Annual Report and Audited Accounts...Global Inflation Linked Bond Fund Global Long-Horizon Equity...

Annual Report and Audited AccountsBlackRock Global Funds (BGF)R.C.S. Luxembourg: B.6317

31 August 2016

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Annual Report and Audited Accounts 1

Contents

Chairman’s Letter to Shareholders 2

Investment Adviser’s Report 4

Directors’ Report 12

Report on Remuneration 16

Board of Directors 19

Management and Administration 19

Statement of Net Assets 20

Three Year Summary of Net Asset Values 26

Statement of Operations and Changes in Net Assets 54

Statement of Changes in Shares Outstanding 66

Portfolio of Investments ASEAN Leaders FundAsia Pacific Equity Income FundAsian Dragon FundAsian Growth Leaders FundAsian Local Bond FundAsian Multi-Asset Growth Fund(1)

Asian Tiger Bond FundChina FundContinental European Flexible FundEmerging Europe FundEmerging Markets Bond FundEmerging Markets Corporate Bond FundEmerging Markets Equity Income FundEmerging Markets FundEmerging Markets Local Currency Bond FundEuro Bond FundEuro Corporate Bond FundEuro Reserve FundEuro Short Duration Bond FundEuro-Markets FundEuropean Equity Income FundEuropean Focus FundEuropean FundEuropean High Yield Bond FundEuropean Special Situations FundEuropean Value FundFixed Income Global Opportunities FundFlexible Multi-Asset FundGlobal Allocation FundGlobal Corporate Bond FundGlobal Dynamic Equity FundGlobal Enhanced Equity Yield FundGlobal Equity Income FundGlobal Government Bond Fund

Global High Yield Bond FundGlobal Inflation Linked Bond FundGlobal Long-Horizon Equity Fund(1)

Global Multi-Asset Income FundGlobal Opportunities Fund(2)

Global SmallCap FundIndia FundJapan Flexible Equity FundJapan Small & MidCap Opportunities FundLatin American FundNatural Resources Growth & Income FundNew Energy FundNorth American Equity Income FundPacific Equity FundRenminbi Bond FundStrategic Global Bond Fund(1)

Swiss Small & MidCap Opportunities Fund(3)

United Kingdom FundUS Basic Value FundUS Dollar Core Bond FundUS Dollar High Yield Bond FundUS Dollar Reserve FundUS Dollar Short Duration Bond FundUS Flexible Equity FundUS Government Mortgage FundUS Growth FundUS Small & MidCap Opportunities FundWorld Agriculture FundWorld Bond FundWorld Energy FundWorld Financials FundWorld Gold FundWorld Healthscience FundWorld Mining FundWorld Real Estate Securities FundWorld Technology Fund

Notes to the Financial Statements

Audit Report

General Information

Appendix I – Share Classes (Unaudited)

Appendix II – Global Exposure and Leverage (Unaudited)

Appendix III – PEA Eligibility (Plan d’Epargne en Actions) (Unaudited) (1) Fund launched during the year, see Note 1, for further details.(2) Fund merger, see Note 1, for further details.(3) Fund closed to subscriptions, see Note 1, for further details.

Subscriptions may be made only on the basis of the current Prospectus and relevant KIID for the Funds, together with the most recent annual report and audited accounts and interim report

and unaudited accounts. Copies are available from the Investor Services Centre, the Transfer Agent, the Management Company or any of the Distributors.

2 BlackRock Global Funds (BGF)

The information stated in this report is historical and not necessarily indicative of future performance.

Chairman’s Letter to Shareholders1 September 2015 to 31 August 2016

Dear Shareholder,

I am writing to update you on the activities of BlackRock Global Funds (‘BGF’) over the twelve months to the end of August 2016.

The Funds’ performance is covered in more detail in the separate Investment Adviser’s report in which you will see that bond and equity markets were generally positive over the year, but with considerable volatility inbetween the start and the end of the period. The first six months were characterised by significant uncertainty, following the August 2015 devaluation of the renminbi. Investors worried that the devaluation would be highly disruptive and equity markets lurched lower until February 2016.

The sliding oil price was also a source of concern. Brent Crude fell from over US$50 a barrel at the start of the period to a low of under US$30 in January. Investors fretted about what this implied about demand in the global economy and the impact it was likely to have in the US, where shale oil producers were coming under increasing pressure.

However, many of the worries had melted away by April. Action by Chinese policymakers had helped restore faith in the economy and investors were reassured that the renminbi devaluation would not prove disorderly. The oil price started to stabilise and recover and the Eurozone appeared to be enjoying some respite from its political and economic turmoil. However, this period of calm was relatively short-lived. The UK’s referendum on membership of the European Union, central bank activity and the prospect of a US election all served to unsettle markets once again.

The UK stock market and currency bore the brunt of the uncertainty surrounding the UK Referendum on EU membership. In the run up to the vote, buyers for UK assets were thin on the ground. Once the decision to leave had been made, sterling took the main impact of the shock. The UK stock market, however, proved surprisingly resilient. The larger, internationally-focused companies of the FTSE 100 saw their share prices rise in the wake of the vote, while more domestically-oriented companies were initially hit hard, but swiftly recovered.

The UK was not the only area facing political turmoil. The US election looks set to be an ugly and divisive contest, with immigration at its heart. Europe also beset by a wave of anti-austerity and anti-immigration movements with real challenges to incumbent politicians being issued by far right parties, such as Marine Le Pen in France, or Geert Wilders in the Netherlands. German Chancellor Angela Merkel received a warning from voters, after a poor showing in local elections.

Amid the turmoil, the role of central banks has come under increasing scrutiny. In inflating asset prices through quantitative easing (‘QE’) some held them at least partially responsible for the disaffection among voters. Although this has not prompted any to rein in their monetary easing policies, there is increasing recognition that alternative options are needed. In particular, policymakers have started to look at the fiscal solutions available.

The postponement of further rate rises from the US Federal Reserve (‘FED’) was also influential over the period. The first rate rise in December had been expected to augur a new era of gently rising rates. In the end, international events got in the way and FED Chair, Janet Yellen, managed back expectations of a further rate rise, referencing global factors. This eased the pressure on emerging markets, which experienced a significant recovery in the latter part of the period.

In spite of this turmoil, stock markets were generally positive over the period, and were nearing peak levels again by the end of the period. US markets lead the way – in spite of valuation concerns – as the economy continued to show strength. Japan’s equity market rally was hampered by another rally in the yen, which held back its all-important export sector. The domestic economy still appears to lack self-sustaining growth and Prime Minister Abe’s inflation target continues to elude him. Equally, QE in Europe has not been particularly helpful for the relative performance of European equity markets and wage growth has yet to pick up in spite of falling unemployment. Nevertheless, growth figures have been improving across the region.

The UK was a laggard, as investors proved reluctant to commit money ahead of the EU referendum. There was some improvement in the aftermath, but it was still relatively weak compared to other international markets. The US continued to be strong, shaking off any potential political disruption in the pipeline.

Bond markets surprised investors once again. Just as most were contemplating a scenario where the FED would raise rates again, and the UK might follow, Brexit happened, the Bank of England dropped rates, and weaker economic data saw the FED pull away from any further changes. Government bond yields, already low, fell further, with the yield on a 10 year gilt dropping below 1%. According to a Fitch Ratings report, more than US$11 trillion is now held in negative yielding bonds worldwide.

Growth rates are still sluggish, and political tensions look set to accelerate into 2017, rather than abate. Many believe that monetary policy is reaching the limits of its efficacy, even if it is still supporting financial assets. Fiscal rather than monetary stimulus may now be the order of the day. It is a complex environment in which to be an investor, but idiosyncratic opportunities continue to emerge.



Chairman’s Letter to Shareholders1 September 2015 to 31 August 2016 continued

Regulatory change continued throughout Europe and a number of these future changes could have implications for investors. Key changes included:

� Revisions to the Markets in Financial Instruments Directive (MiFID II) and the new Markets in Financial Instruments Regulation (MiFIR): the revised directive and new regulation have been finalised and are due to come into effect at the beginning of 2018. Requirements being introduced include restrictions on how financial advisers may be remunerated which could result in advisers amending their services.

� European Market Infrastructure Regulation (EMIR): the Joint Committee of the European Supervisory Authorities has published the final draft of the Regulatory Technical Standards in March 2016, which provide the framework for EMIR. This aims to increase the transparency and reduce the risk relating to over-the-counter derivatives.

� Packaged Retail Investment and Insurance-based Investment Products (PRIIPs): The European Parliament voted to reject the current regulatory technical standards proposed for the Key Investor Information Document (KIID). The Commission and Council will now discuss and redraft the standards. This could delay PRIIPs’ start date, which was previously expected for December.

� UCITS V came into effect in March 2016. UCITS V aims to increase the level of protection already offered to investors in UCITS and to improve investor confidence in UCITS. It aims to do so by enhancing the rules on the responsibilities of depositaries and by introducing remuneration policy requirements for UCITS fund managers. It also aims to ensure that all EU regulators responsible for the supervision of UCITS funds and their managers have a common minimum set of powers available to investigate infringements.

The assets under management (AUM) in the BGF range increased from US$124.7bn to US$128.7bn over the period, as strong inflows into the Asian, emerging market and corporate bond funds was offset by weakness in the flexible fixed income and allocation funds.

Asian focused funds generally fared well as the FED’s ‘lower for longer’ interest rate policy prompted investors to start to re-embrace the region: The Asian Growth Leaders Fund also saw strong growth, up 119% to US$1.38bn. Assets in the Asian Dragon Fund rose 45% to US$2.16bn. Asian bond funds proved popular, amid a resurgence in emerging market bond funds generally. The Asian Tiger Bond Fund saw assets rise 149% to US$2.92bn. Assets in the Emerging Markets Bond Fund and Emerging Markets Local Currency Bond Fund rose 58% and 131% respectively to US$2.60bn and US$1.62bn.

Having been extremely weak in the preceding period, emerging market equity and natural resources funds fared well over the period. The World Mining Fund, for example, saw assets rise 32% to US$4.63bn. The Natural Resources Growth & Income Fund and New Energy Fund also saw strong growth. Assets in the Emerging Markets Equity Income Fund rose 51% to US$399.62m, while the Emerging Markets Fund rose 18% to US$501.89m.

The Japanese funds were a weak spot as the yen strengthened and investors started to lose faith in the power of Prime Minister Abe to reflate the economy. The Japan Flexible Equity Fund shed 28% of its assets to Y22,425.52bn. Small cap funds also saw weakness – particularly the Japan Small & MidCap Opportunities Fund, but also the US Small & MidCap Opportunities Fund and the Global SmallCap Fund. European funds and a number of sector funds – notably healthcare and financials – also lost assets over the period.

As more of the global bond market moved to negative yields, the demand for fixed income funds waned. The Fixed Income Global Opportunities Fund (FIGO) lost 14% of its assets to US$7.84bn, though assets had more than doubled in the preceding period. Other flexible funds were also weak: The Global Allocation Fund shed 14% of its assets to end the period at US$19,846.66m.

We continue to develop our BGF equity fund range in an effort to ensure that it meets our clients’ requirements as economies and markets grow, change and evolve. During this period we launched the Asian Multi-Asset Growth Fund, the Global Long-Horizon Equity Fund and the Strategic Global Bond Fund, merged the Global Equity Fund into the Global Opportunities Fund and closed our Emerging Markets Investment Grade Bond Fund.

Should you have any questions on any of this material, please contact us via our website: www.blackrockinternational.com or via email: [email protected].

Yours faithfully,

Nicholas C.D. HallChairman

September 2016



Investment Adviser’s ReportPerformance overview1 September 2015 to 31 August 2016

Market ReviewIt has been a mixed twelve months for almost all major asset classes. Although most markets have risen over the period, it has not been without some pain inbetween the start and the end of the period. Investors have been unnerved by weak commodity prices and Chinese growth, but ultimately quantitative easing (‘QE’) has won the day and pushed markets forward.

At the start of the period, equity markets remained in turmoil following China’s decision to devalue the renminbi. Although they struggled higher in November and December, the start of the new year saw them slump to lows not seen since 2013. However, stabilisation in Chinese growth and commodities prices saw markets recover from mid-February onwards, climbing rapidly until May. From there, it has been a more steady climb, but markets have shown resilience in the face of the UK’s June referendum vote to leave the European Union (‘Brexit’) vote and some weaker data from the US.

Bond prices have hit new highs (and yields have hit new lows). Markets thought that QE programmes had reached their apex, but the Bank of England’s decision to cut rates saw yields fall once again. The 10 year German bond has dipped into negative territory at various points over the past six months and companies have found themselves able to issue debt on low or negative yields. Even in countries experiencing relatively strong growth, such as the US, expectations regarding the timing of interest rate rises have been pushed out further.

For the past few months, both bond and equity markets have been trading in relatively narrow ranges, as investors try to work out the likely consequences of Brexit, the US election and the situation in the Eurozone.

Fund PerformancePerformance data stated is for the main (A) share class of the relevant Fund, stated in the base currency of the Fund, net of fees.

Equity Fund PerformanceGlobal equities were higher overall, as the relatively strong performance from markets in Europe and the US were negated by weaker performance from, among others, some emerging markets. The Global Equity Income Fund rose 11.32%, ahead of its benchmark, the MSCI All Country World Net TR Index, which rose by 7.24%. The Global Opportunities Fund rose 3.36%, trailing its MSCI All Country World Net TR Index benchmark.

Shares of small and medium sized companies continued to be relatively weak, with the Global SmallCap Fund up 1.06%, well behind its benchmark, the MSCI AC World Small Cap, which rose 8.21%. Of the individual country funds, the Japan

Small & MidCap Opportunities Fund was particularly weak, down 9.23%, behind the S&P Japan Mid Small Cap Index, which fell 8.63%. The Swiss Small & MidCap Opportunities Fund was the strongest, registering a gain of 18.15%, compared to 14.86% for its benchmark, the SPI Extra Index. The US Small & MidCap Opportunities Fund rose by 2.75%, underperforming the S&P US Mid Small Cap Index, which was up by 9.06%.

European equities were weak relative to some of their developed market peers, in spite of the huge QE programme announced during the period and generally improving economic data. The Continental European Flexible Fund rose by 0.15%, outperforming the FTSE World Europe ex UK Index, which fell by 1.15%. The European Value Fund was down by 5.31%, ahead of the MSCI Europe Value Index, which fell 6.70%. The European Equity Income Fund fell by 2.61%. This was ahead of the MSCI Europe Index, its benchmark, which fell 2.55%. The European Focus Fund was down a disappointing 8.32% while the European Special Situations Fund fell by 0.82%. Both are benchmarked to the MSCI Europe Index, which fell 2.55%.

Funds with a focus on US equities were stronger, as the world’s biggest economy continued to strengthen. The US Growth Fund producing a positive return of 2.81%, behind the Russell 1000 Growth Index, which was up 10.54%. The US Basic Value Fund rose by 7.45% underperforming the Russell 1000 Value Index, which was up by 12.92% over the period.

Japanese funds did poorly over the year, as the yen strengthened once again. The Japan Flexible Equity Fund fell 12.79%, behind the MSCI Japan Index, which fell 12.21%.

Performance across emerging markets funds surged in the second half of the period under review as the US deferred further interest rate rises and countries such as Brazil resolved some of their political problems. The currencies also recovered in many cases. The Asian Growth Leaders Fund rose 16.80% outperforming its benchmark, the MSCI All Country Asia ex Japan Index, which rose 12.94%. The Asian Dragon Fund rose 17.41% (against the same benchmark).

The India Fund rose 11.81%, against its MSCI India Index benchmark performance of 7.61%. The Emerging Markets Fund, which has a more broad exposure across the emerging markets investment universe, rose by 14.06%, ahead of the benchmark MSCI Emerging Markets Index, which was up by 11.83%. The Emerging Markets Equity Income Fund, which shares the same benchmark, was up 14.01%. The Latin American Fund rose 18.63%, slightly behind its benchmark, the MSCI Emerging Markets Latin America Index, which rose 19.75%.



Investment Adviser’s ReportPerformance overview1 September 2015 to 31 August 2016 continued

The Emerging Europe Fund rose 10.01%, well ahead of its benchmark, the MSCI Emerging Markets Europe 10/40 Index, which rose 3.47% over the period.

In natural resources, the New Energy Fund was hit by the wider recovery in the resources sector, rising 10.74%, ahead of its benchmark, the MSCI World Index (Net) (USD), which rose 6.69% over the period. The World Mining Fund rose 18.65% underperforming its benchmark, the Euromoney Global Mining Constrained Weights Net Total Return Index, which was up by 26.69%. The World Agriculture Fund rose by 2.29% behind its benchmark, the DAX Global Agribusiness Index, which was up by 4.53%. The World Gold Fund rose strongly as the gold price rallied, rising 75.41%. Nevertheless, this was still behind the FTSE Gold Mines Index, which rose by 92.25%.

Among specialist strategies, the World Healthscience Fund was a weak spot seeing a fall of 4.25%, underperforming its benchmark, the MSCI World Health Care Index, which was down 1.04%.

Mixed Asset Fund PerformanceThe diversified Global Allocation Fund – which invests in a mixture of fixed income securities, equities and cash – gained 2.97% well behind its reference benchmark, which rose by 8.21% (the benchmark comprises 36% S&P 500 Index, 24% FTSE World Index (Ex-US) Index, 24% BofA ML Cur 5-Yr US Treasury Index, 16% Citigroup Non-USD World Govt Bond Index). The Global Dynamic Equity Fund also gained 1.42% well behind its reference benchmark, which rose by 8.64% (the benchmark comprises of 60% S&P 500 Index/40% FTSE World (ex US) Index).

Another of our multi-asset strategies, the Flexible Multi-Asset Fund, fell by 0.44%, but this was some way behind its reference benchmark, 50% MSCI World Index, 50% Citigroup World Government Bond Euro Hedged Index, which was up 7.29%. The Fund invests in an actively-managed portfolio of global equities and bonds, with some tactical exposure to alternative assets and specialist markets.

The Global Multi-Asset Income Fund rose by 4.45% over the period. The Fund combines the ability to allocate actively across a full range of asset classes and geographies at a top-down level with a focus on adding value through bottom-up security selection by specialist teams in each key asset class.

Fixed Income Fund PerformanceFor bond asset classes, yields on higher quality sectors continued to fall, but high yield and – in particular – emerging markets saw sharp gains. The Global Government Bond Fund rose 6.66%, though this was marginally behind its benchmark, the Citigroup World Government Bond USD Hedged Index, which rose 7.69%. The Euro Corporate Bond

Fund increased 6.39%, compared to a rise of 6.77% for its benchmark, the BofA Merrill Lynch Euro Corporate Index. The Global Corporate Bond Fund rose 7.82%, compared to 9.07% for its benchmark, the Barclays Global Aggregate Corporate Bond USD Hedged Index.

The Euro Bond Fund returned 6.14%, against a return from its benchmark, the Barclays Euro-Aggregate 500mm+ Bond Index, of 7.09%. The Euro Short Duration Bond Fund rose 0.38%, against a return from the Barclays Eur Aggregate 500mm 1-3 yr Index of 0.79%.

The Global High Yield Bond Fund rose 4.51%, against a rise in its benchmark, the BofA Merrill Lynch Global High Yield Constrained USD Hedged Index, of 9.96%. The Emerging Markets Local Currency Bond Fund rallied 13.45% over the period, ahead of its benchmark, the JP Morgan GBI-EM Global Diversified Index, which rose 11.33%. The broader Emerging Markets Bond Fund rose 12.11%, compared to a rise of 14.24% for its benchmark, the JP Morgan EMBI Global Diversified Index. Asian bonds were also strong with the Asian Local Bond Fund up 10.62% against 11.24% for its benchmark, the Markit iBoxx ALBI Index.

The flagship Fixed Income Global Opportunities Fund delivered a positive absolute return of 1.06%.

OutlookIn the UK, the Government has repeated that ‘Brexit means Brexit’, though there is no clarity over the final shape of a ‘Brexit’. Prime Minister Theresa May has made it clear that Article 50 is unlikely to be invoked until next year. Until then, the outlook for the UK – and Europe to a lesser extent – remains uncertain.

In Europe, all eyes will be on the European general elections next year. The question will be whether the Brexit vote galvanises extremists in other countries, or whether the UK’s experience deters them. Either way, Eurozone policymakers have a narrow line to tread.

The election of Donald Trump as US president potentially ushers in a new era. With plans for a huge fiscal stimulus and greater protectionism, a Trump Presidency may disrupt markets’ fragile equilibrium, though early predictions of a significant sell-off in equity markets and the dollar have proved without foundation. To date, it remains unclear as to how much of his campaign agenda he will seek to push through, and how much of a brake Congress will provide.

China may have attracted fewer headlines of late, but will still be in the spotlight. Its transition to a consumer-led, rather than investment-led economy will not be smooth, and any further attempts to devalue the currency may unsettle markets.




Monetary policy is still likely to be influential, but may be reaching the limits of its efficacy as a tool for creating economic growth. Although theoretically, rates could still turn negative in some developed markets, this has proved difficult for banks to pass on and policymakers are increasingly recognising that fiscal policy may have to take the strain from here.

In aggregate, bond and equity markets look fully valued. There is now around US$11 trillion in negative-yielding bonds across the globe and the phenomenon has now spread to the corporate bond market. While yields could undoubtedly fall further if QE persists, fixed income markets now offer investors little in the way of income and capital upside appears limited. There are opportunities, but they are idiosyncratic.

The same is true for the equity market. Overall, markets look highly valued relative to history, but the market has very much divided into the ‘haves’ and ‘have nots’. Safety has been prized and companies with predictable earnings and dividends have been bid higher. However, this has seen more economically-sensitive companies left behind. Market volatility has historically created opportunities for those with the patience and flexibility to take advantage.

September 2016




Disclosed in the table below are the performance returns for the A Class Non-Distributing Share Class for each Fund, net of fees, which has been selected as a representative Share Class. Performance returns for any other Share Class can be made available on request.

Calculation methodology is based on industry standards.

Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. The Fund invests a large portion of assets which are denominated in currencies other than US dollar; hence changes in the relevant exchange rate will affect the value of the investment. The performance figures do not consider charges and fees that may be levied at the time of subscription or redemption of shares. Levels and bases of taxation may change from time to time. Subscriptions may be made only on the basis of the current Prospectus, of which the most recent annual report and audited accounts and interim report and unaudited accounts form an integral part, as well as Key Investor Information Documents (KIIDs). Copies are available from Investor Services, the Transfer Agent, the Management Company or any of the Representatives or Distributors. The BGF range is only available for investment by non-US persons. It is not offered for sale or sold in the US, its territories or possessions.

The Funds are not registered for sale to the public in all jurisdictions. Further details on distribution of shares of the Funds are included in the Authorised Status on page 576.

Performance for the year

ended 31 August Calendar Year Performance

Performance for the 10 year

period ended 31 August

2016 2015 2014 2013 2016 Launch Date

ASEAN Leaders Fund 'A' Non Dist (USD) 16.65% -19.07% 3.76% 1.73% - 8/8/2012

MSCI South-East Asia Index (Net) (USD) 13.63% -18.52% 6.22% -4.73% -

Asia Pacific Equity Income Fund 'A' Non Dist (USD) 13.20% -10.62% 4.60% 10.21% - 18/9/2009

MSCI All Country Asia Pacific ex Japan Index (Net) (USD) 13.34% -9.37% 2.82% 3.41% -

Asian Dragon Fund 'A' Non Dist (USD) 17.41% -5.04% 5.72% 10.39% 74.99% 2/1/1997

MSCI All Country Asia ex Japan Index (Net) (USD) 12.94% -9.17% 4.80% 3.07% 80.77%

Asian Growth Leaders Fund 'A' Non Dist (USD) 16.80% 0.98% 9.46% 23.81% - 31/10/2012

MSCI All Country Asia ex Japan Index (Net) (USD) 12.94% -9.17% 4.80% 3.07% -

Asian Local Bond Fund 'A' Non Dist (USD) 10.62% -3.88% 3.51% -7.79% - 30/4/2012

Markit iBoxx ALBI Index b1 11.24% -3.17% 4.36% -5.72% -

Asian Multi-Asset Growth Fund 'A' Non Dist (USD)(1) 13.70% - - - - 20/1/2016

Reference (50% MSCI Asia ex Japan Index/25% JP Morgan Asia Credit Index/25% Markit iBoxx ALBI Index)

17.57% - - - -

Asian Tiger Bond Fund 'A' Non Dist (USD) 9.53% 2.28% 8.19% -2.95% 89.43% 2/2/1996

JP Morgan Asian Credit Index (USD) 10.22% 2.80% 8.32% -1.37% 99.83%

China Fund 'A' Non Dist (USD) 13.98% -2.58% 14.61% 4.21% - 24/6/2008

MSCI China 10/40 Index (Net) (USD) 7.12% -8.01% 8.38% 3.74% -

Continental European Flexible Fund 'A' Non Dist (EUR) 0.15% 20.78% 5.13% 24.17% 130.62% 24/11/1986

FTSE World Europe ex UK Index (EUR) -1.15% 10.92% 7.38% 22.04% 46.03%

Emerging Europe Fund 'A' Non Dist (EUR) 10.01% 0.26% -14.31% -4.49% -15.79% 29/12/1995

MSCI Emerging Markets Europe 10/40 Index (Net) (EUR) 3.47% -4.99% -19.74% -8.49% -16.66%

Emerging Markets Bond Fund 'A' Non Dist (USD) 12.11% -1.63% 5.63% -5.15% 91.69% 1/10/2004

JP Morgan Emerging Markets Bond Index Global Diversified Index (USD) 14.24% 1.18% 7.43% -5.38% 114.58%

Emerging Markets Corporate Bond Fund 'A' Non Dist (USD) 10.17% -0.49% 2.74% - - 18/2/2013

JP Morgan Corporate Emerging Markets Bond Index Broad Diversified 10.13% 1.30% 4.96% - -

(1) Fund launched during the year, see Note 1, for further details.








2016 2015 2014 2013 2016 Launch Date

Emerging Markets Equity Income Fund 'A' Non Dist (USD) 14.01% -15.84% -2.93% 0.08% - 12/8/2011

MSCI Emerging Markets Index (Net) (USD) 11.83% -14.92% -2.19% -2.60% -

Emerging Markets Fund 'A' Non Dist (USD) 14.06% -19.34% -2.07% -2.25% 29.91% 30/11/1993

MSCI Emerging Markets Index (Net) (USD) 11.83% -14.92% -2.19% -2.60% 46.56%

Emerging Markets Investment Grade Bond Fund 'A' Non Dist (USD)(2) - - -3.68% - - 18/2/2013

Reference (50% JP Morgan GBI-EM Global Diversified Investment Grade RI/50% JP Morgan EMBI Global Diversified Investment Grade RI)

- - 1.43% - -

Emerging Markets Local Currency Bond Fund 'A' Non Dist (USD) 13.45% -14.17% -6.92% -6.61% - 2/2/2007

JP Morgan GBI-EM Global Diversified Index (USD) 11.33% -14.92% -5.72% -8.69% -

Euro Bond Fund 'A' Non Dist (EUR) 6.14% 1.51% 11.40% 2.69% 68.72% 31/3/1994

Barclays Euro-Aggregate 500mm+ Bond Index (EUR) 7.09% 1.00% 11.11% 2.16% 64.50%

Euro Corporate Bond Fund 'A' Non Dist (EUR) 6.39% 0.39% 7.78% 2.22% 50.28% 31/7/2006

BofA Merrill Lynch Euro Corporate Index (EUR) b2 6.77% 0.43% 8.25% 2.39% 58.42%

Euro Reserve Fund 'A' Non Dist (EUR) -0.20% -0.50% 0.05% 0.00% - 24/7/2009

7 Day Euro LIBID (EUR) -0.42% -0.26% -0.05% -0.07% -

Euro Short Duration Bond Fund 'A' Non Dist (EUR) 0.38% 0.70% 2.41% 1.92% 35.52% 4/1/1999

Barclays Eur Aggregate 500mm 1-3yr (EUR) 0.79% 0.58% 1.79% 1.93% 33.91%

Euro-Markets Fund 'A' Non Dist (EUR) 0.47% 21.75% -4.39% 27.03% 60.69% 4/1/1999

MSCI EMU Index (Net) (EUR) -1.92% 9.81% 4.32% 23.36% 18.73%

European Equity Income Fund 'A' Non Dist (EUR) -2.61% 15.52% 12.12% 25.97% - 3/12/2010

MSCI Europe Index (Net) (EUR) b3 -2.55% 8.22% 6.84% 19.82% -

European Focus Fund 'A' Non Dist (EUR) -8.32% 12.57% 4.65% 21.66% 73.63% 14/10/2005

MSCI Europe Index (Net) (EUR) -2.55% 8.22% 6.84% 19.82% 33.35%

European Fund 'A' Non Dist (EUR) -7.92% 10.97% 2.58% 21.78% 43.49% 30/11/1993


European High Yield Bond Fund 'A' Non Dist (EUR) 3.74% - - - - 23/7/2015

Barclays Pan European High Yield 3% Issuer Constrained Index EUR Hedged (EUR)

7.14% - - - -

European Special Situations Fund 'A' Non Dist (EUR) -0.82% 25.76% 6.80% 20.31% 104.79% 14/10/2002


European Value Fund 'A' Non Dist (EUR) -5.31% 13.09% 5.04% 29.97% 43.94% 8/1/1997

MSCI Europe Value Index (Net) (EUR) -6.70% 0.65% 5.59% 21.35% 4.71%

Fixed Income Global Opportunities Fund 'A' Non Dist (USD) 1.06% -0.91% 3.52% 2.73% - 31/1/2007

No Index. Absolute Return Style Fund. - - - - -

Flexible Multi-Asset Fund 'A' Non Dist (EUR) -0.44% 1.32% 10.33% 7.93% 31.63% 4/1/1999

Reference (50% MSCI World Index/50% Citigroup World Government Bond Euro Hedged Index) (EUR)

7.29% 5.97% 13.84% 10.20% 75.98%

Global Allocation Fund 'A' Non Dist (USD) 2.97% -2.27% 1.60% 13.98% 50.62% 3/1/1997

Reference (36% S&P 500 Index/24% FTSE World (Ex-US) Index/24% BofA ML Cur 5-Yr US Treasury Index/16% Citigroup Non-USD World Government Bond Index) (USD)

8.21% -0.78% 4.17% 13.67% 70.57%

Global Corporate Bond Fund 'A' Non Dist (USD) 7.82% -1.59% 7.33% 0.34% - 19/10/2007

Barclays Global Aggregate Corporate Bond USD Hedged Index (USD) 9.07% -0.24% 7.60% 0.07% -

(2) Fund termination, see Note 1, for further details.








2016 2015 2014 2013 2016 Launch Date

Global Dynamic Equity Fund 'A' Non Dist (USD) 1.42% -2.22% 3.87% 25.27% 57.43% 28/2/2006

Reference (60% S&P 500 Index/40% FTSE World (ex US) Index) (USD) 8.64% -0.82% 6.44% 26.30% 72.85%

Global Enhanced Equity Yield Fund 'A' Non Dist (USD) 5.14% -4.56% 6.28% 12.06% - 13/10/2006

MSCI ACWI Minimum Volatility (Net) (USD) b4 14.51% 2.76% 10.95% 16.90% -

Global Equity Fund 'A' Non Dist (USD)(3) - - -1.06% 23.44% - 24/11/1986

MSCI ACWI Index (Net) (USD) b5 - - 4.16% 22.80% -

Global Equity Income Fund 'A' Non Dist (USD) 11.32% 0.50% 2.03% 18.44% - 12/11/2010

MSCI ACWI Index (Net) (USD) b5 7.24% -2.36% 4.16% 22.80% -

Global Government Bond Fund 'A' Non Dist (USD) 6.66% 0.07% 7.83% 1.08% 48.68% 13/5/1987

Citigroup World Government Bond USD Hedged Index (USD) b6 7.69% 1.30% 8.35% 0.21% 58.17%

Global High Yield Bond Fund 'A' Non Dist (USD) 4.51% -4.67% 1.63% 7.36% - 8/6/2007

BofA Merrill Lynch Global High Yield Constrained USD Hedged Index (USD) b7

9.96% -2.03% 2.53% 7.10% -

Global Inflation Linked Bond Fund 'A' Non Dist (USD) 9.75% -1.66% 8.17% -5.63% - 19/6/2009

Barclays World Government Inflation-Linked Bond Index (USD) 11.07% -1.12% 9.04% -5.51% -

Global Long-Horizon Equity Fund ‘A’ Non Dist (USD)(1) -1.20% - - - - 19/7/2016

MSCI All Country World Index (Net) (USD) 1.65% - - - -

Global Multi-Asset Income Fund 'A' Non Dist (USD) 4.45% -2.35% 4.11% 5.74% - 28/6/2012

Reference (50% MSCI World Index/50% Barclays Global Aggregate Bond Index USD Hedged) (USD) b8

7.19% 0.30% 6.34% 12.62% -

Global Opportunities Fund 'A' Non Dist (USD)(3)(5) 3.36% -1.44% -3.36% 29.46% 48.48% 29/2/1996

MSCI ACWI Index (Net) (USD) b5 7.24% -2.36% 4.16% 22.80% 53.03%

Global SmallCap Fund 'A' Non Dist (USD) 1.06% -6.67% 0.67% 36.05% 75.20% 4/11/1994

MSCI ACWI Small Cap Index (USD) 8.21% -1.04% 1.89% 30.38% 61.31%

India Fund 'A' Non Dist (USD) 11.81% -0.99% 39.02% -6.48% 93.30% 2/2/2005

MSCI India Index (USD) 7.61% -6.12% 23.87% -4.71% 82.81%

Japan Flexible Equity Fund 'A' Non Dist (JPY) -12.79% 7.64% 5.36% 61.00% -24.90% 28/2/2005

MSCI Japan Index (Net) (JPY) -12.21% 9.93% 9.48% 54.58% -5.25%

Japan Small & MidCap Opportunities Fund 'A' Non Dist (JPY) -9.23% 8.75% 10.34% 58.57% -14.13% 13/5/1987

S&P Japan Mid Small Cap Index (JPY) -8.63% 13.40% 14.66% 54.11% 12.58%

Latin American Fund 'A' Non Dist (USD) 18.63% -30.68% -9.41% -13.66% 14.34% 8/1/1997

MSCI Emerging Markets Latin America Index (Net) (USD) 19.75% -31.04% -12.30% -13.36% 28.48%

Natural Resources Growth & Income Fund 'A' Non Dist (USD) 13.16% -24.88% -8.46% 3.14% - 15/4/2011

S&P Global Natural Resources Index (USD) 9.49% -24.50% -10.18% 0.96% -

New Energy Fund 'A' Non Dist (USD) 10.74% -2.82% -3.11% 26.61% -16.08% 6/4/2001

MSCI World Index (Net) (USD) 6.69% -22.80% -11.60% 18.12% 55.89%

North American Equity Income Fund 'A' Non Dist (USD) 12.16% -2.53% 8.88% 23.23% - 9/3/2012

S&P 500 Index (Net) (USD) 11.80% 0.75% 13.03% 32.39% -

Pacific Equity Fund 'A' Non Dist (USD) 4.36% -2.39% -1.15% 21.26% 29.27% 5/8/1994

MSCI All Country Asia Pacific Index (Net) (USD) 8.87% -1.96% 0.00% 12.19% 29.61%

(1) Fund launched during the year, see Note 1, for further details.(3) Fund merger, see Note 1, for further details.(5) As a result of the Fund merger disclosed in Note 1, the description of the investment policy of this Fund has been updated in the prospectus effective 6 November 2015. Please refer to

the Prospectus for further information.








2016 2015 2014 2013 2016 Launch Date

Renminbi Bond Fund 'A' Non Dist (CNH) 10.14% 3.77% 3.78% 3.70% - 11/11/2011

Markit iBoxx ALBI China Offshore Index b9 8.36% 3.19% 3.02% 4.01% -

Strategic Global Bond Fund 'A' Non Dist (USD)(1) 1.20% - - - - 21/7/2016

Reference (Barclays 80% Global Aggregate ex EM Index/20% EM ex Korea Index)

1.17% - - - -

Swiss Small & MidCap Opportunities Fund 'A' Non Dist (CHF)(4) 18.15% 14.91% 13.60% 33.90% - 8/1/2008

SPI Extra Index (CHF) 14.86% 11.01% 11.37% 27.66% -

United Kingdom Fund 'A' Non Dist (GBP) 9.58% 10.52% -0.40% 19.01% 64.80% 31/12/1985

FTSE All-Share Index (GBP) 11.73% 0.98% 1.18% 20.81% 75.34%

US Basic Value Fund 'A' Non Dist (USD) 7.45% -8.39% 9.27% 37.56% 57.20% 8/1/1997

Russell 1000 Value Index (USD) 12.92% -3.83% 13.45% 32.53% 80.51%

US Dollar Core Bond Fund 'A' Non Dist (USD) 4.74% -0.56% 6.08% -1.38% 47.02% 7/4/1989

Barclays US Aggregate Index (USD) 5.97% 0.55% 5.97% -2.02% 61.15%

US Dollar High Yield Bond Fund 'A' Non Dist (USD) 4.77% -5.00% 1.60% 7.02% 74.73% 29/10/1993

Barclays US High Yield 2% Constrained Index (USD) 9.12% -4.43% 2.46% 7.44% 109.41%

US Dollar Reserve Fund 'A' Non Dist (USD) 0.07% 0.00% 0.01% 0.01% 2.55% 30/11/1993

7 Day USD LIBID (USD) 0.21% 0.04% 0.00% 0.03% 13.30%

US Dollar Short Duration Bond Fund 'A' Non Dist (USD) 1.09% 0.31% 1.11% 0.80% 20.41% 31/10/2002

BoA ML 1-3 Year US Corporate & Government Index (USD) 1.50% 0.67% 0.78% 0.70% 29.75%

US Flexible Equity Fund 'A' Non Dist (USD) 5.09% -1.39% 12.02% 32.80% 52.45% 31/10/2002

Russell 1000 Index (USD) 11.69% 0.92% 13.24% 33.11% 108.87%

US Government Mortgage Fund 'A' Non Dist (USD) 3.10% 0.44% 5.59% -2.09% 45.33% 2/8/1985

Citigroup Mortgage Index (USD) 3.91% 1.56% 6.12% -1.52% 58.59%

US Growth Fund 'A' Non Dist (USD) 2.81% 4.54% 9.23% 33.37% 57.40% 30/4/1999

Russell 1000 Growth Index (USD) 10.54% 5.67% 13.05% 33.48% 139.03%

US Small & MidCap Opportunities Fund 'A' Non Dist (USD) 2.75% -2.55% 11.75% 39.86% 96.12% 13/5/1987

S&P US Mid Small Cap Index (USD) 9.06% -2.38% 10.26% 37.09% 119.99%

World Agriculture Fund 'A' Non Dist (USD) 2.29% -14.04% 3.02% 8.47% - 9/2/2010

DAX Global Agribusiness Index (USD) 4.53% -12.73% 1.55% 6.40% -

World Bond Fund 'A' Non Dist (USD) 5.92% -0.18% 7.15% 0.33% 50.22% 4/9/1985

Barclays Global Aggregate USD Hedged Index (USD) 7.19% 1.02% 7.59% -0.14% 60.63%

World Energy Fund 'A' Non Dist (USD) 6.05% -29.91% -15.37% 16.89% -23.77% 6/4/2001

MSCI World Energy 10/40 Index (Net) (USD) b10 4.89% -23.46% -11.60% 18.12% 12.35%

World Financials Fund 'A' Non Dist (USD) -7.53% -7.63% 0.83% 27.86% -21.57% 3/3/2000

MSCI ACWI Financials Index (Net) (USD) b11 0.78% -5.59% 4.17% 27.33% -14.90%

World Gold Fund 'A' Non Dist (USD) 75.41% -21.88% -5.19% -48.06% -5.54% 30/12/1994

FTSE Gold Mines Index (Cap) (USD) 92.25% -21.42% -15.20% -53.17% -32.09%

World Healthscience Fund 'A' Non Dist (USD) -4.25% 4.56% 24.40% 43.09% 160.20% 6/4/2001

MSCI World Health Care Index (Net) (USD) b12 -1.04% 6.60% 18.10% 36.27% 119.91%

World Mining Fund 'A' Non Dist (USD) 18.65% -41.35% -23.08% -24.02% -43.74% 24/3/1997

Euromoney Global Mining Constrained Weights Net Total Return Index (USD) b13

26.69% -41.08% -20.54% -24.90% -19.93%

(1) Fund launched during the year, see Note 1, for further details.(4) Fund closed to subscriptions, see Note 1, for further details.








2016 2015 2014 2013 2016 Launch Date

World Real Estate Securities Fund 'A' Non Dist (USD) 12.65% 0.65% 20.41% - - 25/2/2013

FTSE EPRA/NAREIT Developed Index 17.33% -0.79% 15.02% - -

World Technology Fund 'A' Non Dist (USD) 11.96% 3.99% 8.13% 28.30% 60.69% 3/3/1995

MSCI All Country World Information Technology Index (Net) (USD) 17.99% 3.20% 15.20% 26.51% 120.77%

Fund & Benchmark InformationUnless otherwise stated, performance is shown on a NAV price basis with income reinvested. Fund performance figures are calculated net of annual fees. All fund and index information is recorded in its base currency and is converted into the appropriate currency.

b1 The benchmark changed its name from the HSBC Asian Local Bond Index on 30 June 2016.b2 The benchmark changed its name from the BoA ML EMU Corporate Bond Index (EUR) on 20 July 2015.b3 The benchmark changed its name from the MSCI Europe Total Return Index (EUR) on 20 July 2015.b4 The benchmark changed its name from the MSCI World Minimum Volatility Index (USD) on 20 July 2015.b5 The benchmark changed its name from the MSCI AC World Index (Net) (USD) on 20 July 2015.b6 The benchmark changed its name from the Citigroup WGBI - USD Hedged Index (USD) on 20 July 2015.b7 The benchmark changed its name from the BoA ML Global High Yield Constrained USD Hedged Index (USD) on 20 July 2015.b8 The benchmark changed its name from the 50% MSCI World Index (Net) (USD)/50% Barclays US Aggregate Index (USD)

on 20 July 2015.b9 The benchmark changed its name from the HSBC Offshore RMB Index on 30 June 2016.b10 The benchmark changed its name from the MSCI World Energy Index (Net) (USD) on 30 September 2015.b11 The benchmark changed its name from the MSCI ACWI World Financials Index (Net) (USD) on 20 July 2015.b12 The benchmark changed its name from the MSCI World Healthcare Index (Net) (USD) on 20 July 2015.b13 The benchmark changed its name from the Euromoney Global Mining Index (USD) on 30 September 2015. The benchmark

changed its name from the HSBC Global Mining (Cap) Index USD on 1 October 2013.

Changes in the composition or the name of a benchmark or a fund prior to 1 January 2013 have not been disclosed.


Directors’ Report

Corporate Governance Statement

IntroductionBlackRock Global Funds (the “Company”) is a public limited company (société anonyme) established under the laws of the Grand Duchy of Luxembourg as an open ended variable capital investment company (société d’investissement à capital variable). The Company has been authorised by the Commission de Surveillance du Secteur Financier (the “CSSF”) as an undertaking for collective investment in transferable securities (“UCITS”) pursuant to the provisions of Part I of the law of 17 December 2010, as amended from time to time and is regulated pursuant to such law. The Company complies with the principles set out in the Association of the Luxembourg Fund Industry (“ALFI”) Code of Conduct Revision 2013 (the “Code”) issued by ALFI in June 2013.

The Board of Directors of the Company (the “Board”) is committed to maintaining the highest standards of corporate governance and is accountable to shareholders for the governance of the Company’s affairs. The Board has considered the principles and recommendations of the Code and has put in place a framework for corporate governance which it believes is appropriate for adherence to the principles of the Code given the nature of its structure as an Investment Company. This statement summarises the corporate governance structure and processes in place for the Company for the period under review from 1 September 2015 to 31 August 2016.

Board Composition The Board currently consists of six non-executive Directors, (including one independent Director). The Board is comm itted to maintaining an appropriate balance of skills, experience, independence and knowledge amongst its members.

The Directors’ biographies, on pages 14 and 15, collectively demonstrate a breadth of investment knowledge and experience, business and financial skills and legal and regulatory familiarity which enables them to provide effective strategic leadership, oversight and proper governance of the Company. BlackRock considers the current compositions to be a suitable and appropriate balance for the Board.

Article 13 of the Company’s Articles of Incorporation, in accordance with Luxembourg law, provides that Directors shall be elected by the shareholders at their annual general meeting for a period ending at the next annual general meeting and until their successors are elected. Any Director who resigns his/her position is obliged to declare to the Board and the CSSF whether the resignation is connected with any issues with or claims against the Company.

The Board supports a planned and progressive renewal of the Board. BlackRock is committed to ensuring that Directors put forward for election by the shareholders possess the skills needed to maintain this balance. The Board is committed to carrying out an annual review of its performance and activities.

The Directors have a c ontinuing obligation to ensure they have sufficient time to discharge their duties. The details of each Director’s (including the Chairman), other appointments and commitments are made available to the Board and BlackRock Investment Management (U.K.) Limited (“BIM UK”) for inspection. All new appointments or significant commitments require the prior approval of BIM UK.

Before a new Director is proposed to the shareholders for appointment he or she will receive a full induction incorporating relevant information regarding the Company and his or her duties and responsibilities as a Director. In addition, a new Director is required to spend some time with representatives of BIM UK so that the new Director will become familiar with the various processes which are considered necessary for the proper performance of his or 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 BIM UK and affiliated entities in the U.S. and elsewhere. The Directors also receive regular briefings from, amongst others, the auditors, investment strategists, risk specialists, depositary and legal advisers regarding any proposed product developments or changes in laws or regulations that could affect the Company.

Board’s ResponsibilitiesThe Board meets at least quarterly and also on an ad hoc basis as required. 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 Board is responsible for the long-term success of the Company and recognises its responsibility to provide leadership, direction and control to the Company within a framework of prudent and effective controls which enables risk to be assessed and managed. The Board reserves to itself decisions relating to the determination of investment policy and objectives, any change in investment strategy and entering into any material contracts. The Board also approves the prospectus and any addenda to it, circulars to shareholders, financial statements and other relevant legal documentation.

The Chairman’s main responsibility is to lead and manage the Board, encourage critical discussions and promote effective communication within the Board. In addition, he is responsible for promoting best practice corporate governance and effective communication with shareholders.

The Directors have access to the advice and services of external counsel and the resources of BIM UK and BlackRock (Luxembourg) S.A. (the “Management Company”) should they be needed. Where necessary, in the furtherance of their duties, the Board and individual Directors may seek independent professional advice. The Board has responsibility for ensuring that the Company keeps proper accounting records which disclose with reasonable accuracy at any time the financial


Directors’ Report continued

position of the Company and which enable it to ensure that the financial statements comply with 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 responsible for taking reasonable steps for safeguarding the assets of the Company and for taking reasonable steps in the prevention and detection of fraud and other irregularities.

InsuranceThe Company maintains appropriate Directors’ and Officers’ liability insurance cover.

Delegation of Responsibilities As an open ended variable capital investment company most of the Company’s day-to-day management and administration is delegated to BlackRock group companies such as the Management Company which employs dedicated compliance and risk professionals, the Investment Advisers and other third party service providers. The Board has delegated the following areas of responsibility:

Management and Administration

The Board has delegated the investment management, distribution and administration of the Company and its Funds to the Management Company. The Management Company has delegated the management of the investment portfolio to the Investment Advisers. The Investment Advisers operate under guidelines determined by the Board and as detailed in the Company’s prospectus relating to the Company’s Funds. The relevant Investment Advisers have direct responsibility for the decisions relating to the day-to-day running of the Company’s Funds and are accountable to both the Management Company and the Company for the investment performance of the Funds. The Board has also delegated the exercise of voting rights attached to the securities held in the portfolio to the respective Investment Advisers who may in turn delegate to BIM UK. Voting on behalf of shareholders is done in a manner which is believed to be in the best economic interest of shareholders as long-term investors.

The Management Company has delegated its responsibilities for administrative services of the Company and its Funds to The Bank of New York Mellon (International) Limited (the “Administrator”). The Administrator has responsibility for the administration of the Company’s affairs including the calculation of the net asset value and preparation of the financial statements of the Company, subject to the overall supervision of the Directors and the Management Company. The Administrator is a subsidiary of The Bank of New York Mellon Corporation. The Company has appointed The Bank of New York Mellon (International) Limited as Depositary of its assets, which has responsibility for safe-keeping of such assets, pursuant to the regulations. The Depositary is a subsidiary of The Bank of New York Mellon Corporation. The Management Company has delegated transfer agent and share registration services to J.P. Morgan Bank Luxembourg S.A.

The Management Company reports to the Board on a quarterly basis and by exception where necessary. Reporting is in place to ensure that the Board can effectively oversee the actions of its delegates.

The Management Company 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. The Management Company reviews the effectiveness of the internal control and risk management systems on an ongoing basis to identify, evaluate and manage the Company’s significant risks. As part of that process, there are procedures designed 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.

The Board is also responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of failure to achieve the Company’s financial reporting objectives. 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 Depositary. The financial statements are prepared in accordance with applicable law and Generally Accepted Accounting Principles (“GAAP”) and are approved by the Board of Directors of the Company. The accounting information given in the annual report is required to be audited and the Audit report, including any qualifications, is reproduced in full in the annual report of the Company.

The control processes over the risks identified, covering financial, operational, compliance and risk management, is embedded in the operations of the Management Company, BIM UK and other parties including the Administrator and the Depositary. 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, carried out by BIM UK’s corporate audit department.

BIM UK’s internal audit and operational risk units report to the Board through the Management Company on a quarterly basis. The Management Company also receives a report from the Administrator and the Depositary on the internal controls of the administrative and depositary operations of the Company. The Board recognises that these control systems can only be designed to manage rather than eliminate the risk of failure to achieve fund objectives, and to provide reasonable, but not absolute, assurance against material misstatement or loss, and relies on the operating controls established by the service providers.



Financial Reporting The Company prepares its financial statements under Luxembourg GAAP and on a going concern basis.

RemunerationThe Company is an investment company and has no employees or executive Directors. No Director (past or present) has any entitlement to a pension from the Company, and the Company has not awarded any share options or long-term performance incentives. No element of Directors’ remuneration is performance-related. Those Directors who are also employees of the BlackRock group are not entitled to receive a Director’s fee. All other Directors are paid fees which are submitted for approval by the shareholders at the annual general meeting and are disclosed on page 567. 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 approved by the Board.

Communication with ShareholdersThe Board is responsible for convening the annual general meeting and all other general meetings of the Company. Shareholders have the opportunity to, and are encouraged to attend and vote at general meetings. Notice of general meetings is issued in accordance with the Articles of Incorporation of the Company and notice of the annual general meeting is sent out at least 8 days in advance of the meeting. 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.

The proceedings of general meetings are governed by Luxembourg company law and the Articles of Incorporation of the Company.

The Board has reporting procedures in place such that client communication with BIM UK is reported to the Board, including shareholder complaints. BIM UK has been appointed Principal Distributor and is tasked with actively managing the relationship between the Company and its shareholders.

Directors’ Biographies

Nicholas C.D. Hall (Chairman) (British): Mr Hall was, until he retired in May 2009, General Counsel of BlackRock International (previously known as Merrill Lynch Investment Managers International) based in London which position he held from his appointment in August 1998. He joined the Group in 1983. He was educated at St. Catharine’s College, Cambridge graduating with a MA (Law) degree in 1975. He qualified as a solicitor in England and Wales in 1978 and in Hong Kong in 1987. He is a non-executive director of BlackRock Investment Management (UK) Limited, BlackRock Advisors (UK) Limited, BlackRock Group Limited, Chairman of BlackRock Life Limited, BlackRock Strategic Funds and BlackRock Global Index Funds and serves on the Boards of a number of other BlackRock entities and sponsored funds. Mr Hall chairs the

BlackRock Group Limited EMEA Conflicts Oversight Committee and is a member of the BlackRock Group Limited EMEA Audit Committee, Nominations Committee and Risk Committee.

Francine Keiser (Luxembourger): Ms Keiser is a former Partner of Linklaters LLP and is now a consultant to the firm. She has been a member of the Luxembourg Bar since 1989. Ms Keiser is an experienced investment funds lawyer with wide expertise in all legal aspects of investment management, in particular in the UCITS area. She is Chairperson of the Board of the Management Company and also on the Boards of flagship funds of several major fund promoters, including BlackRock Strategic Funds and BlackRock Global Index Funds.

Alexander C. Hoctor-Duncan (British) (resigned 6 October 2016): Mr Hoctor-Duncan is a Managing Director of BlackRock and is Head of BlackRock’s Europe, Middle East and Africa Retail business. He is a member of the Global Client Group Executive Committee, Leadership Committee, and European Executive Committee, and also serves as a Director on the Boards of BlackRock Strategic Funds and BlackRock Global Index Funds. Mr. Hoctor-Duncan is based in London.

Prior to moving to his current role, Mr. Hoctor-Duncan was Head of Retail Sales in the EMEA region. Mr. Hoctor-Duncan’s service with the firm dates back to 1997, including his years with Mercury Asset Management and Merrill Lynch Investment Management (“MLIM”), which merged with Blackrock in 2006. At MLIM, he was head of the UK Retail business and Head of Sales in the UK retail market.

Frank P. Le Feuvre (British nationality, Jersey resident): Mr Le Feuvre is the Country Manager for the Channel Islands and a member of BlackRock’s Global Client Group. He is also the Managing Director of BlackRock (Channel Islands) Limited. Mr Le Feuvre’s service with the firm dates back to 1972, including his years with Merrill Lynch Investment Managers (“MLIM”), which merged with BlackRock in 2006. At MLIM, he was Head of the Jersey business and Managing Director of Merrill Lynch Investment Management (Channel Islands) Limited. Mr Le Feuvre also serves as Director on the Boards of BlackRock Strategic Funds and BlackRock Global Index Funds.

Geoffrey D. Radcliffe (British nationality, Luxembourg resident): Mr Radcliffe is a Managing Director of BlackRock and is based in Luxembourg. He is a member of the BlackRock Business Operations Global Fund Services team and heads Fund Administration for EMEA, with responsibilities extending into Asia Pacific. Mr Radcliffe is a Fellow of The Institute of Chartered Accountants in England and Wales and an Associate of The Chartered Institute of Bankers. He has 30 years of banking, accounting and fund experience in the Isle of Man, London, Bermuda and Luxembourg. Mr Radcliffe joined the BlackRock Group in 1998. He serves as a Director on the Board of the Management Company and also on the



Boards of a number of BlackRock funds including BlackRock Strategic Funds and BlackRock Global Index Funds.

Bruno Rovelli (Italian) (resigned 6 October 2016): Mr Rovelli is Head of Investment Advisory for BlackRock in Italy. Before joining Blackrock in 2011 Mr Rovelli worked for over 11 years at Eurizon Capital, the largest asset manager in Italy. At Eurizon Capital Mr Rovelli served in various roles including Chief Strategist, Chief Investment Officer of the institutional business, Head of Quantitative Strategies and, from 2005 onwards, Chief Investment Officer for the mutual funds business. Prior to joining Eurizon Capital, Mr Rovelli served as an economist and fixed income strategist for Citigroup, Bank of America and Unicredit. Mr Rovelli is a graduate in economics (First Class Honours) from Luigi Bocconi University in Milan. Mr Rovelli also serves as a Director on the Board of BlackRock Strategic Funds and BlackRock Global Index Funds.

Barry O’Dwyer (Irish) (appointed 17 October 2016): Mr O’Dwyer is a Managing Director at BlackRock. He is the Head of Fund Governance for BlackRock’s European open-ended fund ranges and is the Chief Operating Officer for BlackRock’s Irish business. He serves as a director on the boards of a number of BlackRock corporate, fund, and management companies domiciled in Ireland, Luxembourg, Switzerland and Germany and on the board of BlackRock’s UK Life company. He was the chairman of the Irish Funds Industry Association 2014-2015, is a board director of Financial Services Ireland and is a member of An Taoiseach’s Financial Services Industry Advisory Committee.

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.

Robert Hayes (British) (appointed 17 October 2016): Mr Hayes is a Managing Director of BlackRock and is Head of Investment Oversight for the BlackRock EMEA Retail business. The team is responsible for establishing and reviewing investment expectations for all BlackRock’s Retail Funds in the EMEA region and is also responsible for BlackRock’s relationships with mutual fund rating agencies. He also chairs the Investment Committee and serves as a Director of BlackRock Life Limited.

Mr Hayes’ service with the firm dates back to 2001, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM he was Head

of Strategic Advice and immediately before his current role he was Head of Client Strategy in BlackRock’s Client Solutions business. Prior to joining the firm, Mr Hayes was a Partner with Watson Wyatt Partners, as an investment consultant for large pension funds and institutional investors. Earlier in his career, Mr Hayes was a UK Equity Investment Manager at ICI Pension Fund and Head of Institutional Investment at M&G Investment Management.

Mr Hayes earned a BSc degree in Mathematics from Southampton University in 1983.


Report on Remuneration

The below disclosures are made in respect of the remuneration policies of the BlackRock group (“BlackRock”), as they apply to BlackRock (Luxembourg) SA (the “Management Company”). The disclosures are made in accordance with the Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS”), as amended, including in particular by Directive 2014/91/EU of the European Parliament and of the council of 23 July 2014, (the “Directive”), and the “Guidelines on sound remuneration policies under the UCITS Directive and AIFMD” issued by the European Securities and Markets Authority.

BlackRock’s UCITS Remuneration Policy (the “UCITS Remuneration Policy”) will apply to the EEA entities within the BlackRock group authorised as a manager of UCITS funds in accordance with the Directive, and will ensure compliance with the requirements of Article 14b of the Directive.

The Management Company has adopted the UCITS Remuneration Policy, a summary of which is set out below.

Role of the Compensation Committees Remuneration governance is a tiered structure including the Management Development and Compensation Committee (“MDCC”) of BlackRock, Inc.’s board of directors (the “BlackRock, Inc. Board”) (BlackRock Inc.’s independent remuneration committee), complemented by the EMEA Compensation Committee (the “Committee”) and the Management Company’s board of directors (the “Management Company’s Board”). These bodies are responsible for the determination of the Management Company’s remuneration policies.

(a) MDCC The MDCC’s primary purposes include:� to provide oversight of:

� BlackRock’s executive compensation programmes;� BlackRock’s employee benefit plans; � such other compensation plans as may be established

by BlackRock from time to time for which the MDCC is deemed as administrator; and

� review and discuss the compensation discussion and analysis included in the BlackRock, Inc. annual proxy statement with management and approval of the MDCC report for inclusion in the proxy statement.

The MDCC directly retains its own independent compensation consultant, Semler Brossy Consulting Group LLC, who has no relationship with BlackRock, Inc. or the BlackRock, Inc. Board that would interfere with its ability to provide independent advice to the MDCC on compensation matters.

The members of the MDCC during 2015 were Ms. Mills and Messrs. Komansky (Chairperson), Gerber, Grosfeld and Maughan. The BlackRock, Inc. Board has determined that all of the members of the MDCC are “independent” within

the meaning of the listing standards of the New York Stock Exchange (NYSE), which requires each meet a “non-employee director” standard.

The MDCC held 10 meetings during 2015. The MDCC charter is available on BlackRock, Inc.’s website (www.blackrock.com).

(b) EMEA Compensation Committee The Committee is established for the purpose of reviewing compensation policies, practices, and principles as required by local/regional rules set by regulatory bodies. Specifically, the Committee’s primary purposes are to review and make recommendations concerning: � executive compensation programmes; � employee benefit plans; � such other compensation plans as may be established

from time to time; and� other local/regional compensation policies, practices, and

principles as required to comply with local/regional rules as set by regulators.

The Committee consists of a minimum of three members and is constituted in a way that enables it to exercise its judgment and demonstrate its ability to make decisions which are consistent with the current and future financial status of the business. The current members are: David Blumer, Head of the EMEA Region; Dan Dunay, Global Head of Compensation; and Karen Dennehy, EMEA Head of Human Resources. Only members of the Committee have the right to attend Committee meetings and the Committee may request the attendance of any executive or other person as deemed appropriate to facilitate the review of remuneration recommendations and policy design to ensure that the remuneration practices are consistent with effective risk management and do not encourage excessive risk taking.

Examples of additional attendees may include individuals from the Operational Risk and Regulatory Compliance functions.

Decision-making process Compensation decisions for employees are made once annually in January following the end of the performance year. This timing allows full-year financial results to be considered along with other non-financial goals and objectives. Although the framework for compensation decision-making is tied to financial performance, significant discretion is used to determine individual compensation based on achievement of strategic and operating results and other considerations such as management and leadership capabilities.

No set formulas are established and no fixed benchmarks are used in determining annual incentive awards. In determining specific individual compensation amounts, a number of factors are considered including non-financial goals and objectives and overall financial and investment performance.


Report on Remuneration continued

These results are viewed in the aggregate without any specific weighting, and there is no direct correlation between any particular performance measure and the resulting annual incentive award.

Annual incentive awards are generated from a bonus pool.

The size of the projected bonus pool, including cash and equity awards, is reviewed throughout the year by the MDCC and the final total bonus pool is approved after year-end. As part of this review, the MDCC receives actual and projected financial information over the course of the year as well as final year-end information. The financial information that the MDCC receives and considers includes the current year projected income statement and other financial measures compared with prior year results and the current year budget. The MDCC additionally reviews other metrics of Blackrock’s financial performance (e.g., net inflows of AUM and investment performance) as well as information regarding market conditions and competitive compensation levels.

The MDCC regularly considers management’s recommendation as to the percentage of pre-incentive operating income that will be accrued and reflected as a compensation expense throughout the year for the cash portion of the total annual bonus pool (the “accrual rate”). The accrual rate of the cash portion of the total annual bonus pool may be modified by the MDCC during the year based on its review of the financial information described above. The MDCC does not apply any particular weighting or formula to the information it considers when determining the size of the total bonus pool or the accruals made for the cash portion of the total bonus pool.

Following the end of the performance year, the MDCC approves the final bonus pool amount.

As part of the year-end review process the Operational Risk and Regulatory Compliance departments report to the Committee on any activities, incidents or events that warrant consideration in making compensation decisions.

Individuals are not involved in setting their own remuneration.

Control functionsEach of the control functions (Operational Risk, Legal & Compliance, and Internal Audit) has its own organisational structure which is independent of the business units. The head of each control function is either a member of the Global Executive Committee, BlackRock’s global management committee, or has a reporting obligation to the Management Company’s Board.

Functional bonus pools are determined with reference to the performance of each individual function. The remuneration of the senior members of control functions is directly overseen by the Committee.

Link between pay and performance There is a clear and well defined pay-for-performance philosophy and compensation programmes which are designed to meet five key objectives as detailed below: � attracting, retaining and motivating employees capable of

making significant contributions to the long-term success of the business;

� aligning the interests of senior employees with those of shareholders by awarding BlackRock, Inc. stock as a significant part of both annual and long-term incentive awards;

� controlling fixed costs by ensuring that compensation expense varies with profitability;

� linking a significant portion of an employee’s total compensation to the financial and operational performance of the business as well as its common stock performance; and

� discouraging excessive risk-taking.

Driving a high-performance culture is dependent on the ability to measure performance against objectives, values and behaviours in a clear and consistent way. Management Companies use a 5-point rating scale to provide an overall assessment of an employee’s performance, and employees also provide a self-evaluation. The overall, final rating is reconciled during each employee’s performance appraisal. Employees are assessed on the manner in which performance is attained as well as the absolute performance itself.

In keeping with the pay-for-performance philosophy, ratings are used to differentiate and reward individual performance – but don’t pre-determine compensation outcomes. Compensation decisions remain discretionary and are made as part of the year-end compensation process.

When setting remuneration levels other factors are considered, as well as individual performance, which may include: � the performance of the Management Company, the

funds managed by the Management Company and/or the relevant functional department;

� factors relevant to an employee individually (e.g. relevant working arrangements (including part-time status if applicable); relationships with clients and colleagues; teamwork; skills; any conduct issues; and, subject to any applicable policy, the impact that any relevant leave of absence may have on contribution to the business);

� the management of risk within the risk profiles appropriate for BlackRock’s clients;

� strategic business needs, including intentions regarding retention;

� market intelligence; and � criticality to business.

A primary product tool is risk management and, while employees are compensated for strong performance in their management of client assets, they are required to manage risk within the risk profiles appropriate for their clients.


Report on Remuneration continued

Therefore, employees are not rewarded for engaging in high-risk transactions outside of established parameters. Compensation practices do not provide undue incentives for short-term planning or short-term financial rewards, do not reward unreasonable risk and provide a reasonable balance between the many and substantial risks inherent within the business of investment management, risk management and advisory services.

The compensation model includes a basic salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to be considered for a bonus, there is no contractual obligation to make any award to an employee under its discretionary bonus scheme. In exercising discretion to award a discretionary bonus, the factors listed above (under the heading “Link between pay and performance”) may be taken into account in addition to any other matters which become relevant to the exercise of discretion in the course of the performance year.

Discretionary bonus awards for all employees, including executive officers, are subject to a guideline that determines the portion paid in cash and the portion paid in stock and subject to additional vesting/clawback conditions. As annual compensation increases, a greater portion is paid in stock. The MDCC adopted this approach in 2006 to substantially increase the retention value and shareholder alignment of the compensation package for eligible employees, including the executive officers. The portion deferred into stock vests in equal instalments over the three years following grant.

Supplementary to the annual discretionary bonus as described above, equity awards from the “Partner Plan” and “Enterprise Leadership Acceleration at BlackRock Plan” are made to select senior leaders to provide greater linkage with future business results. These long-term incentive awards have been established individually to provide meaningful incentives for continued performance over a multi-year period recognizing the scope of the individual’s role, business expertise and leadership skills. These awards usually vest fully three years after they are granted.

Selected senior leaders are eligible to receive performance-adjusted equity-based awards from the “BlackRock Performance Incentive Plan” (“BPIP”). Awards made from the BPIP have a three-year performance period based on a measurement of As Adjusted Operating Margin1 and Organic Revenue Growth2. Determination of pay-out will be made based on BlackRock’s achievement relative to target financial results at the conclusion of the performance period. The maximum number of shares that can be earned is 165% of the award in those situations where both metrics achieve pre-determined financial targets. No shares will be earned where BlackRock’s financial performance in both of the above metrics is below a pre-determined performance threshold.

These metrics have been selected as key measures of shareholder value which endure across market cycles.

A limited number of investment professionals have a portion of their annual discretionary bonus (as described above) awarded as deferred cash that notionally tracks investment in selected products managed by the relevant employee. The intention of these awards is to align investment professionals with the investment returns of the products they manage through the deferral of compensation into those products. Clients and external evaluators have increasingly viewed more favourably those products where key investors have “skin in the game” through significant personal investments. These awards vest in equal instalments over the three years following grant.

Identified StaffThe UCITS Remuneration Policy sets out the process that will be applied to identify staff as Identified Staff, being categories of staff of the Management Company, including senior management, risk takers, control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profiles of the Management Company or of the funds it manages.

The list of Identified Staff will be subject to regular review, being formally reviewed in the event of, but not limited to:� Organisational changes� New business initiatives� Changes in significant influence function lists� Changes in role responsibilities� Revised regulatory direction

Quantitative Remuneration DisclosureAppropriate disclosures will be made in due course in accordance with Article 69(3) of the Directive once a full performance year has been completed.

(1) As Adjusted Operating Margin: As reported in BlackRock, Inc.’s external filings, reflects adjusted Operating Income divided by Total Revenue net of distribution and servicing expenses and amortisation of deferred sales commission.

(2) Organic Revenue Growth: Equal to net new base fees plus net new Aladdin revenue generated in the year (in dollars).


Board of Directors(1)(2)(3) Managementand Administration continued

Nicholas C. D. Hall (Chairman)Frank P. Le FeuvreAlexander C. Hoctor-DuncanFrancine KeiserGeoffrey D. RadcliffeBruno Rovelli

(1) All Directors of BlackRock Global Funds are non-executive Directors.(2) Alexander C. Hoctor-Duncan, Frank P. Le Feuvre, Geoffrey D. Radcliffe and Bruno Rovelli

are employees of the BlackRock Group (of which the Management Company, Investment Advisers and Principal Distributor are part). Nicholas C. D. Hall is a former employee of the BlackRock Group.

(3) Francine Keiser is an independent Director.

Managementand AdministrationManagement CompanyBlackRock (Luxembourg) S.A.35A, avenue J.F. Kennedy, L-1855 Luxembourg,Grand Duchy of Luxembourg

Investment AdvisersBlackRock Financial Management, Inc.Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055, USA

BlackRock Investment Management, LLC100 Bellevue Parkway, Wilmington, Delaware 19809, USA

BlackRock Investment Management (UK) Limited12 Throgmorton Avenue, London EC2N 2DL, UK

BlackRock (Singapore) Limited# 18-01 Twenty Anson, 20 Anson Road, Singapore, 079912

Sub-Investment AdvisersBlackRock Asset Management North Asia Limited16/F Cheung Kong Center, 2 Queen’s Road Central, Hong Kong

BlackRock Japan Co. Limited1-8-3 Marunouchi, Chiyoda-ku, Tokyo 100-8217, Japan

BlackRock Investment Management (Australia) LimitedLevel 18, 120 Collins Street, Melbourne 3000, Australia

Principal DistributorBlackRock Investment Management (UK) Limited12 Throgmorton AvenueLondon EC2N 2DLUK

DepositaryThe Bank of New York Mellon (International) Limited Luxembourg Branch2-4, rue Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg

AdministratorThe Bank of New York Mellon (International) Limited Luxembourg Branch2-4, rue Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg

Transfer Agent and RegistrarJ.P. Morgan Bank Luxembourg S.A.,European Bank & Business Center,6c, route de Trèves, Building C,L-2633 Senningerberg,Grand Duchy of Luxembourg

AuditorPricewaterhouseCoopers, Société coopérative2, rue Gerhard Mercator,L-2182 LuxembourgGrand Duchy of Luxembourg

Legal AdvisersLinklaters LLP35 avenue John F. Kennedy, L-1855 LuxembourgGrand Duchy of Luxembourg

Listing AgentJ.P. Morgan Bank Luxembourg S.A.,European Bank & Business Center,6c, route de Trèves, Building C,L-2633 Senningerberg,Grand Duchy of Luxembourg

Paying AgentsA list of Paying Agents is to be found on pages 576 and 577.

Registered Office2-4, rue Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg

EnquiriesIn the absence of other arrangements, enquiries regarding the Company should be addressed as follows:Written enquiries:BlackRock Investment Management (UK) Limitedc/o BlackRock (Luxembourg) S.A.P.O. Box 1058L-1010 LuxembourgGrand Duchy of Luxembourg

All other enquiries:Telephone: + 44 207 743 3300Fax: + 44 207 743 1143Website: www.blackrockinternational.comEmail: [email protected]

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