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

28 February 2017

888991939598

106113115117119129133136138143159169171181183185187189194196198261276290305315320322

332352358359410413416418419421423425427429431433449450451453482499501514516526527529531544546548550552554556

558

569

572

573

Interim Report and Unaudited Accounts 1

Contents

Board of Directors 2

Management and Administration 2

General Information 3

Chairmans Letter to Shareholders 5

Investment Advisers Report 8

Statement of Net Assets 16

Three Year Summary of Net Asset Values 22

Statement of Operations and Changes in Net Assets 52

Statement of Changes in Shares Outstanding 64

Portfolio of Investments ASEAN Leaders FundAsia Pacific Equity Income FundAsian Dragon FundAsian Growth Leaders FundAsian Local Bond FundAsian Multi-Asset Growth FundAsian Tiger Bond FundChina FundContinental European Flexible FundEmerging Europe FundEmerging Markets Bond FundEmerging Markets Corporate Bond FundEmerging Markets Equity Income FundEmerging Markets FundEmerging Markets Local Currency Bond FundEuro Bond FundEuro Corporate Bond FundEuro Reserve FundEuro Short Duration Bond FundEuro-Markets FundEuropean Equity Income FundEuropean Focus FundEuropean FundEuropean High Yield Bond FundEuropean Special Situations FundEuropean Value FundFixed Income Global Opportunities FundFlexible Multi-Asset FundGlobal Allocation FundGlobal Corporate Bond FundGlobal Dynamic Equity FundGlobal Enhanced Equity Yield FundGlobal Equity Income FundGlobal Government Bond Fund

Global High Yield Bond FundGlobal Inflation Linked Bond FundGlobal Long-Horizon Equity 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 FundStrategic Global Bond FundSwiss Small & MidCap Opportunities Fund(1)

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

Notes to the Financial Statements

Appendix I Share Classes

Appendix II Eligibility for French Plan dEpargneen Actions (PEA)

Appendix III Supplementary Information

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

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

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

2 BlackRock Global Funds (BGF)

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

Nicholas C. D. Hall (Chairman)Frank P. Le FeuvreAlexander C. Hoctor-Duncan (resigned effective 6 October 2016)Francine KeiserGeoffrey D. RadcliffeBruno Rovelli (resigned effective 6 October 2016)Barry ODwyer (appointed effective 17 October 2016)Robert Hayes (appointed effective 17 October 2016)

(1) All Directors of BlackRock Global Funds are non-executive Directors.(2) Frank P. Le Feuvre, Geoffrey D. Radcliffe, Barry ODwyer and Robert Hayes are employees

of the BlackRock Group (of which the Management Company, Investment Advisers

andPrincipal Distributor are part). Nicholas C. D. Hall is a former employee ofthe

BlackRockGroup. (3) Francine Keiser is an independent Director.

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

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

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

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

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

Sub-Investment AdvisersBlackRock Asset Management North Asia Limited16/F 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 (International) Limited Luxembourg Branch2-4, rue Eugne RuppertL-2453 LuxembourgGrand Duchy of Luxembourg

AdministratorThe 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.European Bank & Business Center6, route de Trves, Building CL-2633 SenningerbergGrand Duchy of Luxembourg

AuditorPricewaterhouseCoopers, Socit cooprative2, rue Gerhard MercatorL-2182 LuxembourgGrand Duchy of Luxembourg

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

Listing AgentJ.P. Morgan Bank Luxembourg S.A.European Bank & Business Center6, route de Trves, 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 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 1143Website: www.blackrockinternational.comEmail: investor.services@blackrock.com

Interim Report and Unaudited Accounts 3

General Information

Current ProspectusThe Companys Prospectus dated 30 June 2016 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 Companys Articles of Association and the Annual Report and Audited Accounts and Interim Report and Unaudited Accounts 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, HongKong.

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

The representative in Poland is Dubiski Fabrycki Jeleski, ul. Zielna 37, 00-108 Warszawa, Poland.

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 Companys Funds in the umbrella in the following countries:

Austria, Canada, Czech Republic, Denmark, Finland, France, Germany, Gibraltar, Hungary, Iceland, Ireland, 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, Greece, Hong Kong, Italy, Japan, Korea, Macau, Peru, Portugal, Singapore, Switzerland andTaiwan.

Shares of certain Funds in the umbrella may also be offered in Malta, Mauritius and Singapore by private placement.

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

Paying AgentsAustriaRaiffeisen BankInternational AGAm Stadtpark 91030 Vienna

BelgiumJ.P. Morgan Chase Bank Brussels Branch1 Boulevard duRoiAlbertIIBrusselsB1210 - Belgium

Czech RepublicUniCredit Bank Czech Republic and Slovakia, A.S.Prague 4 - Michle, Zeletavsk1525/1,140 92, Czech Republic

FranceCACEIS Bank1/3, Place Valhubert 75013,Paris, France

Luxem bourg(Central Paying Agent)J.P. Morgan BankLuxembourg S.A. European Bank & Business Center,6, route de Trves, BuildingCL-2633 SenningerbergGrand Duchy ofLuxembourg

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

ItalyAllfunds Bank S.A.Succursale di MilanoVia Santa Margherita 720121 Milan

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

Banca Sella HoldingS.p.A.Piazza Gaudenzio Sella 113900 Biella

BNP Paribas SecuritiesServicesSuccursale di MilanoVia Ansperto 520123 Milan

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

Socit Gnrale Securities Services S.p.A.Via Benigno Crespi, 19/A, MAC II20159 Milan

State Street Bank GmbH Succursale ItaliaRegistere