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ANNUAL REPORT AND AUDITED ACCOUNTSBLACKROCK GLOBAL FUNDS (BGF)R.C.S. Luxembourg: B.6317

31 AUGUST 2015

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Annual Report and Audited Accounts 1

Contents

BGF Chairmans Letter to Shareholders 2

BGF Investment Advisers Report 4

Directors Report 12

Board of Directors 15

Management and Administration 15

Statement of Net Assets 16

Three Year Summary of Net Asset Values 22

Statement of Operations and Changes in Net Assets 50

Statement of Changes in Shares Outstanding 62

Portfolio of Investments ASEAN Leaders FundAsia Pacific Equity Income FundAsian Dragon FundAsian Growth Leaders FundAsian Local Bond FundAsian Tiger Bond FundChina FundContinental European Flexible Fund(1)

Emerging Europe FundEmerging Markets Bond FundEmerging Markets Corporate Bond FundEmerging Markets Equity Income FundEmerging Markets FundEmerging Markets Investment Grade Bond 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 Fund(2)

European 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 FundGlobal Equity Income Fund

Global Government Bond FundGlobal High Yield Bond FundGlobal Inflation Linked Bond FundGlobal Multi-Asset Income FundGlobal Opportunities FundGlobal 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 FundSwiss Small & MidCap Opportunities FundUnited 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 dEpargne enActions)(Unaudited)(1) Fund reopened to subscriptions, see Note 1, for further details.(2) Fund launched during the year, see Note 1, for further details.

Subscriptions may be made only on the basis of the current Prospectus, 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 Manager 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.

BGF Chairmans Letter to ShareholdersAugust 2015

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 2015.

The Funds performance is covered in more detail in the separate Investment Advisers report in which you will see that most asset classes enjoyed mixed fortunes over the year, as economic growth figures remained varied. Equities had periods of notable strength, but were ultimately undone by the weakness in China and concerns that global economic growth lacked momentum. Bonds saw a similarly mixed picture with a sharp sell-off at the start of 2015, followed by a gradual recovery in the latter part of the period.

For much of the year, monetary policy, the Greek situation and the oil price proved to be the key preoccupations for stock and bond markets. The US Federal Reserve appeared to be edging closer to raising interest rates, albeit without ever actually doing so. In contrast, the much-vaunted Abenomics the economic programme put in place by Japanese Prime Minister Shinzo Abe continued to support the globes largest-ever quantitative easing programme, while Eurozone policymakers finally succumbed to the inevitable and launched its own programme. These interventions had a notable effect on currency markets. The US Dollar strength and Euro weakness were both key features of the period.

The slide in the oil price also dominated. It started in the last few months of 2014 and, with the exception of a brief period of recovery in the early part of 2015, the price has remained persistently low. Markets spent some time trying to work out whether this was a symptom of waning global demand, or likely to encourage a period of stronger economic growth. Ultimately, they concluded that its effect was likely to be positive and moved higher for much of 2015.

The bond market, inevitably, responded poorly, believing that building economic momentum made a rise in interest rates more likely. Prior to that, bond yields in some countries had hit record lows. Many short-dated Eurozone bonds moved to negative yields and at one point, all sub-8 year German bunds were trading at negative yields. Ireland and Spain also managed to issue bonds at a negative yield. In the meantime, Eurozone politics and the uncertainty over the Greek situation continued to influence bond markets.

But in August 2015, the picture changed. Markets began to take greater notice of the economic slow-down in China, with figures suggesting it would struggle to sustain its 6-7% growth target. The real catalyst, however, was the devaluation of the renminbi. Although its overall impact was not significant in currency terms, it suggested that policymakers were worried. It was accompanied by a significant and enduring sell-off in the Chinese equity market. This followed a significant bull market and, assuch, might have been expected, but it spooked global stock markets.

Under the surface, there was a clear two speed market. For both equities and bonds, any security associated with commodities or emerging markets came under pressure, while investors retained a preference for strong, cash generating companies with reliable earnings and dividends in spite of the high valuations.

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 now been finalised and were due to come into effect at the beginning of 2017. However, market participants have requested a delay to early 2018 for some of the reporting requirements to allow for more effective implementation. 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 introduction of mandatory central clearing of derivatives remains outstanding. Once introduced, central clearing is likely to result in an increase in trading costs due to the mandatory use of central counterparties as clearing houses for trades.

Packaged Retail Investment and Insurance-based Investment Products (PRIIPs): the text of this Regulation is now agreed and will introduce similar documents to the UCITS key investor information document (KIID) for PRIIPs. Existing UCITS funds are provided with a grace period until 2019 after which the UCITS KIID may need to be amended.



BGF Chairmans Letter to ShareholdersAugust 2015 continued

The assets under management (AUM) in the BGF range increased from US$120.6bn to US$124.7bn over the year, as strong inflows into a number of the income funds was offset by weakness in some of the emerging market and natural resource-focused funds.

Income-focused funds generally fared well: The Global Multi-Asset Income Fund found resonance with investors and assets grew 158% to US$2.89bn. The European Equity Income Fund also saw significant growth, up 180% to 3.63bn. TheUSDollar Core Bond Fund saw assets rise 151% to US$533.63m, while the Euro Reserve Fund rose 404% to 234.83m.

The Asian Growth Leaders Fund also saw strong growth, up 325% to US$629.17m. Assets in the China Fund rose 78% to US$1.74bn, while the Asian bond funds also showed strength. However, wider Emerging Markets funds were weak throughout the year. Assets in the Emerging Markets Fund and Emerging Markets Equity Income Fund dipped 46% and 49% to US$424.15m and US$263.74m respectively. The strong aggregate performance of the Asian funds belied significant weakness from August onwards.

The demand for fixed income funds that could offer some measure of protection against rising interest rates continued. The Fixed Income Global Opportunities Fund more than doubled in size, with assets rising 140% to US$9.07bn. Other flexible funds also fared well, such as the Flexible Multi-Asset Fund (up 66%).

Assets in the Natural Resources funds reflected the generally poor sentiment towards the sector. The World Mining Fund, for example, saw assets fall 54% to US$3.51bn. The World Agriculture Fund and New Energy Fund were similarly weak. The only fund to buck the trend was the Natural Resources Growth & Income Fund, which saw assets rise 46% to US$11.67m. Small cap funds were also weak during the year.

We continue to develop our fund range in an effort to ensure that it meets our clients requirements as economies and markets grow, change and evolve. We launched the European High Yield Bond Fund in July 2015. The Fund is designed as a flexible credit-buying strategy investing across multiple European markets. The Fund is benchmarked against the Barclays European High Yield 3% Issuer Constrained Index and managed by Michael Phelps, head of European Fundamental Credit, and Jose Aguilar, Senior European Credit Portfolio Manager.

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

Yours faithfully,

Nicholas C.D. HallChairman

September 2015



BGF Investment Advisers ReportPerformance overview1 September 2014 to 31 August 2015

It has been a mixed twelve months for almost all major asset classes. Investors have vacillated between believing that global economic recovery is well-established, therefore sending equities higher, and worrying that recovery is insecure and favouring bonds.

Equity markets were generally on a rising trend for the first half of the period. This growth even extended to some more cyclical names, as investors finally felt sufficiently secure to leave behind the expensive defensives that had previously led markets higher. It looked set to be an inflection point in markets. Rising markets were supported by ambitious quantitative easing programmes in the Eurozone and Japan. The lower oil price also acted as a brake on inflation expectations and, as such, suppressed expectations of interest rate rises.

Bond prices started to wobble. The quantitative easing programmes had sent yields to unprecedented lows and the fixed income market had started to look extremely expensive. Yields appeared to assume a deflationary environment not supported by the economic data. As data started to improve across the globe, yields reversed and the first six months of2015 were painful for bond investors across the board.

That all started to change from May 2015 onwards. Equity markets seemed stuck in a narrow trading range and then, finally, in August 2015, started to slide on fears over Chinese economic growth. Investors once again sought out more defensive parts of the market, with commodities and other cyclicals hit particularly hard. Bonds rallied once again, though not to previous levels.

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

Equity Fund PerformanceGlobal equities suffered in aggregate, as the relatively strong performance from markets in Europe and the US were negated by weaker performance from, among others, emerging markets. The Global Equity Fund fell 4.0% in USdollar terms over the year and the Global Equity Income Fund fell 6.1%, although both funds were ahead of their benchmark, the MSCI All Country World Net TR Index, which dipped by 6.3%. The Global Opportunities Fund fell by 3.1%, again, ahead of its MSCI All Country World Net TR Index benchmark.

Shares of small and medium sized companies fell away after a strong run, with the Global SmallCap Fund falling 7.2%, behind its benchmark, the MSCI AC World Small Cap Index, which fell 4.9%. However, individual markets were stronger: The Swiss Small & MidCap Opportunities Fund registered

a gain of 10.3%, compared to 4.1% for its benchmark, the SPI Extra Index. The US Small & MidCap Opportunities Fund rose by 1.7%, outperforming the S&P US Mid Small Cap Index, which was up by 0.3%. The Japan Small & MidCap Opportunities Fund rose 12.8%, compared to 20.5% for theS&P Japan Mid Small Cap Index.

European equities lost momentum in the second part of the year after concerns about economic momentum started to weigh on investors. Nevertheless, the aggregate performance over the year was still strong. The Continental European Flexible Fund rose by 19.6%, outperforming the FTSE World Europe ex UK Index, which was up by 10.3%. The European Value Fund was up by 12.8%, significantly ahead of the MSCI Europe Value Index, which rose 1.7%. The European Equity Income Fund rose by 14.5% as investors continued their preference for income stocks as bond yields moved lower. This was ahead of the MSCI Europe Index, its benchmark, which rose 7.6%. The European Focus Fund was up by 15.1% and the European Special Situations Fund rose by 24.6%, both substantially ahead of the MSCI Europe Index benchmark.

Funds with a focus on US equities were weaker, despite the continued improvement in the worlds biggest economy. The US Growth Fund produced a positive return of 8.1% ahead of the Russell 1000 Growth Index, which was up 4.3%. The USBasic Value Fund fell by 6.1% underperforming the Russell 1000 Value Index, which was down 3.5% over the year.

Japanese funds did well over the year, with US Dollar investors benefitting from the weaker yen. They suffered in August 2015, but the aggregate performance was strong. TheJapan Flexible Equity Fund returned 17.2%, behind theMSCI Japan Index, which rose 21.5%.

Performance across emerging market funds continued to be extremely weak as Brazil, Russia and China experienced idiosyncratic problems. Markets were also dragged lower by increasingly weak currencies. Portfolios investing in Asian markets were supported by the strong performance of the Chinese market in the first half of the period. The Asian Growth Leaders Fund fell 5.5% outperforming its benchmark, the MSCI All Country Asia ex Japan Index, which fell 16.1%. The Asian Dragon Fund fell 12.6% (against the same benchmark).

India continued to be the one bright spot in emerging markets as Prime Minister Narendra Modi continued his reform agenda. The India Fund was the top-performing fund in the Emerging Market range, rising 3.4%, against a benchmark, the MSCI India Index, performance of -7.7%. The Emerging Markets Fund, which has a more broad exposure across the emerging markets investment universe, fell by 25.2%, behind the benchmark MSCI Emerging Markets Index, which



BGF Investment Advisers ReportPerformance overview1 September 2014 to 31 August 2015 continued

was down by 23.0%. The Emerging Markets Equity Income Fund, which shares the same benchmark, was down 21.5%. The Latin American Fund fell 42.1%, slightly ahead of its benchmark, the MSCI Emerging Markets Latin America Index, which fell42.4%.

The Emerging Europe Fund also had a difficult period, falling 13.5%, but was ahead of its benchmark, the MSCI Emerging Markets Europe 10/40 Index, which fell 16.9% over the year.

In natural resources, the New Energy Fund was hit by the wider antipathy to the resources sector, falling 14.3%, ahead of its MSCI World Energy Index benchmark which fell by 33.4%. The World Mining Fund fell 48% underperforming its benchmark, the Euromoney Global Mining Index, which was down by 46.4%. The World Agriculture Fund fell by 12.6% also behind its benchmark, the DAX Global Agribusiness Index, which was down 10.2%. The World Gold Fund was also weak, falling 39.9%. Nevertheless, this was ahead of the FTSE Gold Mines Index, which declined by 46.7%.

Among specialist strategies, the World Healthscience Fund continued to perform very well with a return of 15.5%, outperforming its benchmark, the MSCI World Health Care Index, which was up 9.9%.

Mixed Asset Fund PerformanceThe diversified Global Allocation Fund which invests in a mixture of fixed income securities, equities and cash fell4%, which was marginally behind its composite benchmark, which fell by 3.8% (the benchmark comprises 36% S&P 500 Index, 24% FTSE World Index (Ex-US) Index, 24% 5Yr US Treasury Note, 16% Citigroup Non-USD World Govt Bond Index).

Another of our multi-asset strategies, the Flexible Multi-Asset Fund, produced a positive absolute return of 3.6%, but this was some way behind its composite benchmark, 50% MSCI World Index, 50% Citigroup World Government Bond Euro Hedged Index, which was up 7.8%. 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 fell by 2.9% over the year. 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, higher quality sectors tended to do well, while high yield and emerging markets struggled. The Global Government Bond Fund rose 1.6%, though this was marginally behind its benchmark, the Citigroup World

Government Bond USD Hedged Index, which rose 2.9%. The Global Corporate Bond Fund was down 0.9%, compared to a rise of 0.3% for its benchmark, the Barclays Global Aggregate Corporate Bond USD Hedged Index. The Euro Corporate Bond Fund rose 1.3%, compared to 0.6% for its benchmark, the BofA Merrill Lynch Euro Corporate Index.

In contrast, the Global High Yield Bond Fund fell 3.3%, against a fall in its benchmark, the BofA Merrill Lynch Global High Yield Constrained USD Hedged Index, of 2%. Emerging market bond funds were also weak, hit by the currency weakness in many emerging markets. The Emerging Markets Local Currency Bond Fund fell 19.9% over the year, ahead of its benchmark, the JP Morgan GBI-EM Global Diversified Index, which fell 21.5%. The broader Emerging Markets Bond Fund fell just 1.3%, compared to a fall of 1.1% for its benchmark (the JP Morgan EMBI Global Diversified Index). Asian bonds also suffered with the Asian Local Bond Fund down 6.9% against a 6.8% decrease for its benchmark, the HSBC Asian Local Bond Index.

The flagship Fixed Income Global Opportunities Fund delivered a positive absolute return of 0.2%.

OutlookMarkets now sit at an interesting inflection point. Although economic recovery looks well-established in the US and UK, it could be derailed by a worsening global economy. There are plenty of potential sources of vulnerability: the Eurozone is fragile, Japan is weakening and a crisis may yet happen in one of a number of emerging markets.

The outcomes are difficult to assess. If the global economy stalls, it would suggest an environment more favourable for higher quality equities and bonds. However, those assets have become very expensive and now pay little yield at a time when sources of yield are highly prized. Cyclical assets, commodities in particular, have become extremely cheap, but may have further pain ahead. The same is true for many emerging markets.

The US Federal Reserve continues to defer any rate rise and markets may ultimately prove indifferent, but it is a source of ongoing uncertainty. The oil price had started to weaken again by the end of the year. It is also a source of potential disruption, given its influence on global inflation expectations.

The question of interest rate rises is likely to bring volatility with the bond market expected to bear the brunt. Nevertheless, high-quality liquid fixed income assets are supported by a global supply shortage this year and the next, and credit spreads still look attractive on a relative basis.

Equities look cheaper than they did and have tended to perform well in recent tightening cycles, as long as rises are




steady and predictable. We believe those markets and sectors where gains have been driven by multiple expansion (rather than earnings growth) still look vulnerable to corrections.

Concerns about China still prevail. Investors remain undecided as to whether the current slowdown will have a meaningful impact on growth expectations in developed market companies and economies. Other emerging markets continue to struggle in the face of lower commodities demand, such as Russia or Venezuela, with just a handful of commodity importers, such as India, likely to benefit.

That said, the biggest risk in asset markets may still be that growth is stronger than expected. Government bond markets continue to price in a relatively gloomy scenario. Deflation no longer looks to be a real probability, and as such risks remain in certain parts of the bond markets. We believe that in both bonds and equities, flexibility to take advantage of the opportunities brought about by volatility will be very important.




Disclosed in the table below are the performance returns for the Class A 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 other currencies; 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 Manager 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.

Performance fortheyear

ended 31August Calendar Year Performance

Performance for the 10 year

period ended 31 August

2015 2014 2013 2012 2015 Launch Date

ASEAN Leaders Fund 'A' non Dist (USD) -26.16% 3.76% 1.73% 8/8/2012

MSCI South East Asia (Net) (USD) -23.62% 6.22% -4.73%

Asia Pacific Equity Income Fund 'A' Non Dist (USD) -15.46% 4.60% 10.21% 26.58% 18/9/2009

MSCI AC AsiaPac ex Japan (Net) (USD) -18.80% 2.82% 3.41% 22.31%

Asian Dragon Fund 'A' Non Dist (USD) -12.56% 5.72% 10.39% 26.81% 76.51% 2/1/1997

MSCI AC Asia ex Japan (Net) (USD) -16.06% 4.80% 3.07% 22.36% 97.75%

Asian Growth Leaders Fund 'A' Non Dist (USD) -5.54% 9.46% 23.81% 31/10/2012

MSCI AC Asia ex Japan (Net) (USD) -16.06% 4.80% 3.07%

Asian Local Bond Fund 'A' Non Dist (USD) -6.95% 3.51% -7.79% 30/4/2012

HSBC Asian Local Bond Index (USD) -6.81% 4.36% -5.72%

Asian Tiger Bond Fund 'A' Non Dist (USD) 1.72% 8.19% -2.95% 14.16% 79.23% 2/2/1996

JPM Asian Credit Index (JACI) (USD) 2.07% 8.32% -1.37% 14.27% 90.18%

China Fund 'A' Non Dist (USD) -1.59% 14.61% 4.21% 23.01% 24/6/2008

MSCI China 10/40 (Net) (USD) -9.28% 8.38% 3.74% 22.96%

Continental European Flexible Fund 'A' Non Dist (EUR)(1) 19.60% 5.13% 24.17% 29.46% 181.88% 24/11/1986

FTSE World Europe ex UK (EUR) 10.29% 7.38% 22.04% 21.34% 80.60%

Emerging Europe Fund 'A' Non Dist (EUR) -13.51% -14.31% -4.49% 18.93% 7.06% 29/12/1995

MSCI Emerging Europe (Net) (EUR) -17.06% -20.28% -8.60% 22.36% -7.66%

MSCI EM Europe 10/40 (Net) (EUR) -16.85% -19.74% -8.49% 25.44% 8.59%

Emerging Markets Bond Fund 'A' Non Dist (USD) -1.34% 5.63% -5.15% 16.29% 89.22% 1/10/2004

JP Morgan Emg Mkts Bd Glb (USD) -1.15% 7.43% -5.38% 18.54% 104.76%

Emerging Markets Corporate Bond Fund 'A' Non Dist (USD) -1.16% 2.74% 18/2/2013

JP Morgan Corporate Emg Mkts Bd Index Broad Diversified -0.05% 4.96%

Emerging Markets Equity Income Fund 'A' Non Dist (USD) -21.47% -2.93% 0.08% 27.92% 12/8/2011

MSCI Emerging Market (Net) (USD) -22.95% -2.19% -2.60% 18.22%

(1) Fund reopened to subscriptions, see Note 1, for further details.








2015 2014 2013 2012 2015 Launch Date

Emerging Markets Fund 'A' Non Dist (USD) -25.19% -2.07% -2.25% 17.49% 53.86% 30/11/1993

MSCI Emerging Market (Net) (USD) -22.95% -2.19% -2.60% 18.22% 71.14%

Emerging Markets Investment Grade Bond Fund 'A' non Dist (USD) -13.34% -3.68% 18/2/2013

50% JPM GBI-EM Global Diversified Investment Grade RI / 50% JPM EMBI Global Diversified Investment Grade RI

-12.31% 1.43%

Emerging Markets Local Currency Bond Fund 'A' Non Dist (USD) -19.91% -6.92% -6.61% 7.42% 2/2/2007

JPM GBI-EM Global Diversified (USD) -21.54% -5.72% -8.69% 7.45%

Euro Bond Fund 'A' Non Dist (EUR) 2.82% 11.40% 2.69% 11.82% 57.94% 31/3/1994

Barclays Euro Agg 500mm+ Bd Ind (EUR) 2.08% 11.11% 2.16% 11.20% 52.49%

Euro Corporate Bond Fund 'A' Non Dist (EUR) 1.32% 7.78% 2.22% 13.05% 31/7/2006

BofA Merrill Lynch Euro Corporate Index (EUR) b1 0.62% 8.25% 2.39% 13.03%

Euro Reserve Fund 'A' Non Dist (EUR) -0.04% 0.05% 0.00% -0.03% 24/7/2009

7 Day Euro LIBID (EUR) -0.21% -0.05% -0.07% 0.05%

Euro Short Duration Bond Fund 'A' Non Dist (EUR) 0.83% 2.41% 1.92% 5.97% 35.01% 4/1/1999

Barclays Eur Agg 500mm 1-3yr (EUR) 0.56% 1.79% 1.93% 4.99% 34.20%

Euro-Markets Fund 'A' Non Dist (EUR) 15.44% -4.39% 27.03% 29.72% 87.36% 4/1/1999

MSCI EMU (Net) (EUR) 8.82% 4.32% 23.36% 19.31% 46.18%

European Equity Income Fund 'A' Non Dist (EUR) 14.54% 12.12% 25.97% 16.02% 3/12/2010

MSCI Europe (Net) (EUR) b2 7.61% 6.84% 19.82% 17.29%

European Focus Fund 'A' Non Dist (EUR) 15.10% 4.65% 21.66% 20.70% 14/10/2005

MSCI Europe (Net) (EUR) 7.61% 6.84% 19.82% 17.29%

European Fund 'A' Non Dist (EUR) 12.55% 2.58% 21.78% 20.45% 90.75% 30/11/1993

MSCI Europe (Net) (EUR) 7.61% 6.84% 19.82% 17.29% 63.30%

European High Yield Bond Fund 'A' Non Dist (EUR)(2) -1.00% 23/7/2015

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

-0.90%

European Special Situations Fund 'A' Non Dist (EUR) 24.64% 6.80% 20.31% 24.12% 150.31% 14/10/2002

MSCI Europe Growth (Net) (EUR) 7.61% 6.19% 18.19% 17.87% 81.45%


European Value Fund 'A' Non Dist (EUR) 12.83% 5.04% 29.97% 23.15% 79.66% 8/1/1997

MSCI Europe Value (Net) (EUR) 1.69% 5.59% 21.35% 16.42% 37.44%


Fixed Income Global Opportunities Fund 'A' Non Dist (USD) 0.15% 3.52% 2.73% 10.55% 31/1/2007

No Index. Absolute Return Product.

Flexible Multi-Asset Fund 'A' Non Dist (EUR) 3.55% 10.33% 7.93% 9.54% 37.10% 4/1/1999

Composite (50%MSCIWnet/50%CWGBIEurhd) (EUR) b3 7.83% 13.84% 10.20% 9.10% 73.26%

CWGBI Euro Hedged (EUR) 2.78% 8.36% 0.03% 4.36% 45.69%

MSCI World (Net) (EUR) 12.70% 19.50% 21.20% 14.05% 85.67%

Global Allocation Fund 'A' Non Dist (USD) -3.96% 1.60% 13.98% 8.02% 66.60% 3/1/1997

Composite (36% S&P500/24% FTSE World Ex-US/24% US Treasury Note/16% Citigroup Non-USD World Govt Bond) (USD) b4

-3.76% 4.17% 13.67% 10.80% 72.15%

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








2015 2014 2013 2012 2015 Launch Date

Global Corporate Bond Fund 'A' Non Dist (USD) -0.88% 7.33% 0.34% 12.73% 19/10/2007

Barclays Gbl Corp Agg (USD Hedged) (USD) 0.35% 7.60% 0.07% 10.92%

Global Dynamic Equity Fund 'A' Non Dist (USD) -3.29% 3.87% 25.27% 11.42% 28/2/2006

Composite (S&P/ FTSE World ex US) (USD) -4.24% 6.44% 26.30% 16.72%

Global Enhanced Equity Yield Fund 'A' Non Dist (USD) -6.00% 6.28% 12.06% 6.42% 13/10/2006

MSCI ACWI Minimum Volatility (Net) (USD) b5 0.88% 10.95% 16.90% 12.03%

Global Equity Fund 'A' Non Dist (USD) -3.95% -1.06% 23.44% 10.91% 35.75% 24/11/1986

MSCI ACWI (Net) (USD) b6 -6.29% 4.16% 22.80% 16.13% 60.41%

Global Equity Income Fund 'A' Non Dist (USD) -6.07% 2.03% 18.44% 7.76% 12/11/2010

MSCI ACWI (Net) (USD) b6 -6.29% 4.16% 22.80% 16.13%

Global Government Bond Fund 'A' Non Dist (USD) 1.58% 7.83% 1.08% 6.19% 41.30% 13/5/1987

Citigroup World Government Bond USD Hedged Index (USD) b7 2.91% 8.35% 0.21% 4.50% 50.09%

Global High Yield Bond Fund 'A' Non Dist (USD) -3.32% 1.63% 7.36% 16.35% 8/6/2007

BofA Merrill Lynch Global High Yield Constrained USD Hedged Index(USD) b8

-2.04% 2.53% 7.10% 18.89%

Global Inflation Linked Bond Fund 'A' Non Dist (USD) 0.23% 8.17% -5.63% 5.62% 19/6/2009

Barclays World Government Inflation Linked (USD) 0.91% 9.04% -5.51% 5.59%

Global Multi-Asset Income Fund 'A' Non Dist (USD) -2.91% 4.11% 5.74% 28/6/2012

50% MSCI World (Net) (USD) / 50% Barclays Global Aggregate Bond Index USD Hedged (USD) b9

-0.85% 6.34% 12.62%

Global Opportunities Fund 'A' Non Dist (USD) -3.12% -3.36% 29.46% 11.97% 58.83% 29/2/1996

MSCI World (Net) (USD) -4.13% 4.94% 26.68% 15.83% 69.17%

MSCI ACWI (Net) (USD) b6 -6.29% 4.16% 22.80% 16.13% 67.81%

Global SmallCap Fund 'A' Non Dist (USD) -7.23% 0.67% 36.05% 14.24% 91.16% 4/11/1994

MSCI World (USD) -3.61% 5.50% 27.37% 16.54% 78.74%

MSCI AC World Small (Cap) (USD) -4.92% 1.89% 30.38% 15.59% 68.18%

India Fund 'A' Non Dist (USD) 3.38% 39.02% -6.48% 23.36% 2/2/2005

MSCI India (USD) -7.65% 23.87% -4.71% 25.04%

Japan Flexible Equity Fund 'A' Non Dist (JPY) 17.21% 5.36% 61.00% 22.48% 13.78% 28/2/2005

MSCI Japan (Net) (JPY) 21.52% 9.48% 54.58% 21.57% 44.59%

MSCI Japan Value (Net) (JPY) 22.60% 7.48% 47.67% 20.77% 70.45%

Japan Small & MidCap Opportunities Fund 'A' Non Dist (JPY) 12.83% 10.34% 58.57% 20.74% 7.09% 13/5/1987

S&P Japan Mid Small Cap (JPY) 20.54% 14.66% 54.11% 18.14% 46.52%

Latin American Fund 'A' Non Dist (USD) -42.10% -9.41% -13.66% 5.59% 40.35% 8/1/1997

MSCI EM Latin America (Net) (USD) -42.42% -12.30% -13.36% 8.66% 49.53%

MSCI EM Latin America 10/40 (Net) (USD) -42.42% -12.30% -13.36% 9.58% 53.15%

Natural Resources Growth & Income Fund 'A' Non Dist (USD) -31.57% -8.46% 3.14% 3.24% 15/4/2011

S&P Global Natural Resources (USD) -29.18% -10.18% 0.96% 6.60%

New Energy Fund 'A' Non Dist (USD) -14.29% -3.11% 26.61% 3.76% -1.89% 6/4/2001

MSCI World Energy (Net) (USD) -33.39% -11.60% 18.12% 1.87% 17.99%

North American Equity Income Fund 'A' Non Dist (USD) -3.97% 8.88% 23.23% 9/3/2012

S&P 500 Composite (Net) (USD) -0.14% 13.03% 32.39%








2015 2014 2013 2012 2015 Launch Date

Pacific Equity Fund 'A' Non Dist (USD) -9.17% -1.15% 21.26% 21.98% 57.84% 5/8/1994

MSCI AC Asia Pacific (Net) (USD) -10.07% 0.00% 12.19% 17.05% 48.30%

MSCI Pacific (Net) (USD) -5.86% -2.70% 18.27% 14.42% 45.86%

Renminbi Bond Fund 'A' Non Dist (CNH) 1.21% 3.78% 3.70% 7.43% 11/11/2011

HSBC Offshore Renminbi Bond (CNH) 0.84% 3.02% 4.01% 5.44%

Renminbi 1 Month Deposit rate (CNH) 4.49% 2.23% 2.00% -101.03%

Swiss Small & MidCap Opportunities Fund 'A' Non Dist (CHF) 10.26% 13.60% 33.90% 17.97% 8/1/2008

SWISS SPI EXTRA - TR Index (CHF) 4.08% 11.37% 27.66% 13.89%

Swiss (SPI) Performance Index (CHF) 4.89% 13.00% 24.60% 17.72%

United Kingdom Fund 'A' Non Dist (GBP) 3.89% -0.40% 19.01% 9.76% 73.11% 31/12/1985

FTSE All-Share (GBP) -2.34% 1.18% 20.81% 12.30% 83.21%

US Basic Value Fund 'A' Non Dist (USD) -6.08% 9.27% 37.56% 9.84% 64.65% 8/1/1997

Russell 1000 Value (USD) -3.48% 13.45% 32.53% 17.51% 82.15%

S&P 500 Composite (USD) -0.14% 13.03% 32.39% 16.00% 97.58%

US Dollar Core Bond Fund 'A' Non Dist (USD) 0.93% 6.08% -1.38% 7.25% 41.01% 7/4/1989

Barclays US Aggregate (USD) 1.55% 5.97% -2.02% 4.21% 54.67%

US Dollar High Yield Bond Fund 'A' Non Dist (USD) -3.00% 1.60% 7.02% 15.04% 72.30% 29/10/1993

Barclays 2% Const US$ High Yield (USD) -2.93% 2.46% 7.44% 15.78% 102.28%

US Dollar Reserve Fund 'A' Non Dist (USD) 0.02% 0.01% 0.01% -0.04% 6.29% 30/11/1993

7 Day USD LIBID (USD) 0.01% 0.00% 0.03% 0.06% 18.37%

US Dollar Short Duration Bond Fund 'A' Non Dist (USD) 0.31% 1.11% 0.80% 4.41% 21.71% 31/10/2002

BoA ML 1-3 Year US Corp & Govt (USD) 0.80% 0.78% 0.70% 1.48% 31.75%

US Flexible Equity Fund 'A' Non Dist (USD) -0.65% 12.02% 32.80% 10.23% 58.25% 31/10/2002

Russell 1000 (USD) 0.40% 13.24% 33.11% 16.42% 103.26%

S&P 500 Composite (USD) -0.14% 13.03% 32.39% 16.00% 97.58%

US Government Mortgage Fund 'A' Non Dist (USD) 1.77% 5.59% -2.09% 3.45% 43.27% 2/8/1985

Citigroup Mortgage (USD) 2.69% 6.12% -1.52% 2.60% 57.19%

US Growth Fund 'A' Non Dist (USD) 8.07% 9.23% 33.37% 10.32% 56.38% 30/4/1999

Russell 1000 Growth (USD) 4.26% 13.05% 33.48% 15.26% 119.80%

S&P 500 Composite (USD) 0.48% 13.69% 32.39% 16.00% 99.59%

US Small & MidCap Opportunities Fund 'A' Non Dist (USD) 1.72% 11.75% 39.86% 6.53% 109.03% 13/5/1987

S&P US Mid Small Cap (USD) 0.33% 10.26% 37.09% 16.92% 113.82%

S&P 500 Composite (USD) -0.14% 13.03% 32.39% 16.00% 97.58%

World Agriculture Fund 'A' Non Dist (USD) -12.56% 3.02% 8.47% 10.99% 9/2/2010

DAX Global Agribusiness Index (USD) -10.23% 1.55% 6.40% 13.22%

World Bond Fund 'A' Non Dist (USD) 1.18% 7.15% 0.33% 6.84% 43.54% 4/9/1985

Barclays Glb Agg USD Hgd (USD) 2.23% 7.59% -0.14% 5.72% 52.23%

World Energy Fund 'A' Non Dist (USD) -40.61% -15.37% 16.89% -7.73% -19.08% 6/4/2001

MSCI World Energy (Net) (USD) -33.39% -11.60% 18.12% 1.87% 17.99%

World Financials Fund 'A' Non Dist (USD) -5.24% 0.83% 27.86% 32.11% -7.30% 3/3/2000

MSCI ACWI Financials Index (Net) (USD) b10 -7.37% 4.17% 27.33% 29.36% 5.33%








2015 2014 2013 2012 2015 Launch Date

World Gold Fund 'A' Non Dist (USD) -39.90% -5.19% -48.06% -8.16% -10.79% 30/12/1994

FTSE Gold Mines (Cap) (USD) -46.71% -15.20% -53.17% -15.43% -46.24%

World Healthscience Fund 'A' Non Dist (USD) 15.47% 24.40% 43.09% 16.89% 174.45% 6/4/2001

MSCI World Health Care (Net) (USD) b11 9.88% 18.10% 36.27% 17.54% 147.21%

World Mining Fund 'A' Non Dist (USD) -48.05% -23.08% -24.02% -3.09% -23.72% 24/3/1997

Euromoney Global Mining Index (USD) b12 -46.39% -20.54% -24.90% -0.65% -17.05%

World Real Estate Securities Fund 'A' Non Dist (USD) 0.51% 20.41% 25/2/2013

FTSE EPRA/NAREIT Developed Index -4.78% 15.02%

World Technology Fund 'A' Non Dist (USD) -0.99% 8.13% 28.30% 10.96% 47.62% 3/3/1995

MSCI AC World Info Tech (Net) (USD) -1.63% 15.20% 26.51% 15.32% 97.08%

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 name from the BoA ML EMU Corporate Bond Index (EUR) on 20 July 2015.b2 The benchmark changed name from the MSCI Europe Total return Index (EUR) on 20 July 2015.b3 Index is 50% MSCIW net/50% Citigroup Wld Govt Bd (Euro hdg).b4 As of 20 July 2015 Composite is 36% S&P 500 Index, 24% FTSE World Index (Ex-US), 24% 5Yr US Treasury Note,

16%Citigroup Non-USD World Govt Bond Index. Prior to 20 July 2015 Composite was 36% S&P500 Comp, 24% FTSE World ex US, 24% ML US Treasury 5yr notes, 16% CWGBI non-US.

b5 The benchmark changed name from the MSCI AC World Index Minimum Volatility (USD) on 20 July 2015.b6 The benchmark changed name from the MSCI AC World (Net) (USD) on 20 July 2015.b7 The benchmark changed name from the Citigroup WGBI - USD Hedged (USD) on 20 July 2015.b8 The benchmark changed name from the BoA ML Glb High Yield Const USD Hedged (USD) on 20 July 2015.b9 The benchmark changed name from the 50% MSCI World (Net) (USD) / 50% Barclays US Aggregate (USD) on 20 July 2015.b10 The benchmark changed name from the MSCI ACWI World Financials Index (Net) (USD) on 20 July 2015.b11 The benchmark changed name from the MSCI World Healthcare (Net) (USD) on 20 July 2015.b12 The benchmark changed name from the HSBC Global Mining (Cap) USD on 1 October 2013.

Changes in the composition or the name of a benchmark or a fund prior to 1 September 2011 have not been disclosed.


Directors Report

Corporate Governance Statement

BackgroundThe Company is incorporated in Luxembourg as an open-ended variable capital investment company and is authorised as a UCITS (Undertaking for Collective Investment in Transferable Securities) under Part I of the law of 17December2010 as amended.

The Board of Directors of the Company (the Board) is committed to maintaining the highest standards of corporategovernance and is accountable to shareholders for the governance of the Companys affairs. The Board has put in place a framework for corporate governance which it believes is appropriate for an open ended variable capital investment company. This statement summarises the corporate governance structure and processes in place for the Company for the period under review.

The BoardAt the date of this report, the Board consisted of six non-executive Directors (including one independent Director). The Directors biographies, on page 14, 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 Companys Articles of Association, 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 is committed to maintaining an appropriate balance of skills, experience, independence and knowledge of the Company and supports a planned and progressive renewing 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 continuing obligation to ensure they have sufficient time to discharge their duties. The detail of each Directors, including the Chairmans, other appointments and commitments are made available to the Board and BlackRock Investment Management (U.K.) Limited (BIMUK) for inspection and all new appointments or significant commitments require the prior approval of BIM UK. The 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.

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 Companys 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, custodian and legal advisers regarding any proposed product developments or changes in laws or regulations that could affect the Company.

Boards ResponsibilitiesThe 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 Chairmans 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 position of the Company and which enable it to ensure that the financial statements comply with relevant accounting standards. It is the Boards responsibility to present a balanced and understandable assessment of the Companys 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.


Directors Report continued

Delegation of ResponsibilitiesAs an open ended variable capital investment company most of the Companys 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, the Sub-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 Fundsto the Management Company.

The Management Company has delegated the management of the investment portfolio to the Investment Advisers. Some of these Investment Advisers have sub-delegated their functions to the Sub-Investment Advisers. The Investment Advisers and/or the Sub-Investment Advisers operate under guidelines determined by the Board and as detailed in the Companys Prospectus relating to the Companys Funds. The relevant Investment Advisers and/or the Sub-Investment Advisers have direct responsibility for the decisions relating to the day-to-day running of the Companys 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 attaching to the securities held in the portfolio to the respective Investment Advisers who may in turn delegate to BIM UK.

The Management Company has delegated its role as Fund Accountant of the Company and its Funds to The Bank of New York Mellon (International) Limited. The Fund Accountant has the responsibility for the administration of the Companys affairs including the calculation of the net asset value and preparation of the accounts of the Company, subject to the overall supervision of the Board and the Management Company. The Fund Accountant is a subsidiary of The Bank of New York Mellon Corporation. The Company has appointed The Bank of New York Mellon (International) Limited as Custodian of its assets, which has responsibility for safe-keeping of such assets, pursuant to the regulations. The Custodian 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 on-going basis to identify, evaluate and manage the Companys 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 Companys 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 Fund Accountant to maintain the accounting records of the Company independently of the Investment Manager and the Custodian. The financial statements are prepared in accordance with applicable law and Generally Accepted Accounting Practice in Luxembourg and are approved by the Board. The accounting information given in the annual report is required to be audited and the Auditors report, including any qualifications, is reproduced in full in the annual report of theCompany.

The control processes over the risks identified, covering financial, operational, compliance and risk management, are embedded in the operations of the Management Company, BIM UK and other parties including the Fund Accountant and the Custodian. There is a monitoring and reporting process to review these controls, which has been in place throughout the period under review and up to the date of this report, carried out by BIM UKs corporate audit department.

BIM UKs 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 Fund Accountant and the Custodian on the internal controls of the administrative and custodial 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 ReportingThe Company prepares its financial statements under Luxembourg GAAP on a going concern basis.

Fees paid to the AuditorAs disclosed in the Annual Report and the latest Prospectus of the Company, the administration fee is used by the Management Company to meet all fixed and variable operating and administrative costs and expenses incurred by the Company, including fees paid to PricewaterhouseCoopers Socit cooprative in Luxembourg (PricewaterhouseCoopers) for audit and services related to investor tax reporting and


Directors Report continued

other tax compliance matters. The fees were EUR 1,070,222 for the year ended 31 August 2015. Services related to investor tax reporting provided by PricewaterhouseCoopers relate to tax reporting required for investors resident in particular tax jurisdictions. There were no other fees paid to PricewaterhouseCoopers for services provided to the Company.

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 Association 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 Association 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. In addition to this, the Company has appointed BlackRock (Channel Islands) Limited as Principal Distributor who are 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. Catharines 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 in1987. He is a non-executive director of BlackRock Investment Management (UK) Limited, BlackRock Advisors (UK) Limited, BlackRock Group Limited, Chairman of BlackRock Global Index Funds, BlackRock Strategic Funds and BlackRock Life Limited and serves on the Boards of a number of other BlackRock entities and sponsored funds. Mr Hall is a member of the BlackRock Group Limited Audit and Risk Committees. He also chairs the BlackRock Conflicts Management and Nominations Committees.

Francine Keiser (Luxembourgish): 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 serves as a Director on the Boards of flagship funds of several major fund promotors, including BlackRock Global Index Funds and BlackRock Strategic Funds.

Alexander Hoctor-Duncan (British): Mr Hoctor-Duncan is a Managing Director of BlackRock and is Head of BlackRocks 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 Global Index Funds and BlackRock Strategic 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-Duncans 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 Le Feuvre (British nationality, Jersey resident): MrLeFeuvre is the Country Manager for the Channel Islands and a member of BlackRocks Global Client Group. He is also the Managing Director of BlackRock (Channel Islands) Limited. Mr Le Feuvres 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 a Director on the Boards of BlackRock Global Index Funds and BlackRock Strategic Funds.

Geoffrey 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. He is a Fellow of The Institute of Chartered Accountants in England & Wales and an Associate of The Chartered Institute of Bankers. Mr Radcliffe has 30years 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): Mr Rovelli is Head of Investment Advisory for BlackRock in Italy. Before joining BlackRock in 2011 Mr Rovelli had been working 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 Global Index Funds and BlackRock Strategic Funds.


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

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

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

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

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 Queens 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 (Channel Islands) LimitedOne Waverley Place, Union Street, St. Helier, Jersey JE1 0BRChannel Islands

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

RQFII CustodianHSBC Bank (China) Company Limited33rd Floor, HSBC Building, Shanghai ifc,8 Century Avenue, Pudong, Shanghai, China 200120

Fund AccountantThe Bank of New York Mellon (International) Limited Luxembourg Branch2-4, rue Eugne RuppertL-2453 LuxembourgGrand Duchy of Luxembourg

Transfer Agent and RegistrarJ.P. Morgan Bank Luxembourg S.A.6C, route de Trves, L-2633 SenningerbergGrand Duchy of Luxembourg

AuditorPricewaterhouseCoopers, Socit cooprative2, 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.6C, route de Trves, L-2633 SenningerbergGrand Duchy of Luxembourg

Paying AgentsA list of Paying Agents is to be found on page 518.

Registered Office2-4, rue Eugne 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 1143Email: [email protected]

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ANNUAL REPORT AND AUDITED ACCOUNTS TITLE … · 84 85 87 89 91 94 100 102 104 106 113 118 120 122...

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Transcript of ANNUAL REPORT AND AUDITED ACCOUNTS TITLE … · 84 85 87 89 91 94 100 102 104 106 113 118 120 122...