-Midland Co Com NPV 6,653

22,438 Deere & Co Com USD 1.00 2,002 19,116 Syngenta AG Com CHF 0.10 6,471

5,230 Syngenta AG Com CHF 0.10 1,963 73,454 Deere & Co Com USD 1.00 6,365

49,088 Potash Corp of Saskatchewan Inc Com NPV 1,763 169,011 Potash Corp of Saskatchewan Inc Com NPV 6,009

37,170 Archer-Daniels-Midland Co Com NPV 1,615 239,000 Kubota Corp Com NPV 3,637

19,950 Associated British Foods Plc Com GBP 0.0568 976 72,558 Associated British Foods Plc Com GBP 0.0568 3,501

20,000 Mosaic Co Com USD 0.01 967 136,031 BRF SA ADR NPV 3,480

64,000 Kubota Corp Com NPV 902 65,103 Mosaic Co Com USD 0.01 3,048

3,674 CF Industries Holdings Inc Com USD 0.01 890 29,155 Agrium Inc Com NPV 2,889

36,282 BRF SA ADR NPV 828 10,304 CF Industries Holdings Inc Com USD 0.01 2,744

8,143 Agrium Inc Com NPV 738 29,782 Bunge Ltd Com USD 0.01 2,621

28,817 Uralkali OJSC GDR NPV 650 60,336 Tyson Foods Inc Com USD 0.10 2,478

8,249 Bunge Ltd Com USD 0.01 639 36,463 Yara International ASA Com NOK 1.70 1,706

15,321 Tyson Foods Inc Com USD 0.10 608 507,000 Wilmar International Ltd Com NPV 1,278

9,963 Yara International ASA Com NOK 1.70 459 14,939 Ingredion Inc Com USD 0.01 1,189

138,000 Wilmar International Ltd Com NPV 353 35,213 K&S AG Com NPV 1,055

9,640 K&S AG Com NPV 328 96,851 Tate & Lyle Plc Com GBP 0.25 987

4,217 Ingredion Inc Com USD 0.01 308 124,389 Marine Harvest ASA Com NOK 7.50 928

26,142 Tate & Lyle Plc Com GBP 0.25 292 41,000 NH Foods Ltd Com NPV 861





iSHARES V PLC

iShares Austria Government Bond UCITS ETF


INCOME STATEMENT



2014 €’000


2013 €’000


Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 3 794 (21)

Total gains 945 61


Net operating profit 924 51

Finance costs:

Distributions to redeemable participating shareholders 6 (130) (72)

Total finance costs (130) (72)

Net profit/(loss) for the financial year 794 (21)

Adjustment to align to the valuation methodology as set out in the prospectus 7 (3) -

Increase/(decrease) in net assets attributable to redeemable participating shareholders from

operations 791 (21)






2014 €’000


2013 €’000



operations 791 (21)

Share transactions:


Payments on redemption of redeemable participating shares (5,492) -




iSHARES V PLC



BALANCE SHEET


Note 30 November 2014 €’000

30 November 2013 €’000

CURRENT ASSETS





CURRENT LIABILITIES

Payables 13 (2) (2)

Distributions payable to redeemable participating shareholders 6 (77) (75)



Adjustment to align to the valuation methodology as set out in the prospectus 7 - 3



iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000

Bond interest income 151 82

151 82




2014 €’000


2013 €’000



fair value through profit or loss 794 (21)

794 (21)



2014 €’000


2013 €’000


(21) (10)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.20 0.20


SHAREHOLDERS







iSHARES V PLC









2014 €’000


2013 €’000

May 2013 - 22

November 2013 - 75

May 2014 61 -

November 2014 77 -

138 97


Equalisation expense 23 -

130 72






2014 €’000


2013 €’000




out in the prospectus (3) -

Total adjustment for the year (3) -

Balance carried forward - 3






details.

9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares

Balance at the beginning of year 80,000 20,000


Redeemed during year (40,000) -

Balance at the end of year 90,000 80,000


SHAREHOLDERS

No. of Shares

Shares in issue




€’000

Net asset value





As at 30 November 2014 €141.72



11. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000

Sale of securities awaiting

settlement 80 -

Bond income receivable 177 171

257 171

iSHARES V PLC






Financial assets:

30 November 2014 €’000

30 November 2013 €’000


12,548 10,254

13. PAYABLES

30 November 2014 €’000

30 November 2013 €’000


(2) (2)





Company.



of the Company.







iSHARES V PLC






€'000



Bonds

Austria


225,000 Austria Government Bond 0.25% 18/10/2019 226 1.77













693,000 Austria Government Bond 4% 15/09/2016 742 5.82

729,000 Austria Government Bond 4.15% 15/03/2037 1,082 8.48






Total Austria 12,548 98.38


Fair value

€’000



Cash† 28 0.22



Adjustment to align to the valuation methodology as set out in the prospectus* - 0.00


† Substantially all cash positions are held with State Street Bank and Trust Company. * Amounts which are less than €500 are rounded to zero.


Fixed income securities are primarily classified by country of issuer

for government type fixed income securities.


Fair value €’000





iSHARES V PLC






€’000 Holding Investments Cost €’000

Sales Purchases

684,000 Austria Government Bond 3.5% 15/07/2015 708 455,000 Austria Government Bond 4.15% 15/03/2037 652







384,000 Austria Government Bond 4% 15/09/2016 416 373,000 Austria Government Bond 3.4% 22/11/2022 448





227,000 Austria Government Bond 3.65% 20/04/2022 272 385,000 Austria Government Bond 4% 15/09/2016 415












iSHARES V PLC

iShares Belgium Government Bond UCITS ETF


INCOME STATEMENT



2014 €’000


2013 €’000


Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 3 1,389 (99)

Total gains/(losses) 1,591 (45)


Net operating profit/(loss) 1,566 (51)

Finance costs:



Net profit/(loss) for the financial year 1,390 (100)

Adjustment to align to the valuation methodology as set out in the prospectus 7 3 (2)


operations 1,393 (102)






2014 €’000


2013 €’000




Share transactions:



Increase in net assets resulting from share transactions 18,004 87



iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS





CURRENT LIABILITIES

Payables 13 (1,470) -


Total current liabilities excluding net assets attributable to redeemable participating shareholders (1,606) (21)


Adjustment to align to the valuation methodology as set out in the prospectus 7 3 -



iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000


202 54




2014 €’000


2013 €’000



fair value through profit or loss 1,389 (99)

1,389 (99)



2014 €’000


2013 €’000


(25) (6)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.20 0.20


SHAREHOLDERS







iSHARES V PLC









2014 €’000


2013 €’000

May 2013 - 24

November 2013 - 21

May 2014 80 -

November 2014 136 -

216 45



176 49






2014 €’000


2013 €’000

Balance brought forward - 2



out in the prospectus 3 (2)

Total adjustment for the year 3 (2)

Balance carried forward 3 -






details.

9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue




€’000

Net asset value








11. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000


settlement 140 -


469 45


Financial assets:

30 November 2014 €’000

30 November 2013 €’000


21,719 2,613

iSHARES V PLC





13. PAYABLES

30 November 2014 €’000

30 November 2013 €’000

Purchase of securities awaiting

settlement (1,468) -

Management fees payable (2) -

(1,470) -





Company.



of the Company.







iSHARES V PLC






€'000



Bonds

Belgium

Government bonds: AA rating

750,000 Belgium Government Bond 1.25% 22/06/2018 781 3.54


930,000 Belgium Government Bond 2.6% 22/06/2024 1,072 4.86


705,000 Belgium Government Bond 3% 28/09/2019 799 3.62




1,140,000 Belgium Government Bond 3.75% 28/09/2020 1,365 6.19





915,000 Belgium Government Bond 4% 28/03/2022 1,142 5.18






1,230,000 Belgium Government Bond 5% 28/03/2035 1,909 8.66



Total Belgium 21,719 98.45


Fair value

€’000



Cash† 1,475 6.69







Fixed income securities are primarily classified by the country of the

issuer for government type fixed income securities.







iSHARES V PLC







Sales Purchases

560,000 Belgium Government Bond 5% 28/03/2035 799 1,630,000 Belgium Government Bond 5% 28/03/2035 2,270

715,000 Belgium Government Bond 3.75% 28/09/2015 744 1,469,000 Belgium Government Bond 5.5% 28/03/2028 2,052





381,000 Belgium Government Bond 4.25% 28/03/2041 509 1,201,000 Belgium Government Bond 4% 28/03/2022 1,439

411,000 Belgium Government Bond 4% 28/03/2022 497 1,205,000 Belgium Government Bond 2.6% 22/06/2024 1,318



385,000 Belgium Government Bond 2.25% 22/06/2023 415 1,053,000 Belgium Government Bond 4% 28/03/2019 1,218

349,000 Belgium Government Bond 4% 28/03/2019 406 1,098,000 Belgium Government Bond 3.25% 28/09/2016 1,174

356,000 Belgium Government Bond 3.25% 28/09/2016 380 946,000 Belgium Government Bond 4% 28/03/2018 1,071

308,000 Belgium Government Bond 4% 28/03/2018 349 922,000 Belgium Government Bond 4% 28/03/2017 1,017

337,000 Belgium Government Bond 3.5% 28/03/2015 348 983,000 Belgium Government Bond 1.25% 22/06/2018 1,011

331,000 Belgium Government Bond 1.25% 22/06/2018 342 794,000 Belgium Government Bond 4.5% 28/03/2026 1,006

257,000 Belgium Government Bond 4.5% 28/03/2026 330 899,000 Belgium Government Bond 3% 28/09/2019 1,002

294,000 Belgium Government Bond 8% 28/03/2015 318 826,000 Belgium Government Bond 5.5% 28/09/2017 965

281,000 Belgium Government Bond 4% 28/03/2017 309 712,000 Belgium Government Bond 4% 28/03/2032 870

275,000 Belgium Government Bond 2.6% 22/06/2024 305 779,000 Belgium Government Bond 2.75% 28/03/2016 815





iSHARES V PLC

iShares Emerging Markets Dividend UCITS ETF


INCOME STATEMENT



2014 $’000


2013 $’000


Net losses on financial assets/liabilities at fair value through profit or loss 3 (43,389) (19,504)

Total losses (23,352) (4,928)


Net operating loss (25,543) (6,705)

Finance costs:




Net loss for the financial year before tax (41,040) (17,366)

Capital gains tax (23) -

Non-reclaimable withholding tax (2,060) (1,763)

Net loss for the financial year after tax (43,123) (19,129)

Adjustment to align to the valuation methodology as set out in the prospectus 8 (8) 424

Decrease in net assets attributable to redeemable participating shareholders from operations (43,131) (18,705)



/STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS



2014 $’000


2013 $’000



Share transactions:



(Decrease)/increase in net assets resulting from share transactions (12,931) 240,512



iSHARES V PLC



BALANCE SHEET



30 November 2013 $’000

CURRENT ASSETS


Margin cash account 133 -

Receivables 12 4,642 358



CURRENT LIABILITIES

Bank overdraft (493) -

Payables 14 (154) (178)


Financial liabilities at fair value through profit or loss 13 (53) -






iSHARES V PLC











2. OPERATING INCOME


2014 $’000


2013 $’000




20,037 14,576

3. NET LOSSES ON FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE



2014 $’000


2013 $’000

Net losses on investments in


through profit or loss (42,798) (19,385)

Net gains on futures contracts 159 -


(43,389) (19,504)



2014 $’000


2013 $’000


(2,191) (1,777)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.65 0.65


SHAREHOLDERS







iSHARES V PLC









2014 $’000


2013 $’000

February 2013 - 862

May 2013 - 3,066

August 2013 - 5,819

November 2013 - 2,056

February 2014 101 -

May 2014 4,143 -

August 2014 6,541 -

November 2014 4,086 -

14,871 11,803

Equalisation income (491) (1,191)

Equalisation expense 1,091 14

15,471 10,626

7. INTEREST EXPENSE


2014 $’000


2013 $’000


(26) (35)






2014 $’000


2013 $’000




out in the prospectus (8) 424

Total adjustment for the year (8) 424









2014 $’000


2013 $’000


10. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares



Redeemed during year (3,800,000) (100,000)



SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 11,800,000

As at 30 November 2013 12,500,000

As at 30 November 2012 4,200,000

$’000

Net asset value








iSHARES V PLC





12. RECEIVABLES

30 November 2014 $’000

30 November 2013 $’000

Sale of securities

awaiting settlement 3,459 149

Dividend income receivable 1,172 205


receivable 11 4

4,642 358


Financial assets:

30 November 2014 $’000

30 November 2013 $’000


Investment in rights - 414

285,295 342,923


Unrealised losses on futures

contracts (53) -

(53) -

14. PAYABLES

30 November 2014 $’000

30 November 2013 $’000

Interest payable (2) -



(154) (178)





Company.



of the Company.



























agents share.

30 November 2014 $’000

30 November 2013 $’000



year end 13,262 1,066


of the Fund at year end 14,631 1,289


instruments.







iSHARES V PLC






$'000



Equities

Brazil

Banks

320,048 Banco do Brasil SA Com NPV 3,677 1.28

Commercial services

306,301 CCR SA Com NPV 2,099 0.73

Electricity

772,406 AES Tiete SA Pref NPV 5,745 1.99

1,613,054 Cia Energetica de Minas Gerais Pref BRL 5.00 8,816 3.06

319,909 CPFL Energia SA Com NPV 2,448 0.85

539,548 Light SA Com NPV 4,312 1.49

232,257 Tractebel Energia SA Com NPV 3,118 1.08

Telecommunications

5,134,891 Oi SA Pref NPV 2,751 0.95

249,800 Telefonica Brasil SA Pref NPV 5,092 1.77

Tobacco

264,989 Souza Cruz SA Com NPV 2,109 0.73


Cayman Islands

Building & construction materials

11,977,822 China Shanshui Cement Group Ltd Com USD 0.01 4,556 1.58

Chemicals

4,580,118 Dongyue Group Ltd Com HKD 0.10 1,748 0.61

Real estate investment & services

173,000 Evergrande Real Estate Group Ltd Com USD 0.01 70 0.02

Retail

1,348,695 Anta Sports Products Ltd Com HKD 0.10 2,783 0.96


Chile

Banks

130,021,631 Corpbanca SA Com NPV 1,604 0.56

Iron & steel

125,190 CAP SA Com NPV 854 0.30

Telecommunications

201,003 ENTEL Chile SA Com NPV 2,236 0.77

Total Chile 4,694 1.63

Czech Republic

Banks

12,561 Komercni Banka AS Com CZK 500.00 2,793 0.97


$'000


Czech Republic (cont)

Electricity

154,340 CEZ AS Com CZK 100.00 4,300 1.49

Fixed line telecommunications

307,473 O2 Czech Republic AS Com CZK 87.00 3,523 1.22

Total Czech Republic 10,616 3.68

Egypt

Holding companies - diversified operations

1,720,692 Egypt Kuwait Holding Co SAE Com USD 0.25 1,428 0.50

Total Egypt 1,428 0.50

Hong Kong

Coal

7,871,159 Shougang Fushan Resources Group Ltd Com NPV 1,878 0.65


8,600,344 Shenzhen Investment Ltd Com NPV 2,539 0.88


India

Oil & gas

384,769 Oil & Natural Gas Corp Ltd Com INR 5.00 2,344 0.81


Indonesia

Coal

1,964,336 Indo Tambangraya Megah Tbk PT Com IDR 500.00 3,058 1.06

Distribution & wholesale

3,419,909 AKR Corporindo Tbk PT Com IDR 100.00 1,303 0.45

Mining

15,960,156 Aneka Tambang Persero Tbk PT Com IDR 100.00 1,275 0.44

Retail

27,080,247 Matahari Putra Prima Tbk PT Com IDR 50.00 7,112 2.47

Total Indonesia 12,748 4.42

Malaysia

Agriculture

210,779 Kuala Lumpur Kepong Bhd Com MYR 1.00 1,398 0.49

Banks

1,025,846 Malayan Banking Bhd Com MYR 1.00 2,866 0.99

288,873 Public Bank Bhd Com MYR 1.00 1,585 0.55

Diversified industrials

671,626 Sime Darby Bhd Com MYR 0.50 1,916 0.66

iSHARES V PLC






$'000


Equities (cont)

Malaysia (cont)

Entertainment

1,824,268 Berjaya Sports Toto Bhd Com MYR 0.10 1,861 0.65

Food products

168,276 PPB Group Bhd Com MYR 1.00 761 0.26

Telecommunications

1,388,198 Telekom Malaysia Bhd Com MYR 0.70 2,906 1.01

Tobacco

125,747 British American Tobacco Malaysia Bhd Com MYR 0.50 2,615 0.91


Morocco

Telecommunications

5,494 Maroc Telecom Com MAD 6.00 71 0.02

340,025 Maroc Telecom France listing Com MAD 6.00 4,286 1.49

Total Morocco 4,357 1.51


Commercial services

3,261,251 Zhejiang Expressway Co Ltd Com CNY 1.00 3,638 1.26

Integrated oil & gas

2,066,477 PetroChina Co Ltd Com CNY 1.00 2,238 0.78


2,136,833 Guangzhou R&F Properties Co Ltd Com CNY 0.25 2,629 0.91

Total People's Republic of China 8,505 2.95

Philippines

Mobile telecommunications

59,663 Globe Telecom Inc Com PHP 50.00 2,323 0.80

Total Philippines 2,323 0.80

Poland

Chemicals

4,846,723 Synthos SA Com PLN 0.03 5,997 2.08


881,846 Orange Polska SA Com PLN 3.00 2,485 0.86

Insurance

69,312 Powszechny Zaklad Ubezpieczen SA Com PLN 1.00 9,900 3.43

Mining

116,288 KGHM Polska Miedz SA Com PLN 10.00 4,259 1.48

Total Poland 22,641 7.85


$'000




111,096 KT Corp Com KRW 5000.00 3,259 1.13

Gas distribution

22,784 Korea Gas Corp Com KRW 5000.00 1,180 0.41

Property & casualty insurance

67,358 Hyundai Marine & Fire Insurance Co Ltd Com KRW 500.00 1,614 0.56


Russian Federation


253,280 Mobile Telesystems OJSC Com RUB 0.10 1,284 0.45

Oil & gas

206,121 Gazprom Neft OAO ADR NPV 3,349 1.16

Total Russian Federation 4,633 1.61

South Africa

Apparel retailers

263,940 Foschini Group Ltd Com ZAR 0.0125 3,478 1.20

283,743 Truworths International Ltd Com ZAR 0.00015 2,042 0.71

Banks

3,256,246 African Bank Investments Ltd Com ZAR 0.025^ 3 0.00

Broadline retailers

254,839 Woolworths Holdings Ltd Com NPV 1,840 0.64

Building materials and fixtures

861,178 PPC Ltd Com NPV 1,993 0.69

Coal

113,531 Exxaro Resources Ltd Com ZAR 0.01 1,137 0.39

Containers & packaging

602,623 Nampak Ltd Com ZAR 0.05 2,444 0.85

Diversified financial services

429,529 RMB Holdings Ltd Com ZAR 0.01 2,435 0.85


180,707 Barloworld Ltd Com ZAR 0.05 1,710 0.59

Food

51,440 Tiger Brands Ltd Com ZAR 0.10 1,799 0.62

Iron & steel

114,476 Kumba Iron Ore Ltd Com ZAR 0.0001 2,647 0.92

Retail

625,166 Lewis Group Ltd Com ZAR 0.0001 4,405 1.53

Transportation

324,655 Grindrod Ltd Com ZAR 0.00002 673 0.23


iSHARES V PLC






$'000


Equities (cont)

Taiwan

Chemicals

296,815 Formosa Plastics Corp Com TWD 10.00 677 0.23

3,711,934 Formosan Rubber Group Inc Com TWD 10.00 3,886 1.35

1,993,302 Oriental Union Chemical Corp Com TWD 10.00 1,552 0.54

1,921,625 TSRC Corp Com TWD 10.00 2,179 0.76

6,459,775 UPC Technology Corp Com TWD 10.00 2,140 0.74

Computer hardware

11,577,218 AmTRAN Technology Co Ltd Com TWD 10.00 6,248 2.16

536,207 Asustek Computer Inc Com TWD 10.00 5,830 2.02

2,592,468 Gigabyte Technology Co Ltd Com TWD 10.00 2,961 1.03

2,093,957 Inventec Corp Com TWD 10.00 1,394 0.49

1,575,940 Lite-On Technology Corp Com TWD 10.00 1,907 0.66


9,497,044 China Bills Finance Corp Com TWD 10.00 3,437 1.19

Electrical components & equipment

1,642,903 Dynapack International Technology Corp Com TWD 10.00 3,881 1.35

Electronics

3,293,370 WPG Holdings Ltd Com TWD 10.00 3,810 1.32


866,479 Chunghwa Telecom Co Ltd Com TWD 10.00 2,598 0.90

Iron & steel

1,018,106 China Steel Corp Com TWD 10.00 855 0.29

1,684,088 Feng Hsin Iron & Steel Co Com TWD 10.00 2,071 0.72

Marine transportation

1,648,918 U-Ming Marine Transport Corp Com TWD 10.00 2,584 0.90


1,115,637 Far EasTone Telecommunications Co Ltd Com TWD 10.00 2,415 0.83

918,912 Taiwan Mobile Co Ltd Com TWD 10.00 2,907 1.01


2,008,528 Chong Hong Construction Co Ltd Com TWD 10.00 4,316 1.50

2,062,494 Farglory Land Development Co Ltd Com TWD 10.00 2,326 0.81

1,848,417 Highwealth Construction Corp Com TWD 10.00 3,506 1.21

1,044,185 Huaku Development Co Ltd Com TWD 10.00 1,825 0.63

Semiconductors

660,664 Novatek Microelectronics Corp Com TWD 10.00 3,736 1.30


$'000


Taiwan (cont)

Telecommunications

668,415 Wistron NeWeb Corp Com TWD 10.00 1,298 0.45

Total Taiwan 70,339 24.39

Thailand

Chemicals

1,193,549 PTT Global Chemical PCL Receipt THB 10.00 2,326 0.81

Food

2,053,313 Charoen Pokphand Foods PCL Receipt THB 1.00 1,751 0.61


126,433 Siam Cement PCL Receipt THB 1.00 1,818 0.63

Home builders

6,902,892 Land and Houses PCL Receipt THB 1.00 2,081 0.72

Oil & gas

1,398,050 Thai Oil PCL Receipt THB 10.00 1,842 0.64


66 Sansiri PCL Com THB 1.07* - 0.00

78,825,058 Sansiri PCL Receipt THB 1.07 4,633 1.60

Telecommunications

366,735 Advanced Info Service PCL Receipt THB 1.00 2,658 0.92

1,215,302 Intouch Holdings PCL Receipt THB 1.00 2,767 0.96

Total Thailand 19,876 6.89

Turkey

Auto manufacturers

191,711 Ford Otomotiv Sanayi AS Com TRY 1.00 2,586 0.89

604,222 Tofas Turk Otomobil Fabrikasi AS Com TRY 1.00 4,292 1.49


1,200,805 Turk Telekomunikasyon AS Com TRY 1.00 3,834 1.33


97,891 Turk Traktor ve Ziraat Makineleri AS Com TRY 1.00 3,071 1.07

Oil & gas

207,975 Tupras Turkiye Petrol Rafinerileri AS Com TRY 1.00 4,700 1.63

Total Turkey 18,483 6.41


Warrants

Thailand

25,936,789 Sansiri PCL - Warrants 24 November 2017*^ - 0.00

Total Thailand - 0.00

Total warrants - 0.00

iSHARES V PLC





No. of contracts

Underlying exposure

$’000 Fair value

$'000



Futures contracts

37 MSCI Emerging Markets Mini Futures December 2014 1,899 (53) (0.02)

Total unrealised losses on futures contracts (53) (0.02)

Total financial derivative instruments (53) (0.02)

Fair value

$’000



Cash† 1,961 0.68





† Cash holdings of $1,828,222 are held with State Street Bank and Trust Company. $133,166 is held as security for futures contracts with Barclays Plc. * Investments which are less than $500 are rounded to zero. ^ Securities valued in consultation with the investment manager.








Fair value $’000





iSHARES V PLC







Sales Purchases

4,038,800 Eletropaulo Metropolitana Eletricidade de Sao

Paulo SA Pref NPV 18,046

9,717,111 Magyar Telekom Telecommunications Plc Com

HUF 100.00 14,044

9,717,111 Magyar Telekom Telecommunications Plc Com 6,681,966 Synthos SA Com PLN 0.03 11,738

HUF 100.00 14,227 76,915 Powszechny Zaklad Ubezpieczen SA Com PLN 1.00 11,208

5,886,305 ANTA Sports Products Ltd Com HKD 0.10 7,278 7,084,300 Oi SA Pref NPV 11,018

13,782,956 China Bills Finance Corp Com TWD 10.00 5,219 1,442,800 Cia Energetica de Minas Gerais Pref BRL 5.00 10,841

2,015,187 Wistron NeWeb Corp Com TWD 10.00 4,984 2,627,000 Chong Hong Construction Co Ltd Com TWD 10.00 8,169

249,132 Mobile Telesystems OJSC ADR NPV 4,640 11,471,000 AmTRAN Technology Co Ltd Com TWD 10.00 7,864

361,046 Ford Otomotiv Sanayi AS Com TRY 1.00 4,159 757,000 Asustek Computer Inc Com TWD 10.00 7,116

1,867,698 Intouch Holdings PCL Receipt THB 1.00 4,131 16,530,000 China Shanshui Cement Group Ltd Com USD 0.01 6,835

297,297,348 Corpbanca SA Com NPV 4,101 37,300,700 Matahari Putra Prima Tbk PT Com IDR 50.00 6,685

79,683,869 Sansiri PCL Com THB 1.07 4,101 344,000 Telefonica Brasil SA Pref NPV 6,474

3,235,532 Gigabyte Technology Co Ltd Com TWD 10.00 4,096 280,596 Gazprom Neft OAO ADR NPV 6,313

3,460,630 WPG Holdings Ltd Com TWD 10.00 3,952 2,263,000 Dynapack International Technology Corp Com

607,086 Cia Energetica de Minas Gerais Pref BRL 5.00 3,945 TWD 10.00 6,223

1,410,150 Formosa Chemicals & Fibre Corp Com TWD 10.00 3,920 438,375 O2 Czech Republic AS Com CZK 87.00 6,118

529,580 Daishin Securities Co Ltd Com KRW 5000.00 3,700 95,790,569 Sansiri PCL Receipt THB 1.07 5,084

324,600 Cia de Transmissao de Energia Eletrica Paulista Pref NPV 3,633 80,549,300 Sansiri PCL Com THB 1.07 4,526

787,000 HTC Corp Com TWD 10.00 3,617 103,077 KT Corp Com KRW 5000.00 3,224

122,040 Turk Traktor ve Ziraat Makineleri AS Com TRY 1.00 3,534 79,897 Kumba Iron Ore Ltd Com ZAR 0.0001 3,176

92,352 Globe Telecom Inc Com PHP 50.00 3,362 5,976,000 UPC Technology Corp Com TWD 10.00 2,850

88,579 KGHM Polska Miedz SA Com PLN 10.00 3,349 288,250 Foschini Group Ltd Com ZAR 0.0125 2,788





iSHARES V PLC



INCOME STATEMENT



2014 €’000


2013 €’000


Net (losses)/gains on financial assets/liabilities at fair value through profit or loss 3 (184) 1,725


Operating expenses 4 (1,340) (520)


Finance costs:



Net profit for the financial year 2,012 4,648







2014 €’000


2013 €’000



Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS


Margin cash account 11,344 7,147




CURRENT LIABILITIES

Payables 12 (1,098) (750)





iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000

Deposit interest income 1 -



11,477 4,510

3. NET (LOSSES)/GAINS ON FINANCIAL ASSETS/LIABILITIES AT



2014 €’000


2013 €’000




Net losses on futures contracts (28,125) (2,082)

(184) 1,725



2014 €’000


2013 €’000

Management fees (1,340) (520)

(1,340) (520)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.25 0.25


SHAREHOLDERS









2014 €’000


2013 €’000

June 2013 - 3,264

December 2013 3,605 -

June 2014 5,646 -

9,251 3,264



7,941 1,067

iSHARES V PLC











2014 €’000


2013 €’000


8. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares



Redeemed during year (713,000) (1,188,000)



SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 6,510,001

As at 30 November 2013 3,621,845


€’000

Net asset value








10. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000

Sale of securities

awaiting settlement 311 121


receivable 4 -


11,141 6,973


Financial assets:

30 November 2014 €’000

30 November 2013 €’000



contracts 57 -

646,088 357,271


Unrealised losses on futures contracts (6,118) (4,032)

(6,118) (4,032)

12. PAYABLES

30 November 2014 €’000

30 November 2013 €’000


settlement (972) (678)


(1,098) (750)





Company.



of the Company.

iSHARES V PLC































agents share.

30 November 2014 $’000

30 November 2013 $’000



year end 16,447 -


of the Fund at year end 17,907 -


instruments.







iSHARES V PLC






€'000



Bonds

Australia


700,000 Australia & New Zealand Banking Group Ltd 3.75% 10/03/2017 753 0.11

750,000 Commonwealth Bank of Australia 1.625% 04/02/2019 781 0.12




1,062,000 National Australia Bank Ltd 2% 12/11/2020 1,136 0.17

400,000 National Australia Bank Ltd 2.75% 08/08/2022 451 0.07


500,000 National Australia Bank Ltd 4% 13/07/2020 592 0.09


250,000 Westpac Banking Corp 4.125% 25/05/2018 281 0.04

800,000 Westpac Banking Corp 4.25% 22/09/2016 857 0.13


1,200,000 BHP Billiton Finance Ltd 2.125% 29/11/2018 1,275 0.19

550,000 BHP Billiton Finance Ltd 2.25% 25/09/2020 595 0.09

100,000 BHP Billiton Finance Ltd 3% 29/05/2024 116 0.02





600,000 Macquarie Bank Ltd 2.5% 18/09/2018 639 0.10

150,000 Optus Finance Pty Ltd 3.5% 15/09/2020 171 0.02

100,000 Scentre Group Trust 2 3.25% 11/09/2023 114 0.02

150,000 Scentre Management Ltd 1.5% 16/07/2020 153 0.02

400,000 Scentre Management Ltd 2.25% 16/07/2024 422 0.06

500,000 Telstra Corp Ltd 2.5% 15/09/2023 553 0.08

500,000 Telstra Corp Ltd 3.5% 21/09/2022 588 0.09

100,000 Telstra Corp Ltd 3.625% 15/03/2021 116 0.02


€'000


Australia (cont)

Corporate bonds: A rating (cont)

550,000 Telstra Corp Ltd 3.75% 16/05/2022 657 0.10

300,000 Telstra Corp Ltd 4.25% 23/03/2020 355 0.05

400,000 Telstra Corp Ltd 4.75% 21/03/2017 440 0.07


400,000 AusNet Services Holdings Pty Ltd 2.375% 24/07/2020 429 0.06

250,000 Australia & New Zealand Banking Group Ltd 5.125% 10/09/2019 294 0.04

200,000 Australia Pacific Airports Melbourne Pty Ltd 1.75% 15/10/2024 202 0.03

100,000 Australia Pacific Airports Melbourne Pty Ltd 3.125% 26/09/2023 114 0.02




425,000 Transurban Finance Co Pty Ltd 1.875% 16/09/2024 430 0.07

100,000 Transurban Finance Co Pty Ltd 2.5% 08/10/2020 108 0.02

400,000 Wesfarmers Ltd 2.75% 02/08/2022 446 0.07

50,000 Wesfarmers Ltd 3.875% 10/07/2015 51 0.01


300,000 Aurizon Network Pty Ltd 2% 18/09/2024 302 0.04

175,000 Brambles Finance Ltd 2.375% 12/06/2024 187 0.03

300,000 SGSP Australia Assets Pty Ltd 2% 30/06/2022 311 0.05


200,000 Amcor Ltd 2.75% 22/03/2023 219 0.03

100,000 Amcor Ltd 4.625% 16/04/2019 116 0.02

200,000 Macquarie Bank Ltd 6% 21/09/2020 238 0.04

400,000 Origin Energy Finance Ltd 2.5% 23/10/2020 425 0.06



300,000 Sydney Airport Finance Co Pty Ltd 2.75% 23/04/2024 326 0.05


350,000 Santos Finance Ltd 8.25% 22/09/2070 388 0.06

Total Australia 21,054 3.18

Austria


400,000 Erste Group Bank AG 1.875% 13/05/2019 418 0.06

iSHARES V PLC






€'000


Bonds (cont)

Austria (cont)




200,000 OMV AG 0.6% 19/11/2018 201 0.03

300,000 OMV AG 1.75% 25/11/2019 316 0.05

300,000 OMV AG 2.625% 27/09/2022 334 0.05

200,000 OMV AG 3.5% 27/09/2027 241 0.04

600,000 OMV AG 4.25% 12/10/2021 731 0.11

200,000 OMV AG 4.375% 10/02/2020 236 0.04

200,000 Raiffeisen Bank International AG 1.875% 08/11/2018 207 0.03


200,000 Vienna Insurance Group AG Wiener Versicherung Gruppe 5.5% 09/10/2043 226 0.03


300,000 UniCredit Bank Austria AG 2.5% 27/05/2019 319 0.05

100,000 UniCredit Bank Austria AG 2.625% 30/01/2018 105 0.01


166,000 Telekom Finanzmanagement GmbH 3.125% 03/12/2021 186 0.03


300,000 Telekom Finanzmanagement GmbH 4% 04/04/2022 355 0.05



200,000 UNIQA Insurance Group AG 6.875% 31/07/2043 233 0.04



250,000 OMV AG 6.75% * 279 0.04


200,000 Raiffeisen Bank International AG 6% 16/10/2023 205 0.03


100,000 Raiffeisenlandesbank Niederoesterreich-Wien AG 5.875% 27/11/2023 101 0.02

Total Austria 7,410 1.12


€'000


Belgium


350,000 BNP Paribas Fortis SA 4.375% 01/02/2017 379 0.06


50,000 Anheuser-Busch InBev NV 1.25% 24/03/2017 51 0.01

350,000 Anheuser-Busch InBev NV 2% 16/12/2019 374 0.06








500,000 Belfius Bank SA/NV 1.125% 22/05/2017 506 0.08

100,000 Belfius Bank SA/NV 2.25% 26/09/2018 106 0.01

300,000 Elia System Operator SA/NV 3% 07/04/2029 338 0.05

400,000 Elia System Operator SA/NV 3.25% 04/04/2028 462 0.07




100,000 Brussels Airport Co NV/SA 3.25% 01/07/2020 111 0.02

300,000 Solvay SA 5% 12/06/2015 307 0.04





400,000 KBC Groep NV 2.375% 25/11/2024 402 0.06


Bermuda


300,000 Bacardi Ltd 2.75% 03/07/2023 329 0.05

Total Bermuda 329 0.05

iSHARES V PLC






€'000


Bonds (cont)

Brazil


300,000 Vale SA 3.75% 10/01/2023 322 0.05

500,000 Vale SA 4.375% 24/03/2018 549 0.08







100,000 Global Switch Holdings Ltd 5.5% 18/04/2018 115 0.02

Total British Virgin Islands 115 0.02

Canada


600,000 Total Capital Canada Ltd 1.125% 18/03/2022 602 0.09




100,000 Great-West Lifeco Inc 2.5% 18/04/2023 109 0.02


300,000 Glencore Finance Canada Ltd 5.25% 13/06/2017 333 0.05


Cayman Islands


250,000 Principal Financial Global Funding II LLC 4.5% 26/01/2017 269 0.04


800,000 Hutchison Whampoa Europe Finance 12 Ltd 2.5% 06/06/2017 837 0.13

300,000 Hutchison Whampoa Europe Finance 12 Ltd 3.625% 06/06/2022 350 0.05

700,000 Hutchison Whampoa Finance 06 Ltd 4.625% 21/09/2016 752 0.11



100,000 Thames Water Utilities Cayman Finance Ltd 3.25% 09/11/2016 105 0.02


€'000




750,000 Hutchison Whampoa Europe Finance 13 Ltd 3.75% * 767 0.11

200,000 MUFG Capital Finance 2 Ltd 4.85% * 211 0.03

100,000 MUFG Capital Finance 4 Ltd 5.271% * 107 0.02


Curacao


300,000 Teva Pharmaceutical Finance IV BV 2.875% 15/04/2019 325 0.05


Czech Republic


150,000 NET4GAS sro 2.5% 28/07/2021 154 0.02


450,000 EP Energy AS 4.375% 01/05/2018 481 0.07

100,000 EP Energy AS 5.875% 01/11/2019 114 0.02

Total Czech Republic 749 0.11

Denmark


750,000 Nykredit Realkredit A/S 1.75% 28/01/2019 781 0.12


400,000 Danske Bank A/S 3.875% 18/05/2016 421 0.06

650,000 Danske Bank A/S 3.875% 28/02/2017 700 0.11


110,000 AP Moeller - Maersk A/S 3.375% 28/08/2019 123 0.02

250,000 AP Moeller - Maersk A/S 4.375% 24/11/2017 278 0.04

200,000 Sydbank A/S 1.5% 17/10/2016 204 0.03


200,000 Carlsberg Breweries A/S 2.5% 28/05/2024 208 0.03




400,000 Danske Bank A/S 2.75% 19/05/2026 411 0.06

350,000 Danske Bank A/S 3.875% 04/10/2023 376 0.06

150,000 TDC A/S 3.75% 02/03/2022 173 0.03


400,000 TDC A/S 4.375% 23/02/2018 445 0.07

Total Denmark 5,936 0.90

iSHARES V PLC






€'000


Bonds (cont)

Finland


500,000 Pohjola Bank Oyj 1.125% 17/06/2019 511 0.08

450,000 Pohjola Bank Oyj 1.25% 14/05/2018 462 0.07

350,000 Pohjola Bank Oyj 1.75% 29/08/2018 366 0.06

275,000 Pohjola Bank Oyj 2% 03/03/2021 294 0.04

200,000 Pohjola Bank Oyj 2.625% 20/03/2017 211 0.03

550,000 Pohjola Bank Oyj 3% 08/09/2017 590 0.09


100,000 Pohjola Bank Oyj 5.75% 28/02/2022 127 0.02


800,000 CRH Finland Services Oyj 2.75% 15/10/2020 868 0.13


150,000 Citycon Oyj 3.75% 24/06/2020 167 0.03

200,000 Elenia Finance Oyj 2.875% 17/12/2020 216 0.03

200,000 Elisa Oyj 2.25% 04/10/2019 211 0.03

225,000 Sampo Oyj 1.5% 16/09/2021 228 0.04

150,000 Sampo Oyj 4.25% 27/02/2017 162 0.02

150,000 Teollisuuden Voima Oyj 2.5% 17/03/2021 156 0.02

100,000 Teollisuuden Voima Oyj 4.625% 04/02/2019 113 0.02

150,000 Teollisuuden Voima Oyj 6% 27/06/2016 163 0.02

Total Finland 4,845 0.73

France


872,000 Sanofi 1% 14/11/2017 889 0.14

400,000 Sanofi 1.125% 10/03/2022 407 0.06

800,000 Sanofi 1.75% 10/09/2026 819 0.12

500,000 Sanofi 1.875% 04/09/2020 535 0.08

500,000 Sanofi 2.5% 14/11/2023 558 0.09

350,000 Sanofi 4.125% 11/10/2019 411 0.06

150,000 Sanofi 4.5% 18/05/2016 159 0.02


300,000 HSBC France SA 1.625% 03/12/2018 313 0.05

500,000 HSBC France SA 1.875% 16/01/2020 528 0.08

300,000 Total Capital International SA 1.375% 19/03/2025 299 0.04





600,000 Total Capital SA 3.125% 16/09/2022 691 0.10

100,000 Total Capital SA 4.7% 06/06/2017 111 0.02


€'000


France (cont)


200,000 Total Capital SA 4.875% 28/01/2019 237 0.04

300,000 Total Capital SA 5.125% 26/03/2024 399 0.06


500,000 Air Liquide Finance SA 2.125% 15/10/2021 543 0.08

200,000 Air Liquide Finance SA 5.25% 18/07/2017 226 0.03

400,000 Air Liquide SA 2.375% 06/09/2023 444 0.07

150,000 Air Liquide SA 2.908% 12/10/2018 164 0.02

150,000 BNP Paribas SA 1.375% 21/11/2018 155 0.02

900,000 BNP Paribas SA 1.5% 12/03/2018 931 0.14

750,000 BNP Paribas SA 2% 28/01/2019 792 0.12

1,100,000 BNP Paribas SA 2.25% 13/01/2021 1,187 0.18

300,000 BNP Paribas SA 2.375% 20/05/2024 328 0.05

700,000 BNP Paribas SA 2.5% 23/08/2019 759 0.11

200,000 BNP Paribas SA 2.625% 16/09/2016 208 0.03

950,000 BNP Paribas SA 2.875% 27/11/2017 1,019 0.15

300,000 BNP Paribas SA 2.875% 24/10/2022 340 0.05

600,000 BNP Paribas SA 2.875% 26/09/2023 684 0.10

500,000 BNP Paribas SA 3% 24/02/2017 529 0.08

1,395,000 BNP Paribas SA 3.75% 25/11/2020 1,629 0.25

300,000 BNP Paribas SA 4.125% 14/01/2022 364 0.06

650,000 BNP Paribas SA 4.5% 21/03/2023 833 0.13

100,000 Credit Logement SA 5.454% 16/02/2021 123 0.02

400,000 LVMH Moet Hennessy Louis Vuitton SA 1% 24/09/2021 405 0.06

200,000 LVMH Moet Hennessy Louis Vuitton SA 1.25% 04/11/2019 208 0.03

350,000 LVMH Moet Hennessy Louis Vuitton SA 1.75% 13/11/2020 371 0.06

100,000 LVMH Moet Hennessy Louis Vuitton SA 4% 06/04/2018 112 0.02


1,300,000 Banque Federative du Credit Mutuel SA 1.625% 11/01/2018 1,345 0.20

700,000 Banque Federative du Credit Mutuel SA 2% 19/09/2019 744 0.11

500,000 Banque Federative du Credit Mutuel SA 2.625% 24/02/2021 553 0.08

1,100,000 Banque Federative du Credit Mutuel SA 2.625% 18/03/2024 1,227 0.18






iSHARES V PLC






€'000


Bonds (cont)

France (cont)




1,200,000 BPCE SA 1.375% 22/05/2019 1,233 0.19

300,000 BPCE SA 1.625% 08/02/2017 308 0.05

400,000 BPCE SA 1.75% 14/03/2016 407 0.06

300,000 BPCE SA 2% 24/04/2018 315 0.05

500,000 BPCE SA 2.125% 17/03/2021 536 0.08

600,000 BPCE SA 2.875% 16/01/2024 686 0.10

300,000 BPCE SA 3% 19/07/2024 348 0.05

950,000 BPCE SA 3.75% 21/07/2017 1,032 0.16

600,000 BPCE SA 4.25% 06/02/2023 744 0.11

300,000 BPCE SA 4.5% 10/02/2022 373 0.06

600,000 Credit Agricole SA 1.75% 12/03/2018 624 0.09

1,200,000 Credit Agricole SA 1.875% 18/10/2017 1,250 0.19








500,000 Credit Mutuel Arkea SA 4.5% 23/01/2017 543 0.08

300,000 Credit Mutuel Arkea SA 5% 28/06/2017 334 0.05

300,000 Essilor International SA 1.75% 09/04/2021 316 0.05

400,000 GDF Suez 1.375% 19/05/2020 414 0.06

650,000 GDF Suez 1.5% 01/02/2016 660 0.10

250,000 GDF Suez 1.5% 20/07/2017 257 0.04

300,000 GDF Suez 2.25% 01/06/2018 319 0.05

1,200,000 GDF Suez 2.375% 19/05/2026 1,297 0.20

350,000 GDF Suez 2.625% 20/07/2022 393 0.06

950,000 GDF Suez 2.75% 18/10/2017 1,014 0.15

907,000 GDF Suez 3% 01/02/2023 1,041 0.16

300,000 GDF Suez 3.125% 21/01/2020 339 0.05

483,000 GDF Suez 3.5% 18/10/2022 575 0.09

150,000 GDF Suez 5.125% 19/02/2018 173 0.03

50,000 GDF Suez 5.95% 16/03/2111 81 0.01

300,000 GDF Suez 6.375% 18/01/2021 398 0.06

100,000 GDF Suez 6.875% 24/01/2019 126 0.02

500,000 Gie GDF Suez Alliance 5.75% 24/06/2023 686 0.10

700,000 Societe Generale SA 2.25% 23/01/2020 755 0.11




€'000


France (cont)





900,000 Unibail-Rodamco SE 1.375% 17/10/2022 917 0.14







23,000 Unibail-Rodamco SE 3% 22/03/2019 25 0.00




600,000 Autoroutes du Sud de la France SA 2.875% 18/01/2023 671 0.10


300,000 Autoroutes du Sud de la France SA 4% 24/09/2018 337 0.05




300,000 Cie Financiere et Industrielle des Autoroutes SA 5% 24/05/2021 372 0.06

500,000 Danone SA 1.125% 27/11/2017 511 0.08

500,000 Danone SA 1.25% 06/06/2018 514 0.08

200,000 Danone SA 2.25% 15/11/2021 219 0.03

400,000 Danone SA 2.5% 29/09/2016 415 0.06

600,000 Danone SA 2.6% 28/06/2023 674 0.10

200,000 Danone SA 3.6% 23/11/2020 233 0.03

50,000 Danone SA 5.5% 06/05/2015 51 0.01

400,000 Groupe Auchan SA 1.75% 23/04/2021 420 0.06

400,000 Groupe Auchan SA 2.25% 06/04/2023 434 0.07

100,000 Groupe Auchan SA 2.375% 12/12/2022 110 0.02

900,000 Groupe Auchan SA 2.875% 15/11/2017 965 0.15

200,000 Groupe Auchan SA 3% 02/12/2016 210 0.03

150,000 Groupe Auchan SA 6% 15/04/2019 185 0.03

100,000 Legrand SA 3.375% 19/04/2022 116 0.02

150,000 Legrand SA 4.25% 24/02/2017 162 0.02

300,000 Legrand SA 4.375% 21/03/2018 336 0.05

iSHARES V PLC






€'000


Bonds (cont)

France (cont)


100,000 Schneider Electric SE 2.5% 06/09/2021 110 0.02





550,000 Schneider Electric SE 4% 11/08/2017 602 0.09


600,000 Sodexo SA 1.75% 24/01/2022 629 0.09

150,000 Sodexo SA 2.5% 24/06/2026 162 0.02

100,000 Suez Environnement Co 2.75% 09/10/2023 112 0.02

1,000,000 Suez Environnement Co 4.078% 17/05/2021 1,200 0.18




200,000 Vinci SA 3.375% 30/03/2020 226 0.03

800,000 Vinci SA 4.125% 20/02/2017 864 0.13

Corporate bonds: A-/*- rating

400,000 Klepierre 1.75% 06/11/2024 402 0.06

400,000 Klepierre 2.75% 17/09/2019 436 0.07

100,000 Klepierre 4% 13/04/2017 108 0.02

500,000 Klepierre 4.75% 14/03/2021 612 0.09


200,000 Cap Gemini SA 5.25% 29/11/2016 219 0.03

200,000 Carrefour SA 1.75% 22/05/2019 209 0.03

850,000 Carrefour SA 1.75% 15/07/2022 880 0.13

700,000 Carrefour SA 1.875% 19/12/2017 728 0.11

250,000 Carrefour SA 3.875% 25/04/2021 293 0.04

200,000 Carrefour SA 4% 09/04/2020 232 0.04

700,000 Carrefour SA 4.375% 02/11/2016 753 0.11

50,000 Carrefour SA 5.375% 12/06/2015 51 0.01

200,000 CNP Assurances 4.25% 05/06/2045 210 0.03

300,000 CNP Assurances 4.75% * 312 0.05

700,000 CNP Assurances 6% 14/09/2040 807 0.12

200,000 CNP Assurances 6.875% 30/09/2041 243 0.04

200,000 Coface SA 4.125% 27/03/2024 218 0.03

300,000 GDF Suez 3% * 306 0.05

500,000 GDF Suez 3.875% * 527 0.08

200,000 GDF Suez 3.875% * 210 0.03

500,000 GDF Suez 4.75% * 557 0.08

200,000 Gecina SA 1.75% 30/07/2021 206 0.03


€'000


France (cont)


100,000 Gecina SA 2.875% 30/05/2023 111 0.02

200,000 Gecina SA 4.25% 03/02/2016 209 0.03

200,000 Gecina SA 4.75% 11/04/2019 232 0.04

300,000 ICADE 2.25% 30/01/2019 315 0.05

200,000 ICADE 2.25% 16/04/2021 211 0.03

100,000 ICADE 3.375% 29/09/2023 115 0.02

250,000 mFinance France SA 2% 26/11/2021 249 0.04

500,000 mFinance France SA 2.375% 01/04/2019 517 0.08

600,000 Orange SA 1.875% 03/09/2018 628 0.10

600,000 Orange SA 1.875% 02/10/2019 632 0.10

500,000 Orange SA 2.5% 01/03/2023 553 0.08

300,000 Orange SA 3% 15/06/2022 340 0.05

300,000 Orange SA 3.125% 09/01/2024 344 0.05

350,000 Orange SA 3.375% 16/09/2022 405 0.06

700,000 Orange SA 3.875% 09/04/2020 810 0.12

450,000 Orange SA 3.875% 14/01/2021 529 0.08

500,000 Orange SA 4.125% 23/01/2019 570 0.09

700,000 Orange SA 5.625% 22/05/2018 821 0.12

650,000 Orange SA 8.125% 28/01/2033 1,134 0.17

400,000 Societe Des Autoroutes Paris-Rhin-Rhone 1.125% 15/01/2021 400 0.06


600,000 Societe Des Autoroutes Paris-Rhin-Rhone 5% 12/01/2017 655 0.10


200,000 Societe Generale SA 4% 07/06/2023 221 0.03

300,000 Thales SA 1.625% 20/03/2018 310 0.05

100,000 Thales SA 2.25% 19/03/2021 107 0.02

100,000 Thales SA 2.75% 19/10/2016 104 0.02


300,000 ALD International SA 2% 26/05/2017 309 0.05

100,000 Arkema SA 3.85% 30/04/2020 115 0.02

300,000 Arkema SA 4% 25/10/2017 329 0.05

425,000 AXA SA 3.875% * 427 0.06

600,000 AXA SA 3.941% * 604 0.09

550,000 AXA SA 5.125% 04/07/2043 639 0.10

700,000 AXA SA 5.25% 16/04/2040 793 0.12



250,000 BNP Paribas SA 2.625% 14/10/2027 250 0.04

925,000 BNP Paribas SA 2.875% 20/03/2026 952 0.14

750,000 BNP Paribas SA 5.431% 07/09/2017 843 0.13

200,000 Bouygues SA 3.625% 16/01/2023 235 0.03

350,000 Bouygues SA 3.641% 29/10/2019 395 0.06

iSHARES V PLC






€'000


Bonds (cont)

France (cont)


100,000 Bouygues SA 4% 12/02/2018 110 0.02

550,000 Bouygues SA 4.25% 22/07/2020 644 0.10

600,000 Bouygues SA 4.5% 09/02/2022 733 0.11

250,000 Bouygues SA 4.75% 24/05/2016 266 0.04

700,000 BPCE SA 2.75% 08/07/2026 703 0.11

300,000 BPCE SA 4.625% 18/07/2023 346 0.05

100,000 Caisse Centrale du Credit Immobilier de France SA 4% 12/01/2018 109 0.02

400,000 Cie de St-Gobain 3.625% 15/06/2021 464 0.07

350,000 Cie de St-Gobain 4% 08/10/2018 393 0.06

600,000 Cie de St-Gobain 4.5% 30/09/2019 703 0.11

700,000 Cie de St-Gobain 4.75% 11/04/2017 768 0.12

250,000 Cie de St-Gobain 4.875% 31/05/2016 266 0.04

900,000 Credit Agricole SA 3.9% 19/04/2021 1,025 0.15


1,000,000 Credit Agricole SA 5.971% 01/02/2018 1,150 0.17

100,000 Credit Mutuel Arkea SA 6.75% 18/09/2018 119 0.02

250,000 Edenred 3.625% 06/10/2017 270 0.04

600,000 Eutelsat SA 2.625% 13/01/2020 645 0.10

400,000 Eutelsat SA 3.125% 10/10/2022 452 0.07

150,000 Eutelsat SA 4.125% 27/03/2017 162 0.02

300,000 Eutelsat SA 5% 14/01/2019 350 0.05

100,000 Imerys SA 2.5% 26/11/2020 107 0.02

250,000 Imerys SA 5% 18/04/2017 275 0.04

200,000 Infra Foch SAS 1.25% 16/10/2020 201 0.03

200,000 Infra Foch SAS 2.125% 16/04/2025 202 0.03

500,000 JCDecaux SA 2% 08/02/2018 520 0.08

500,000 Kering 1.375% 01/10/2021 508 0.08

400,000 Kering 1.875% 08/10/2018 418 0.06

100,000 Kering 3.125% 23/04/2019 110 0.02

250,000 Kering 3.75% 08/04/2015 253 0.04

300,000 Mercialys SA 1.787% 31/03/2023 302 0.05

100,000 Mercialys SA 4.125% 26/03/2019 114 0.02

50,000 Natixis SA 4.125% 20/01/2017 53 0.01

300,000 RCI Banque SA 1.125% 30/09/2019 303 0.05

300,000 RCI Banque SA 1.75% 06/07/2016 305 0.05

200,000 RCI Banque SA 2.25% 29/03/2021 212 0.03

450,000 RCI Banque SA 2.875% 22/01/2018 479 0.07

100,000 RCI Banque SA 4% 25/01/2016 104 0.02

150,000 RCI Banque SA 4% 16/03/2016 156 0.02

200,000 RCI Banque SA 4.25% 27/04/2017 217 0.03

100,000 RCI Banque SA 5.625% 13/03/2015 101 0.01

150,000 RCI Banque SA 5.625% 05/10/2015 156 0.02



€'000


France (cont)



200,000 Suez Environnement Co 3% * 202 0.03

300,000 Transport et Infrastructures Gaz France SA 4.339% 07/07/2021 358 0.05

200,000 Valeo SA 3.25% 22/01/2024 228 0.03

300,000 Vallourec SA 2.25% 30/09/2024 309 0.05

300,000 Vallourec SA 4.25% 14/02/2017 324 0.05

29,000 Veolia Environnement SA 4% 12/02/2016 30 0.00

500,000 Veolia Environnement SA 4.247% 06/01/2021 594 0.09







300,000 Vivendi SA 2.375% 21/01/2019 323 0.05

200,000 Vivendi SA 2.5% 15/01/2020 218 0.03

600,000 Vivendi SA 4% 31/03/2017 649 0.10

1,200,000 Vivendi SA 4.125% 18/07/2017 1,312 0.20

500,000 Vivendi SA 4.75% 13/07/2021 625 0.09

300,000 Vivendi SA 4.875% 30/11/2018 351 0.05

150,000 Vivendi SA 4.875% 02/12/2019 179 0.03

400,000 WPP Finance SA 2.25% 22/09/2026 415 0.06


300,000 Accor SA 2.5% 21/03/2019 317 0.05

200,000 Accor SA 2.625% 05/02/2021 211 0.03

300,000 Accor SA 2.875% 19/06/2017 316 0.05

200,000 Alstom SA 2.25% 11/10/2017 209 0.03

300,000 Alstom SA 3% 08/07/2019 328 0.05

200,000 Alstom SA 3.625% 05/10/2018 221 0.03

200,000 Alstom SA 3.875% 02/03/2016 208 0.03

200,000 Alstom SA 4.125% 01/02/2017 215 0.03

300,000 Alstom SA 4.5% 18/03/2020 354 0.05

100,000 AXA SA 5.777% * 105 0.02

50,000 AXA SA 6.211% * 55 0.01

300,000 BNP Paribas Cardif SA 4.032% * 304 0.05

700,000 Casino Guichard Perrachon SA 2.798% 05/08/2026 725 0.11


iSHARES V PLC






€'000


Bonds (cont)

France (cont)










400,000 Credit Agricole Assurances SA 4.5% * 412 0.06

400,000 Fonciere Des Regions 1.75% 10/09/2021 401 0.06

100,000 Fonciere Des Regions 3.875% 16/01/2018 109 0.02

400,000 Holding d'Infrastructures de Transport SAS 2.25% 24/03/2025 411 0.06



500,000 Orange SA 4% * 516 0.08

700,000 Orange SA 4.25% * 733 0.11

600,000 Orange SA 5% * 626 0.09

400,000 Orange SA 5.25% * 433 0.06

400,000 Pernod Ricard SA 2% 22/06/2020 420 0.06

300,000 Pernod Ricard SA 2.125% 27/09/2024 308 0.05

200,000 Pernod Ricard SA 4.875% 18/03/2016 211 0.03

500,000 Pernod Ricard SA 5% 15/03/2017 550 0.08

200,000 Pernod Ricard SA 7% 15/01/2015 202 0.03

300,000 Societe Fonciere Lyonnaise SA 3.5% 28/11/2017 324 0.05

1,000,000 Societe Generale SA 2.5% 16/09/2026 985 0.15

300,000 Solvay Finance SA 4.199% * 312 0.05

200,000 Solvay Finance SA 5.425% * 219 0.03

300,000 Solvay Finance SA 6.375% 02/06/2104 315 0.05

100,000 Valeo SA 4.875% 11/05/2018 114 0.02

400,000 Wendel SA 3.75% 21/01/2021 449 0.07

400,000 Wendel SA 4.875% 26/05/2016 426 0.06

200,000 Wendel SA 5.875% 17/09/2019 242 0.04

500,000 Wendel SA 6.75% 20/04/2018 598 0.09

Total France 139,274 21.03


€'000


Germany


550,000 Deutsche Boerse AG 1.125% 26/03/2018 563 0.09

150,000 Deutsche Boerse AG 2.375% 05/10/2022 165 0.02


600,000 Robert Bosch GmbH 1.75% 08/07/2024 637 0.10




700,000 Allianz SE 3.375% * 701 0.11

800,000 Allianz SE 4.75% * 888 0.14

600,000 Allianz SE 5.625% 17/10/2042 723 0.11

150,000 BASF SE 1.5% 01/10/2018 156 0.02

450,000 BASF SE 1.875% 04/02/2021 483 0.07

636,000 BASF SE 2% 05/12/2022 689 0.10

200,000 BASF SE 2.5% 22/01/2024 223 0.03

300,000 BASF SE 4.625% 07/07/2017 333 0.05

400,000 Berlin Hyp AG 1.625% 29/01/2019 416 0.06

100,000 DVB Bank SE 1.625% 28/05/2018 103 0.02

500,000 DVB Bank SE 2.375% 02/12/2020 540 0.08

100,000 DVB Bank SE 2.5% 30/08/2017 105 0.02

250,000 Linde AG 1.75% 17/09/2020 267 0.04

150,000 Linde AG 2% 18/04/2023 163 0.03


100,000 BSH Bosch und Siemens Hausgeraete GmbH 1.875% 13/11/2020 106 0.02

1,500,000 Deutsche Bank AG 1.25% 08/09/2021 1,524 0.23

2,300,000 Deutsche Bank AG 2.375% 11/01/2023 2,526 0.38

1,400,000 Deutsche Bank AG 5.125% 31/08/2017 1,576 0.24

200,000 Hannover Rueck SE 3.375% * 201 0.03

628,000 Merck Financial Services GmbH 4.5% 24/03/2020 744 0.11

450,000 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 5.767% * 494 0.07

500,000 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 6% 26/05/2041 604 0.09

400,000 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 6.25% 26/05/2042 498 0.08

600,000 SAP SE 1.125% 20/02/2023 605 0.09

75,000 SAP SE 1.75% 22/02/2027 76 0.01

400,000 Volkswagen Bank GmbH 1.125% 08/02/2018 409 0.06

500,000 Volkswagen Bank GmbH 1.5% 13/02/2019 521 0.08

200,000 Volkswagen Leasing GmbH 1% 04/10/2017 204 0.03

iSHARES V PLC






€'000


Bonds (cont)

Germany (cont)


300,000 Volkswagen Leasing GmbH 2.125% 04/04/2022 325 0.05






550,000 Bayer AG 1.125% 24/01/2018 562 0.08

200,000 Bayer AG 1.875% 25/01/2021 213 0.03

412,000 Commerzbank AG 3.625% 10/07/2017 445 0.07

850,000 Commerzbank AG 3.875% 22/03/2017 915 0.14

250,000 Commerzbank AG 4% 16/09/2020 293 0.04

841,000 Daimler AG 1% 08/07/2016 851 0.13

300,000 Daimler AG 1.5% 19/11/2018 313 0.05

250,000 Daimler AG 1.75% 21/01/2020 264 0.04

400,000 Daimler AG 1.875% 08/07/2024 424 0.06

200,000 Daimler AG 2% 05/05/2017 208 0.03

300,000 Daimler AG 2% 07/04/2020 321 0.05

250,000 Daimler AG 2% 25/06/2021 269 0.04

750,000 Daimler AG 2.125% 27/06/2018 795 0.12

500,000 Daimler AG 2.25% 24/01/2022 547 0.08

300,000 Daimler AG 2.375% 12/09/2022 333 0.05

250,000 Daimler AG 2.625% 02/04/2019 273 0.04

400,000 Daimler AG 4.125% 19/01/2017 432 0.07

600,000 Deutsche Post AG 1.5% 09/10/2018 624 0.09

550,000 Deutsche Post AG 2.875% 11/12/2024 623 0.09

100,000 MAN SE 1% 21/09/2015 101 0.02

100,000 MAN SE 2.125% 13/03/2017 104 0.02

350,000 MAN SE 7.25% 20/05/2016 385 0.06

600,000 Talanx AG 2.5% 23/07/2026 649 0.10

100,000 Talanx AG 3.125% 13/02/2023 114 0.02

150,000 Vier Gas Transport GmbH 2% 12/06/2020 159 0.02

300,000 Vier Gas Transport GmbH 2.875% 12/06/2025 337 0.05

400,000 Vier Gas Transport GmbH 3.125% 10/07/2023 456 0.07


200,000 Bertelsmann SE & Co KGaA 1.75% 14/10/2024 203 0.03




€'000


Germany (cont)



200,000 Bilfinger SE 2.375% 07/12/2019 211 0.03

100,000 Eurogrid GmbH 3.875% 22/10/2020 116 0.02

150,000 Evonik Industries AG 1.875% 08/04/2020 158 0.03

225,000 RWE AG 5.75% 14/02/2033 335 0.05


700,000 Bayer AG 3% 01/07/2075 722 0.11

850,000 Bayer AG 3.75% 01/07/2074 899 0.14

200,000 Continental AG 3% 16/07/2018 216 0.03

200,000 Continental AG 3.125% 09/09/2020 224 0.03

200,000 Deutsche Pfandbriefbank AG 1.5% 17/09/2019 201 0.03

650,000 Deutsche Pfandbriefbank AG 2% 19/07/2016 663 0.10



100,000 Hella KGaA Hueck & Co 1.25% 07/09/2017 102 0.02

200,000 Hella KGaA Hueck & Co 2.375% 24/01/2020 214 0.03

200,000 O2 Telefonica Deutschland Finanzierungs GmbH 1.875% 22/11/2018 207 0.03

300,000 O2 Telefonica Deutschland Finanzierungs GmbH 2.375% 10/02/2021 319 0.05

Corporate bonds: BBB/*- rating

250,000 Voith GmbH 5.375% 21/06/2017 279 0.04


250,000 Aareal Bank AG 4.25% 18/03/2026 265 0.04

550,000 Deutsche Bank AG 5% 24/06/2020 637 0.10

150,000 Gerresheimer AG 5% 19/05/2018 169 0.02

170,000 HSE Netz AG 6.125% 23/04/2041 239 0.04

300,000 Metro AG 1.375% 28/10/2021 299 0.04

50,000 Metro AG 3.375% 01/03/2019 55 0.01


Ireland

Corporate bonds: AA+ rating

200,000 GE Capital European Funding 1% 02/05/2017 203 0.03

750,000 GE Capital European Funding 1.625% 15/03/2018 777 0.12


iSHARES V PLC






€'000


Bonds (cont)

Ireland (cont)

Corporate bonds: AA+ rating (cont)

900,000 GE Capital European Funding 2.625% 15/03/2023 1,011 0.15









1,000,000 GE Capital European Funding 5.375% 23/01/2020 1,238 0.19

800,000 GE Capital European Funding 6% 15/01/2019 976 0.15



400,000 Cloverie Plc for Zurich Insurance Co Ltd 1.75% 16/09/2024 414 0.06

200,000 Willow No.2 Ireland Plc for Zurich Insurance Co Ltd 3.375% 27/06/2022 233 0.04


200,000 Aquarius and Investments Plc for Zurich Insurance Co Ltd 4.25% 02/10/2043 224 0.03

200,000 Cloverie Plc for Swiss Reinsurance Co Ltd 6.625% 01/09/2042 256 0.04

450,000 Cloverie Plc for Zurich Insurance Co Ltd 7.5% 24/07/2039 553 0.08


400,000 CRH Finance Ltd 3.125% 03/04/2023 449 0.07

200,000 Ryanair Ltd 1.875% 17/06/2021 205 0.03


250,000 FGA Capital Ireland Plc 2% 23/10/2019 251 0.04

500,000 FGA Capital Ireland Plc 2.625% 17/04/2019 517 0.08

400,000 FGA Capital Ireland Plc 2.875% 26/01/2018 414 0.06

300,000 FGA Capital Ireland Plc 4% 17/10/2018 324 0.05



€'000


Italy


450,000 Eni SpA 2.625% 22/11/2021 496 0.07

350,000 Eni SpA 3.25% 10/07/2023 405 0.06

950,000 Eni SpA 3.5% 29/01/2018 1,039 0.16

600,000 Eni SpA 3.625% 29/01/2029 707 0.11

550,000 Eni SpA 3.75% 27/06/2019 626 0.09

350,000 Eni SpA 3.75% 12/09/2025 421 0.06

450,000 Eni SpA 4% 29/06/2020 525 0.08

450,000 Eni SpA 4.125% 16/09/2019 522 0.08

600,000 Eni SpA 4.25% 03/02/2020 703 0.11

400,000 Eni SpA 4.75% 14/11/2017 450 0.07

700,000 Eni SpA 5% 28/01/2016 737 0.11


260,000 Luxottica Group SpA 2.625% 10/02/2024 288 0.04

250,000 Luxottica Group SpA 3.625% 19/03/2019 281 0.04

50,000 Luxottica Group SpA 4% 10/11/2015 52 0.01


100,000 Aeroporti di Roma SpA 3.25% 20/02/2021 111 0.02

750,000 Assicurazioni Generali SpA 2.875% 14/01/2020 819 0.12



650,000 Atlantia SpA 2.875% 26/02/2021 719 0.11

1,089,000 Atlantia SpA 3.375% 18/09/2017 1,174 0.18

50,000 Atlantia SpA 3.625% 30/11/2018 56 0.01

250,000 Atlantia SpA 4.375% 16/03/2020 294 0.04

200,000 Atlantia SpA 4.375% 16/09/2025 252 0.04

400,000 Atlantia SpA 4.5% 08/02/2019 460 0.07

350,000 Atlantia SpA 5.625% 06/05/2016 375 0.06

300,000 Atlantia SpA 5.875% 09/06/2024 418 0.06

375,000 Exor SpA 2.5% 08/10/2024 390 0.06


150,000 2i Rete Gas SpA 1.125% 02/01/2020 149 0.02

700,000 2i Rete Gas SpA 1.75% 16/07/2019 717 0.11

125,000 2i Rete Gas SpA 3% 16/07/2024 135 0.02



50,000 Enel SpA 4.75% 12/06/2018 57 0.01

600,000 Enel SpA 5.25% 20/05/2024 779 0.12

400,000 Enel SpA 5.625% 21/06/2027 549 0.08

400,000 Intesa Sanpaolo SpA 2% 18/06/2021 417 0.06

iSHARES V PLC






€'000


Bonds (cont)

Italy (cont)



300,000 Intesa Sanpaolo SpA 3.5% 17/01/2022 342 0.05



1,152,000 Intesa Sanpaolo SpA 4% 09/11/2017 1,257 0.19

1,100,000 Intesa Sanpaolo SpA 4% 08/11/2018 1,231 0.19







300,000 Intesa Sanpaolo Vita SpA 5.35% 18/09/2018 336 0.05

325,000 Mediobanca SpA 0.875% 14/11/2017 325 0.05

500,000 Mediobanca SpA 2.25% 18/03/2019 525 0.08

100,000 Mediobanca SpA 3.75% 02/02/2016 104 0.02

400,000 Mediobanca SpA 4.625% 11/10/2016 429 0.06

750,000 Snam SpA 2.375% 30/06/2017 784 0.12

200,000 Snam SpA 3.25% 22/01/2024 228 0.03

500,000 Snam SpA 3.375% 29/01/2021 565 0.09

500,000 Snam SpA 3.5% 13/02/2020 562 0.09

1,350,000 Snam SpA 3.875% 19/03/2018 1,488 0.22

300,000 Snam SpA 4.375% 11/07/2016 318 0.05

500,000 Snam SpA 5% 18/01/2019 583 0.09

350,000 Snam SpA 5.25% 19/09/2022 450 0.07

400,000 Societa Iniziative Autostradali e Servizi SpA 3.375% 13/02/2024 444 0.07

50,000 Societa Iniziative Autostradali e Servizi SpA 4.5% 26/10/2020 59 0.01

750,000 Terna Rete Elettrica Nazionale SpA 2.875% 16/02/2018 802 0.12


940,000 Terna Rete Elettrica Nazionale SpA 4.75% 15/03/2021 1,152 0.17



400,000 UniCredit SpA 1.5% 19/06/2019 408 0.06

300,000 UniCredit SpA 2.25% 16/12/2016 309 0.05

700,000 UniCredit SpA 3.25% 14/01/2021 774 0.12

550,000 UniCredit SpA 3.375% 11/01/2018 593 0.09

1,050,000 UniCredit SpA 3.625% 24/01/2019 1,161 0.18


€'000


Italy (cont)


150,000 UniCredit SpA 4.375% 29/01/2020 175 0.03

700,000 UniCredit SpA 4.875% 07/03/2017 764 0.12


350,000 Unione di Banche Italiane SCpA 2.75% 28/04/2017 366 0.06



Corporate bonds: BBB-/*- rating

100,000 Gtech SpA 3.5% 05/03/2020 108 0.02

150,000 Gtech SpA 5.375% 05/12/2016 164 0.02

350,000 Gtech SpA 5.375% 02/02/2018 392 0.06

Total Italy 40,855 6.17

Japan


350,000 Sumitomo Mitsui Banking Corp 2.25% 16/12/2020 377 0.06

500,000 Sumitomo Mitsui Banking Corp 2.75% 24/07/2023 557 0.08

Total Japan 934 0.14

Jersey


300,000 Heathrow Funding Ltd 1.875% 23/05/2022 314 0.05





350,000 WPP Plc 6.625% 12/05/2016 381 0.06


125,000 Atrium European Real Estate Ltd 3.625% 17/10/2022 127 0.02

100,000 Atrium European Real Estate Ltd 4% 20/04/2020 106 0.02

350,000 HSBC Capital Funding LP 5.13% *i 364 0.05

Total Jersey 2,322 0.35

Luxembourg


100,000 Nestle Finance International Ltd 0.75% 17/10/2016 101 0.02


iSHARES V PLC






€'000


Bonds (cont)

Luxembourg (cont)

Corporate bonds: AA rating (cont)





400,000 Novartis Finance SA 0.75% 09/11/2021 400 0.06

500,000 Novartis Finance SA 4.25% 15/06/2016 531 0.08


550,000 Ciba Specialty Chemicals Finance Luxembourg SA 4.875% 20/06/2018 633 0.09


100,000 Hannover Finance Luxembourg SA 5% 30/06/2043 117 0.02

450,000 Hannover Finance Luxembourg SA 5.75% 14/09/2040 528 0.08

200,000 John Deere Bank SA 1.5% 16/07/2018 207 0.03


100,000 Michelin Luxembourg SCS 2.75% 20/06/2019 109 0.02


200,000 GELF Bond Issuer I SA 1.75% 22/11/2021 200 0.03

200,000 GELF Bond Issuer I SA 3.125% 03/04/2018 213 0.03

100,000 Glencore Finance Europe SA 1.625% 18/01/2022 101 0.02




1,150,000 Glencore Finance Europe SA 4.625% 03/04/2018 1,284 0.19


300,000 Holcim Finance Luxembourg SA 3% 22/01/2024 337 0.05

50,000 Holcim Finance Luxembourg SA 4.375% 09/12/2014 50 0.01

200,000 Holcim US Finance Sarl & Cie SCS 2.625% 07/09/2020 218 0.03

150,000 Prologis International Funding II SA 2.75% 23/10/2018 159 0.03

200,000 Prologis International Funding II SA 2.875% 04/04/2022 215 0.03

300,000 SES SA 4.625% 09/03/2020 356 0.05

300,000 SES SA 4.75% 11/03/2021 365 0.06

300,000 Talanx Finanz Luxembourg SA 8.367% 15/06/2042 389 0.06

Total Luxembourg 9,429 1.42


€'000


Mexico












Netherlands


400,000 Allianz Finance II BV 1.375% 13/03/2018 413 0.06

500,000 Allianz Finance II BV 3% 13/03/2028 588 0.09

1,200,000 Allianz Finance II BV 3.5% 14/02/2022 1,412 0.21

450,000 Allianz Finance II BV 4% 23/11/2016 482 0.07

350,000 Allianz Finance II BV 4.75% 22/07/2019 418 0.06

867,000 Roche Finance Europe BV 2% 25/06/2018 917 0.14

500,000 Shell International Finance BV 1% 06/04/2022 501 0.08

500,000 Shell International Finance BV 1.625% 24/03/2021 525 0.08


1,400,000 Shell International Finance BV 4.375% 14/05/2018 1,590 0.24




400,000 Robert Bosch Investment Nederland BV 1.625% 24/05/2021 423 0.06

200,000 Robert Bosch Investment Nederland BV 2.625% 24/05/2028 224 0.03

812,000 Schlumberger Finance BV 2.75% 01/12/2015 832 0.13


550,000 Allianz Finance II BV 4.375% * 582 0.09

900,000 Allianz Finance II BV 5.75% 08/07/2041 1,070 0.16

500,000 BMW Finance NV 0.5% 05/09/2018 502 0.08

550,000 BMW Finance NV 1% 24/10/2016 557 0.08

iSHARES V PLC






€'000


Bonds (cont)

Netherlands (cont)


225,000 BMW Finance NV 1.25% 05/09/2022 232 0.04

500,000 BMW Finance NV 1.5% 05/06/2018 519 0.08

200,000 BMW Finance NV 1.625% 17/07/2019 211 0.03

400,000 BMW Finance NV 2% 04/09/2020 431 0.07

400,000 BMW Finance NV 2.375% 24/01/2023 446 0.07

250,000 BMW Finance NV 2.625% 17/01/2024 283 0.04

450,000 BMW Finance NV 3.25% 28/01/2016 466 0.07

1,100,000 BMW Finance NV 3.25% 14/01/2019 1,226 0.19

500,000 BMW Finance NV 3.625% 29/01/2018 550 0.08

450,000 BMW Finance NV 3.875% 18/01/2017 484 0.07

50,000 BMW Finance NV 5% 06/08/2018 58 0.01

1,050,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 1.75% 22/01/2019 1,104 0.17



900,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.5% 17/10/2018 1,004 0.15

787,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 3.875% 20/04/2016 826 0.12

900,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 4% 11/01/2022 1,090 0.17









150,000 Linde Finance BV 1.75% 11/06/2019 158 0.02

250,000 Linde Finance BV 1.875% 22/05/2024 268 0.04

800,000 Linde Finance BV 3.125% 12/12/2018 885 0.13

250,000 Linde Finance BV 3.875% 01/06/2021 300 0.05

650,000 Linde Finance BV 4.75% 24/04/2017 718 0.11

200,000 Linde Finance BV 6.75% 08/12/2015 213 0.03

900,000 Siemens Financieringsmaatschappij NV 1.5% 10/03/2020 943 0.14



€'000


Netherlands (cont)





200,000 Syngenta Finance NV 1.875% 02/11/2021 212 0.03

100,000 Syngenta Finance NV 4.125% 22/04/2015 102 0.02

150,000 Unilever NV 1.75% 05/08/2020 159 0.02

400,000 Unilever NV 3.375% 29/09/2015 411 0.06


550,000 ABB Finance BV 2.625% 26/03/2019 598 0.09

800,000 ABN Amro Bank NV 2.125% 26/11/2020 864 0.13

400,000 ABN Amro Bank NV 2.5% 29/11/2023 442 0.07

1,030,000 ABN Amro Bank NV 3.625% 06/10/2017 1,122 0.17

450,000 ABN Amro Bank NV 4.125% 28/03/2022 552 0.08

450,000 ABN Amro Bank NV 4.25% 11/04/2016 474 0.07

400,000 ABN Amro Bank NV 4.75% 11/01/2019 468 0.07

250,000 Achmea Bank NV 2% 23/01/2018 260 0.04

100,000 Achmea Bank NV 2.375% 08/02/2016 102 0.02

675,000 Achmea Bank NV 2.75% 18/02/2021 737 0.11

150,000 Airbus Group Finance BV 2.125% 29/10/2029 156 0.02




600,000 ING Bank NV 1.25% 13/12/2019 617 0.09

750,000 ING Bank NV 1.875% 27/02/2018 782 0.12

600,000 ING Bank NV 3.25% 03/04/2019 667 0.10

1,000,000 ING Bank NV 3.875% 24/05/2016 1,052 0.16

150,000 ING Bank NV 4% 23/12/2016 161 0.02

630,000 ING Bank NV 4.25% 13/01/2017 681 0.10

450,000 ING Bank NV 4.5% 21/02/2022 561 0.09

400,000 ING Bank NV 4.875% 18/01/2021 499 0.08

150,000 ING Bank NV 5.25% 07/06/2019 178 0.03

300,000 KBC Internationale Financieringsmaatschappij NV 2.125% 10/09/2018 317 0.05

150,000 KBC Internationale Financieringsmaatschappij NV 3% 29/08/2016 157 0.02


iSHARES V PLC






€'000


Bonds (cont)

Netherlands (cont)



100,000 KBC Internationale Financieringsmaatschappij NV 5% 16/03/2016 106 0.02

275,000 Koninklijke DSM NV 2.375% 03/04/2024 300 0.05

150,000 Koninklijke DSM NV 4% 10/11/2015 155 0.02

350,000 Koninklijke DSM NV 5.25% 17/10/2017 397 0.06

300,000 Swiss Reinsurance Co via ELM BV 5.252% * 315 0.05

600,000 Volkswagen International Finance NV 1.875% 15/05/2017 623 0.09

650,000 Volkswagen International Finance NV 2% 14/01/2020 696 0.11

750,000 Volkswagen International Finance NV 2% 26/03/2021 806 0.12




150,000 Wuerth Finance International BV 1.75% 21/05/2020 159 0.02

550,000 Wuerth Finance International BV 3.75% 25/05/2018 612 0.09


250,000 Achmea BV 2.5% 19/11/2020 270 0.04

200,000 Aegon NV 3% 18/07/2017 213 0.03

50,000 Aegon NV 4.125% 08/12/2014 50 0.01

200,000 British American Tobacco Holdings The Netherlands BV 2.375% 19/01/2023 219 0.03


300,000 British American Tobacco Holdings The Netherlands BV 4% 07/07/2020 352 0.05


50,000 Deutsche Post Finance BV 1.875% 27/06/2017 52 0.01

450,000 Deutsche Post Finance BV 2.95% 27/06/2022 511 0.08

300,000 ING Groep NV 4.125% 11/04/2016 315 0.05

850,000 ING Groep NV 4.75% 31/05/2017 938 0.14

300,000 Linde Finance BV 7.375% 14/07/2066 329 0.05


450,000 E.ON International Finance BV 5.5% 19/01/2016 477 0.07


€'000


Netherlands (cont)

Corporate bonds: A-/*- rating (cont)

1,100,000 E.ON International Finance BV 5.5% 02/10/2017 1,255 0.19



Corporate bonds: BBB+/*+ rating

100,000 Corio NV 3.25% 26/02/2021 112 0.02

300,000 Corio NV 4.625% 22/01/2018 336 0.05


100,000 Adecco International Financial Services BV 2.75% 15/11/2019 108 0.02

450,000 Adecco International Financial Services BV 4.75% 13/04/2018 509 0.08

250,000 Akzo Nobel NV 1.75% 07/11/2024 252 0.04

300,000 Akzo Nobel NV 4% 17/12/2018 339 0.05

500,000 ASML Holding NV 3.375% 19/09/2023 572 0.09






100,000 CRH Finance BV 5% 25/01/2019 116 0.02

200,000 Delta Lloyd Levensverzekering NV 9% 29/08/2042 259 0.04

200,000 Delta Lloyd NV 4.25% 17/11/2017 220 0.03

200,000 Deutsche Telekom International Finance BV 2% 30/10/2019 215 0.03

1,050,000 Deutsche Telekom International Finance BV 2.125% 18/01/2021 1,136 0.17

300,000 Deutsche Telekom International Finance BV 2.75% 24/10/2024 340 0.05






750,000 Deutsche Telekom International Finance BV 6% 20/01/2017 839 0.13


iSHARES V PLC






€'000


Bonds (cont)

Netherlands (cont)



100,000 F Van Lanschot Bankiers NV 2.875% 17/10/2016 104 0.01

300,000 F Van Lanschot Bankiers NV 3.125% 05/06/2018 318 0.05

50,000 Generali Finance BV 3.875% 06/05/2015 51 0.01

500,000 Heineken NV 2.125% 04/08/2020 535 0.08

742,000 Heineken NV 2.5% 19/03/2019 803 0.12

200,000 Heineken NV 2.875% 04/08/2025 224 0.03

300,000 Heineken NV 3.5% 19/03/2024 353 0.05

250,000 Heineken NV 4.625% 10/10/2016 269 0.04

175,000 Nomura Europe Finance NV 1.5% 12/05/2021 176 0.03

200,000 Nomura Europe Finance NV 1.875% 29/05/2018 206 0.03

1,050,000 RWE Finance BV 1.875% 30/01/2020 1,109 0.17

269,000 RWE Finance BV 3% 17/01/2024 308 0.05

100,000 RWE Finance BV 5% 10/02/2015 101 0.01

550,000 RWE Finance BV 5.125% 23/07/2018 641 0.10

450,000 RWE Finance BV 6.5% 10/08/2021 605 0.09

200,000 RWE Finance BV 6.625% 31/01/2019 249 0.04


700,000 Volkswagen International Finance NV 3.75% * 741 0.11




300,000 Wolters Kluwer NV 2.5% 13/05/2024 327 0.05



Corporate bonds: BBB+/*- rating

150,000 LeasePlan Corp NV 2.375% 23/04/2019 160 0.03




Corporate bonds: BBB/*+ rating

200,000 Deutsche Annington Finance BV 2.125% 25/07/2016 205 0.03





€'000


Netherlands (cont)


250,000 Achmea BV 6% 04/04/2043 286 0.04

300,000 Aegon NV 4% 25/04/2044 311 0.05

350,000 Citycon Treasury BV 2.5% 01/10/2024 354 0.05

200,000 Coca-Cola HBC Finance BV 2.375% 18/06/2020 212 0.03

350,000 Coca-Cola HBC Finance BV 4.25% 16/11/2016 375 0.06

571,000 Conti-Gummi Finance BV 2.5% 20/03/2017 597 0.09

250,000 ELM BV for Swiss Life Insurance & Pension Group 5.849% * 267 0.04

1,150,000 Enel Finance International NV 3.625% 17/04/2018 1,260 0.19

400,000 Enel Finance International NV 4% 14/09/2016 425 0.06

450,000 Enel Finance International NV 4.125% 12/07/2017 491 0.08





950,000 Enel Finance International NV 5.75% 24/10/2018 1,130 0.17

200,000 Enel Investment Holding BV 5.25% 29/09/2023 257 0.04

200,000 Gas Natural Fenosa Finance BV 2.875% 11/03/2024 221 0.03




300,000 Iberdrola International BV 1.875% 08/10/2024 304 0.05



200,000 Iberdrola International BV 3% 31/01/2022 223 0.03




250,000 ING Bank NV 3.5% 21/11/2023 265 0.04

875,000 ING Bank NV 3.625% 25/02/2026 941 0.14

iSHARES V PLC






€'000


Bonds (cont)

Netherlands (cont)


400,000 ING Bank NV 6.125% 29/05/2023 458 0.07

200,000 JAB Holdings BV 1.5% 24/11/2021 200 0.03

100,000 Red Electrica de Espana Finance BV 3.875% 25/01/2022 118 0.02

50,000 SNS Bank NV 6.625% 30/11/2016 56 0.01

200,000 Suedzucker International Finance BV 4.125% 29/03/2018 219 0.03

50,000 Telefonica Europe BV 5.875% 14/02/2033 72 0.01

200,000 Vesteda Finance BV 1.75% 22/07/2019 203 0.03

Corporate bonds: BBB/*- rating

450,000 Generali Finance BV 4.596% * 458 0.07


350,000 ABN Amro Bank NV 6.375% 27/04/2021 435 0.06

550,000 ABN Amro Bank NV 7.125% 06/07/2022 724 0.11

250,000 ASR Nederland NV 5% * 256 0.04


350,000 Bharti Airtel International Netherlands BV 4% 10/12/2018 379 0.06

400,000 Delta Lloyd NV 4.375% * 385 0.06



300,000 Koninklijke KPN NV 3.25% 01/02/2021 336 0.05







250,000 Lanxess Finance BV 2.625% 21/11/2022 271 0.04

150,000 Lanxess Finance BV 4.125% 23/05/2018 167 0.02

100,000 Madrilena Red de Gas Finance BV 3.779% 11/09/2018 110 0.02

300,000 Metro Finance BV 2.25% 11/05/2018 314 0.05

550,000 Metro Finance BV 4.25% 22/02/2017 593 0.09

500,000 NN Group NV 4.5% * 499 0.07

500,000 NN Group NV 4.625% 08/04/2044 527 0.08

250,000 PostNL NV 5.375% 14/11/2017 282 0.04

300,000 Redexis Gas Finance BV 2.75% 08/04/2021 320 0.05

900,000 Repsol International Finance BV 2.625% 28/05/2020 965 0.15




€'000


Netherlands (cont)






100,000 Iberdrola International BV 5.75% * 109 0.02

200,000 REN Finance BV 4.75% 16/10/2020 229 0.03


New Zealand


300,000 BNZ International Funding Ltd 1.25% 23/05/2018 305 0.04

300,000 BNZ International Funding Ltd 4% 08/03/2017 324 0.05

600,000 Westpac Securities NZ Ltd 3.875% 20/03/2017 648 0.10

Total New Zealand 1,277 0.19

Norway


500,000 DNB Bank ASA 3.875% 29/06/2020 588 0.09

200,000 DNB Bank ASA 4.25% 18/01/2022 246 0.03

1,200,000 DNB Bank ASA 4.375% 24/02/2021 1,457 0.22


200,000 SpareBank 1 SMN 1.5% 20/05/2019 206 0.03

100,000 SpareBank 1 SMN 2.125% 21/02/2018 105 0.02

150,000 SpareBank 1 SR Bank ASA 2% 14/05/2018 157 0.02

600,000 SpareBank 1 SR Bank ASA 2.125% 27/02/2019 634 0.09






600,000 DNB Bank ASA 3% 26/09/2023 631 0.10

150,000 DNB Bank ASA 4.75% 08/03/2022 161 0.02


100,000 Storebrand Livsforsikring 6.875% 04/04/2043 118 0.02


iSHARES V PLC






€'000


Bonds (cont)

People’s Republic of China


200,000 Bank of Communications Co Ltd 3.625% 03/10/2026 197 0.03

Total People’s Republic of China 197 0.03

Portugal


400,000 Brisa Concessao Rodoviaria SA 6.875% 02/04/2018 471 0.07

Total Portugal 471 0.07

Spain


700,000 Banco Espanol de Credito SA 4.08% 23/03/2016 732 0.11

300,000 Santander International Debt SAU 1.375% 25/03/2017 305 0.05


300,000 Santander International Debt SAU 4% 27/03/2017 323 0.05

400,000 Santander International Debt SAU 4% 24/01/2020 464 0.07

1,000,000 Santander International Debt SAU 4.125% 04/10/2017 1,099 0.17



200,000 Abertis Infraestructuras SA 2.5% 27/02/2025 211 0.03





250,000 Altadis Emisiones Financieras SAU 4% 11/12/2015 259 0.04

400,000 Amadeus Capital Markets SA 4.875% 15/07/2016 428 0.06

300,000 BBVA Senior Finance SAU 2.375% 22/01/2019 320 0.05




700,000 CaixaBank SA 2.5% 18/04/2017 731 0.11


€'000


Spain (cont)


400,000 CaixaBank SA 3.125% 14/05/2018 433 0.07

200,000 Enagas Financiaciones SAU 2.5% 11/04/2022 217 0.03

300,000 Enagas Financiaciones SAU 4.25% 05/10/2017 330 0.05

50,000 Enagas SA 4.375% 06/07/2015 51 0.01

150,000 Ferrovial Emisiones SA 3.375% 30/01/2018 162 0.02

400,000 Ferrovial Emisiones SA 3.375% 07/06/2021 450 0.07

150,000 Gas Natural Capital Markets SA 3.375% 27/01/2015 151 0.02





100,000 Gas Natural Capital Markets SA 5% 13/02/2018 114 0.02




700,000 Gas Natural Capital Markets SA 6% 27/01/2020 875 0.13


850,000 Iberdrola Finanzas SAU 3.5% 13/10/2016 898 0.14





100,000 Prosegur Cia de Seguridad SA 2.75% 02/04/2018 105 0.02

200,000 Red Electrica Financiaciones SA Unipersonal 2.125% 01/07/2023 210 0.03





iSHARES V PLC






€'000


Bonds (cont)

Spain (cont)


900,000 Santander Consumer Finance SA 1.45% 29/01/2016 910 0.14

600,000 Telefonica Emisiones SAU 2.242% 27/05/2022 634 0.10




1,000,000 Telefonica Emisiones SAU 3.661% 18/09/2017 1,082 0.16











300,000 Distribuidora Internacional de Alimentacion SA 1.5% 22/07/2019 303 0.04

700,000 Fundacion Bancaria Caixa d'Estalvis i Pensions de Barcelona 2.375% 09/05/2019 730 0.11


700,000 BBVA Subordinated Capital SAU 3.5% 11/04/2024 724 0.11

Total Spain 30,889 4.66

Sweden


200,000 Investor AB 4.5% 12/05/2023 252 0.04

350,000 Investor AB 4.875% 18/11/2021 439 0.07

1,050,000 Nordea Bank AB 1.375% 12/04/2018 1,082 0.16

725,000 Nordea Bank AB 2% 17/02/2021 778 0.12

800,000 Nordea Bank AB 2.25% 05/10/2017 842 0.13

200,000 Nordea Bank AB 3.25% 05/07/2022 235 0.04

760,000 Nordea Bank AB 3.75% 24/02/2017 817 0.12


€'000


Sweden (cont)


450,000 Nordea Bank AB 4% 11/07/2019 520 0.08

700,000 Nordea Bank AB 4% 29/06/2020 827 0.12

600,000 Svenska Handelsbanken AB 2.25% 14/06/2018 638 0.10



1,100,000 Svenska Handelsbanken AB 3.375% 17/07/2017 1,188 0.18




450,000 Skandinaviska Enskilda Banken AB 1.875% 14/11/2019 478 0.07

600,000 Skandinaviska Enskilda Banken AB 2% 18/03/2019 637 0.10




600,000 Swedbank AB 1.5% 18/03/2019 625 0.09

300,000 Swedbank AB 2.375% 04/04/2016 308 0.05

500,000 Swedbank AB 3.375% 09/02/2017 533 0.08


100,000 Atlas Copco AB 2.5% 28/02/2023 111 0.02

300,000 Atlas Copco AB 2.625% 15/03/2019 327 0.05

100,000 PKO Finance AB 3.733% 21/10/2015 103 0.01


400,000 Nordea Bank AB 4% 29/03/2021 457 0.07

650,000 Nordea Bank AB 4.5% 26/03/2020 748 0.11

250,000 Nordea Bank AB 4.625% 15/02/2022 268 0.04

250,000 PKO Finance AB 2.324% 23/01/2019 262 0.04

250,000 PZU Finance AB 1.375% 03/07/2019 252 0.04

150,000 Scania CV AB 1.625% 14/09/2017 155 0.02

100,000 Svenska Cellulosa AB SCA 2.5% 09/06/2023 109 0.02

550,000 Svenska Cellulosa AB SCA 3.625% 26/08/2016 579 0.09


300,000 TeliaSonera AB 1.375% 18/02/2019 311 0.05

150,000 TeliaSonera AB 3% 07/09/2027 171 0.03

400,000 TeliaSonera AB 3.625% 14/02/2024 476 0.07

400,000 TeliaSonera AB 3.875% 01/10/2025 486 0.07

600,000 TeliaSonera AB 4% 22/03/2022 721 0.11

iSHARES V PLC






€'000


Bonds (cont)

Sweden (cont)


300,000 TeliaSonera AB 4.25% 18/02/2020 354 0.05

150,000 TeliaSonera AB 4.75% 07/03/2017 165 0.03

450,000 TeliaSonera AB 4.75% 16/11/2021 560 0.08


250,000 Akzo Nobel Sweden Finance AB 2.625% 27/07/2022 275 0.04

400,000 Alfa Laval Treasury International AB 1.375% 12/09/2022 404 0.06

100,000 PGE SWEDEN AB 1.625% 09/06/2019 102 0.01

100,000 SKF AB 1.875% 11/09/2019 105 0.02

700,000 SKF AB 2.375% 29/10/2020 750 0.11

250,000 SKF AB 3.875% 25/05/2018 277 0.04

300,000 Swedbank AB 2.375% 26/02/2024 308 0.05

100,000 Swedbank AB 3% 05/12/2022 105 0.02

50,000 Telefonaktiebolaget LM Ericsson 5.375% 27/06/2017 56 0.01


100,000 Molnlycke Holding AB 1.5% 28/02/2022 101 0.01

100,000 Sandvik AB 3% 18/06/2026 108 0.02

100,000 Securitas AB 2.25% 14/03/2018 105 0.02

200,000 Securitas AB 2.625% 22/02/2021 214 0.03



200,000 Svenska Handelsbanken AB 4.194% * 205 0.03

150,000 Volvo Treasury AB 2.375% 26/11/2019 159 0.02

700,000 Volvo Treasury AB 5% 31/05/2017 775 0.12


150,000 Orlen Capital AB 2.5% 30/06/2021 148 0.02

Total Sweden 26,411 3.99

Switzerland


986,000 Credit Suisse AG 1.375% 29/11/2019 1,015 0.15

900,000 Credit Suisse AG 1.375% 31/01/2022 920 0.14

1,100,000 Credit Suisse AG 3.875% 25/01/2017 1,181 0.18

750,000 Credit Suisse AG 4.75% 05/08/2019 887 0.14

1,450,000 Credit Suisse AG 5.125% 18/09/2017 1,639 0.25

625,000 UBS AG 1.25% 03/09/2021 639 0.10

65,000 UBS AG 3.125% 18/01/2016 67 0.01

800,000 UBS AG 4.75% 07/06/2017 887 0.13

680,000 UBS AG 6% 18/04/2018 804 0.12


200,000 Elsevier Finance SA Via ELM BV 2.5% 24/09/2020 217 0.03



€'000


Turkey



Total Turkey 206 0.03



750,000 Glencore Finance Dubai Ltd 2.625% 19/11/2018 794 0.12

Total United Arab Emirates 794 0.12

United Kingdom


800,000 HSBC Bank Plc 3.125% 15/11/2017 865 0.13

350,000 HSBC Bank Plc 3.75% 30/11/2016 374 0.06

500,000 HSBC Bank Plc 3.875% 24/10/2018 566 0.08

500,000 HSBC Bank Plc 4% 15/01/2021 598 0.09


600,000 GlaxoSmithKline Capital Plc 4% 16/06/2025 750 0.11

400,000 GlaxoSmithKline Capital Plc 5.625% 13/12/2017 463 0.07

300,000 HSBC Holdings Plc 3.875% 16/03/2016 314 0.05

750,000 Motability Operations Group Plc 3.25% 30/11/2018 827 0.13


400,000 Abbey National Treasury Services Plc 0.875% 13/01/2020 400 0.06


600,000 Abbey National Treasury Services Plc 2% 14/01/2019 630 0.10



900,000 Barclays Bank Plc 2.125% 24/02/2021 965 0.15


800,000 Barclays Bank Plc 4% 20/01/2017 862 0.13


950,000 Barclays Bank Plc 4.875% 13/08/2019 1,137 0.17

600,000 BP Capital Markets Plc 1.526% 26/09/2022 611 0.09





iSHARES V PLC






€'000


Bonds (cont)

United Kingdom (cont)







425,000 Compass Group Plc 1.875% 27/01/2023 445 0.07

100,000 Compass Group Plc 3.125% 13/02/2019 110 0.02

200,000 Lloyds Bank Plc 1% 19/11/2021 201 0.03

600,000 Lloyds Bank Plc 1.875% 10/10/2018 629 0.10

550,000 Lloyds Bank Plc 4.625% 02/02/2017 600 0.09

500,000 Lloyds Bank Plc 5.375% 03/09/2019 609 0.09

500,000 Lloyds Bank Plc 6.375% 17/06/2016 546 0.08

400,000 Nationwide Building Society 1.625% 03/04/2019 416 0.06


300,000 Rolls-Royce Plc 2.125% 18/06/2021 321 0.05

600,000 Standard Chartered Plc 1.625% 20/11/2018 620 0.09


1,100,000 Standard Chartered Plc 1.75% 29/10/2017 1,137 0.17





100,000 Anglian Water Services Financing Plc 6.25% 27/06/2016 109 0.01

100,000 Aon Plc 2.875% 14/05/2026 110 0.02

200,000 BAT International Finance Plc 2.75% 25/03/2025 223 0.03



650,000 BG Energy Capital Plc 3% 16/11/2018 709 0.11

350,000 BG Energy Capital Plc 3.625% 16/07/2019 395 0.06

350,000 Coventry Building Society 2.5% 18/11/2020 377 0.06

300,000 Diageo Finance Plc 1.75% 23/09/2024 308 0.04

500,000 Diageo Finance Plc 2.375% 20/05/2026 537 0.08


€'000




100,000 Experian Finance Plc 4.75% 04/02/2020 118 0.02

300,000 Leeds Building Society 2.625% 01/04/2021 320 0.05

400,000 Rio Tinto Finance Plc 2% 11/05/2020 423 0.06

100,000 Rio Tinto Finance Plc 2.875% 11/12/2024 113 0.02

200,000 Royal Bank of Scotland Plc 4.25% 11/05/2016 211 0.03





400,000 SSE Plc 2% 17/06/2020 423 0.06

300,000 SSE Plc 2.375% 10/02/2022 325 0.05

900,000 Vodafone Group Plc 1.875% 11/09/2025 912 0.14

922,000 Vodafone Group Plc 4.65% 20/01/2022 1,130 0.17


575,000 Vodafone Group Plc 5% 04/06/2018 663 0.10





100,000 Brambles Finance Plc 4.625% 20/04/2018 113 0.02


925,000 HSBC Holdings Plc 6% 10/06/2019 1,108 0.17


300,000 National Grid Plc 4.375% 10/03/2020 355 0.05

50,000 National Grid Plc 5% 02/07/2018 58 0.01

200,000 Pearson Funding Five Plc 1.875% 19/05/2021 208 0.03

500,000 Royal Bank of Scotland Group Plc 1.5% 28/11/2016 508 0.08

975,000 Royal Bank of Scotland Group Plc 1.625% 25/06/2019 993 0.15

200,000 Severn Trent Utilities Finance Plc 5.25% 11/03/2016 212 0.03

300,000 Standard Chartered Bank 5.875% 26/09/2017 340 0.05

100,000 United Utilities Water Ltd 4.25% 24/01/2020 116 0.02

200,000 Yorkshire Building Society 2.125% 18/03/2019 208 0.03


500,000 Anglo American Capital Plc 1.75% 20/11/2017 513 0.08

iSHARES V PLC






€'000


Bonds (cont)











250,000 Aviva Plc 3.875% 03/07/2044 258 0.04

250,000 Aviva Plc 6.125% 05/07/2043 298 0.04

550,000 Aviva Plc 6.875% 22/05/2038 635 0.10

225,000 Babcock International Group Plc 1.75% 06/10/2022 229 0.03

200,000 BG Energy Capital Plc 6.5% 30/11/2072 223 0.03

175,000 British Telecommunications Plc 1.125% 10/06/2019 178 0.03

400,000 British Telecommunications Plc 6.5% 07/07/2015 415 0.06

450,000 EE Finance Plc 3.25% 03/08/2018 481 0.07

100,000 EE Finance Plc 3.5% 06/02/2017 105 0.02

200,000 FCE Bank Plc 1.625% 09/09/2016 204 0.03

250,000 FCE Bank Plc 1.75% 21/05/2018 258 0.04

600,000 FCE Bank Plc 1.875% 18/04/2019 623 0.09

400,000 Hammerson Plc 2.75% 26/09/2019 434 0.06

625,000 Imperial Tobacco Finance Plc 2.25% 26/02/2021 659 0.10



500,000 Imperial Tobacco Finance Plc 5% 02/12/2019 597 0.09


650,000 NGG Finance Plc 4.25% 18/06/2076 705 0.11

100,000 Rentokil Initial Plc 3.25% 07/10/2021 112 0.02

100,000 Rentokil Initial Plc 3.375% 24/09/2019 111 0.02

500,000 Royal Mail Plc 2.375% 29/07/2024 523 0.08

775,000 Sky Plc 1.5% 15/09/2021 781 0.12

300,000 Sky Plc 1.875% 24/11/2023 304 0.05

450,000 Sky Plc 2.5% 15/09/2026 466 0.07


€'000




300,000 SSE Plc 5.625% * 326 0.05



700,000 Standard Chartered Plc 4% 21/10/2025 739 0.11

200,000 WM Morrison Supermarkets Plc 2.25% 19/06/2020 203 0.03

250,000 WPP Finance 2013 3% 20/11/2023 284 0.04


900,000 Barclays Bank Plc 6% 23/01/2018 1,031 0.16

775,000 Barclays Bank Plc 6% 14/01/2021 946 0.14


300,000 FCE Bank Plc 1.875% 12/05/2016 306 0.05

100,000 FCE Bank Plc 2.875% 03/10/2017 106 0.02

150,000 G4S International Finance Plc 2.625% 06/12/2018 159 0.02

400,000 G4S International Finance Plc 2.875% 02/05/2017 420 0.06

200,000 ICAP Group Holdings Plc 3.125% 06/03/2019 208 0.03

650,000 Lloyds Bank Plc 6.5% 24/03/2020 797 0.12

650,000 Lloyds Bank Plc 11.875% 16/12/2021 787 0.12

150,000 Mondi Finance Plc 3.375% 28/09/2020 165 0.02

150,000 Mondi Finance Plc 5.75% 03/04/2017 167 0.03



500,000 Tesco Corporate Treasury Services Plc 1.25% 13/11/2017 497 0.08




250,000 Tesco Plc 3.375% 02/11/2018 264 0.04

200,000 Tesco Plc 5.125% 10/04/2047 226 0.03

300,000 Tesco Plc 5.875% 12/09/2016 324 0.05


450,000 HBOS Plc 4.5% 18/03/2030 493 0.08


United States

Corporate bonds: AAA rating

350,000 Johnson & Johnson 4.75% 06/11/2019 421 0.06

550,000 Microsoft Corp 2.125% 06/12/2021 597 0.09

300,000 Microsoft Corp 2.625% 02/05/2033 332 0.05

1,000,000 Microsoft Corp 3.125% 06/12/2028 1,179 0.18

iSHARES V PLC






€'000


Bonds (cont)


Corporate bonds: AA+ rating

500,000 Apple Inc 1% 10/11/2022 502 0.08

350,000 Apple Inc 1.625% 10/11/2026 352 0.05

300,000 New York Life Global Funding 4.375% 19/01/2017 325 0.05


600,000 Coca-Cola Co 1.125% 22/09/2022 608 0.09

400,000 Coca-Cola Co 1.875% 22/09/2026 412 0.06

375,000 General Electric Capital Corp 4.125% 19/09/2035 458 0.07

500,000 Merck & Co Inc 1.125% 15/10/2021 510 0.08

300,000 Merck & Co Inc 1.875% 15/10/2026 309 0.05

100,000 Merck & Co Inc 2.5% 15/10/2034 106 0.01

600,000 Pfizer Inc 4.55% 15/05/2017 661 0.10

850,000 Pfizer Inc 4.75% 03/06/2016 907 0.14

1,000,000 Pfizer Inc 5.75% 03/06/2021 1,301 0.19

850,000 Roche Holdings Inc 5.625% 04/03/2016 908 0.14

625,000 Roche Holdings Inc 6.5% 04/03/2021 845 0.13

350,000 Wal-Mart Stores Inc 1.9% 08/04/2022 374 0.06




200,000 3M Co 1.5% 09/11/2026 200 0.03

250,000 3M Co 1.875% 15/11/2021 267 0.04

400,000 International Business Machines Corp 1.375% 19/11/2019 415 0.06

1,250,000 International Business Machines Corp 1.875% 06/11/2020 1,328 0.20

100,000 International Business Machines Corp 2.875% 07/11/2025 114 0.02

150,000 Metropolitan Life Global Funding I 2.375% 30/09/2019 161 0.03



450,000 Procter & Gamble Co 2% 05/11/2021 487 0.07

700,000 Procter & Gamble Co 2% 16/08/2022 755 0.11

650,000 Procter & Gamble Co 4.125% 07/12/2020 782 0.12



500,000 Toyota Motor Credit Corp 1% 10/09/2021 507 0.08

1,097,000 Toyota Motor Credit Corp 1.25% 01/08/2017 1,125 0.17

300,000 Toyota Motor Credit Corp 1.8% 23/07/2020 319 0.05


€'000







150,000 American Honda Finance Corp 1.875% 04/09/2019 159 0.02

750,000 BMW US Capital LLC 1% 18/07/2017 763 0.11

250,000 BMW US Capital LLC 1.25% 20/07/2016 254 0.04

50,000 Bristol-Myers Squibb Co 4.375% 15/11/2016 54 0.01

300,000 Bristol-Myers Squibb Co 4.625% 15/11/2021 370 0.06

250,000 GE Capital Trust II 5.5% 15/09/2067 270 0.04

300,000 GE Capital Trust IV 4.625% 15/09/2066 312 0.05

550,000 General Electric Capital Corp 5.5% 15/09/2067 594 0.09

350,000 Illinois Tool Works Inc 1.75% 20/05/2022 366 0.05

150,000 Illinois Tool Works Inc 3% 19/05/2034 168 0.03

500,000 Oracle Corp 2.25% 10/01/2021 542 0.08

350,000 Oracle Corp 3.125% 10/07/2025 408 0.06

500,000 Wells Fargo & Co 1.125% 29/10/2021 503 0.08

150,000 Wells Fargo & Co 2.125% 04/06/2024 160 0.02

700,000 Wells Fargo & Co 2.25% 03/09/2020 756 0.11

600,000 Wells Fargo & Co 2.25% 02/05/2023 650 0.10

950,000 Wells Fargo & Co 2.625% 16/08/2022 1,057 0.16

450,000 Wells Fargo & Co 4.125% 03/11/2016 482 0.07

100,000 Wells Fargo & Co 4.375% 01/08/2016 107 0.02


100,000 Air Products & Chemicals Inc 2% 07/08/2020 107 0.02

150,000 Air Products & Chemicals Inc 4.625% 15/03/2017 164 0.03

300,000 Amgen Inc 2.125% 13/09/2019 318 0.05

250,000 Amgen Inc 4.375% 05/12/2018 285 0.04

150,000 Cargill Inc 1.875% 04/09/2019 159 0.02

350,000 Cargill Inc 2.5% 15/02/2023 385 0.06

200,000 Cargill Inc 4.875% 29/05/2017 222 0.03

150,000 Dover Corp 2.125% 01/12/2020 160 0.02

500,000 HSBC Finance Corp 4.5% 14/06/2016 532 0.08

700,000 HSBC Finance Corp 4.875% 30/05/2017 774 0.12

700,000 JPMorgan Chase & Co 1.375% 16/09/2021 713 0.11


1,050,000 JPMorgan Chase & Co 2.625% 23/04/2021 1,154 0.17


iSHARES V PLC






€'000


Bonds (cont)





250,000 JPMorgan Chase & Co 3% 19/02/2026 286 0.04


900,000 JPMorgan Chase & Co 3.875% 23/09/2020 1,054 0.16

450,000 JPMorgan Chase Bank NA 4.375% 30/11/2021 470 0.07

800,000 McDonald's Corp 2% 01/06/2023 852 0.13

100,000 McDonald's Corp 2.375% 27/11/2024 109 0.02

100,000 McDonald's Corp 2.625% 11/06/2029 109 0.02

100,000 McDonald's Corp 2.875% 17/12/2025 114 0.02

100,000 McDonald's Corp 4% 17/02/2021 119 0.02

750,000 Philip Morris International Inc 1.75% 19/03/2020 788 0.12









300,000 Praxair Inc 1.5% 11/03/2020 310 0.05

150,000 Simon Property Group LP 2.375% 02/10/2020 161 0.02

500,000 Wachovia Corp 4.375% 27/11/2018 566 0.09


300,000 American International Group Inc 4.375% 26/04/2016 316 0.05

150,000 American International Group Inc 5% 26/06/2017 167 0.02

300,000 AT&T Inc 1.45% 01/06/2022 302 0.05

300,000 AT&T Inc 1.875% 04/12/2020 315 0.05

1,000,000 AT&T Inc 2.4% 15/03/2024 1,061 0.16

350,000 AT&T Inc 2.5% 15/03/2023 377 0.06

225,000 AT&T Inc 2.6% 17/12/2029 231 0.03

400,000 AT&T Inc 2.65% 17/12/2021 437 0.07


€'000




500,000 AT&T Inc 3.5% 17/12/2025 579 0.09

550,000 AT&T Inc 3.55% 17/12/2032 625 0.09

1,200,000 Bank of America Corp 1.375% 10/09/2021 1,212 0.18

400,000 Bank of America Corp 1.875% 10/01/2019 418 0.06



250,000 Bank of America Corp 4% 23/03/2015 253 0.04

950,000 Bank of America Corp 4.625% 07/08/2017 1,053 0.16


900,000 Bank of America Corp 7% 15/06/2016 991 0.15

500,000 Citigroup Inc 1.375% 27/10/2021 504 0.08

200,000 Citigroup Inc 1.75% 29/01/2018 207 0.03

700,000 Citigroup Inc 2.125% 10/09/2026 718 0.11

600,000 Citigroup Inc 2.375% 22/05/2024 641 0.10

344,000 Citigroup Inc 4% 26/11/2015 356 0.05

650,000 Citigroup Inc 4.375% 30/01/2017 705 0.11

200,000 Citigroup Inc 4.375% 02/11/2018 229 0.03

900,000 Citigroup Inc 5% 02/08/2019 1,068 0.16

750,000 Citigroup Inc 7.375% 04/09/2019 976 0.15

550,000 Goldman Sachs Group Inc 2.125% 30/09/2024 566 0.09





100,000 Goldman Sachs Group Inc 4% 02/02/2015 101 0.01






750,000 Morgan Stanley 1.875% 30/03/2023 767 0.12

550,000 Morgan Stanley 2.25% 12/03/2018 577 0.09

800,000 Morgan Stanley 2.375% 31/03/2021 854 0.13

450,000 Morgan Stanley 3.75% 21/09/2017 489 0.07

300,000 Morgan Stanley 4.375% 12/10/2016 321 0.05

iSHARES V PLC






€'000


Bonds (cont)



612,000 Morgan Stanley 4.5% 23/02/2016 642 0.10

800,000 Morgan Stanley 5% 02/05/2019 941 0.14

450,000 Morgan Stanley 5.375% 10/08/2020 554 0.08

400,000 Morgan Stanley 5.5% 02/10/2017 454 0.07

450,000 Morgan Stanley 6.5% 28/12/2018 551 0.08

150,000 PepsiCo Inc 1.75% 28/04/2021 158 0.02

350,000 PepsiCo Inc 2.625% 28/04/2026 391 0.06

450,000 SABMiller Holdings Inc 1.875% 20/01/2020 473 0.07


400,000 AT&T Inc 3.375% 15/03/2034 442 0.07




100,000 Cellco Partnership / Verizon Wireless Capital LLC 8.75% 18/12/2015 109 0.02

300,000 Citigroup Inc 4.25% 25/02/2030 337 0.05

100,000 General Mills Inc 2.1% 16/11/2020 107 0.02


125,000 Kellogg Co 1.75% 24/05/2021 129 0.02

300,000 National Grid North America Inc 1.75% 20/02/2018 311 0.05

200,000 National Grid USA 3.25% 03/06/2015 203 0.03

475,000 Priceline Group Inc 2.375% 23/09/2024 496 0.07

400,000 Prologis LP 1.375% 07/10/2020 402 0.06

250,000 Prologis LP 3% 18/01/2022 274 0.04

300,000 Prologis LP 3% 02/06/2026 323 0.05

200,000 Prologis LP 3.375% 20/02/2024 225 0.03

675,000 Verizon Communications Inc 2.375% 17/02/2022 726 0.11

875,000 Verizon Communications Inc 3.25% 17/02/2026 997 0.15

Corporate bonds: BBB/*+ rating

100,000 DirecTV Holdings LLC / DirecTV Financing Co Inc 2.75% 19/05/2023 108 0.02


300,000 American International Group Inc 4.875% 15/03/2067 313 0.05

100,000 Coca-Cola Enterprises Inc 2.375% 07/05/2025 106 0.02



400,000 Discovery Communications LLC 2.375% 07/03/2022 424 0.06


€'000




200,000 Jefferies Group LLC 2.375% 20/05/2020 205 0.03

200,000 NASDAQ OMX Group Inc 3.875% 07/06/2021 226 0.03

200,000 SES Global Americas Holdings GP 1.875% 24/10/2018 209 0.03

225,000 Thermo Fisher Scientific Inc 2% 15/04/2025 227 0.03

400,000 Walgreens Boots Alliance Inc 2.125% 20/11/2026 400 0.06


350,000 Mondelez International Inc 1.125% 26/01/2017 354 0.05

450,000 Mondelez International Inc 2.375% 26/01/2021 482 0.07



No. of contracts

Underlying exposure

€’000 Fair value

€'000



Futures contracts

(1,279) German Euro Bobl Futures December 2014 (163,202) (830) (0.13)

(1,706) German Euro Bund Futures December 2014 (255,474) (5,288) (0.80)

(1,881) German Euro Schatz Futures December 2014 (208,641) 57 0.01


Total unrealised losses on futures contracts (6,118) (0.93)

Net unrealised losses on futures contracts (6,061) (0.92)

Total financial derivative instruments (6,061) (0.92)

Fair value

€’000



Cash† 12,373 1.87

Other net assets 10,043 1.52

Net assets attributable to redeemable participating shareholders at the end of the year 662,386 100.00

† Cash holdings of €1,029,241 are held with State Street Bank and Trust Company. €11,344,236 is held as security for futures contracts with Barclays Plc. * Perpetual bond

iSHARES V PLC









underlying each financial derivative instrument

Fixed and variable income securities are primarily classified by the

country of incorporation of the issuer for corporate fixed and variable

income securities.








iSHARES V PLC







Sales Purchases

3,000,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank

BA 3.875% 20/04/2016 3,182


BA 3.875% 20/04/2016 2,478

1,500,000 Deutsche Telekom International Finance BV 6%

20/01/2017 1,690


BA 4.25% 16/01/2017 2,177

1,250,000 Volkswagen International Finance NV 3.25%

21/01/2019 1,383 1,850,000

Deutsche Telekom International Finance BV 6%

20/01/2017 2,094

1,250,000 Casino Guichard Perrachon SA 4.379% 08/02/2017 1,361 1,750,000 Casino Guichard Perrachon SA 4.379% 08/02/2017 1,905


BA 4.75% 15/01/2018 1,308


BA 4.75% 15/01/2018 1,807

1,186,000 Credit Suisse AG 2.875% 24/09/2015 1,215 1,600,000 Volkswagen International Finance NV 3.25%

1,100,000 GlaxoSmithKline Capital Plc 3.875% 06/07/2015 1,138 21/01/2019 1,771

1,000,000 HSBC Bank Plc 3.125% 15/11/2017 1,081 1,600,000 GDF Suez 2.375% 19/05/2026 1,633

1,000,000 Deutsche Telekom International Finance BV 5.75% 1,500,000 Deutsche Bank AG 2.375% 11/01/2023 1,549

14/04/2015 1,061 1,450,000 GDF Suez 2.75% 18/10/2017 1,544

1,000,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank 1,500,000 Deutsche Bank AG 1.25% 08/09/2021 1,502

BA 3.375% 18/01/2016 1,051 1,300,000 Shell International Finance BV 4.375% 14/05/2018 1,484

1,000,000 BMW US Capital LLC 5% 28/05/2015 1,047 1,300,000 Credit Suisse AG 5.125% 18/09/2017 1,475

950,000 Glencore Finance Dubai Ltd 1.75% 19/05/2016 966 1,450,000 Commonwealth Bank of Australia 1.625%

900,000 Bank of America Corp 2.5% 27/07/2020 962 04/02/2019 1,469

825,000 Royal Bank of Scotland Plc 6.934% 09/04/2018 945 1,350,000 HSBC Bank Plc 3.125% 15/11/2017 1,450

900,000 Bayer AG 1.875% 25/01/2021 945 1,100,000 Veolia Environnement SA 6.75% 24/04/2019 1,381

850,000 Orange SA 4.75% 21/02/2017 941 1,300,000 Standard Chartered Plc 1.75% 29/10/2017 1,339

800,000 BHP Billiton Finance Ltd 6.375% 04/04/2016 888 1,200,000 BBVA Senior Finance SAU 3.75% 17/01/2018 1,320

800,000 GDF Suez 2.625% 20/07/2022 885 1,250,000 BHP Billiton Finance Ltd 2.125% 29/11/2018 1,308

800,000 GE Capital European Funding 2.25% 20/07/2020 865 1,220,000 Volkswagen Leasing GmbH 2.625% 15/01/2024 1,271

850,000 Swedbank AB 1.75% 18/06/2015 862 1,200,000 AT&T Inc 2.4% 15/03/2024 1,241





iSHARES V PLC

iShares Finland Government Bond UCITS ETF


INCOME STATEMENT



2014 €’000


2013 €’000



Total gains 251 5


Net operating profit 245 -

Finance costs:




Adjustment to align to the valuation methodology as set out in the prospectus* 7 - -


operations 215 (30)

* Amounts which are less than €500 are rounded to zero.






2014 €’000


2013 €’000



operations 215 (30)

Share transactions:

Proceeds from issue of redeemable participating shares 8,047 -


Increase in net assets resulting from share transactions 5,397 -



iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS





CURRENT LIABILITIES

Payables 13 (1) -







iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000


36 35




2014 €’000


2013 €’000




215 (30)



2014 €’000


2013 €’000


(6) (5)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.20 0.20


SHAREHOLDERS







iSHARES V PLC









2014 €’000


2013 €’000

May 2013 - 15

November 2013 - 15

May 2014 15 -

November 2014 38 -

53 30

Equalisation income (29) -


30 30






2014 €’000


2013 €’000




out in the prospectus - -

Total adjustment for the year - -







details.

9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares


Issued during year 60,000 -




SHAREHOLDERS

No. of Shares

Shares in issue




€’000

Net asset value








11. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000


settlement 36 -


122 30


Financial assets:

30 November 2014 €’000

30 November 2013 €’000


8,071 2,513

iSHARES V PLC





13. PAYABLES

30 November 2014 €’000

30 November 2013 €’000


(1) -





Company.



of the Company.



further details in note 3 of the financial statements of the Company.



iSHARES V PLC






€'000



Bonds

Finland


372,000 Finland Government Bond 0.375% 15/09/2020 374 4.58






480,000 Finland Government Bond 2% 15/04/2024 533 6.53






588,000 Finland Government Bond 4% 04/07/2025 770 9.44





Cash† 4 0.05















iSHARES V PLC







Sales Purchases

247,000 Finland Government Bond 4% 04/07/2025 310 623,000 Finland Government Bond 4% 04/07/2025 798

246,000 Finland Government Bond 3.5% 15/04/2021 289 666,000 Finland Government Bond 3.375% 15/04/2020 774


241,000 Finland Government Bond 3.875% 15/09/2017 268 680,000 Finland Government Bond 2% 15/04/2024 726




200,000 Finland Government Bond 2% 15/04/2024 214 522,000 Finland Government Bond 2.75% 04/07/2028 607







87,000 Finland Government Bond 0.375% 15/09/2020 87





iSHARES V PLC

iShares France Government Bond UCITS ETF


INCOME STATEMENT



2014 €’000


2013 €’000

Operating income 2 1,334 686

Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 3 7,641 (39)

Total gains 8,975 647


Net operating profit 8,790 557

Finance costs:

Distributions to redeemable participating shareholders 6 (1,142) (605)

Interest expense 7 (1) -

Total finance costs (1,143) (605)

Net profit/(loss) for the financial year 7,647 (48)









2014 €’000


2013 €’000




Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS





CURRENT LIABILITIES

Payables 14 (2,874) (12)







iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000


Bond interest income 1,332 686


1,334 686




2014 €’000


2013 €’000



fair value through profit or loss 7,641 (39)

7,641 (39)



2014 €’000


2013 €’000


(185) (90)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.20 0.20


SHAREHOLDERS









2014 €’000


2013 €’000

May 2013 - 290

November 2013 - 507

May 2014 690 -

November 2014 713 -

1,403 797



1,142 605

iSHARES V PLC





7. INTEREST EXPENSE


2014 €’000


2013 €’000

Bank interest (1) -

(1) -






2014 €’000


2013 €’000












details.

10. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue




€’000

Net asset value








12. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000


settlement 717 -

Bond income receivable 1,261 942

1,978 942


Financial assets:

30 November 2014 €’000

30 November 2013 €’000


121,341 75,328

14. PAYABLES

30 November 2014 €’000

30 November 2013 €’000




(2,874) (12)

iSHARES V PLC









Company.



of the Company.



























agents share.

30 November 2014 $’000

30 November 2013 $’000



year end 2,203 -




instruments.






iSHARES V PLC






€'000



Bonds

France

Government bonds: AA rating

1,677,000 France Government Bond OAT 0.25% 25/11/2015 1,681 1.37



2,064,000 France Government Bond OAT 1% 25/05/2018 2,129 1.73























€'000


France (cont)

Government bonds: AA rating (cont)












860,000 France Government Bond OAT 8.5% 25/10/2019 1,207 0.98

903,000 France Government Bond OAT 8.5% 25/04/2023 1,482 1.21

1,806,000 French Treasury Note BTAN 1% 25/07/2017 1,852 1.51

1,935,000 French Treasury Note BTAN 1.75% 25/02/2017 2,010 1.64






Cash† 2,986 2.43






iSHARES V PLC














iSHARES V PLC







Sales Purchases

4,249,000 France Government Bond OAT 3% 25/10/2015 4,384 3,780,000 French Treasury Note BTAN 2.5% 25/07/2016 3,966

3,162,000 French Treasury Note BTAN 2% 12/07/2015 3,223 3,402,000 France Government Bond OAT 2.25% 25/05/2024 3,536

2,485,000 France Government Bond OAT 5% 25/10/2016 2,776 2,847,000 France Government Bond OAT 2.75% 25/10/2027 3,098

2,067,000 France Government Bond OAT 3.5% 25/04/2015 2,136 2,520,000 France Government Bond OAT 3.75% 25/04/2017 2,766



1,421,000 France Government Bond OAT 4.25% 25/10/2023 1,741 2,592,000 France Government Bond OAT 1% 25/05/2019 2,631

1,527,000 French Treasury Note BTAN 2.5% 15/01/2015 1,561 1,728,000 France Government Bond OAT 5.75% 25/10/2032 2,621




844,000 France Government Bond OAT 5.75% 25/10/2032 1,267 2,025,000 France Government Bond OAT 3.5% 25/04/2020 2,343

1,090,000 France Government Bond OAT 3.25% 25/10/2021 1,252 2,048,000 France Government Bond OAT 3% 25/04/2022 2,334

1,015,000 France Government Bond OAT 4% 25/04/2018 1,156 2,003,000 France Government Bond OAT 4.25% 25/10/2017 2,265



985,000 France Government Bond OAT 3% 25/04/2022 1,112 2,003,000 France Government Bond OAT 5% 25/10/2016 2,229








iSHARES V PLC

iShares Germany Government Bond UCITS ETF


INCOME STATEMENT



2014 €’000


2013 €’000



Total gains/(losses) 680 (111)


Net operating profit/(loss) 662 (125)

Finance costs:




Adjustment to align to the valuation methodology as set out in the prospectus 7 (2) –


from operations 592 (175)






2014 €’000


2013 €’000



from operations 592 (175)

Share transactions:



(Decrease)/increase in net assets resulting from share transactions (83) 2,618



iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS





CURRENT LIABILITIES

Payables 13 (1) (1)







iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000


86 63




2014 €’000


2013 €’000




594 (174)



2014 €’000


2013 €’000


(18) (14)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.20 0.20


SHAREHOLDERS









2014 €’000


2013 €’000

May 2013 - 30

November 2013 - 24

May 2014 38 -

November 2014 29 -

67 54



68 50

iSHARES V PLC










2014 €’000


2013 €’000




out in the prospectus (2) -

Total adjustment for the year (2) -

Balance carried forward (1) 1






details.

9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue




€’000

Net asset value








11. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000


settlement 28 -


139 132


Financial assets:

30 November 2014 €’000

30 November 2013 €’000


7,916 7,383

13. PAYABLES

30 November 2014 €’000

30 November 2013 €’000


(1) (1)





Company.



of the Company.

iSHARES V PLC































agents share.

30 November 2014 $’000

30 November 2013 $’000

Income earned during the year - -


year end 42 -


of the Fund at year end 44 -


instruments.






iSHARES V PLC






€'000



Bonds

Germany

Government bonds: AAA rating

135,000 Bundesobligation 0.25% 13/04/2018 136 1.69







126,000 Bundesobligation 1% 12/10/2018 131 1.63





102,000 Bundesrepublik Deutschland 1% 15/08/2024 105 1.31

138,000 Bundesrepublik Deutschland 1.5% 04/09/2022 150 1.87

















€'000


Germany (cont)

Government bonds: AAA rating (cont)




















105,000 Bundesschatzanweisungen 0% 11/12/2015 105 1.31

96,000 Bundesschatzanweisungen 0% 16/09/2016 96 1.20

99,000 Bundesschatzanweisungen 0.25% 11/03/2016 99 1.23

90,000 Bundesschatzanweisungen 0.25% 10/06/2016 90 1.13



iSHARES V PLC





Fair value

€’000



Cash† 7 0.09



Adjustment to align to the valuation methodology as set out in the prospectus (1) (0.01)




Fixed income securities are primarily classified by the country of

incorporation of the issuer for government fixed income securities.







iSHARES V PLC







Sales Purchases

518,000 Bundesrepublik Deutschland 3.25% 04/07/2015 534 276,000 Bundesrepublik Deutschland 1.75% 15/02/2024 284

394,000 Bundesrepublik Deutschland 3.5% 04/01/2016 414 255,000 Bundesobligation 2.75% 08/04/2016 268

372,000 Bundesobligation 2.75% 08/04/2016 389 242,000 Bundesobligation 1% 22/02/2019 248

272,000 Bundesobligation 2.25% 10/04/2015 278 240,000 Bundesobligation 2% 26/02/2016 248


184,000 Bundesrepublik Deutschland 4% 04/01/2037 252 184,000 Bundesrepublik Deutschland 4% 04/01/2037 245


236,000 Bundesobligation 2.5% 27/02/2015 242 159,000 Bundesrepublik Deutschland 4.75% 04/07/2034 229


205,000 Bundesrepublik Deutschland 4% 04/01/2018 233 201,000 Bundesrepublik Deutschland 3.75% 04/01/2017 220


218,000 Bundesobligation 1.75% 09/10/2015 222 186,000 Bundesrepublik Deutschland 3.75% 04/01/2019 215



186,000 Bundesrepublik Deutschland 3.75% 04/01/2019 215 195,000 Bundesrepublik Deutschland 4% 04/07/2016 211

135,000 Bundesrepublik Deutschland 4.75% 04/07/2040 210 210,000 Bundesschatzanweisungen 0% 11/12/2015 210

195,000 Bundesrepublik Deutschland 4% 04/07/2016 210 195,000 Bundesrepublik Deutschland 1.75% 04/07/2022 207


202,000 Bundesschatzanweisungen 0.25% 11/09/2015 203 132,000 Bundesrepublik Deutschland 4.75% 04/07/2040 200






iSHARES V PLC

iShares Gold Producers UCITS ETF


INCOME STATEMENT



2014 $’000


2013 $’000


Net losses on financial assets/liabilities at fair value through profit or loss 3 (69,896) (63,966)

Total losses (66,531) (62,672)


Net operating loss (68,026) (63,069)

Net loss for the financial year before tax (68,026) (63,069)


Net loss for the financial year after tax (68,680) (63,312)








2014 $’000


2013 $’000



Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 $’000

CURRENT ASSETS

Cash and cash equivalents 67 5,875




CURRENT LIABILITIES

Bank overdraft (304) -

Payables 12 (140) (5,882)

Total current liabilities excluding net assets attributable to redeemable participating shareholders (444) (5,882)





iSHARES V PLC











2. OPERATING INCOME


2014 $’000


2013 $’000



3,365 1,294




2014 $’000


2013 $’000

Net losses on investments in


through profit or loss (70,002) (63,987)



investments 65 (2)

(69,896) (63,966)



2014 $’000


2013 $’000


(1,495) (397)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.55 0.55






2014 $’000


2013 $’000








iSHARES V PLC











2014 $’000


2013 $’000


8. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 35,200,000

As at 30 November 2013 18,900,000

As at 30 November 2012 4,600,000

$’000

Net asset value








10. RECEIVABLES

30 November 2014 $’000

30 November 2013 $’000


settlement 359 -



receivable 15 1


Other receivables - 5

531 99


Financial assets:

30 November 2014 $’000

30 November 2013 $’000


255,797 163,644

12. PAYABLES

30 November 2014 $’000

30 November 2013 $’000


settlement (27) (5,820)


(140) (5,882)





Company.



of the Company.







iSHARES V PLC


























agents share.

30 November 2014 $’000

30 November 2013 $’000



year end 53,150 12,289




instruments.






iSHARES V PLC






$'000



Equities

Australia

Gold mining

1,838,475 Beadell Resources Ltd Com NPV 314 0.12

1,061,783 Evolution Mining Ltd Com NPV 485 0.19

485,734 Medusa Mining Ltd Com NPV 267 0.10

1,771,908 Newcrest Mining Ltd Com NPV 15,638 6.10

1,324,490 Northern Star Resources Ltd Com NPV 1,328 0.52

954,717 Regis Resources Ltd Com NPV 1,173 0.46

1,539,093 Resolute Mining Ltd Com NPV 348 0.14


Bermuda

Gold mining

251,716 Continental Gold Ltd Com NPV 490 0.19

46,816,200 G-Resources Group Ltd Com HKD 0.01 1,177 0.46


Canada

Gold mining

486,835 Agnico Eagle Mines Ltd Com NPV 11,391 4.44

535,990 Alacer Gold Corp Com NPV 954 0.37

296,896 Alamos Gold Inc Com NPV 2,013 0.79

360,301 Argonaut Gold Inc Com NPV 578 0.23

579,250 AuRico Gold Inc Com NPV 1,930 0.75

2,095,645 B2Gold Corp Com NPV 3,419 1.33

2,701,353 Barrick Gold Corp Com NPV 32,030 12.50

366,044 Centerra Gold Inc Com NPV 1,673 0.65

565,257 China Gold International Resources Corp Ltd Com NPV 1,160 0.45

366,842 Detour Gold Corp Com NPV 2,706 1.06

1,659,131 Eldorado Gold Corp Com NPV 10,360 4.04

361,581 Franco-Nevada Corp Com NPV 18,120 7.07

1,887,622 Goldcorp Inc Com NPV 37,049 14.46

878,286 Iamgold Corp Com NPV 1,725 0.67

2,649,428 Kinross Gold Corp Com NPV 7,343 2.87

1,170,709 New Gold Inc Com NPV 4,651 1.81

545,745 Novagold Resources Inc Com NPV 1,501 0.59

696,743 OceanaGold Corp Com NPV 1,277 0.50

108,591 Osisko Gold Royalties Ltd Com NPV 1,298 0.51

222,769 Pretium Resources Inc Com NPV 1,205 0.47

155,100 Primero Mining Corp Com NPV 631 0.25

271,010 Sandstorm Gold Ltd Com NPV 715 0.28

642,292 SEMAFO Inc Com NPV 1,853 0.72

1,820,945 Torex Gold Resources Inc Com NPV 2,028 0.79

2,039,979 Yamana Gold Inc Com NPV 7,389 2.88



$'000


Cayman Islands

Gold mining

8,212,000 China Precious Metal Resources Holdings Co Ltd Com HKD 0.125 836 0.33


Jersey

Gold mining

2,494,863 Centamin Plc Com NPV 1,786 0.70

916,587 Polyus Gold International Ltd Com GBP 0.000001 2,630 1.02

213,199 Randgold Resources Ltd Com USD 0.05 14,200 5.54



Gold mining

2,053,500 Zhaojin Mining Industry Co Ltd Com CNY 1.00 1,070 0.42

13,564,000 Zijin Mining Group Co Ltd Com CNY 0.10 3,603 1.40


Peru

Gold mining

429,449 Cia de Minas Buenaventura SAA ADR NPV 3,968 1.55

Total Peru 3,968 1.55

South Africa

Gold mining

931,249 AngloGold Ashanti Ltd ADR NPV 7,971 3.11

1,640,160 Gold Fields Ltd ADR NPV 6,725 2.62

847,343 Harmony Gold Mining Co Ltd ADR NPV 1,432 0.56

417,718 Sibanye Gold Ltd ADR NPV 2,870 1.12


United Kingdom

Gold mining

341,564 Acacia Mining Plc Com GBP 0.10 1,246 0.49


United States

Gold mining

226,483 Allied Nevada Gold Corp Com USD 0.001 331 0.13

1,157,048 Newmont Mining Corp Com USD 1.60 21,278 8.30

151,253 Royal Gold Inc Com USD 0.01 9,632 3.76



iSHARES V PLC





Fair value

$’000



Bank overdraft† (237) (0.09)









Fair value $’000





iSHARES V PLC







Sales Purchases

654,546 Goldcorp Inc Com NPV 16,037 2,181,978 Barrick Gold Corp Com NPV 39,095

940,246 Barrick Gold Corp Com NPV 15,626 1,524,401 Goldcorp Inc Com NPV 38,555

402,258 Newmont Mining Corp Com USD 1.60 9,350 935,599 Newmont Mining Corp Com USD 1.60 22,455

215,378 Agnico Eagle Mines Ltd Com NPV 6,971 298,334 Franco-Nevada Corp Com NPV 14,943

879,682 Yamana Gold Inc Com NPV 6,623 1,739,569 Yamana Gold Inc Com NPV 14,422

120,847 Franco-Nevada Corp Com NPV 6,194 420,110 Agnico Eagle Mines Ltd Com NPV 13,820

618,802 Newcrest Mining Ltd Com NPV 5,730 1,434,039 Newcrest Mining Ltd Com NPV 13,421

74,203 Randgold Resources Ltd Com USD 0.05 5,567 172,244 Randgold Resources Ltd Com USD 0.05 13,145

326,948 AngloGold Ashanti Ltd ADR NPV 4,736 779,628 AngloGold Ashanti Ltd ADR NPV 12,198

577,520 Eldorado Gold Corp Com NPV 3,846 2,137,350 Kinross Gold Corp Com NPV 9,020

919,784 Kinross Gold Corp Com NPV 3,587 1,340,515 Eldorado Gold Corp Com NPV 8,953

52,786 Royal Gold Inc Com USD 0.01 3,536 122,522 Royal Gold Inc Com USD 0.01 8,063

1,100,835 Polyus Gold International Ltd Com GBP 0.000001 3,444 1,452,944 Gold Fields Ltd ADR NPV 5,517

742,459 Gold Fields Ltd ADR NPV 2,922 946,593 New Gold Inc Com NPV 5,304

401,846 New Gold Inc Com NPV 2,210 1,889,371 B2Gold Corp Com NPV 4,496

252,730 Sibanye Gold Ltd ADR NPV 2,170 345,595 Cia de Minas Buenaventura SAA ADR NPV 4,129

147,597 Cia de Minas Buenaventura SAA ADR NPV 1,680 441,884 Sibanye Gold Ltd ADR NPV 3,894

557,218 B2Gold Corp Com NPV 1,290 1,181,398 Polyus Gold International Ltd Com GBP 0.000001 3,779

4,974,000 Zijin Mining Group Co Ltd Com CNY 0.10 1,203 494,838 Osisko Mining Corp Com NPV 3,113

120,906 Detour Gold Corp Com NPV 1,155 314,773 Detour Gold Corp Com NPV 2,964





iSHARES V PLC

iShares Italy Government Bond UCITS ETF


INCOME STATEMENT



2014 €’000


2013 €’000






Finance costs:












2014 €’000


2013 €’000



Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS





CURRENT LIABILITIES

Payables 14 (4,400) (71)







iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000




16,413 11,259




2014 €’000


2013 €’000




54,896 12,763



2014 €’000


2013 €’000


(1,093) (627)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.20 0.20


SHAREHOLDERS







iSHARES V PLC









2014 €’000


2013 €’000

May 2013 - 6,304

November 2013 - 7,422

May 2014 8,530 -

November 2014 7,886 -

16,416 13,726


Equalisation expense 1,526 1,143

15,355 10,638

7. INTEREST EXPENSE


2014 €’000


2013 €’000


(10) (3)






2014 €’000


2013 €’000












details.

10. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 3,880,000

As at 30 November 2013 3,280,000


€’000

Net asset value








12. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000


settlement 6,065 -


receivable 1 -


11,307 4,865

iSHARES V PLC






Financial assets:

30 November 2014 €’000

30 November 2013 €’000


590,226 449,403

14. PAYABLES

30 November 2014 €’000

30 November 2013 €’000




(4,400) (71)





Company.



of the Company.



























agents share.

30 November 2014 $’000

30 November 2013 $’000



year end 16,397 -




instruments.






iSHARES V PLC






€'000



Bonds

Italy

Government bonds: BBB- rating

6,014,000 Italy Buoni Poliennali Del Tesoro 1.15% 15/05/2017 6,099 1.02









1,940,000 Italy Buoni Poliennali Del Tesoro 3% 01/11/2015 1,986 0.33
















€'000


Italy (cont)

Government bonds: BBB- rating (cont)



























iSHARES V PLC






€'000


Bonds (cont)

Italy (cont)

Government bonds: BBB- rating (cont)





7,954,000 Italy Certificati di Credito del Tesoro 0% 31/12/2015 7,918 1.33






Cash† 6,634 1.11

Other net liabilities (979) (0.16)














iSHARES V PLC







Sales Purchases

24,486,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/02/2015 25,345 13,648,000 Italy Certificati di Credito del Tesoro 0% 29/04/2016 13,524

22,316,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2015 23,043 11,997,000 Italy Buoni Poliennali Del Tesoro 3.5% 01/06/2018 13,055


16,259,000 Italy Buoni Poliennali Del Tesoro 3% 15/04/2015 16,631 11,176,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/05/2021 12,089




10,458,000 Italy Buoni Poliennali Del Tesoro 3% 15/06/2015 10,719 7,496,000 Italy Buoni Poliennali Del Tesoro 6% 01/05/2031 9,606



8,453,000 Italy Certificati di Credito del Tesoro 0% 30/06/2015 8,410 9,592,000 Italy Certificati di Credito del Tesoro 0% 31/12/2015 9,495




5,475,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/11/2027 7,300 8,530,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2017 9,180










iSHARES V PLC

iShares MSCI ACWI UCITS ETF


INCOME STATEMENT



2014 $’000


2013 $’000






Finance costs:

Interest expense 6 - (2)

Total finance costs - (2)











2014 $’000


2013 $’000



Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 $’000

CURRENT ASSETS






CURRENT LIABILITIES

Bank overdraft - (59)

Payables 13 (7,432) (48,337)






iSHARES V PLC











2. OPERATING INCOME


2014 $’000


2013 $’000



5,572 4,158




2014 $’000


2013 $’000




Net gains on futures contracts 170 -


11,136 28,108



2014 $’000


2013 $’000


(1,388) (926)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.60 0.60

6. INTEREST EXPENSE


2014 $’000


2013 $’000

Bank interest - (2)

- (2)

iSHARES V PLC










2014 $’000


2013 $’000














2014 $’000


2013 $’000


9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 7,600,000

As at 30 November 2013 8,200,000

As at 30 November 2012 2,600,000

$’000

Net asset value








11. RECEIVABLES

30 November 2014 $’000

30 November 2013 $’000

Sale of securities

awaiting settlement 3,022 2,517

Subscription for shares awaiting

settlement - 56,194



receivable 2 -


3,554 59,196


Financial assets:

30 November 2014 $’000

30 November 2013 $’000




contracts 38 -

286,644 273,693

iSHARES V PLC





13. PAYABLES

30 November 2014 $’000

30 November 2013 $’000


settlement (7,307) (48,232)

Interest payable - (1)



(7,432) (48,337)





Company.



of the Company.



























agents share.

30 November 2014 $’000

30 November 2013 $’000



year end 4,011 -




instruments.







iSHARES V PLC






$'000



Equities

Australia

Airlines

20,314 Qantas Airways Ltd Com NPV 33 0.01

Banks

19,678 Australia & New Zealand Banking Group Ltd Com NPV 536 0.19

11,907 Commonwealth Bank of Australia Com NPV 821 0.28

16,905 National Australia Bank Ltd Com NPV 470 0.16

22,403 Westpac Banking Corp Com NPV 622 0.22

Biotechnology

5,567 CSL Ltd Com NPV 392 0.14

Commercial services

28,760 Brambles Ltd Com NPV 238 0.08


26,171 Amcor Ltd Com NPV 272 0.09


5,348 Macquarie Group Ltd Com NPV 267 0.09

Electricity

16,848 AGL Energy Ltd Com NPV 188 0.06

13,548 Origin Energy Ltd Com NPV 142 0.05

Food retailers and wholesalers

10,467 Woolworths Ltd Com NPV 278 0.10

Gold mining

9,831 Newcrest Mining Ltd Com NPV 87 0.03

Home improvement retailers

9,016 Wesfarmers Ltd Com NPV 319 0.11

Insurance

47,307 AMP Ltd Com NPV 228 0.08

68,507 Insurance Australia Group Ltd Com NPV 373 0.13

13,091 QBE Insurance Group Ltd Com NPV 121 0.04

20,308 Suncorp Group Ltd Com NPV 248 0.09

Mining

23,430 BHP Billiton Ltd Com NPV 618 0.21

7,281 Iluka Resources Ltd Com NPV 43 0.02

5,109 Orica Ltd Com NPV 79 0.03

4,189 Rio Tinto Ltd Com NPV 211 0.07

Oil & gas

11,762 Santos Ltd Com NPV 101 0.04

5,931 Woodside Petroleum Ltd Com NPV 181 0.06

Pipelines

563 APA Group Misc NPV 4 0.00

Real estate investment trusts

34,862 Scentre Group Reits NPV 103 0.04

28,915 Westfield Corp Reits NPV 204 0.07


$'000


Australia (cont)

Telecommunications

32,650 Telstra Corp Ltd Com NPV 158 0.06


Austria

Banks

4,885 Erste Group Bank AG Com NPV 132 0.04


4,659 OMV AG Com NPV 134 0.05


Belgium

Banks

2,123 KBC Groep NV Com NPV 122 0.04

Beverages

6,311 Anheuser-Busch InBev NV Com NPV 742 0.26

Food

1,028 Colruyt SA Com NPV 48 0.01

2,623 Delhaize Group SA Com NPV 192 0.07

Pharmaceuticals

1,218 UCB SA Com NPV 96 0.03

Telecommunications

5,453 Belgacom SA Com NPV 216 0.08


Bermuda

Agriculture

2,432 Bunge Ltd Com USD 0.01 221 0.08

Banks

1,590 Credicorp Ltd Com USD 5.00 264 0.09


76,000 Li & Fung Ltd Com HKD 0.0125 84 0.03


7,220 Invesco Ltd Com USD 0.20 291 0.10

Oil & gas

5,856 Seadrill Ltd Com USD 2.00 84 0.03

Pharmaceuticals

64,000 Sihuan Pharmaceutical Holdings Group Ltd Com HKD 0.01 48 0.01

Pipelines

138,000 China Gas Holdings Ltd Com HKD 0.01 257 0.09

Water

88,000 Beijing Enterprises Water Group Ltd Com HKD 0.10 60 0.02


iSHARES V PLC






$'000


Equities (cont)

Brazil

Banks

23,650 Banco Bradesco SA Pref NPV 363 0.13

6,800 Banco do Brasil SA Com NPV 78 0.03

29,854 Itau Unibanco Holding SA Pref NPV 448 0.15

Beverages

38,010 Ambev SA Com NPV 249 0.08

Commercial services

30,400 CCR SA Com NPV 208 0.07

4,700 Kroton Educacional SA Com NPV 33 0.01


33,400 BM&FBovespa SA Com NPV 136 0.05

Food

8,800 BRF SA Com NPV 227 0.08

Industrial metals & mining

22,500 Cia Siderurgica Nacional SA Com NPV 53 0.02

15,200 Gerdau SA Pref NPV 64 0.02

11,400 Vale SA Com NPV 103 0.04

15,200 Vale SA Pref NPV 118 0.04

Oil & gas

22,800 Petroleo Brasileiro SA Com NPV 108 0.03

34,500 Petroleo Brasileiro SA Pref NPV 171 0.06

Retail

11,400 Raia Drogasil SA Com NPV 108 0.04

Specialty finance

8,100 Bradespar SA Pref NPV 47 0.02

59,553 Itausa - Investimentos Itau SA Pref NPV 242 0.08

Telecommunications

3,800 Telefonica Brasil SA Pref NPV 77 0.03

Tobacco

11,400 Souza Cruz SA Com NPV 91 0.03



Apparel retailers

1,946 Michael Kors Holdings Ltd Com NPV 149 0.05


Canada


1,863 Magna International Inc Com NPV 200 0.07

Banks

5,109 Bank of Montreal Com NPV 375 0.13

8,724 Bank of Nova Scotia Com NPV 539 0.19

4,399 Canadian Imperial Bank of Commerce Com NPV 410 0.14

3,636 National Bank of Canada Com NPV 169 0.06


$'000


Canada (cont)

Banks (cont)

10,090 Royal Bank of Canada Com NPV 735 0.26

12,702 Toronto-Dominion Bank Com NPV 641 0.22

Broadcasting & entertainment

8,508 Shaw Communications Inc Com NPV 230 0.08

Computers

5,579 BlackBerry Ltd Com NPV 58 0.02

Electricity

6,007 Fortis Inc Com NPV 213 0.07

7,994 TransAlta Corp Com NPV 78 0.03


1,156 Alimentation Couche-Tard Inc Com NPV 41 0.01

728 Loblaw Cos Ltd Com NPV 39 0.01

3,952 Metro Inc Com NPV 308 0.11

Gas

477 Keyera Corp Com NPV 35 0.01

Gold mining

3,525 Agnico Eagle Mines Ltd Com NPV 83 0.03

7,952 Barrick Gold Corp Com NPV 94 0.03

9,896 Eldorado Gold Corp Com NPV 62 0.02

1,366 Franco-Nevada Corp Com NPV 68 0.03

6,580 Goldcorp Inc Com NPV 129 0.05

11,991 Kinross Gold Corp Com NPV 33 0.01

10,624 Yamana Gold Inc Com NPV 39 0.01

Heavy construction

3,914 SNC-Lavalin Group Inc Com NPV 148 0.05

Insurance

188 Fairfax Financial Holdings Ltd Com NPV 96 0.03

18,289 Manulife Financial Corp Com NPV 364 0.13

8,524 Sun Life Financial Inc Com NPV 316 0.11

Mining

6,197 Teck Resources Ltd Com NPV 96 0.03

Oil & gas

9,670 Canadian Natural Resources Ltd Com NPV 322 0.11

6,770 Canadian Oil Sands Ltd Com NPV 86 0.03

7,529 Cenovus Energy Inc Com NPV 168 0.06

8,866 Encana Corp Com NPV 140 0.05

13,053 Suncor Energy Inc Com NPV 413 0.14

13,129 Talisman Energy Inc Com NPV 62 0.02

Pharmaceuticals

2,427 Valeant Pharmaceuticals International Inc Com NPV 354 0.12

Pipelines

7,567 Enbridge Inc Com NPV 348 0.12

6,349 TransCanada Corp Com NPV 302 0.11

iSHARES V PLC






$'000


Equities (cont)

Canada (cont)

Platinum & precious metals

7,313 Silver Wheaton Corp Com NPV 144 0.05

Railroads

6,323 Canadian National Railway Co Com NPV 450 0.16

1,351 Canadian Pacific Railway Ltd Com NPV 261 0.09


7,529 Brookfield Asset Management Inc Com NPV 379 0.13

Retail

2,017 Canadian Tire Corp Ltd Com NPV 227 0.08

1,196 Dollarama Inc Com NPV 56 0.02

3,330 Tim Hortons Inc Com NPV 278 0.09

Software

844 Open Text Corp Com NPV 50 0.02

Specialty chemicals

1,485 Agrium Inc Com NPV 143 0.05

981 Methanex Corp Com NPV 50 0.02

6,770 Potash Corp of Saskatchewan Inc Com NPV 233 0.08

Telecommunications

5,415 Rogers Communications Inc Com NPV 217 0.08


Cayman Islands

Auto manufacturers

60,000 Geely Automobile Holdings Ltd Com HKD 0.02 26 0.01

Food

76,000 Want Want China Holdings Ltd Com USD 0.02 99 0.03

Gas

6,000 ENN Energy Holdings Ltd Com HKD 0.10 37 0.01

Healthcare products

16,000 China Medical System Holdings Ltd Com USD 0.005 27 0.01

Hotels

4,400 Sands China Ltd Com USD 0.01 26 0.01

Internet

50,800 Tencent Holdings Ltd Com HKD 0.00002 812 0.28

Pharmaceuticals

526 Herbalife Ltd Com USD 0.002 23 0.01

32,000 Sino Biopharmaceutical Ltd Com HKD 0.025 31 0.01


571,000 Shui On Land Ltd Com USD 0.0025 141 0.05


$'000



Retail

22,000 Anta Sports Products Ltd Com HKD 0.10 46 0.02

76,000 Belle International Holdings Ltd Com HKD 0.01 86 0.03


Chile

Airlines

12,687 Latam Airlines Group SA ADR NPV 151 0.05

Electricity

15,114 Enersis SA ADR NPV 253 0.09

Total Chile 404 0.14

Colombia

Banks

806 Bancolombia SA ADR NPV 42 0.01

Oil & gas

5,309 Ecopetrol SA ADR NPV 107 0.04

Total Colombia 149 0.05

Curacao

Oil & gas services

10,022 Schlumberger Ltd Com USD 0.01 862 0.30


Czech Republic

Banks

115 Komercni Banka AS Com CZK 500.00 26 0.01


Denmark

Banks

9,862 Danske Bank A/S Com DKK 10.00 280 0.10

Beverages

1,101 Carlsberg A/S Com DKK 20.00 98 0.03

Chemicals

3,443 Novozymes A/S Com DKK 2.00 152 0.05


1,237 Vestas Wind Systems A/S Com DKK 1.00 46 0.02

Healthcare products

1,276 Coloplast A/S Com DKK 1.00 111 0.04


70 AP Moeller - Maersk A/S Com DKK 1000.00 146 0.05

iSHARES V PLC






$'000


Equities (cont)

Denmark (cont)

Pharmaceuticals

18,446 Novo Nordisk A/S Com DKK 0.20 843 0.29

Retail

660 Pandora A/S Com DKK 1.00 59 0.02


Finland

Electricity

6,539 Fortum Oyj Com EUR 3.40 164 0.06

Forest products & paper

7,605 Stora Enso Oyj Com NPV 68 0.02

9,746 UPM-Kymmene Oyj Com NPV 162 0.06

Insurance

3,152 Sampo Oyj Com NPV 156 0.05

Telecommunications

34,663 Nokia Oyj Com NPV 289 0.10

Total Finland 839 0.29

France

Advertising

1,370 Publicis Groupe SA Com EUR 0.40 101 0.03

Aerospace

1,893 Safran SA Com EUR 0.20 123 0.04

Apparel retailers

2,090 LVMH Moet Hennessy Louis Vuitton SA Com EUR 0.30 376 0.13

Auto manufacturers

1,448 Renault SA Com EUR 3.81 116 0.04


2,470 Cie Generale des Etablissements Michelin Com EUR 2.00 228 0.08

Banks

7,952 BNP Paribas SA Com EUR 2.00 511 0.18

5,072 Credit Agricole SA Com EUR 3.00 72 0.02

6,311 Societe Generale SA Com EUR 1.25 313 0.11

Beverages

2,356 Pernod Ricard SA Com EUR 1.55 280 0.10


4,568 Cie de St-Gobain Com EUR 4.00 210 0.07

3,725 Lafarge SA Com EUR 4.00 266 0.09

Chemicals

2,801 Air Liquide SA Com EUR 5.50 353 0.12


4,536 Schneider Electric SE Com EUR 4.00 371 0.13

Electricity

10,090 GDF Suez Com EUR 1.00 249 0.09


$'000


France (cont)

Engineering & construction

5,262 Vinci SA Com EUR 2.50 285 0.10

Food

6,926 Carrefour SA Com EUR 2.50 220 0.07

5,148 Danone SA Com EUR 0.25 364 0.13

Healthcare products

2,774 Essilor International SA Com EUR 0.18 312 0.11

Insurance

16,010 AXA SA Com EUR 2.29 387 0.13

Internet

93 Iliad SA Com NPV 23 0.01

Oil & gas

16,257 Total SA Com EUR 2.50 911 0.32

Oil equipment & services

1,710 Technip SA Com EUR 0.7625 112 0.04

Personal products

1,976 L'Oreal SA Com EUR 0.20 338 0.12

Pharmaceuticals

9,079 Sanofi Com EUR 2.00 881 0.30


1,368 Unibail-Rodamco SE Reits EUR 5.00 362 0.13

Retail

1,102 Kering Com EUR 4.00 228 0.08

Telecommunications

21,208 Alcatel-Lucent Com EUR 0.05 76 0.03

17,512 Orange SA Com EUR 4.00 309 0.11

13,053 Vivendi SA Com EUR 5.50 333 0.11

Water

3,114 Veolia Environnement SA Com EUR 5.00 57 0.02


Germany

Auto manufacturers

3,117 Bayerische Motoren Werke AG Com EUR 1.00 357 0.12

7,058 Daimler AG Com NPV 596 0.21

1,219 Volkswagen AG Pref NPV 281 0.10


921 Continental AG Com NPV 194 0.07

Banks

12,595 Commerzbank AG Com NPV 193 0.06

10,440 Deutsche Bank AG Com NPV 342 0.12


2,041 HeidelbergCement AG Com NPV 155 0.05

iSHARES V PLC






$'000


Equities (cont)

Germany (cont)

Chemicals

7,070 BASF SE Com NPV 642 0.22

2,318 K&S AG Com NPV 70 0.03

1,710 Linde AG Com NPV 323 0.11


2,736 Deutsche Boerse AG Com NPV 200 0.07


1,317 OSRAM Licht AG Com NPV 55 0.02

Electricity

14,572 E.ON SE Com NPV 259 0.09

4,017 RWE AG Com NPV 146 0.05


1,408 Metro AG Com NPV 48 0.02

Footwear

2,585 Adidas AG Com NPV 208 0.07

Health care providers

1,743 Fresenius Medical Care AG & Co KGaA Com NPV 129 0.04

2,529 Fresenius SE & Co KGaA Com NPV 138 0.05

Insurance

3,534 Allianz SE Com NPV 609 0.21

1,900 Muenchener Rueckversicherungs-Gesellschaft AG Com NPV 392 0.14

Internet

1,108 United Internet AG Com NPV 49 0.02

Iron & steel

5,338 ThyssenKrupp AG Com NPV 141 0.05

Media

537 Kabel Deutschland Holding AG Com NPV 74 0.03

991 ProSiebenSat.1 Media AG Com NPV 43 0.01

Miscellaneous manufacturers

6,235 Siemens AG Com NPV 739 0.26


23,687 Deutsche Telekom AG Com NPV 403 0.14

Nondurable household products

3,003 Henkel AG & Co KGaA Pref NPV 334 0.12

Personal products

311 Beiersdorf AG Com NPV 28 0.01

Pharmaceuticals

6,770 Bayer AG Com NPV 1,018 0.35


1,189 Deutsche Annington Immobilien SE Com NPV 38 0.01

Semiconductors

15,820 Infineon Technologies AG Com NPV 155 0.05

Software

7,262 SAP SE Com NPV 513 0.18


$'000


Germany (cont)

Transportation

6,325 Deutsche Post AG Com NPV 210 0.07


Greece

Banks

72,583 Alpha Bank AE Com EUR 0.30 47 0.02

126,892 Eurobank Ergasias SA Com EUR 0.30 39 0.01

15,464 National Bank of Greece SA Com EUR 0.30 37 0.01

31,832 Piraeus Bank SA Com EUR 0.30 49 0.02

Total Greece 172 0.06

Hong Kong

Banks

37,500 BOC Hong Kong Holdings Ltd Com NPV 132 0.04

6,800 Hang Seng Bank Ltd Com NPV 113 0.04

Computers

26,000 Lenovo Group Ltd Com NPV 36 0.01


5,400 Hong Kong Exchanges and Clearing Ltd Com NPV 117 0.04


30,000 Hutchison Whampoa Ltd Com NPV 376 0.13

19,000 Swire Pacific Ltd Com NPV 261 0.09

28,000 Wharf Holdings Ltd Com NPV 201 0.07

Electricity

22,000 China Resources Power Holdings Co Ltd Com NPV 64 0.02

20,000 CLP Holdings Ltd Com NPV 174 0.06

19,000 Power Assets Holdings Ltd Com NPV 181 0.07

Gas distribution

80,168 Hong Kong & China Gas Co Ltd Com NPV 190 0.07

Hand & machine tools

8,500 Techtronic Industries Co Ltd Com NPV 27 0.01

Hotels

9,000 Galaxy Entertainment Group Ltd Com NPV 62 0.02

Insurance

91,800 AIA Group Ltd Com NPV 530 0.18


57,000 China Mobile Ltd Com NPV 702 0.24

76,000 China Unicom Hong Kong Ltd Com NPV 115 0.04

Oil & gas

152,000 CNOOC Ltd Com NPV 222 0.08


9,000 Cheung Kong Holdings Ltd Com NPV 165 0.06

iSHARES V PLC






$'000


Equities (cont)

Hong Kong (cont)

Real estate investment & services (cont)

76,000 China Overseas Land & Investment Ltd Com NPV 228 0.08

10,082 Sun Hung Kai Properties Ltd Com NPV 147 0.05

1,213,440 Yuexiu Property Co Ltd Com NPV 241 0.08


57,000 Link REIT NPV 362 0.13


Hungary

Pharmaceuticals

1,061 Richter Gedeon Nyrt Com HUF 100.00 16 0.01

Total Hungary 16 0.01

India

Auto manufacturers

4,630 Tata Motors Ltd ADR NPV 211 0.08

Banks

4,723 HDFC Bank Ltd ADR NPV 252 0.09

5,626 ICICI Bank Ltd ADR NPV 331 0.11

Computer services

4,997 Infosys Ltd ADR NPV 349 0.12

16,408 Wipro Ltd ADR NPV 211 0.08


7,865 Larsen & Toubro Ltd GDR NPV 207 0.07

Mining

10,136 Sesa Sterlite Ltd ADR NPV 149 0.05

Oil & gas

9,329 Reliance Industries Ltd GDR NPV 296 0.10

Pharmaceuticals

4,478 Dr Reddy's Laboratories Ltd ADR NPV 262 0.09


Indonesia

Banks

209,000 Bank Central Asia Tbk PT Com IDR 62.50 224 0.08

190,000 Bank Mandiri Persero Tbk PT Com IDR 500.00 163 0.05

209,000 Bank Rakyat Indonesia Persero Tbk PT Com IDR 250.00 197 0.07

Retail

211,400 Astra International Tbk PT Com IDR 50.00 123 0.04

Telecommunications

951,200 Telekomunikasi Indonesia Persero Tbk PT Com IDR 50.00 220 0.08

Total Indonesia 927 0.32


$'000


Ireland

Banks

185,326 Bank of Ireland Com EUR 0.05 76 0.03


7,719 CRH Plc Com EUR 0.32 183 0.06

Computers

4,996 Accenture Plc Com USD 0.0000225 432 0.15

866 Seagate Technology Plc Com USD 0.00001 57 0.02

Electronics

4,520 Tyco International Plc Com CHF 0.50 193 0.07

Healthcare products

4,101 Covidien Plc Com USD 0.20 414 0.14


4,553 Eaton Corp Plc Com USD 0.01 309 0.11

3,746 Ingersoll-Rand Plc Com USD 1.00 236 0.08

1,229 Pentair Plc Com USD 0.01 80 0.03

Oil & gas services

10,694 Weatherford International Plc Com USD 0.001 140 0.05

Pharmaceuticals

1,407 Actavis Plc Com USD 0.0033 382 0.13

595 Endo International Plc Com USD 0.0001 44 0.02

347 Jazz Pharmaceuticals Plc Com USD 0.0001 61 0.02

878 Mallinckrodt Plc Com USD 0.20 81 0.03

608 Perrigo Co Plc Com NPV 97 0.03


Isle of Man

Hotels

29,000 Genting Singapore Plc Com USD 0.10 25 0.01


Israel

Chemicals


Pharmaceuticals

8,857 Teva Pharmaceutical Industries Ltd Com ILS 0.10 503 0.17


Italy

Banks

3,303 Banco Popolare SC Com NPV 46 0.02

106,416 Intesa Sanpaolo SpA Com EUR 0.52 328 0.11

40,822 UniCredit SpA Com NPV 302 0.11

12,017 Unione di Banche Italiane SCpA Com EUR 2.50 93 0.03

iSHARES V PLC






$'000


Equities (cont)

Italy (cont)

Commercial services

10,217 Atlantia SpA Com EUR 1.00 258 0.09

Electricity

59,943 Enel SpA Com EUR 1.00 290 0.10

Gas distribution

12,713 Snam SpA Com NPV 68 0.03

Insurance

13,586 Assicurazioni Generali SpA Com EUR 1.00 294 0.10

Oil & gas

19,010 Eni SpA Com NPV 381 0.13

Oil & gas services

4,254 Saipem SpA Com EUR 1.00 61 0.02

Telecommunications

160,448 Telecom Italia SpA Com NPV 181 0.06


Japan

Apparel retailers

1,100 Asics Corp Com NPV 28 0.01

200 Fast Retailing Co Ltd Com NPV 73 0.02

Auto parts

3,700 Denso Corp Com NPV 173 0.06

1,300 NGK Spark Plug Co Ltd Com NPV 39 0.01

15,200 Sumitomo Electric Industries Ltd Com NPV 197 0.07

7,200 Toyota Industries Corp Com NPV 359 0.13

Automobiles

3,600 Fuji Heavy Industries Ltd Com NPV 131 0.04

15,200 Honda Motor Co Ltd Com NPV 457 0.16

4,300 Mazda Motor Corp Com NPV 111 0.04

10,800 Mitsubishi Motors Corp Com NPV 110 0.04

22,800 Nissan Motor Co Ltd Com NPV 213 0.07

22,800 Toyota Motor Corp Com NPV 1,403 0.49

Banks

91,800 Mitsubishi UFJ Financial Group Inc Com NPV 530 0.19

186,200 Mizuho Financial Group Inc Com NPV 320 0.11

21,700 Resona Holdings Inc Com NPV 117 0.04

9,900 Sumitomo Mitsui Financial Group Inc Com NPV 373 0.13

37,000 Sumitomo Mitsui Trust Holdings Inc Com NPV 154 0.05

Beverages

7,600 Asahi Group Holdings Ltd Com NPV 237 0.08

7,200 Kirin Holdings Co Ltd Com NPV 92 0.03


$'000


Japan (cont)

Broadline retailers

500 Don Quijote Holdings Co Ltd Com NPV 31 0.01


1,100 Daikin Industries Ltd Com NPV 73 0.03

Business support services

3,800 Secom Co Ltd Com NPV 220 0.08

38,000 Toppan Printing Co Ltd Com NPV 245 0.08

Commodity chemicals

3,000 Asahi Kasei Corp Com NPV 26 0.01

38,000 Sumitomo Chemical Co Ltd Com NPV 144 0.05

Computers

34,000 Fujitsu Ltd Com NPV 194 0.07


34,000 Daiwa Securities Group Inc Com NPV 273 0.10

48,100 Nomura Holdings Inc Com NPV 289 0.10

18,300 ORIX Corp Com NPV 241 0.08


2,800 Casio Computer Co Ltd Com NPV 42 0.01

38,000 Hitachi Ltd Com NPV 293 0.10

12,000 Mitsubishi Electric Corp Com NPV 144 0.05

1,200 Nidec Corp Com NPV 80 0.03

Electricity

7,600 Chubu Electric Power Co Inc Com NPV 89 0.03

7,600 Kansai Electric Power Co Inc Com NPV 76 0.03

2,800 Kyushu Electric Power Co Inc Com NPV 29 0.01

11,900 Tokyo Electric Power Co Inc Com NPV 43 0.01

Electronics

7,600 Hoya Corp Com NPV 270 0.10

8,800 Japan Display Inc Com NPV 29 0.01

200 Keyence Corp Com NPV 92 0.03

3,000 Minebea Co Ltd Com NPV 38 0.01

3,300 Murata Manufacturing Co Ltd Com NPV 356 0.12

72,000 NEC Corp Com NPV 226 0.08

38,000 Toshiba Corp Com NPV 169 0.06

Food products

2,000 Ajinomoto Co Inc Com NPV 38 0.01

2,000 NH Foods Ltd Com NPV 40 0.02

7,600 Seven & I Holdings Co Ltd Com NPV 283 0.10

3,000 Yamazaki Baking Co Ltd Com NPV 38 0.01

Gas distribution

26,000 Osaka Gas Co Ltd Com NPV 99 0.03

42,000 Tokyo Gas Co Ltd Com NPV 229 0.08

Heavy construction

8,000 Kajima Corp Com NPV 32 0.01

Home construction

2,100 Iida Group Holdings Co Ltd Com NPV 23 0.01

iSHARES V PLC






$'000


Equities (cont)

Japan (cont)

Home furnishings

22,800 Panasonic Corp Com NPV 294 0.10

11,400 Sony Corp Com NPV 250 0.09

Industrial machinery

1,100 Fanuc Corp Com NPV 185 0.06

14,000 Mitsubishi Heavy Industries Ltd Com NPV 82 0.03


107,000 Kobe Steel Ltd Com NPV 171 0.06

44,000 Nippon Steel & Sumitomo Metal Corp Com NPV 113 0.04

Industrial suppliers

19,000 ITOCHU Corp Com NPV 218 0.08

34,300 Marubeni Corp Com NPV 216 0.07

11,400 Mitsubishi Corp Com NPV 215 0.07

15,200 Mitsui & Co Ltd Com NPV 210 0.07

15,200 Sumitomo Corp Com NPV 162 0.06

Insurance

11,400 Dai-ichi Life Insurance Co Ltd Com NPV 165 0.06

15,200 T&D Holdings Inc Com NPV 184 0.06

Internet

600 Colopl Inc Com NPV 15 0.01

2,600 Kakaku.com Inc Com NPV 40 0.01

400 Mixi Inc Com NPV 18 0.01

6,600 Rakuten Inc Com NPV 89 0.03


12,000 Kubota Corp Com NPV 188 0.07

Machinery, construction & mining

7,200 Komatsu Ltd Com NPV 170 0.06

Media agencies

900 Dentsu Inc Com NPV 34 0.01

Medical equipment

900 Olympus Corp Com NPV 33 0.01

7,600 Terumo Corp Com NPV 173 0.06


7,600 FUJIFILM Holdings Corp Com NPV 252 0.09

3,800 Nikon Corp Com NPV 54 0.02


6,300 KDDI Corp Com NPV 404 0.14

11,400 NTT DoCoMo Inc Com NPV 178 0.06

7,700 SoftBank Corp Com NPV 516 0.18

Office & business equipment

7,600 Canon Inc Com NPV 243 0.08

Oil & gas

15,200 Inpex Corp Com NPV 161 0.06

26,600 JX Holdings Inc Com NPV 99 0.03


$'000


Japan (cont)

Personal products

7,600 Kao Corp Com NPV 281 0.10

7,600 Shiseido Co Ltd Com NPV 113 0.04

3,000 Unicharm Corp Com NPV 69 0.02

Pharmaceuticals

32,600 Astellas Pharma Inc Com NPV 469 0.16

11,400 Daiichi Sankyo Co Ltd Com NPV 168 0.06

3,800 Eisai Co Ltd Com NPV 136 0.05

300 Ono Pharmaceutical Co Ltd Com NPV 26 0.01

500 Santen Pharmaceutical Co Ltd Com NPV 28 0.01

7,600 Takeda Pharmaceutical Co Ltd Com NPV 318 0.11


6,600 MS&AD Insurance Group Holdings Inc Com NPV 154 0.05

7,600 Tokio Marine Holdings Inc Com NPV 248 0.09


7,000 Mitsubishi Estate Co Ltd Com NPV 157 0.06

5,000 Mitsui Fudosan Co Ltd Com NPV 144 0.05

2,100 Nomura Real Estate Holdings Inc Com NPV 39 0.01

2,000 Sumitomo Realty & Development Co Ltd Com NPV 69 0.02


35 Japan Real Estate Investment Corp Reits NPV 172 0.06

Recreational products

300 Shimano Inc Com NPV 41 0.01

Semiconductors

3,600 Tokyo Electron Ltd Com NPV 245 0.08

Software

4,500 GungHo Online Entertainment Inc Com NPV 17 0.01

Specialty chemicals

19,000 Mitsubishi Chemical Holdings Corp Com NPV 98 0.03

2,000 Nippon Paint Holdings Co Ltd Com NPV 51 0.02

3,800 Shin-Etsu Chemical Co Ltd Com NPV 256 0.09

Telecommunications

3,600 Nippon Telegraph & Telephone Corp Com NPV 193 0.07

Textile

38,000 Toray Industries Inc Com NPV 298 0.10

Tobacco

8,200 Japan Tobacco Inc Com NPV 263 0.09

Toys

1,500 Bandai Namco Holdings Inc Com NPV 33 0.01

600 Nintendo Co Ltd Com NPV 69 0.03

iSHARES V PLC






$'000


Equities (cont)

Japan (cont)

Transportation

3,800 East Japan Railway Co Com NPV 285 0.10

26,000 Keikyu Corp Com NPV 198 0.07

3,000 Keisei Electric Railway Co Ltd Com NPV 34 0.01

34,000 Odakyu Electric Railway Co Ltd Com NPV 311 0.11

38,000 Tobu Railway Co Ltd Com NPV 171 0.06

38,000 Tokyu Corp Com NPV 229 0.08

Tyres

7,600 Bridgestone Corp Com NPV 261 0.09


Jersey

Advertising

16,753 WPP Plc Com GBP 0.10 351 0.12


273 Delphi Automotive Plc Com USD 0.01 20 0.01

Commercial services

16,943 Experian Plc Com USD 0.10 269 0.09


3,980 Wolseley Plc Com GBP 0.1080303 224 0.08

Mining

83,797 Glencore Plc Com USD 0.01 420 0.14

Pharmaceuticals

6,387 Shire Plc Com GBP 0.05 456 0.16


Luxembourg


6,177 SES SA Receipt NPV 230 0.08

Iron & steel

12,901 ArcelorMittal Com NPV 159 0.06

Media

109 RTL Group SA Com NPV 10 0.00

Oil & gas services

3,475 Subsea 7 SA Com USD 2.00 35 0.01

Total Luxembourg 434 0.15

Malaysia

Banks

102,600 CIMB Group Holdings Bhd Com MYR 1.00 177 0.06


91,200 Sime Darby Bhd Com MYR 0.50 260 0.09

Electricity

94,000 Tenaga Nasional Bhd Com MYR 1.00 396 0.14


$'000


Malaysia (cont)

Farming & fishing

108,600 IOI Corp Bhd Com MYR 0.10 154 0.05

Hotels

57,000 Genting Bhd Com MYR 0.10 155 0.06


42,000 IOI Properties Group Bhd Com MYR 1.00 30 0.01


Mauritius

Agriculture

64,000 Golden Agri-Resources Ltd Com USD 0.025 23 0.01


Mexico

Banks

15,900 Grupo Financiero Banorte SAB de CV Com MXN 3.50 90 0.03

Broadline retailers

79,800 Wal-Mart de Mexico SAB de CV Com NPV 171 0.06


88,036 Cemex SAB de CV Unit NPV 109 0.04


21,900 Alfa SAB de CV Com NPV 58 0.02

Media

19,300 Grupo Televisa SAB Unit NPV 140 0.05

Mining

78,121 Grupo Mexico SAB de CV Com NPV 256 0.09


371,800 America Movil SAB de CV Com NPV 438 0.15

Soft drinks

3,400 Coca-Cola Femsa SAB de CV Com NPV 34 0.01

30,400 Fomento Economico Mexicano SAB de CV Unit NPV 290 0.10


Netherlands

Aerospace

4,997 Airbus Group NV Com EUR 1.00 305 0.11

Banks

31,671 ING Groep NV CVS EUR 0.24 465 0.16

Beverages

2,480 Heineken NV Com EUR 1.60 195 0.07

Chemicals

3,019 Akzo Nobel NV Com EUR 2.00 209 0.07

1,929 Koninklijke DSM NV Com EUR 1.50 127 0.04

3,261 LyondellBasell Industries NV Com USD 0.01 257 0.09

iSHARES V PLC






$'000


Equities (cont)

Netherlands (cont)

Electronics

10,277 Koninklijke Philips NV Com EUR 0.20 311 0.11

Food

7,166 Koninklijke Ahold NV Com EUR 0.01 127 0.04

Media

7,693 Reed Elsevier NV Com EUR 0.07 190 0.07

7,107 Wolters Kluwer NV Com EUR 0.12 209 0.07


251 Core Laboratories NV Com EUR 0.02 32 0.01

Personal products

12,105 Unilever NV CVS EUR 0.16 494 0.17

Semiconductors

3,574 ASML Holding NV Com EUR 0.09 378 0.13

8,623 STMicroelectronics NV Com EUR 1.04 65 0.02

Telecommunications

48,649 Koninklijke KPN NV Com EUR 0.04 162 0.06


New Zealand


13,847 Spark New Zealand Ltd Com NPV 33 0.01

Health care services

2,836 Ryman Healthcare Ltd Com NPV 18 0.01

Total New Zealand 51 0.02

Norway

Banks

16,124 DNB ASA Com NOK 10.00 268 0.09

Food

20,308 Orkla ASA Com NOK 1.25 151 0.05

Oil & gas

8,866 Statoil ASA Com NOK 2.50 168 0.06

Total Norway 587 0.20

Panama

Leisure time

5,186 Carnival Corp Com USD 0.01 229 0.08

Total Panama 229 0.08


Banks

161,000 Agricultural Bank of China Ltd Com CNY 1.00 76 0.03

798,000 Bank of China Ltd Com CNY 1.00 411 0.14

557,000 China Construction Bank Corp Com CNY 1.00 422 0.14


$'000


People's Republic of China (cont)

Banks (cont)

646,000 Industrial & Commercial Bank of China Ltd Com CNY 1.00 436 0.15

Coal

38,000 China Shenhua Energy Co Ltd Com CNY 1.00 107 0.04


11,500 Zhuzhou CSR Times Electric Co Ltd Com CNY 1.00^ 49 0.02


228,000 China Telecom Corp Ltd Com CNY 1.00 138 0.05

Insurance

76,000 China Life Insurance Co Ltd Com CNY 1.00 263 0.09

20,400 China Pacific Insurance Group Co Ltd Com CNY 1.00 86 0.03

19,000 Ping An Insurance Group Co of China Ltd Com CNY 1.00 159 0.05


299,400 China Petroleum & Chemical Corp Com CNY 1.00 245 0.08

228,000 PetroChina Co Ltd Com CNY 1.00 247 0.09


26,000 CSR Corp Ltd Com CNY 1.00^ 26 0.01


64,193 China International Marine Containers Group Co Ltd Com CNY 1.00 146 0.05

Transportation

35,000 Sinotrans Ltd Com CNY 1.00 26 0.01


Philippines

Banks

30,690 BDO Unibank Inc Com PHP 10.00 74 0.03

Broadline retailers

2,000 SM Investments Corp Com PHP 10.00 36 0.01

Electricity

400 Aboitiz Power Corp Com PHP 1.00 1 0.00

2,000 Energy Development Corp Com PHP 1.00* - 0.00


745 Philippine Long Distance Telephone Co Com PHP 5.00 49 0.02


117,500 Ayala Land Inc Com PHP 1.00 89 0.03


iSHARES V PLC






$'000


Equities (cont)

Poland

Banks

991 Bank Pekao SA Com PLN 1.00 55 0.02

14,797 Powszechna Kasa Oszczednosci Bank Polski SA Com PLN 1.00 165 0.06

Insurance

423 Powszechny Zaklad Ubezpieczen SA Com PLN 1.00 60 0.02

Mining

3,345 KGHM Polska Miedz SA Com PLN 10.00 122 0.04

Oil & gas

2,425 Polski Koncern Naftowy Orlen SA Com PLN 1.25 33 0.01

Total Poland 435 0.15

Portugal

Banks

360,899 Banco Comercial Portugues SA Com NPV 37 0.01

Electricity

46,852 EDP - Energias de Portugal SA Com EUR 1.00 193 0.07


Qatar

Banks

2,090 Masraf Al Rayan Com QAR 10.00 27 0.01

238 Qatar National Bank SAQ Com QAR 10.00 15 0.01


643 Barwa Real Estate Co Com QAR 10.00 9 0.00

Telecommunications

455 Ooredoo QSC Com QAR 10.00 14 0.00

3,920 Vodafone Qatar Com QAR 10.00 19 0.01

Total Qatar 84 0.03


Agriculture

2,318 KT&G Corp Com KRW 5000.00 202 0.07

Airlines

911 Korean Air Lines Co Ltd Com KRW 5000.00 34 0.01


798 Hyundai Mobis Co Ltd Com KRW 5000.00 178 0.06

Automobiles

1,710 Hyundai Motor Co Com KRW 5000.00 276 0.10

3,003 Kia Motors Corp Com KRW 5000.00 151 0.05


$'000



Banks

1,899 Industrial Bank of Korea Com KRW 5000.00 26 0.01

Broadline retailers

493 E-Mart Co Ltd Com KRW 5000.00 98 0.03

Chemicals

608 LG Chem Ltd Com KRW 5000.00 113 0.04


3,006 Samsung C&T Corp Com KRW 5000.00 195 0.07


2,210 Hana Financial Group Inc Com KRW 5000.00 67 0.02

4,210 KB Financial Group Inc Com KRW 5000.00 148 0.05

465 Samsung Securities Co Ltd Com KRW 5000.00 21 0.01

1,500 Shinhan Financial Group Co Ltd Com KRW 5000.00 67 0.02


325 LG Innotek Co Ltd Com KRW 5000.00 29 0.01

Heavy construction

1,052 Samsung Engineering Co Ltd Com KRW 5000.00 47 0.02

Hotels

249 Hotel Shilla Co Ltd Com KRW 5000.00 20 0.01


672 POSCO Com KRW 5000.00 183 0.06

Insurance

1,099 Samsung Life Insurance Co Ltd Com KRW 500.00 121 0.04

Internet

231 Daum Kakao Corp Com KRW 500.00 31 0.01

452 NAVER Corp Com KRW 500.00 308 0.11


570 Hyundai Heavy Industries Co Ltd Com KRW 5000.00 63 0.02

2,271 Hyundai Merchant Marine Co Ltd Com KRW 5000.00 20 0.01

331 Hyundai Mipo Dockyard Co Ltd Com KRW 5000.00 23 0.01

Personal products

27 Amorepacific Corp Com KRW 5000.00 61 0.02


912 Samsung Fire & Marine Insurance Co Ltd Com KRW 500.00 255 0.09

Semiconductors

988 Samsung Electronics Co Ltd Com KRW 5000.00 1,147 0.40

154 Samsung Electronics Co Ltd Pref KRW 5000.00 145 0.05

iSHARES V PLC






$'000


Equities (cont)


Semiconductors (cont)

6,850 SK Hynix Inc Com KRW 5000.00 297 0.10

Transportation

206 CJ Korea Express Co Ltd Com KRW 5000.00 37 0.01


Russian Federation

Banks

18,410 Sberbank of Russia ADR NPV 113 0.04

40,066 VTB Bank OJSC GDR NPV 74 0.02

Chemicals

970 Uralkali OJSC Com RUB 0.50 3 0.00

4,693 Uralkali OJSC GDR NPV 62 0.02


13,658 Mobile Telesystems OJSC ADR NPV 167 0.06

Oil & gas

53,943 Gazprom OAO ADR NPV 315 0.11

4,168 Lukoil OAO ADR NPV 194 0.07

1,868 NovaTek OAO GDR NPV 177 0.06

Total Russian Federation 1,105 0.38

Singapore

Banks

6,000 DBS Group Holdings Ltd Com NPV 91 0.03

13,500 Oversea-Chinese Banking Corp Ltd Com NPV 109 0.04


38,000 Singapore Exchange Ltd Com NPV 214 0.07


113,000 Singapore Telecommunications Ltd Com NPV 338 0.12

Food

10,000 Wilmar International Ltd Com NPV 25 0.01


30,000 Keppel Corp Ltd Com NPV 207 0.07


37,000 Yangzijiang Shipbuilding Holdings Ltd Com NPV 35 0.01

Media

8,000 Singapore Press Holdings Ltd Com NPV 26 0.01


76,000 CapitaLand Ltd Com NPV 193 0.07

38,000 Global Logistic Properties Ltd Com NPV 76 0.02


26,000 Ascendas Real Estate Investment Trust NPV 47 0.02

74,000 CapitaCommercial Trust Reits NPV 95 0.03


$'000


Singapore (cont)

Semiconductors

1,018 Avago Technologies Ltd Com NPV 95 0.03

Transportation

68,000 Hutchison Port Holdings Trust Unit NPV 46 0.02


South Africa

Banks

23,073 FirstRand Ltd Com ZAR 0.01 104 0.04

9,031 Standard Bank Group Ltd Com ZAR 0.10 111 0.04

Food

9,868 Bidvest Group Ltd Com ZAR 0.05 262 0.09

9,748 Shoprite Holdings Ltd Com ZAR 1.134 149 0.05

6,888 Tiger Brands Ltd Com ZAR 0.10 241 0.09

Insurance

58,145 Sanlam Ltd Com ZAR 0.01 383 0.13

Media

3,664 Naspers Ltd Com ZAR 0.02 476 0.17

Mining

4,308 AngloGold Ashanti Ltd Com ZAR 0.25 39 0.01

10,353 Gold Fields Ltd Com ZAR 0.50 44 0.01

6,235 Impala Platinum Holdings Ltd Com ZAR 0.025 45 0.02


15,631 MTN Group Ltd Com ZAR 0.0001 309 0.11

Oil & gas

5,148 Sasol Ltd Com NPV 215 0.07


Spain

Airlines

8,852 International Consolidated Airlines Group SA Com EUR 0.50 63 0.02

Banks

41,719 Banco Bilbao Vizcaya Argentaria SA Com EUR 0.49 449 0.16

44,653 Banco de Sabadell SA Com EUR 0.125 127 0.04

20,906 Banco Popular Espanol SA Com EUR 0.50 115 0.04

89,159 Banco Santander SA Com EUR 0.50 806 0.28

47,145 Bankia SA Com EUR 1.00 83 0.03

18,283 CaixaBank SA Com EUR 1.00 101 0.03

Commercial services

3,041 Abertis Infraestructuras SA Com EUR 3.00 65 0.02

Electricity

39,316 Iberdrola SA Com EUR 0.75 292 0.10

494 Red Electrica Corp SA Com EUR 2.00 45 0.02

iSHARES V PLC






$'000


Equities (cont)

Spain (cont)


69 Ferrovial SA Com EUR 0.20 1 0.00

3,099 Ferrovial SA (voting) Com EUR 0.20 64 0.02

Food

8,948 Distribuidora Internacional de Alimentacion SA Com EUR 0.01 62 0.02

Gas distribution

3,680 Gas Natural SDG SA Com EUR 1.00 105 0.04

Oil & gas

8,639 Repsol SA Com EUR 1.00 194 0.07

Pharmaceuticals

1,129 Grifols SA Com EUR 0.50 51 0.02

Retail

8,345 Inditex SA Com EUR 0.03 244 0.09

Software

2,877 Amadeus IT Holding SA Com EUR 0.01 115 0.04

Telecommunications

32,712 Telefonica SA Com EUR 1.00 525 0.18


Sweden

Apparel retailers

8,394 Hennes & Mauritz AB Com NPV 360 0.12

Banks

24,567 Nordea Bank AB Com NPV 307 0.11

24,453 Skandinaviska Enskilda Banken AB Com NPV 324 0.11

3,801 Svenska Handelsbanken AB Com NPV 186 0.07

11,227 Swedbank AB Com NPV 295 0.10

Commercial vehicles & trucks

15,482 Volvo AB Com NPV 170 0.06


7,699 Skanska AB Com NPV 166 0.06


13,396 Sandvik AB Com NPV 140 0.05


8,044 Atlas Copco AB Class 'B' Com NPV 214 0.07

466 Atlas Copco AB Com NPV 14 0.01

Metal fabricate/ hardware

5,246 Assa Abloy AB Com NPV 285 0.10

7,108 SKF AB Com SEK 2.50 147 0.05

Personal products

4,346 Svenska Cellulosa AB SCA Com NPV 103 0.04

Telecommunications

26,361 Telefonaktiebolaget LM Ericsson Com NPV 332 0.11



$'000


Switzerland

Banks

11,010 Credit Suisse Group AG Com CHF 0.04 295 0.10

Biotechnology

514 Lonza Group AG Com CHF 1.00 61 0.02


385 Geberit AG Com CHF 0.10 134 0.05

3,307 Holcim Ltd Com CHF 2.00 245 0.08

Chemicals

64 Givaudan SA Com CHF 10.00 114 0.04

Commercial services

2,926 Adecco SA Com CHF 1.00 206 0.07

40 SGS SA Com CHF 1.00 87 0.03


4,467 Julius Baer Group Ltd Com CHF 0.02 203 0.07

118 Partners Group Holding AG Com CHF 0.01 34 0.01

28,704 UBS Group AG Com CHF 0.10 517 0.18

Electronic equipment

5,224 TE Connectivity Ltd Com CHF 0.57 335 0.12


19,086 ABB Ltd Com CHF 1.03 429 0.15

Food products

832 Aryzta AG Com CHF 0.02 66 0.02

24,643 Nestle SA Com CHF 0.10 1,856 0.65

Insurance

2,208 ACE Ltd Com CHF 25.40 252 0.09

4,404 Swiss Re AG Com CHF 0.10 378 0.13

1,406 Zurich Insurance Group AG Com CHF 0.10 442 0.15

Oil & gas

3,231 Transocean Ltd Com CHF 15.00 69 0.02

Pharmaceuticals

304 Actelion Ltd Com CHF 0.50 36 0.01

16,867 Novartis AG Com CHF 0.50 1,636 0.57

5,148 Roche Holding AG Com NPV 1,546 0.54

Retail

5,047 Cie Financiere Richemont SA Com CHF 1.00 476 0.16

456 Swatch Group AG Com CHF 2.25 226 0.08

Specialty chemicals

912 Syngenta AG Com CHF 0.10 301 0.11


Taiwan

Airlines

97,000 China Airlines Ltd Com TWD 10.00 41 0.01

109,000 Eva Airways Corp Com TWD 10.00 70 0.03

iSHARES V PLC






$'000


Equities (cont)

Taiwan (cont)

Apparel retailers

5,200 Eclat Textile Co Ltd Com TWD 10.00 52 0.02

Chemicals

75,620 Formosa Chemicals & Fibre Corp Com TWD 10.00 170 0.06

42,240 Formosa Plastics Corp Com TWD 10.00 97 0.03

76,620 Nan Ya Plastics Corp Com TWD 10.00 160 0.06


204,328 CTBC Financial Holding Co Ltd Com TWD 10.00 139 0.05

115,048 Fubon Financial Holding Co Ltd Com TWD 10.00 188 0.06

200,317 Mega Financial Holding Co Ltd Com TWD 10.00 163 0.06

Electronics

145,499 Hon Hai Precision Industry Co Ltd Com TWD 10.00 456 0.16


76,000 Chunghwa Telecom Co Ltd Com TWD 10.00 228 0.08

Food

127,146 Uni-President Enterprises Corp Com TWD 10.00 205 0.07

Insurance

177,621 Cathay Financial Holding Co Ltd Com TWD 10.00 286 0.10

Iron & steel

233,896 China Steel Corp Com TWD 10.00 197 0.07


3,000 Hiwin Technologies Corp Com TWD 10.00 25 0.01

1,000 Largan Precision Co Ltd Com TWD 10.00 77 0.02

Semiconductors

3,000 MediaTek Inc Com TWD 10.00 45 0.02

228,000 Taiwan Semiconductor Manufacturing Co Ltd Com TWD 10.00 1,042 0.36

342,000 United Microelectronics Corp Com TWD 10.00 152 0.05

Total Taiwan 3,793 1.32

Thailand

Banks

400 Bangkok Bank PCL Alien Market Com THB 10.00 2 0.00

800 Bangkok Bank PCL Com THB 10.00 5 0.00

13,000 Bangkok Bank PCL Receipt THB 10.00 80 0.03

1,100 Kasikornbank PCL Com THB 10.00 8 0.00

40,700 Kasikornbank PCL Receipt THB 10.00 306 0.11

45,600 Siam Commercial Bank PCL Receipt THB 10.00 272 0.09


$'000


Thailand (cont)

Chemicals

15,800 PTT Global Chemical PCL Receipt THB 10.00 31 0.01

Energy - alternate sources

36,800 Energy Absolute PCL Com THB 0.10 29 0.01

Oil & gas

400 PTT PCL Receipt THB 10.00 5 0.00

Retail

30,100 CP ALL PCL Receipt THB 1.00 40 0.02

33,400 Minor International PCL Receipt THB 1.00 36 0.01

Telecommunications

70,600 True Corp PCL Receipt THB 10.00 26 0.01

Total Thailand 840 0.29

Turkey

Airlines

10,555 Turk Hava Yollari Com TRY 1.00 44 0.01

Banks

28,895 Akbank TAS Com TRY 1.00 117 0.04

57,625 Turkiye Garanti Bankasi AS Com TRY 1.00 254 0.09

Chemicals

31,139 Petkim Petrokimya Holding AS Com TRY 1.00 54 0.02


14,984 Turkcell Iletisim Hizmetleri AS Com TRY 1.00 94 0.03

Food

3,153 Ulker Biskuvi Sanayi AS Com TRY 1.00 24 0.01



Banks

6,366 Abu Dhabi Commercial Bank PJSC Com AED 1.00 13 0.01

264 National Bank of Abu Dhabi PJSC Com AED 1.00 1 0.00

Commercial services

52 DP World Ltd Com USD 2.00 1 0.00


15,329 Arabtec Holding Co PJSC Com AED 1.00 16 0.01

Investment services

11,744 Dubai Financial Market Com AED 1.00 8 0.00


29,698 Aldar Properties PJSC Com AED 1.00 26 0.01

34,462 Emaar Properties PJSC Com AED 1.00 102 0.03

Total United Arab Emirates 167 0.06

iSHARES V PLC






$'000


Equities (cont)

United Kingdom

Aerospace

20,194 Rolls-Royce Holdings Plc Com GBP 0.20 266 0.09

1,577,340 Rolls-Royce Holdings Plc Pref GBP 0.001^ 3 0.00

Apparel retailers

6,707 Burberry Group Plc Com GBP 0.0005 173 0.06

Banks

123,846 Barclays Plc Com GBP 0.25 475 0.16

143,488 HSBC Holdings Plc Com USD 0.50 1,431 0.50

407,364 Lloyds Banking Group Plc Com GBP 0.10 513 0.18

19,385 Standard Chartered Plc Com USD 0.50 285 0.10

Beverages

20,270 Diageo Plc Com GBP 0.2893518 629 0.22

9,848 SABMiller Plc Com USD 0.10 550 0.19

Broadline retailers

27,455 Marks & Spencer Group Plc Com GBP 0.25 210 0.07

Commercial services

14,192 Capita Plc Com GBP 0.020667 238 0.08

38,894 G4S Plc Com GBP 0.25 168 0.06

Defence

43,771 BAE Systems Plc Com GBP 0.025 330 0.11


78,254 Old Mutual Plc Com GBP 0.1142857 245 0.09

Electricity

11,047 SSE Plc Com GBP 0.50 284 0.10

Food

61,321 Tesco Plc Com GBP 0.05 179 0.06

10,467 Unilever Plc Com GBP 0.0311 443 0.16

Gas distribution

48,883 Centrica Plc Com GBP 0.061728 218 0.08

29,640 National Grid Plc Com GBP 0.1139535 432 0.15

Insurance

2,166 Aon Plc Com USD 0.01 200 0.07

38,590 Aviva Plc Com GBP 0.25 307 0.11

96,533 Legal & General Group Plc Com GBP 0.025 373 0.13

20,636 Prudential Plc Com GBP 0.05 500 0.17


25,516 BG Group Plc Com GBP 0.10 360 0.13

133,389 BP Plc Com USD 0.25 878 0.30

19,966 Royal Dutch Shell Plc Class 'B' Com EUR 0.07 695 0.24

27,716 Royal Dutch Shell Plc Com EUR 0.07 925 0.32

Media

6,198 Liberty Global Plc Class 'C' Com USD 0.01 309 0.11

3,730 Liberty Global Plc Com USD 0.01 194 0.07


$'000



Media (cont)

10,960 Pearson Plc Com GBP 0.25 211 0.07

17,756 Reed Elsevier Plc Com GBP 0.144397 310 0.11

14,078 Sky Plc Com GBP 0.50 205 0.07

Mining

10,624 Anglo American Plc Com USD 0.54945 220 0.08

16,428 BHP Billiton Plc Com USD 0.50 390 0.13

9,862 Rio Tinto Plc Com GBP 0.10 462 0.16


200,650 Vodafone Group Plc Com USD 0.2095 735 0.26


4,995 Reckitt Benckiser Group Plc Com GBP 0.10 411 0.14

Oil & gas

7,994 Tullow Oil Plc Com GBP 0.10 53 0.02

Pharmaceuticals

10,429 AstraZeneca Plc Com USD 0.25 781 0.27

36,116 GlaxoSmithKline Plc Com GBP 0.25 840 0.29


17,195 Land Securities Group Plc Reits GBP 0.10 320 0.11

Restaurants & bars

22,511 Compass Group Plc Com GBP 0.10625 384 0.13

Retail

37,220 Kingfisher Plc Com GBP 0.157143 182 0.06

Semiconductors

14,949 ARM Holdings Plc Com GBP 0.0005 214 0.07

Software

31,889 Sage Group Plc Com GBP 0.01051948 203 0.07

Telecommunications

80,895 BT Group Plc Com GBP 0.05 520 0.18

Tobacco

14,610 British American Tobacco Plc Com GBP 0.25 868 0.30

8,752 Imperial Tobacco Group Plc Com GBP 0.10 406 0.14


United States

Aerospace

5,643 Boeing Co Com USD 5.00 758 0.26

155 TransDigm Group Inc Com USD 0.01 31 0.01

5,762 United Technologies Corp Com USD 1.00 634 0.22

Agriculture

6,964 Archer-Daniels-Midland Co Com NPV 367 0.13

Airlines

788 American Airlines Group Inc Com USD 1.00 38 0.01

iSHARES V PLC






$'000


Equities (cont)


Airlines (cont)

984 Delta Air Lines Inc Com USD 0.0001 46 0.02

820 Southwest Airlines Co Com USD 1.00 35 0.01

507 United Continental Holdings Inc Com USD 0.01 31 0.01

Apparel retailers

2,964 Coach Inc Com USD 0.01 110 0.04

496 Hanesbrands Inc Com USD 0.01 57 0.02

3,307 Kohl's Corp Com USD 0.01 197 0.07

538 Lululemon Athletica Inc Com USD 0.005 26 0.01

6,087 Nike Inc Com NPV 605 0.21

2,736 Nordstrom Inc Com NPV 209 0.07

912 Ralph Lauren Corp Com USD 0.01 169 0.06

3,745 Ross Stores Inc Com USD 0.01 343 0.12

7,907 TJX Cos Inc Com USD 1.00 523 0.18

256 Ulta Salon Cosmetics & Fragrance Inc Com USD 0.01 32 0.01

939 Under Armour Inc Com USD 0.000333 68 0.02

4,474 VF Corp Com NPV 336 0.12

Auto manufacturers

4,384 Paccar Inc Com USD 1.00 294 0.10

913 Tesla Motors Inc Com USD 0.001 223 0.08


7,116 Johnson Controls Inc Com USD 0.01388 356 0.13

372 TRW Automotive Holdings Corp Com USD 0.01 38 0.01

Automobiles

29,371 Ford Motor Co Com USD 0.01 462 0.16

5,512 General Motors Co Com USD 0.01 184 0.06

3,535 Harley-Davidson Inc Com USD 0.01 246 0.09

Banks

77,738 Bank of America Corp Com USD 0.01 1,326 0.46

11,607 Bank of New York Mellon Corp Com USD 0.01 465 0.16

8,032 BB&T Corp Com USD 5.00 302 0.10

4,422 Capital One Financial Corp Com USD 0.01 368 0.13

21,703 Citigroup Inc Com USD 0.01 1,171 0.41

12,977 Fifth Third Bancorp Com NPV 261 0.09

3,106 Goldman Sachs Group Inc Com USD 0.01 585 0.20

27,623 JPMorgan Chase & Co Com USD 1.00 1,662 0.58

13,624 Morgan Stanley Com USD 0.01 479 0.17

4,612 PNC Financial Services Group Inc Com USD 5.00** 403 0.14

7,491 SunTrust Banks Inc Com USD 1.00 294 0.10

15,060 US Bancorp Com USD 0.01 666 0.23

35,656 Wells Fargo & Co Com USD 1.666 1,944 0.67


$'000



Beverages

29,023 Coca-Cola Co Com USD 0.25 1,301 0.45

785 Constellation Brands Inc Com USD 0.01 76 0.03

1,269 Keurig Green Mountain Inc Com USD 0.10 180 0.06

685 Monster Beverage Corp Com USD 0.005 77 0.03

10,960 PepsiCo Inc Com USD 0.017 1,098 0.38

Biotechnology

1,780 Alexion Pharmaceuticals Inc Com USD 0.0001 347 0.12

5,858 Amgen Inc Com USD 0.0001 968 0.34

1,896 Biogen Idec Inc Com USD 0.0005 583 0.20

6,593 Celgene Corp Com USD 0.01 750 0.26

11,899 Gilead Sciences Inc Com USD 0.001 1,193 0.41

923 Illumina Inc Com USD 0.01 176 0.06

848 Incyte Corp Com USD 0.001 64 0.02

426 Medivation Inc Com USD 0.01 49 0.02

409 Regeneron Pharmaceuticals Inc Com USD 0.001 170 0.06

1,527 Vertex Pharmaceuticals Inc Com USD 0.01 180 0.06


6,273 CBS Corp Com USD 0.001 345 0.12

4,133 Comcast Corp Class 'A' Com USD 0.01 235 0.08

15,355 Comcast Corp Com USD 0.01 876 0.31

4,679 DirecTV Com USD 0.01 410 0.14

747 DISH Network Corp Com USD 0.01 59 0.02

2,752 Time Warner Cable Inc Com USD 0.01 411 0.14

4,195 Viacom Inc Com USD 0.001 317 0.11

Broadline retailers

3,421 Costco Wholesale Corp Com USD 0.005 486 0.17

3,952 Dollar Tree Inc Com USD 0.01 270 0.09

5,453 Macy's Inc Com USD 0.01 354 0.12

5,779 Target Corp Com USD 0.0833 428 0.15

11,718 Wal-Mart Stores Inc Com USD 0.10 1,026 0.36


83 Alliance Data Systems Corp Com USD 0.01 24 0.01

Chemicals

2,356 Air Products & Chemicals Inc Com USD 1.00 339 0.12

10,145 Dow Chemical Co Com USD 2.50 494 0.17

7,415 EI du Pont de Nemours & Co Com USD 0.30 529 0.18

4,189 Monsanto Co Com USD 0.01 502 0.17

3,762 Mosaic Co Com USD 0.01 172 0.06

2,623 Praxair Inc Com USD 0.01 337 0.12

122 Sherwin-Williams Co Com USD 1.00 30 0.01

iSHARES V PLC






$'000


Equities (cont)


Coal

928 Consol Energy Inc Com USD 0.01 36 0.01

Commercial services

2,319 ADT Corp Com USD 0.01 81 0.03

5,109 Automatic Data Processing Inc Com USD 0.10 437 0.15

215 FleetCor Technologies Inc Com USD 0.001 33 0.01

1,385 Hertz Global Holdings Inc Com USD 0.01 33 0.01

405 Towers Watson & Co Com USD 0.01 46 0.02

344 United Rentals Inc Com USD 0.01 39 0.01

Computers

45,959 Apple Inc Com USD 0.00001 5,466 1.90

6,087 Cognizant Technology Solutions Corp Com USD 0.01 329 0.11

16,048 EMC Corp Com USD 0.01 487 0.17

16,300 Hewlett-Packard Co Com USD 0.01 637 0.22

7,371 International Business Machines Corp Com USD 0.20 1,196 0.41

3,838 NetApp Inc Com USD 0.001 163 0.06

2,546 SanDisk Corp Com USD 0.001 263 0.09

2,280 Teradata Corp Com USD 0.01 103 0.03

447 Western Digital Corp Com USD 0.01 46 0.02

Consumer finance

7,873 American Express Co Com USD 0.20 728 0.25

5,945 Discover Financial Services Com USD 0.01 390 0.14

8,094 MasterCard Inc Com USD 0.0001 707 0.24

3,777 Visa Inc Com USD 0.0001 976 0.34

10,391 Western Union Co Com USD 0.01 193 0.07

Defence

3,148 General Dynamics Corp Com USD 1.00 458 0.16

2,812 Lockheed Martin Corp Com USD 1.00 539 0.19

1,552 Northrop Grumman Corp Com USD 1.00 219 0.07

4,137 Raytheon Co Com USD 0.01 441 0.15


4,422 Fastenal Co Com USD 0.01 200 0.07

3,155 Genuine Parts Co Com USD 1.00 324 0.11


694 BlackRock Inc Com USD 0.01** 249 0.09

3,107 Franklin Resources Inc Com USD 0.10 177 0.06

671 Intercontinental Exchange Inc Com USD 0.01 152 0.05

3,723 State Street Corp Com USD 1.00 286 0.10

3,383 T Rowe Price Group Inc Com USD 0.20 282 0.10


1,977 AMETEK Inc Com USD 0.01 101 0.04

6,102 Emerson Electric Co Com USD 0.50 389 0.13

233 Energizer Holdings Inc Com USD 0.01 30 0.01


$'000



Electricity

13,319 AES Corp Com USD 0.01 185 0.06

4,881 Alliant Energy Corp Com USD 0.01 307 0.11

5,529 American Electric Power Co Inc Com USD 6.50 318 0.11

5,109 Dominion Resources Inc Com NPV 371 0.13

5,379 Duke Energy Corp Com USD 0.001 435 0.15

6,647 Exelon Corp Com NPV 240 0.08

4,498 FirstEnergy Corp Com USD 0.10 166 0.06

5,224 NextEra Energy Inc Com USD 0.01 546 0.19

2,664 Northeast Utilities Com USD 5.00 135 0.05

1,550 NRG Energy Inc Com USD 0.01 48 0.02

1,489 PG&E Corp Com NPV 75 0.02

4,802 PPL Corp Com USD 0.01 171 0.06

6,159 Public Service Enterprise Group Inc Com NPV 257 0.09

6,618 Southern Co Com USD 5.00 314 0.11

Electronics

4,336 Agilent Technologies Inc Com USD 0.01 185 0.07

5,931 Amphenol Corp Com USD 0.001 318 0.11

5,939 Honeywell International Inc Com USD 1.00 589 0.20

4,075 Thermo Fisher Scientific Inc Com USD 1.00 527 0.18

1,048 Trimble Navigation Ltd Com NPV 30 0.01

1,900 Waters Corp Com USD 0.01 220 0.08


2,190 Fluor Corp Com USD 0.01 136 0.05

Environmental control

6,045 Waste Management Inc Com USD 0.01 295 0.10

Financial services

3,611 McGraw Hill Financial Inc Com USD 1.00 337 0.12


39,285 AT&T Inc Com USD 1.00 1,390 0.48

6,580 CenturyLink Inc Com USD 1.00 268 0.10

Food

7,529 ConAgra Foods Inc Com USD 5.00 275 0.10

6,197 General Mills Inc Com USD 0.10 327 0.11

159 JM Smucker Co Com NPV 16 0.01

3,999 Kraft Foods Group Inc Com NPV 241 0.08

3,729 Kroger Co Com USD 1.00 223 0.08

12,026 Mondelez International Inc Com NPV 471 0.16

747 Safeway Inc Com USD 0.01 26 0.01

6,770 Sysco Corp Com USD 1.00 273 0.10

1,451 Tyson Foods Inc Com USD 0.10 61 0.02

1,376 Whole Foods Market Inc Com NPV 68 0.02


5,551 International Paper Co Com USD 1.00 299 0.10

6,387 MeadWestvaco Corp Com USD 0.01 286 0.10

iSHARES V PLC






$'000


Equities (cont)


Gas

729 Sempra Energy Com NPV 81 0.03

Gold mining

3,961 Newmont Mining Corp Com USD 1.60 73 0.03


2,534 Stanley Black & Decker Inc Com USD 2.50 239 0.08


4,384 Aetna Inc Com USD 0.01 382 0.13

3,207 Cigna Corp Com USD 0.25 330 0.11

1,451 HCA Holdings Inc Com USD 0.01 101 0.04

937 Humana Inc Com USD 0.166 129 0.05

8,220 UnitedHealth Group Inc Com USD 0.01 811 0.28

402 Universal Health Services Inc Com USD 0.01 42 0.02

3,280 WellPoint Inc Com USD 0.01 417 0.14

Healthcare products

4,767 Baxter International Inc Com USD 1.00 348 0.12

2,850 Becton Dickinson and Co Com USD 1.00 400 0.14

4,919 Dentsply International Inc Com USD 0.01 270 0.09

550 Edwards Lifesciences Corp Com USD 1.00 71 0.03

623 Hospira Inc Com USD 0.01 37 0.01

385 Intuitive Surgical Inc Com USD 0.001 199 0.07

7,461 Medtronic Inc Com USD 0.10 552 0.19

4,075 St Jude Medical Inc Com USD 0.10 277 0.10

3,459 Stryker Corp Com USD 0.10 322 0.11

Home construction

644 Lennar Corp Com USD 0.10 30 0.01

Home furnishings

196 Whirlpool Corp Com USD 1.00 37 0.01


10,628 Home Depot Inc Com USD 0.05 1,056 0.37

9,582 Lowe's Cos Inc Com USD 0.50 612 0.21

Hotels

3,383 Las Vegas Sands Corp Com USD 0.001 215 0.08

5,109 Marriott International Inc Com USD 0.01 403 0.14

1,229 MGM Resorts International Com USD 0.01 28 0.01

3,079 Starwood Hotels & Resorts Worldwide Inc Com USD 0.01 243 0.08

1,089 Wynn Resorts Ltd Com USD 0.01 195 0.07

Household goods & home construction

3,010 Kimberly-Clark Corp Com USD 1.25 351 0.12

Insurance

5,148 Aflac Inc Com USD 0.10 308 0.11

10,786 American International Group Inc Com USD 2.50 591 0.20


$'000



Insurance (cont)

8,682 Berkshire Hathaway Inc Com USD 0.0033 1,291 0.45

3,381 Hartford Financial Services Group Inc Com USD 0.01 140 0.05

4,157 Marsh & McLennan Cos Inc Com USD 1.00 235 0.08

7,687 MetLife Inc Com USD 0.01 428 0.15

6,235 Principal Financial Group Inc Com USD 0.01 332 0.12

4,672 Prudential Financial Inc Com USD 0.01 397 0.14

2,588 Travelers Cos Inc Com NPV 270 0.09


13,818 Chevron Corp Com USD 0.75 1,505 0.53

31,887 Exxon Mobil Corp Com NPV 2,888 1.00

3,231 Hess Corp Com USD 1.00 236 0.08

2,480 Murphy Oil Corp Com USD 1.00 120 0.04

Internet

2,703 Amazon.com Inc Com USD 0.01 915 0.32

9,406 eBay Inc Com USD 0.001 516 0.18

176 Equinix Inc Com USD 0.001 40 0.01

222 F5 Networks Inc Com NPV 29 0.01

13,813 Facebook Inc Com USD 0.000006 1,073 0.37

807 FireEye Inc Com USD 0.0001 25 0.01

2,009 Google Inc Class 'C' Com USD 0.001 1,089 0.38

2,009 Google Inc Com USD 0.001 1,103 0.38

1,097 LinkedIn Corp Com USD 0.0001 248 0.09

519 Netflix Inc Com USD 0.001 180 0.06

447 Priceline Group Inc Com USD 0.008 518 0.18

9,368 Symantec Corp Com USD 0.01 244 0.09

916 TripAdvisor Inc Com USD 0.001 68 0.02

2,779 Twitter Inc Com USD 0.000005 116 0.04

8,771 Yahoo! Inc Com USD 0.001 454 0.16

Investment services

2,707 Ameriprise Financial Inc Com USD 0.01 357 0.12

13,243 Charles Schwab Corp Com USD 0.01 375 0.13

3,231 CME Group Inc Com USD 0.01 273 0.10

Iron & steel

4,843 Nucor Corp Com USD 0.40 260 0.09


4,479 Caterpillar Inc Com USD 1.00 450 0.15

1,815 Cummins Inc Com USD 2.50 264 0.09

3,610 Deere & Co Com USD 1.00 313 0.11

1,710 Joy Global Inc Com USD 1.00 84 0.03

2,242 Rockwell Automation Inc Com USD 1.00 259 0.09

906 Roper Industries Inc Com USD 0.01 143 0.05

Media

383 Charter Communications Inc Com USD 0.001 65 0.02

iSHARES V PLC






$'000


Equities (cont)


Media (cont)

1,083 Discovery Communications Inc Com USD 0.01 37 0.01

3,572 News Corp Com USD 0.01 55 0.02

7,513 Time Warner Inc Com USD 0.01 640 0.22

14,747 Twenty-First Century Fox Inc Com USD 0.01 543 0.19

11,656 Walt Disney Co Com USD 0.01 1,079 0.38

Media agencies

3,973 Omnicom Group Inc Com USD 0.15 307 0.11

Medical equipment

651 Henry Schein Inc Com USD 0.01 89 0.03

2,888 Zimmer Holdings Inc Com USD 0.01 325 0.11

Metal products

1,406 Precision Castparts Corp Com NPV 335 0.12

Mining

15,167 Alcoa Inc Com USD 1.00 262 0.09

6,453 Freeport-McMoRan Inc Com USD 0.10 173 0.06


4,734 3M Co Com USD 0.01 758 0.26

5,453 Danaher Corp Com USD 0.01 456 0.16

3,079 Dover Corp Com USD 1.00 237 0.08

77,130 General Electric Co Com USD 0.06 2,043 0.71

4,404 Illinois Tool Works Inc Com USD 0.01 418 0.14

2,162 Parker-Hannifin Corp Com USD 0.50 279 0.10


19,161 Xerox Corp Com USD 1.00 267 0.09

Oil & gas

4,037 Anadarko Petroleum Corp Com USD 0.10 320 0.11

3,231 Apache Corp Com USD 0.625 207 0.07

2,313 Cabot Oil & Gas Corp Com USD 0.10 76 0.03

1,520 Cheniere Energy Inc Com USD 0.003 100 0.03

6,463 Chesapeake Energy Corp Com USD 0.01 131 0.04

310 Cimarex Energy Co Com USD 0.01 33 0.01

1,812 Concho Resources Inc Com USD 0.001 173 0.06

8,998 ConocoPhillips Com USD 0.01 595 0.21

3,838 Devon Energy Corp Com USD 0.10 226 0.08

819 Diamond Offshore Drilling Inc Com USD 0.01 24 0.01

5,110 EOG Resources Inc Com USD 0.01 443 0.15

594 EQT Corp Com NPV 54 0.02

376 HollyFrontier Corp Com USD 0.01 15 0.01

7,529 Marathon Oil Corp Com USD 1.00 218 0.08

2,920 Marathon Petroleum Corp Com USD 0.01 263 0.09

4,279 Noble Energy Inc Com USD 0.01 210 0.07


$'000



Oil & gas (cont)

6,121 Occidental Petroleum Corp Com USD 0.20 489 0.17

3,940 Phillips 66 Com USD 0.01 288 0.10

713 Pioneer Natural Resources Co Com USD 0.01 102 0.04

2,461 Range Resources Corp Com USD 0.01 162 0.06

3,914 Southwestern Energy Co Com USD 0.01 126 0.04

572 Tesoro Corp Com USD 0.167 44 0.01

5,662 Valero Energy Corp Com USD 0.01 275 0.10

Oil & gas services

4,113 Baker Hughes Inc Com USD 1.00 234 0.08

3,642 Cameron International Corp Com USD 0.01 187 0.07

4,275 FMC Technologies Inc Com USD 0.01 204 0.07

8,467 Halliburton Co Com USD 2.50 357 0.12

3,999 National Oilwell Varco Inc Com USD 0.01 268 0.09

Personal products

2,550 Avon Products Inc Com USD 0.25 25 0.01

7,154 Colgate-Palmolive Co Com USD 1.00 498 0.17

3,041 Estee Lauder Cos Inc Com USD 0.01 225 0.08

20,688 Procter & Gamble Co Com NPV 1,872 0.65

Pharmaceuticals

11,074 Abbott Laboratories Com NPV 493 0.17

10,427 AbbVie Inc Com USD 0.01 722 0.25

2,802 Allergan Inc Com USD 0.01 599 0.21

580 BioMarin Pharmaceutical Inc Com USD 0.001 52 0.02

12,597 Bristol-Myers Squibb Co Com USD 0.10 744 0.26

4,422 Cardinal Health Inc Com NPV 364 0.13

8,108 Eli Lilly & Co Com NPV 553 0.19

7,100 Express Scripts Holding Co Com USD 0.01 590 0.20

20,111 Johnson & Johnson Com USD 1.00 2,178 0.75

2,528 McKesson Corp Com USD 0.01 533 0.18

2,661 Mead Johnson Nutrition Co Com USD 0.01 276 0.10

21,931 Merck & Co Inc Com USD 0.50 1,325 0.46

1,597 Mylan Inc Com USD 0.50 94 0.03

47,884 Pfizer Inc Com USD 0.05 1,492 0.52

352 Pharmacyclics Inc Com USD 0.0001 49 0.02

488 Salix Pharmaceuticals Ltd Com USD 0.001 50 0.02

4,084 Zoetis Inc Com USD 0.01 184 0.06

Pipelines

4,404 Kinder Morgan Inc Com USD 0.01 182 0.06

4,536 Oneok Inc Com USD 0.01 246 0.09

8,220 Spectra Energy Corp Com USD 0.001 311 0.11

4,720 Williams Cos Inc Com USD 1.00 244 0.08

iSHARES V PLC






$'000


Equities (cont)



3,649 Allstate Corp Com USD 0.01 249 0.09

2,208 Chubb Corp Com USD 1.00 227 0.08

Railroads

11,151 CSX Corp Com USD 1.00 407 0.14

3,497 Norfolk Southern Corp Com USD 1.00 391 0.14

7,278 Union Pacific Corp Com USD 2.50 850 0.29


747 Realogy Holdings Corp Com USD 0.01 34 0.01


6,655 American Realty Capital Properties Inc Reits USD 0.01 63 0.02

4,350 American Tower Corp Reits USD 0.01 457 0.16

336 AvalonBay Communities Inc Reits USD 0.01 54 0.02

2,437 Boston Properties Inc Reits USD 0.01 316 0.11

4,384 Crown Castle International Corp Reits USD 0.01 364 0.13

633 Digital Realty Trust Inc Reits USD 0.01 44 0.02

4,037 Equity Residential Reits USD 0.01 286 0.10

184 Essex Property Trust Inc Reits USD 0.0001 37 0.01

5,376 HCP Inc Reits USD 1.00 241 0.08

941 Health Care REIT Inc USD 1.00 69 0.02

12,635 Host Hotels & Resorts Inc Reits USD 0.01 294 0.10

4,624 Plum Creek Timber Co Inc Reits USD 0.01 193 0.07

6,618 Prologis Inc Reits USD 0.01 280 0.10

1,900 Public Storage Reits USD 0.10 357 0.12

2,324 Simon Property Group Inc Reits USD 0.0001 420 0.15

4,429 Weyerhaeuser Co Reits USD 1.25 156 0.05

Restaurants & bars

7,184 McDonald's Corp Com USD 0.01 696 0.24

6,656 Starbucks Corp Com USD 0.001 541 0.19

4,843 Yum! Brands Inc Com NPV 374 0.13

Retail

215 Chipotle Mexican Grill Inc Com USD 0.01 143 0.05

10,090 CVS Health Corp Com USD 0.01 922 0.32

314 Dollar General Corp Com USD 0.875 21 0.01

3,687 L Brands Inc Com USD 0.50 298 0.10

1,818 O'Reilly Automotive Inc Com USD 0.01 332 0.11

7,415 Walgreen Co Com USD 0.078125 509 0.18

Semiconductors

4,384 Altera Corp Com USD 0.001 165 0.06

4,767 Analog Devices Inc Com USD 0.167 260 0.09

16,276 Applied Materials Inc Com USD 0.01 391 0.14

4,767 Broadcom Corp Com USD 0.0001 206 0.07


$'000




947 Cree Inc Com USD 0.00125 34 0.01

38,058 Intel Corp Com USD 0.001 1,418 0.49

5,415 Linear Technology Corp Com USD 0.001 249 0.09

5,646 Micron Technology Inc Com USD 0.10 203 0.07

12,654 Qualcomm Inc Com USD 0.0001 923 0.32

1,040 Skyworks Solutions Inc Com USD 0.25 70 0.02

10,052 Texas Instruments Inc Com USD 1.00 547 0.19

Software

5,340 Adobe Systems Inc Com USD 0.0001 393 0.14

7,262 CA Inc Com USD 0.10 226 0.08

3,952 Cerner Corp Com USD 0.01 254 0.09

2,318 Citrix Systems Inc Com USD 0.001 154 0.05

288 Concur Technologies Inc Com USD 0.001 37 0.01

1,000 Electronic Arts Inc Com USD 0.01 44 0.01

4,283 Fiserv Inc Com USD 0.01 306 0.11

3,345 Intuit Inc Com USD 0.01 314 0.11

56,442 Microsoft Corp Com USD 0.00000625 2,699 0.94

27,077 Oracle Corp Com USD 0.01 1,148 0.40

5,933 Paychex Inc Com USD 0.01 281 0.10

895 Rackspace Hosting Inc Com USD 0.001 41 0.01

2,699 Red Hat Inc Com USD 0.0001 168 0.06

4,740 Salesforce.com Inc Com USD 0.001 284 0.10

668 ServiceNow Inc Com USD 0.001 43 0.01

339 Workday Inc Com USD 0.001 30 0.01

Specialty chemicals

2,494 Ecolab Inc Com USD 1.00 272 0.10

1,757 PPG Industries Inc Com USD 1.67 384 0.13

Specialty finance

1,182 Equifax Inc Com USD 1.25 94 0.03

314 Moody's Corp Com USD 0.01 32 0.01

Specialty retailers

3,003 Bed Bath & Beyond Inc Com USD 0.01 220 0.08

1,470 Best Buy Co Inc Com USD 0.10 58 0.02

861 GameStop Corp Com USD 0.001 33 0.01

9,670 Staples Inc Com USD 0.0006 136 0.05

1,982 Tiffany & Co Com USD 0.01 214 0.07

Telecommunications

41,049 Cisco Systems Inc Com USD 0.001 1,135 0.39

14,534 Corning Inc Com USD 0.50 305 0.10

6,463 Juniper Networks Inc Com USD 0.00001 143 0.05

1,047 Level 3 Communications Inc Com USD 0.01 52 0.02

3,611 Motorola Solutions Inc Com USD 0.01 237 0.08

634 Palo Alto Networks Inc Com USD 0.0001 78 0.03

670 SBA Communications Corp Com USD 0.01 82 0.03

5,318 Sprint Corp Com USD 0.01 27 0.01

iSHARES V PLC






$'000


Equities (cont)


Telecommunications (cont)

503 T-Mobile US Inc Com USD 0.0001 15 0.01

29,413 Verizon Communications Inc Com USD 0.10 1,490 0.52

16,048 Windstream Holdings Inc Com USD 0.0001 162 0.05

Textile

737 PVH Corp Com USD 1.00 94 0.03

Tobacco

15,554 Altria Group Inc Com USD 0.333 782 0.27

4,565 Lorillard Inc Com USD 0.01 288 0.10

12,074 Philip Morris International Inc Com NPV 1,050 0.37

Toys

5,719 Mattel Inc Com USD 1.00 180 0.06

Transportation

2,852 FedEx Corp Com USD 0.10 508 0.18

5,605 United Parcel Service Inc Com USD 0.01 616 0.22



Rights

Spain

17,800 CaixaBank SA - Rights 9 December 2014 1 0.00

30,981 Telefonica SA - Rights 3 December 2014 14 0.00

Total Spain 15 0.00

United States

1 Sears Holdings Corp - Rights 1 December 2014*# - 0.00

Total United States - 0.00

Total rights 15 0.00

No. of contracts

Underlying exposure

$’000 Fair value

$'000



Futures contracts

15 S&P 500 E Mini Index Futures December 2014 1,512 38 0.01



Fair value

$’000



Cash† 5,381 1.87





† Cash holdings of $5,332,094 are held with State Street Bank and Trust Company. $49,317 is held as security for futures contracts with Barclays Plc. * Investments which are less than $500 are rounded to zero. ** Investments in related party. ^ Securities valued in consultation with the investment manager. # This security was priced at the 13 November 2014 price; no year end price was available

for this security.








Fair value $’000






iSHARES V PLC







Sales Purchases

7,666 Apple Inc Com USD 0.00001 2,433 14,628 Apple Inc Com USD 0.00001 2,437

18,890 Exxon Mobil Corp Com NPV 1,765 17,225 Exxon Mobil Corp Com NPV 1,683

30,574 Microsoft Corp Com USD 0.00000625 1,162 30,314 Microsoft Corp Com USD 0.00000625 1,294

43,924 General Electric Co Com USD 0.06 1,138 50,290 General Electric Co Com USD 0.06 1,130

1,024 Google Inc Com USD 0.001 1,117 1,655 Johnson & Johnson Com USD 1.00 1,072

33,895 Pfizer Inc Com USD 0.05 1,055 12,989 Nestle SA Com CHF 0.10 973

13,613 Nestle SA Com CHF 0.10 1,013 8,545 Procter & Gamble Co Com NPV 942

10,822 Johnson & Johnson Com USD 1.00 1,009 21,148 Wells Fargo & Co Com USD 1.666 914

19,689 Wells Fargo & Co Com USD 1.666 913 103,888 HSBC Holdings Plc Com USD 0.50 858

11,428 Procter & Gamble Co Com NPV 911 14,556 JPMorgan Chase & Co Com USD 1.00 844

7,771 Chevron Corp Com USD 0.75 899 27,678 Pfizer Inc Com USD 0.05 836

26,388 AT&T Inc Com USD 1.00 884 14,520 Toyota Motor Corp Com NPV 803

15,254 JPMorgan Chase & Co Com USD 1.00 874 27,729 AT&T Inc Com USD 1.00 801

2,837 Roche Holding AG Com NPV 804 2,713 Roche Holding AG Com NPV 789

4,335 International Business Machines Corp Com USD 0.20 775 8,890 Novartis AG Com CHF 0.50 784

14,453 Comcast Corp Com USD 0.01 772 3,426 Berkshire Hathaway Inc Com USD 0.0033 707

9,314 Novartis AG Com CHF 0.50 759 5,093 Verizon Communications Inc Com USD 0.10 661

12,600 Toyota Motor Corp Com NPV 734 16,411 Coca-Cola Co Com USD 0.25 646

70,225 HSBC Holdings Plc Com USD 0.50 725 10,442 Merck & Co Inc Com USD 0.50 637

42,922 Bank of America Corp Com USD 0.01 708 53,055 Bank of America Corp Com USD 0.01 635





iSHARES V PLC

iShares MSCI Emerging Markets Consumer Growth UCITS ETF


INCOME STATEMENT

For the period ended 30 November 2014

Note Period from 6 June 2014 to

30 November 2014 $’000

Operating income 2 95

Net losses on financial assets/liabilities at fair value through profit or loss 3 (310)

Total losses (215)

Operating expenses 4 (26)

Net operating loss (241)

Net loss for the financial period before tax (241)

Non-reclaimable withholding tax (9)

Net loss for the financial period after tax (250)

Adjustment to align to the valuation methodology as set out in the prospectus 6 4

Decrease in net assets attributable to redeemable participating shareholders from operations (246)

There are no recognised gains or losses arising in the period other than those dealt with in the income statement. In arriving at the results of the

financial period, all amounts relate to continuing operations.



Period from 6 June 2014 to

30 November 2014 $’000

Net assets attributable to redeemable participating shareholders at the beginning of the period -

Decrease in net assets attributable to redeemable participating shareholders from operations (246)

Share transactions:

Proceeds from issue of redeemable participating shares 10,081

Payments on redemption of redeemable participating shares (4,745)

Increase in net assets resulting from share transactions 5,336

Net assets attributable to redeemable participating shareholders at the end of the period 5,090


iSHARES V PLC



BALANCE SHEET



CURRENT ASSETS

Cash and cash equivalents 154

Margin cash account 5

Receivables 10 4

Financial assets at fair value through profit or loss 11 4,927

Total current assets 5,090

CURRENT LIABILITIES

Payables 12 (4)

Total current liabilities excluding net assets attributable to redeemable participating shareholders (4)

Net assets attributable to redeemable participating shareholders 5,086

Adjustment to align to the valuation methodology as set out in the prospectus 6 4

Net asset value attributable to redeemable participating shareholders at the end of the period 5,090


iSHARES V PLC











2. OPERATING INCOME


30 November 2014 $’000

Dividend income 95

95




30 November 2014 $’000

Net losses on investments in securities held

at fair value through profit or loss (323)

Net gains on futures contracts 14

Net losses on other investments (1)

(310)



30 November 2014 $’000

Management fees (26)

(26)

5. MANAGEMENT FEES


outstanding as at 30 November 2014 are disclosed in note 4 and note

12 respectively.


























TER % 30 November

2014

0.60






30 November 2014 $’000

Balance brought forward -

Adjustment to align to the valuation

methodology as set out in the prospectus 4

Total adjustment for the period 4

Balance carried forward 4


iSHARES V PLC







costs incurred by the Fund for the period ended 30 November 2014.


further details.


30 November 2014 $’000

Transaction costs (18)

8. SHARE CAPITAL






30 November 2014

No. of Shares

Balance at the beginning of period -

Issued during period 400,000

Redeemed during period (200,000)

Balance at the end of period 200,000


SHAREHOLDERS

No. of Shares

Shares in issue


$’000

Net asset value




10. RECEIVABLES

30 November 2014 $’000

Dividend income receivable 4

4


Financial assets:

30 November 2014 $’000

Investment in equities 4,923

Investment in rights 2

Unrealised gains on futures contracts 2

4,927

12. PAYABLES

30 November 2014 $’000

Purchase of securities awaiting settlement (2)

Management fees payable (2)

(4)



period ended 30 November 2014, other than those disclosed in note

16 of the financial statements of the Company.



of the Company.







iSHARES V PLC






$'000



Equities

Belgium

Beverages

983 Anheuser-Busch InBev NV Com NPV 116 2.28

Total Belgium 116 2.28

Bermuda

Agriculture

159 Bunge Ltd Com USD 0.01 14 0.28

Apparel retailers

1,000 Yue Yuen Industrial Holdings Ltd Com HKD 0.25 4 0.07

Auto manufacturers

8,000 Brilliance China Automotive Holdings Ltd Com USD 0.01 14 0.28

Home furnishings

3,000 Haier Electronics Group Co Ltd Com HKD 0.10 8 0.16

Hotels

2,000 Shangri-La Asia Ltd Com HKD 1.00 3 0.06

Pharmaceuticals

10,000 Sihuan Pharmaceutical Holdings Group Ltd Com HKD 0.01 7 0.14

Specialty retailers

25,000 GOME Electrical Appliances Holding Ltd Com HKD 0.025 4 0.07


Brazil

Apparel retailers

300 Lojas Renner SA Com NPV 9 0.18

Beverages

10,100 Ambev SA Com NPV 66 1.30

Broadline retailers

1,200 Lojas Americanas SA Pref NPV 8 0.16

400 Lojas Americanas SA Com NPV 2 0.04

Commercial services

800 Estacio Participacoes SA Com NPV 9 0.18

3,576 Kroton Educacional SA Com NPV 25 0.49

400 Localiza Rent a Car SA Com NPV 5 0.10

Food

1,300 BRF SA Com NPV 34 0.66

400 Cia Brasileira de Distribuicao Pref NPV 17 0.33

500 JBS SA Com NPV 2 0.04

100 M Dias Branco SA Com NPV 4 0.08


$'000


Brazil (cont)

Personal products

400 Natura Cosmeticos SA Com NPV 6 0.11

Pharmaceuticals

800 Hypermarcas SA Com NPV 5 0.10


700 Cyrela Brazil Realty SA Empreendimentos e Participacoes Com NPV 3 0.06

Retail

500 Raia Drogasil SA Com NPV 5 0.10

300 Via Varejo SA Unit NPV 2 0.04

Telecommunications

6,700 Oi SA Pref NPV 4 0.08

800 Telefonica Brasil SA Pref NPV 16 0.31

2,100 Tim Participacoes SA Com NPV 10 0.20

Tobacco

800 Souza Cruz SA Com NPV 6 0.12

Total Brazil 238 4.68

Cayman Islands

Auto manufacturers

10,000 Geely Automobile Holdings Ltd Com HKD 0.02 4 0.08

Food

14,000 China Huishan Dairy Holdings Co Ltd Com HKD 0.10 3 0.06

3,000 China Mengniu Dairy Co Ltd Com HKD 0.10 12 0.24

6,000 Tingyi Cayman Islands Holding Corp Com USD 0.005 14 0.28

3,000 Uni-President China Holdings Ltd Com HKD 0.01 3 0.05

15,000 Want Want China Holdings Ltd Com USD 0.02 20 0.39

Healthcare products

2,000 Hengan International Group Co Ltd Com HKD 0.10 22 0.43

Hotels

2,400 MGM China Holdings Ltd Com HKD 1.00 7 0.14


4,000 Wynn Macau Ltd Com HKD 0.001 13 0.26

Internet

12,100 Tencent Holdings Ltd Com HKD 0.00002 193 3.79

Pharmaceuticals


8,000 Sino Biopharmaceutical Ltd Com HKD 0.025 8 0.16

iSHARES V PLC






$'000


Equities (cont)


Retail

3,000 Anta Sports Products Ltd Com HKD 0.10 6 0.12

11,000 Belle International Holdings Ltd Com HKD 0.01 13 0.25

3,000 Intime Retail Group Co Ltd Com HKD 0.00001 2 0.04


Chile

Airlines

651 Latam Airlines Group SA Com NPV 8 0.16

Beverages

361 Cia Cervecerias Unidas SA Com NPV 4 0.08

694 Embotelladora Andina SA Pref NPV 2 0.04

Food

3,084 Cencosud SA Com NPV 8 0.16

Retail

2,367 SACI Falabella Com NPV 17 0.33

Telecommunications

289 ENTEL Chile SA Com NPV 3 0.06

Total Chile 42 0.83

Colombia

Retail

492 Almacenes Exito SA Com COP 10.00 6 0.12

Total Colombia 6 0.12

Czech Republic


188 O2 Czech Republic AS Com CZK 87.00 2 0.04


Egypt

Telecommunications

6,405 Global Telecom Holding SAE Com EGP 0.58 4 0.08

Total Egypt 4 0.08

Finland


99 Nokian Renkaat Oyj Com NPV 3 0.06


France

Advertising

50 JCDecaux SA Com NPV 2 0.04


$'000


France (cont)

Apparel retailers

52 Christian Dior SA Com EUR 2.00 10 0.20

273 LVMH Moet Hennessy Louis Vuitton SA Com EUR 0.30 49 0.96

Food

77 Casino Guichard Perrachon SA Com EUR 1.53 7 0.14

Healthcare products

144 Essilor International SA Com EUR 0.18 16 0.31

Personal products

202 L'Oreal SA Com EUR 0.20 35 0.69


Germany

Auto manufacturers

23 Volkswagen AG Com NPV 5 0.10

123 Volkswagen AG Pref NPV 28 0.55



Total Germany 49 0.96

Greece

Entertainment

519 OPAP SA Com EUR 0.30 7 0.13

Retail

70 FF Group Com EUR 0.30 2 0.04

222 JUMBO SA Com EUR 1.19 3 0.06

Telecommunications

597 Hellenic Telecommunications Organization SA Com EUR 2.83 7 0.14

Total Greece 19 0.37

Hong Kong

Agriculture

5,000 China Agri-Industries Holdings Ltd Com NPV 2 0.04

Airlines

2,000 Cathay Pacific Airways Ltd Com NPV 4 0.08

Computers

10,000 Lenovo Group Ltd Com NPV 14 0.28

Hotels


5,000 SJM Holdings Ltd Com NPV 10 0.19


15,000 China Mobile Ltd Com NPV 185 3.63

14,000 China Unicom Hong Kong Ltd Com NPV 21 0.41

iSHARES V PLC






$'000


Equities (cont)

Hong Kong (cont)

Pharmaceuticals

6,000 CSPC Pharmaceutical Group Ltd Com NPV 5 0.10

Retail

4,000 China Resources Enterprise Ltd Com NPV 8 0.16

6,000 Sun Art Retail Group Ltd Com NPV 7 0.13

Total Hong Kong 297 5.83

Hungary

Pharmaceuticals

263 Richter Gedeon Nyrt Com HUF 100.00 4 0.08

Total Hungary 4 0.08

Indonesia

Agriculture

1,000 Astra Agro Lestari Tbk PT Com IDR 500.00 2 0.04

18,000 Charoen Pokphand Indonesia Tbk PT Com IDR 10.00 6 0.12

1,200 Gudang Garam Tbk PT Com IDR 500.00 6 0.12

Food

2,800 Indofood CBP Sukses Makmur Tbk PT Com IDR 100.00 2 0.04

10,400 Indofood Sukses Makmur Tbk PT Com IDR 100.00 6 0.12

Household products

3,600 Unilever Indonesia Tbk PT Com IDR 10.00 9 0.18

Media

15,500 Global Mediacom Tbk PT Com IDR 100.00 2 0.04

12,100 Media Nusantara Citra Tbk PT Com IDR 100.00 2 0.04

10,700 Surya Citra Media Tbk PT Com IDR 50.00 3 0.06

Pharmaceuticals

50,500 Kalbe Farma Tbk PT Com IDR 10.00 7 0.14

Retail

49,500 Astra International Tbk PT Com IDR 50.00 29 0.56

5,000 Matahari Department Store Tbk PT Com IDR 5000.00 6 0.12

Telecommunications

123,000 Telekomunikasi Indonesia Persero Tbk PT Com IDR 50.00 29 0.56

7,300 XL Axiata Tbk PT Com IDR 100.00 3 0.06

Total Indonesia 112 2.20


$'000


Italy

Tyres

319 Pirelli & C. SpA Com NPV 4 0.08

Total Italy 4 0.08

Japan

Automobiles

700 Isuzu Motors Ltd Com NPV 9 0.17

400 Mazda Motor Corp Com NPV 10 0.20

Internet

200 Nexon Co Ltd Com NPV 2 0.04

Leisure time

400 Yamaha Motor Co Ltd Com NPV 9 0.18

Total Japan 30 0.59

Liberia

Leisure time

105 Royal Caribbean Cruises Ltd Com USD 0.01 8 0.15

Total Liberia 8 0.15

Luxembourg

Telecommunications

162 Millicom International Cellular SA Receipt USD 1.50 13 0.26


Malaysia

Agriculture

600 Genting Plantations Bhd Com MYR 0.50 2 0.04

800 Kuala Lumpur Kepong Bhd Com MYR 1.00 5 0.10

Airlines

3,100 AirAsia Bhd Com MYR 0.10 2 0.04

Automobiles

1,400 UMW Holdings Bhd Com MYR 0.50 5 0.09

Entertainment

1,600 Berjaya Sports Toto Bhd Com MYR 0.10 2 0.04

Farming & fishing

4,000 IOI Corp Bhd Com MYR 0.10 6 0.12

Food products

2,800 Felda Global Ventures Holdings Bhd Com MYR 1.00 3 0.05

1,100 PPB Group Bhd Com MYR 1.00 5 0.10

Hotels

5,100 Genting Malaysia Bhd Com MYR 0.10 6 0.12

Media

3,800 Astro Malaysia Holdings Bhd Com MYR 0.10 4 0.08

iSHARES V PLC






$'000


Equities (cont)

Malaysia (cont)

Telecommunications

6,200 Axiata Group Bhd Com MYR 1.00 13 0.25

7,600 DiGi.Com Bhd Com MYR 0.01 14 0.28

4,500 Maxis Bhd Com MYR 0.10 9 0.18

Tobacco

300 British American Tobacco Malaysia Bhd Com MYR 0.50 6 0.12

Total Malaysia 82 1.61

Mauritius

Agriculture



Mexico

Broadline retailers

12,800 Wal-Mart de Mexico SAB de CV Com NPV 28 0.54

Food

300 Gruma SAB de CV Com NPV 3 0.06

2,100 Grupo Bimbo SAB de CV Com NPV 6 0.12

1,500 Grupo Lala SAB de CV Com NPV 3 0.06

Household products

3,700 Kimberly-Clark de Mexico SAB de CV Com NPV 8 0.16

Media

5,800 Grupo Televisa SAB Unit NPV 42 0.83


75,200 America Movil SAB de CV Com NPV 89 1.74

Pharmaceuticals

1,300 Genomma Lab Internacional SAB de CV Com NPV 3 0.06

Retail

1,100 Controladora Comercial Mexicana SAB de CV Unit NPV 4 0.08

500 El Puerto de Liverpool SAB de CV Com NPV 5 0.10

600 Grupo Comercial Chedraui SA de CV Com NPV 2 0.04

Soft drinks

1,000 Arca Continental SAB de CV Com NPV 6 0.12

1,000 Coca-Cola Femsa SAB de CV Com NPV 10 0.20

4,800 Fomento Economico Mexicano SAB de CV Unit NPV 46 0.90

Total Mexico 255 5.01


$'000


Netherlands

Auto manufacturers

898 Fiat Chrysler Automobiles NV Com EUR 0.01 11 0.22



Airlines

4,000 Air China Ltd Com CNY 1.00 3 0.06

Auto manufacturers

1,500 Byd Co Ltd Com CNY 1.00 9 0.18

2,100 Chongqing Changan Automobile Co Ltd Com CNY 1.00 4 0.08

8,000 Dongfeng Motor Group Co Ltd Com CNY 1.00 12 0.24

2,500 Great Wall Motor Co Ltd Com CNY 1.00 13 0.25

6,000 Guangzhou Automobile Group Co Ltd Com CNY 1.00 6 0.11

Commercial services

4,000 Jiangsu Expressway Co Ltd Com CNY 1.00 5 0.10

4,000 Zhejiang Expressway Co Ltd Com CNY 1.00 4 0.08

Pharmaceuticals

1,000 Shanghai Fosun Pharmaceutical Group Co Ltd Com CNY 1.00 3 0.06

2,400 Sinopharm Group Co Ltd Com CNY 1.00 9 0.18


Philippines

Broadline retailers

390 SM Investments Corp Com PHP 10.00 7 0.14

Food

5,900 JG Summit Holdings Inc Com PHP 1.00 8 0.16

2,060 Universal Robina Corp Com PHP 1.00 9 0.17


4,900 Alliance Global Group Inc Com PHP 1.00 3 0.06


80 Globe Telecom Inc Com PHP 50.00 3 0.06

235 Philippine Long Distance Telephone Co Com PHP 5.00 16 0.31

Retail

890 Jollibee Foods Corp Com PHP 1.00 4 0.08


Poland


1,602 Orange Polska SA Com PLN 3.00 5 0.10

iSHARES V PLC






$'000


Equities (cont)

Poland (cont)

Food products

203 Eurocash SA Com PLN 1.00 2 0.04

Media

426 Cyfrowy Polsat SA Com PLN 0.04 3 0.06

Total Poland 10 0.20

Portugal

Food

383 Jeronimo Martins SGPS SA Com EUR 1.00 4 0.08



Advertising

129 Cheil Worldwide Inc Com KRW 200.00 2 0.04

Agriculture

238 KT&G Corp Com KRW 5000.00 21 0.41

Airlines

70 Korean Air Lines Co Ltd Com KRW 5000.00 3 0.06


70 Halla Visteon Climate Control Corp Com KRW 500.00 3 0.06

104 Hankook Tire Co Ltd Com KRW 500.00 5 0.10

123 Hyundai Mobis Co Ltd Com KRW 5000.00 27 0.53

37 Hyundai Wia Corp Com KRW 5000.00 6 0.12

Automobiles

51 Hyundai Motor Co Pref KRW 5000.00 6 0.12

32 Hyundai Motor Co 2nd Pref KRW 5000.00 4 0.07

208 Hyundai Motor Co Com KRW 5000.00 33 0.65

Beverages

60 Hite Jinro Co Ltd Com KRW 5000.00 1 0.02

Biotechnology

64 Celltrion Inc Com KRW 1000.00 2 0.04

Broadline retailers

51 E-Mart Co Ltd Com KRW 5000.00 10 0.20

37 Hyundai Department Store Co Ltd Com KRW 5000.00 4 0.08

27 Lotte Shopping Co Ltd Com KRW 5000.00 8 0.15

17 Shinsegae Co Ltd Com KRW 5000.00 3 0.06


168 LG Electronics Inc Com KRW 5000.00 10 0.20

Entertainment

87 Paradise Co Ltd Com KRW 500.00 2 0.04


$'000




126 Coway Co Ltd Com KRW 500.00 10 0.20

Food products

17 CJ CheilJedang Corp Com KRW 5000.00 5 0.10

2 Lotte Confectionery Co Ltd Com KRW 5000.00 4 0.07

8 Orion Corp Com KRW 5000.00 7 0.14


33 CJ Corp Com KRW 5000.00 5 0.10

Home furnishings

220 LG Corp Com KRW 5000.00 13 0.26

Hotels

81 Hotel Shilla Co Ltd Com KRW 5000.00 6 0.12


270 SK Networks Co Ltd Com KRW 2500.00 2 0.04

Internet

25 NCSoft Corp Com KRW 500.00 4 0.07


520 LG Uplus Corp Com KRW 5000.00 5 0.10

24 SK Telecom Co Ltd Com KRW 500.00 6 0.12

Personal products

8 Amorepacific Corp Com KRW 5000.00 18 0.35

7 Amorepacific Group Com KRW 5000.00 7 0.14

22 LG Household & Health Care Ltd Com KRW 5000.00 13 0.25

Pharmaceuticals

38 Yuhan Corp Com KRW 5000.00 6 0.12

Recreational services

290 Kangwon Land Inc Com KRW 500.00 9 0.18

Semiconductors

141 Samsung Electronics Co Ltd Com KRW 5000.00 164 3.22

26 Samsung Electronics Co Ltd Pref KRW 5000.00 24 0.47

Total Republic of South Korea 458 9.00

Russian Federation


634 Magnit PJSC GDR NPV 36 0.71


227 MegaFon OAO GDR NPV 5 0.10

1,234 Mobile Telesystems OJSC ADR NPV 15 0.29


Singapore

Airlines

1,000 Singapore Airlines Ltd Com NPV 8 0.16

iSHARES V PLC






$'000


Equities (cont)

Singapore (cont)

Food


Total Singapore 18 0.35

South Africa

Apparel retailers

488 Foschini Group Ltd Com ZAR 0.0125 6 0.12

926 Truworths International Ltd Com ZAR 0.00015 7 0.14

Broadline retailers

265 Massmart Holdings Ltd Com ZAR 0.01 3 0.06

1,904 Woolworths Holdings Ltd Com NPV 14 0.27


395 Imperial Holdings Ltd Com ZAR 0.04 7 0.14

Food

546 Bidvest Group Ltd Com ZAR 0.05 14 0.28

1,024 Shoprite Holdings Ltd Com ZAR 1.134 16 0.31

402 Spar Group Ltd Com NPV 6 0.11

398 Tiger Brands Ltd Com ZAR 0.10 14 0.28


587 Pick n Pay Stores Ltd Com ZAR 0.0125 3 0.06

Furnishings

2,884 Steinhoff International Holdings Ltd Com ZAR 0.005 15 0.30


2,291 Life Healthcare Group Holdings Ltd Com ZAR 0.000001 9 0.17

460 Mediclinic International Ltd Com ZAR 0.10 4 0.08

1,308 Netcare Ltd Com ZAR 0.01 4 0.08

Healthcare products

628 Aspen Pharmacare Holdings Ltd Com ZAR 0.1390607 23 0.45

Media

831 Naspers Ltd Com ZAR 0.02 108 2.12


3,796 MTN Group Ltd Com ZAR 0.0001 75 1.47

908 Vodacom Group Ltd Com ZAR 0.01 11 0.22

Retail

583 Mr Price Group Ltd Com ZAR 0.00025 12 0.24

Total South Africa 351 6.90

Spain

Telecommunications


Total Spain 88 1.72


$'000


Switzerland

Beverages

321 Coca-Cola HBC AG Com CHF 6.70 8 0.16


90 Garmin Ltd Com CHF 10.00 5 0.10

Retail

615 Cie Financiere Richemont SA Com CHF 1.00 58 1.14



Total Switzerland 96 1.89

Taiwan

Airlines

3,000 China Airlines Ltd Com TWD 10.00 1 0.02


3,000 Cheng Shin Rubber Industry Co Ltd Com TWD 10.00 7 0.14

Automobiles

1,000 China Motor Corp Com TWD 10.00 1 0.02

2,000 Yulon Motor Co Ltd Com TWD 10.00 3 0.06

Broadline retailers

2,080 Far Eastern Department Stores Ltd Com TWD 10.00 2 0.04

Clothing & accessories

1,000 Ruentex Industries Ltd Com TWD 10.00 2 0.04


9,000 Chunghwa Telecom Co Ltd Com TWD 10.00 27 0.53

Food

1,180 Standard Foods Corp Com TWD 10.00 3 0.06

10,200 Uni-President Enterprises Corp Com TWD 10.00 16 0.31

Leisure time

1,000 Giant Manufacturing Co Ltd Com TWD 10.00 9 0.18


4,000 Far EasTone Telecommunications Co Ltd Com TWD 10.00 9 0.17

4,000 Taiwan Mobile Co Ltd Com TWD 10.00 12 0.24

Retail

1,000 Hotai Motor Co Ltd Com TWD 10.00 15 0.29

1,000 President Chain Store Corp Com TWD 10.00 8 0.16

Telecommunications

4,000 Asia Pacific Telecom Co Ltd Com TWD 10.00 2 0.04

1,000 HTC Corp Com TWD 10.00 5 0.10

Textile

2,000 Formosa Taffeta Co Ltd Com TWD 10.00 2 0.04

Total Taiwan 124 2.44

iSHARES V PLC






$'000


Equities (cont)

Thailand

Food

5,200 Charoen Pokphand Foods PCL Receipt THB 1.00 5 0.10


7,600 Bangkok Dusit Medical Services PCL Receipt THB 0.10 4 0.08

900 Bumrungrad Hospital PCL Receipt THB 1.00 4 0.08

Media

2,400 BEC World PCL Receipt THB 1.00 4 0.08

Retail

10,800 CP ALL PCL Receipt THB 1.00 14 0.28

9,000 Home Product Center PCL Receipt THB 1.00 3 0.05

2,800 Minor International PCL Receipt THB 1.00 3 0.06

Telecommunications

2,500 Advanced Info Service PCL Receipt THB 1.00 18 0.35

19,795 True Corp PCL Receipt THB 10.00 7 0.14

Transportation

14,300 BTS Group Holdings PCL Receipt THB 4.00 4 0.08

Total Thailand 66 1.30

Turkey

Airlines

779 Turk Hava Yollari Com TRY 1.00 3 0.06

Auto manufacturers

171 Ford Otomotiv Sanayi AS Com TRY 1.00 2 0.04

202 Tofas Turk Otomobil Fabrikasi AS Com TRY 1.00 2 0.04

Beverages

352 Anadolu Efes Biracilik Ve Malt Sanayii AS Com TRY 1.00 4 0.08

138 Coca-Cola Icecek AS Com TRY 1.00 3 0.06


1,283 Turk Telekomunikasyon AS Com TRY 1.00 4 0.07

2,117 Turkcell Iletisim Hizmetleri AS Com TRY 1.00 14 0.27

Food

519 BIM Birlesik Magazalar AS Com TRY 1.00 11 0.22

342 Ulker Biskuvi Sanayi AS Com TRY 1.00 3 0.06

Home furnishings

364 Arcelik AS Com TRY 1.00 2 0.04



$'000


United Kingdom

Apparel retailers

366 Burberry Group Plc Com GBP 0.0005 9 0.18


1,068 GKN Plc Com GBP 0.10 6 0.12

Beverages



Food

227 Associated British Foods Plc Com GBP 0.0568 11 0.22

6,009 Tesco Plc Com GBP 0.05 18 0.35

Hotels

160 InterContinental Hotels Group Plc Com GBP 0.158055 7 0.13


624 Reckitt Benckiser Group Plc Com GBP 0.10 51 1.00

Tobacco


678 Imperial Tobacco Group Plc Com GBP 0.10 31 0.61


United States


89 Autoliv Inc Com USD 1.00 9 0.17

177 BorgWarner Inc Com USD 0.01 10 0.20


Beverages

1,114 PepsiCo Inc Com USD 0.017 112 2.20

Computers

2,838 Apple Inc Com USD 0.00001 337 6.63

Food


Hotels

636 Las Vegas Sands Corp Com USD 0.001 41 0.81

142 Wynn Resorts Ltd Com USD 0.01 25 0.50

Internet

65 Expedia Inc Com USD 0.001 6 0.12

Personal products

687 Avon Products Inc Com USD 0.25 7 0.14


215 Estee Lauder Cos Inc Com USD 0.01 16 0.31

Pharmaceuticals

1,831 Johnson & Johnson Com USD 1.00 198 3.90

iSHARES V PLC






$'000


Equities (cont)


Pharmaceuticals (cont)

271 Mead Johnson Nutrition Co Com USD 0.01 28 0.55

Restaurants & bars

692 Yum! Brands Inc Com NPV 53 1.04

Specialty retailers

89 Tiffany & Co Com USD 0.01 10 0.20

Tobacco

2,117 Philip Morris International Inc Com NPV 185 3.61



Rights

Bermuda

285 Shangri-La Asia Ltd - Rights 15 December 2014* - 0.00

Total Bermuda - 0.00

Spain


Total Spain 2 0.04

Total rights 2 0.04

Warrants

Thailand

300 Minor International PCL Warrants 3 November 2017* - 0.00

Total Thailand - 0.00

Total warrants - 0.00

No. of contracts

Underlying exposure

$’000 Fair value

$'000


Futures contracts

9 SGX CNX Nifty Index Futures December 2014 153 2 0.03



Fair value

$’000



Cash† 159 3.12

Other net assets - 0.00



Net asset value attributable to redeemable participating shareholders at the end of the period 5,090 100.00

† Cash holdings of $153,843 are held with State Street Bank and Trust Company. $4,952 is held as security for futures contracts with Barclays Plc. * Investments which are less than $500 are rounded to zero.








Fair value $’000






iSHARES V PLC







Sales Purchases

3,099 Apple Inc Com USD 0.00001 305 873 Apple Inc Com USD 0.00001 548

14,100 Tencent Holdings Ltd Com HKD 0.00002 207 284 Samsung Electronics Co Ltd Com KRW 5000.00 410

2,167 Philip Morris International Inc Com NPV 185 3,693 Johnson & Johnson Com USD 1.00 381

1,862 Johnson & Johnson Com USD 1.00 183 4,284 Philip Morris International Inc Com NPV 379

15,000 China Mobile Ltd Com NPV 178 26,200 Tencent Holdings Ltd Com HKD 0.00002 367

2,783 British American Tobacco Plc Com GBP 0.25 153 5,500 British American Tobacco Plc Com GBP 0.25 329

143 Samsung Electronics Co Ltd Com KRW 5000.00 147 30,000 China Mobile Ltd Com NPV 293

1,007 Anheuser-Busch InBev NV Com NPV 106 1,990 Anheuser-Busch InBev NV Com NPV 220

1,140 PepsiCo Inc Com USD 0.017 104 2,254 PepsiCo Inc Com USD 0.017 198

77,000 America Movil SAB de CV Com NPV 93 11,048 Telefonica SA Com EUR 1.00 186

828 Naspers Ltd Com ZAR 0.02 91 1,659 Naspers Ltd Com ZAR 0.02 185

3,888 MTN Group Ltd Com ZAR 0.0001 83 7,684 MTN Group Ltd Com ZAR 0.0001 168

1,555 SABMiller Plc Com USD 0.10 81 3,074 SABMiller Plc Com USD 0.10 168

5,589 Telefonica SA Com EUR 1.00 79 2,414 Colgate-Palmolive Co Com USD 1.00 164

1,221 Colgate-Palmolive Co Com USD 1.00 78 152,200 America Movil SAB de CV Com NPV 155

10,300 Ambev SA Com NPV 67 20,400 Ambev SA Com NPV 148

2,268 Diageo Plc Com GBP 0.2893518 63 3,722 Mondelez International Inc Com USD 0.01 142

1,883 Mondelez International Inc Com USD 0.01 61 4,482 Diageo Plc Com GBP 0.2893518 142

638 Reckitt Benckiser Group Plc Com GBP 0.10 52 1,244 Cie Financiere Richemont SA Com CHF 1.00 128

629 Cie Financiere Richemont SA Com CHF 1.00 51 1,400 Yum! Brands Inc Com NPV 112

The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as

aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate disposals greater than

one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less

than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator.

iSHARES V PLC



INCOME STATEMENT



2014 €’000


2013 €’000



Total gains 355,502 485,530



Finance costs:






Adjustment to align to the valuation methodology as set out in the prospectus 7 (1,849) 3,859







2014 €’000


2013 €’000

Net assets attributable to redeemable participating shareholders at the beginning of the year 2,866,560 468,766


Share transactions:

Proceeds from issue of redeemable participating shares 1,251,883 2,274,124


Increase in net assets resulting from share transactions 271,271 1,919,495

Net assets attributable to redeemable participating shareholders at the end of the year 3,463,163 2,866,560


iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS




Financial assets at fair value through profit or loss 12 3,557,419 2,916,394

Total current assets 3,611,568 2,984,355

CURRENT LIABILITIES

Margin cash account - (575)

Payables 13 (151,240) (121,987)



Net assets attributable to redeemable participating shareholders 3,460,245 2,861,793

Adjustment to align to the valuation methodology as set out in the prospectus 7 2,918 4,767

Net asset value attributable to redeemable participating shareholders at the end of the year 3,463,163 2,866,560


iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000



60,573 27,081




2014 €’000


2013 €’000





contracts 161,330 287,560

Net (losses)/gains on futures

contracts (1,016) 15,382

Net losses on other investments (470) (4,838)

294,929 458,449



2014 €’000


2013 €’000


(19,159) (9,412)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.64 0.64

6. INTEREST EXPENSE


2014 €’000


2013 €’000


(6) (7)

iSHARES V PLC










2014 €’000


2013 €’000

Balance brought forward 4,767 908



out in the prospectus (1,849) 3,859

Total adjustment for the year (1,849) 3,859

Balance carried forward 2,918 4,767








2014 €’000


2013 €’000


9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 83,280,000

As at 30 November 2013 77,200,000

As at 30 November 2012 20,200,000

€’000

Net asset value

As at 30 November 2014 3,463,163

As at 30 November 2013 2,866,560






11. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000


settlement 11,715 -



receivable 32 34

Other receivables 83 -

25,001 9,533


Financial assets:

30 November 2014 €’000

30 November 2013 €’000

Investment in equities 3,406,738 2,796,065




contracts 979 3,477

3,557,419 2,916,394



currency contracts (83) -

(83) -

iSHARES V PLC





13. PAYABLES

30 November 2014 €’000

30 November 2013 €’000


settlement (136,493) (120,650)


repurchased (13,144) -

Interest payable - (2)

Management fees payable (1,603) (1,335)

(151,240) (121,987)





Company.



of the Company.



























agents share.

30 November 2014 €’000

30 November 2013 €’000



year end 54,570 10,254




instruments.







iSHARES V PLC






€'000



Equities

Japan

Airlines

1,834,000 ANA Holdings Inc Com NPV 3,622 0.10

189,600 Japan Airlines Co Ltd Com NPV 4,466 0.13

Apparel retailers

41,700 ABC-Mart Inc Com NPV 1,679 0.05

253,300 Asics Corp Com NPV 5,136 0.15

84,000 Fast Retailing Co Ltd Com NPV 24,526 0.71

36,200 Shimamura Co Ltd Com NPV 2,427 0.07

Auto parts

303,200 Aisin Seiki Co Ltd Com NPV 8,689 0.25

770,200 Denso Corp Com NPV 28,828 0.83

324,900 JTEKT Corp Com NPV 4,319 0.13

152,400 Koito Manufacturing Co Ltd Com NPV 3,832 0.11

415,000 NGK Insulators Ltd Com NPV 7,382 0.21

283,100 NGK Spark Plug Co Ltd Com NPV 6,831 0.20

259,100 NHK Spring Co Ltd Com NPV 1,797 0.05

150,000 NOK Corp Com NPV 3,012 0.09

225,300 Stanley Electric Co Ltd Com NPV 3,922 0.11

1,194,300 Sumitomo Electric Industries Ltd Com NPV 12,455 0.36

104,800 Toyoda Gosei Co Ltd Com NPV 1,644 0.05

257,900 Toyota Industries Corp Com NPV 10,319 0.30

325,000 Yokohama Rubber Co Ltd Com NPV 2,394 0.07

Automobiles

303,500 Daihatsu Motor Co Ltd Com NPV 3,333 0.10

930,100 Fuji Heavy Industries Ltd Com NPV 27,116 0.78

409,300 Hino Motors Ltd Com NPV 4,418 0.13

2,582,700 Honda Motor Co Ltd Com NPV 62,290 1.80

941,000 Isuzu Motors Ltd Com NPV 9,826 0.28

855,300 Mazda Motor Corp Com NPV 17,712 0.51

1,012,700 Mitsubishi Motors Corp Com NPV 8,330 0.24

3,938,700 Nissan Motor Co Ltd Com NPV 29,482 0.85

577,700 Suzuki Motor Corp Com NPV 14,630 0.42

4,332,000 Toyota Motor Corp Com NPV 213,820 6.17

415,500 Yamaha Motor Co Ltd Com NPV 7,082 0.21

Banks

1,828,000 Aozora Bank Ltd Com NPV 4,769 0.14

539,000 Bank of Kyoto Ltd Com NPV 3,632 0.11

1,841,000 Bank of Yokohama Ltd Com NPV 8,313 0.24

1,178,000 Chiba Bank Ltd Com NPV 6,282 0.18

256,500 Chugoku Bank Ltd Com NPV 2,881 0.08

1,225,000 Fukuoka Financial Group Inc Com NPV 5,357 0.15

594,000 Gunma Bank Ltd Com NPV 2,834 0.08

645,000 Hachijuni Bank Ltd Com NPV 3,161 0.09

789,000 Hiroshima Bank Ltd Com NPV 3,061 0.09


€'000


Japan (cont)

Banks (cont)

1,919,000 Hokuhoku Financial Group Inc Com NPV 3,113 0.09

382,900 Iyo Bank Ltd Com NPV 3,175 0.09

1,048,000 Joyo Bank Ltd Com NPV 4,236 0.12

20,201,289 Mitsubishi UFJ Financial Group Inc Com NPV 93,607 2.70

36,559,300 Mizuho Financial Group Inc Com NPV 50,456 1.46

3,497,000 Resona Holdings Inc Com NPV 15,126 0.44

940,400 Seven Bank Ltd Com NPV 3,273 0.09

2,606,000 Shinsei Bank Ltd Com NPV 3,928 0.11

842,000 Shizuoka Bank Ltd Com NPV 6,493 0.19

2,016,163 Sumitomo Mitsui Financial Group Inc Com NPV 60,952 1.76

5,256,000 Sumitomo Mitsui Trust Holdings Inc Com NPV 17,513 0.51

285,900 Suruga Bank Ltd Com NPV 4,355 0.13

345,000 Yamaguchi Financial Group Inc Com NPV 2,770 0.08

Beverages

612,800 Asahi Group Holdings Ltd Com NPV 15,327 0.44

1,299,600 Kirin Holdings Co Ltd Com NPV 13,364 0.39

220,200 Suntory Beverage & Food Ltd Com NPV 6,228 0.18


179,200 Toho Co Ltd Com NPV 3,202 0.09

Broadline retailers

1,005,400 Aeon Co Ltd Com NPV 8,032 0.23

93,100 Don Quijote Holdings Co Ltd Com NPV 4,644 0.14

531,200 Isetan Mitsukoshi Holdings Ltd Com NPV 5,593 0.16

380,900 J Front Retailing Co Ltd Com NPV 3,913 0.11

376,200 Marui Group Co Ltd Com NPV 2,642 0.08

427,000 Takashimaya Co Ltd Com NPV 2,863 0.08


1,597,000 Asahi Glass Co Ltd Com NPV 6,174 0.18

371,500 Daikin Industries Ltd Com NPV 19,755 0.57

421,600 LIXIL Group Corp Com NPV 7,184 0.21

57,800 Rinnai Corp Com NPV 3,446 0.10

1,861,000 Taiheiyo Cement Corp Com NPV 4,679 0.13

448,000 TOTO Ltd Com NPV 4,284 0.12


332,600 Secom Co Ltd Com NPV 15,427 0.45

886,000 Toppan Printing Co Ltd Com NPV 4,581 0.13


1,478,000 Teijin Ltd Com NPV 3,217 0.09

Commercial services

227,300 Recruit Holdings Co Ltd Com NPV 5,991 0.17

Commodity chemicals

2,000,000 Asahi Kasei Corp Com NPV 13,930 0.40

545,400 Kuraray Co Ltd Com NPV 5,326 0.16

iSHARES V PLC






€'000


Equities (cont)

Japan (cont)

Commodity chemicals (cont)

611,000 Mitsubishi Gas Chemical Co Inc Com NPV 2,804 0.08

1,291,000 Mitsui Chemicals Inc Com NPV 2,897 0.08

2,360,000 Sumitomo Chemical Co Ltd Com NPV 7,162 0.21

Computers

2,950,000 Fujitsu Ltd Com NPV 13,502 0.39

39,600 Itochu Techno-Solutions Corp Com NPV 1,242 0.03

199,600 NTT Data Corp Com NPV 6,098 0.18

75,300 Otsuka Corp Com NPV 2,074 0.06

195,000 TDK Corp Com NPV 9,423 0.27

Consumer durables & apparels

258,100 Toyo Seikan Group Holdings Ltd Com NPV 2,501 0.07


648,000 Acom Co Ltd Com NPV 1,555 0.04

180,200 Aeon Financial Service Co Ltd Com NPV 3,116 0.09

234,100 Credit Saison Co Ltd Com NPV 3,516 0.10

413,200 Japan Exchange Group Inc Com NPV 8,490 0.25


2,204,000 IHI Corp Com NPV 8,938 0.26


373,400 Brother Industries Ltd Com NPV 5,595 0.16

322,100 Casio Computer Co Ltd Com NPV 3,903 0.11

7,656,000 Hitachi Ltd Com NPV 47,356 1.37

39,800 Mabuchi Motor Co Ltd Com NPV 2,545 0.07

504,618 Minebea Co Ltd Com NPV 5,065 0.15

3,062,000 Mitsubishi Electric Corp Com NPV 29,511 0.85

344,300 Nidec Corp Com NPV 18,302 0.53

Electricity

1,020,400 Chubu Electric Power Co Inc Com NPV 9,572 0.28

470,500 Chugoku Electric Power Co Inc Com NPV 4,865 0.14

184,700 Electric Power Development Co Ltd Com NPV 5,131 0.15

265,500 Hokuriku Electric Power Co Com NPV 2,726 0.08

1,115,000 Kansai Electric Power Co Inc Com NPV 8,971 0.26

676,000 Kyushu Electric Power Co Inc Com NPV 5,547 0.16

281,700 Shikoku Electric Power Co Inc Com NPV 2,820 0.08

716,800 Tohoku Electric Power Co Inc Com NPV 6,661 0.19

2,289,900 Tokyo Electric Power Co Inc Com NPV 6,701 0.19

Electronic office equipment

1,121,000 Ricoh Co Ltd Com NPV 9,736 0.28

Electronics

251,900 Advantest Corp Com NPV 2,409 0.07

112,700 Hamamatsu Photonics KK Com NPV 4,570 0.13

47,500 Hirose Electric Co Ltd Com NPV 4,812 0.14

674,400 Hoya Corp Com NPV 19,226 0.55

190,400 Ibiden Co Ltd Com NPV 2,267 0.06


€'000


Japan (cont)

Electronics (cont)

577,700 Japan Display Inc Com NPV 1,531 0.04

72,200 Keyence Corp Com NPV 26,736 0.77

508,400 Kyocera Corp Com NPV 19,960 0.58

321,200 Murata Manufacturing Co Ltd Com NPV 27,820 0.80

4,126,000 NEC Corp Com NPV 10,374 0.30

628,000 Nippon Electric Glass Co Ltd Com NPV 2,301 0.07

323,800 Omron Corp Com NPV 12,058 0.35

6,378,000 Toshiba Corp Com NPV 22,730 0.66

358,700 Yaskawa Electric Corp Com NPV 3,726 0.11

339,100 Yokogawa Electric Corp Com NPV 3,420 0.10


247,000 Chiyoda Corp Com NPV 1,748 0.05

328,000 JGC Corp Com NPV 5,654 0.16


159,600 Kurita Water Industries Ltd Com NPV 2,655 0.08

Food

1,193,300 Seven & I Holdings Co Ltd Com NPV 35,676 1.03

Food products

895,000 Ajinomoto Co Inc Com NPV 13,399 0.38

116,000 Calbee Inc Com NPV 3,222 0.09

233,000 Kikkoman Corp Com NPV 4,446 0.13

96,700 MEIJI Holdings Co Ltd Com NPV 6,954 0.20

275,000 NH Foods Ltd Com NPV 4,427 0.13

336,100 Nisshin Seifun Group Inc Com NPV 2,669 0.08

93,200 Nissin Foods Holdings Co Ltd Com NPV 3,735 0.11

140,200 Toyo Suisan Kaisha Ltd Com NPV 3,809 0.11

139,300 Yakult Honsha Co Ltd Com NPV 5,922 0.17

174,000 Yamazaki Baking Co Ltd Com NPV 1,760 0.05


94,900 FamilyMart Co Ltd Com NPV 2,809 0.08

102,900 Lawson Inc Com NPV 5,091 0.15


1,263,000 Oji Holdings Corp Com NPV 3,551 0.10

Gambling

77,800 Sankyo Co Ltd Com NPV 2,003 0.06

Gas distribution

2,969,000 Osaka Gas Co Ltd Com NPV 9,102 0.26

647,000 Toho Gas Co Ltd Com NPV 2,720 0.08

3,683,000 Tokyo Gas Co Ltd Com NPV 16,095 0.47


899,000 Fuji Electric Co Ltd Com NPV 3,154 0.09

188,400 Makita Corp Com NPV 7,589 0.22

87,300 SMC Corp Com NPV 19,226 0.56

179,500 THK Co Ltd Com NPV 3,484 0.10

Heavy construction

1,340,000 Kajima Corp Com NPV 4,238 0.12

1,028,000 Obayashi Corp Com NPV 5,135 0.15

iSHARES V PLC






€'000


Equities (cont)

Japan (cont)

Heavy construction (cont)

936,000 Shimizu Corp Com NPV 5,124 0.15

1,625,000 Taisei Corp Com NPV 6,809 0.20

Home construction

941,500 Daiwa House Industry Co Ltd Com NPV 14,368 0.42

256,800 Iida Group Holdings Co Ltd Com NPV 2,258 0.07

674,000 Sekisui Chemical Co Ltd Com NPV 6,715 0.19

879,100 Sekisui House Ltd Com NPV 9,462 0.27

Home furnishings

3,497,300 Panasonic Corp Com NPV 36,176 1.05

2,423,000 Sharp Corp Com NPV 4,635 0.13

1,660,755 Sony Corp Com NPV 29,161 0.84


108,700 Nitori Holdings Co Ltd Com NPV 4,827 0.14


560,700 Amada Co Ltd Com NPV 4,051 0.12

303,500 Fanuc Corp Com NPV 41,056 1.19

169,900 Hitachi Construction Machinery Co Ltd Com NPV 2,941 0.08

4,809,000 Mitsubishi Heavy Industries Ltd Com NPV 22,492 0.65

182,100 Nabtesco Corp Com NPV 3,500 0.10

883,000 Sumitomo Heavy Industries Ltd Com NPV 3,879 0.11


346,000 Hitachi Metals Ltd Com NPV 4,799 0.14

778,237 JFE Holdings Inc Com NPV 13,278 0.38

4,899,000 Kobe Steel Ltd Com NPV 6,258 0.18

12,040,000 Nippon Steel & Sumitomo Metal Corp Com NPV 24,868 0.72

61,400 Yamato Kogyo Co Ltd Com NPV 1,378 0.04


2,385,400 ITOCHU Corp Com NPV 21,999 0.64

2,615,200 Marubeni Corp Com NPV 13,200 0.38

2,186,800 Mitsubishi Corp Com NPV 33,144 0.96

2,703,700 Mitsui & Co Ltd Com NPV 29,913 0.86

1,782,900 Sumitomo Corp Com NPV 15,243 0.44

Insurance

1,708,112 Dai-ichi Life Insurance Co Ltd Com NPV 19,862 0.57

274,900 Sony Financial Holdings Inc Com NPV 3,341 0.10

917,400 T&D Holdings Inc Com NPV 8,907 0.26

Internet

79,308 Colopl Inc Com NPV 1,584 0.05

232,400 Kakaku.com Inc Com NPV 2,846 0.08

307,300 M3 Inc Com NPV 4,237 0.12

58,903 Mixi Inc Com NPV 2,170 0.06

207,700 Nexon Co Ltd Com NPV 1,578 0.05

1,261,715 Rakuten Inc Com NPV 13,631 0.39

319,513 SBI Holdings Inc Com NPV 2,958 0.08


€'000


Japan (cont)

Internet (cont)

165,900 Trend Micro Inc Com NPV 4,031 0.12

2,253,800 Yahoo Japan Corp Com NPV 6,581 0.19

Investment services

2,633,000 Daiwa Securities Group Inc Com NPV 16,947 0.49

5,753,400 Nomura Holdings Inc Com NPV 27,725 0.80

Leisure time

294,200 Sega Sammy Holdings Inc Com NPV 3,247 0.09


2,250,000 Kawasaki Heavy Industries Ltd Com NPV 7,923 0.23

1,783,000 Kubota Corp Com NPV 22,354 0.64


1,479,700 Komatsu Ltd Com NPV 28,102 0.81

Media agencies

342,600 Dentsu Inc Com NPV 10,304 0.30

368,100 Hakuhodo DY Holdings Inc Com NPV 2,868 0.08

Medical equipment

230,300 Sysmex Corp Com NPV 7,923 0.23

481,100 Terumo Corp Com NPV 8,776 0.25


75,700 Maruichi Steel Tube Ltd Com NPV 1,333 0.04

742,000 NSK Ltd Com NPV 7,497 0.22

Mining

1,771,000 Mitsubishi Materials Corp Com NPV 4,453 0.13

829,000 Sumitomo Metal Mining Co Ltd Com NPV 10,175 0.29


733,600 FUJIFILM Holdings Corp Com NPV 19,513 0.56

729,000 Konica Minolta Inc Com NPV 6,819 0.20

539,300 Nikon Corp Com NPV 6,156 0.18

379,900 Olympus Corp Com NPV 11,079 0.32


923,596 KDDI Corp Com NPV 47,454 1.37

2,420,300 NTT DoCoMo Inc Com NPV 30,278 0.88

1,521,700 SoftBank Corp Com NPV 81,845 2.36


1,796,100 Canon Inc Com NPV 46,087 1.33

205,700 Seiko Epson Corp Com NPV 7,952 0.23

Oil & gas

138,900 Idemitsu Kosan Co Ltd Com NPV 1,900 0.05

1,390,000 Inpex Corp Com NPV 11,800 0.34

3,553,200 JX Holdings Inc Com NPV 10,595 0.31

301,600 Showa Shell Sekiyu KK Com NPV 2,012 0.06

454,000 TonenGeneral Sekiyu KK Com NPV 3,047 0.09

Personal products

817,500 Kao Corp Com NPV 24,278 0.70

569,900 Shiseido Co Ltd Com NPV 6,821 0.20

590,100 Unicharm Corp Com NPV 10,820 0.31

iSHARES V PLC






€'000


Equities (cont)

Japan (cont)

Pharmaceuticals

277,400 Alfresa Holdings Corp Com NPV 2,569 0.07

3,400,600 Astellas Pharma Inc Com NPV 39,233 1.13

354,200 Chugai Pharmaceutical Co Ltd Com NPV 7,696 0.22

1,010,200 Daiichi Sankyo Co Ltd Com NPV 11,931 0.35

399,100 Eisai Co Ltd Com NPV 11,462 0.33

93,700 Hisamitsu Pharmaceutical Co Inc Com NPV 2,286 0.07

370,000 Kyowa Hakko Kirin Co Ltd Com NPV 3,218 0.09

215,000 Medipal Holdings Corp Com NPV 1,917 0.06

90,300 Miraca Holdings Inc Com NPV 2,746 0.08

355,100 Mitsubishi Tanabe Pharma Corp Com NPV 4,344 0.13

130,520 Ono Pharmaceutical Co Ltd Com NPV 8,954 0.26

618,300 Otsuka Holdings Co Ltd Com NPV 15,681 0.45

117,600 Santen Pharmaceutical Co Ltd Com NPV 5,270 0.15

381,000 Shimadzu Corp Com NPV 3,021 0.09

472,300 Shionogi & Co Ltd Com NPV 9,423 0.27

256,500 Sumitomo Dainippon Pharma Co Ltd Com NPV 2,127 0.06

111,900 Suzuken Co Ltd Com NPV 2,299 0.07

49,700 Taisho Pharmaceutical Holdings Co Ltd Com NPV 2,469 0.07

1,250,900 Takeda Pharmaceutical Co Ltd Com NPV 42,010 1.21


802,500 MS&AD Insurance Group Holdings Inc Com NPV 15,026 0.44

526,200 Sompo Japan Nipponkoa Holdings Inc Com NPV 10,463 0.30

1,097,200 Tokio Marine Holdings Inc Com NPV 28,769 0.83

Publishing

887,000 Dai Nippon Printing Co Ltd Com NPV 6,250 0.18


179,200 Aeon Mall Co Ltd Com NPV 2,450 0.07

114,900 Daito Trust Construction Co Ltd Com NPV 10,394 0.30

376,000 Hulic Co Ltd Com NPV 3,116 0.09

1,982,000 Mitsubishi Estate Co Ltd Com NPV 35,773 1.03

1,492,000 Mitsui Fudosan Co Ltd Com NPV 34,568 1.00

197,100 Nomura Real Estate Holdings Inc Com NPV 2,901 0.08

187,400 NTT Urban Development Corp Com NPV 1,545 0.05

189,100 Seibu Holdings Inc Com NPV 2,868 0.08

566,000 Sumitomo Realty & Development Co Ltd Com NPV 15,673 0.45

650,000 Tokyo Tatemono Co Ltd Com NPV 4,160 0.12

760,600 Tokyu Fudosan Holdings Corp Com NPV 4,359 0.13


€'000


Japan (cont)


1,238 Japan Prime Realty Investment Corp Reits NPV 3,590 0.10

1,982 Japan Real Estate Investment Corp Reits NPV 7,823 0.23

3,844 Japan Retail Fund Investment Corp Reits NPV 6,417 0.18

2,238 Nippon Building Fund Inc Reits NPV 9,030 0.26

2,316 Nippon Prologis REIT Inc NPV 4,039 0.12

3,977 United Urban Investment Corp Reits NPV 5,112 0.15


124,800 Shimano Inc Com NPV 13,580 0.39

264,700 Yamaha Corp Com NPV 3,161 0.09


79,200 Oriental Land Co Ltd Com NPV 13,818 0.40

Restaurants & bars

106,200 McDonald's Holdings Co Japan Ltd Com NPV 1,943 0.06

Retail

420,900 Citizen Holdings Co Ltd Com NPV 2,606 0.08

Semiconductors

152,700 Rohm Co Ltd Com NPV 7,926 0.23

271,800 Tokyo Electron Ltd Com NPV 14,843 0.43

Software

641,385 GungHo Online Entertainment Inc Com NPV 1,938 0.06

158,800 Konami Corp Com NPV 2,406 0.07

177,800 Nomura Research Institute Ltd Com NPV 4,446 0.13

61,400 Oracle Corp Japan Com NPV 1,857 0.05

Specialized consumer services

105,300 Benesse Holdings Inc Com NPV 2,569 0.07

157,700 Park24 Co Ltd Com NPV 1,918 0.06

Specialty chemicals

236,000 Air Water Inc Com NPV 3,070 0.09

434,000 Daicel Corp Com NPV 4,004 0.12

164,900 Hitachi Chemical Co Ltd Com NPV 2,449 0.07

281,800 JSR Corp Com NPV 4,038 0.12

444,000 Kaneka Corp Com NPV 1,884 0.05

370,000 Kansai Paint Co Ltd Com NPV 4,724 0.14

2,147,500 Mitsubishi Chemical Holdings Corp Com NPV 8,874 0.26

273,000 Nippon Paint Holdings Co Ltd Com NPV 5,646 0.16

247,600 Nitto Denko Corp Com NPV 10,467 0.30

650,200 Shin-Etsu Chemical Co Ltd Com NPV 35,103 1.01

239,600 Taiyo Nippon Sanso Corp Com NPV 2,261 0.06

iSHARES V PLC






€'000


Equities (cont)

Japan (cont)

Specialty finance

778,070 Mitsubishi UFJ Lease & Finance Co Ltd Com NPV 2,940 0.08

2,097,200 ORIX Corp Com NPV 22,161 0.64

Specialty retailers

346,900 USS Co Ltd Com NPV 4,016 0.12

1,367,600 Yamada Denki Co Ltd Com NPV 3,614 0.10

Storage & warehousing

193,000 Mitsubishi Logistics Corp Com NPV 2,425 0.07

Telecommunications

27,800 Hikari Tsushin Inc Com NPV 1,449 0.04

594,200 Nippon Telegraph & Telephone Corp Com NPV 25,489 0.74

Textile

2,326,000 Toray Industries Inc Com NPV 14,655 0.42

Tobacco

1,742,747 Japan Tobacco Inc Com NPV 44,770 1.29

Toys

281,100 Bandai Namco Holdings Inc Com NPV 4,879 0.14

168,200 Nintendo Co Ltd Com NPV 15,614 0.45

78,400 Sanrio Co Ltd Com NPV 1,658 0.05

Transportation

228,400 Central Japan Railway Co Com NPV 26,636 0.77

529,900 East Japan Railway Co Com NPV 31,846 0.92

1,813,000 Hankyu Hanshin Holdings Inc Com NPV 7,989 0.23


€'000


Japan (cont)

Transportation (cont)

377,000 Kamigumi Co Ltd Com NPV 2,729 0.08

805,000 Keihan Electric Railway Co Ltd Com NPV 3,226 0.09

742,000 Keikyu Corp Com NPV 4,543 0.13

916,000 Keio Corp Com NPV 5,405 0.16

437,000 Keisei Electric Railway Co Ltd Com NPV 4,032 0.12

2,869,000 Kintetsu Corp Com NPV 7,776 0.22

1,717,000 Mitsui OSK Lines Ltd Com NPV 4,352 0.12

1,350,000 Nagoya Railroad Co Ltd Com NPV 4,188 0.12

1,345,000 Nippon Express Co Ltd Com NPV 5,182 0.15

2,559,000 Nippon Yusen KK Com NPV 5,794 0.17

992,000 Odakyu Electric Railway Co Ltd Com NPV 7,274 0.21

1,617,000 Tobu Railway Co Ltd Com NPV 5,836 0.17

1,801,000 Tokyu Corp Com NPV 8,703 0.25

260,821 West Japan Railway Co Com NPV 9,988 0.29

576,100 Yamato Holdings Co Ltd Com NPV 10,423 0.30

Tyres

1,030,500 Bridgestone Corp Com NPV 28,393 0.82

270,100 Sumitomo Rubber Industries Ltd Com NPV 3,299 0.10

Wholesale trade

98,000 Hitachi High-Technologies Corp Com NPV 2,272 0.07

336,200 Toyota Tsusho Corp Com NPV 6,380 0.18

Total Japan 3,406,738 98.37

Total equities 3,406,738 98.37

Currency Amount

Purchased Currency Amount

SoldUnderlying

Exposure (€) Maturity

date

Unrealised gain/(loss)

€'000



Forward currency contracts*

EUR 2,808,609,423 JPY 394,476,821,594 2,666,129,523 02/12/2014 142,480 4.11

EUR 63,313,097 JPY 9,144,878,898 61,807,007 02/12/2014 1,506 0.04

EUR 46,510,708 JPY 6,650,821,017 44,950,550 02/12/2014 1,560 0.04

EUR 35,021,912 JPY 4,988,115,763 33,712,913 02/12/2014 1,309 0.04

EUR 34,948,381 JPY 4,988,115,763 33,712,913 02/12/2014 1,235 0.04

EUR 33,898,773 JPY 4,988,115,763 33,712,913 02/12/2014 186 0.01

EUR 28,591,875 JPY 4,156,763,137 28,094,094 02/12/2014 498 0.01

EUR 11,572,029 JPY 1,662,705,255 11,237,638 02/12/2014 334 0.01

EUR 11,461,760 JPY 1,662,705,254 11,237,638 02/12/2014 224 0.01

EUR 5,919,092 JPY 831,352,627 5,618,819 02/12/2014 300 0.01

EUR 5,687,731 JPY 831,352,627 5,618,819 02/12/2014 70 0.00

EUR 3,401,679,490 JPY 503,074,515,781 3,401,692,879 05/01/2015 (13) 0.00

JPY 1,662,705,254 EUR 11,306,990 11,237,638 02/12/2014 (70) 0.00

Total unrealised gains on forward currency contracts 149,702 4.32

Total unrealised losses on forward currency contracts (83) 0.00

Net unrealised gains on forward currency contracts 149,619 4.32

iSHARES V PLC





No. of contracts

Underlying exposure


€'000


Financial derivative instruments (cont)

Futures contracts

352 Topix Index Futures December 2014 32,577 979 0.03


Total financial derivative instruments 150,598 4.35

Fair value

€’000


Total value of investments 3,557,336 102.72

Cash† 29,148 0.84


Net assets attributable to redeemable participating shareholders 3,460,245 99.92

Adjustment to align to the valuation methodology as set out in the prospectus 2,918 0.08

Net asset value attributable to redeemable participating shareholders at the end of the year 3,463,163 100.00

† Cash holdings of €28,429,472 are held with State Street Bank and Trust Company. €718,925 is held as security for futures contracts with Barclays Plc. * The counterparty for forward currency contracts is State Street Bank.


issued by the European Securities and Market Authority ("ESMA")

and represents the market value of an equivalent position in the

assets underlying each financial derivative instrument.






Transferable securities admitted to an official stock exchange listing or traded on a regulated market 3,406,738 94.33


Over-the-counter financial derivative instruments 149,702 4.14


Total current assets 3,611,568 100.00

iSHARES V PLC







Sales Purchases

1,602,000 Toyota Motor Corp Com NPV 68,316 2,113,400 Toyota Motor Corp Com NPV 94,435

7,379,900 Mitsubishi UFJ Financial Group Inc Com NPV 31,821 9,924,489 Mitsubishi UFJ Financial Group Inc Com NPV 44,518

552,200 SoftBank Corp Com NPV 30,081 743,600 SoftBank Corp Com NPV 42,573

941,700 Honda Motor Co Ltd Com NPV 24,511 1,266,400 Honda Motor Co Ltd Com NPV 34,063

737,700 Sumitomo Mitsui Financial Group Inc Com NPV 23,239 991,063 Sumitomo Mitsui Financial Group Inc Com NPV 32,832

13,205,300 Mizuho Financial Group Inc Com NPV 19,458 17,928,000 Mizuho Financial Group Inc Com NPV 26,629

637,700 Japan Tobacco Inc Com NPV 15,494 499,900 KDDI Corp Com NPV 22,997

453,600 Takeda Pharmaceutical Co Ltd Com NPV 15,358 3,733,000 Hitachi Ltd Com NPV 21,502

2,772,000 Hitachi Ltd Com NPV 15,301 856,600 Japan Tobacco Inc Com NPV 21,343

654,100 Canon Inc Com NPV 15,258 879,800 Canon Inc Com NPV 20,950

321,900 KDDI Corp Com NPV 13,900 610,700 Takeda Pharmaceutical Co Ltd Com NPV 20,920

109,700 Fanuc Corp Com NPV 13,866 814,000 Mitsui Fudosan Co Ltd Com NPV 19,767

736,000 Mitsubishi Estate Co Ltd Com NPV 13,148 147,800 Fanuc Corp Com NPV 19,329

434,400 Seven & i Holdings Co Ltd Com NPV 12,775 983,000 Mitsubishi Estate Co Ltd Com NPV 18,717

936,700 Astellas Pharma Inc Com NPV 12,494 584,000 Seven & i Holdings Co Ltd Com NPV 17,161

826,700 Mitsubishi Corp Com NPV 12,003 1,028,200 Astellas Pharma Inc Com NPV 16,940

1,041,500 Mitsui & Co Ltd Com NPV 11,649 1,711,900 Panasonic Corp Com NPV 15,647

483,000 Mitsui Fudosan Co Ltd Com NPV 11,288 1,066,500 Mitsubishi Corp Com NPV 15,605

1,272,600 Panasonic Corp Com NPV 10,976 257,700 East Japan Railway Co Com NPV 15,061

192,800 East Japan Railway Co Com NPV 10,834 1,338,100 Mitsui & Co Ltd Com NPV 14,610





iSHARES V PLC



INCOME STATEMENT



2014 £’000


2013 £’000







Non-reclaimable withholding tax (1,105) (152)









2014 £’000


2013 £’000



Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 £’000

CURRENT ASSETS





CURRENT LIABILITIES



Payables 12 (13,396) (14,338)

Financial liabilities at fair value through profit or loss 11 (83) (187)






iSHARES V PLC











2. OPERATING INCOME


2014 £’000


2013 £’000




7,276 2,167




2014 £’000


2013 £’000





contracts 35,879 24,720



investments 1,626 (300)

44,667 28,881



2014 £’000


2013 £’000


(2,303) (799)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.64 0.64






2014 £’000


2013 £’000








iSHARES V PLC











2014 £’000


2013 £’000


8. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares



Redeemed during year (2,160,000) (240,000)



SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 9,240,000

As at 30 November 2013 5,880,000


£’000

Net asset value





As at 30 November 2014 £49.24



10. RECEIVABLES

30 November 2014 £’000

30 November 2013 £’000

Deposit interest receivable 1 -

Sale of securities

awaiting settlement - 158

Dividend income receivable 1,599 814


receivable 3 1

1,603 973


Financial assets:

30 November 2014 £’000

30 November 2013 £’000





contracts 277 286

462,684 266,348



currency contracts (83) (187)

(83) (187)

12. PAYABLES

30 November 2014 £’000

30 November 2013 £’000


settlement (13,190) (14,213)

Management fees payable (206) (125

(13,396) (14,338)





Company.



of the Company.

iSHARES V PLC































agents share.

30 November 2014 £’000

30 November 2013 £’000



year end 8,880 568




instruments.







iSHARES V PLC






£'000



Equities

Japan

Airlines

301,000 ANA Holdings Inc Com NPV 473 0.10

31,400 Japan Airlines Co Ltd Com NPV 589 0.13

Apparel retailers

6,600 ABC-Mart Inc Com NPV 212 0.05


13,900 Fast Retailing Co Ltd Com NPV 3,231 0.71

6,000 Shimamura Co Ltd Com NPV 320 0.07

Auto parts

50,000 Aisin Seiki Co Ltd Com NPV 1,141 0.25

127,300 Denso Corp Com NPV 3,793 0.83

53,300 JTEKT Corp Com NPV 564 0.13

25,300 Koito Manufacturing Co Ltd Com NPV 506 0.11

68,000 NGK Insulators Ltd Com NPV 963 0.21


42,700 NHK Spring Co Ltd Com NPV 236 0.05

25,200 NOK Corp Com NPV 403 0.09

37,200 Stanley Electric Co Ltd Com NPV 515 0.11

197,100 Sumitomo Electric Industries Ltd Com NPV 1,636 0.36

17,500 Toyoda Gosei Co Ltd Com NPV 218 0.05

42,600 Toyota Industries Corp Com NPV 1,357 0.30

53,000 Yokohama Rubber Co Ltd Com NPV 311 0.07

Automobiles

50,800 Daihatsu Motor Co Ltd Com NPV 444 0.10

153,800 Fuji Heavy Industries Ltd Com NPV 3,569 0.79

67,100 Hino Motors Ltd Com NPV 577 0.13

427,200 Honda Motor Co Ltd Com NPV 8,202 1.80

155,300 Isuzu Motors Ltd Com NPV 1,291 0.28

141,400 Mazda Motor Corp Com NPV 2,331 0.51

167,300 Mitsubishi Motors Corp Com NPV 1,096 0.24

651,800 Nissan Motor Co Ltd Com NPV 3,884 0.86

95,500 Suzuki Motor Corp Com NPV 1,925 0.42


Banks

309,000 Aozora Bank Ltd Com NPV 642 0.14

89,000 Bank of Kyoto Ltd Com NPV 477 0.11

303,000 Bank of Yokohama Ltd Com NPV 1,089 0.24

193,000 Chiba Bank Ltd Com NPV 819 0.18

43,100 Chugoku Bank Ltd Com NPV 385 0.08

203,000 Fukuoka Financial Group Inc Com NPV 707 0.16

100,000 Gunma Bank Ltd Com NPV 380 0.08

108,000 Hachijuni Bank Ltd Com NPV 421 0.09

134,000 Hiroshima Bank Ltd Com NPV 414 0.09


£'000


Japan (cont)

Banks (cont)

325,000 Hokuhoku Financial Group Inc Com NPV 420 0.09

63,400 Iyo Bank Ltd Com NPV 419 0.09

170,000 Joyo Bank Ltd Com NPV 547 0.12

3,341,700 Mitsubishi UFJ Financial Group Inc Com NPV 12,326 2.71

6,046,200 Mizuho Financial Group Inc Com NPV 6,643 1.46

577,700 Resona Holdings Inc Com NPV 1,989 0.44

158,300 Seven Bank Ltd Com NPV 439 0.10

432,000 Shinsei Bank Ltd Com NPV 518 0.11

141,000 Shizuoka Bank Ltd Com NPV 866 0.19

333,500 Sumitomo Mitsui Financial Group Inc Com NPV 8,026 1.76

868,000 Sumitomo Mitsui Trust Holdings Inc Com NPV 2,302 0.51

47,200 Suruga Bank Ltd Com NPV 572 0.13

54,000 Yamaguchi Financial Group Inc Com NPV 345 0.08

Beverages

101,300 Asahi Group Holdings Ltd Com NPV 2,017 0.44

214,700 Kirin Holdings Co Ltd Com NPV 1,757 0.39

37,000 Suntory Beverage & Food Ltd Com NPV 833 0.18


29,900 Toho Co Ltd Com NPV 425 0.09

Broadline retailers

165,900 Aeon Co Ltd Com NPV 1,055 0.23

15,300 Don Quijote Holdings Co Ltd Com NPV 607 0.13

88,800 Isetan Mitsukoshi Holdings Ltd Com NPV 744 0.17

63,700 J Front Retailing Co Ltd Com NPV 521 0.12

70,000 Takashimaya Co Ltd Com NPV 374 0.08


262,000 Asahi Glass Co Ltd Com NPV 806 0.18

61,400 Daikin Industries Ltd Com NPV 2,599 0.57

69,600 LIXIL Group Corp Com NPV 944 0.21

9,800 Rinnai Corp Com NPV 465 0.10

314,000 Taiheiyo Cement Corp Com NPV 629 0.14

74,000 TOTO Ltd Com NPV 563 0.12


55,000 Secom Co Ltd Com NPV 2,031 0.45



248,000 Teijin Ltd Com NPV 430 0.09

Commercial services

37,900 Recruit Holdings Co Ltd Com NPV 795 0.18

Commodity chemicals

330,000 Asahi Kasei Corp Com NPV 1,830 0.40

91,400 Kuraray Co Ltd Com NPV 710 0.16

102,000 Mitsubishi Gas Chemical Co Inc Com NPV 373 0.08

iSHARES V PLC






£'000


Equities (cont)

Japan (cont)

Commodity chemicals (cont)

216,000 Mitsui Chemicals Inc Com NPV 386 0.08


Computers

487,000 Fujitsu Ltd Com NPV 1,774 0.39

6,200 Itochu Techno-Solutions Corp Com NPV 155 0.03

29,300 Nomura Research Institute Ltd Com NPV 583 0.13

33,200 NTT Data Corp Com NPV 807 0.18

12,700 Otsuka Corp Com NPV 279 0.06

32,200 TDK Corp Com NPV 1,239 0.27


44,100 Toyo Seikan Group Holdings Ltd Com NPV 340 0.08


108,400 Acom Co Ltd Com NPV 207 0.05

30,000 Aeon Financial Service Co Ltd Com NPV 413 0.09

38,700 Credit Saison Co Ltd Com NPV 463 0.10

435,000 Daiwa Securities Group Inc Com NPV 2,229 0.49

68,100 Japan Exchange Group Inc Com NPV 1,114 0.24

130,800 Mitsubishi UFJ Lease & Finance Co Ltd Com NPV 393 0.09

951,200 Nomura Holdings Inc Com NPV 3,649 0.80

346,700 ORIX Corp Com NPV 2,916 0.64


364,000 IHI Corp Com NPV 1,175 0.26


61,500 Brother Industries Ltd Com NPV 733 0.16


1,266,000 Hitachi Ltd Com NPV 6,234 1.37

6,600 Mabuchi Motor Co Ltd Com NPV 336 0.08

506,000 Mitsubishi Electric Corp Com NPV 3,882 0.85

57,000 Nidec Corp Com NPV 2,412 0.53

Electricity

168,300 Chubu Electric Power Co Inc Com NPV 1,257 0.28

77,000 Chugoku Electric Power Co Inc Com NPV 634 0.14

30,400 Electric Power Development Co Ltd Com NPV 672 0.15

44,800 Hokuriku Electric Power Co Com NPV 366 0.08

183,900 Kansai Electric Power Co Inc Com NPV 1,178 0.26


47,000 Shikoku Electric Power Co Inc Com NPV 375 0.08

118,300 Tohoku Electric Power Co Inc Com NPV 875 0.19


Electronics

18,500 Hamamatsu Photonics KK Com NPV 597 0.13

7,800 Hirose Electric Co Ltd Com NPV 629 0.14

111,400 Hoya Corp Com NPV 2,528 0.55

32,000 Ibiden Co Ltd Com NPV 304 0.07


£'000


Japan (cont)

Electronics (cont)


11,900 Keyence Corp Com NPV 3,508 0.77

84,000 Kyocera Corp Com NPV 2,625 0.58

83,000 Minebea Co Ltd Com NPV 663 0.15

53,100 Murata Manufacturing Co Ltd Com NPV 3,661 0.80

682,000 NEC Corp Com NPV 1,365 0.30

107,000 Nippon Electric Glass Co Ltd Com NPV 312 0.07

53,500 Omron Corp Com NPV 1,586 0.35

1,054,000 Toshiba Corp Com NPV 2,990 0.66

59,700 Yaskawa Electric Corp Com NPV 494 0.11

56,600 Yokogawa Electric Corp Com NPV 454 0.10


40,000 Chiyoda Corp Com NPV 225 0.05

54,000 JGC Corp Com NPV 741 0.16


27,000 Kurita Water Industries Ltd Com NPV 358 0.08

Food products

148,000 Ajinomoto Co Inc Com NPV 1,764 0.39

19,000 Calbee Inc Com NPV 420 0.09

38,000 Kikkoman Corp Com NPV 577 0.13

15,900 MEIJI Holdings Co Ltd Com NPV 910 0.20


57,100 Nisshin Seifun Group Inc Com NPV 361 0.08

15,400 Nissin Foods Holdings Co Ltd Com NPV 491 0.11

197,300 Seven & I Holdings Co Ltd Com NPV 4,696 1.03


22,900 Yakult Honsha Co Ltd Com NPV 775 0.17



15,400 FamilyMart Co Ltd Com NPV 363 0.08

17,200 Lawson Inc Com NPV 677 0.15


213,000 Oji Holdings Corp Com NPV 477 0.11

Gambling

12,500 Sankyo Co Ltd Com NPV 256 0.06

Gas distribution

490,000 Osaka Gas Co Ltd Com NPV 1,196 0.26

108,000 Toho Gas Co Ltd Com NPV 361 0.08

608,000 Tokyo Gas Co Ltd Com NPV 2,115 0.47


144,000 Fuji Electric Co Ltd Com NPV 402 0.09

31,100 Makita Corp Com NPV 997 0.22

14,400 SMC Corp Com NPV 2,525 0.55

29,800 THK Co Ltd Com NPV 460 0.10


15,200 Miraca Holdings Inc Com NPV 368 0.08

iSHARES V PLC






£'000


Equities (cont)

Japan (cont)

Healthcare products

63,000 Shimadzu Corp Com NPV 398 0.09

Heavy construction


171,000 Obayashi Corp Com NPV 680 0.15

154,000 Shimizu Corp Com NPV 671 0.15

267,000 Taisei Corp Com NPV 891 0.20

Home construction

155,500 Daiwa House Industry Co Ltd Com NPV 1,889 0.42


111,000 Sekisui Chemical Co Ltd Com NPV 880 0.19

145,500 Sekisui House Ltd Com NPV 1,247 0.27

Home furnishings

578,400 Panasonic Corp Com NPV 4,763 1.05

398,000 Sharp Corp Com NPV 606 0.13

274,700 Sony Corp Com NPV 3,840 0.84


18,200 Nitori Holdings Co Ltd Com NPV 643 0.14


92,000 Amada Co Ltd Com NPV 529 0.12

50,200 Fanuc Corp Com NPV 5,406 1.19

28,400 Hitachi Construction Machinery Co Ltd Com NPV 391 0.09

795,000 Mitsubishi Heavy Industries Ltd Com NPV 2,960 0.65

30,500 Nabtesco Corp Com NPV 467 0.10

147,000 Sumitomo Heavy Industries Ltd Com NPV 514 0.11


57,000 Hitachi Metals Ltd Com NPV 629 0.14

128,600 JFE Holdings Inc Com NPV 1,747 0.38


1,991,000 Nippon Steel & Sumitomo Metal Corp Com NPV 3,274 0.72

9,700 Yamato Kogyo Co Ltd Com NPV 173 0.04


394,400 ITOCHU Corp Com NPV 2,895 0.64

432,300 Marubeni Corp Com NPV 1,737 0.38

361,600 Mitsubishi Corp Com NPV 4,363 0.96

447,100 Mitsui & Co Ltd Com NPV 3,938 0.86

294,700 Sumitomo Corp Com NPV 2,006 0.44

Insurance

282,300 Dai-ichi Life Insurance Co Ltd Com NPV 2,613 0.57

45,800 Sony Financial Holdings Inc Com NPV 443 0.10

151,500 T&D Holdings Inc Com NPV 1,171 0.26

Internet

13,500 Colopl Inc Com NPV 215 0.05



£'000


Japan (cont)

Internet (cont)

50,500 M3 Inc Com NPV 554 0.12

9,900 Mixi Inc Com NPV 290 0.06

35,400 Nexon Co Ltd Com NPV 214 0.05

208,800 Rakuten Inc Com NPV 1,796 0.39

54,368 SBI Holdings Inc Com NPV 401 0.09

27,200 Trend Micro Inc Com NPV 526 0.12

373,400 Yahoo Japan Corp Com NPV 868 0.19

Leisure time

49,300 Sega Sammy Holdings Inc Com NPV 433 0.10

68,700 Yamaha Motor Co Ltd Com NPV 932 0.20


372,000 Kawasaki Heavy Industries Ltd Com NPV 1,043 0.23

295,000 Kubota Corp Com NPV 2,944 0.65


244,600 Komatsu Ltd Com NPV 3,698 0.81

Media agencies

56,500 Dentsu Inc Com NPV 1,353 0.30

62,000 Hakuhodo DY Holdings Inc Com NPV 384 0.08

Medical equipment

62,800 Olympus Corp Com NPV 1,458 0.32

38,000 Sysmex Corp Com NPV 1,041 0.23

79,500 Terumo Corp Com NPV 1,154 0.25


11,800 Maruichi Steel Tube Ltd Com NPV 166 0.04

122,000 NSK Ltd Com NPV 981 0.21

Mining

292,000 Mitsubishi Materials Corp Com NPV 584 0.13

137,000 Sumitomo Metal Mining Co Ltd Com NPV 1,339 0.29


121,300 FUJIFILM Holdings Corp Com NPV 2,568 0.56

120,100 Konica Minolta Inc Com NPV 894 0.20



152,800 KDDI Corp Com NPV 6,250 1.37

400,200 NTT DoCoMo Inc Com NPV 3,985 0.88

251,800 SoftBank Corp Com NPV 10,781 2.37


297,100 Canon Inc Com NPV 6,069 1.34

185,400 Ricoh Co Ltd Com NPV 1,282 0.28

34,000 Seiko Epson Corp Com NPV 1,046 0.23

Oil & gas

23,500 Idemitsu Kosan Co Ltd Com NPV 256 0.06

229,700 Inpex Corp Com NPV 1,552 0.34

586,000 JX Holdings Inc Com NPV 1,391 0.30

49,900 Showa Shell Sekiyu KK Com NPV 265 0.06

76,000 TonenGeneral Sekiyu KK Com NPV 406 0.09

iSHARES V PLC






£'000


Equities (cont)

Japan (cont)

Personal products

135,100 Kao Corp Com NPV 3,194 0.70


97,700 Unicharm Corp Com NPV 1,426 0.31

Pharmaceuticals

47,200 Alfresa Holdings Corp Com NPV 348 0.08

562,500 Astellas Pharma Inc Com NPV 5,166 1.14

58,500 Chugai Pharmaceutical Co Ltd Com NPV 1,012 0.22

167,000 Daiichi Sankyo Co Ltd Com NPV 1,570 0.35

66,000 Eisai Co Ltd Com NPV 1,509 0.33

14,600 Hisamitsu Pharmaceutical Co Inc Com NPV 284 0.06

62,000 Kyowa Hakko Kirin Co Ltd Com NPV 429 0.09

35,700 Medipal Holdings Corp Com NPV 253 0.06

58,200 Mitsubishi Tanabe Pharma Corp Com NPV 567 0.12

21,600 Ono Pharmaceutical Co Ltd Com NPV 1,180 0.26

102,200 Otsuka Holdings Co Ltd Com NPV 2,063 0.45

19,400 Santen Pharmaceutical Co Ltd Com NPV 692 0.15

78,100 Shionogi & Co Ltd Com NPV 1,240 0.27

40,700 Sumitomo Dainippon Pharma Co Ltd Com NPV 269 0.06

18,900 Suzuken Co Ltd Com NPV 309 0.07

8,500 Taisho Pharmaceutical Holdings Co Ltd Com NPV 336 0.07

206,900 Takeda Pharmaceutical Co Ltd Com NPV 5,531 1.22


132,600 MS&AD Insurance Group Holdings Inc Com NPV 1,977 0.44

87,000 Sompo Japan Nipponkoa Holdings Inc Com NPV 1,377 0.30

181,500 Tokio Marine Holdings Inc Com NPV 3,788 0.83

Publishing

148,000 Dai Nippon Printing Co Ltd Com NPV 830 0.18


30,300 Aeon Mall Co Ltd Com NPV 330 0.07

19,000 Daito Trust Construction Co Ltd Com NPV 1,368 0.30

63,400 Hulic Co Ltd Com NPV 418 0.09

328,000 Mitsubishi Estate Co Ltd Com NPV 4,713 1.04

247,000 Mitsui Fudosan Co Ltd Com NPV 4,556 1.00


31,500 NTT Urban Development Corp Com NPV 207 0.05

32,100 Seibu Holdings Inc Com NPV 388 0.08

93,000 Sumitomo Realty & Development Co Ltd Com NPV 2,050 0.45

109,000 Tokyo Tatemono Co Ltd Com NPV 555 0.12


£'000


Japan (cont)

Real estate investment & services (cont)

125,700 Tokyu Fudosan Holdings Corp Com NPV 573 0.13


209 Japan Prime Realty Investment Corp Reits NPV 482 0.11

327 Japan Real Estate Investment Corp Reits NPV 1,027 0.23

634 Japan Retail Fund Investment Corp Reits NPV 843 0.18

369 Nippon Building Fund Inc Reits NPV 1,185 0.26

387 Nippon Prologis REIT Inc Reits NPV 537 0.12

668 United Urban Investment Corp Reits NPV 684 0.15


20,600 Shimano Inc Com NPV 1,785 0.40

44,100 Yamaha Corp Com NPV 419 0.09


13,100 Oriental Land Co Ltd Com NPV 1,820 0.40

Restaurants & bars

17,000 McDonald's Holdings Co Japan Ltd Com NPV 248 0.05

Retail

71,000 Citizen Holdings Co Ltd Com NPV 350 0.08

63,600 Marui Group Co Ltd Com NPV 355 0.08

Semiconductors

43,300 Advantest Corp Com NPV 330 0.07

25,200 Rohm Co Ltd Com NPV 1,041 0.23

44,900 Tokyo Electron Ltd Com NPV 1,952 0.43

Software


25,600 Konami Corp Com NPV 309 0.07

10,400 Oracle Corp Japan Com NPV 250 0.05


17,800 Benesse Holdings Inc Com NPV 346 0.08

25,300 Park24 Co Ltd Com NPV 245 0.05

Specialty chemicals

39,000 Air Water Inc Com NPV 404 0.09

72,000 Daicel Corp Com NPV 529 0.12

28,100 Hitachi Chemical Co Ltd Com NPV 332 0.07

47,100 JSR Corp Com NPV 537 0.12

76,000 Kaneka Corp Com NPV 257 0.06

61,000 Kansai Paint Co Ltd Com NPV 620 0.14

353,800 Mitsubishi Chemical Holdings Corp Com NPV 1,164 0.25


40,900 Nitto Denko Corp Com NPV 1,376 0.30

107,500 Shin-Etsu Chemical Co Ltd Com NPV 4,620 1.01

41,200 Taiyo Nippon Sanso Corp Com NPV 309 0.07

iSHARES V PLC






£'000


Equities (cont)

Japan (cont)

Specialty retailers

57,200 USS Co Ltd Com NPV 527 0.11

229,900 Yamada Denki Co Ltd Com NPV 484 0.11


33,000 Mitsubishi Logistics Corp Com NPV 330 0.07

Telecommunications

4,400 Hikari Tsushin Inc Com NPV 182 0.04

98,300 Nippon Telegraph & Telephone Corp Com NPV 3,357 0.74

Textile

384,000 Toray Industries Inc Com NPV 1,926 0.42

Tobacco

288,300 Japan Tobacco Inc Com NPV 5,896 1.30

Toys


27,800 Nintendo Co Ltd Com NPV 2,054 0.45

12,500 Sanrio Co Ltd Com NPV 210 0.05

Transportation

37,800 Central Japan Railway Co Com NPV 3,509 0.77

87,600 East Japan Railway Co Com NPV 4,191 0.92

300,000 Hankyu Hanshin Holdings Inc Com NPV 1,052 0.23

62,000 Kamigumi Co Ltd Com NPV 357 0.08

133,000 Keihan Electric Railway Co Ltd Com NPV 424 0.09


£'000


Japan (cont)

Transportation (cont)


151,000 Keio Corp Com NPV 709 0.16


474,000 Kintetsu Corp Com NPV 1,023 0.22

282,000 Mitsui OSK Lines Ltd Com NPV 569 0.13

222,000 Nagoya Railroad Co Ltd Com NPV 548 0.12

223,000 Nippon Express Co Ltd Com NPV 684 0.15

427,000 Nippon Yusen KK Com NPV 770 0.17



297,000 Tokyu Corp Com NPV 1,143 0.25

43,100 West Japan Railway Co Com NPV 1,314 0.29

95,200 Yamato Holdings Co Ltd Com NPV 1,371 0.30

Tyres

170,300 Bridgestone Corp Com NPV 3,735 0.82

45,500 Sumitomo Rubber Industries Ltd Com NPV 442 0.10

Wholesale trade

16,400 Hitachi High-Technologies Corp Com NPV 303 0.07

55,700 Toyota Tsusho Corp Com NPV 841 0.18



Currency Amount


SoldUnderlying

Exposure (£) Maturity

date

Unrealised gain/(loss)

£'000



Forward currency contracts*

GBP 370,384,707 JPY 66,400,841,668 357,249,788 02/12/2014 13,135 2.89

GBP 15,378,605 JPY 2,805,669,366 15,095,061 02/12/2014 284 0.06

GBP 10,145,307 JPY 1,870,446,244 10,063,374 02/12/2014 82 0.02

GBP 5,132,703 JPY 935,223,122 5,031,687 02/12/2014 101 0.02

GBP 5,131,848 JPY 935,223,122 5,031,687 02/12/2014 100 0.02

GBP 448,123,775 JPY 83,221,137,544 448,104,827 05/01/2015 19 0.01

JPY 935,223,122 GBP 5,114,291 5,031,687 02/12/2014 (83) (0.02)


Total unrealised losses on forward currency contracts (83) (0.02)


No. of contracts

Underlying exposure

£’000 Fair value

£'000


Futures contracts

58 Topix Index Futures December 2014 4,125 277 0.06

Total unrealised losses on futures contracts 277 0.06


iSHARES V PLC





Fair value

£’000



Cash† 3,766 0.83





† Cash holdings of £3,828,095 are held with State Street Bank and Trust Company. £(61,625) is due as security for futures contracts with Barclays Plc. * The counterparty for forward currency contracts is State Street Bank and Trust Company.








Fair value £’000

% of total current value






iSHARES V PLC






£’000 Holding Investments Cost £’000

Sales Purchases

184,800 Toyota Motor Corp Com NPV 6,497 488,800 Toyota Motor Corp Com NPV 17,715

860,600 Mitsubishi UFJ Financial Group Inc Com NPV 3,025 2,295,000 Mitsubishi UFJ Financial Group Inc Com NPV 8,379

64,400 SoftBank Corp Com NPV 2,834 172,500 SoftBank Corp Com NPV 7,992

108,700 Honda Motor Co Ltd Com NPV 2,252 292,000 Honda Motor Co Ltd Com NPV 6,458

85,800 Sumitomo Mitsui Financial Group Inc Com NPV 2,147 228,800 Sumitomo Mitsui Financial Group Inc Com NPV 6,205

1,515,300 Mizuho Financial Group Inc Com NPV 1,777 4,122,400 Mizuho Financial Group Inc Com NPV 4,964

73,900 Japan Tobacco Inc Com NPV 1,525 110,100 KDDI Corp Com NPV 4,068

75,200 Canon Inc Com NPV 1,448 863,000 Hitachi Ltd Com NPV 4,032

320,000 Hitachi Ltd Com NPV 1,444 197,600 Japan Tobacco Inc Com NPV 3,958

52,000 Takeda Pharmaceutical Co Ltd Com NPV 1,424 140,800 Takeda Pharmaceutical Co Ltd Com NPV 3,922

37,900 KDDI Corp Com NPV 1,373 202,600 Canon Inc Com NPV 3,895

12,900 Fanuc Corp Com NPV 1,340 34,500 Fanuc Corp Com NPV 3,636

66,000 Mitsui Fudosan Co Ltd Com NPV 1,267 187,000 Mitsui Fudosan Co Ltd Com NPV 3,636

87,000 Mitsubishi Estate Co Ltd Com NPV 1,253 228,000 Mitsubishi Estate Co Ltd Com NPV 3,482

129,600 Astellas Pharma Inc Com NPV 1,234 135,000 Seven & i Holdings Co Ltd Com NPV 3,209

50,400 Seven & i Holdings Co Ltd Com NPV 1,211 223,500 Astellas Pharma Inc Com NPV 3,144

96,600 Mitsubishi Corp Com NPV 1,170 247,900 Mitsubishi Corp Com NPV 2,941

121,900 Mitsui & Co Ltd Com NPV 1,135 395,600 Panasonic Corp Com NPV 2,913

147,500 Panasonic Corp Com NPV 1,051 59,800 East Japan Railway Co Com NPV 2,817

22,400 East Japan Railway Co Com NPV 1,043 309,000 Mitsui & Co Ltd Com NPV 2,727





iSHARES V PLC

iShares MSCI Poland UCITS ETF


INCOME STATEMENT



2014 $’000


2013 $’000


Net (losses)/gains on financial assets/liabilities at fair value through profit or loss 3 (10,869) 7,842

Total (losses)/gains (8,297) 13,569


Net operating (loss)/profit (8,815) 12,973

Finance costs:



Net (loss)/profit for the financial year (8,816) 12,972


(Decrease)/increase in net assets attributable to redeemable participating shareholders

from operations (8,902) 13,081






2014 $’000


2013 $’000




Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 $’000

CURRENT ASSETS






CURRENT LIABILITIES



Payables 13 (176) (45)







iSHARES V PLC











2. OPERATING INCOME


2014 $’000


2013 $’000


Dividend Income 2,564 5,726


2,572 5,727




2014 $’000


2013 $’000

Net (losses)/gains on


fair value through profit or loss (10,761) 8,219

Net(losses)/ gains on futures

contracts (42) 204


(10,869) 7,842



2014 $’000


2013 $’000


(518) (596)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.74 0.74

6. INTEREST EXPENSE


2014 $’000


2013 $’000


(1) (1)

iSHARES V PLC










2014 $’000


2013 $’000














2014 $’000


2013 $’000


9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 2,700,000

As at 30 November 2013 3,500,000

As at 30 November 2012 1,500,000

$’000

Net asset value








11. RECEIVABLES

30 November 2014 $’000

30 November 2013 $’000



receivable 1 -

Tax reclaim receivable 35 -

314 9


Financial assets:

30 November 2014 $’000

30 November 2013 $’000


61,663 89,364


Unrealised losses on futures

contracts (14) -

(14) -

iSHARES V PLC





13. PAYABLES

30 November 2014 $’000

30 November 2013 $’000


settlement (141) -


(176) (45)





Company.



of the Company.



























agents share.

30 November 2014 $’000

30 November 2013 $’000



year end 2,364 -




instruments.







iSHARES V PLC






$'000



Equities

Poland

Apparel retailers

21,467 CCC SA Com PLN 0.10 928 1.49

853 LPP SA Com PLN 2.00 2,248 3.62

Banks

30,435 Bank Handlowy w Warszawie SA Com PLN 4.00 977 1.57

395,602 Bank Millennium SA Com PLN 1.00 901 1.45

122,275 Bank Pekao SA Com PLN 1.00 6,739 10.84

32,361 Bank Zachodni WBK SA Com PLN 10.00 3,776 6.08

1,111,141 Getin Noble Bank SA Com PLN 1.00 729 1.17

13,764 mBank Com PLN 4.00 2,067 3.33

815,259 Powszechna Kasa Oszczednosci Bank Polski SA Com PLN 1.00 9,103 14.65

Chemicals

46,211 Grupa Azoty SA Com PLN 5.00 861 1.39

493,162 Synthos SA Com PLN 0.03 610 0.98


42,358 Alior Bank SA Com PLN 10.00 998 1.61

Electricity

205,651 Enea SA Com PLN 1.00 1,097 1.76

192,898 Energa SA Com PLN 10.92 1,347 2.17

783,946 PGE SA Com PLN 10.00 4,525 7.28

979,736 Tauron Polska Energia SA Com PLN 5.00 1,510 2.43


611,378 Orange Polska SA Com PLN 3.00 1,723 2.77

Food products

77,467 Eurocash SA Com PLN 1.00 856 1.38

Insurance

52,297 Powszechny Zaklad Ubezpieczen SA Com PLN 1.00 7,470 12.02

Media

178,764 Cyfrowy Polsat SA Com PLN 0.04 1,317 2.12

Mining

130,441 KGHM Polska Miedz SA Com PLN 10.00 4,778 7.69

Oil & gas

86,124 Grupa Lotos SA Com PLN 1.00 688 1.11

298,880 Polski Koncern Naftowy Orlen SA Com PLN 1.25 4,025 6.48

1,649,152 Polskie Gornictwo Naftowe i Gazownictwo SA Com PLN 1.00 2,390 3.84

Total Poland 61,663 99.23


No. of contracts

Underlying exposure

$’000 Fair value

$'000



Futures contracts

27 WIG 20 Index Futures December 2014 404 (14) (0.03)

Total unrealised losses on futures contracts (14) (0.03)

Total financial derivative instruments (14) (0.03)

Fair value

$’000



Cash† 270 0.43





† Cash holdings of $215,424 are held with State Street Bank and Trust Company. $54,789 is held as security for futures contracts with Barclays Plc.








Fair value $’000





iSHARES V PLC







Sales Purchases

687,910 Powszechna Kasa Oszczednosci Bank Polski SA Com

PLN 1.00 8,902

341,291 Powszechna Kasa Oszczednosci Bank Polski SA

Com PLN 1.00 4,455

44,136 Powszechny Zaklad Ubezpieczen SA Com PLN 1.00 6,233 21,902 Powszechny Zaklad Ubezpieczen SA Com PLN 1.00 3,183

103,161 Bank Pekao SA Com PLN 1.00 6,126 51,174 Bank Pekao SA Com PLN 1.00 3,026

110,018 KGHM Polska Miedz SA Com PLN 10.00 4,042 935 LPP SA Com PLN 2.00 2,493

562,668 PGE SA Com PLN 10.00 3,374 353,501 PGE SA Com PLN 10.00 2,284

252,040 Polski Koncern Naftowy Orlen SA Com PLN 1.25 3,338 54,558 KGHM Polska Miedz SA Com PLN 10.00 2,150

20,409 Bank Zachodni WBK SA Com PLN 10.00 2,572 15,506 Bank Zachodni WBK SA Com PLN 10.00 1,905

1,391,222 Polskie Gornictwo Naftowe i Gazownictwo SA Com PLN 1.00 2,153 124,966 Polski Koncern Naftowy Orlen SA Com PLN 1.25 1,691

11,599 mBank Com PLN 4.00 1,893 231,351 Energa SA Com PLN 10.92 1,461

516,147 Orange Polska SA Com PLN 3.00 1,718 1,359,333 Getin Noble Bank SA Com PLN 1.00 1,424

826,252 Tauron Polska Energia SA Com PLN 5.00 1,282 690,060 Polskie Gornictwo Naftowe i Gazownictwo SA Com PLN 1.00 1,120

25,761 Bank Handlowy w Warszawie SA Com PLN 4.00 923 5,764 mBank Com PLN 4.00 955

334,415 Bank Millennium SA Com PLN 1.00 901 21,467 CCC SA Com PLN 0.10 950

130,836 Cyfrowy Polsat SA Com PLN 0.04 892 256,211 Orange Polska SA Com PLN 3.00 847

31,881 Alior Bank SA Com PLN 10.00 859 168,113 Enea SA Com PLN 1.00 824

65,129 Eurocash SA Com PLN 1.00 853 409,703 Tauron Polska Energia SA Com PLN 5.00 672

78,939 Kernel Holding SA Com NPV 798 23,581 Alior Bank SA Com PLN 10.00 635

82,752 Jastrzebska Spolka Weglowa SA Com PLN 5.00 787 25,489 Grupa Azoty SA Com PLN 5.00 592

417,974 Synthos SA Com PLN 0.03 660 78,318 Cyfrowy Polsat SA Com PLN 0.04 568

138,314 Enea SA Com PLN 1.00 654 12,822 Bank Handlowy w Warszawie SA Com PLN 4.00 480





iSHARES V PLC

iShares MSCI USA UCITS ETF*


INCOME STATEMENT



2014 $’000


2013 $’000




Operating expenses** 4 (382) (486)


Finance costs:






Adjustment to align to the valuation methodology as set out in the prospectus 7 (25) (20)



financial year, all amounts relate to discontinued operations.




2014 $’000


2013 $’000



Share transactions:



Transfer due to merger out of the Company*** (177,059) -


Net assets attributable to redeemable participating shareholders at the end of the year - 149,875

* The Fund closed on 18 August 2014. ** Termination expenses are borne outside of the Fund and paid by BlackRock. *** Effective 18 August 2014 iShares MSCI USA UCITS ETF merged into iShares MSCI USA - B UCITS ETF, a Fund of iShares VII Plc, the exchange ratio used to calculate the number of shares in the Receiving Fund issued to former shareholders of the Merging Fund was 0.245811029.


iSHARES V PLC



BALANCE SHEET



30 November 2013 $’000

CURRENT ASSETS

Cash and cash equivalents - 4,726

Margin cash account - 31

Receivables 11 - 598

Financial assets at fair value through profit or loss 12 - 149,425

Total current assets - 154,780

CURRENT LIABILITIES

Payables 13 - (4,930)

Total current liabilities excluding net assets attributable to redeemable participating shareholders - (4,930)

Net assets attributable to redeemable participating shareholders - 149,850

Adjustment to align to the valuation methodology as set out in the prospectus 7 - 25

Net asset value attributable to redeemable participating shareholders at the end of the year - 149,875

* The Fund closed on 18 August 2014.


iSHARES V PLC

iShares MSCI USA UCITS ETF










2. OPERATING INCOME


2014 $’000


2013 $’000


2,336 2,756




2014 $’000


2013 $’000




Net gains on future contracts 56 130

13,649 29,960



2014 $’000


2013 $’000


(382) (486)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.33 0.33

6. INTEREST EXPENSE


2014 $’000


2013 $’000

Bank interest - (3)

- (3)

iSHARES V PLC










2014 $’000


2013 $’000




out in the prospectus (25) (20)

Total adjustment for the year (25) (20)

Balance carried forward - 25








2014 $’000


2013 $’000


9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares




Balance at the end of year - 3,800,000


SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 -

As at 30 November 2013 3,800,000

As at 30 November 2012 3,800,000

$’000

Net asset value








11. RECEIVABLES

30 November 2014 $’000

30 November 2013 $’000

Sale of securities

awaiting settlement - 364

Dividend income receivable - 234

- 598


Financial assets:

30 November 2014 $’000

30 November 2013 $’000

Investment in equities - 149,411


contracts - 14

- 149,425

13. PAYABLES

30 November 2014 $’000

30 November 2013 $’000


settlement - (4,896)

Management fees payable - (34)

- (4,930)

iSHARES V PLC









Company.



of the Company.






iSHARES V PLC







Sales Purchases




36,441 Johnson & Johnson Com USD 1.00 3,136 1,199 Google Inc Com USD 0.001 1,194

130,258 General Electric Co Com USD 0.06 3,112 25,279 Verizon Communications Inc Com USD 0.10 1,189

24,690 Chevron Corp Com USD 0.75 2,848 11,553 Johnson & Johnson Com USD 1.00 1,108

64,522 Wells Fargo & Co Com USD 1.666 2,662 40,269 General Electric Co Com USD 0.06 1,043

34,878 Procter & Gamble Co Com NPV 2,658 20,281 Wells Fargo & Co Com USD 1.666 966

13,392 International Business Machines Corp Com USD 0.20 2,534 15,630 JPMorgan Chase & Co Com USD 1.00 912

48,863 JPMorgan Chase & Co Com USD 1.00 2,505 7,631 Chevron Corp Com USD 0.75 904

84,304 Pfizer Inc Com USD 0.05 2,383 10,781 Procter & Gamble Co Com NPV 863

68,444 AT&T Inc Com USD 1.00 2,328 25,843 Pfizer Inc Com USD 0.05 808

50,387 Verizon Communications Inc Com USD 0.10 2,324 4,131 International Business Machines Corp Com USD 0.20 780

3,618 Google Inc Com USD 0.001 2,072 21,140 AT&T Inc Com USD 1.00 723

51,094 Coca-Cola Co Com USD 0.25 1,967 42,518 Bank of America Corp Com USD 0.01 705

137,534 Bank of America Corp Com USD 0.01 1,868 12,068 Merck & Co Inc Com USD 0.50 661

37,938 Merck & Co Inc Com USD 0.50 1,839 15,795 Coca-Cola Co Com USD 0.25 616

38,923 Citigroup Inc Com USD 0.01 1,749 12,230 Citigroup Inc Com USD 0.01 610

20,814 Philip Morris International Inc Com NPV 1,740 1,746 Amazon.com Inc Com USD 0.01 605

46,342 Oracle Corp Com USD 0.01 1,628 15,594 Oracle Corp Com USD 0.01 600

* The Fund closed on 18 August 2014.





iSHARES V PLC



INCOME STATEMENT



2014 €’000


2013 €’000






Finance costs:




Non-reclaimable withholding tax (1,881) (589)









2014 €’000


2013 €’000



Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS






CURRENT LIABILITIES



Payables 13 (2,676) (8,724)







iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000





16,616 5,144

* The Fund received a management fee rebate in relation to its investment in iShares Core MSCI Japan IMI UCITS ETF.




2014 €’000


2013 €’000




Net (losses)/gains on forward

currency contracts (32,606) 10,374

Net gains on futures contracts 819 1,743

Net (losses)/gains on other

investments (299) 1,196

63,228 48,726



2014 €’000


2013 €’000


(3,631) (1,180)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.55 0.55

6. INTEREST EXPENSE


2014 $’000


2013 $’000


(4) (2)

iSHARES V PLC










2014 €’000


2013 €’000














2014 €’000


2013 €’000


9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 12,400,000

As at 30 November 2013 18,200,000

As at 30 November 2012 3,600,000

€’000

Net asset value








11. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000

Sale of securities

awaiting settlement 454 1,752



receivable - 3


receivable 7 3


1,612 2,957


Financial assets:

30 November 2014 €’000

30 November 2013 €’000



Investment in UCITS exchange

traded schemes - 7,320



Unrealised gains on futures 65 489

500,503 648,822

iSHARES V PLC






(continued)


30 November 2014 €’000

30 November 2013 €’000


currency contracts (1,476) (1,044)

(1,476) (1,044)

13. PAYABLES

30 November 2014 €’000

30 November 2013 €’000


settlement (2,470) (8,459)


(2,676) (8,724)





Company.



of the Company.



























agents share.

30 November 2014 €’000

30 November 2013 €’000



year end 23,168 3,957




instruments.







iSHARES V PLC






€'000



Equities

Australia

Banks

51,722 Australia & New Zealand Banking Group Ltd Com NPV 1,130 0.23

30,164 Commonwealth Bank of Australia Com NPV 1,667 0.33


58,017 Westpac Banking Corp Com NPV 1,293 0.26

Beverages

15,332 Coca-Cola Amatil Ltd Com NPV 96 0.02

17,085 Treasury Wine Estates Ltd Com NPV 55 0.01

Biotechnology



7,449 Boral Ltd Com NPV 25 0.01

Chemicals

47,602 Incitec Pivot Ltd Com NPV 93 0.02

Commercial services


45,989 Transurban Group Misc NPV 262 0.05

Computers

4,760 Computershare Ltd Com NPV 38 0.01




2,106 ASX Ltd Com NPV 52 0.01


Electricity


85,348 AusNet Services Misc NPV 77 0.02



12,734 Sydney Airport Misc NPV 38 0.00

5,228 WorleyParsons Ltd Com NPV 40 0.01

Entertainment

11,534 Tatts Group Ltd Com NPV 27 0.01



Gold mining



1,591 Ramsay Health Care Ltd Com NPV 59 0.01

5,618 Sonic Healthcare Ltd Com NPV 67 0.01

Healthcare products

948 Cochlear Ltd Com NPV 45 0.01


€'000


Australia (cont)



Insurance

65,449 AMP Ltd Com NPV 253 0.05




Internet

5,169 Seek Ltd Com NPV 60 0.01

Iron & steel

23,192 Fortescue Metals Group Ltd Com NPV 46 0.01

Lodging

3,414 Crown Resorts Ltd Com NPV 34 0.01

Mining

65,279 Alumina Ltd Com NPV 75 0.01

58,443 BHP Billiton Ltd Com NPV 1,237 0.25





6,294 ALS Ltd Com NPV 21 0.00

Oil & gas

2,364 Caltex Australia Ltd Com NPV 49 0.01



Pipelines

11,609 APA Group Misc NPV 63 0.01


9,124 Lend Lease Group Misc NPV 96 0.02


15,715 Dexus Property Group Reits NPV 76 0.01

56,054 Goodman Group Reits NPV 209 0.04

32,413 GPT Group Reits NPV 92 0.02

39,791 Mirvac Group Reits NPV 48 0.01


70,736 Stockland Reits NPV 199 0.04


Telecommunications


Transportation

26,325 Aurizon Holdings Ltd Com NPV 83 0.02

6,000 Toll Holdings Ltd Com NPV 23 0.00

Travel & tourism

1,418 Flight Centre Travel Group Ltd Com NPV 39 0.01


iSHARES V PLC






€'000


Equities (cont)

Austria

Banks


2,771 Raiffeisen Bank International AG Com NPV 46 0.01


1,745 Andritz AG Com NPV 75 0.01


1,816 OMV AG Com NPV 42 0.01

Iron & steel

2,585 Voestalpine AG Com NPV 86 0.02


19,411 Immofinanz AG Com NPV 47 0.01


Belgium

Banks


Beverages

14,791 Anheuser-Busch InBev NV Com NPV 1,396 0.28

Chemicals

1,238 Solvay SA Com NPV 137 0.03


2,902 Umicore SA Com NPV 95 0.02

Food

733 Colruyt SA Com NPV 28 0.01

2,405 Delhaize Group SA Com NPV 141 0.03


2,179 Groupe Bruxelles Lambert SA Com NPV 158 0.03

Insurance

4,948 Ageas Com NPV 142 0.03

Pharmaceuticals

2,514 UCB SA Com NPV 159 0.03

Telecommunications



Bermuda

Agriculture

3,444 Bunge Ltd Com USD 0.01 251 0.05

Apparel retailers

17,000 Yue Yuen Industrial Holdings Ltd Com HKD 0.25 49 0.01






€'000


Bermuda (cont)


124,000 Noble Group Ltd Com HKD 0.25 93 0.02

Insurance

2,516 Arch Capital Group Ltd Com USD 0.01 116 0.02

543 Everest Re Group Ltd Com USD 0.01 76 0.02

491 PartnerRe Ltd Com USD 1.00 46 0.01

164 RenaissanceRe Holdings Ltd Com USD 1.00 13 0.00

Oil & gas

4,833 Nabors Industries Ltd Com USD 0.001 51 0.01


Semiconductors

6,157 Marvell Technology Group Ltd Com USD 0.002 71 0.01



Apparel retailers



Canada



Banks


22,968 Bank of Nova Scotia Com NPV 1,138 0.23



26,770 Royal Bank of Canada Com NPV 1,565 0.31

34,561 Toronto-Dominion Bank Com NPV 1,398 0.28




2,392 Gildan Activewear Inc Com NPV 111 0.02

Computers


3,030 CGI Group Inc Com NPV 89 0.02


988 CI Financial Corp Com NPV 23 0.01

1,994 IGM Financial Inc Com NPV 67 0.01

Electricity




6,327 BCE Inc Com NPV 237 0.05

3,600 Telus Corp Com NPV 109 0.02

iSHARES V PLC






€'000


Equities (cont)

Canada (cont)



204 Empire Co Ltd Com NPV 12 0.00

875 George Weston Ltd Com NPV 61 0.01

5,164 Loblaw Cos Ltd Com NPV 222 0.05

1,109 Metro Inc Com NPV 69 0.01

3,698 Saputo Inc Com NPV 86 0.02

Gas

829 Canadian Utilities Ltd Com NPV 23 0.01

1,036 Keyera Corp Com NPV 62 0.01

Gold mining




3,291 Franco-Nevada Corp Com NPV 132 0.03



9,558 New Gold Inc Com NPV 30 0.01



5,072 Finning International Inc Com NPV 90 0.02

Heavy construction

4,163 SNC-Lavalin Group Inc Com NPV 126 0.03

Insurance


5,271 Great-West Lifeco Inc Com NPV 125 0.03

1,944 Industrial Alliance Insurance & Financial Services Inc Com NPV 65 0.01

1,538 Intact Financial Corp Com NPV 86 0.02


6,346 Power Corp of Canada Com NPV 145 0.03

4,440 Power Financial Corp Com NPV 112 0.02


Mining

7,376 Cameco Corp Com NPV 110 0.02

9,481 First Quantum Minerals Ltd Com NPV 124 0.03


14,614 Turquoise Hill Resources Ltd Com NPV 38 0.01


30,847 Bombardier Inc Com NPV 95 0.02

Oil & gas

5,459 ARC Resources Ltd Com NPV 104 0.02

1,375 Baytex Energy Corp Com NPV 23 0.00




7,116 Crescent Point Energy Corp Com NPV 148 0.03


€'000


Canada (cont)

Oil & gas (cont)


3,039 Enerplus Corp Com NPV 32 0.01

5,453 Husky Energy Inc Com NPV 93 0.02

5,335 Imperial Oil Ltd Com NPV 186 0.04

2,052 MEG Energy Corp Com NPV 27 0.01

5,805 Pacific Rubiales Energy Corp Com NPV 45 0.01

8,263 Penn West Petroleum Ltd Com NPV 24 0.00

2,074 Peyto Exploration & Development Corp Com NPV 49 0.01



2,575 Tourmaline Oil Corp Com NPV 69 0.01

1,370 Vermilion Energy Inc Com NPV 51 0.01

Pharmaceuticals

3,372 Catamaran Corp Com NPV 137 0.03


Pipelines


4,400 Inter Pipeline Ltd Com NPV 101 0.02

5,076 Pembina Pipeline Corp Com NPV 139 0.03




Publishing

8,236 Thomson Reuters Corp Com NPV 264 0.05

Railroads






290 RioCan Real Estate Investment Trust NPV 6 0.00

Retail

1,227 Canadian Tire Corp Ltd Com NPV 111 0.02

1,744 Dollarama Inc Com NPV 65 0.02

3,013 Tim Hortons Inc Com NPV 202 0.04

Software

3,152 Open Text Corp Com NPV 150 0.03

Specialty chemicals


1,239 Methanex Corp Com NPV 50 0.01


Specialty finance

630 Onex Corp Com NPV 29 0.01

iSHARES V PLC






€'000


Equities (cont)

Canada (cont)

Telecommunications



Cayman Islands

Hotels



Pharmaceuticals

1,529 Herbalife Ltd Com USD 0.002 53 0.01

Semiconductors

5,500 ASM Pacific Technology Ltd Com HKD 0.10 45 0.01


Curacao

Oil & gas services

23,459 Schlumberger Ltd Com USD 0.01 1,618 0.32

Total Curacao 1,618 0.32

Denmark

Banks


Beverages

2,319 Carlsberg A/S Com DKK 20.00 166 0.03

Chemicals




Healthcare products

2,489 Coloplast A/S Com DKK 1.00 173 0.04

77 William Demant Holding A/S Com DKK 1.00 5 0.00



Pharmaceuticals

37,604 Novo Nordisk A/S Com DKK 0.20 1,379 0.28

Retail

2,058 Pandora A/S Com DKK 1.00 147 0.03

Telecommunications

13,721 TDC A/S Com DKK 1.00 89 0.02

Transportation

3,372 DSV A/S Com DKK 1.00 85 0.02



€'000


Finland


3,042 Nokian Renkaat Oyj Com NPV 69 0.01

Electricity





Insurance



1,954 Neste Oil Oyj Com NPV 37 0.01


6,021 Kone Oyj Com NPV 223 0.05

1,314 Metso Oyj Com NPV 33 0.01

3,306 Wartsila Oyj Abp Com NPV 119 0.02

Pharmaceuticals

1,271 Orion Oyj Com EUR 0.65 35 0.01

Telecommunications



France

Advertising


Aerospace

4,501 Safran SA Com EUR 0.20 234 0.05

2,540 Zodiac Aerospace Com NPV 68 0.01

Apparel retailers

1,181 Christian Dior SA Com EUR 2.00 182 0.04


Auto manufacturers




1,237 Valeo SA Com EUR 3.00 122 0.02

Banks

19,964 BNP Paribas SA Com EUR 2.00 1,029 0.21


17,781 Natixis SA Com EUR 1.60 101 0.02


Beverages


347 Remy Cointreau SA Com EUR 1.60 21 0.00




iSHARES V PLC






€'000


Equities (cont)

France (cont)

Chemicals


1,232 Arkema SA Com EUR 10.00 67 0.01

Commercial services

5,191 Bureau Veritas SA Com EUR 0.12 99 0.02

4,862 Edenred Com EUR 2.00 113 0.02

Computer services

3,549 Cap Gemini SA Com EUR 8.00 209 0.04

Defence

974 Thales SA Com EUR 3.00 42 0.01


5,330 Legrand SA Com EUR 4.00 225 0.05


Electricity

4,242 Electricite de France SA Com EUR 0.50 102 0.02

25,922 GDF Suez Com EUR 1.00 514 0.10


4,441 Bouygues SA Com EUR 1.00 135 0.03

9,438 Vinci SA Com EUR 2.50 410 0.08

Food


1,332 Casino Guichard Perrachon SA Com EUR 1.53 103 0.02

10,842 Danone SA Com EUR 0.25 615 0.12

1,938 Sodexo SA Com EUR 4.00 157 0.03

Healthcare products


Hotels

3,555 Accor SA Com EUR 3.00 135 0.03

Insurance

33,234 AXA SA Com EUR 2.29 645 0.13

2,522 SCOR SE Com EUR 7.876972 63 0.01

Internet



4,508 Alstom SA Com EUR 7.00 127 0.03

Metal products

2,695 Vallourec SA Com EUR 2.00 72 0.01

Oil & gas

39,878 Total SA Com EUR 2.50 1,793 0.36


2,074 Technip SA Com EUR 0.7625 108 0.02

Personal products

4,497 L'Oreal SA Com EUR 0.20 617 0.12

Pharmaceuticals

22,132 Sanofi Com EUR 2.00 1,723 0.35


€'000


France (cont)


836 Klepierre Reits EUR 1.40 30 0.01

2,135 Unibail-Rodamco SE Reits EUR 5.00 454 0.09

Retail

1,547 Kering Com EUR 4.00 257 0.05

Software

2,817 Dassault Systemes Com EUR 0.50 148 0.03

Specialty finance

1,232 Wendel SA Com EUR 4.00 117 0.02

Telecommunications


36,277 Orange SA Com EUR 4.00 514 0.10


Transportation

14,851 Groupe Eurotunnel SA Com EUR 0.40 154 0.03

Water

4,490 Suez Environnement Co Com EUR 4.00 64 0.01



Germany

Airlines

5,055 Deutsche Lufthansa AG Com NPV 72 0.01

Apparel retailers

568 Hugo Boss AG Com NPV 60 0.01

Auto manufacturers


18,098 Daimler AG Com NPV 1,225 0.25

2,967 Porsche Automobil Holding SE Pref NPV 208 0.04


2,980 Volkswagen AG Pref NPV 552 0.11


2,263 Continental AG Com NPV 383 0.08

Banks




3,188 HeidelbergCement AG Com NPV 194 0.04

Chemicals

16,703 BASF SE Com NPV 1,216 0.24

3,432 Brenntag AG Com NPV 152 0.03

3,646 K&S AG Com NPV 88 0.02

1,760 Lanxess AG Com NPV 70 0.01




iSHARES V PLC






€'000


Equities (cont)

Germany (cont)


1,308 OSRAM Licht AG Com NPV 44 0.01

Electricity

37,315 E.ON SE Com NPV 532 0.11

9,377 RWE AG Com NPV 273 0.05



Footwear






4,305 GEA Group AG Com NPV 165 0.03

Insurance

8,481 Allianz SE Com NPV 1,172 0.24

1,625 Hannover Rueck SE Com NPV 116 0.02


Internet

2,327 United Internet AG Com NPV 82 0.02

Iron & steel



479 MAN SE Com NPV 44 0.01

Media


3,159 ProSiebenSat.1 Media AG Com NPV 108 0.02


14,603 Siemens AG Com NPV 1,388 0.28




2,028 Henkel AG & Co KGaA Com NPV 161 0.03


Personal products

2,091 Beiersdorf AG Com NPV 149 0.03

Pharmaceuticals

15,446 Bayer AG Com NPV 1,863 0.37

792 Celesio AG Com NPV 21 0.01

2,650 Merck KGaA Com NPV 212 0.04


5,752 Deutsche Wohnen AG Com NPV 111 0.02

Semiconductors



€'000


Germany (cont)

Software

17,125 SAP SE Com NPV 972 0.19

Transportation



Guernsey

Insurance

24,198 Friends Life Group Ltd Com NPV 112 0.02

Total Guernsey 112 0.02

Hong Kong

Banks









Electricity



Gas distribution




Hotels



Insurance

223,000 AIA Group Ltd Com NPV 1,032 0.21



57,000 Hang Lung Properties Ltd Com NPV 137 0.03

17,820 Henderson Land Development Co Ltd Com NPV 96 0.02

156,000 New World Development Co Ltd Com NPV 149 0.03

56,000 Sino Land Co Ltd Com NPV 74 0.01


20,000 Wheelock & Co Ltd Com NPV 80 0.01


61,500 Link REIT NPV 313 0.06


iSHARES V PLC






€'000


Equities (cont)

Ireland

Banks



15,724 CRH Plc Com EUR 0.32 299 0.06

6,310 James Hardie Industries Plc Receipt EUR 0.59 52 0.01

Computers


6,015 Seagate Technology Plc Com USD 0.00001 319 0.07

Electronics


Food

2,590 Kerry Group Plc Com EUR 0.125 155 0.03

Healthcare products


Insurance

2,136 Willis Group Holdings Plc Com USD 0.000115 73 0.02

7,642 XL Group Plc Com USD 0.01 218 0.04





Oil & gas services


Pharmaceuticals

4,986 Actavis Plc Com USD 0.0033 1,084 0.22

1,879 Endo International Plc Com USD 0.0001 110 0.02


1,699 Mallinckrodt Plc Com USD 0.20 126 0.02

2,630 Perrigo Co Plc Com NPV 338 0.07


Isle of Man

Hotels



Israel

Banks

16,827 Bank Hapoalim BM Com ILS 1.00 67 0.02

21,420 Bank Leumi Le-Israel BM Com ILS 0.10 61 0.01

Chemicals



€'000


Israel (cont)

Pharmaceuticals


Telecommunications

25,820 Bezeq The Israeli Telecommunication Corp Ltd Com ILS 1.00 37 0.01

2,373 NICE-Systems Ltd Com ILS 1.00 90 0.01

Total Israel 1,054 0.21

Italy

Aerospace & defence

7,137 Finmeccanica SpA Com EUR 4.40 56 0.01

Banks

87,292 Banca Monte dei Paschi di Siena SpA Com NPV 57 0.01



11,393 Mediobanca SpA Com EUR 0.50 82 0.02



Commercial services



2,527 Prysmian SpA Com EUR 0.10 36 0.01

Electricity

41,780 Enel Green Power SpA Com EUR 0.20 81 0.02

121,478 Enel SpA Com EUR 1.00 471 0.09

32,232 Terna Rete Elettrica Nazionale SpA Com EUR 0.22 125 0.03


94,880 Telecom Italia SpA Misc NPV 68 0.01

Gas distribution


Insurance


15,928 UnipolSai SpA Com NPV 37 0.01

Oil & gas

46,403 Eni SpA Com NPV 745 0.15

Oil & gas services


Retail

2,832 Luxottica Group SpA Com EUR 0.06 122 0.03

Telecommunications


Tyres

4,307 Pirelli & C. SpA Com NPV 49 0.01


iSHARES V PLC






€'000


Equities (cont)

Japan

Airlines


2,800 Japan Airlines Co Ltd Com NPV 66 0.01

Apparel retailers

800 ABC-Mart Inc Com NPV 32 0.01



600 Shimamura Co Ltd Com NPV 40 0.01

Auto parts

2,800 Aisin Seiki Co Ltd Com NPV 80 0.02





6,100 NHK Spring Co Ltd Com NPV 42 0.01

2,200 NOK Corp Com NPV 44 0.01

2,800 Stanley Electric Co Ltd Com NPV 49 0.01


1,400 Toyoda Gosei Co Ltd Com NPV 22 0.00



Automobiles





12,300 Isuzu Motors Ltd Com NPV 128 0.02




6,100 Suzuki Motor Corp Com NPV 154 0.03


Banks



23,000 Bank of Yokohama Ltd Com NPV 104 0.02










228,000 Mitsubishi UFJ Financial Group Inc Com NPV 1,056 0.21


€'000


Japan (cont)

Banks (cont)









7,000 Yamaguchi Financial Group Inc Com NPV 56 0.01

Beverages





2,400 Toho Co Ltd Com NPV 43 0.01

Broadline retailers

9,900 Aeon Co Ltd Com NPV 79 0.02

1,300 Don Quijote Holdings Co Ltd Com NPV 65 0.01








900 Rinnai Corp Com NPV 54 0.01








Commodity chemicals






Computers


900 Itochu Techno-Solutions Corp Com NPV 28 0.01

2,100 Nomura Research Institute Ltd Com NPV 53 0.01

iSHARES V PLC






€'000


Equities (cont)

Japan (cont)

Computers (cont)

2,300 NTT Data Corp Com NPV 70 0.01

1,100 Otsuka Corp Com NPV 30 0.01

2,500 TDK Corp Com NPV 121 0.02





3,400 Aeon Financial Service Co Ltd Com NPV 59 0.01



4,600 Japan Exchange Group Inc Com NPV 94 0.02





33,000 IHI Corp Com NPV 134 0.03





700 Mabuchi Motor Co Ltd Com NPV 45 0.01



Electricity



2,700 Electric Power Development Co Ltd Com NPV 75 0.01







Electronics

1,700 Hamamatsu Photonics KK Com NPV 69 0.01

700 Hirose Electric Co Ltd Com NPV 71 0.02


2,800 Ibiden Co Ltd Com NPV 33 0.01


5,500 Kyocera Corp Com NPV 216 0.04




3,300 Omron Corp Com NPV 123 0.03


€'000


Japan (cont)

Electronics (cont)







1,400 Kurita Water Industries Ltd Com NPV 23 0.00

Food products


1,800 Calbee Inc Com NPV 50 0.01


1,300 MEIJI Holdings Co Ltd Com NPV 94 0.02



1,300 Nissin Foods Holdings Co Ltd Com NPV 52 0.01



1,700 Yakult Honsha Co Ltd Com NPV 72 0.01



1,900 FamilyMart Co Ltd Com NPV 56 0.01

1,500 Lawson Inc Com NPV 74 0.02



Gambling

1,100 Sankyo Co Ltd Com NPV 28 0.01

Gas distribution






2,300 Makita Corp Com NPV 93 0.02

1,000 SMC Corp Com NPV 220 0.04

2,300 THK Co Ltd Com NPV 45 0.01


1,500 Miraca Holdings Inc Com NPV 46 0.01

Healthcare products


Heavy construction





iSHARES V PLC






€'000


Equities (cont)

Japan (cont)

Home construction

11,500 Daiwa House Industry Co Ltd Com NPV 176 0.03



9,100 Sekisui House Ltd Com NPV 98 0.02

Home furnishings





1,500 Nitori Holdings Co Ltd Com NPV 67 0.01




1,400 Hitachi Construction Machinery Co Ltd Com NPV 24 0.01


2,200 Nabtesco Corp Com NPV 42 0.01




8,900 JFE Holdings Inc Com NPV 152 0.03



700 Yamato Kogyo Co Ltd Com NPV 16 0.00







Insurance




Internet


3,500 M3 Inc Com NPV 48 0.01

2,900 Nexon Co Ltd Com NPV 22 0.00



2,300 Trend Micro Inc Com NPV 56 0.01



€'000


Japan (cont)

Leisure time




29,000 Kawasaki Heavy Industries Ltd Com NPV 102 0.02




Media agencies

3,600 Dentsu Inc Com NPV 108 0.02


Medical equipment

4,500 Olympus Corp Com NPV 131 0.02

2,900 Sysmex Corp Com NPV 100 0.02



100 Maruichi Steel Tube Ltd Com NPV 2 0.00

10,000 NSK Ltd Com NPV 101 0.02

Mining


10,000 Sumitomo Metal Mining Co Ltd Com NPV 123 0.03











11,300 Ricoh Co Ltd Com NPV 98 0.02

2,500 Seiko Epson Corp Com NPV 97 0.02

Oil & gas






Personal products




Pharmaceuticals

2,800 Alfresa Holdings Corp Com NPV 26 0.01


3,700 Chugai Pharmaceutical Co Ltd Com NPV 80 0.02

iSHARES V PLC






€'000


Equities (cont)

Japan (cont)




1,700 Hisamitsu Pharmaceutical Co Inc Com NPV 41 0.01




1,600 Ono Pharmaceutical Co Ltd Com NPV 110 0.02

7,000 Otsuka Holdings Co Ltd Com NPV 178 0.03

1,700 Santen Pharmaceutical Co Ltd Com NPV 76 0.01

6,300 Shionogi & Co Ltd Com NPV 126 0.02


1,700 Suzuken Co Ltd Com NPV 35 0.01

800 Taisho Pharmaceutical Holdings Co Ltd Com NPV 40 0.01




6,900 Sompo Japan Nipponkoa Holdings Inc Com NPV 137 0.03


Publishing



3,500 Aeon Mall Co Ltd Com NPV 48 0.01

1,500 Daito Trust Construction Co Ltd Com NPV 136 0.03





5,000 NTT Urban Development Corp Com NPV 41 0.01








29 Nippon Building Fund Inc Reits NPV 117 0.03

34 Nippon Prologis REIT Inc NPV 59 0.01


€'000


Japan (cont)

Real estate investment trusts (cont)



1,600 Shimano Inc Com NPV 174 0.03



900 Oriental Land Co Ltd Com NPV 157 0.03

Restaurants & bars

1,400 McDonald's Holdings Co Japan Ltd Com NPV 26 0.01

Retail



Semiconductors


1,900 Rohm Co Ltd Com NPV 99 0.02


Software


2,600 Konami Corp Com NPV 39 0.01

800 Oracle Corp Japan Com NPV 24 0.00


1,500 Benesse Holdings Inc Com NPV 37 0.01


Specialty chemicals

3,000 Air Water Inc Com NPV 39 0.01


900 Hitachi Chemical Co Ltd Com NPV 13 0.00






2,900 Nitto Denko Corp Com NPV 123 0.03


Specialty retailers



Telecommunications


Textile


Tobacco


iSHARES V PLC






€'000


Equities (cont)

Japan (cont)

Toys


1,800 Nintendo Co Ltd Com NPV 167 0.03

1,400 Sanrio Co Ltd Com NPV 29 0.01

Transportation

2,500 Central Japan Railway Co Com NPV 291 0.06


26,000 Hankyu Hanshin Holdings Inc Com NPV 115 0.02

7,000 Kamigumi Co Ltd Com NPV 51 0.01




38,000 Kintetsu Corp Com NPV 103 0.02







2,800 West Japan Railway Co Com NPV 107 0.02

6,100 Yamato Holdings Co Ltd Com NPV 110 0.02

Tyres



Wholesale trade

1,100 Hitachi High-Technologies Corp Com NPV 25 0.01



Jersey

Advertising

27,014 WPP Plc Com GBP 0.10 454 0.09


4,633 Delphi Automotive Plc Com USD 0.01 271 0.05

Commercial services




Gold mining

1,564 Randgold Resources Ltd Com USD 0.05 84 0.02

Mining


Oil & gas services

5,000 Petrofac Ltd Com USD 0.02 52 0.01


€'000


Jersey (cont)

Pharmaceuticals

11,242 Shire Plc Com GBP 0.05 644 0.13


Liberia

Leisure time

1,879 Royal Caribbean Cruises Ltd Com USD 0.01 111 0.02


Luxembourg



Iron & steel


Media



8,077 Tenaris SA Com USD 1.00 108 0.02

Oil & gas services

7,072 Subsea 7 SA Com USD 2.00 57 0.01

Telecommunications

1,645 Altice SA Com EUR 0.01 89 0.02

1,711 Millicom International Cellular SA Receipt USD 1.50 114 0.02


Mauritius

Agriculture



Netherlands

Aerospace


Auto manufacturers

17,442 Fiat Chrysler Automobiles NV Com EUR 0.01 175 0.03

Banks


Beverages

2,358 Heineken Holding NV Com EUR 1.60 130 0.03


Chemicals



iSHARES V PLC






€'000


Equities (cont)

Netherlands (cont)

Chemicals (cont)


1,628 OCI NV Com EUR 1.00 47 0.01

Commercial services

1,582 Randstad Holding NV Com EUR 0.10 63 0.01


1,612 Gemalto NV Com EUR 1.00 110 0.02

Electronics


1,558 Sensata Technologies Holding NV Com USD 0.01 62 0.01


1,179 Chicago Bridge & Iron Co NV Com EUR 0.01 47 0.01

Food


Healthcare products

3,202 Qiagen NV Com EUR 0.01 62 0.01

Insurance

32,971 Aegon NV Com EUR 0.12 208 0.04

2,966 Delta Lloyd NV Com EUR 0.20 55 0.01


16,126 CNH Industrial NV Com EUR 0.01 101 0.02


1,115 Koninklijke Vopak NV Com EUR 0.50 45 0.01

Media

4,049 Nielsen NV Com EUR 0.07 136 0.03





Personal products


Semiconductors



Telecommunications


Transportation

7,351 TNT Express NV Com EUR 0.08 40 0.01


New Zealand


10,953 Fletcher Building Ltd Com NPV 57 0.01


€'000


New Zealand (cont)

Electricity

9,737 Contact Energy Ltd Com NPV 37 0.01


17,810 Auckland International Airport Ltd Com NPV 43 0.01




Norway

Banks

19,395 DNB ASA Com NOK 10.00 259 0.05

Chemicals

3,838 Yara International ASA Com NOK 1.70 131 0.03

Food

10,147 Orkla ASA Com NOK 1.25 60 0.01


31,490 Norsk Hydro ASA Com NOK 1.098 148 0.03


12,375 Telenor ASA Com NOK 6.00 210 0.04

Oil & gas



Panama

Leisure time



Portugal

Electricity


Food

7,895 Jeronimo Martins SGPS SA Com EUR 1.00 65 0.01


7,288 Galp Energia SGPS SA Com EUR 1.00 71 0.02


Singapore

Airlines

11,000 Singapore Airlines Ltd Com NPV 73 0.01

Banks



23,999 United Overseas Bank Ltd Com NPV 354 0.07

iSHARES V PLC






€'000


Equities (cont)

Singapore (cont)


3,000 Jardine Cycle & Carriage Ltd Com NPV 78 0.02


14,000 Singapore Exchange Ltd Com NPV 63 0.01

Electronics

8,135 Flextronics International Ltd Com NPV 72 0.01


4,000 Sembcorp Industries Ltd Com NPV 11 0.00

11,000 Singapore Technologies Engineering Ltd Com NPV 23 0.01



Food




Hotels

6,000 City Developments Ltd Com NPV 37 0.01


5,000 Sembcorp Marine Ltd Com NPV 10 0.00

24,000 Yangzijiang Shipbuilding Holdings Ltd Com NPV 18 0.01


11,000 StarHub Ltd Com NPV 28 0.01



68,000 Global Logistic Properties Ltd Com NPV 110 0.02

7,000 Keppel Land Ltd Com NPV 14 0.01

2,000 UOL Group Ltd Com NPV 8 0.00


34,000 Ascendas Real Estate Investment Trust NPV 49 0.01

35,000 CapitaCommercial Trust Reits NPV 36 0.01

62,000 CapitaMall Trust Reits NPV 76 0.01

Semiconductors


Transportation

28,000 ComfortDelGro Corp Ltd Com NPV 45 0.01

77,000 Hutchison Port Holdings Trust Unit NPV 42 0.01


Spain

Airlines



€'000


Spain (cont)

Banks




220,852 Banco Santander SA Com EUR 0.50 1,601 0.32

91,198 Bankia SA Com EUR 1.00 128 0.02


Commercial services


Electricity


1,041 Red Electrica Corp SA Com EUR 2.00 77 0.02


2,925 ACS Actividades de Construccion y Servicios SA Com EUR 0.50 83 0.02



Food


Gas distribution

901 Enagas SA Com EUR 1.50 24 0.01


Insurance

14,660 Mapfre SA Com EUR 0.10 43 0.01

Oil & gas

18,267 Repsol SA Com EUR 1.00 330 0.07

Pharmaceuticals


Retail


Software


Telecommunications

77,709 Telefonica SA Com EUR 1.00 1,001 0.20


Sweden

Apparel retailers


Banks





iSHARES V PLC






€'000


Equities (cont)

Sweden (cont)







Healthcare products

3,396 Elekta AB Com SEK 0.50 28 0.00

2,514 Getinge AB Com NPV 47 0.01


388 Industrivarden AB Com NPV 6 0.00


3,452 Electrolux AB Com NPV 83 0.02


2,182 Atlas Copco AB Class 'B' Com NPV 47 0.01

16,441 Atlas Copco AB Com NPV 381 0.08

5,804 Hexagon AB Com SEK 2.00 148 0.03



9,392 SKF AB Com SEK 2.50 155 0.03

Mining

989 Boliden AB Com SEK 2.11 13 0.00


2,909 Alfa Laval AB Com NPV 47 0.01

Oil & gas

4,791 Lundin Petroleum AB Com SEK 0.01 54 0.01

Personal products


Specialty finance

4,482 Investment AB Kinnevik Com NPV 125 0.02

10,845 Investor AB Com NPV 327 0.07

Telecommunications

3,244 Tele2 AB Com SEK 1.25 34 0.01


47,955 TeliaSonera AB Com NPV 275 0.05

Tobacco

5,215 Swedish Match AB Com NPV 145 0.03


Switzerland

Banks


Beverages

5,076 Coca-Cola HBC AG Com CHF 6.70 93 0.02

Biotechnology

1,024 Lonza Group AG Com CHF 1.00 97 0.02


€'000


Switzerland (cont)




30 Sika AG Com CHF 0.60 92 0.02

Chemicals


Commercial services

3,606 Adecco SA Com CHF 1.00 204 0.04

133 SGS SA Com CHF 1.00 231 0.05






1,479 Garmin Ltd Com CHF 10.00 68 0.01



42,537 ABB Ltd Com CHF 1.03 768 0.15

Food products

1,625 Aryzta AG Com CHF 0.02 104 0.02

59,148 Nestle SA Com CHF 0.10 3,573 0.71


725 Schindler Holding AG Com CHF 0.10 81 0.02

Healthcare products

1,410 Sonova Holding AG Com CHF 0.05 172 0.03

Insurance

6,195 ACE Ltd Com CHF 26.01 568 0.11

297 Baloise Holding AG Com CHF 0.10 31 0.01

543 Swiss Life Holding AG Com CHF 5.10 100 0.02




747 Kuehne & Nagel International AG Com CHF 1.00 81 0.02


784 Sulzer AG Com CHF 0.01 70 0.01

Oil & gas


Pharmaceuticals

2,027 Actelion Ltd Com CHF 0.50 194 0.04

42,774 Novartis AG Com CHF 0.50 3,328 0.66

13,039 Roche Holding AG Com NPV 3,140 0.63


922 Swiss Prime Site AG Com CHF 15.30 57 0.01

iSHARES V PLC






€'000


Equities (cont)

Switzerland (cont)

Retail




Specialty chemicals

1,835 Syngenta AG Com CHF 0.10 486 0.10

Specialty finance

115 Pargesa Holding SA Com CHF 20.00 7 0.00

Telecommunications

410 Swisscom AG Com CHF 1.00 200 0.04


United Kingdom

Aerospace

11,602 Cobham Plc Com GBP 0.025 44 0.01

9,253 Meggitt Plc Com GBP 0.05 59 0.01



Airlines

3,756 easyJet Plc Com GBP 0.2728571 78 0.02

Apparel retailers


3,432 Next Plc Com GBP 0.10 292 0.06


29,872 GKN Plc Com GBP 0.10 130 0.03

Banks


351,336 HSBC Holdings Plc Com USD 0.50 2,811 0.56

1,053,312 Lloyds Banking Group Plc Com GBP 0.10 1,063 0.21

44,527 Royal Bank of Scotland Group Plc Com GBP 1.00 221 0.05


Beverages

46,534 Diageo Plc Com GBP 0.2893518 1,158 0.23


Broadline retailers


Chemicals

2,922 Johnson Matthey Plc Com GBP 1.047619 122 0.02

Commercial services

6,047 Aggreko Plc Com GBP 0.04832911 116 0.02

7,565 Babcock International Group Plc Com GBP 0.60 108 0.02

3,999 Bunzl Plc Com GBP 0.3214286 90 0.02


22,209 G4S Plc Com GBP 0.25 77 0.02


€'000



Commercial services (cont)

2,104 Intertek Group Plc Com GBP 0.01 62 0.01


7,484 Rexam Plc Com GBP 0.8035714 42 0.01

Defence



12,993 Aberdeen Asset Management Plc Com GBP 0.10 74 0.02

4,890 Hargreaves Lansdown Plc Com GBP 0.004 60 0.01

12,298 ICAP Plc Com GBP 0.10 64 0.01

2,904 London Stock Exchange Group Plc Com GBP 0.06918605 82 0.02


Electricity

19,606 SSE Plc Com GBP 0.50 404 0.08

Food

6,739 Associated British Foods Plc Com GBP 0.0568 271 0.05

33,653 J Sainsbury Plc Com GBP 0.285714 99 0.02

12,909 Tate & Lyle Plc Com GBP 0.25 98 0.02

146,499 Tesco Plc Com GBP 0.05 343 0.07


53,288 WM Morrison Supermarkets Plc Com GBP 0.10 119 0.02

Gambling

13,920 William Hill Plc Com GBP 0.10 59 0.01

Gas distribution



Healthcare products

13,328 Smith & Nephew Plc Com USD 0.20 186 0.04

Home construction

4,515 Persimmon Plc Com GBP 0.10 87 0.02

Hotels

4,682 InterContinental Hotels Group Plc Com GBP 0.158055 159 0.03

2,459 Whitbread Plc Com GBP 0.767974 142 0.03


2,460 IMI Plc Com GBP 0.2857 36 0.01

5,293 Weir Group Plc Com GBP 0.125 125 0.02

Insurance

4,972 Admiral Group Plc Com GBP 0.001 78 0.02

5,722 Aon Plc Com USD 0.01 425 0.08

57,992 Aviva Plc Com GBP 0.25 370 0.07



23,664 RSA Insurance Group Plc Com GBP 1.00 139 0.03

iSHARES V PLC






€'000


Equities (cont)


Insurance (cont)

51,316 Standard Life Plc Com GBP 0.10 273 0.05


3,987 AMEC Plc Com GBP 0.50 47 0.01


340,094 BP Plc Com USD 0.25 1,795 0.36

45,517 Royal Dutch Shell Plc Class 'B' Com EUR 0.07 1,271 0.25

71,742 Royal Dutch Shell Plc Com EUR 0.07 1,921 0.39

Leisure time

3,374 Carnival Plc Com USD 1.66 119 0.02

Media

81,939 ITV Plc Com GBP 0.10 220 0.05





22,291 Sky Plc Com GBP 0.50 261 0.05

Mining


9,679 Antofagasta Plc Com GBP 0.05 90 0.02


3,921 Fresnillo Plc Com USD 0.50 35 0.01



10,843 Melrose Industries Plc Com GBP 0.001182 35 0.01

10,261 Smiths Group Plc Com GBP 0.375 149 0.03


9,140 Inmarsat Plc Com EUR 0.0005 91 0.02

493,482 Vodafone Group Plc Com USD 0.2095 1,450 0.29



Oil & gas

4,778 Ensco Plc Com USD 0.10 130 0.03

5,398 Noble Corp Plc Com USD 0.01 78 0.01


Pharmaceuticals

23,671 AstraZeneca Plc Com USD 0.25 1,421 0.28

90,479 GlaxoSmithKline Plc Com GBP 0.25 1,688 0.34


19,542 British Land Co Plc Reits GBP 0.25 188 0.04

8,937 Hammerson Plc Reits GBP 0.25 70 0.02


14,115 Segro Plc Reits GBP 0.10 70 0.01


€'000



Restaurants & bars


Retail

17,283 Dixons Carphone Plc Com GBP 0.001 92 0.02


3,151 Travis Perkins Plc Com GBP 0.10 72 0.01

Semiconductors


Software


Specialty chemicals

2,911 Croda International Plc Com GBP 0.10 90 0.02

Specialty finance

18,329 3i Group Plc Com GBP 0.738636 102 0.02

Telecommunications


Tobacco

34,548 British American Tobacco Plc Com GBP 0.25 1,647 0.33


Water

4,713 Severn Trent Plc Com GBP 0.9789 121 0.02

16,322 United Utilities Group Plc Com GBP 0.05 186 0.04


United States

Aerospace

988 B/E Aerospace Inc Com USD 0.01 62 0.01

12,778 Boeing Co Com USD 5.00 1,377 0.28

1,880 L-3 Communications Holdings Inc Com USD 0.01 188 0.04

2,539 Rockwell Collins Inc Com USD 0.01 174 0.03

1,053 TransDigm Group Inc Com USD 0.01 167 0.03

15,822 United Technologies Corp Com USD 1.00 1,398 0.28

Agriculture


Airlines

1,937 American Airlines Group Inc Com USD 1.00 75 0.01

5,270 Delta Air Lines Inc Com USD 0.0001 197 0.04

1,367 Southwest Airlines Co Com USD 1.00 46 0.01

1,077 United Continental Holdings Inc Com USD 0.01 53 0.01

Apparel retailers

5,202 Coach Inc Com USD 0.01 155 0.03

969 Dick's Sporting Goods Inc Com USD 0.01 39 0.01

4,949 Gap Inc Com USD 0.05 157 0.03

1,525 Hanesbrands Inc Com USD 0.01 141 0.03

iSHARES V PLC






€'000


Equities (cont)


Apparel retailers (cont)


1,885 Lululemon Athletica Inc Com USD 0.005 73 0.01

13,084 Nike Inc Com NPV 1,042 0.21


1,303 Ralph Lauren Corp Com USD 0.01 193 0.04




2,761 Under Armour Inc Com USD 0.000333 161 0.03


Auto manufacturers


1,669 Tesla Motors Inc Com USD 0.001 327 0.07


1,817 Autoliv Inc Com USD 1.00 144 0.03

4,312 BorgWarner Inc Com USD 0.01 196 0.04


2,014 TRW Automotive Holdings Corp Com USD 0.01 167 0.03

Automobiles




Banks



13,789 BB&T Corp Com USD 5.00 416 0.08


2,826 CIT Group Inc Com USD 0.01 111 0.02


2,777 Comerica Inc Com USD 5.00 104 0.02


862 First Republic Bank Com USD 0.01 36 0.01

8,015 Goldman Sachs Group Inc Com USD 0.01 1,212 0.24

4,586 Hudson City Bancorp Inc Com USD 0.01 36 0.01


16,774 KeyCorp Com USD 1.00 182 0.04

2,669 M&T Bank Corp Com USD 0.50 270 0.05


4,861 New York Community Bancorp Inc Com USD 0.01 62 0.01

3,802 Northern Trust Corp Com USD 1.667 206 0.04

2,254 People's United Financial Inc Com USD 0.01 27 0.01


€'000



Banks (cont)


22,145 Regions Financial Corp Com USD 0.01 179 0.04


33,222 US Bancorp Com USD 0.01 1,178 0.24


Beverages

1,647 Brown-Forman Corp Com USD 0.15 128 0.03


5,730 Coca-Cola Enterprises Inc Com USD 0.01 202 0.04

3,217 Constellation Brands Inc Com USD 0.01 249 0.05

4,818 Dr Pepper Snapple Group Inc Com USD 0.01 286 0.06


3,312 Molson Coors Brewing Co Com USD 0.01 206 0.04

2,348 Monster Beverage Corp Com USD 0.005 211 0.04


Biotechnology


13,887 Amgen Inc Com USD 0.0001 1,841 0.37

4,379 Biogen Idec Inc Com USD 0.0005 1,080 0.22

14,769 Celgene Corp Com USD 0.01 1,347 0.27


2,512 Illumina Inc Com USD 0.01 384 0.08

2,465 Incyte Corp Com USD 0.001 149 0.03

1,217 Medivation Inc Com USD 0.01 113 0.02

1,471 Regeneron Pharmaceuticals Inc Com USD 0.001 491 0.10



5,283 Cablevision Systems Corp Com USD 0.01 86 0.02

9,903 CBS Corp Com USD 0.001 436 0.09


35,478 Comcast Corp Com USD 0.01 1,623 0.32

9,095 DirecTV Com USD 0.01 640 0.13

3,370 DISH Network Corp Com USD 0.01 215 0.04



Broadline retailers



6,899 Macy's Inc Com USD 0.01 359 0.07


1,064 Urban Outfitters Inc Com USD 0.0001 27 0.01


iSHARES V PLC






€'000


Equities (cont)



535 Martin Marietta Materials Inc Com USD 0.01 52 0.01

8,702 Masco Corp Com USD 1.00 169 0.03

1,866 Toll Brothers Inc Com USD 0.01 52 0.01

1,816 Vulcan Materials Co Com USD 1.00 96 0.02


1,141 Alliance Data Systems Corp Com USD 0.01 262 0.05

Chemicals


1,818 Airgas Inc Com USD 0.01 169 0.03

883 Albemarle Corp Com USD 0.01 42 0.01

857 Ashland Inc Com USD 0.01 78 0.01

3,015 Celanese Corp Com USD 0.0001 145 0.03


3,216 Eastman Chemical Co Com USD 0.01 214 0.04


1,753 FMC Corp Com USD 0.10 76 0.01

1,797 International Flavors & Fragrances Inc Com USD 0.125 146 0.03


6,416 Mosaic Co Com USD 0.01 236 0.05


1,685 Sherwin-Williams Co Com USD 1.00 331 0.07

2,276 Sigma-Aldrich Corp Com USD 1.00 249 0.05

Coal

4,309 Consol Energy Inc Com USD 0.01 135 0.03

Commercial services

4,229 ADT Corp Com USD 0.01 119 0.02


537 Cintas Corp Com NPV 31 0.01

1,118 FleetCor Technologies Inc Com USD 0.001 136 0.03

6,461 H&R Block Inc Com NPV 174 0.03


794 Manpowergroup Inc Com USD 0.01 42 0.01

5,842 Quanta Services Inc Com USD 0.00001 143 0.03

3,639 Robert Half International Inc Com USD 0.001 166 0.03

996 SEI Investments Co Com USD 0.01 32 0.01

4,762 Total System Services Inc Com USD 0.10 126 0.02


1,239 United Rentals Inc Com USD 0.01 113 0.02

1,903 Verisk Analytics Inc Com USD 0.001 95 0.02


€'000



Computers

110,608 Apple Inc Com USD 0.00001 10,552 2.11


2,136 Computer Sciences Corp Com USD 1.00 109 0.02

37,379 EMC Corp Com USD 0.01 910 0.18

35,273 Hewlett-Packard Co Com USD 0.01 1,105 0.22

890 IHS Inc Com USD 0.01 87 0.02




1,180 Synopsys Inc Com USD 0.01 41 0.01


4,073 Western Digital Corp Com USD 0.01 338 0.07

Consumer finance

17,769 American Express Co Com USD 0.20 1,318 0.26


18,624 MasterCard Inc Com USD 0.0001 1,304 0.26

9,115 Visa Inc Com USD 0.0001 1,890 0.38



1,355 Ball Corp Com NPV 73 0.02

762 Owens-Illinois Inc Com USD 0.01 16 0.00

2,019 Sealed Air Corp Com USD 0.10 64 0.01

Defence






1,111 Arrow Electronics Inc Com USD 1.00 52 0.01


920 Fossil Group Inc Com USD 0.01 82 0.02


4,230 LKQ Corp Com USD 0.01 99 0.02

1,275 WW Grainger Inc Com USD 0.50 251 0.05


1,321 Affiliated Managers Group Inc Com USD 0.01 216 0.04

3,759 Ally Financial Inc Com USD 0.10 71 0.01

2,526 BlackRock Inc Com USD 0.01** 728 0.15

1,053 Eaton Vance Corp Com USD 0.00390625 35 0.01

3,713 FNF Group Com USD 0.0001 96 0.02


2,248 Intercontinental Exchange Inc Com USD 0.01 407 0.08

436 NASDAQ OMX Group Inc Com USD 0.01 16 0.00

iSHARES V PLC






€'000


Equities (cont)


Diversified financial services (cont)

8,506 Navient Corp Com USD 0.01 143 0.03

1,437 Raymond James Financial Inc Com USD 0.01 65 0.01



2,798 TD Ameritrade Holding Corp Com USD 0.01 78 0.02





Electricity

14,565 AES Corp Com USD 0.01 162 0.03

1,196 Alliant Energy Corp Com USD 0.01 60 0.01

6,338 Ameren Corp Com USD 0.01 219 0.04


4,627 Calpine Corp Com USD 0.001 85 0.02

2,858 CMS Energy Corp Com USD 0.01 76 0.02

6,311 Consolidated Edison Inc Com USD 0.10 320 0.06


4,227 DTE Energy Co Com NPV 276 0.06


6,632 Edison International Com NPV 338 0.07

4,242 Entergy Corp Com USD 0.01 286 0.06



1,067 Integrys Energy Group Inc Com USD 1.00 62 0.01

2,306 MDU Resources Group Inc Com USD 1.00 45 0.01




2,913 OGE Energy Corp Com USD 0.01 83 0.02

3,520 Pepco Holdings Inc Com USD 0.01 78 0.02


1,117 Pinnacle West Capital Corp Com NPV 57 0.01

10,002 PPL Corp Com USD 0.01 285 0.06


1,438 Scana Corp Com NPV 66 0.01


3,107 Wisconsin Energy Corp Com USD 0.01 123 0.02

10,108 Xcel Energy Inc Com USD 2.50 275 0.06

Electronics



€'000



Electronics (cont)


2,572 Avnet Inc Com USD 1.00 90 0.02

3,886 FLIR Systems Inc Com USD 0.01 99 0.02

13,642 Honeywell International Inc Com USD 1.00 1,084 0.22

411 Mettler-Toledo International Inc Com USD 0.01 97 0.02






2,881 Jacobs Engineering Group Inc Com USD 1.00 107 0.02


6,959 Republic Services Inc Com USD 0.01 221 0.05

1,043 Stericycle Inc Com USD 0.01 108 0.02


Financial services



94,861 AT&T Inc Com USD 1.00 2,692 0.54


25,288 Frontier Communications Corp Com USD 0.25 143 0.03

Food

2,898 Campbell Soup Co Com USD 0.0375 105 0.02



3,284 Hershey Co Com USD 1.00 264 0.05

1,980 Hormel Foods Corp Com USD 0.0586 84 0.02

2,407 JM Smucker Co Com NPV 198 0.04

4,132 Kellogg Co Com USD 0.25 220 0.04


9,725 Kroger Co Com USD 1.00 467 0.09

1,577 McCormick & Co Inc Com NPV 94 0.02


5,200 Safeway Inc Com USD 0.01 145 0.03







Gas

7,802 CenterPoint Energy Inc Com USD 0.01 150 0.03

3,970 NiSource Inc Com USD 0.01 133 0.03

4,777 Sempra Energy Com NPV 428 0.08

iSHARES V PLC






€'000


Equities (cont)


Gold mining





7,020 Aetna Inc Com USD 0.01 491 0.10

5,416 Anthem Inc Com USD 0.01 556 0.11


3,021 DaVita HealthCare Partners Inc Com USD 0.001 185 0.04


3,067 Humana Inc Com USD 0.166 339 0.07

2,176 Laboratory Corp of America Holdings Com USD 0.10 183 0.03

1,683 Quest Diagnostics Inc Com USD 0.01 88 0.02

18,101 UnitedHealth Group Inc Com USD 0.01 1,432 0.29

1,260 Universal Health Services Inc Com USD 0.01 106 0.02

Healthcare products



25,922 Boston Scientific Corp Com USD 0.01 268 0.05

1,678 CR Bard Inc Com USD 0.25 225 0.05

750 Dentsply International Inc Com USD 0.01 33 0.01

2,105 Edwards Lifesciences Corp Com USD 1.00 219 0.04

2,887 Hospira Inc Com USD 0.01 138 0.03


17,955 Medtronic Inc Com USD 0.10 1,064 0.21

2,055 ResMed Inc Com USD 0.004 88 0.02




5,742 Leucadia National Corp Com USD 1.00 107 0.02

Home construction

6,708 DR Horton Inc Com USD 0.01 137 0.03

2,820 Lennar Corp Com USD 0.10 107 0.02

4,624 PulteGroup Inc Com USD 0.01 80 0.02

Home furnishings

1,455 Leggett & Platt Inc Com USD 0.01 49 0.01

1,557 Whirlpool Corp Com USD 1.00 233 0.05




Hotels

3,239 Hilton Worldwide Holdings Inc Com USD 0.01 68 0.02


€'000



Hotels (cont)





1,632 Wyndham Worldwide Corp Com USD 0.01 109 0.02



3,225 Avery Dennison Corp Com USD 1.00 128 0.03


6,060 Newell Rubbermaid Inc Com USD 1.00 177 0.04

Insurance

8,633 Aflac Inc Com USD 0.10 414 0.08

204 Alleghany Corp Com USD 1.00 75 0.01

25,712 American International Group Inc Com USD 2.50 1,130 0.22

673 Assurant Inc Com USD 0.01 36 0.01


1,433 Cincinnati Financial Corp Com USD 2.00 58 0.01

3,831 Genworth Financial Inc Com USD 0.001 28 0.01


5,124 Lincoln National Corp Com NPV 233 0.05

8,254 Loews Corp Com USD 0.01 276 0.05




12,858 Progressive Corp Com USD 1.00 281 0.06


1,125 Torchmark Corp Com USD 1.00 48 0.01


7,092 Unum Group Com USD 0.10 189 0.04




1,634 Helmerich & Payne Inc Com USD 0.10 91 0.02

5,696 Hess Corp Com USD 1.00 333 0.07


Internet

6,999 Amazon.com Inc Com USD 0.01 1,901 0.38

21,265 eBay Inc Com USD 0.001 936 0.19


1,685 Expedia Inc Com USD 0.001 118 0.02

iSHARES V PLC






€'000


Equities (cont)


Internet (cont)

1,704 F5 Networks Inc Com NPV 177 0.03




7,775 Liberty Interactive Corp Com USD 0.01 182 0.04

2,049 LinkedIn Corp Com USD 0.0001 372 0.07

1,058 Netflix Inc Com USD 0.001 294 0.06



2,194 TripAdvisor Inc Com USD 0.001 130 0.03


1,870 VeriSign Inc Com USD 0.001 90 0.02

17,989 Yahoo! Inc Com USD 0.001 746 0.15

Investment services




711 Legg Mason Inc Com USD 0.10 32 0.01

Iron & steel


Leisure time

910 Polaris Industries Inc Com USD 0.01 114 0.02


865 AGCO Corp Com USD 0.01 29 0.01



6,737 Deere & Co Com USD 1.00 468 0.09

3,281 Flowserve Corp Com USD 1.25 155 0.03



2,420 Roper Industries Inc Com USD 0.01 306 0.06

4,453 Xylem Inc Com USD 0.01 137 0.03

Media

1,430 Charter Communications Inc Com USD 0.001 195 0.04

4,229 Discovery Communications Inc Class 'C' Com USD 0.01 115 0.02


2,743 Liberty Media Corp Class 'C' Com USD 0.01 80 0.02

1,634 Liberty Media Corp Com USD 0.01 48 0.01

7,427 News Corp Com USD 0.01 92 0.02

733 Scripps Networks Interactive Inc Com USD 0.01 46 0.01


€'000



Media (cont)

70,329 Sirius XM Holdings Inc Com USD 0.001 204 0.04

16,515 Time Warner Inc Com USD 0.01 1,128 0.23

7,083 Twenty-First Century Fox Inc Class 'B' Com USD 0.01 201 0.04



Media agencies

6,184 Interpublic Group of Cos Inc Com USD 0.10 101 0.02


Medical equipment

2,629 CareFusion Corp Com USD 0.01 125 0.03

2,287 Henry Schein Inc Com USD 0.01 252 0.05

3,056 Hologic Inc Com USD 0.01 65 0.01

1,367 Varian Medical Systems Inc Com USD 1.00 97 0.02


Metal products


Mining

23,071 Alcoa Inc Com USD 1.00 320 0.06



11,290 3M Co Com USD 0.01 1,450 0.29





2,539 Pall Corp Com USD 0.10 196 0.04


161 SPX Corp Com USD 10.00 12 0.00

4,242 Textron Inc Com USD 0.125 147 0.03


2,087 Church & Dwight Co Inc Com USD 1.00 128 0.03

3,252 Clorox Co Com USD 1.00 265 0.05



Oil & gas






1,566 Cimarex Energy Co Com USD 0.01 132 0.03

5,453 Cobalt International Energy Inc Com USD 0.01 39 0.01


iSHARES V PLC






€'000


Equities (cont)


Oil & gas (cont)

21,992 ConocoPhillips Com USD 0.01 1,166 0.23

2,286 Continental Resources Inc Com USD 0.01 75 0.01

5,550 Denbury Resources Inc Com USD 0.001 37 0.01



1,330 Energen Corp Com USD 0.01 64 0.01


3,206 EQT Corp Com NPV 234 0.05

3,557 HollyFrontier Corp Com USD 0.01 116 0.02





10,688 Phillips 66 Com USD 0.01 626 0.12

2,727 Pioneer Natural Resources Co Com USD 0.01 314 0.06

2,514 QEP Resources Inc Com USD 0.01 41 0.01



2,073 Tesoro Corp Com USD 0.167 127 0.03


2,760 Whiting Petroleum Corp Com USD 0.001 92 0.02

Oil & gas services






2,664 Oceaneering International Inc Com USD 0.25 134 0.03

3,816 Superior Energy Services Inc Com USD 0.001 59 0.01

Packaging & containers

683 Crown Holdings Inc Com USD 5.00 27 0.01

2,117 Rock-Tenn Co Com USD 0.01 97 0.01

Personal products





Pharmaceuticals


29,655 AbbVie Inc Com USD 0.01 1,646 0.33


€'000





4,865 AmerisourceBergen Corp Com USD 0.01 355 0.07

2,775 BioMarin Pharmaceutical Inc Com USD 0.001 200 0.04

30,708 Bristol-Myers Squibb Co Com USD 0.10 1,455 0.29


18,740 Eli Lilly & Co Com NPV 1,025 0.21






7,486 Mylan Inc Com USD 0.50 352 0.07

1,052 Omnicare Inc Com USD 1.00 59 0.01


1,115 Pharmacyclics Inc Com USD 0.0001 125 0.02


Pipelines

33,051 Kinder Morgan Inc Com USD 0.01 1,096 0.22

4,702 Oneok Inc Com USD 0.01 204 0.04






Railroads

19,833 CSX Corp Com USD 1.00 581 0.11


16,893 Union Pacific Corp Com USD 2.50 1,583 0.32


4,817 CBRE Group Inc Com USD 0.01 130 0.03

1,679 Realogy Holdings Corp Com USD 0.01 62 0.01


9,312 American Capital Agency Corp Reits USD 0.01 172 0.03



21,840 Annaly Capital Management Inc Reits USD 0.01 202 0.04

2,799 AvalonBay Communities Inc Reits USD 0.01 361 0.07


729 Camden Property Trust Reits USD 0.01 45 0.01


3,280 Digital Realty Trust Inc Reits USD 0.01 185 0.04

iSHARES V PLC






€'000


Equities (cont)



1,691 Duke Realty Corp Reits USD 0.01 26 0.01



428 Federal Realty Investment Trust Reits USD 0.01 45 0.01

6,190 General Growth Properties Inc Reits USD 0.01 133 0.03

9,661 HCP Inc Reits USD 1.00 347 0.07

5,633 Health Care REIT Inc USD 1.00 333 0.07


4,352 Iron Mountain Inc Reits USD 0.01 133 0.03

7,511 Kimco Realty Corp Reits USD 0.01 153 0.03

1,449 Macerich Co Reits USD 0.01 92 0.02




2,401 Rayonier Inc Reits NPV 52 0.01

2,788 Realty Income Corp Reits USD 1.00 104 0.02

143 Regency Centers Corp Reits USD 0.01 7 0.00


2,494 UDR Inc Reits USD 0.01 62 0.01

5,306 Ventas Inc Reits USD 0.25 305 0.06

4,216 Vornado Realty Trust Reits USD 0.04 377 0.08


Restaurants & bars

1,367 Darden Restaurants Inc Com NPV 62 0.01

18,178 McDonald's Corp Com USD 0.01 1,412 0.28



Retail

727 AutoZone Inc Com USD 0.01 337 0.07

4,697 CarMax Inc Com USD 0.50 215 0.04


21,600 CVS Health Corp Com USD 0.01 1,584 0.32

5,374 Dollar General Corp Com USD 0.875 288 0.06



2,452 Tractor Supply Co Com USD 0.008 151 0.03


Semiconductors






€'000




2,212 Cree Inc Com USD 0.00125 65 0.01


3,867 KLA-Tencor Corp Com USD 0.001 215 0.04

2,219 Lam Research Corp Com USD 0.001 147 0.03


3,685 Maxim Integrated Products Inc Com USD 0.001 87 0.02

4,755 Microchip Technology Inc Com USD 0.001 172 0.03


8,461 NVIDIA Corp Com USD 0.001 142 0.03

30,937 Qualcomm Inc Com USD 0.0001 1,809 0.36



4,806 Xilinx Inc Com USD 0.01 175 0.04

Software

7,026 Activision Blizzard Inc Com USD 0.000001 122 0.02


4,052 Akamai Technologies Inc Com USD 0.01 210 0.04

2,345 Ansys Inc Com USD 0.01 157 0.03

3,308 Autodesk Inc Com USD 0.01 164 0.03

6,595 CA Inc Com USD 0.10 165 0.03



1,226 Dun & Bradstreet Corp Com USD 0.01 125 0.03


4,714 Fidelity National Information Services Inc Com USD 0.01 232 0.05




241 NetSuite Inc Com USD 0.01 20 0.00

3,125 Nuance Communications Inc Com USD 0.001 38 0.01



2,312 Rackspace Hosting Inc Com USD 0.001 85 0.02



2,070 ServiceNow Inc Com USD 0.001 106 0.02

1,620 VMware Inc Com USD 0.01 114 0.02

1,376 Workday Inc Com USD 0.001 96 0.02

Specialty chemicals

1,056 CF Industries Holdings Inc Com USD 0.01 227 0.05



iSHARES V PLC






€'000


Equities (cont)


Specialty finance


4,120 Moody's Corp Com USD 0.01 334 0.07

Specialty retailers

1,236 Advance Auto Parts Inc Com USD 0.0001 146 0.03

438 AutoNation Inc Com USD 0.01 21 0.01



1,345 Family Dollar Stores Inc Com USD 0.10 85 0.02

1,675 GameStop Corp Com USD 0.001 51 0.01

938 PetSmart Inc Com USD 0.0001 59 0.01



Telecommunications



1,143 Harris Corp Com USD 1.00 66 0.01




1,140 Palo Alto Networks Inc Com USD 0.0001 112 0.02

2,945 SBA Communications Corp Com USD 0.01 287 0.06


3,954 T-Mobile US Inc Com USD 0.0001 93 0.02



Textile

1,242 Mohawk Industries Inc Com USD 0.01 153 0.03

1,572 PVH Corp Com USD 1.00 160 0.03


€'000



Tobacco

36,356 Altria Group Inc Com USD 0.333 1,466 0.29



6,399 Reynolds American Inc Com USD 0.0001 339 0.07

Toys

1,243 Hasbro Inc Com USD 0.50 59 0.01


Transportation

3,615 CH Robinson Worldwide Inc Com USD 0.10 214 0.04

3,370 Expeditors International of Washington Inc Com USD 0.01 127 0.03


1,118 JB Hunt Transport Services Inc Com USD 0.01 74 0.01

2,404 Kansas City Southern Com USD 0.01 229 0.05

12,957 United Parcel Service Inc Com USD 0.01 1,143 0.23

Water

5,394 American Water Works Co Inc Com USD 0.01 230 0.05



Rights

France

1,232 Arkema SA - Rights 3 December 2014 3 0.00

Total France 3 0.00

Spain

34,445 CaixaBank SA - Rights 9 December 2014 2 0.00


Total Spain 30 0.01


Currency Amount


SoldUnderlying


date Fair value*

€'000



Forward currency contracts***

EUR 13,583,288 AUD 19,402,383 13,283,553 02/12/2014 300 0.06

EUR 224,240 AUD 323,373 221,393 02/12/2014 3 0.00

EUR 222,079 AUD 323,373 221,393 02/12/2014 1 0.00

EUR 15,642,488 AUD 22,906,609 15,642,488 05/01/2015 - 0.00

EUR 19,592,163 CAD 27,699,518 19,486,229 02/12/2014 106 0.02

EUR 327,526 CAD 461,659 324,770 02/12/2014 3 0.00

EUR 324,396 CAD 461,659 324,770 02/12/2014 - 0.00

EUR 20,362,429 CAD 28,973,679 20,362,357 05/01/2015 - 0.00

iSHARES V PLC





Currency Amount


SoldUnderlying


date Fair value*

€'000


Financial derivative instruments (cont)

Forward currency contracts*** (cont)

EUR 16,711,934 CHF 20,151,651 16,777,007 02/12/2014 (65) (0.01)

EUR 279,303 CHF 335,861 279,617 02/12/2014 - 0.00

EUR 278,974 CHF 335,861 279,617 02/12/2014 (1) 0.00

EUR 18,026,800 CHF 21,646,581 18,026,755 05/01/2015 - 0.00

EUR 2,872,231 DKK 21,379,314 2,873,225 02/12/2014 (1) 0.00

EUR 47,901 DKK 356,322 47,887 02/12/2014 - 0.00

EUR 47,883 DKK 356,322 47,887 02/12/2014 - 0.00

EUR 3,040,816 DKK 22,625,474 3,040,817 05/01/2015 - 0.00

EUR 39,201,141 GBP 30,712,447 38,581,199 02/12/2014 620 0.12

EUR 654,592 GBP 511,874 643,020 02/12/2014 11 0.00

EUR 652,628 GBP 511,874 643,020 02/12/2014 9 0.00

EUR 40,494,273 GBP 32,247,534 40,494,172 05/01/2015 - 0.00

EUR 5,386,420 HKD 52,344,446 5,414,326 02/12/2014 (28) (0.01)

EUR 90,403 HKD 872,407 90,239 02/12/2014 - 0.00

EUR 90,101 HKD 872,407 90,239 02/12/2014 - 0.00

EUR 6,120,887 HKD 59,188,059 6,120,885 05/01/2015 - 0.00

EUR 1,007,609 ILS 4,788,167 985,434 02/12/2014 22 0.01

EUR 16,883 ILS 79,803 16,424 02/12/2014 - 0.00

EUR 16,830 ILS 79,803 16,424 02/12/2014 - 0.00

EUR 1,088,639 ILS 5,290,413 1,088,640 06/01/2015 - 0.00

EUR 37,804,186 JPY 5,309,700,540 35,886,391 02/12/2014 1,919 0.38

EUR 620,284 JPY 88,495,009 598,107 02/12/2014 22 0.01

EUR 618,866 JPY 88,495,009 598,107 02/12/2014 21 0.00

EUR 40,344,800 JPY 5,966,594,058 40,344,959 05/01/2015 - 0.00

EUR 1,529,095 NOK 12,948,380 1,482,553 02/12/2014 46 0.01

EUR 25,546 NOK 215,806 24,709 02/12/2014 1 0.00

EUR 25,289 NOK 215,806 24,709 02/12/2014 1 0.00

EUR 1,478,412 NOK 12,930,089 1,478,413 05/01/2015 - 0.00

EUR 235,948 NZD 381,122 239,988 02/12/2014 (4) 0.00

EUR 3,958 NZD 6,352 4,000 02/12/2014 - 0.00

EUR 3,914 NZD 6,352 4,000 02/12/2014 - 0.00

EUR 256,261 NZD 408,502 256,336 05/01/2015 - 0.00

EUR 5,471,757 SEK 50,738,991 5,469,071 02/12/2014 3 0.00

EUR 91,830 SEK 845,650 91,151 02/12/2014 1 0.00

EUR 91,737 SEK 845,650 91,151 02/12/2014 1 0.00

EUR 5,924,308 SEK 54,968,038 5,924,310 05/01/2015 - 0.00

EUR 2,697,062 SGD 4,345,345 2,674,045 02/12/2014 23 0.01

EUR 45,070 SGD 72,422 44,567 02/12/2014 1 0.00

EUR 44,790 SGD 72,422 44,567 02/12/2014 - 0.00

EUR 2,857,922 SGD 4,646,450 2,857,924 05/01/2015 - 0.00

EUR 263,240,018 USD 329,872,647 264,607,265 02/12/2014 (1,368) (0.27)

EUR 4,417,651 USD 5,497,877 4,410,121 02/12/2014 7 0.00

EUR 4,401,591 USD 5,497,877 4,410,121 02/12/2014 (9) 0.00

EUR 288,180,625 USD 359,327,234 288,180,625 05/01/2015 - 0.00


Total unrealised losses on forward currency contracts (1,476) (0.29)


iSHARES V PLC





No. of contracts

Underlying exposure


€'000


Futures contracts




Fair value

€’000



Cash† 1,504 0.30





† Cash holdings of €1,499,943 are held with State Street Bank and Trust Company. €4,163 is held as security for futures contracts with Barclays Plc. * Investments which are less than €500 are rounded to zero. ** Investment in related party. *** The counterparty for forward currency contracts is State Street Bank and Trust Company. ^ Securities valued in consultation with the investment manager.















iSHARES V PLC







Sales Purchases


369,062 iShares Core MSCI Japan IMI UCITS ETF* 8,143 46,153 Exxon Mobil Corp Com NPV 3,308

91,237 Exxon Mobil Corp Com NPV 6,795 88,479 Microsoft Corp Com USD 0.00000625 2,594

161,404 Microsoft Corp Com USD 0.00000625 5,195 3,153 Google Inc Com USD 0.001 2,378

56,104 Johnson & Johnson Com USD 1.00 4,240 30,230 Johnson & Johnson Com USD 1.00 2,157


205,846 General Electric Co Com USD 0.06 3,958 35,333 Nestle SA Com CHF 0.10 1,929

69,335 Nestle SA Com CHF 0.10 3,897 53,237 Wells Fargo & Co Com USD 1.666 1,893

40,401 Chevron Corp Com USD 0.75 3,781 41,572 JPMorgan Chase & Co Com USD 1.00 1,808

54,516 Procter & Gamble Co Com NPV 3,279 29,719 Procter & Gamble Co Com NPV 1,775

73,953 JPMorgan Chase & Co Com USD 1.00 3,241 20,124 Chevron Corp Com USD 0.75 1,764

23,031 International Business Machines Corp Com USD 0.20 3,234 217,641 HSBC Holdings Plc Com USD 0.50 1,696

82,547 Verizon Communications Inc Com USD 0.10 3,111 7,892 Roche Holding AG Com NPV 1,694

138,951 Pfizer Inc Com USD 0.05 3,100 134,980 Bank of America Corp Com USD 0.01 1,657

14,130 Roche Holding AG Com NPV 3,088 68,637 Pfizer Inc Com USD 0.05 1,571

383,775 HSBC Holdings Plc Com USD 0.50 3,022 25,507 Novartis AG Com CHF 0.50 1,570

45,902 Novartis AG Com CHF 0.50 3,014 11,120 International Business Machines Corp Com USD 0.20 1,505

112,366 AT&T Inc Com USD 1.00 2,985 34,400 Toyota Motor Corp Com NPV 1,455

5,427 Google Inc Com USD 0.001 2,599 49,724 Coca-Cola Co Com USD 0.25 1,440

211,404 Bank of America Corp Com USD 0.01 2,527 53,168 Royal Dutch Shell Plc Com EUR 0.07 1,417

* Investment in related party.





iSHARES V PLC



INCOME STATEMENT



2014 £’000


2013 £’000

Operating income 2 1,678 962





Finance costs:













2014 £’000


2013 £’000



Share transactions:


Payments on redemption of redeemable participating shares - (6,216)




iSHARES V PLC



BALANCE SHEET



30 November 2013 £’000

CURRENT ASSETS






CURRENT LIABILITIES


Payables 13 (738) (1,068)

Financial liabilities at fair value through profit or loss 12 (2,227) -






iSHARES V PLC











2. OPERATING INCOME


2014 £’000


2013 £’000


Dividend income 1,662 943



1,678 962

* The Fund received a management fee rebate in relation to its investment in iShares Core MSCI Japan IMI UCITS ETF.




2014 £’000


2013 £’000








investments 286 (70)

10,474 8,593



2014 £’000


2013 £’000


(394) (215)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.55 0.55

6. INTEREST EXPENSE


2014 $’000


2013 $’000

Bank interest - (2)

- (2)

iSHARES V PLC










2014 £’000


2013 £’000














2014 £’000


2013 £’000


9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares



Redeemed during year - (200,000)



SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 3,600,000

As at 30 November 2013 1,400,000


£’000

Net asset value








11. RECEIVABLES

30 November 2014 £’000

30 November 2013 £’000

Sale of securities




receivable 1 1


receivable - 1


1,668 112


Financial assets:

30 November 2014 £’000

30 November 2013 £’000


Investment in rights 10 -

Investments in UCITS exchange

traded funds - 1,961


currency contracts 444 1,151

Unrealised gains on

futures contracts 35 131

147,545 50,076

iSHARES V PLC






(continued)


30 November 2014 £’000

30 November 2013 £’000

Unrealised losses on

forward currency contracts (2,227) -

(2,227) -

13. PAYABLES

30 November 2014 £’000

30 November 2013 £’000


settlement (677) (1,046)


(738) (1,068)





Company.



of the Company.



























agents share.

30 November 2014 £’000

30 November 2013 £’000



year end 1,861 237




instruments.







iSHARES V PLC






£'000



Equities

Australia

Airlines

4,074 Qantas Airways Ltd Com NPV 4 0.00

Banks

18,142 Australia & New Zealand Banking Group Ltd Com NPV 316 0.21

3,620 Bank of Queensland Ltd Com NPV 24 0.02

6,908 Bendigo and Adelaide Bank Ltd Com NPV 48 0.03

10,659 Commonwealth Bank of Australia Com NPV 469 0.32


20,520 Westpac Banking Corp Com NPV 364 0.24

Beverages

6,798 Coca-Cola Amatil Ltd Com NPV 34 0.02

3,624 Treasury Wine Estates Ltd Com NPV 9 0.01

Biotechnology



4,733 Boral Ltd Com NPV 13 0.01

Chemicals

6,378 Incitec Pivot Ltd Com NPV 10 0.01

Commercial services


18,800 Transurban Group Misc NPV 85 0.06

Computers

1,649 Computershare Ltd Com NPV 10 0.01




490 ASX Ltd Com NPV 10 0.01


Electricity




821 Leighton Holdings Ltd Com NPV 9 0.01

2,011 Sydney Airport Misc NPV 5 0.00

1,740 WorleyParsons Ltd Com NPV 10 0.01


9,067 Metcash Ltd Com NPV 13 0.01


Gold mining



£'000


Australia (cont)


1,686 Ramsay Health Care Ltd Com NPV 50 0.03

1,627 Sonic Healthcare Ltd Com NPV 15 0.01



Insurance

26,832 AMP Ltd Com NPV 82 0.06




Internet

2,819 Seek Ltd Com NPV 26 0.02

Iron & steel

9,214 Fortescue Metals Group Ltd Com NPV 15 0.01

Lodging

1,076 Crown Resorts Ltd Com NPV 8 0.01

Mining

21,208 Alumina Ltd Com NPV 19 0.01

21,983 BHP Billiton Ltd Com NPV 370 0.25





2,066 ALS Ltd Com NPV 6 0.00

Oil & gas

754 Caltex Australia Ltd Com NPV 13 0.01



Pipelines

6,270 APA Group Misc NPV 27 0.02


3,362 Lend Lease Group Misc NPV 28 0.02

528 REA Group Ltd Com NPV 13 0.01


9,256 Goodman Group Reits NPV 27 0.02

8,282 GPT Group Reits NPV 19 0.01

20,425 Mirvac Group Reits NPV 20 0.01


28,303 Stockland Reits NPV 64 0.04


Telecommunications


Transportation

14,338 Asciano Ltd Com NPV 46 0.03

20,292 Aurizon Holdings Ltd Com NPV 51 0.03

3,091 Toll Holdings Ltd Com NPV 9 0.01


iSHARES V PLC






£'000


Equities (cont)

Austria

Banks


1,049 Raiffeisen Bank International AG Com NPV 14 0.01


308 Andritz AG Com NPV 11 0.01


1,095 OMV AG Com NPV 20 0.01

Iron & steel

1,079 Voestalpine AG Com NPV 29 0.02


14,130 Immofinanz AG Com NPV 27 0.02


Belgium

Banks


Beverages

5,452 Anheuser-Busch InBev NV Com NPV 410 0.28

Chemicals

401 Solvay SA Com NPV 35 0.02


1,167 Umicore SA Com NPV 30 0.02

Food

994 Delhaize Group SA Com NPV 47 0.03


784 Groupe Bruxelles Lambert SA Com NPV 45 0.03

Insurance

1,979 Ageas Com NPV 45 0.03

Pharmaceuticals

800 UCB SA Com NPV 40 0.03

Telecommunications


Total Belgium 739 0.50

Bermuda

Agriculture

1,174 Bunge Ltd Com USD 0.01 68 0.05






27,000 Noble Group Ltd Com HKD 0.25 16 0.01


£'000


Bermuda (cont)

Insurance

771 Arch Capital Group Ltd Com USD 0.01 28 0.02

714 Axis Capital Holdings Ltd Com USD 0.0125 23 0.01

291 Everest Re Group Ltd Com USD 0.01 33 0.02

313 PartnerRe Ltd Com USD 1.00 23 0.02

259 RenaissanceRe Holdings Ltd Com USD 1.00 16 0.01

Oil & gas



Semiconductors

3,384 Marvell Technology Group Ltd Com USD 0.002 31 0.02



Apparel retailers



Canada



Banks


7,921 Bank of Nova Scotia Com NPV 313 0.21



10,006 Royal Bank of Canada Com NPV 466 0.32

13,989 Toronto-Dominion Bank Com NPV 450 0.30




1,149 Gildan Activewear Inc Com NPV 42 0.03

Computers


1,439 CGI Group Inc Com NPV 34 0.02


1,027 CI Financial Corp Com NPV 19 0.02

662 IGM Financial Inc Com NPV 18 0.01

Electricity



iSHARES V PLC






£'000


Equities (cont)

Canada (cont)


1,594 BCE Inc Com NPV 47 0.03

1,200 Telus Corp Com NPV 29 0.02



251 Empire Co Ltd Com NPV 12 0.01

197 George Weston Ltd Com NPV 11 0.01

2,071 Loblaw Cos Ltd Com NPV 71 0.04

603 Metro Inc Com NPV 30 0.02

1,432 Saputo Inc Com NPV 26 0.02

Gas

568 Keyera Corp Com NPV 27 0.02

Gold mining




904 Franco-Nevada Corp Com NPV 29 0.02



3,271 New Gold Inc Com NPV 8 0.01



1,039 Finning International Inc Com NPV 15 0.01

Heavy construction

913 SNC-Lavalin Group Inc Com NPV 22 0.02

Insurance


1,777 Great-West Lifeco Inc Com NPV 34 0.02

565 Industrial Alliance Insurance & Financial Services Inc Com NPV 15 0.01

837 Intact Financial Corp Com NPV 37 0.03


2,159 Power Corp of Canada Com NPV 39 0.03

1,533 Power Financial Corp Com NPV 31 0.02


Mining

2,344 Cameco Corp Com NPV 28 0.02

3,946 First Quantum Minerals Ltd Com NPV 41 0.03


6,128 Turquoise Hill Resources Ltd Com NPV 13 0.01


8,781 Bombardier Inc Com NPV 21 0.01

Oil & gas


945 Baytex Energy Corp Com NPV 13 0.01




£'000


Canada (cont)

Oil & gas (cont)





2,267 Husky Energy Inc Com NPV 31 0.02

2,779 Imperial Oil Ltd Com NPV 77 0.05

951 MEG Energy Corp Com NPV 10 0.01







784 Vermilion Energy Inc Com NPV 23 0.02

Pharmaceuticals

1,698 Catamaran Corp Com NPV 55 0.04


Pipelines

782 AltaGas Ltd Com NPV 19 0.01


2,088 Inter Pipeline Ltd Com NPV 38 0.03

3,270 Pembina Pipeline Corp Com NPV 71 0.05




Publishing

2,509 Thomson Reuters Corp Com NPV 64 0.04

Railroads





Retail

490 Canadian Tire Corp Ltd Com NPV 35 0.02

882 Dollarama Inc Com NPV 26 0.02

954 Tim Hortons Inc Com NPV 51 0.04

Software

125 Constellation Software Inc Com NPV 23 0.01

745 Open Text Corp Com NPV 28 0.02

Specialty chemicals


522 Methanex Corp Com NPV 17 0.01


iSHARES V PLC






£'000


Equities (cont)

Canada (cont)

Specialty finance

603 Onex Corp Com NPV 22 0.01

Telecommunications



Cayman Islands

Hotels

8,000 MGM China Holdings Ltd Com HKD 1.00 15 0.01



Pharmaceuticals


Semiconductors

900 ASM Pacific Technology Ltd Com HKD 0.10 6 0.00


Curacao

Oil & gas services



Denmark

Banks


Beverages

866 Carlsberg A/S Com DKK 20.00 49 0.03

Chemicals




Healthcare products

954 Coloplast A/S Com DKK 1.00 53 0.04



Pharmaceuticals

14,022 Novo Nordisk A/S Com DKK 0.20 409 0.28

Retail

758 Pandora A/S Com DKK 1.00 43 0.03

Telecommunications

4,010 TDC A/S Com DKK 1.00 21 0.01

Transportation

1,938 DSV A/S Com DKK 1.00 39 0.03

Total Denmark 898 0.61


£'000


Finland


699 Nokian Renkaat Oyj Com NPV 12 0.01

Electricity





Insurance



845 Neste Oil Oyj Com NPV 13 0.01


2,451 Kone Oyj Com NPV 72 0.05

955 Metso Oyj Com NPV 19 0.01

1,284 Wartsila Oyj Abp Com NPV 37 0.03

Pharmaceuticals

657 Orion Oyj Com EUR 0.65 14 0.01

Telecommunications

936 Elisa Oyj Com NPV 17 0.01



France

Advertising


Aerospace

1,972 Safran SA Com EUR 0.20 82 0.05

1,136 Zodiac Aerospace Com NPV 24 0.02

Apparel retailers

441 Christian Dior SA Com EUR 2.00 54 0.04


Auto manufacturers

2,760 Peugeot SA Com EUR 1.00 22 0.02




495 Valeo SA Com EUR 3.00 39 0.03

Banks

7,149 BNP Paribas SA Com EUR 2.00 293 0.20


6,140 Natixis SA Com EUR 1.60 28 0.02


Beverages


iSHARES V PLC






£'000


Equities (cont)

France (cont)




Chemicals


476 Arkema SA Com EUR 10.00 21 0.01

Commercial services

1,461 Bureau Veritas SA Com EUR 0.12 22 0.01

1,248 Edenred Com EUR 2.00 23 0.02

Computer services

733 AtoS Com EUR 1.00 34 0.02

1,391 Cap Gemini SA Com EUR 8.00 65 0.05

Defence

426 Thales SA Com EUR 3.00 14 0.01


1,577 Rexel SA Com EUR 5.00 19 0.01


217 Eurazeo SA Com NPV 10 0.01


2,135 Legrand SA Com EUR 4.00 72 0.05


Electricity

1,831 Electricite de France SA Com EUR 0.50 35 0.02

9,821 GDF Suez Com EUR 1.00 155 0.11


1,523 Bouygues SA Com EUR 1.00 36 0.02

3,343 Vinci SA Com EUR 2.50 116 0.08

Food


370 Casino Guichard Perrachon SA Com EUR 1.53 23 0.02

3,712 Danone SA Com EUR 0.25 167 0.11

603 Sodexo SA Com EUR 4.00 39 0.03

Healthcare products


Hotels

1,131 Accor SA Com EUR 3.00 34 0.02

Insurance

13,142 AXA SA Com EUR 2.29 203 0.13

859 CNP Assurances Com EUR 1.00 10 0.01

733 SCOR SE Com EUR 7.876972 15 0.01

Internet



1,811 Alstom SA Com EUR 7.00 41 0.03


£'000


France (cont)

Media

574 Lagardere SCA Com EUR 6.10 10 0.01

671 Numericable-SFR Com EUR 1.00 18 0.01

Metal products

1,118 Vallourec SA Com EUR 2.00 24 0.02


130 Societe BIC SA Com EUR 3.82 11 0.01

Oil & gas

14,610 Total SA Com EUR 2.50 523 0.35


823 Technip SA Com EUR 0.7625 34 0.02

Personal products

1,847 L'Oreal SA Com EUR 0.20 202 0.14

Pharmaceuticals

8,170 Sanofi Com EUR 2.00 506 0.34


1,039 Klepierre Reits EUR 1.40 30 0.02

881 Unibail-Rodamco SE Reits EUR 5.00 149 0.10

Retail

585 Kering Com EUR 4.00 77 0.05

Software

802 Dassault Systemes Com EUR 0.50 34 0.02

Specialty finance

476 Wendel SA Com EUR 4.00 36 0.02

Telecommunications


802 Eutelsat Communications SA Com EUR 1.00 17 0.01

12,601 Orange SA Com EUR 4.00 142 0.10


Transportation

3,531 Groupe Eurotunnel SA Com EUR 0.40 29 0.02

Water

1,537 Suez Environnement Co Com EUR 4.00 18 0.01



Germany

Airlines

1,040 Deutsche Lufthansa AG Com NPV 12 0.01

Apparel retailers

276 Hugo Boss AG Com NPV 23 0.02

Auto manufacturers


362 Bayerische Motoren Werke AG Pref EUR 1.00 19 0.01

iSHARES V PLC






£'000


Equities (cont)

Germany (cont)

Auto manufacturers (cont)

6,660 Daimler AG Com NPV 359 0.24

1,265 Porsche Automobil Holding SE Pref NPV 71 0.05


929 Volkswagen AG Pref NPV 137 0.09



Banks




881 HeidelbergCement AG Com NPV 43 0.03

Chemicals

6,236 BASF SE Com NPV 362 0.25

1,848 Brenntag AG Com NPV 65 0.05

1,062 K&S AG Com NPV 20 0.01

527 Lanxess AG Com NPV 17 0.01





509 OSRAM Licht AG Com NPV 13 0.01

Electricity

13,802 E.ON SE Com NPV 156 0.10

3,704 RWE AG Com NPV 86 0.06



Footwear






1,195 GEA Group AG Com NPV 37 0.02

Insurance

3,094 Allianz SE Com NPV 340 0.23

400 Hannover Rueck SE Com NPV 23 0.01


Internet

724 United Internet AG Com NPV 20 0.01

Iron & steel



307 MAN SE Com NPV 22 0.01


£'000


Germany (cont)

Media


1,464 ProSiebenSat.1 Media AG Com NPV 40 0.02


5,652 Siemens AG Com NPV 428 0.29




859 Henkel AG & Co KGaA Com NPV 54 0.04


Personal products

453 Beiersdorf AG Com NPV 26 0.02

Pharmaceuticals

5,670 Bayer AG Com NPV 545 0.37

513 Celesio AG Com NPV 11 0.01

820 Merck KGaA Com NPV 52 0.03


1,829 Deutsche Annington Immobilien SE Com NPV 38 0.03

1,956 Deutsche Wohnen AG Com NPV 30 0.02

Semiconductors


Software

6,470 SAP SE Com NPV 292 0.20

Telecommunications

3,614 Telefonica Deutschland Holding AG Com NPV 12 0.01

Transportation



Guernsey

Insurance

9,379 Friends Life Group Ltd Com NPV 35 0.02

Total Guernsey 35 0.02

Hong Kong

Banks









iSHARES V PLC






£'000


Equities (cont)

Hong Kong (cont)

Electricity



Gas distribution




Hotels



Insurance

75,600 AIA Group Ltd Com NPV 279 0.19



16,000 Hang Lung Properties Ltd Com NPV 31 0.02

5,000 Henderson Land Development Co Ltd Com NPV 21 0.02

25,000 New World Development Co Ltd Com NPV 19 0.01



26,000 Link REIT NPV 105 0.07


Ireland

Banks



6,217 CRH Plc Com EUR 0.32 94 0.06

2,464 James Hardie Industries Plc Receipt EUR 0.59 16 0.01

Computers



Electronics


Food

845 Kerry Group Plc Com EUR 0.125 40 0.03

Healthcare products


Insurance

1,108 Willis Group Holdings Plc Com USD 0.000115 30 0.02



£'000


Ireland (cont)





Oil & gas services


Pharmaceuticals


990 Endo International Plc Com USD 0.0001 46 0.03



955 Perrigo Co Plc Com NPV 98 0.07


Isle of Man

Hotels



Israel

Banks

5,434 Bank Hapoalim BM Com ILS 1.00 17 0.01

8,558 Bank Leumi Le-Israel BM Com ILS 0.10 19 0.01

863 Mizrahi Tefahot Bank Ltd Com ILS 0.10 6 0.01

Chemicals


Investment services

16 Israel Corp Ltd Com ILS 1.00 5 0.00

Pharmaceuticals


Telecommunications

14,793 Bezeq The Israeli Telecommunication Corp Ltd Com ILS 1.00 17 0.01

352 NICE-Systems Ltd Com ILS 1.00 10 0.01


Italy

Aerospace & defence

2,123 Finmeccanica SpA Com EUR 4.40 13 0.01

Banks

29,509 Banca Monte dei Paschi di Siena SpA Com NPV 15 0.01



iSHARES V PLC






£'000


Equities (cont)

Italy (cont)

Banks (cont)

3,949 Mediobanca SpA Com EUR 0.50 23 0.02



Commercial services



2,235 Prysmian SpA Com EUR 0.10 26 0.02

Electricity

16,087 Enel Green Power SpA Com EUR 0.20 25 0.01

41,833 Enel SpA Com EUR 1.00 129 0.09


24,063 Telecom Italia SpA Misc NPV 14 0.01

Gas distribution



857 Exor SpA Com EUR 1.00 24 0.02

Insurance


Oil & gas

17,978 Eni SpA Com NPV 230 0.16

Oil & gas services


Retail

1,463 Luxottica Group SpA Com EUR 0.06 50 0.03

Telecommunications


Tyres

2,608 Pirelli & C. SpA Com NPV 24 0.02


Japan

Airlines


600 Japan Airlines Co Ltd Com NPV 11 0.01

Apparel retailers



Auto parts

1,700 Aisin Seiki Co Ltd Com NPV 39 0.03



600 Koito Manufacturing Co Ltd Com NPV 12 0.01




£'000


Japan (cont)

Auto parts (cont)

400 NOK Corp Com NPV 6 0.00

400 Stanley Electric Co Ltd Com NPV 6 0.00




Automobiles





3,800 Isuzu Motors Ltd Com NPV 32 0.02




2,400 Suzuki Motor Corp Com NPV 48 0.03

19,500 Toyota Motor Corp Com NPV 766 0.52

Banks



16,000 Bank of Yokohama Ltd Com NPV 58 0.04










87,800 Mitsubishi UFJ Financial Group Inc Com NPV 324 0.22









Beverages




iSHARES V PLC






£'000


Equities (cont)

Japan (cont)

Broadline retailers

3,500 Aeon Co Ltd Com NPV 22 0.02

400 Don Quijote Holdings Co Ltd Com NPV 16 0.01








200 Rinnai Corp Com NPV 10 0.01








Commodity chemicals






Computers


400 Itochu Techno-Solutions Corp Com NPV 10 0.01

700 Nomura Research Institute Ltd Com NPV 14 0.01

800 NTT Data Corp Com NPV 20 0.01

200 Otsuka Corp Com NPV 4 0.00

1,200 TDK Corp Com NPV 46 0.03





800 Aeon Financial Service Co Ltd Com NPV 11 0.01



1,900 Japan Exchange Group Inc Com NPV 31 0.02





£'000


Japan (cont)


8,000 IHI Corp Com NPV 26 0.02







Electricity



700 Electric Power Development Co Ltd Com NPV 15 0.01







Electronics

200 Hamamatsu Photonics KK Com NPV 6 0.00

200 Hirose Electric Co Ltd Com NPV 16 0.01


400 Ibiden Co Ltd Com NPV 4 0.00



2,000 Kyocera Corp Com NPV 63 0.04




1,700 Omron Corp Com NPV 50 0.03





1,000 Chiyoda Corp Com NPV 5 0.00


Food products


600 Calbee Inc Com NPV 13 0.01


400 MEIJI Holdings Co Ltd Com NPV 23 0.02



400 Nissin Foods Holdings Co Ltd Com NPV 13 0.01



500 Yakult Honsha Co Ltd Com NPV 17 0.01

iSHARES V PLC






£'000


Equities (cont)

Japan (cont)


200 FamilyMart Co Ltd Com NPV 4 0.00

400 Lawson Inc Com NPV 16 0.01



Gambling

400 Sankyo Co Ltd Com NPV 8 0.01

Gas distribution






700 Makita Corp Com NPV 22 0.02

400 SMC Corp Com NPV 70 0.05

300 THK Co Ltd Com NPV 5 0.00


200 Miraca Holdings Inc Com NPV 5 0.00

Healthcare products


Heavy construction





Home construction

4,000 Daiwa House Industry Co Ltd Com NPV 48 0.03



3,700 Sekisui House Ltd Com NPV 32 0.02

Home furnishings





400 Nitori Holdings Co Ltd Com NPV 14 0.01




400 Hitachi Construction Machinery Co Ltd Com NPV 5 0.00


400 Nabtesco Corp Com NPV 6 0.00



£'000


Japan (cont)



3,500 JFE Holdings Inc Com NPV 48 0.03









Insurance




Internet


1,500 M3 Inc Com NPV 16 0.01



600 Trend Micro Inc Com NPV 12 0.01


Leisure time




8,000 Kawasaki Heavy Industries Ltd Com NPV 22 0.01




Media agencies

1,600 Dentsu Inc Com NPV 38 0.02


Medical equipment

1,700 Olympus Corp Com NPV 39 0.03

800 Sysmex Corp Com NPV 22 0.01



3,000 NSK Ltd Com NPV 24 0.02

Mining


3,000 Sumitomo Metal Mining Co Ltd Com NPV 29 0.02





iSHARES V PLC






£'000


Equities (cont)

Japan (cont)







5,200 Ricoh Co Ltd Com NPV 36 0.02

1,000 Seiko Epson Corp Com NPV 31 0.02

Oil & gas






Personal products




Pharmaceuticals

400 Alfresa Holdings Corp Com NPV 3 0.00


1,700 Chugai Pharmaceutical Co Ltd Com NPV 29 0.02



400 Hisamitsu Pharmaceutical Co Inc Com NPV 8 0.01




600 Ono Pharmaceutical Co Ltd Com NPV 33 0.02

2,600 Otsuka Holdings Co Ltd Com NPV 52 0.03

400 Santen Pharmaceutical Co Ltd Com NPV 14 0.01

1,800 Shionogi & Co Ltd Com NPV 29 0.02


300 Suzuken Co Ltd Com NPV 5 0.00

200 Taisho Pharmaceutical Holdings Co Ltd Com NPV 8 0.01




2,100 Sompo Japan Nipponkoa Holdings Inc Com NPV 33 0.02



£'000


Japan (cont)

Publishing



400 Aeon Mall Co Ltd Com NPV 5 0.00

400 Daito Trust Construction Co Ltd Com NPV 29 0.02





200 NTT Urban Development Corp Com NPV 1 0.00

400 Seibu Holdings Inc Com NPV 5 0.00








9 Nippon Building Fund Inc Reits NPV 29 0.02

9 Nippon Prologis REIT Inc NPV 13 0.01



500 Shimano Inc Com NPV 44 0.03



300 Oriental Land Co Ltd Com NPV 42 0.03

Retail



Semiconductors


600 Rohm Co Ltd Com NPV 25 0.02


Software


400 Konami Corp Com NPV 5 0.00


200 Benesse Holdings Inc Com NPV 4 0.00


iSHARES V PLC






£'000


Equities (cont)

Japan (cont)

Specialty chemicals







1,400 Nitto Denko Corp Com NPV 47 0.03


Specialty retailers




1,000 Mitsubishi Logistics Corp Com NPV 10 0.01

Telecommunications


Textile


Tobacco


Toys


700 Nintendo Co Ltd Com NPV 52 0.04

300 Sanrio Co Ltd Com NPV 5 0.00

Transportation

1,200 Central Japan Railway Co Com NPV 111 0.08


5,000 Hankyu Hanshin Holdings Inc Com NPV 18 0.01




16,000 Kintetsu Corp Com NPV 35 0.02


4,000 Nagoya Railroad Co Ltd Com NPV 10 0.01






1,600 West Japan Railway Co Com NPV 49 0.03

2,400 Yamato Holdings Co Ltd Com NPV 35 0.02

Tyres




£'000


Japan (cont)

Wholesale trade

300 Hitachi High-Technologies Corp Com NPV 6 0.00



Jersey

Advertising

12,216 WPP Plc Com GBP 0.10 163 0.11



Commercial services




Gold mining

842 Randgold Resources Ltd Com USD 0.05 36 0.03

Mining


Oil & gas services

2,376 Petrofac Ltd Com USD 0.02 20 0.01

Pharmaceuticals

3,965 Shire Plc Com GBP 0.05 181 0.12

Total Jersey 888 0.60

Liberia

Leisure time

1,152 Royal Caribbean Cruises Ltd Com USD 0.01 54 0.04


Luxembourg



Iron & steel


Media



2,509 Tenaris SA Com USD 1.00 27 0.02

Oil & gas services

1,301 Subsea 7 SA Com USD 2.00 8 0.01

Telecommunications

683 Altice SA Com EUR 0.01 30 0.02

603 Millicom International Cellular SA Receipt USD 1.50 32 0.02


iSHARES V PLC






£'000


Equities (cont)

Mauritius

Agriculture



Netherlands

Aerospace


Auto manufacturers

5,773 Fiat Chrysler Automobiles NV Com EUR 0.01 46 0.03

Banks


Beverages

657 Heineken Holding NV Com EUR 1.60 29 0.02


Chemicals




625 OCI NV Com EUR 1.00 14 0.01

Commercial services

1,168 Randstad Holding NV Com EUR 0.10 37 0.03


512 Gemalto NV Com EUR 1.00 28 0.02

Electronics


898 Sensata Technologies Holding NV Com USD 0.01 28 0.02


897 Boskalis Westminster NV Com EUR 0.80 32 0.02

604 Chicago Bridge & Iron Co NV Com EUR 0.01 19 0.02

Food


Healthcare products

1,568 Qiagen NV Com EUR 0.01 24 0.02

Insurance

14,245 Aegon NV Com EUR 0.12 72 0.05

1,495 Delta Lloyd NV Com EUR 0.20 22 0.01


7,080 CNH Industrial NV Com EUR 0.01 36 0.02


495 Koninklijke Vopak NV Com EUR 0.50 16 0.01

Media





£'000


Netherlands (cont)



Personal products



325 Corio NV Reits EUR 10.00 11 0.01

Semiconductors



Telecommunications


Transportation

3,399 TNT Express NV Com EUR 0.08 15 0.01


New Zealand


4,512 Fletcher Building Ltd Com NPV 19 0.01

Electricity

2,428 Contact Energy Ltd Com NPV 7 0.01


7,442 Auckland International Airport Ltd Com NPV 14 0.01




Norway

Banks

7,678 DNB ASA Com NOK 10.00 82 0.06

Chemicals

1,647 Yara International ASA Com NOK 1.70 45 0.03

Food

3,217 Orkla ASA Com NOK 1.25 15 0.01


11,733 Norsk Hydro ASA Com NOK 1.098 44 0.03


5,710 Telenor ASA Com NOK 6.00 77 0.05

Oil & gas



Panama

Leisure time



iSHARES V PLC






£'000


Equities (cont)

Portugal

Banks

228,465 Banco Comercial Portugues SA Com NPV 15 0.01

Electricity


Food

2,285 Jeronimo Martins SGPS SA Com EUR 1.00 15 0.01


2,374 Galp Energia SGPS SA Com EUR 1.00 18 0.01


Singapore

Banks



12,000 United Overseas Bank Ltd Com NPV 141 0.10


1,000 Jardine Cycle & Carriage Ltd Com NPV 21 0.01

Electronics

3,434 Flextronics International Ltd Com NPV 24 0.02



Food






17,000 Keppel Land Ltd Com NPV 28 0.02

Semiconductors



Spain

Airlines


Banks




84,832 Banco Santander SA Com EUR 0.50 490 0.33

29,091 Bankia SA Com EUR 1.00 33 0.02


£'000


Spain (cont)

Banks (cont)

4,733 Bankinter SA Com EUR 0.30 27 0.02


Commercial services


Electricity


232 Red Electrica Corp SA Com EUR 2.00 14 0.01


1,023 ACS Actividades de Construccion y Servicios SA Com EUR 0.50 23 0.02



Food


Gas distribution


Insurance

6,442 Mapfre SA Com EUR 0.10 15 0.01

Oil & gas

6,730 Repsol SA Com EUR 1.00 97 0.07

Pharmaceuticals


Retail


Software


Telecommunications



Sweden

Apparel retailers


Banks











iSHARES V PLC






£'000


Equities (cont)

Sweden (cont)

Healthcare products

2,005 Elekta AB Com SEK 0.50 13 0.01

1,217 Getinge AB Com NPV 18 0.01


1,545 Electrolux AB Com NPV 29 0.02


5,999 Atlas Copco AB Com NPV 111 0.08

1,698 Hexagon AB Com SEK 2.00 34 0.02



4,501 SKF AB Com SEK 2.50 59 0.04

Oil & gas


Personal products


Specialty finance

1,553 Investment AB Kinnevik Com NPV 35 0.02

4,679 Investor AB Com NPV 112 0.08

Telecommunications


20,220 TeliaSonera AB Com NPV 92 0.06

Tobacco

879 Swedish Match AB Com NPV 19 0.01


Switzerland

Banks


Beverages

1,502 Coca-Cola HBC AG Com CHF 6.70 22 0.01

Biotechnology

382 Lonza Group AG Com CHF 1.00 29 0.02




17 Sika AG Com CHF 0.60 41 0.03

Chemicals


Commercial services

1,040 Adecco SA Com CHF 1.00 47 0.03

36 SGS SA Com CHF 1.00 50 0.03






£'000


Switzerland (cont)


735 Garmin Ltd Com CHF 10.00 27 0.02



14,991 ABB Ltd Com CHF 1.03 215 0.15

Food products

1,039 Aryzta AG Com CHF 0.02 53 0.03

1 Chocoladefabriken Lindt & Sprungli AG Com CHF 100.00 38 0.03

22,233 Nestle SA Com CHF 0.10 1,069 0.72


477 Schindler Holding AG Com CHF 0.10 43 0.03

Healthcare products

367 Sonova Holding AG Com CHF 0.05 36 0.02

Insurance

2,248 ACE Ltd Com CHF 26.01 164 0.11

423 Baloise Holding AG Com CHF 0.10 35 0.02

256 Swiss Life Holding AG Com CHF 5.10 38 0.03




416 Kuehne & Nagel International AG Com CHF 1.00 36 0.02


108 Sulzer AG Com CHF 0.01 8 0.01

Oil & gas


Pharmaceuticals

740 Actelion Ltd Com CHF 0.50 57 0.04

15,853 Novartis AG Com CHF 0.50 982 0.66

4,847 Roche Holding AG Com NPV 929 0.63

Retail




Specialty chemicals

637 Syngenta AG Com CHF 0.10 134 0.09

Specialty finance

217 Pargesa Holding SA Com CHF 20.00 11 0.01

Telecommunications

145 Swisscom AG Com CHF 1.00 56 0.04


iSHARES V PLC






£'000


Equities (cont)

United Kingdom

Aerospace

5,214 Meggitt Plc Com GBP 0.05 27 0.02



Airlines

1,409 easyJet Plc Com GBP 0.2728571 23 0.02

Apparel retailers


1,247 Next Plc Com GBP 0.10 85 0.06


11,140 GKN Plc Com GBP 0.10 38 0.03

Banks


130,107 HSBC Holdings Plc Com USD 0.50 829 0.56

389,612 Lloyds Banking Group Plc Com GBP 0.10 313 0.21

17,957 Royal Bank of Scotland Group Plc Com GBP 1.00 71 0.05


Beverages



Broadline retailers


Chemicals

1,313 Johnson Matthey Plc Com GBP 1.047619 44 0.03

Commercial services

1,449 Aggreko Plc Com GBP 0.04832911 22 0.01

2,978 Ashtead Group Plc Com GBP 0.10 31 0.02

3,313 Babcock International Group Plc Com GBP 0.60 38 0.03

2,197 Bunzl Plc Com GBP 0.3214286 39 0.03


6,380 G4S Plc Com GBP 0.25 18 0.01

2,207 Intertek Group Plc Com GBP 0.01 52 0.03


1,778 Rexam Plc Com GBP 0.8035714 8 0.01

Defence



4,554 Aberdeen Asset Management Plc Com GBP 0.10 21 0.01

1,375 Hargreaves Lansdown Plc Com GBP 0.004 13 0.01

2,430 ICAP Plc Com GBP 0.10 10 0.01

2,378 Investec Plc Com GBP 0.0002 14 0.01

861 London Stock Exchange Group Plc Com GBP 0.06918605 19 0.01


£'000





416 Schroders Plc Com GBP 1.00 11 0.01

Electricity

8,043 SSE Plc Com GBP 0.50 132 0.09

Food

2,271 Associated British Foods Plc Com GBP 0.0568 73 0.05

14,618 J Sainsbury Plc Com GBP 0.285714 34 0.02

2,139 Tate & Lyle Plc Com GBP 0.25 13 0.01

53,429 Tesco Plc Com GBP 0.05 99 0.07


11,607 WM Morrison Supermarkets Plc Com GBP 0.10 21 0.01

Gambling

4,456 William Hill Plc Com GBP 0.10 15 0.01

Gas distribution



Healthcare products

7,932 Smith & Nephew Plc Com USD 0.20 88 0.06

Home construction

1,595 Persimmon Plc Com GBP 0.10 24 0.02

Hotels

2,089 InterContinental Hotels Group Plc Com GBP 0.158055 57 0.04

1,556 Whitbread Plc Com GBP 0.767974 71 0.05


1,775 IMI Plc Com GBP 0.2857 21 0.02

1,881 Weir Group Plc Com GBP 0.125 35 0.02

Insurance

808 Admiral Group Plc Com GBP 0.001 10 0.01

1,826 Aon Plc Com USD 0.01 108 0.07

24,319 Aviva Plc Com GBP 0.25 123 0.08

9,434 Direct Line Insurance Group Plc Com GBP 0.10 28 0.02



9,971 RSA Insurance Group Plc Com GBP 1.00 47 0.03

14,040 Standard Life Plc Com GBP 0.10 59 0.04


1,356 AMEC Plc Com GBP 0.50 13 0.01


125,565 BP Plc Com USD 0.25 528 0.36

16,734 Royal Dutch Shell Plc Class 'B' Com EUR 0.07 372 0.25

26,894 Royal Dutch Shell Plc Com EUR 0.07 573 0.39

iSHARES V PLC






£'000


Equities (cont)


Leisure time

913 Carnival Plc Com USD 1.66 26 0.02

Media

25,907 ITV Plc Com GBP 0.10 55 0.04





9,071 Sky Plc Com GBP 0.50 84 0.06

Mining


2,764 Antofagasta Plc Com GBP 0.05 20 0.01


1,533 Fresnillo Plc Com USD 0.50 11 0.01



2,888 Melrose Industries Plc Com GBP 0.001182 7 0.00

4,758 Smiths Group Plc Com GBP 0.375 55 0.04


3,839 Inmarsat Plc Com EUR 0.0005 30 0.02

184,696 Vodafone Group Plc Com USD 0.2095 432 0.29



Oil & gas

1,846 Ensco Plc Com USD 0.10 40 0.03



Pharmaceuticals

8,609 AstraZeneca Plc Com USD 0.25 411 0.28

34,939 GlaxoSmithKline Plc Com GBP 0.25 519 0.35


6,128 British Land Co Plc Reits GBP 0.25 47 0.03

4,921 Hammerson Plc Reits GBP 0.25 31 0.02


Restaurants & bars


Retail

5,544 Dixons Carphone Plc Com GBP 0.001 23 0.02


971 Travis Perkins Plc Com GBP 0.10 18 0.01

Semiconductors



£'000



Software


Specialty chemicals

1,649 Croda International Plc Com GBP 0.10 40 0.03

Specialty finance

4,650 3i Group Plc Com GBP 0.738636 21 0.01

Telecommunications


Tobacco



Transportation

4,624 Royal Mail Plc Com GBP 0.01 19 0.01

Water

3,058 Severn Trent Plc Com GBP 0.9789 63 0.04

4,354 United Utilities Group Plc Com GBP 0.05 39 0.03


United States

Aerospace

639 B/E Aerospace Inc Com USD 0.01 32 0.02

4,673 Boeing Co Com USD 5.00 401 0.27

636 L-3 Communications Holdings Inc Com USD 0.01 51 0.03


311 TransDigm Group Inc Com USD 0.01 39 0.03


Agriculture


Airlines

1,191 American Airlines Group Inc Com USD 1.00 37 0.02



635 United Continental Holdings Inc Com USD 0.01 25 0.02

Apparel retailers

1,847 Coach Inc Com USD 0.01 44 0.03

509 Dick's Sporting Goods Inc Com USD 0.01 17 0.01

1,551 Gap Inc Com USD 0.05 39 0.03

693 Hanesbrands Inc Com USD 0.01 51 0.03


761 Lululemon Athletica Inc Com USD 0.005 23 0.02


861 Nordstrom Inc Com NPV 42 0.03


iSHARES V PLC






£'000


Equities (cont)


Apparel retailers (cont)






Auto manufacturers


605 Tesla Motors Inc Com USD 0.001 94 0.06


512 Autoliv Inc Com USD 1.00 32 0.02




Automobiles




Banks

71,465 Bank of America Corp Com USD 0.01 778 0.53


4,635 BB&T Corp Com USD 5.00 111 0.07


1,260 CIT Group Inc Com USD 0.01 39 0.03

20,572 Citigroup Inc Com USD 0.01 709 0.48

988 Comerica Inc Com USD 5.00 29 0.02


788 First Republic Bank Com USD 0.01 26 0.02



25,413 JPMorgan Chase & Co Com USD 1.00 977 0.66

4,830 KeyCorp Com USD 1.00 42 0.03

978 M&T Bank Corp Com USD 0.50 79 0.05


2,653 New York Community Bancorp Inc Com USD 0.01 27 0.02









£'000



Beverages

787 Brown-Forman Corp Com USD 0.15 49 0.03

26,839 Coca-Cola Co Com USD 0.25 769 0.52




826 Keurig Green Mountain Inc Com USD 0.10 75 0.05


941 Monster Beverage Corp Com USD 0.005 67 0.05


Biotechnology


5,126 Amgen Inc Com USD 0.0001 541 0.37



10,272 Gilead Sciences Inc Com USD 0.001 657 0.44

990 Illumina Inc Com USD 0.01 121 0.08

1,057 Incyte Corp Com USD 0.001 51 0.04

539 Medivation Inc Com USD 0.01 40 0.03




990 Cablevision Systems Corp Com USD 0.01 13 0.01

3,584 CBS Corp Com USD 0.001 126 0.08



3,359 DirecTV Com USD 0.01 188 0.13

1,477 DISH Network Corp Com USD 0.01 75 0.05



Broadline retailers



2,661 Macy's Inc Com USD 0.01 110 0.07


754 Urban Outfitters Inc Com USD 0.0001 16 0.01

10,917 Wal-Mart Stores Inc Com USD 0.10 610 0.41




1,044 Toll Brothers Inc Com USD 0.01 23 0.02


iSHARES V PLC






£'000


Equities (cont)




Chemicals


399 Airgas Inc Com USD 0.01 29 0.02

582 Albemarle Corp Com USD 0.01 22 0.01

495 Ashland Inc Com USD 0.01 36 0.02

806 Celanese Corp Com USD 0.0001 31 0.02


872 Eastman Chemical Co Com USD 0.01 46 0.03


863 FMC Corp Com USD 0.10 30 0.02

492 International Flavors & Fragrances Inc Com USD 0.125 32 0.02


1,974 Mosaic Co Com USD 0.01 58 0.04



639 Sigma-Aldrich Corp Com USD 1.00 56 0.04

215 Westlake Chemical Corp Com USD 0.01 9 0.01

Coal


Commercial services

1,005 ADT Corp Com USD 0.01 23 0.02



529 FleetCor Technologies Inc Com USD 0.001 51 0.04



400 Manpowergroup Inc Com USD 0.01 17 0.01


825 Robert Half International Inc Com USD 0.001 30 0.02

727 SEI Investments Co Com USD 0.01 18 0.01

958 Total System Services Inc Com USD 0.10 20 0.01



802 Vantiv Inc Com USD 0.00001 17 0.01

1,260 Verisk Analytics Inc Com USD 0.001 50 0.03

Computers

40,612 Apple Inc Com USD 0.00001 3,084 2.08




£'000



Computers (cont)

13,491 EMC Corp Com USD 0.01 262 0.18


419 IHS Inc Com USD 0.01 33 0.02

6,420 International Business Machines Corp Com USD 0.20 665 0.45



1,133 Synopsys Inc Com USD 0.01 31 0.02

931 Teradata Corp Com USD 0.01 27 0.02


Consumer finance




3,368 Visa Inc Com USD 0.0001 556 0.37



845 Ball Corp Com NPV 36 0.02

581 Owens-Illinois Inc Com USD 0.01 10 0.01


Defence






604 Arrow Electronics Inc Com USD 1.00 23 0.02




2,016 LKQ Corp Com USD 0.01 37 0.03

382 WW Grainger Inc Com USD 0.50 60 0.04


437 Affiliated Managers Group Inc Com USD 0.01 57 0.04

2,071 Ally Financial Inc Com USD 0.10 31 0.02

894 BlackRock Inc Com USD 0.01** 205 0.14

698 Eaton Vance Corp Com USD 0.00390625 19 0.01

1,993 FNF Group Com USD 0.0001 41 0.03





787 Raymond James Financial Inc Com USD 0.01 28 0.02


iSHARES V PLC






£'000


Equities (cont)




2,137 TD Ameritrade Holding Corp Com USD 0.01 47 0.03





Electricity

5,025 AES Corp Com USD 0.01 44 0.03

911 Alliant Energy Corp Com USD 0.01 36 0.03



2,578 Calpine Corp Com USD 0.001 38 0.03










456 Integrys Energy Group Inc Com USD 1.00 21 0.01

1,112 MDU Resources Group Inc Com USD 1.00 17 0.01




1,449 OGE Energy Corp Com USD 0.01 33 0.02



582 Pinnacle West Capital Corp Com NPV 23 0.02

5,051 PPL Corp Com USD 0.01 115 0.08


803 Scana Corp Com NPV 29 0.02




Electronics



911 Avnet Inc Com USD 1.00 25 0.02

603 FLIR Systems Inc Com USD 0.01 12 0.01


£'000



Electronics (cont)


200 Mettler-Toledo International Inc Com USD 0.01 38 0.02



552 Waters Corp Com USD 0.01 41 0.03


863 Fluor Corp Com USD 0.01 34 0.02

786 Jacobs Engineering Group Inc Com USD 1.00 23 0.02



405 Stericycle Inc Com USD 0.01 33 0.02


Financial services



34,989 AT&T Inc Com USD 1.00 791 0.53



Food









3,559 Kroger Co Com USD 1.00 136 0.09

796 McCormick & Co Inc Com NPV 38 0.03









Gas




Gold mining


iSHARES V PLC






£'000


Equities (cont)





2,541 Aetna Inc Com USD 0.01 141 0.10





835 Laboratory Corp of America Holdings Com USD 0.10 56 0.04





Healthcare products




439 CR Bard Inc Com USD 0.25 47 0.03

863 Dentsply International Inc Com USD 0.01 30 0.02





284 Patterson Cos Inc Com USD 0.01 9 0.01

965 ResMed Inc Com USD 0.004 33 0.02





Home construction




Home furnishings

895 Leggett & Platt Inc Com USD 0.01 24 0.02



9,288 Home Depot Inc Com USD 0.05 590 0.40


Hotels

2,376 Hilton Worldwide Holdings Inc Com USD 0.01 40 0.03



£'000



Hotels (cont)




681 Wyndham Worldwide Corp Com USD 0.01 36 0.02



332 Avery Dennison Corp Com USD 1.00 11 0.01



Insurance

3,308 Aflac Inc Com USD 0.10 126 0.09

146 Alleghany Corp Com USD 1.00 43 0.03



7,490 Berkshire Hathaway Inc Com USD 0.0033 711 0.48














1,079 Voya Financial Inc Com USD 0.01 29 0.02

598 WR Berkley Corp Com USD 0.20 20 0.01


12,784 Chevron Corp Com USD 0.75 890 0.60


696 Helmerich & Payne Inc Com USD 0.10 31 0.02

1,792 Hess Corp Com USD 1.00 83 0.06


Internet


7,647 eBay Inc Com USD 0.001 268 0.18



iSHARES V PLC






£'000


Equities (cont)


Internet (cont)


13,412 Facebook Inc Com USD 0.000006 665 0.45

530 FireEye Inc Com USD 0.0001 10 0.01

1,976 Google Inc Class 'C' Com USD 0.001 684 0.46

1,894 Google Inc Com USD 0.001 664 0.45

3,199 Liberty Interactive Corp Com USD 0.01 60 0.04

785 LinkedIn Corp Com USD 0.0001 113 0.08






933 VeriSign Inc Com USD 0.001 36 0.02

6,544 Yahoo! Inc Com USD 0.001 216 0.15

Investment services





Iron & steel


Leisure time

401 Polaris Industries Inc Com USD 0.01 40 0.03


917 AGCO Corp Com USD 0.01 25 0.02



2,545 Deere & Co Com USD 1.00 141 0.09


673 Joy Global Inc Com USD 1.00 21 0.01

787 Rockwell Automation Inc Com USD 1.00 58 0.04


1,118 Xylem Inc Com USD 0.01 27 0.02

Media

490 Charter Communications Inc Com USD 0.001 53 0.04


840 Discovery Communications Inc Com USD 0.01 19 0.01

1,381 Liberty Media Corp Class 'C' Com USD 0.01 32 0.02

550 Liberty Media Corp Com USD 0.01 13 0.01

2,319 News Corp Com USD 0.01 23 0.02



£'000



Media (cont)

22,672 Sirius XM Holdings Inc Com USD 0.001 52 0.03


3,289 Twenty-First Century Fox Inc Class 'B' Com USD 0.01 74 0.05


11,086 Walt Disney Co Com USD 0.01 655 0.44

Media agencies



Medical equipment


441 Henry Schein Inc Com USD 0.01 39 0.03

1,774 Hologic Inc Com USD 0.01 30 0.02

657 Varian Medical Systems Inc Com USD 1.00 37 0.02


Metal products

952 Precision Castparts Corp Com NPV 145 0.10

Mining

8,473 Alcoa Inc Com USD 1.00 93 0.06



4,301 3M Co Com USD 0.01 440 0.30





691 Pall Corp Com USD 0.10 42 0.03


180 SPX Corp Com USD 10.00 10 0.01



1,039 Church & Dwight Co Inc Com USD 1.00 51 0.04

1,191 Clorox Co Com USD 1.00 77 0.05



Oil & gas


343 Antero Resources Corp Com USD 0.01 10 0.01







iSHARES V PLC






£'000


Equities (cont)


Oil & gas (cont)

769 Concho Resources Inc Com USD 0.001 47 0.03


735 Continental Resources Inc Com USD 0.01 19 0.01




676 Energen Corp Com USD 0.01 26 0.02


986 EQT Corp Com NPV 57 0.04

1,252 HollyFrontier Corp Com USD 0.01 33 0.02





3,822 Phillips 66 Com USD 0.01 178 0.12

960 Pioneer Natural Resources Co Com USD 0.01 88 0.06




931 Tesoro Corp Com USD 0.167 46 0.03


787 Whiting Petroleum Corp Com USD 0.001 21 0.01

Oil & gas services






549 Oceaneering International Inc Com USD 0.25 22 0.01

904 Superior Energy Services Inc Com USD 0.001 11 0.01

Packaging & containers

951 Crown Holdings Inc Com USD 5.00 30 0.02

856 Rock-Tenn Co Com USD 0.01 31 0.02

Personal products






£'000








975 BioMarin Pharmaceutical Inc Com USD 0.001 56 0.04








19,531 Merck & Co Inc Com USD 0.50 754 0.51

2,564 Mylan Inc Com USD 0.50 96 0.07

694 Omnicare Inc Com USD 1.00 31 0.02

42,734 Pfizer Inc Com USD 0.05 850 0.57

438 Pharmacyclics Inc Com USD 0.0001 39 0.03

402 Quintiles Transnational Holdings Inc Com USD 0.01 15 0.01

441 Salix Pharmaceuticals Ltd Com USD 0.001 29 0.02


Pipelines


1,335 Oneok Inc Com USD 0.01 46 0.03






Railroads

6,410 CSX Corp Com USD 1.00 149 0.10





967 Realogy Holdings Corp Com USD 0.01 28 0.02





545 Camden Property Trust Reits USD 0.01 27 0.02

iSHARES V PLC






£'000


Equities (cont)



1,004 Digital Realty Trust Inc Reits USD 0.01 45 0.03

2,067 Duke Realty Corp Reits USD 0.01 26 0.02



435 Federal Realty Investment Trust Reits USD 0.01 37 0.03


3,838 HCP Inc Reits USD 1.00 110 0.07




1,130 Liberty Property Trust Reits USD 0.001 25 0.02

837 Macerich Co Reits USD 0.01 42 0.03


986 Public Storage Reits USD 0.10 118 0.08

1,521 Realty Income Corp Reits USD 1.00 45 0.03

550 Regency Centers Corp Reits USD 0.01 22 0.01


1,660 UDR Inc Reits USD 0.01 33 0.02

844 Ventas Inc Reits USD 0.25 38 0.03



2,308 American Capital Agency Corp Reits USD 0.01 34 0.02


8,335 Annaly Capital Management Inc Reits USD 0.01 61 0.04


928 Iron Mountain Inc Reits USD 0.01 22 0.02

985 Plum Creek Timber Co Inc Reits USD 0.01 26 0.02

837 Rayonier Inc Reits NPV 15 0.01


Restaurants & bars

830 Darden Restaurants Inc Com NPV 30 0.02




Retail






£'000



Retail (cont)



715 O'Reilly Automotive Inc Com USD 0.01 83 0.06

947 Tractor Supply Co Com USD 0.008 47 0.03


Semiconductors





883 Cree Inc Com USD 0.00125 20 0.01

33,568 Intel Corp Com USD 0.001 799 0.54


984 Lam Research Corp Com USD 0.001 52 0.04


1,631 Maxim Integrated Products Inc Com USD 0.001 31 0.02








Software

3,237 Activision Blizzard Inc Com USD 0.000001 45 0.03



585 Ansys Inc Com USD 0.01 31 0.02


2,596 CA Inc Com USD 0.10 52 0.04



332 Concur Technologies Inc Com USD 0.001 27 0.02

144 Dun & Bradstreet Corp Com USD 0.01 12 0.01






254 NetSuite Inc Com USD 0.01 17 0.01

1,630 Nuance Communications Inc Com USD 0.001 16 0.01

24,237 Oracle Corp Com USD 0.01 656 0.44


iSHARES V PLC






£'000


Equities (cont)


Software (cont)

767 Rackspace Hosting Inc Com USD 0.001 22 0.02



881 ServiceNow Inc Com USD 0.001 36 0.03

546 VMware Inc Com USD 0.01 31 0.02

711 Workday Inc Com USD 0.001 39 0.03

Specialty chemicals

362 CF Industries Holdings Inc Com USD 0.01 62 0.04


931 PPG Industries Inc Com USD 1.67 130 0.09

Specialty finance

621 Equifax Inc Com USD 1.25 32 0.02


Specialty retailers

477 Advance Auto Parts Inc Com USD 0.0001 45 0.03




823 Family Dollar Stores Inc Com USD 0.10 42 0.03

642 GameStop Corp Com USD 0.001 15 0.01




Telecommunications

34,630 Cisco Systems Inc Com USD 0.001 611 0.41


986 Harris Corp Com USD 1.00 45 0.03




484 Palo Alto Networks Inc Com USD 0.0001 38 0.03

1,059 SBA Communications Corp Com USD 0.01 82 0.06


1,630 T-Mobile US Inc Com USD 0.0001 30 0.02

28,018 Verizon Communications Inc Com USD 0.10 906 0.61


£'000



Telecommunications (cont)


Textile

477 Mohawk Industries Inc Com USD 0.01 47 0.03

528 PVH Corp Com USD 1.00 43 0.03

Tobacco





Toys

653 Hasbro Inc Com USD 0.50 25 0.02


Transportation




531 JB Hunt Transport Services Inc Com USD 0.01 28 0.02

709 Kansas City Southern Com USD 0.01 54 0.04


Water

1,119 American Water Works Co Inc Com USD 0.01 38 0.03



Rights

France

476 Arkema SA - Rights 3 December 2014 1 0.00

Total France 1 0.00

Spain

11,538 CaixaBank SA - Rights 9 December 2014* - 0.00


Total Spain 9 0.01


iSHARES V PLC





Currency Amount


SoldUnderlying


date Fair value

£'000*




GBP 4,131,743 AUD 7,533,002 4,105,498 02/12/2014 26 0.02

GBP 4,653,499 AUD 8,557,188 4,653,509 05/01/2015 - 0.00

GBP 5,959,513 CAD 10,754,376 6,022,536 02/12/2014 (63) (0.04)

GBP 6,057,635 CAD 10,823,655 6,057,628 05/01/2015 - 0.00

GBP 5,083,410 CHF 7,823,907 5,185,207 02/12/2014 (102) (0.07)

GBP 5,362,808 CHF 8,086,481 5,362,545 05/01/2015 - 0.00

GBP 873,671 DKK 8,300,548 888,017 02/12/2014 (14) (0.01)

GBP 904,615 DKK 8,452,165 904,617 05/01/2015 - 0.00

GBP 16,741,666 EUR 21,368,939 17,010,683 02/12/2014 (269) (0.18)

GBP 17,098,390 EUR 21,471,002 17,098,436 05/01/2015 - 0.00

GBP 1,638,434 HKD 20,322,804 1,673,386 02/12/2014 (35) (0.02)

GBP 1,820,908 HKD 22,110,796 1,820,911 05/01/2015 - 0.00

GBP 306,493 ILS 1,859,013 304,564 02/12/2014 2 0.00

GBP 323,865 ILS 1,976,332 323,866 06/01/2015 - 0.00

GBP 11,499,064 JPY 2,061,498,593 11,091,274 02/12/2014 408 0.28

GBP 12,002,207 JPY 2,228,931,774 12,001,700 05/01/2015 1 0.00

GBP 465,118 NOK 5,027,227 458,207 02/12/2014 7 0.00

GBP 439,814 NOK 4,830,274 439,815 05/01/2015 - 0.00

GBP 71,770 NZD 147,971 74,172 02/12/2014 (3) 0.00

GBP 76,235 NZD 152,603 76,254 05/01/2015 - 0.00

GBP 1,664,391 SEK 19,699,484 1,690,306 02/12/2014 (26) (0.02)

GBP 1,762,427 SEK 20,534,329 1,762,432 05/01/2015 - 0.00

GBP 820,389 SGD 1,687,086 826,457 02/12/2014 (6) 0.00

GBP 850,206 SGD 1,735,767 850,208 05/01/2015 - 0.00

GBP 80,071,969 USD 128,073,512 81,781,189 02/12/2014 (1,709) (1.16)

GBP 85,731,076 USD 134,233,347 85,731,295 05/01/2015 - 0.00

Total unrealised gains on forward currency contracts 444 0.30


Net unrealised losses on forward currency contracts (1,783) (1.20)

No. of contracts

Underlying exposure

£’000 Fair value

£'000


Futures contracts




iSHARES V PLC





Fair value

£’000



Cash† 1,795 1.21





† Cash holdings of £1,746,880 are held with State Street Bank and Trust Company. £47,894 is held as security for futures contracts with Barclays Plc. * Investments which are less than £500 are rounded to zero. ** Investment in related party. *** The counterparty for forward currency contracts is State Street Bank and Trust Company. ^ Securities valued in consultation with the investment manager.








Fair value £’000




Over-the-counter financial derivative instruments 444 0.29



iSHARES V PLC







Sales Purchases

115,361 iShares Core MSCI Japan IMI UCITS ETF* 2,211 23,761 Apple Inc Com USD 0.00001 1,598

6,800 Mazda Motor Corp Com NPV 98 19,436 Exxon Mobil Corp Com NPV 1,148

1,330 Apple Inc Com USD 0.00001 93 34,823 Microsoft Corp Com USD 0.00000625 986

1,236 Exxon Mobil Corp Com NPV 72 12,838 Johnson & Johnson Com USD 1.00 820

508 Goldman Sachs Group Inc Com USD 0.01 61 22,431 Wells Fargo & Co Com USD 1.666 714

501 International Business Machines Corp Com 44,454 General Electric Co Com USD 0.06 703

USD 0.20 56 17,124 JPMorgan Chase & Co Com USD 1.00 635

5,000 United Overseas Bank Ltd Com NPV 55 14,106 Nestle SA Com CHF 0.10 634

4,000 Cheung Kong Holdings Ltd Com NPV 44 8,582 Chevron Corp Com USD 0.75 632

626 McDonald's Corp Com USD 0.01 38 11,837 Procter & Gamble Co Com NPV 614

1,083 Wells Fargo & Co Com USD 1.666 37 15,600 Toyota Motor Corp Com NPV 558

543 Johnson & Johnson Com USD 1.00 37 9,898 Novartis AG Com CHF 0.50 546

3,244 Land Securities Group Plc Reits GBP 0.10 37 17,595 Verizon Communications Inc Com USD 0.10 542

578 Caterpillar Inc Com USD 1.00 36 3,029 Roche Holding AG Com NPV 531

7,000 Oversea-Chinese Banking Corp Ltd Com NPV 34 81,204 HSBC Holdings Plc Com USD 0.50 521

3,132 Compass Group Plc Com GBP 0.10625 33 28,136 Pfizer Inc Com USD 0.05 514

2,106 Vivendi SA Com EUR 5.50 33 4,397 International Business Machines Corp Com

1,063 Microsoft Corp Com USD 0.00000625 32 USD 0.20 514

1,375 Investor AB Com NPV 32 1,231 Google Inc Com USD 0.001 489

547 Agrium Inc Com NPV 32 22,445 AT&T Inc Com USD 1.00 488

528 Carlsberg A/S Com DKK 20.00 31 45,691 Bank of America Corp Com USD 0.01 481

* Investment in related party.





iSHARES V PLC

iShares Netherlands Government Bond UCITS ETF


INCOME STATEMENT



2014 €’000


2013 €’000



Total gains 396 -


Net operating profit/(loss) 387 (5)

Finance costs:




Adjustment to align to the valuation methodology as set out in the prospectus 7 - (1)


operations 343 (38)






2014 €’000


2013 €’000



operations 343 (38)

Share transactions:

Proceeds from issue of redeemable participating shares 14,607 -


Increase in net assets resulting from share transactions 9,418 -



iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS





CURRENT LIABILITIES

Payables 13 (2) -



Adjustment to align to the valuation methodology as set out in the prospectus 7 - -



iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000


49 36




2014 €’000


2013 €’000




347 (36)



2014 €’000


2013 €’000


(9) (5)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.20 0.20


SHAREHOLDERS







iSHARES V PLC









2014 €’000


2013 €’000

May 2013 - 16

November 2013 - 16

May 2014 15 -

November 2014 62 -

77 32

Equalisation income (45) -


44 32






2014 €’000


2013 €’000

Balance brought forward - 1



out in the prospectus - (1)

Total adjustment for the year - (1)

Balance carried forward - -






details.

9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares


Issued during year 110,000 -




SHAREHOLDERS

No. of Shares

Shares in issue




€’000

Net asset value








11. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000


settlement 64 -


243 41


Financial assets:

30 November 2014 €’000

30 November 2013 €’000


12,111 2,494

iSHARES V PLC





13. PAYABLES

30 November 2014 €’000

30 November 2013 €’000


(2) -





Company.



of the Company.






iSHARES V PLC






€'000



Bonds

Netherlands


549,000 Netherlands Government Bond 0% 15/04/2016 549 4.46

189,000 Netherlands Government Bond 0.25% 15/01/2020 189 1.54























Fair value

€’000



Cash† 8 0.07



Adjustment to align to the valuation methodology as set out in the prospectus* - 0.00


† Substantially all cash positions are held with State Street Bank and Trust Company. * Investments which are less than €500 have been rounded to zero.










iSHARES V PLC







Sales Purchases

300,000 Netherlands Government Bond 3.25% 15/07/2021 343 697,000 Netherlands Government Bond 3.75% 15/01/2042 950


284,000 Netherlands Government Bond 4% 15/07/2019 331 607,000 Netherlands Government Bond 5.5% 15/01/2028 889

257,000 Netherlands Government Bond 3.75% 15/01/2042 330 640,000 Netherlands Government Bond 4% 15/01/2037 874

251,000 Netherlands Government Bond 4% 15/01/2037 327 672,000 Netherlands Government Bond 4% 15/07/2019 788












240,000 Netherlands Government Bond 0% 15/04/2016 239 630,000 Netherlands Government Bond 0.5% 15/04/2017 637








iSHARES V PLC

iShares Oil & Gas Exploration & Production UCITS ETF


INCOME STATEMENT



2014 $’000


2013 $’000


Net (losses)/gains on financial assets/liabilities at fair value through profit or loss 3 (8,093) 966

Total (losses)/gains (7,681) 1,134


Net operating (loss)/profit (7,793) 1,087

Net (loss)/profit for the financial year before tax (7,793) 1,087


Net (loss)/profit for the financial year after tax (7,857) 1,063









2014 $’000


2013 $’000




Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 $’000

CURRENT ASSETS





CURRENT LIABILITIES


Payables 12 (12,647) (5)






iSHARES V PLC











2. OPERATING INCOME


2014 $’000


2013 $’000

Dividend income 399 166


412 168




2014 $’000


2013 $’000

Net (losses)/gains on


fair value through profit or loss (8,092) 960


Net losses on other investments (2) -

(8,093) 966



2014 $’000


2013 $’000


(112) (47)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.55 0.55






2014 $’000


2013 $’000








iSHARES V PLC











2014 $’000


2013 $’000


8. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares




Balance at the end of year 1,000,000 400,000


SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 1,000,000



$’000

Net asset value








10. RECEIVABLES

30 November 2014 $’000

30 November 2013 $’000



receivable 2 -

46 17


Financial assets:

30 November 2014 $’000

30 November 2013 $’000



contracts - 6

33,707 11,076

12. PAYABLES

30 November 2014 $’000

30 November 2013 $’000




repurchased (11,013) -


(12,647) (5)





Company.



of the Company.







iSHARES V PLC


























agents share.

30 November 2014 $’000

30 November 2013 $’000



year end 2,032 614




instruments.






iSHARES V PLC






$'000



Equities

Australia

Oil & gas

27,144 AWE Ltd Com NPV 32 0.14

67,224 Beach Energy Ltd Com NPV 59 0.26


35,685 Woodside Petroleum Ltd Com NPV 1,089 4.79


Bermuda

Oil & gas

4,339 Energy XXI Ltd Com USD 0.005 17 0.07

5,289 Kosmos Energy Ltd Com USD 0.01 44 0.19

158,676 Kunlun Energy Co Ltd Com HKD 0.01 172 0.76


Canada

Oil & gas


17,956 Athabasca Oil Corp Com NPV 40 0.18

14,020 Bankers Petroleum Ltd Com NPV 42 0.18

8,473 Baytex Energy Corp Com NPV 180 0.79

9,595 Bellatrix Exploration Ltd Com NPV 39 0.17

4,864 Birchcliff Energy Ltd Com NPV 43 0.19

9,368 Bonavista Energy Corp Com NPV 79 0.35

1,350 Bonterra Energy Corp Com NPV 51 0.22

55,086 Canadian Natural Resources Ltd Com NPV 1,832 8.05



6,079 Crew Energy Inc Com NPV 38 0.17



2,599 Freehold Royalties Ltd Com NPV 44 0.19

5,012 Kelt Exploration Ltd Com NPV 36 0.16

13,563 Kodiak Oil & Gas Corp Com NPV 99 0.44

8,726 Legacy Oil & Gas Inc Com NPV 22 0.10

10,017 Lightstream Resources Ltd Com NPV 22 0.10

7,654 MEG Energy Corp Com NPV 125 0.55

6,640 NuVista Energy Ltd Com NPV 47 0.21


2,781 Paramount Resources Ltd Com NPV 91 0.40

26,573 Pengrowth Energy Corp Com NPV 87 0.38



8,270 Raging River Exploration Inc Com NPV 45 0.20


$'000


Canada (cont)

Oil & gas (cont)

11,575 Surge Energy Inc Com NPV 50 0.22


3,632 TORC Oil & Gas Ltd Com NPV 27 0.12


3,481 Trilogy Energy Corp Com NPV 33 0.14

7,803 Ultra Petroleum Corp Com NPV 155 0.68

5,349 Vermilion Energy Inc Com NPV 249 1.09

12,325 Whitecap Resources Inc Com NPV 129 0.57


France

Oil & gas

4,246 Etablissements Maurel et Prom Com EUR 0.77 41 0.18


Hong Kong

Oil & gas

810,507 CNOOC Ltd Com NPV 1,183 5.20


Ireland

Oil & gas

11,694 Dragon Oil Plc Com EUR 0.10 92 0.40

Total Ireland 92 0.40

Japan

Oil & gas


1,800 Japan Petroleum Exploration Co Ltd Com NPV 55 0.24

Total Japan 634 2.79

Jersey

Oil & gas

8,209 Genel Energy Plc Com GBP 0.10 85 0.37


Norway

Oil & gas

5,255 Det Norske Oljeselskap ASA Com NOK 1.00 28 0.12

29,891 DNO ASA Com NOK 0.25 68 0.30


iSHARES V PLC






$'000


Equities (cont)

Papua New Guinea

Oil & gas

58,470 Oil Search Ltd Com NPV 397 1.75

Total Papua New Guinea 397 1.75

Russian Federation

Oil & gas

3,976 NovaTek OAO GDR NPV 376 1.65

12,255 Tatneft OAO ADR NPV 375 1.65


Sweden

Oil & gas


Total Sweden 174 0.77

United Kingdom

Oil & gas

55,386 Afren Plc Com GBP 0.01 45 0.19

31,244 Cairn Energy Plc Com GBP 0.013669 80 0.35

37,944 EnQuest Plc Com GBP 0.05 29 0.13

27,055 Ophir Energy Plc Com GBP 0.0025 61 0.27

27,191 Premier Oil Plc Com GBP 0.125 80 0.35

11,242 Soco International Plc Com GBP 0.05 50 0.22



United States

Oil & gas

25,473 Anadarko Petroleum Corp Com USD 0.10 2,016 8.86

2,760 Antero Resources Corp Com USD 0.01 130 0.57

19,315 Apache Corp Com USD 0.625 1,238 5.44

2,013 Approach Resources Inc Com USD 0.01 19 0.08

2,430 Bill Barrett Corp Com USD 0.001 25 0.11

1,668 Bonanza Creek Energy Inc Com USD 0.001 45 0.20


2,104 Carrizo Oil & Gas Inc Com USD 0.01 83 0.36




2,238 Comstock Resources Inc Com USD 0.50 20 0.09



4,354 Continental Resources Inc Com USD 0.01 178 0.78



$'000



Oil & gas (cont)

19,365 Devon Energy Corp Com USD 0.10 1,142 5.02

2,854 Diamondback Energy Inc Com USD 0.01 161 0.71

3,706 Energen Corp Com USD 0.01 221 0.97

27,568 EOG Resources Inc Com USD 0.01 2,390 10.50


9,190 EXCO Resources Inc Com USD 0.001 27 0.12

14,245 Gran Tierra Energy Inc Com USD 0.001 51 0.22

4,348 Gulfport Energy Corp Com USD 0.01 207 0.91

12,871 Halcon Resources Corp Com USD 0.0001 29 0.13

4,185 Laredo Petroleum Inc Com USD 0.01 44 0.19

9,171 Magnum Hunter Resources Corp Com USD 0.01 37 0.16


3,451 Matador Resources Co Com USD 0.01 61 0.27


6,926 Newfield Exploration Co Com USD 0.01 189 0.83


2,897 Northern Oil and Gas Inc Com USD 0.001 25 0.11

5,151 Oasis Petroleum Inc Com USD 0.01 95 0.42

1,831 PDC Energy Inc Com USD 0.01 54 0.24

7,231 Pioneer Natural Resources Co Com USD 0.01 1,037 4.56



3,298 Rice Energy Inc Com USD 0.01 82 0.36

3,119 Rosetta Resources Inc Com USD 0.001 92 0.40

2,488 Sanchez Energy Corp Com USD 0.01 28 0.12

20,299 SandRidge Energy Inc Com USD 0.001 57 0.25

3,436 SM Energy Co Com USD 0.01 149 0.65


2,895 Stone Energy Corp Com USD 0.01 46 0.20

1,771 W&T Offshore Inc Com USD 0.00001 13 0.06

5,992 Whiting Petroleum Corp Com USD 0.001 250 1.10

10,386 WPX Energy Inc Com USD 1.00 141 0.62




Cash† 1,634 7.18



iSHARES V PLC





Fair value

$'000








Fair value $’000





iSHARES V PLC







Sales Purchases

9,252 ConocoPhillips Com USD 0.01 757 54,197 ConocoPhillips Com USD 0.01 4,041

4,052 EOG Resources Inc Com USD 0.01 453 24,097 EOG Resources Inc Com USD 0.01 2,415

3,786 Anadarko Petroleum Corp Com USD 0.10 407 22,268 Anadarko Petroleum Corp Com USD 0.10 2,161

8,264 Canadian Natural Resources Ltd Com NPV 351 48,229 Canadian Natural Resources Ltd Com NPV 1,831

3,485 Apache Corp Com USD 0.625 341 17,184 Apache Corp Com USD 0.625 1,412

6,183 Marathon Oil Corp Com USD 1.00 241 6,364 Pioneer Natural Resources Co Com USD 0.01 1,238

1,060 Pioneer Natural Resources Co Com USD 0.01 227 32,249 Woodside Petroleum Ltd Com NPV 1,185

120,000 CNOOC Ltd Com NPV 222 707,000 CNOOC Ltd Com NPV 1,164

2,870 Devon Energy Corp Com USD 0.10 214 16,955 Devon Energy Corp Com USD 0.10 1,125

5,242 Woodside Petroleum Ltd Com NPV 206 30,141 Marathon Oil Corp Com USD 1.00 1,071

2,764 Noble Energy Inc Com USD 0.01 200 15,877 Noble Energy Inc Com USD 0.01 1,026

8,200 Inpex Corp Com NPV 122 18,618 Crescent Point Energy Corp Com NPV 689

5,524 Encana Corp Com NPV 118 32,543 Encana Corp Com NPV 676

3,432 Cabot Oil & Gas Corp Com USD 0.10 115 47,700 Inpex Corp Com NPV 641

847 Concho Resources Inc Com USD 0.001 115 6,652 EQT Corp Com NPV 635

2,736 Crescent Point Energy Corp Com NPV 110 18,574 Cabot Oil & Gas Corp Com USD 0.10 630

1,114 EQT Corp Com NPV 108 5,087 Concho Resources Inc Com USD 0.001 616

2,650 Southwestern Energy Co Com USD 0.01 108 15,539 Southwestern Energy Co Com USD 0.01 601

3,794 Chesapeake Energy Corp Com USD 0.01 101 9,848 Murphy Oil Corp Com USD 1.00 576

677 Cimarex Energy Co Com USD 0.01 92 22,796 Chesapeake Energy Corp Com USD 0.01 569





iSHARES V PLC



INCOME STATEMENT



2014 €’000


2013 €’000



Total gains 113,669 137,540



Finance costs:













2014 €’000


2013 €’000



Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS





Total current assets 1,002,949 771,172

CURRENT LIABILITIES


Payables 13 (20,738) (22,886)

Financial liabilities at fair value through profit or loss 12 (4,760) (287)






iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000




15,367 11,581




2014 €’000


2013 €’000






Net gains on futures contracts 1,138 5,941


investments 430 (918)

98,302 125,959



2014 €’000


2013 €’000


(3,334) (2,466)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.45 0.45

6. INTEREST EXPENSE


2014 €’000


2013 €’000


(3) (6)

iSHARES V PLC










2014 €’000


2013 €’000














2014 €’000


2013 €’000


9. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 20,960,000

As at 30 November 2013 18,560,000

As at 30 November 2012 10,000,000

€’000

Net asset value








11. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000

Sale of securities




receivable 3 -

Other receivables - 91

1,753 23,024


Financial assets:

30 November 2014 €’000

30 November 2013 €’000





contracts 351 948

968,951 734,509


Unrealised losses on forward currency

contracts (4,760) (287)

(4,760) (287)

iSHARES V PLC





13. PAYABLES

30 November 2014 €’000

30 November 2013 €’000


settlement (20,420) (86)


repurchased - (22,526)


(20,738) (22,886)





Company.



of the Company.



























agents share.

30 November 2014 €’000

30 November 2013 €’000



year end 9,249 189




instruments.







iSHARES V PLC






€'000



Equities

Bermuda



Oil & gas




Apparel retailers



Curacao

Oil & gas services

84,999 Schlumberger Ltd Com USD 0.01 5,862 0.60

Total Curacao 5,862 0.60

Ireland

Computers

41,064 Accenture Plc Com USD 0.0000225 2,844 0.29

21,485 Seagate Technology Plc Com USD 0.00001 1,139 0.12

Electronics

6,311 Allegion Plc Com USD 0.01 273 0.03


Healthcare products

30,252 Covidien Plc Com USD 0.20 2,452 0.25

Insurance



31,475 Eaton Corp Plc Com USD 0.01 1,713 0.17



Pharmaceuticals

17,248 Actavis Plc Com USD 0.0033 3,751 0.38

7,238 Mallinckrodt Plc Com USD 0.20 535 0.05

8,860 Perrigo Co Plc Com NPV 1,139 0.12


Jersey


19,814 Delphi Automotive Plc Com USD 0.01 1,160 0.12



€'000


Netherlands

Chemicals

28,114 LyondellBasell Industries NV Com USD 0.01 1,778 0.18

Media



Panama

Leisure time

29,791 Carnival Corp Com USD 0.01 1,055 0.11

Total Panama 1,055 0.11

Singapore

Semiconductors

16,575 Avago Technologies Ltd Com NPV 1,242 0.13


Switzerland



27,072 TE Connectivity Ltd Com CHF 0.57 1,394 0.14

Insurance

22,205 ACE Ltd Com CHF 25.40 2,037 0.21

Oil & gas



United Kingdom

Insurance

19,213 Aon Plc Com USD 0.01 1,426 0.15

Oil & gas

15,245 Ensco Plc Com USD 0.10 413 0.04



United States

Aerospace

43,879 Boeing Co Com USD 5.00 4,729 0.48

5,457 L-3 Communications Holdings Inc Com USD 0.01 545 0.06


55,744 United Technologies Corp Com USD 1.00 4,925 0.50

Agriculture

42,683 Archer-Daniels-Midland Co Com NPV 1,803 0.18

Airlines

55,743 Delta Air Lines Inc Com USD 0.0001 2,087 0.21

45,211 Southwest Airlines Co Com USD 1.00 1,517 0.16

iSHARES V PLC






€'000


Equities (cont)


Apparel retailers

18,640 Coach Inc Com USD 0.01 555 0.06

17,648 Gap Inc Com USD 0.05 560 0.06


45,920 Nike Inc Com NPV 3,658 0.37


4,126 Ralph Lauren Corp Com USD 0.01 612 0.06


45,831 TJX Cos Inc Com USD 1.00 2,433 0.25


22,809 VF Corp Com NPV 1,376 0.14

Auto manufacturers

23,452 Paccar Inc Com USD 1.00 1,261 0.13



17,244 Goodyear Tire & Rubber Co Com NPV 379 0.04

44,038 Johnson Controls Inc Com USD 0.01388 1,766 0.18

Automobiles

252,563 Ford Motor Co Com USD 0.01 3,185 0.33

89,135 General Motors Co Com USD 0.01 2,390 0.24


Banks


74,828 Bank of New York Mellon Corp Com USD 0.01 2,403 0.25

47,583 BB&T Corp Com USD 5.00 1,435 0.15

36,450 Capital One Financial Corp Com USD 0.01 2,433 0.25




26,809 Goldman Sachs Group Inc Com USD 0.01 4,053 0.41


54,615 Huntington Bancshares Inc Com USD 0.01 443 0.05


56,030 KeyCorp Com USD 1.00 607 0.06

8,723 M&T Bank Corp Com USD 0.50 882 0.09

99,688 Morgan Stanley Com USD 0.01 2,812 0.29



35,099 PNC Financial Services Group Inc Com USD 5.00** 2,463 0.25


34,964 SunTrust Banks Inc Com USD 1.00 1,102 0.11

117,854 US Bancorp Com USD 0.01 4,179 0.43



€'000



Banks (cont)

14,169 Zions Bancorporation Com NPV 319 0.03

Beverages










Biotechnology

13,080 Alexion Pharmaceuticals Inc Com USD 0.0001 2,045 0.21

49,800 Amgen Inc Com USD 0.0001 6,600 0.68

15,444 Biogen Idec Inc Com USD 0.0005 3,810 0.39

52,359 Celgene Corp Com USD 0.01 4,775 0.49


4,880 Regeneron Pharmaceuticals Inc Com USD 0.001 1,628 0.17

15,744 Vertex Pharmaceuticals Inc Com USD 0.01 1,488 0.15



32,052 CBS Corp Com USD 0.001 1,411 0.14

169,686 Comcast Corp Com USD 0.01 7,763 0.79

33,205 DirecTV Com USD 0.01 2,335 0.24

18,428 Time Warner Cable Inc Com USD 0.01 2,207 0.23

25,183 Viacom Inc Com USD 0.001 1,528 0.16

Broadline retailers

28,572 Costco Wholesale Corp Com USD 0.005 3,257 0.33


23,275 Macy's Inc Com USD 0.01 1,212 0.12

41,899 Target Corp Com USD 0.0833 2,487 0.26

6,058 Urban Outfitters Inc Com USD 0.0001 157 0.02



3,987 Martin Marietta Materials Inc Com USD 0.01 384 0.04




3,570 Alliance Data Systems Corp Com USD 0.01 818 0.08

iSHARES V PLC






€'000


Equities (cont)


Chemicals

12,685 Air Products & Chemicals Inc Com USD 1.00 1,464 0.15

4,304 Airgas Inc Com USD 0.01 399 0.04

73,092 Dow Chemical Co Com USD 2.50 2,854 0.29


59,723 EI du Pont de Nemours & Co Com USD 0.30 3,421 0.35

8,513 FMC Corp Com USD 0.10 371 0.04

5,439 International Flavors & Fragrances Inc Com USD 0.125 441 0.04

31,769 Monsanto Co Com USD 0.01 3,056 0.31

20,610 Mosaic Co Com USD 0.01 757 0.08

19,311 Praxair Inc Com USD 0.01 1,989 0.20

5,491 Sherwin-Williams Co Com USD 1.00 1,079 0.11

7,795 Sigma-Aldrich Corp Com USD 1.00 854 0.09

Coal


Commercial services

11,552 ADT Corp Com USD 0.01 324 0.03

31,792 Automatic Data Processing Inc Com USD 0.10 2,184 0.22

5,936 Cintas Corp Com NPV 348 0.04





6,161 United Rentals Inc Com USD 0.01 560 0.06

Computers

392,646 Apple Inc Com USD 0.00001 37,458 3.83

40,201 Cognizant Technology Solutions Corp Com USD 0.01 1,741 0.18


132,227 EMC Corp Com USD 0.01 3,220 0.33

121,869 Hewlett-Packard Co Com USD 0.01 3,818 0.39



14,838 SanDisk Corp Com USD 0.001 1,231 0.13


14,547 Western Digital Corp Com USD 0.01 1,205 0.12

Consumer finance

58,905 American Express Co Com USD 0.20 4,369 0.45

30,537 Discover Financial Services Com USD 0.01 1,606 0.16

64,422 MasterCard Inc Com USD 0.0001 4,512 0.46

32,279 Visa Inc Com USD 0.0001 6,691 0.69



€'000





7,125 Bemis Co Inc Com USD 0.10 228 0.02

11,380 Owens-Illinois Inc Com USD 0.01 234 0.03


Defence

20,996 General Dynamics Corp Com USD 1.00 2,448 0.25

17,561 Lockheed Martin Corp Com USD 1.00 2,700 0.28

13,760 Northrop Grumman Corp Com USD 1.00 1,556 0.16

20,555 Raytheon Co Com USD 0.01 1,760 0.18



2,822 Fossil Group Inc Com USD 0.01 253 0.03


3,919 WW Grainger Inc Com USD 0.50 772 0.08


3,531 Affiliated Managers Group Inc Com USD 0.01 577 0.06

8,350 BlackRock Inc Com USD 0.01** 2,405 0.24

19,622 E*Trade Financial Corp Com USD 0.01 359 0.04

26,054 Franklin Resources Inc Com USD 0.10 1,188 0.12

7,512 Intercontinental Exchange Inc Com USD 0.01 1,362 0.14

7,875 NASDAQ OMX Group Inc Com USD 0.01 284 0.03


28,005 State Street Corp Com USD 1.00 1,724 0.18

17,396 T Rowe Price Group Inc Com USD 0.20 1,164 0.12



46,154 Emerson Electric Co Com USD 0.50 2,360 0.24

Electricity

42,296 AES Corp Com USD 0.01 471 0.05


32,317 American Electric Power Co Inc Com USD 6.50 1,492 0.15



38,535 Dominion Resources Inc Com NPV 2,244 0.23


46,111 Duke Energy Corp Com USD 0.001 2,992 0.31

21,368 Edison International Com NPV 1,090 0.11


56,815 Exelon Corp Com NPV 1,648 0.17


5,416 Integrys Energy Group Inc Com USD 1.00 317 0.03

28,850 NextEra Energy Inc Com USD 0.01 2,417 0.25



iSHARES V PLC






€'000


Equities (cont)


Electricity (cont)


31,035 PG&E Corp Com NPV 1,257 0.13

7,494 Pinnacle West Capital Corp Com NPV 380 0.04

43,941 PPL Corp Com USD 0.01 1,253 0.13

33,453 Public Service Enterprise Group Inc Com NPV 1,121 0.11


59,231 Southern Co Com USD 5.00 2,253 0.23

16,251 TECO Energy Inc Com USD 1.00 259 0.03



Electronics




51,171 Honeywell International Inc Com USD 1.00 4,068 0.42

7,929 PerkinElmer Inc Com USD 1.00 289 0.03

25,905 Thermo Fisher Scientific Inc Com USD 1.00 2,686 0.27







5,555 Stericycle Inc Com USD 0.01 575 0.06

28,682 Waste Management Inc Com USD 0.01 1,121 0.11

Financial services

17,914 McGraw Hill Financial Inc Com USD 1.00 1,343 0.14


340,026 AT&T Inc Com USD 1.00 9,650 0.99

37,710 CenturyLink Inc Com USD 1.00 1,234 0.12


Food



40,501 General Mills Inc Com USD 0.10 1,714 0.18



6,424 JM Smucker Co Com NPV 528 0.05


39,276 Kraft Foods Group Inc Com NPV 1,895 0.19

32,332 Kroger Co Com USD 1.00 1,552 0.16


109,932 Mondelez International Inc Com NPV 3,456 0.35



€'000



Food (cont)

38,806 Sysco Corp Com USD 1.00 1,254 0.13




27,916 International Paper Co Com USD 1.00 1,205 0.12


Gas

8,084 AGL Resources Inc Com USD 5.00 339 0.03



15,280 Sempra Energy Com NPV 1,370 0.14

Gold mining



3,616 Snap-on Inc Com USD 1.00 392 0.04



23,442 Aetna Inc Com USD 0.01 1,641 0.17

18,140 Anthem Inc Com USD 0.01 1,861 0.19

17,442 Cigna Corp Com USD 0.25 1,440 0.15


10,212 Humana Inc Com USD 0.166 1,130 0.11

5,310 Laboratory Corp of America Holdings Com USD 0.10 446 0.05


6,602 Tenet Healthcare Corp Com USD 0.05 254 0.03

63,664 UnitedHealth Group Inc Com USD 0.01 5,037 0.51

5,806 Universal Health Services Inc Com USD 0.01 487 0.05

Healthcare products

35,824 Baxter International Inc Com USD 1.00 2,097 0.22

12,667 Becton Dickinson and Co Com USD 1.00 1,426 0.15


4,799 CR Bard Inc Com USD 0.25 644 0.07


6,798 Edwards Lifesciences Corp Com USD 1.00 708 0.07


2,374 Intuitive Surgical Inc Com USD 0.001 986 0.10

65,105 Medtronic Inc Com USD 0.10 3,859 0.40

5,955 Patterson Cos Inc Com USD 0.01 230 0.02

18,503 St Jude Medical Inc Com USD 0.10 1,009 0.10

19,781 Stryker Corp Com USD 0.10 1,475 0.15



iSHARES V PLC






€'000


Equities (cont)


Home construction




Home furnishings

4,253 Harman International Industries Inc Com USD 0.01 370 0.04


5,034 Whirlpool Corp Com USD 1.00 752 0.07



64,306 Lowe's Cos Inc Com USD 0.50 3,294 0.34

Hotels






6,676 Avery Dennison Corp Com USD 1.00 265 0.03

24,435 Kimberly-Clark Corp Com USD 1.25 2,286 0.23


Insurance

29,952 Aflac Inc Com USD 0.10 1,435 0.15

93,327 American International Group Inc Com USD 2.50 4,102 0.42

4,293 Assurant Inc Com USD 0.01 233 0.02







35,992 Marsh & McLennan Cos Inc Com USD 1.00 1,634 0.17

73,349 MetLife Inc Com USD 0.01 3,272 0.33



30,420 Prudential Financial Inc Com USD 0.01 2,074 0.21


22,416 Travelers Cos Inc Com NPV 1,879 0.19






€'000



Integrated oil & gas (cont)

7,293 Helmerich & Payne Inc Com USD 0.10 407 0.04

17,304 Hess Corp Com USD 1.00 1,012 0.11


Internet

24,835 Amazon.com Inc Com USD 0.01 6,746 0.69

73,633 eBay Inc Com USD 0.001 3,241 0.33

6,175 Expedia Inc Com USD 0.001 431 0.04

4,618 F5 Networks Inc Com NPV 479 0.05




3,984 Netflix Inc Com USD 0.001 1,108 0.11

3,429 Priceline Group Inc Com USD 0.008 3,190 0.33


7,288 TripAdvisor Inc Com USD 0.001 431 0.04


61,164 Yahoo! Inc Com USD 0.001 2,538 0.26

Investment services

12,390 Ameriprise Financial Inc Com USD 0.01 1,310 0.13

75,841 Charles Schwab Corp Com USD 0.01 1,723 0.18

20,889 CME Group Inc Com USD 0.01 1,419 0.15

6,786 Legg Mason Inc Com USD 0.10 309 0.03

Iron & steel

7,388 Allegheny Technologies Inc Com USD 0.10 200 0.02



40,977 Caterpillar Inc Com USD 1.00 3,304 0.34

11,319 Cummins Inc Com USD 2.50 1,322 0.13

23,696 Deere & Co Com USD 1.00 1,647 0.17




6,609 Roper Industries Inc Com USD 0.01 837 0.09

11,388 Xylem Inc Com USD 0.01 350 0.04

Media

17,429 Discovery Communications Inc Class ‘C’ Com USD 0.01 475 0.05


15,527 Gannett Co Inc Com USD 1.00 405 0.04

33,427 News Corp Com USD 0.01 416 0.04

6,538 Scripps Networks Interactive Inc Com USD 0.01 410 0.04

55,845 Time Warner Inc Com USD 0.01 3,814 0.39

122,968 Twenty-First Century Fox Inc Com USD 0.01 3,630 0.37

iSHARES V PLC






€'000


Equities (cont)


Media (cont)


Media agencies


16,423 Omnicom Group Inc Com USD 0.15 1,018 0.10

Medical equipment


6,951 Varian Medical Systems Inc Com USD 1.00 493 0.05


Metal products

9,489 Precision Castparts Corp Com NPV 1,812 0.19

Mining

76,861 Alcoa Inc Com USD 1.00 1,066 0.11

68,713 Freeport-McMoRan Inc Com USD 0.10 1,479 0.15


42,478 3M Co Com USD 0.01 5,456 0.56

39,627 Danaher Corp Com USD 0.01 2,656 0.27



24,126 Illinois Tool Works Inc Com USD 0.01 1,837 0.19

7,229 Pall Corp Com USD 0.10 557 0.06

9,833 Parker-Hannifin Corp Com USD 0.50 1,018 0.10



8,344 Clorox Co Com USD 1.00 680 0.07


14,175 Pitney Bowes Inc Com USD 1.00 280 0.03


Oil & gas

33,454 Anadarko Petroleum Corp Com USD 0.10 2,124 0.22

25,291 Apache Corp Com USD 0.625 1,301 0.13






25,438 Devon Energy Corp Com USD 0.10 1,203 0.12

4,771 Diamond Offshore Drilling Inc Com USD 0.01 112 0.01

35,607 EOG Resources Inc Com USD 0.01 2,476 0.25


44,597 Marathon Oil Corp Com USD 1.00 1,034 0.11

18,735 Marathon Petroleum Corp Com USD 0.01 1,354 0.14



€'000



Oil & gas (cont)


50,939 Occidental Petroleum Corp Com USD 0.20 3,267 0.33

36,957 Phillips 66 Com USD 0.01 2,165 0.22

9,467 Pioneer Natural Resources Co Com USD 0.01 1,089 0.11





34,911 Valero Energy Corp Com USD 0.01 1,361 0.14

Oil & gas services

28,772 Baker Hughes Inc Com USD 1.00 1,316 0.14



55,230 Halliburton Co Com USD 2.50 1,867 0.19

28,459 National Oilwell Varco Inc Com USD 0.01 1,531 0.16

Personal products


55,953 Colgate-Palmolive Co Com USD 1.00 3,123 0.32



Pharmaceuticals

98,183 Abbott Laboratories Com NPV 3,508 0.36

104,350 AbbVie Inc Com USD 0.01 5,793 0.59

19,358 Allergan Inc Com USD 0.01 3,322 0.34

14,025 AmerisourceBergen Corp Com USD 0.01 1,024 0.11

108,691 Bristol-Myers Squibb Co Com USD 0.10 5,150 0.53

22,265 Cardinal Health Inc Com NPV 1,468 0.15

64,198 Eli Lilly & Co Com NPV 3,510 0.36

48,573 Express Scripts Holding Co Com USD 0.01 3,240 0.33


15,039 McKesson Corp Com USD 0.01 2,543 0.26

13,292 Mead Johnson Nutrition Co Com USD 0.01 1,107 0.11


24,238 Mylan Inc Com USD 0.50 1,139 0.12


32,561 Zoetis Inc Com USD 0.01 1,174 0.12

Pipelines

111,137 Kinder Morgan Inc Com USD 0.01 3,685 0.37

13,763 Oneok Inc Com USD 0.01 598 0.06

44,359 Spectra Energy Corp Com USD 0.001 1,348 0.14

44,483 Williams Cos Inc Com USD 1.00 1,847 0.19

iSHARES V PLC






€'000


Equities (cont)



28,655 Allstate Corp Com USD 0.01 1,567 0.16

15,821 Chubb Corp Com USD 1.00 1,307 0.13

Railroads

66,095 CSX Corp Com USD 1.00 1,935 0.20

20,460 Norfolk Southern Corp Com USD 1.00 1,832 0.19

58,836 Union Pacific Corp Com USD 2.50 5,513 0.56




26,189 American Tower Corp Reits USD 0.01 2,207 0.23

10,103 Apartment Investment & Management Co Reits USD 0.01 302 0.03

8,676 AvalonBay Communities Inc Reits USD 0.01 1,119 0.11

10,119 Boston Properties Inc Reits USD 0.01 1,053 0.11

22,072 Crown Castle International Corp Reits USD 0.01 1,471 0.15

23,921 Equity Residential Reits USD 0.01 1,359 0.14

4,065 Essex Property Trust Inc Reits USD 0.0001 660 0.07


30,350 HCP Inc Reits USD 1.00 1,090 0.11

21,430 Health Care REIT Inc USD 1.00 1,266 0.13






33,072 Prologis Inc Reits USD 0.01 1,121 0.11

9,585 Public Storage Reits USD 0.10 1,443 0.15

20,246 Simon Property Group Inc Reits USD 0.0001 2,937 0.30

17,433 Ventas Inc Reits USD 0.25 1,001 0.10

11,534 Vornado Realty Trust Reits USD 0.04 1,032 0.11


Restaurants & bars


64,352 McDonald's Corp Com USD 0.01 5,000 0.51

48,968 Starbucks Corp Com USD 0.001 3,190 0.33

29,073 Yum! Brands Inc Com NPV 1,802 0.18

Retail

2,158 AutoZone Inc Com USD 0.01 1,000 0.10


2,055 Chipotle Mexican Grill Inc Com USD 0.01 1,094 0.11

75,928 CVS Health Corp Com USD 0.01 5,568 0.57

20,065 Dollar General Corp Com USD 0.875 1,074 0.11


€'000



Retail (cont)

16,244 L Brands Inc Com USD 0.50 1,054 0.11



57,329 Walgreen Co Com USD 0.078125 3,156 0.32

Semiconductors



80,566 Applied Materials Inc Com USD 0.01 1,554 0.16

35,567 Broadcom Corp Com USD 0.0001 1,230 0.13

5,219 First Solar Inc Com USD 0.001 204 0.02






70,808 Micron Technology Inc Com USD 0.10 2,041 0.21


109,889 Qualcomm Inc Com USD 0.0001 6,426 0.66

69,451 Texas Instruments Inc Com USD 1.00 3,032 0.31


Software

31,246 Adobe Systems Inc Com USD 0.0001 1,846 0.19



20,091 CA Inc Com USD 0.10 502 0.05

20,074 Cerner Corp Com USD 0.01 1,037 0.11


2,386 Dun & Bradstreet Corp Com USD 0.01 243 0.03




18,772 Intuit Inc Com USD 0.01 1,413 0.14





38,065 Salesforce.com Inc Com USD 0.001 1,828 0.19

Specialty chemicals

3,233 CF Industries Holdings Inc Com USD 0.01 696 0.07

17,840 Ecolab Inc Com USD 1.00 1,559 0.16

9,126 PPG Industries Inc Com USD 1.67 1,602 0.16

Specialty finance



iSHARES V PLC






€'000


Equities (cont)


Specialty retailers

5,448 AutoNation Inc Com USD 0.01 260 0.03



6,507 Family Dollar Stores Inc Com USD 0.10 412 0.04


6,372 PetSmart Inc Com USD 0.0001 402 0.04



Telecommunications


85,372 Corning Inc Com USD 0.50 1,440 0.15

7,030 Harris Corp Com USD 1.00 404 0.04







€'000



Textile

3,888 Mohawk Industries Inc Com USD 0.01 479 0.05

5,540 PVH Corp Com USD 1.00 565 0.06

Tobacco

130,009 Altria Group Inc Com USD 0.333 5,243 0.54

23,689 Lorillard Inc Com USD 0.01 1,200 0.12


20,325 Reynolds American Inc Com USD 0.0001 1,075 0.11

Toys



Transportation



17,562 FedEx Corp Com USD 0.10 2,511 0.26

7,300 Kansas City Southern Com USD 0.01 696 0.07

3,537 Ryder System Inc Com USD 0.50 271 0.03

45,982 United Parcel Service Inc Com USD 0.01 4,055 0.41



Currency Amount


Sold Underlying


date Fair value

€'000*




EUR 876,588,169 USD 1,098,474,549 881,141,097 02/12/2014 (4,553) (0.47)

EUR 18,177,488 USD 22,774,139 18,268,270 02/12/2014 (91) (0.01)

EUR 11,005,730 USD 13,664,483 10,960,962 02/12/2014 45 0.00

EUR 10,943,300 USD 13,664,483 10,960,962 02/12/2014 (18) 0.00

EUR 10,288,286 USD 12,871,387 10,324,780 02/12/2014 (37) 0.00

EUR 7,324,682 USD 9,109,655 7,307,308 02/12/2014 17 0.00

EUR 7,312,487 USD 9,109,655 7,307,308 02/12/2014 5 0.00

EUR 7,298,976 USD 9,109,655 7,307,308 02/12/2014 (8) 0.00

EUR 3,659,893 USD 4,554,828 3,653,654 02/12/2014 6 0.00

EUR 3,631,906 USD 4,554,828 3,653,654 02/12/2014 (22) 0.00

EUR 3,622,513 USD 4,554,828 3,653,654 02/12/2014 (31) 0.00

EUR 984,286,161 USD 1,227,288,698 984,286,161 05/01/2015 - 0.00

USD 9,077,622 EUR 7,243,988 7,281,613 02/12/2014 38 0.00

USD 5,795,385 EUR 4,647,902 4,647,902 05/01/2015 - 0.00




iSHARES V PLC





No. of contracts

Underlying exposure


€'000


Futures contracts




Fair value

€’000



Cash† 32,245 3.30





† Cash holdings of €32,126,781 are held with State Street Bank and Trust Company. €117,934 is held as security for futures contracts with Barclays Plc. * Investments which are less than €500 are rounded to zero. ** Investments in related party. *** The counterparty for forward currency contracts is State Street Bank and Trust Company.














Total current assets 1,002,949 100.00

iSHARES V PLC







Sales Purchases




100,004 Johnson & Johnson Com USD 1.00 7,311 195,001 Facebook Inc Com USD 0.000006 9,228

357,109 General Electric Co Com USD 0.06 6,841 110,060 Johnson & Johnson Com USD 1.00 8,466

9,997 Google Inc Com USD 0.001 6,478 227,963 Verizon Communications Inc Com USD 0.10 8,243


68,424 Chevron Corp Com USD 0.75 6,058 71,169 Berkshire Hathaway Inc Com USD 0.0033 7,101

63,334 Berkshire Hathaway Inc Com USD 0.0033 5,926 182,197 Wells Fargo & Co Com USD 1.666 6,962

134,645 JPMorgan Chase & Co Com USD 1.00 5,809 73,039 Chevron Corp Com USD 0.75 6,799

95,420 Procter & Gamble Co Com NPV 5,753 147,680 JPMorgan Chase & Co Com USD 1.00 6,512

39,538 International Business Machines Corp Com USD 0.20 5,486 103,001 Procter & Gamble Co Com NPV 6,449

238,664 Pfizer Inc Com USD 0.05 5,448 11,268 Google Inc Com USD 0.001 5,900

133,760 Verizon Communications Inc Com USD 0.10 4,851 243,573 Pfizer Inc Com USD 0.05 5,506

186,405 AT&T Inc Com USD 1.00 4,747 196,841 AT&T Inc Com USD 1.00 5,194

377,359 Bank of America Corp Com USD 0.01 4,628 36,472 International Business Machines Corp Com USD 0.20 5,047

105,576 Merck & Co Inc Com USD 0.50 4,457 157,926 Coca-Cola Co Com USD 0.25 4,972

135,716 Coca-Cola Co Com USD 0.25 4,070 400,145 Bank of America Corp Com USD 0.01 4,904

137,511 Oracle Corp Com USD 0.01 3,998 113,078 Merck & Co Inc Com USD 0.50 4,888

106,857 Citigroup Inc Com USD 0.01 3,971 191,771 Intel Corp Com USD 0.001 4,562





iSHARES V PLC



INCOME STATEMENT



2014 £’000


2013 £’000









Adjustment to align to the valuation methodology as set out in the prospectus 6 (23) (1)







2014 £’000


2013 £’000



Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 £’000

CURRENT ASSETS






CURRENT LIABILITIES

Payables 12 (262) (31)

Financial liabilities at fair value through profit or loss 11 (1,978) (15)






iSHARES V PLC











2. OPERATING INCOME


2014 £’000


2013 £’000



1,642 1,073




2014 £’000


2013 £’000








investments 88 (47)

11,156 12,338



2014 £’000


2013 £’000


(358) (226)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.45 0.45






2014 £’000


2013 £’000




out in the prospectus (23) (1)

Total adjustment for the year (23) (1)



iSHARES V PLC











2014 £’000


2013 £’000


8. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 1,980,000

As at 30 November 2013 1,680,000

As at 30 November 2012 1,200,000

£’000

Net asset value








10. RECEIVABLES

30 November 2014 £’000

30 November 2013 £’000

Sale of securities



1,648 140


Financial assets:

30 November 2014 £’000

30 November 2013 £’000



contracts 35 49



93,121 67,642


Unrealised losses on forward currency contracts (1,978) (15)

(1,978) (15)

12. PAYABLES

30 November 2014 £’000

30 November 2013 £’000


settlement (230) (8)


(262) (31)





Company.



of the Company.

iSHARES V PLC































agents share.

30 November 2014 $’000

30 November 2013 $’000



year end 948 -




instruments.







iSHARES V PLC






£'000



Equities

Bermuda



Oil & gas




Apparel retailers



Curacao

Oil & gas services



Ireland

Computers



Electronics

735 Allegion Plc Com USD 0.01 25 0.03


Healthcare products


Insurance






Pharmaceuticals



1,047 Perrigo Co Plc Com NPV 107 0.11


Jersey





£'000


Netherlands

Chemicals


Media



Panama

Leisure time



Singapore

Semiconductors



Switzerland




Insurance

2,691 ACE Ltd Com CHF 26.01 197 0.21

Oil & gas


Total Switzerland 404 0.43

United Kingdom

Insurance

2,326 Aon Plc Com USD 0.01 138 0.14

Oil & gas

1,937 Ensco Plc Com USD 0.10 42 0.05



United States

Aerospace

5,229 Boeing Co Com USD 5.00 448 0.48

726 L-3 Communications Holdings Inc Com USD 0.01 58 0.06



Agriculture


Airlines



iSHARES V PLC






£'000


Equities (cont)


Apparel retailers

2,281 Coach Inc Com USD 0.01 54 0.06

2,247 Gap Inc Com USD 0.05 57 0.06









Auto manufacturers




2,212 Goodyear Tire & Rubber Co Com NPV 39 0.04


Automobiles




Banks

82,562 Bank of America Corp Com USD 0.01 899 0.96


5,543 BB&T Corp Com USD 5.00 133 0.14


23,811 Citigroup Inc Com USD 0.01 821 0.87





5,938 Huntington Bancshares Inc Com USD 0.01 38 0.04


7,390 KeyCorp Com USD 1.00 64 0.07

994 M&T Bank Corp Com USD 0.50 80 0.08




4,344 PNC Financial Services Group Inc Com USD 5.00* 243 0.26






£'000



Banks (cont)

1,700 Zions Bancorporation Com NPV 30 0.03

Beverages


30,984 Coca-Cola Co Com USD 0.25 887 0.94




991 Keurig Green Mountain Inc Com USD 0.10 90 0.10




Biotechnology


5,959 Amgen Inc Com USD 0.0001 629 0.67



11,865 Gilead Sciences Inc Com USD 0.001 759 0.81





3,703 CBS Corp Com USD 0.001 130 0.14


4,013 DirecTV Com USD 0.01 225 0.24



Broadline retailers



2,870 Macy's Inc Com USD 0.01 119 0.12


835 Urban Outfitters Inc Com USD 0.0001 17 0.02

12,392 Wal-Mart Stores Inc Com USD 0.10 693 0.74







iSHARES V PLC






£'000


Equities (cont)


Chemicals


540 Airgas Inc Com USD 0.01 40 0.04




1,080 FMC Corp Com USD 0.10 38 0.04

636 International Flavors & Fragrances Inc Com USD 0.125 41 0.04


2,543 Mosaic Co Com USD 0.01 74 0.08



917 Sigma-Aldrich Corp Com USD 1.00 80 0.08

Coal


Commercial services

1,348 ADT Corp Com USD 0.01 30 0.03








Computers

47,303 Apple Inc Com USD 0.00001 3,592 3.82



15,802 EMC Corp Com USD 0.01 306 0.33


7,281 International Business Machines Corp Com USD 0.20 754 0.80





Consumer finance




3,865 Visa Inc Com USD 0.0001 638 0.68



£'000





760 Bemis Co Inc Com USD 0.10 19 0.02

1,491 Owens-Illinois Inc Com USD 0.01 25 0.03


Defence









469 WW Grainger Inc Com USD 0.50 74 0.08


439 Affiliated Managers Group Inc Com USD 0.01 57 0.06

997 BlackRock Inc Com USD 0.01* 229 0.24

2,493 E*Trade Financial Corp Com USD 0.01 36 0.04









Electricity

5,373 AES Corp Com USD 0.01 48 0.05












589 Integrys Energy Group Inc Com USD 1.00 27 0.03






iSHARES V PLC






£'000


Equities (cont)


Electricity (cont)

857 Pinnacle West Capital Corp Com NPV 35 0.04

5,342 PPL Corp Com USD 0.01 121 0.13




1,612 TECO Energy Inc Com USD 1.00 20 0.02



Electronics





863 PerkinElmer Inc Com USD 1.00 25 0.03


603 Waters Corp Com USD 0.01 45 0.05






733 Stericycle Inc Com USD 0.01 61 0.07


Financial services



40,720 AT&T Inc Com USD 1.00 920 0.98



Food





911 Hormel Foods Corp Com USD 0.0586 31 0.03




3,781 Kroger Co Com USD 1.00 145 0.15








£'000






Gas

1,071 AGL Resources Inc Com USD 5.00 36 0.04





503 Snap-on Inc Com USD 1.00 43 0.05



2,753 Aetna Inc Com USD 0.01 153 0.16




744 Laboratory Corp of America Holdings Com USD 0.10 50 0.05


828 Tenet Healthcare Corp Com USD 0.05 25 0.03




Healthcare products




544 CR Bard Inc Com USD 0.25 58 0.06






639 Patterson Cos Inc Com USD 0.01 20 0.02





Home builders


Home construction



iSHARES V PLC






£'000


Equities (cont)


Home furnishings

605 Harman International Industries Inc Com USD 0.01 42 0.05




10,552 Home Depot Inc Com USD 0.05 670 0.72


Hotels






776 Avery Dennison Corp Com USD 1.00 25 0.03



Insurance

3,655 Aflac Inc Com USD 0.10 139 0.15




















911 Helmerich & Payne Inc Com USD 0.10 41 0.04

2,088 Hess Corp Com USD 1.00 97 0.10



£'000



Internet


8,771 eBay Inc Com USD 0.001 307 0.33



16,360 Facebook Inc Com USD 0.000006 812 0.87

2,230 Google Inc Class 'C' Com USD 0.001 772 0.82

2,230 Google Inc Com USD 0.001 782 0.83






7,477 Yahoo! Inc Com USD 0.001 247 0.26

Investment services





Iron & steel

803 Allegheny Technologies Inc Com USD 0.10 17 0.02





2,841 Deere & Co Com USD 1.00 157 0.16


827 Joy Global Inc Com USD 1.00 26 0.03



1,437 Xylem Inc Com USD 0.01 35 0.04

Media



1,956 Gannett Co Inc Com USD 1.00 41 0.04

4,371 News Corp Com USD 0.01 43 0.05




12,390 Walt Disney Co Com USD 0.01 732 0.78

iSHARES V PLC






£'000


Equities (cont)


Media agencies



Medical equipment


829 Varian Medical Systems Inc Com USD 1.00 47 0.05


Metal products


Mining

9,379 Alcoa Inc Com USD 1.00 104 0.11




5,169 3M Co Com USD 0.01 529 0.56





780 Pall Corp Com USD 0.10 48 0.05




951 Clorox Co Com USD 1.00 62 0.07


1,836 Pitney Bowes Inc Com USD 1.00 29 0.03


Oil & gas

















£'000



Oil & gas (cont)


4,466 Phillips 66 Com USD 0.01 208 0.22

1,141 Pioneer Natural Resources Co Com USD 0.01 104 0.11






Oil & gas services






Personal products





Pharmaceuticals












22,664 Merck & Co Inc Com USD 0.50 875 0.93

2,829 Mylan Inc Com USD 0.50 106 0.11

49,819 Pfizer Inc Com USD 0.05 991 1.05


Pipelines


1,767 Oneok Inc Com USD 0.01 61 0.06






iSHARES V PLC






£'000


Equities (cont)


Railroads

8,124 CSX Corp Com USD 1.00 189 0.20






1,134 Apartment Investment & Management Co Reits USD 0.01 27 0.03






3,755 HCP Inc Reits USD 1.00 107 0.11








2,313 Ventas Inc Reits USD 0.25 106 0.11








Restaurants & bars





Retail








£'000



Retail (cont)

824 O'Reilly Automotive Inc Com USD 0.01 96 0.10



Semiconductors





602 First Solar Inc Com USD 0.001 19 0.02

38,876 Intel Corp Com USD 0.001 925 0.98










Software




2,670 CA Inc Com USD 0.10 53 0.06



348 Dun & Bradstreet Corp Com USD 0.01 28 0.03







25,507 Oracle Corp Com USD 0.01 691 0.73




Specialty chemicals

378 CF Industries Holdings Inc Com USD 0.01 65 0.07



Specialty finance

861 Equifax Inc Com USD 1.25 44 0.05


iSHARES V PLC






£'000


Equities (cont)


Specialty retailers




758 Family Dollar Stores Inc Com USD 0.10 38 0.04





Telecommunications

40,003 Cisco Systems Inc Com USD 0.001 706 0.75


875 Harris Corp Com USD 1.00 40 0.04







£'000



Textile

493 Mohawk Industries Inc Com USD 0.01 48 0.05

697 PVH Corp Com USD 1.00 57 0.06

Tobacco





Toys



Transportation




924 Kansas City Southern Com USD 0.01 70 0.07

408 Ryder System Inc Com USD 0.50 25 0.03




Currency Amount


SoldUnderlying


date

Unrealised gain/(loss)**

£'000




GBP 91,579,608 USD 146,479,752 93,534,499 02/12/2014 (1,955) (2.08)

GBP 1,071,592 USD 1,714,394 1,094,725 02/12/2014 (23) (0.03)

GBP 96,178,635 USD 150,591,602 96,178,898 05/01/2015 - 0.00

USD 1,814,882 GBP 1,134,670 1,158,891 02/12/2014 24 0.03

USD 3,059,213 GBP 1,953,834 1,953,839 05/01/2015 - 0.00




No. of contracts

Underlying exposure

£’000 Fair value

£'000


Futures contracts




iSHARES V PLC





Fair value

£’000



Cash† 1,443 1.54





† Cash holdings of £1,398,225 are held with State Street Bank and Trust Company. £44,558 is held as security for futures contracts with Barclays Plc. * Investment in related party. ** Investments which are less than £500 are rounded to zero. *** The counterparty for forward currency contracts is State Street Bank.








Fair value £’000







iSHARES V PLC







Sales Purchases

12,069 Apple Inc Com USD 0.00001 842 12,859 Apple Inc Com USD 0.00001 1,030

9,282 Exxon Mobil Corp Com NPV 547 13,175 Exxon Mobil Corp Com NPV 782

15,752 Microsoft Corp Com USD 0.00000625 434 29,514 Microsoft Corp Com USD 0.00000625 764

5,733 Johnson & Johnson Com USD 1.00 367 20,207 Facebook Inc Com USD 0.000006 763

21,058 General Electric Co Com USD 0.06 334 21,237 Verizon Communications Inc Com USD 0.10 610

10,190 Wells Fargo & Co Com USD 1.666 321 8,909 Johnson & Johnson Com USD 1.00 539

3,583 Berkshire Hathaway Inc Com USD 0.0033 31,238 General Electric Co Com USD 0.06 488

2,626 International Business Machines Corp Com 299 14,930 Wells Fargo & Co Com USD 1.666 448

USD 0.20 298 5,771 Berkshire Hathaway Inc Com USD 0.0033 441

8,032 JPMorgan Chase & Co Com USD 1.00 294 5,824 Chevron Corp Com USD 0.75 433

3,948 Chevron Corp Com USD 0.75 293 12,176 JPMorgan Chase & Co Com USD 1.00 418

5,671 Procter & Gamble Co Com NPV 292 8,466 Procter & Gamble Co Com NPV 408

14,968 Pfizer Inc Com USD 0.05 276 913 Google Inc Com USD 0.001 381

11,503 AT&T Inc Com USD 1.00 247 20,050 Pfizer Inc Com USD 0.05 363

7,996 Verizon Communications Inc Com USD 0.10 244 16,335 AT&T Inc Com USD 1.00 343

6,370 Merck & Co Inc Com USD 0.50 230 13,294 Coca-Cola Co Com USD 0.25 327

22,274 Bank of America Corp Com USD 0.01 229 2,947 International Business Machines Corp Com

574 Google Inc Com USD 0.001 227 USD 0.20 326

9,025 Oracle Corp Com USD 0.01 219 9,258 Merck & Co Inc Com USD 0.50 316

10,141 Intel Corp Com USD 0.001 208 32,239 Bank of America Corp Com USD 0.01 306

8,074 Coca-Cola Co Com USD 0.25 207 9,325 Citigroup Inc Com USD 0.01 274





iSHARES V PLC

iShares Spain Government Bond UCITS ETF


INCOME STATEMENT



2014 €’000


2013 €’000






Finance costs:


Interest expense 7 (6) -










2014 €’000


2013 €’000



Share transactions:






iSHARES V PLC



BALANCE SHEET



30 November 2013 €’000

CURRENT ASSETS





CURRENT LIABILITIES

Payables 14 (1,725) (41)







iSHARES V PLC











2. OPERATING INCOME


2014 €’000


2013 €’000

Deposit interest income 8


Securities lending income 9

12,950 5,585




2014 €’000


2013 €’000




51,126 8,122



2014 €’000


2013 €’000


(965) (304)

5. MANAGEMENT FEES





























TER % 30 November

2014

TER % 30 November

2013

0.20 0.20


SHAREHOLDERS









2014 €’000


2013 €’000

May 2013 - 3,153

November 2013 - 4,682

May 2014 6,187 -

November 2014 7,779 -

13,966 7,835


Equalisation expense 1,102 838

11,987 5,239

iSHARES V PLC





7. INTEREST EXPENSE


2014 €’000


2013 €’000

Bank interest (6) -

(6) -






2014 €’000


2013 €’000












details.

10. SHARE CAPITAL






30 November 2014

No. of Shares

30 November 2013

No. of Shares






SHAREHOLDERS

No. of Shares

Shares in issue

As at 30 November 2014 4,320,000

As at 30 November 2013 2,040,000


€’000

Net asset value








12. RECEIVABLES

30 November 2014 €’000

30 November 2013 €’000


settlement 7,949 -


receivable 1 -


19,307 5,838


Financial assets:

30 November 2014 €’000

30 November 2013 €’000


660,006 276,949

14. PAYABLES

30 November 2014 €’000

30 November 2013 €’000




(1,725) (41)

iSHARES V PLC









Company.



of the Company.



























agents share.

30 November 2014 €’000

30 November 2013 €’000



year end 38,668 -




instruments.







iSHARES V PLC






€'000



Bonds

Spain

Government bonds: BBB rating

4,320,000 Spain Government Bond 0.5% 31/10/2017 4,304 0.64











22,032,000 Spain Government Bond 4% 30/04/2020 25,479 3.79














€'000


Spain (cont)

Government bonds: BBB rating (cont)









17,712,000 Spain Government Bond 6% 31/01/2029 24,941 3.71




Cash† 1,860 0.28















iSHARES V PLC







Sales Purchases

21,112,000 Spain Government Bond 4% 30/07/2015 21,909 24,878,000 Spain Government Bond 2.75% 30/04/2019 26,211

18,591,000 Spain Government Bond 3.75% 31/10/2015 19,284 24,078,000 Spain Government Bond 3.8% 30/04/2024 25,657

16,384,000 Spain Government Bond 3% 30/04/2015 16,774 20,489,000 Spain Government Bond 5.5% 30/04/2021 24,814






6,684,000 Spain Government Bond 4.5% 31/01/2018 7,451 17,199,000 Spain Government Bond 4% 30/04/2020 19,194






5,140,000 Spain Government Bond 6% 31/01/2029 6,475 13,672,000 Spain Government Bond 6% 31/01/2029 17,484










iSHARES V PLC

DISCLAIMERS


Regulatory Information

BlackRock Advisors (UK) Limited, which is authorised and regulated by the Financial Conduct Authority ('FCA'), registered office at

12 Throgmorton Avenue, London, EC2N 2DL, England, Tel +44 (0)20 7743 3000. For your protection, calls are usually recorded. iShares V plc is

an open-ended investment company with variable capital having segregated liability between the funds organised under the laws of Ireland and

authorised by the Central Bank of Ireland.

Restricted Investors

This document is not, and under no circumstances is to be construed as an advertisement or any other step in furtherance of a public offering of

shares in the United States or Canada. This document is not aimed at persons who are resident in the United States, Canada or any province or

territory thereof, where the companies/securities are not authorised or registered for distribution and where no prospectus has been filed with

any securities commission or regulatory authority. The companies/securities may not be acquired or owned by, or acquired with the assets of,

an ERISA Plan.

Risk Warnings

Investment in the products mentioned in this document may not be suitable for all investors. Past performance is not a guide to future

performance and should not be the sole factor of consideration when selecting a product. The price of the investments may go up or down and

the investor may not get back the amount invested. Your income is not fixed and may fluctuate. The value of investments involving exposure to

foreign currencies can be affected by exchange rate movements. We remind you that the levels and bases of, and reliefs from, taxation can

change.

BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. The data displayed provides

summary information, investment should be made on the basis of the relevant prospectus which is available from your Broker, Financial Adviser

or BlackRock Advisors (UK) Limited. We recommend you seek independent professional advice prior to investing.

In respect of the products mentioned this document is intended for information purposes only and does not constitute investment advice or an

offer to sell or a solicitation of an offer to buy the securities described within. This document may not be distributed without authorisation from

the manager.

Index Disclaimers

"Barclays Capital Inc." and 'Barclays Austria Treasury Bond Index', 'Barclays Belgium Treasury Bond Index', 'iShares Barclays Euro Corporate

Bond Interest Rate Hedged', 'Barclays Finland Treasury Bond Index', 'Barclays France Treasury Bond Index', 'Barclays Germany Treasury Bond

Index', 'Barclays Italy Treasury Bond Index', 'Barclays Netherlands Treasury Bond Index' and 'Barclays Spain Treasury Bond Index' are

trademarks of Barclays Bank PLC and have been licensed for use for certain purposes by BlackRock Fund Advisors or its affiliates iShares® is a

registered trademark of BlackRock Fund Advisors or its affiliates. The Underlying Indices are maintained by Barclays Capital. Barclays Capital is

not affiliated with the Funds, BFA, State Street, the Distributor or any of their respective affiliates. BFA has entered into a license agreement

with the Index Provider to use the Underlying Indices. BFA, or its affiliates, sublicenses rights in the Underlying Indices to the Company at no

charge.

S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and “Dow Jones®” is a registered trademark of Dow Jones

Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for

certain purposes by BlackRock Fund Advisors or its affiliates (“BlackRock”). The Dow Jones Emerging Markets Select Dividend is a product of

S&P Dow Jones Indices LLC or its affiliates, and has been licensed for use by BlackRock. iShares Emerging Markets Dividend UCITS ETF (the

“Fund”) is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates, and none of

S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates makes any representation regarding the advisability of investing in

the Fund. BlackRock is not affiliated with the companies listed above. Index data source: S&P Dow Jones Indices LLC.

The Fund is not sponsored, endorsed, sold or promoted by Morningstar. Morningstar makes no representation or warranty, express or implied,

to the owners of shares of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund

particularly or the ability of the Morningstar Emerging Markets Corporate Bond Index (the “Index”) to track general stock market performance.

iSHARES V PLC

DISCLAIMERS (continued)


Index Disclaimers (continued)

Morningstar’s only relationship to the Company or to the BlackRock group is the licensing to the BlackRock group of certain trademarks and

trade names of Morningstar and of the Index which is determined, composed and calculated by Morningstar without regard to the BlackRock

group, the Company or the Fund. Morningstar has no obligation to take the needs of the BlackRock group or the owners of the shares of the

Fund into consideration in determining, composing or calculating the Index. Morningstar is not responsible for and has not participated in the

determination of the prices and amount of shares of the Fund, or the timing of the issuance or sale of such shares or in the determination or

calculation of the equation by which shares of the Fund are to be converted into cash. Morningstar has no obligation or liability in connection

with the administration, marketing or trading of shares of the Fund. Morningstar does not guarantee the accuracy or the completeness of the

Index or any data included therein and Morningstar shall have no liability for any errors, omission, or interruptions therein.Morningstar makes

no warranty, express or implied, as to results to be obtained by the BlackRock group, owners of shares of the Fund or any other person or entity

from the use of the Index or any data included therein. Morningstar makes no express or implied warranties and expressly disclaims all

warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting

any of the foregoing, in no event shall Morningstar have any liability for any special, punitive, direct, indirect or consequential damages

(including lost profits) resulting from the use of the Index or any data included therein, even if notified of the possibility of such damages.

iShares funds are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such

funds or any index on which such funds are based. The prospectus contains a more detailed description of the limited relationship that MSCI

has with BlackRock Advisors (UK) Limited and any related funds.

Standard & Poor’s®', 'S&P®', are registered trademarks and 'S&P Commodity Producers Agribusiness', 'S&P Commodity Producers Gold', 'S&P

Commodity Producers Oil and Gas' and 'S&P 500' are trademarks of Standard & Poor’s Financial Services LLC and have been licensed for use for

certain purposes by BlackRock Fund Advisors or its affiliates. iShares® is a registered trademark of BlackRock Fund Advisors or its affiliates,

IShares Agribusiness UCITS ETF, iShares Gold Producers UCITS ETF, iShares Oil & Gas Exploration & Production UCITS ETF, iShares S&P 500

EUR Hedged UCITS ETF and iShares S&P 500 GBP Hedged UCITS ETF are not sponsored, endorsed, sold or promoted by S&P and S&P makes no

representation regarding the advisability of investing in these products.

© 2015 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, ALADDIN, iSHARES, LIFEPATH, SO WHAT DO I DO WITH MY

MONEY, INVESTING FOR A NEW WORLD, and BUILT FOR THESE TIMES are registered and unregistered trademarks of BlackRock, Inc. or its

subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

FOR MORE INFORMATION

BlackRock Advisors (UK) Limited,

12 Throgmorton Avenue,

London, EC2N 2DL,

England.

Tel: +44 (0)20 7743 3000 Website: ishares.com

Documents

ANNUAL REPORT AND AUDITED FINANCIAL … Investment in Transferable Securities) Regulations, 2011 (as amended) (the "UCITS Regulations") and is regulated by the Central Bank of Ireland