BlackRock Global Funds (BGF) · BlackRock Global Funds (BGF) R.C.S. Luxembourg: B.6317 For the financial period ended 29 February 2020. Interim report and unaudited financial statements

For the financial period ended 28 February 2021

Interim report and unaudited financial statements

BlackRock Global Funds (BGF)R.C.S. Luxembourg: B.6317

Interim report and unaudited financial statements [1]

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

(1) Fund launched during the period, see Note 1, for further details.(2) Fund closed to subscriptions, see Note 1, for further details.

ContentsBoard of Directors 2

Management and Administration 2

General Information 3

Chairwoman’s Letter to Shareholders 6

Investment Adviser’s Report 8

Statement of Net Assets 15

Three Year Summary of Net Asset Values 23

Statement of Operations and Changes in Net Assets 59

Statement of Changes in Shares Outstanding 74

Portfolio of InvestmentsASEAN Leaders Fund 105Asia Pacific Equity Income Fund 107Asian Dragon Fund 109Asian Growth Leaders Fund 111Asian High Yield Bond Fund 113Asian Multi-Asset Income Fund 117Asian Tiger Bond Fund 126China A-Share Fund 136China Bond Fund 138China Flexible Equity Fund 152China Fund 154Circular Economy Fund 156Continental European Flexible Fund 158Dynamic High Income Fund 160Emerging Europe Fund 190Emerging Markets Bond Fund 192Emerging Markets Corporate Bond Fund 200Emerging Markets Equity Income Fund 204Emerging Markets Fund 207Emerging Markets Local Currency Bond Fund 209ESG Asian Bond Fund(1) 215ESG Emerging Markets Blended Bond Fund 218ESG Emerging Markets Bond Fund 225ESG Emerging Markets Corporate Bond Fund 233ESG Emerging Markets Local Currency Bond Fund 236ESG Fixed Income Global Opportunities Fund 242ESG Multi-Asset Fund 303Euro Bond Fund 321Euro Corporate Bond Fund 338Euro Reserve Fund 348Euro Short Duration Bond Fund 350Euro-Markets Fund 363European Equity Income Fund 365European Focus Fund 367European Fund 369European High Yield Bond Fund 371European Special Situations Fund 378European Value Fund 380

FinTech Fund 382Fixed Income Global Opportunities Fund 384Future Of Transport Fund 484Global Allocation Fund 486Global Bond Income Fund 515Global Conservative Income Fund 530Global Corporate Bond Fund 558Global Dynamic Equity Fund 574Global Equity Income Fund 581Global Government Bond Fund 583Global High Yield Bond Fund 606Global Inflation Linked Bond Fund 636Global Long-Horizon Equity Fund 652Global Multi-Asset Income Fund 654India Fund 722Japan Flexible Equity Fund 724Japan Small & MidCap Opportunities Fund 726Latin American Fund 728Multi-Theme Equity Fund 730Natural Resources Growth & Income Fund 732Next Generation Technology Fund 734Nutrition Fund 737Pacific Equity Fund 739Sustainable Energy Fund 741Swiss Small & MidCap Opportunities Fund(2) 743Systematic China A-Share Opportunities Fund 745Systematic Global Equity High Income Fund 749Systematic Global SmallCap Fund 754United Kingdom Fund 768US Basic Value Fund 770US Dollar Bond Fund 772US Dollar High Yield Bond Fund 815US Dollar Reserve Fund 839US Dollar Short Duration Bond Fund 842US Flexible Equity Fund 858US Government Mortgage Fund 860US Growth Fund 869US Small & MidCap Opportunities Fund 871World Bond Fund 873World Energy Fund 911World Financials Fund 913World Gold Fund 915World Healthscience Fund 917World Mining Fund 920World Real Estate Securities Fund 922World Technology Fund 924

Notes to the Financial Statements 927

Appendix I – Share Classes 940

Appendix II – Eligibility for French “Plan d’Epargne en Actions” (“PEA”) 944

Appendix III – Supplementary Information 945

[2] BlackRock Global Funds (BGF)

Denise Voss, ChairwomanPaul FreemanGeoffrey RadcliffeBarry O’DwyerUrsula Marchioni (appointed 12 October 2020)Robert Hayes (resigned effective 12 October 2020)Michael Gruener (resigned effective 17 March 2021)

(1) All Directors of BlackRock Global Funds are non-executive Directors.(2) Geoffrey Radcliffe, Barry O’Dwyer, Robert Hayes, Michael Gruener and Ursula Marchioni

are employees of the BlackRock Group (of which the Management Company, Investment Advisers and Principal Distributor are part), and Paul Freeman is a former employee of the BlackRock Group.

(3) Denise Voss is an independent Director.

Management and Administration

Management 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 Champion Tower, 3 Garden Road, Central, Hong Kong

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

BlackRock Investment Management (Australia) LimitedLevel 26, 101 Collins Street, Melbourne 3000, Australia

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

DepositaryThe Bank of New York Mellon SA / NV, Luxembourg Branch2-4, rue Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg

AdministratorThe Bank of New York Mellon SA / NV, Luxembourg Branch2-4, rue Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg

Transfer Agent and RegistrarJ.P. Morgan Bank Luxembourg S.A.European Bank & Business Center6, route de Trèves, Building CL-2633 SenningerbergGrand Duchy of Luxembourg

AuditorErnst & Young S.A.35E avenue John F. Kennedy,L-1855 Luxembourg,Grand 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 Center6, route de Trèves, Building CL-2633 SenningerbergGrand Duchy of Luxembourg

Securities Lending Agent BlackRock Advisors (UK) Limited 12 Throgmorton Avenue London EC2N 2DL UK

Paying AgentsA list of Paying Agents is to be found on pages 3 and 4.

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]

Board of Directors(1)(2)(3) Management and Administration continued

Board of DirectorsManagement and Administration


Current ProspectusBlackRock Global Funds (the “Company”) Prospectus, and the relevant KIID for the Funds along with copies of the Account Opening and Dealing Form may be obtained from the Local Investor Services Centre, the Management Company or any of the Representatives or Distributors. Copies of the Company’s Articles of Association and the Annual Report and Audited Financial Statements and Interim Report and Unaudited Financial Statements may also be obtained free of charge from any of these offices and from the Paying Agents. All these documents are also available from www.blackrockinternational.com.

RepresentativesThe representative in Hong Kong is BlackRock Asset Management North Asia Limited, 16/F, Champion Tower, 3 Garden Road Central, Hong Kong.

The representative in Switzerland is BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, 8001 Zurich, Switzerland.

The representative in Poland is Dubiński Jeleński Masiarz and Partners Sp.K ul. Zielna 37, 00-108 Warszawa, Poland.

The representative in Israel is Altshuler Shaham Mutual Funds Management Ltd.

The facilities agent in Ireland is BlackRock Investment Management (Dublin) Limited and BlackRock Investment Management (UK) Limited acts as UK facilities agent.

Authorised StatusThe Company is an Undertaking for Collective Investment in Transferable Securities (“UCITS”) under the Luxembourg law of 17 December 2010 as amended. Regulatory consents have been obtained or appropriate notifications have been made for the distribution of shares of the Company’s Funds in the umbrella in the following countries:

Austria, Czech Republic, Denmark, Finland, France, Germany, Gibraltar, Hungary, Iceland, Ireland, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Slovakia, Spain, Sweden and the United Kingdom.

Regulatory consents have been obtained or appropriate notifications have been made for the distribution of shares of certain Funds in the umbrella in the following countries:

Belgium, Brunei, Chile, China, Greece, Hong Kong, Israel, Italy, Japan, Korea, Macau, Portugal, Singapore, Switzerland, Taiwan and UAE.

Shares of certain Funds in the umbrella may also be offered in certain other jurisdictions from time to time on a private placement basis.

The Company is duly registered with the Comisión Nacional de Mercado de Valores in Spain under number 140.

General Information

Paying AgentsAustriaRaiffeisen BankInternational AGAm Stadtpark 91030 Vienna

BelgiumJ.P. Morgan Chase Bank N.A. Brussels Branch1 Boulevard du Roi Albert IIBrusselsB1210

FranceCACEIS Bank1/3, Place Valhubert 75013 Paris

Luxembourg(Central Paying Agent)J.P. Morgan BankLuxembourg S.A. European Bank & Business Center6, route de Trèves, Building CL-2633 Senningerberg

SwitzerlandState Street Bank International GmbH,Munich, Zurich branchBeethovenstrasse 19CH-8027 Zurich

ItalyAllfunds Bank S.A. Succursale di MilanoVia Bocchetto, 620123 Milan

Banca Monte dei Paschi di Siena S.p.A.Piazza Salimbeni 353100 Siena

Banca Sella Holding S.p.A.Piazza Gaudenzio Sella 113900 Biella

Italy continuedBNP Paribas SecuritiesServicesSuccursale di MilanoPiazza Lina Bo Bardi, 320124 Milan

CACEIS BankItaly BranchPiazza Cavour, 220121 Milan

Iccrea Banca S.p.A.Via Lucrezia Romana, 41/47 00178 Rome

General Information


General Information continued

Paying Agents continued Italy continuedRBC Investor Services Bank S.A.Succursale di MilanoVia Vittor Pisani, 26I-20121 Milan

Société Générale Securities Services S.p.A.Via Benigno Crespi, 19/A, MAC II20159 Milan

Italy continuedState Street Bank GmbH – Succursale ItaliaRegistered OfficeVia Ferrante Aporti, 1020125 Milan

PolandBank Handlowy w Warszawie Spólka Akcyjna ul. Senatorska 1600-923 Warszawa

GermanyJ.P. Morgan AGCIB/Investor Services - Trustee & FiduciaryTaunustor 1 (Taunus Turm)60310 Frankfurt am Main

LiechtensteinVP Bank AG9490 Vaduz,(FL-0001.007.080-0)represented byVP Fund Solutions (Liechtenstein) AG9490 Vaduz, (FL-0002.000.772-7)

MaltaMeDirect Bank (Malta) plc The Centre, Tigne Point Sliema TPO 0001, Malta

Mauritius Subsidiary

Directors Mauritian Auditor to the SubsidiaryPeter Nagle EY MauritiusGeoffrey Radcliffe Level 9, Tower 1,Dilshaad Rajabalee NexTeracom, Cybercity, EbènePaul FreemanBarry O’Dwyer (appointed 19 November 2020) Republic of MauritiusRobert Hayes (resigned effective 19 November 2020)

Investment ManagerBlackRock Investment Management (UK) Limited12 Throgmorton AvenueLondon EC2N 2DLUnited Kingdom

Mauritian AdministratorSanne Group plcIFS Court, Bank StreetTwentyEight, CybercityEbène 72201Republic of Mauritius

Publication of Prices and Notices to ShareholdersNotices are sent to registered shareholders and (when legally required) published in such newspapers as decided by the Directors and in the Recueil des Sociétés et Associations du Mémorial Luxembourg. The previous Dealing Day’s prices for shares may be obtained during business hours from the local Investor Servicing team and are also available from the BlackRock website. They will also be published in such countries as required under applicable law and at the discretion of the Directors in a number of newspapers or electronic platforms worldwide. The Company cannot accept any responsibility for error or delay in the publication or non-publication of prices. Historic dealing prices for all shares are available from the Administrator or local Investor Servicing team.

Purchases and SalesA detailed list of investments purchased and sold for any Fund during the period is available upon request, free of charge, from the Registered office as mentioned on page 2, or the offices of the Representatives as mentioned on page 3.

Disclosure PolicyDetails of month end holdings and valuations for all BlackRock Global Funds will be made available upon request from the Investor Services Centre to any BlackRock Global Funds shareholder no earlier than 10 business days after a given month end. BlackRock Global Funds reserves the right to require shareholders to sign an appropriate non-disclosure document prior to providing such information.


For German investorsThis interim report and unaudited financial statements (the “Report and Financial Statements”) 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 Financial Statements. To the extent that there is any inconsistency between the English language Report and Financial Statements and the Report and Financial Statements in another language, the English language Report and Financial Statements 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 Financial Statements in a language other than English, the language of the Report and Financial Statements on which such action is based shall prevail. Any disputes as to the terms of the Report and Financial Statements, regardless of the language of the Report and Financial Statements, shall be governed by and construed in accordance with the laws of Luxembourg.

The prospectus, the KIID and a full statement of portfolio changes are available free of charge, from the German Paying Agent.

Please note that a notification regarding the distribution of shares in the Federal Republic of Germany pursuant to section 310 of the German Capital Investment Code (Kapitalanlagegesetzbuch) has not been filed in respect of the following Sub-Fund: Asian Multi-Asset Income Fund. Therefore, shares of this Sub-Fund may not be distributed in the Federal Republic of Germany.

General Information continued


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

Chairwoman’s Letter to Shareholders1 September 2020 to 28 February 2021

Dear Shareholder,

I am writing to update you on the activities of BlackRock Global Funds (‘BGF’) over the six months to 28 February 2021. The BGF range comprised 84 funds (each a “Fund”, together the “Funds”) as at 28 February 2021.

During the period under review, the outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has continued to develop as a global pandemic. COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty.

As you will be aware, the impact of COVID-19 has adversely affected the economies of many nations across the entire global economy, individual issuers and capital markets, and could continue to extents that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

For the early part of the period under review, financial markets remained in a holding pattern. COVID-19 was in abeyance across much of the world and there were tentative expectations of a return to normal economic activity. Gross domestic product (“GDP”) figures started to pick up across the globe.

However, cases started to increase from late September onwards, prompting some wobbles in the stock markets. As Europe was engulfed in a second wave, policymakers recognised that further lockdowns would be inevitable, at least until a viable vaccine or treatment came to the fore.

In November, in spite of rapidly rising COVID-19 cases in the US and Europe, the mood changed quickly as three drug companies – Pfizer, Moderna and AstraZeneca announced promising results for their vaccine trials, far better than most had predicted. Markets started to anticipate economic recovery and with it, higher inflation. This pushed longer-dated bond yields higher.

This had implications for the stock market. Until that point, markets had been led higher by high growth stocks, particularly the technology sector, while economically sensitive parts of the market – banks, oil and gas, travel and leisure – continued to lag. The valuation gap between the high growth sectors and more cyclical or value areas was as wide as it had ever been.

This abruptly switched from November onwards, with many of those companies hit hardest by the COVID-19 restrictions recovering. This also applied to individual markets. The UK, for example, fared better, both as a result of the Brexit trade deal signed at the end of December, but also because of the make-up of the market. Its weight to areas such as banking and oil that had been a headwind for much of 2020 helped it perform better.

It was also a stronger period for emerging markets, particularly more cyclical emerging markets geared to the resurgence in commodity prices. In contrast, areas such as the US and China, which had been buoyed by the performance of the technology sector, fell back.

Governments and central banks kept stimulus packages in place given the ongoing uncertainties for businesses and economies. The incoming Biden administration in the US planned a US$ 1.9 trillion stimulus package, designed to put cash back into people’s pockets, keep struggling businesses afloat and preserve jobs.

Government bond markets had rallied as interest rates dropped and quantitative easing resumed with the US 10-year Treasury Bond Yield starting the period under review at around 0.7%. However, bond yields had started to tick higher by February as investors started to fret about the potential for inflation. US Federal Reserve Chair, Jay Powell, has continued to make it clear that interest rate increases are some way down the line, even if short-term inflation is ticking higher.

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

} The European Supervisory Authorities (“ESAs”) submitted draft Regulatory Technical Standards to the European Commission on the content of PRIIPs Key Information Documents (“KIDs”), with a particular focus on performance scenarios and costs. The Company will benefit from the transitional period available for a UCITS, and the legislation will not be applicable to the Company until 31 December 2021.

Chairwoman’s Letter to Shareholders



Chairwoman’s Letter to Shareholders1 September 2020 to 28 February 2021 continued

} In June 2020, the European Securities and Markets Authority (“ESMA”) issued a supervisory briefing aimed at local regulators, looking at the supervision of costs and charges applicable to Undertakings for the Collective Investment in Transferable Securities (“UCITS”) funds and Alternative Investment Funds (“AIFs”). Costs can have a significant impact on final returns for investors and, with this issuance, ESMA looks to ensure that charges on retail investment products are fair and transparent, with an emphasis on prevention of undue costs.

} The European Union’s new Sustainable Finance Disclosure Regulation (“SFDR”) will come into effect in March 2021. It imposes new transparency and reporting obligations on investment management firms, both at a firm-wide level and at a product level.

The assets under management (“AUM”) in the BGF range rose 25.2% from US$149.1 billion to US$186.7 billion over the period, with weakness in income, real estate and some Asian funds offset by strength in technology, sustainability and a number of thematic funds.

Investors continued their focus on high growth areas, particularly technology. The Next Generation Technology Fund saw the strongest rise in assets across the range, rising 527.1% to US$5,700.2 million. The Sustainable Energy Fund posted a 169.1% rise to US$5,432.6 million, while the ESG Multi-Asset Fund rose 81.4% to US$2,000 million. The Circular Economy Fund and Future Of Transport Fund rose 81.2% and 244.3% respectively to US$1,576.7 million and US$1,066.0 million.

In general, defensive assets moved out of favour as economic recovery took hold. The Global Government Bond Fund saw assets drop 15.0% to US$782.5 million, while the Global Equity Income Fund dropped 1.8% to US$966.4 million. The World Gold Fund was also weak, falling 21.4% to US$5,784.5 million. The Asian Dragon Fund and ASEAN Leaders Fund also shed assets over the six month period.

There was one new fund launched over the period: the ESG Asian Bond Fund was launched on 20 October 2020. On 18 December, the Market Navigator Fund closed.

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,

Denise VossChairwoman

March 2021



Investment Adviser’s ReportPerformance overview1 September 2020 to 28 February 2021

Market ReviewOver August, September and October 2020, markets followed a similar pattern to the low point of the market in March 2020. Areas that could sustain strong growth in the face of COVID-19 lockdowns, such as technology or e-commerce, continued to show strength, while travel, leisure and other hard-hit industries continued their weakness.

Corporate bankruptcies continued. Analysis by S&P Global Market Intelligence showed 630 US companies declared bankruptcy in 2020, the worst level in a decade. This included high profile names such as Neiman Marcus and J. C. Penney. It was a similar picture across the world, as companies found that no amount of government help could compensate for months of near-zero revenue. As such, while the S&P 500 had recovered all of its March losses by August, this had mixed fortunes for the companies underneath.

The vaccine news prompted a resurgence in ‘value’ sectors such as oil and banking and in those markets – such as the UK – with heavy weightings in those sectors. Emerging markets jumped higher. China had already been performing well, having tackled the virus effectively and resumed economic activity, but other areas, such as Latin America began to catch up. The highly-rated US market, in contrast, saw weakness relative to its peers, in spite of the strength of the US vaccine rollout programme and some stability returning to its political outlook.

By the end of February, with the vaccine roll-out underway, value areas were firmly in the ascendancy. Long-term bond yields (which move inversely to prices) had started to spike higher as investors became increasingly concerned about the threat of inflation. The US 10 year treasury yield had moved from 0.5% at the start of August, to 1.4% by the end of February. The long-term cash flows available from high growth stocks were no longer as valuable and investors responded by selling down the highly-valued technology sector.

However, in spite of this short-term bumpiness, it is clear that COVID-19 is accelerating a number of long-term structural shifts in the economy, such as digital transformation and agile working. As such, it may be premature to conclude that markets have made a permanent shift.

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 and expenses.

Equity Fund PerformanceThe Global Equity Income Fund rose 9.7%, behind its benchmark, the MSCI All Country World Net TR Index, which rose by 13.0%. The more growth-focused Global Dynamic Equity Fund rose 19.0%, ahead of its benchmark (60% S&P 500 / 40% FTSE World Ex-US Index), which rose 12.6%.

Shares of small and medium sized companies rose as economic recovery gained momentum. The Systemic Global SmallCap Fund rose 28.7%, just behind its benchmark, the MSCI AC World Small Cap, which rose 29.6%.

Of the individual country funds, the Japan Small & MidCap Opportunities Fund was up 16.8%, significantly ahead of the S&P Japan Mid Small Cap Index, which rose 13.3%. The Swiss Small & MidCap Opportunities Fund rose 8.9%, behind its benchmark, the SPI Extra Index, which rose 11.7%.

The Continental European Flexible Fund rose 18.8%, significantly ahead of its benchmark the FTSE World Europe ex UK Index, which rose by 10.9%. The European Fund rose 15.2% ahead of its benchmark, the MSCI Europe Index, which rose 11.2%. Income stocks were generally out of favour. The European Equity Income Fund rose 7.5%. This was behind the MSCI Europe Index, its benchmark, which rose 11.2%. The European Focus Fund rose 15.2% while the European Special Situations Fund rose by 9.3%. Both are benchmarked to the MSCI Europe Index, which rose 11.2%.

The US Growth Fund rose 5.0%, behind the Russell 1000 Growth Index, which was up by 5.3%. It was a stronger period for value stocks and the US Basic Value Fund rose by 22.2%, ahead of the Russell 1000 Value Index, which rose 19.1% over the period.

The Japan Flexible Equity Fund rose 18.5%, ahead of the MSCI Japan Index, which rose 17.5%.

Performance across Asia and emerging markets funds was generally strong as economic recovery continued. The Asian Growth Leaders Fund rose 31.7% ahead of its benchmark, the MSCI All Country Asia ex Japan Index, which rose 23.1%. The Asian Dragon Fund rose 23.2% against a rise in its benchmark, MSCI All Country Asia ex Japan Index, of 23.1%.

The India Fund rose 26.8%, behind its MSCI India Index benchmark, which rose 27.2%. The Emerging Markets Fund, which has a more broad exposure across the emerging markets investment universe, rose by 29.2%, ahead of its benchmark, the MSCI Emerging Markets Index, which was up 22.3%. The Emerging Markets Equity Income Fund, which shares the same benchmark, was up 24.1%.

The Latin American Fund rose 15.0%, slightly behind its benchmark, the MSCI Emerging Markets Latin America Index, which rose 15.7%. The Emerging Europe Fund rose 21.4%, significantly ahead of its benchmark, the MSCI Emerging Markets Europe 10/40 Index, which rose 9.9% over the period.

In natural resources, the World Energy Fund benefitted from a recovery in the global economy, rising 26.2%, behind its benchmark, the MSCI World Index (Net) (USD), which rose 30.8% over the period. The World Mining Fund rose 28.4% outperforming its benchmark, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index, which rose by 22.3%.The World Gold Fund dropped 24.5%, ahead its benchmark, the FTSE Gold Mines Index, which fell 28.8% as inflation concerns dented the gold price.

The World Technology Fund rose 23.3% against a rise of 12.5% in its benchmark, the MSCI All Country World Information Technology Index. The Nutrition Fund rose 19.4%

Investment Adviser’s Report



Investment Adviser’s ReportPerformance overview1 September 2020 to 28 February 2021 continued

over the period, while the Future Of Transport Fund rose 42.8% and the FinTech Fund rose 30.4%. None of these specialist funds have a benchmark.

Mixed Asset Fund PerformanceThe diversified Global Allocation Fund – which invests in a mixture of fixed income securities, equities and cash – rose 10.3%, ahead of its reference benchmark, which rose by 7.2% (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% FTSE Non-USD World Govt Bond Index).

The Global Multi-Asset Income Fund rose by 6.4% 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 PerformanceIn fixed income, yields rose on quality government bonds as worries mounted over US inflation. The Global Government Bond Fund fell 0.8%, marginally ahead of its benchmark, the FTSE World Government Bond USD Hedged Index, which fell 1.9%. The Euro Corporate Bond Fund rose 1.3%, compared to a rise of 1.4% for its benchmark, the BofA Merrill Lynch Euro Corporate Index. The Global Corporate Bond Fund remained flat, compared to a rise of 0.5% for its benchmark, the Bloomberg Barclays Global Aggregate Corporate Bond USD Hedged Index.

The Euro Bond Fund was flat, while its benchmark, the Bloomberg Barclays Euro-Aggregate 500mm+ Bond Index, rose 0.2%. The Euro Short Duration Bond Fund rose 0.1%.

The Global High Yield Bond Fund rose 5.5%, behind its benchmark, the BofA Merrill Lynch Global High Yield Constrained USD Hedged Index, which rose 6.2%. The ESG Emerging Markets Local Currency Bond Fund rose 3.7% over the period. This was ahead of its benchmark, the J.P. Morgan ESG-Government Bond Index Emerging Markets Global Diversified index, which rose 3.2%. The broader ESG Emerging Markets Bond Fund rose 1.6%, ahead of its benchmark (J.P.Morgan ESG-Emerging Markets Bond Index Global Diversified) which fell 1.0%.

The Asian Tiger Bond Fund rose 1.4%, against a rise of 0.5% for its benchmark, the JP Morgan Asia Credit Index. The Fixed Income Global Opportunities Fund delivered a positive absolute return of 2.9%. The ESG Fixed Income Global Opportunities Fund rose 1.9%, ahead of its benchmark, the 3 Month Euribor Index, which fell 0.3%.

OutlookBy the end of February, the vaccine rollout was underway globally. It appeared that, finally, businesses and citizens could start to look forward. However, the world may look different: some industries may never recover from the impact. The airline industry, for example, is unlikely to return to pre-

COVID-19 levels of activity as businesses rethink work travel and consumers take fewer flights. Areas such as commercial real estate are also facing significant challenges as companies re-evaluate their need for work space.

In contrast, COVID-19 has accelerated profound shifts in how economies and societies operate across four dimensions: sustainability, inequality, geopolitics and macroeconomic policy. As such, it may be a moment to rethink portfolio allocations.

For the time being, stronger economic growth is likely to persist, with stimulus packages feeding into the recovery and central banks keeping monetary policy loose – even as inflation expectations climb. This should support risk assets such as equities. Within equities, we believe some sectors will have a long-term tailwind in the new environment, notably healthcare and technology. COVID-19 is likely to see more capital directed towards healthcare, while shifting global supply chains has made cost-saving technology investment a priority over traditional capital expenditure. Remote working is also likely to necessitate technology spending.

COVID-19 has also changed the geopolitical landscape. Supply chains are getting shorter, rolling back a decades long globalisation trend that has gradually lowered inflation and expanded corporate profit margins. Markets are not prepared for a reversal, with the resulting effect on inflation and earnings. This remains a significant risk in the longer term.

Another key trend is the shift toward sustainable investing. In his 2021 letter to the CEO’s of companies in which BlackRock invest client assets, BlackRock CEO Larry Fink said: “The past year saw major net zero commitments by China, the EU, Japan, and South Korea, and last week the US rejoined the Paris Agreement. More and more financial regulators are making climate risk disclosure mandatory, central banks are stress testing for climate risk, and policymakers around the world are collaborating to achieve common climate goals. 127 governments – responsible for more than 60% of the world’s emissions – and over 1,100 companies are considering or already implementing net zero commitments…These changes will have dramatic impacts for investors.”

Companies are increasingly judged on their environmental footprint and, as such, these considerations need to form part of the assessment of any investment. At BlackRock, we plan to incorporate climate considerations into our capital market assumptions – our long-run estimates of risk and return – to help investors prepare their portfolios for a transition to a lower carbon economy.

Investors need to prepare for a new normal, rather than assuming the world will be just as it was. COVID-19 has delivered a profound and enduring shock to the global economy and the repercussions will be felt for many years to come.

March 2021



Disclosed in the table below are the performance returns for the A Class Non-Distributing Share Class for each Fund, net of fees and expenses, 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 an investment and the income from it will vary and the 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 financial statements and interim report and unaudited financial statements 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 3.

Performance for the period ended

28 February Calendar Year Performance

Performance for the

10 year period ended

28 February

Launch Date2021 2020 2019 2018 2021ASEAN Leaders Fund ‘A’ Non Dist (USD) 17.25% (7.77%) 7.70% (9.74%) – 8/8/2012MSCI All Country ASEAN Index (Net Total Return USD)(1) 13.61% (6.43%) 8.53% (8.55%) –

Asia Pacific Equity Income Fund ‘A’ Non Dist (USD) 26.18% 14.36% 15.13% (20.27%) 66.59% 18/9/2009MSCI All Country Asia Pacific ex Japan Index (Net) (USD)(1) 22.14% 22.44% 19.16% (13.92%) 97.56%

Asian Dragon Fund ‘A’ Non Dist (USD) 23.23% 20.72% 20.74% (17.41%) 106.09% 2/1/1997MSCI All Country Asia ex Japan Index (Net) (USD)(1) 23.10% 25.02% 18.17% (14.37%) 107.77%

Asian Growth Leaders Fund ‘A’ Non Dist (USD) 31.74% 30.29% 17.01% (20.09%) – 31/10/2012MSCI All Country Asia ex Japan Index (Net) (USD)(1) 23.10% 25.02% 18.17% (14.37%) –

Asian High Yield Bond Fund ‘A’ Non Dist (USD) 5.34% 10.89% 13.03% (3.69%) – 1/12/2017ICE BofA/ML Blended Index: ACCY, 20% Lvl4 Cap 3% Constrained Index 5.81% 8.43% 13.18% (3.29%) –

Asian Multi-Asset Income Fund ‘A’ Non Dist (USD) 9.26% 8.72% 13.09% (9.66%) – 20/1/2016Reference (50% MSCI Asia ex Japan Index/25% JP Morgan Asia Credit Index/25% Markit iBoxx ALBI Index) 12.12% 16.61% 14.41% (7.49%) –

Asian Tiger Bond Fund ‘A’ Non Dist (USD) 1.45% 6.58% 11.31% (3.15%) 59.54% 2/2/1996JP Morgan Asian Credit Index (USD) 0.53% 6.33% 11.34% (0.77%) 69.85%

China A-Share Fund ‘A’ Non Dist (USD) 19.57% 39.62% – – – 9/10/2019CSI 300 Net TR (USD)(1) 17.62% 38.26% – – –

China Bond Fund ‘A’ Non Dist (CNH) 2.23% 8.18% 8.78% 3.29% – 11/11/2011China Household Savings Deposits Rate 1 Year Index(1) 1.13% 0.84% 1.42% 1.58% –

China Flexible Equity Fund ‘A’ Non Dist (USD) 20.86% 36.96% 18.05% (19.90%) – 31/10/2017MSCI China 10/40 Index (Net) (USD)(1) 16.50% 32.34% 22.18% (18.25%) –

China Fund ‘A’ Non Dist (USD) 28.19% 46.61% 16.52% (20.33%) 150.08% 24/6/2008MSCI China 10/40 Index (Net) (USD)(1) 18.83% 30.75% 22.18% (18.25%) 119.95%

Circular Economy Fund ‘A’ Non Dist (USD) 16.29% 22.01% – – – 2/10/2019The Fund has no benchmark – – – – –

(1) The performance measure included in the table above is for reference only. Please refer to the prospectus for more detail.







Performance for the


28 February

Launch Date2021 2020 2019 2018 2021Continental European Flexible Fund ‘A’ Non Dist (EUR) 18.83% 25.37% 35.71% (14.65%) 191.72% 24/11/1986FTSE World Europe ex UK Index (USD)(1) 10.95% 2.83% 27.59% (10.45%) 103.88%

Dynamic High Income Fund ‘A’ Non Dist (USD) 8.48% 3.79% 19.68% (7.50%) – 6/2/2018The Fund has no benchmark – – – – –

Emerging Europe Fund ‘A’ Non Dist (EUR) 21.40% (12.69%) 33.22% (11.62%) 3.38% 29/12/1995MSCI Emerging Markets Europe 10/40 Index (Net) (EUR)(1) 9.86% (19.14%) 32.52% (6.58%) (8.55%)

Emerging Markets Bond Fund ‘A’ Non Dist (USD) 2.71% 6.09% 12.19% (7.06%) 58.15% 1/10/2004JP Morgan Emerging Markets Bond Index Global Diversified Index (USD) 0.09% 5.26% 15.04% (4.26%) 79.90%

Emerging Markets Corporate Bond Fund ‘A’ Non Dist (USD) 3.58% 8.79% 13.71% (3.17%) – 18/2/2013JP Morgan Corporate Emerging Markets Bond Index Broad Diversified 3.76% 7.13% 13.09% (1.65%) –

Emerging Markets Equity Income Fund ‘A’ Non Dist (USD) 24.09% 13.50% 23.02% (12.10%) – 12/8/2011MSCI Emerging Markets Index (Net) (USD)(1) 22.32% 18.31% 18.42% (14.57%) –

Emerging Markets Fund ‘A’ Non Dist (USD) 29.15% 23.19% 24.60% (10.55%) 77.42% 30/11/1993MSCI Emerging Markets Index (Net) (USD)(1) 22.32% 18.31% 18.42% (14.57%) 53.89%

Emerging Markets Local Currency Bond Fund ‘A’ Non Dist (USD) 4.09% 2.15% 11.77% (12.25%) (9.29%) 2/2/2007JP Morgan GBI-EM Global Diversified Index (USD) 3.41% 2.69% 13.47% (6.21%) (1.78%)

ESG Asian Bond Fund ‘A’ Non Dist (USD)(2) 3.00% – – – – 20/10/2020JP Morgan ESG Asia Credit Index (USD) 0.36% – – – –

ESG Emerging Markets Blended Bond Fund ‘A’ Non Dist (USD) 1.34% 15.90% 9.28% (6.20%) – 9/7/2018JP Morgan ESG Blended Emerging Market Bond Index (Sovereign) 1.07% 4.94% 13.96% (0.91%) –

ESG Emerging Markets Bond Fund ‘A’ Non Dist (USD) 1.55% 8.49% 14.89% (2.60%) – 9/7/2018JP Morgan ESG Emerging Markets Bond Index Global Diversified (0.99%) 5.78% 15.94% (0.69%) –

ESG Emerging Markets Corporate Bond Fund ‘A’ Non Dist (USD) 3.06% 6.91% 13.08% (1.40%) – 9/7/2018JP Morgan ESG Corporate Emerging Market Bond Index Broad Diversified 3.85% 7.15% 12.76% 0.08% –

ESG Emerging Markets Local Currency Bond Fund ‘A’ Non Dist (USD) 3.67% 3.24% 9.96% (4.60%) – 9/7/2018JP Morgan ESG Global Bond Index - Emerging Market Global Diversified 3.15% 4.00% 11.89% (1.20%) –

ESG Fixed Income Global Opportunities Fund ‘A’ Non Dist (EUR) 1.92% – – – – 24/4/20203 Month Euribor Index (0.25%) – – – –

ESG Multi-Asset Fund ‘A’ Non Dist (EUR) 4.45% 10.06% 14.48% (4.65%) 62.30% 4/1/1999Reference (50% MSCI World Index/50% FTSE World Government Bond Euro Hedged Index) (EUR)b1 3.85% 6.29% 16.87% (1.92%) 96.78%

Euro Bond Fund ‘A’ Non Dist (EUR) (0.00%) 4.03% 6.03% (0.70%) 49.56% 31/3/1994Bloomberg Barclays Euro-Aggregate 500mm+ Bond Index (EUR) 0.23% 4.07% 6.00% 0.42% 49.03%

Euro Corporate Bond Fund ‘A’ Non Dist (EUR) 1.26% 2.53% 6.74% (1.63%) 45.42% 31/7/2006ICE BofAML Euro Corporate Index (EUR) 1.39% 2.65% 6.25% (1.14%) 45.47%

Euro Reserve Fund ‘A’ Non Dist (EUR) (0.32%) (0.57%) (0.51%) (0.50%) (1.94%) 24/7/2009The Fund has no benchmark – – – – –

(1) The performance measure included in the table above is for reference only. Please refer to the prospectus for more detail.(2) Fund launched during the period, see Note 1, for further details.b1 The benchmark changed its name from the 50% MSCI World Index/50% Citigroup World Government Bond Euro Hedged Index on 20 May 2019.






Performance for the


28 February

Launch Date2021 2020 2019 2018 2021Euro Short Duration Bond Fund ‘A’ Non Dist (EUR) 0.06% 0.32% 0.51% (1.56%) 12.45% 4/1/1999The Fund has no benchmark – – – – –

Euro-Markets Fund ‘A’ Non Dist (EUR) 11.71% 8.69% 26.84% (18.77%) 94.64% 4/1/1999MSCI EMU Index (Net) (EUR)(1) 13.13% (1.02%) 25.47% (12.71%) 75.18%

European Equity Income Fund ‘A’ Non Dist (EUR) 7.49% 0.14% 26.52% (12.96%) 103.91% 3/12/2010MSCI Europe Index (Net) (EUR)(1) 11.17% (3.32%) 26.05% (10.57%) 79.67%

European Focus Fund ‘A’ Non Dist (EUR) 15.17% 20.71% 28.57% (14.52%) 100.70% 14/10/2005MSCI Europe Index (Net) (EUR)(1) 11.17% (3.32%) 26.05% (10.57%) 79.67%

European Fund ‘A’ Non Dist (EUR) 15.21% 20.28% 32.20% (14.54%) 99.50% 30/11/1993MSCI Europe Index (Net) (EUR)(1) 11.17% (3.32%) 26.05% (10.57%) 79.67%

European High Yield Bond Fund ‘A’ Non Dist (EUR) 5.95% 3.26% 12.30% (4.23%) – 23/7/2015Bloomberg Barclays Pan European High Yield 3% Issuer Constrained Index EUR Hedged (EUR) 5.75% 2.32% 11.32% (3.59%) –

European Special Situations Fund ‘A’ Non Dist (EUR) 9.30% 9.98% 37.94% (14.07%) 162.20% 14/10/2002MSCI Europe Index (Net) (EUR)(1) 11.17% (3.32%) 26.05% (10.57%) 84.75%

European Value Fund ‘A’ Non Dist (EUR) 14.45% 3.23% 21.40% (19.16%) 85.38% 8/1/1997MSCI Europe Value Index (Net) (EUR)(1) 15.36% (12.91%) 19.56% (11.64%) 40.40%

FinTech Fund ‘A’ Non Dist (USD) 30.42% 42.55% 42.80% (18.70%) – 4/9/2018The Fund has no benchmark – – – – –

Fixed Income Global Opportunities Fund ‘A’ Non Dist (USD) 2.89% 5.74% 7.09% (1.21%) 40.07% 31/1/2007The Fund has no benchmark – – – – –

Future Of Transport Fund ‘A’ Non Dist (USD) 42.84% 52.93% 17.71% (20.40%) – 4/9/2018The Fund has no benchmark – – – – –

Global Allocation Fund ‘A’ Non Dist (USD) 10.36% 19.72% 16.80% (8.87%) 70.14% 3/1/1997Reference (36% S&P 500 Index/24% FTSE World (Ex-US) Index/24% ICE BofAML Current 5Yr US Treasury Index/ 16% FTSE Non-USD World Government Bond Index) (USD) 7.16% 13.34% 18.79% (4.68%) 99.95%

Global Bond Income Fund ‘A’ Non Dist (USD) 3.25% 2.49% 9.17% (0.80%) – 16/7/2018The Fund has no benchmark – – – – –

Global Conservative Income Fund ‘A’ Non Dist (EUR) 3.25% 3.26% 7.87% (3.40%) – 12/9/2018The Fund has no benchmark – – – – –

Global Corporate Bond Fund ‘A’ Non Dist (USD) 0.00% 8.10% 12.34% (2.71%) 53.57% 19/10/2007Bloomberg Barclays Global Aggregate Corporate Bond USD Hedged Index (USD) 0.46% 8.26% 12.51% (1.00%) 64.14%

Global Dynamic Equity Fund ‘A’ Non Dist (USD) 19.05% 24.48% 26.04% (12.49%) 123.13% 28/2/2006Reference (60% S&P 500 Index/40% FTSE World (ex US) Index) (USD) 12.66% 15.08% 27.91% (8.17%) 163.11%

Global Equity Income Fund ‘A’ Non Dist (USD) 9.74% 5.48% 21.08% (12.17%) 91.73% 12/11/2010MSCI All Country World Index (Net) (USD)(1) 13.04% 16.25% 26.60% (9.41%) 133.43%

Global Government Bond Fund ‘A’ Non Dist (USD) (0.80%) 7.10% 7.45% 0.49% 41.59% 13/5/1987FTSE World Government Bond USD Hedged Index (USD)b2 (1.91%) 6.11% 7.59% 2.60% 46.94%

Global High Yield Bond Fund ‘A’ Non Dist (USD) 5.48% 6.98% 14.16% (3.36%) 71.25% 8/6/2007BofA Merrill Lynch Global High Yield Constrained USD Hedged Index (USD) 6.19% 6.48% 14.54% (1.90%) 92.46%

Global Inflation Linked Bond Fund ‘A’ Non Dist (USD) 0.00% 5.61% 6.16% 0.14% 43.93% 19/6/2009Bloomberg Barclays World Government Inflation-Linked 1-20yr Index USD Hedged (USD) 0.30% 6.38% 6.86% 0.99% 53.40%

(1) The performance measure included in the table above is for reference only. Please refer to the prospectus for more detail.b2 The benchmark changed its name from the Citigroup World Government Bond USD Hedged Index on 20 May 2019.






Performance for the


28 February

Launch Date2021 2020 2019 2018 2021Global Long-Horizon Equity Fund ‘A’ Non Dist (USD) 12.69% 21.35% 33.52% (5.43%) 130.98% 29/2/1996MSCI All Country World Index (Net) (USD)(1) 13.04% 16.25% 26.60% (9.41%) 133.43%

Global Multi-Asset Income Fund ‘A’ Non Dist (USD) 6.40% 5.58% 13.36% (4.89%) – 28/6/2012The Fund has no benchmark – – – – –

India Fund ‘A’ Non Dist (USD) 26.84% 9.38% 8.00% (12.03%) 79.36% 2/2/2005MSCI India TR Net 10/40 Index (USD)b3(1) 27.16% 17.93% 7.58% (7.30%) 68.61%

Japan Flexible Equity Fund ‘A’ Non Dist (JPY) 18.52% 17.80% 18.98% (18.65%) 131.83% 28/2/2005MSCI Japan Index (Net) (JPY)(1) 17.52% 8.76% 18.48% (15.15%) 134.27%

Japan Small & MidCap Opportunities Fund ‘A’ Non Dist (JPY) 16.85% 2.52% 24.94% (24.21%) 153.87% 13/5/1987S&P Japan Mid Small Cap Index (JPY)(1) 13.25% 0.02% 16.83% (18.12%) 159.99%

Latin American Fund ‘A’ Non Dist (USD) 14.95% (17.88%) 16.86% (3.57%) (38.29%) 8/1/1997MSCI Emerging Markets Latin America Index (Net) (USD)(1) 15.74% (13.80%) 17.46% (6.57%) (34.57%)

Market Navigator Fund ‘A’ Non Dist (EUR)(3) – – 12.95% (2.70%) – 16/11/20183 Month Euribor (Industry Standard) Index(1) – – (0.36%) (0.04%) –

Multi-Theme Equity Fund ‘A’ Non Dist (USD) 22.10% – – – – 10/7/2020MSCI All Country World Index (Net) (USD)(1) 13.04% – – – –

Natural Resources Growth & Income Fund ‘A’ Non Dist (USD) 26.60% 2.22% 15.50% (18.64%) – 15/4/2011S&P Global Natural Resources Index (USD)(1) 26.25% (0.05%) 16.41% (13.08%) –

Next Generation Technology Fund ‘A’ Non Dist (USD) 45.44% 115.25% 47.91% (21.10%) – 4/9/2018The Fund has no benchmark – – – – –

Nutrition Fund ‘A’ Non Dist (USD) 19.36% 19.59% 18.06% (16.45%) 31.35% 9/2/2010The Fund has no benchmark – – – – –

Pacific Equity Fund ‘A’ Non Dist (USD) 21.62% 15.52% 16.44% (21.70%) 60.82% 5/8/1994MSCI All Country Asia Pacific Index (Net) (USD)(1) 20.47% 19.71% 19.36% (13.52%) 92.07%

Sustainable Energy Fund ‘A’ Non Dist (USD) 24.48% 50.42% 30.21% (14.03%) 99.14% 6/4/2001The Fund has no benchmark – – – – –

Swiss Small & MidCap Opportunities Fund ‘A’ Non Dist (CHF)(4) 8.90% 13.23% 32.12% (14.56%) 217.23% 8/1/2008Switzerland SPI Extra Index (CHF)(1) 11.65% 8.07% 30.42% (17.23%) 144.85%

Systematic China A-Share Opportunities Fund ‘A’ Non Dist (USD) 15.97% 44.41% 43.15% (26.55%) – 26/10/2017MSCI China A Onshore Index (Net) (USD)(1) 15.12% 40.04% 37.48% (32.99%) –

Systematic Global Equity High Income Fund ‘A’ Non Dist (USD) 8.27% 8.91% 17.30% (9.53%) 61.04% 13/10/2006The Fund has no benchmark – – – – –

Systematic Global SmallCap Fund ‘A’ Non Dist (USD) 28.75% 12.46% 27.61% (17.40%) 104.81% 4/11/1994MSCI All Country World Small Cap Index (USD)(1) 29.59% 16.33% 24.65% (14.39%) 137.94%

United Kingdom Fund ‘A’ Non Dist (GBP) 8.57% 4.32% 23.15% (10.77%) 91.92% 31/12/1985FTSE All-Share Index (GBP)(1) 12.00% (9.82%) 19.17% (9.47%) 70.73%

US Basic Value Fund ‘A’ Non Dist (USD) 22.18% 1.10% 21.86% (10.30%) 100.30% 8/1/1997Russell 1000 Value Index (USD)(1) 19.15% 2.80% 26.54% (8.27%) 169.02%

US Dollar Bond Fund ‘A’ Non Dist (USD) (1.31%) 7.83% 8.87% (1.10%) 40.80% 7/4/1989Bloomberg Barclays US Aggregate Index (USD) (1.55%) 7.51% 8.72% 0.01% 42.10%

US Dollar High Yield Bond Fund ‘A’ Non Dist (USD) 5.08% 5.81% 14.28% (3.38%) 67.42% 29/10/1993Bloomberg Barclays US High Yield 2% Constrained Index (USD) 6.08% 7.05% 14.32% (2.08%) 87.56%

US Dollar Reserve Fund ‘A’ Non Dist (USD) (0.03%) 0.36% 1.97% 1.60% 4.91% 30/11/1993The Fund has no benchmark – – – – –

(1) The performance measure included in the table above is for reference only. Please refer to the prospectus for more detail.(3) Fund terminated during the period, see Note 1, for further details.(4) Fund closed to subscriptions, see Note 1, for further details.b3 The benchmark changed index from MSCI India Index on 31 July 2020.





Performance for the


28 February

Launch Date2021 2020 2019 2018 2021US Dollar Short Duration Bond Fund ‘A’ Non Dist (USD) 0.99% 3.04% 4.31% 0.61% 20.07% 31/10/2002ICE BoAML 1-3 Year US Government/Corporate Index (USD)(1) 0.22% 3.34% 4.07% 1.63% 17.31%

US Flexible Equity Fund ‘A’ Non Dist (USD) 14.39% 17.28% 26.65% (8.93%) 188.53% 31/10/2002Russell 1000 Index (USD)(1) 11.78% 20.96% 31.43% (4.78%) 257.31%

US Government Mortgage Fund ‘A’ Non Dist (USD) (0.05%) 5.07% 6.41% (0.80%) 27.70% 2/8/1985FTSE Mortgage Index (USD)b4 (0.46%) 4.03% 6.68% 1.01% 33.63%

US Growth Fund ‘A’ Non Dist (USD) 5.00% 37.42% 31.01% (0.15%) 243.29% 30/4/1999Russell 1000 Growth Index (USD)(1) 5.34% 38.49% 36.39% (1.51%) 358.50%

US Small & MidCap Opportunities Fund ‘A’ Non Dist (USD) 30.20% 4.51% 27.35% (11.02%) 114.84% 13/5/1987S&P US Mid Small Cap Index (USD)(1) 27.46% 17.17% 28.90% (9.80%) 217.90%

World Bond Fund ‘A’ Non Dist (USD) 0.40% 6.63% 8.49% (0.13%) 42.19% 4/9/1985Bloomberg Barclays Global Aggregate USD Hedged Index (USD) (0.85%) 5.58% 8.22% 1.76% 47.65%

World Energy Fund ‘A’ Non Dist (USD) 26.20% (28.54%) 11.41% (21.16%) (53.31%) 6/4/2001MSCI World Energy 10/40 Index (Net) (USD)(1) 30.82% (29.76%) 12.31% (16.30%) (24.94%)

World Financials Fund ‘A’ Non Dist (USD) 36.96% 8.47% 32.48% (15.52%) 111.28% 3/3/2000MSCI All Country World Index Financials Index (Net) (USD)(1) 25.55% (3.78%) 23.25% (15.66%) 82.33%

World Gold Fund ‘A’ Non Dist (USD) (24.50%) 28.38% 34.55% (17.58%) (41.31%) 30/12/1994FTSE Gold Mines Index (Cap) (USD)(1) (28.76%) 23.22% 41.21% (11.31%) (47.22%)

World Healthscience Fund ‘A’ Non Dist (USD) 4.09% 13.99% 24.36% 4.98% 251.48% 6/4/2001MSCI World Health Care Index (Net) (USD)(1) 3.59% 13.52% 23.24% 2.51% 234.39%

World Mining Fund ‘A’ Non Dist (USD) 28.45% 33.29% 19.62% (17.05%) (30.36%) 24/3/1997MSCI ACWI Metals and Mining 30% Buffer 10/40 Indexb5(1) 22.27% 33.96% 28.00% (13.59%) (7.57%)

World Real Estate Securities Fund ‘A’ Non Dist (USD) 13.64% (3.49%) 23.69% (7.56%) – 25/2/2013FTSE EPRA/NAREIT Developed Index(1) 12.88% (9.04%) 21.91% (5.63%) –

World Technology Fund ‘A’ Non Dist (USD) 23.31% 85.50% 43.48% (0.34%) 485.38% 3/3/1995MSCI All Country World Information Technology Index (Net) (USD)(1) 12.55% 45.61% 46.89% (5.81%) 416.23%

(1) The performance measure included in the table above is for reference only. Please refer to the prospectus for more detail.b4 The benchmark changed its name from the Citigroup Mortgage Index on 20 May 2019.b5 The benchmark changed its name from the Euromoney Global Mining Constrained Weights Net Total Return Index on 18 August 2020.

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

Changes in the composition or the name of a benchmark or a Fund prior to 1 January 2018 have not been disclosed.


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ge c

ontra

cts

2(c)

316,6

31,96

1–

794,2

101,4

55,05

41,6

38,09

594

0,159

10,68

620

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3614

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3,442

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53,19

4C

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ence

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4,827

17,68

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212,0

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117

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1,730

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Tota

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198,7

91,17

9,657

50,87

5,011

215,6

99,45

81,4

76,82

2,791

1,948

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7053

2,044

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90,16

0,337

6,045

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3420

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1050

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91,59

233

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72

Liab

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12,83

3,629

77,73

8,624

12,42

3,168

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4,897

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26Pa

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d sh

ares

rede

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988,5

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706,3

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737,5

74,61

252

4,197

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5,143

1,870

Unr

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s2(

c)39

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Mar

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826

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96,9

69,31

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67,78

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8,746

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15,81

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36,37

5,154

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9

Tota

l lia

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1,373

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341,3

941,9

14,61

843

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8089

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1654

6,574

191,5

63,56

544

6,804

1,676

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2348

7,724

Tota

l net

ass

ets

186,6

59,80

5,783

50,53

3,617

213,7

84,84

01,4

33,21

8,611

1,858

,759,1

3351

6,240

,131

89,61

3,763

5,853

,610,7

6920

,281,6

0649

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84,86

932

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48

Statement of Net Assets

[16]

B

lack

Roc

k G

loba

l Fun

ds (B

GF)

The

note

s on

pag

es 9

27 to

940

form

an

inte

gral

par

t of t

hese

fina

ncia

l sta

tem

ents

.

Sta

tem

ent o

f Net

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as a

t 28

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202

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Asian

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2,858

2,800

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3,360

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1,667

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8480

4,891

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466,0

40,83

51,8

72,17

9,650

2,289

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2029

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Secu

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t mar

ket v

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661,5

65,96

1,354

6,121

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88,65

5,486

613,0

23,41

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08,09

8,673

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4,543

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21,44

9,823

19,47

7,608

Cas

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k2(

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7021

5,942

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5,899

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80,76

1,725

35,87

3,994

6,348

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25,90

5,281

82,62

0,813

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Tim

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19,84

5,790

9,311

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738

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Rec

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ble

for i

nves

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old

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14,05

6,456

12,84

3,519

7,828

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6,811

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17,85

636

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2911

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3941

8,246

Rec

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1,380

10,23

6,163

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957,8

173,1

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50,63

363

0,738

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9,891

9,139

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285,7

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0,511

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Ope

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3,453

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14,11

1,078

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82,54

81,2

95,21

148

1,920

43,73

110

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417,6

162,2

96,41

973

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901,7

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822,9

6910

3,981

26,63

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0,286

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Tota

l ass

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1,717

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601,5

90,93

7,585

6,194

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213,1

61,52

5,361

627,6

04,73

81,7

20,82

6,989

881,3

30,73

258

8,773

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2,421

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622,3

87,26

0,557

21,29

9,126

Liab

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261,5

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90,61

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71,80

56,8

63,20

3–

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34Pa

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2(a)

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144,0

2919

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8311

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352,0

16,95

63,1

92,48

320

2,298

989,7

9723

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55,68

3–

Unr

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on:

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futu

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s2(

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pen

forw

ard

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ign

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tract

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5,010

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4,641

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1,307

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1,692

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3,397

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Tota

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9,222

37,39

4,054

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610

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6016

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Tota

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76,74

8,363

6,157

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41,24

6,165

617,2

81,04

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13,13

9,296

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In

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[1

7]

The

note

s on

pag

es 9

27 to

940

form

an

inte

gral

par

t of t

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fina

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l sta

tem

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Sta

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0,634

3,184

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11,74

92,7

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9,037

6,453

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2,313

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1,259

1,037

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5,323

489,5

30,61

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0,692

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1,509

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5,722

5,085

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473,3

10,55

0,483

118,9

70,86

310

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87,53

91,6

23,99

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Liab

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1,979

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4,226

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3,539

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4–

Inco

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2(a)

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