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TITLE (4050 CHARACTERS)SUBTITLE (40-50 CHARACTERS)
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.
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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.
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Annual Report and Audited Accounts 3
The information stated in this report is historical and not necessarily indicative of future performance.
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
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4 BlackRock Global Funds (BGF)
The information stated in this report is historical and not necessarily indicative of future performance.
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
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Annual Report and Audited Accounts 5
The information stated in this report is historical and not necessarily indicative of future performance.
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
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6 BlackRock Global Funds (BGF)
The information stated in this report is historical and not necessarily indicative of future performance.
BGF Investment Advisers ReportPerformance overview1 September 2014 to 31 August 2015 continued
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.
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Annual Report and Audited Accounts 7
The information stated in this report is historical and not necessarily indicative of future performance.
BGF Investment Advisers ReportPerformance overview1 September 2014 to 31 August 2015 continued
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.
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8 BlackRock Global Funds (BGF)
The information stated in this report is historical and not necessarily indicative of future performance.
BGF Investment Advisers ReportPerformance overview1 September 2014 to 31 August 2015 continued
Performance fortheyear
ended 31August Calendar Year Performance
Performance for the 10 year
period ended 31 August
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%
MSCI Europe (Net) (EUR) 7.61% 6.84% 19.82% 17.29% 63.30%
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%
MSCI Europe (Net) (EUR) 7.61% 6.84% 19.82% 17.29% 63.30%
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.
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Annual Report and Audited Accounts 9
The information stated in this report is historical and not necessarily indicative of future performance.
BGF Investment Advisers ReportPerformance overview1 September 2014 to 31 August 2015 continued
Performance fortheyear
ended 31August Calendar Year Performance
Performance for the 10 year
period ended 31 August
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%
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10 BlackRock Global Funds (BGF)
The information stated in this report is historical and not necessarily indicative of future performance.
BGF Investment Advisers ReportPerformance overview1 September 2014 to 31 August 2015 continued
Performance fortheyear
ended 31August Calendar Year Performance
Performance for the 10 year
period ended 31 August
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%
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Annual Report and Audited Accounts 11
The information stated in this report is historical and not necessarily indicative of future performance.
BGF Investment Advisers ReportPerformance overview1 September 2014 to 31 August 2015 continued
Performance fortheyear
ended 31August Calendar Year Performance
Performance for the 10 year
period ended 31 August
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.
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12 BlackRock Global Funds (BGF)
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.
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Annual Report and Audited Accounts 13
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
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14 BlackRock Global Funds (BGF)
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.
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Annual Report and Audited Accounts 15
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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obal
Fu
nds
Com
bine
d
ASEA
NLe
ader
sFu
nd
Asia
Pac
ific
Equi
tyIn
com
eFu
nd
Asia
nDr
agon
Fund
Asia
nGr
owth
Lead
ers
Fund
Asia
nLo
cal
Bond
Fund
Asia
nTi
ger
Bond
Fund
Chin
aFu
nd
Cont
inen
tal
Euro
pean
Flex
ible
Fund
(1)
Emer
ging
Euro
peFu
nd
Emer
ging
Mar
kets
Bond
Fund
USD
USD
USD
USD
USD
USD
USD
USD
EUR
E
UR
USD
Asse
tsSe
curi
ties
port
folio
at c
ost
128,
177,
851,
192
174,
535,
102
674,
288,
393
1,62
1,59
8,49
370
8,93
9,94
319
,190
,318
1,09
5,61
7,79
2 2
,099
,579
,103
1,8
60,5
27,6
191,
031,
480,
773
1,45
9,25
3,23
8U
nrea
lised
app
reci
atio
n/(d
epre
ciat
ion)
(4,4
18,5
84,0
24)
(27,
413,
546)
(85,
342,
400)
(167
,729
,396
)(8
0,42
8,56
4)(1
,374
,237
)(3
9,31
0,59
9)(3
91,5
62,2
67)
176,
807,
612
(178
,042
,708
)(3
3,10
5,97
8)
Secu
ritie
s po
rtfo
lio a
t mar
ket v
alue
2(a)
123,
759,
267,
168
147,
121,
556
588,
945,
993
1,45
3,86
9,09
762
8,51
1,37
917
,816
,081
1,05
6,30
7,19
3 1
,708
,016
,836
2,0
37,3
35,2
3185
3,43
8,06
51,
426,
147,
260
Cas
h at
ban
k2(
a)1,
621,
254,
047
7,50
3,47
011
,800
,240
10,5
81,0
2767
2,48
34,
143,
332
101,
605,
568
26,
496,
660
18,
384,
203
6,40
719
4,68
4,80
2D
ue fr
om b
roke
r16
16,6
50,3
47
67
,000
3,06
9,00
0
In
tere
st a
nd d
ivid
ends
rece
ivab
le2(
a)62
8,94
1,50
257
5,42
32,
352,
689
3,40
6,65
61,
769,
957
271,
891
15,6
50,1
40 9
89,3
97 5
40,4
8137
5,38
218
,165
,376
Rec
eiva
ble
for i
nves
tmen
ts s
old
2(a)
6,67
8,07
6,44
232
,310
,776
17,1
56,2
0538
,422
,392
12,8
75,5
25
15,2
50,9
18 2
,096
,374
1,
036,
412
R
ecei
vabl
e fo
r Fun
d sh
ares
sub
scri
bed
2(a)
641,
139,
003
15,0
651,
139,
883
7,43
8,86
575
6,99
3
8,01
0,26
0 1
3,81
2,32
2 8
0,89
7,01
51,
465,
800
13,4
07,3
04U
nrea
lised
app
reci
atio
n on
:O
pen
exch
ange
trad
ed fu
ture
s co
ntra
cts
2(c)
72,8
55,1
82
16
,600
153,
922
Ope
n fo
rwar
d fo
reig
n ex
chan
ge c
ontr
acts
2(c)
163,
011,
635
8,
558,
788
Mar
ket v
alue
of T
o B
e An
noun
ced
secu
ritie
s co
ntra
cts
2(c)
293,
497,
053
Mar
ket v
alue
of s
wap
s2(
c)40
,255
,721
5,78
2
11
,934
,568
Mar
ket v
alue
of p
urch
ased
opt
ions
/sw
aptio
ns2(
c)20
3,59
1,45
2
2
,317
,324
O
ther
ass
ets
2(a,
c)9,
165,
773
40,0
5612
,558
105,
696
789
1,87
41,
198
146
414
,086
9,18
7
Tota
l ass
ets
134,
127,
705,
325
187,
566,
346
621,
407,
568
1,51
3,82
3,73
364
4,58
7,12
622
,322
,560
1,20
0,04
8,19
9 1
,753
,729
,059
2,1
37,5
71,0
1685
6,33
1,25
31,
672,
898,
098
Liab
iliti
esC
ash
owed
to b
ank
2(a)
364,
599,
921
15,8
65,0
0354
0
9,31
0,05
42,
134,
475
1,11
5,70
3
5,
028,
920
29,4
98D
ue to
bro
ker
1612
0,78
5,61
0
5,89
0,00
0In
com
e di
stri
butio
n pa
yabl
e2(
a)12
4,82
5,84
5
263,
499
2,05
9,58
1
28,8
912,
018,
113
21,
727
2,1
70,7
7928
,278
782,
417
Paya
ble
for i
nves
tmen
ts p
urch
ased
2(a)
7,66
2,02
3,89
4
197,
972
690,
643
6,57
9,90
6 1
,001
,323
1,4
27,6
9224
2,12
26,
586,
321
Paya
ble
for F
und
shar
es re
deem
ed2(
a)57
0,55
6,51
916
,614
,646
2,75
1,13
924
,239
,662
4,99
3,39
5
16,9
58,2
06 8
,959
,884
64,
599,
251
1,96
9,78
26,
802,
902
Unr
ealis
ed d
epre
ciat
ion
on:
Ope
n ex
chan
ge tr
aded
futu
res
cont
ract
s2(
c)26
,676
,618
5,8
53,5
83
267,
531
Ope
n fo
rwar
d fo
reig
n ex
chan
ge c
ontr
acts
2(c)
122,
641,
678
2,
196,
869
158,
932
142,
272
82,3
5269
,341
2,1
39,0
98 1
2,95
8,46
61,
329,
433
M
arke
t val
ue o
f To
Be
Anno
unce
d se
curi
ties
cont
ract
s2(
c)89
,335
,583
M
arke
t val
ue o
f sw
aps
2(c)
16,4
36,5
36
1,19
7,17
8
M
arke
t val
ue o
f wri
tten
opt
ions
/sw
aptio
ns2(
c)13
2,64
2,21
7
O
ther
liab
ilitie
s5,
6,7,
818
5,11
9,53
899
,488
1,10
6,03
02,
291,
921
972,
691
29,3
621,
467,
505
3,2
32,7
29 2
,716
,854
1,79
0,94
21,
693,
248
Tota
l lia
bilit
ies
9,41
5,64
3,95
9 32
,579
,137
6,51
6,04
928
,750
,096
15,4
18,4
122,
965,
723
29,4
05,9
52 1
5,35
4,76
1 8
9,72
6,62
510
,389
,477
22,0
51,9
17
Tota
l net
ass
ets
124,
712,
061,
366
154,
987,
209
614,
891,
519
1,48
5,07
3,63
762
9,16
8,71
419
,356
,837
1,17
0,64
2,24
7 1
,738
,374
,298
2,0
47,8
44,3
9184
5,94
1,77
61,
650,
846,
181
(1) F
und
reop
ened
to s
ubsc
ript
ions
, see
Not
e 1,
for
furt
her
deta
ils.
Dir
ecto
rD
irec
tor
10 D
ecem
ber
2015
10 D
ecem
ber
2015
-
Annu
al R
epor
t and
Aud
ited
Acc
ount
s 17
The
note
s on
pag
es 5
04 to
515
form
an
inte
gral
par
t of t
hese
fina
ncia
l sta
tem
ents
.
Sta
tem
ent o
f Net
Ass
ets
as a
t 31
Augu
st 2
015
cont
inue
d
Fund
Nam
eNo
te
Emer
ging
Mar
kets
Corp
orat
e Bon
dFu
nd
Emer
ging
Mar
kets
Equi
ty In
com
eFu
nd
Emer
ging
Mar
kets
Fund
Emer
ging
Mar
kets
Inve
stm
ent
Grad
e Bon
dFu
nd
Emer
ging
Mar
kets
Loca
lCu
rrenc
y Bon
dFu
nd
Euro
Bond
Fund
Euro
Corp
orat
eBo
ndFu
nd
Euro
Rese
rve
Fund
Euro
Sho
rtDu
ratio
nBo
ndFu
nd
Euro
-M
arke
tsFu
nd
Euro
pean
Equi
tyIn
com
eFu
nd
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
Asse
tsSe
curi
ties
port
folio
at c
ost
100,
687,
902
298,
086,
662
472,
100,
880
39,0
39,3
9381
3,89
7,69
64,
109,
581,
407
576,
736,
725
233,
590,
287
8,85
3,33
4,34
43,
401,
745,
502
3,67
1,00
9,64
6U
nrea
lised
app
reci
atio
n/(d
epre
ciat
ion)
(853
,208
)(4
2,71
4,51
4)(5
0,76
4,51
5)(4
,023
,635
)(1
38,5
41,3
64)
65,8
69,7
0745
6,17
04,
469
116,
468,
672
102,
789,
800
(23,
286,
925)
Secu
ritie
s po
rtfo
lio a
t mar
ket v
alue
2(a)
99,8
34,6
9425
5,37
2,14
842
1,33
6,36
535
,015
,758
675,
356,
332
4,17
5,45
1,11
457
7,19
2,89
523
3,59
4,75
68,
969,
803,
016
3,50
4,53
5,30
23,
647,
722,
721
Cas
h at
ban
k2(
a)11
,528
,710
12,5
64,5
8386
7,34
32,
345,
171
20,0
55,3
988,
375,
414
4,10
7,19
416
5,73
928
4,04
92,
681,
896
1,38
2,95
0D
ue fr
om b
roke
r16
720,
000
24
5,00
0
In
tere
st a
nd d
ivid
ends
rece
ivab
le2(
a)1,
350,
581
500,
851
260,
080
440,
540
13,4
13,9
0638
,085
,892
6,83
8,42
022
5,51
579
,597
,142
1,89
9,91
212
,099
,602
Rec
eiva
ble
for i
nves
tmen
ts s
old
2(a)
721,
343
5,
315,
426
17,8
22,8
781,
903,
239
3,
239,
750
Rec
eiva
ble
for F
und
shar
es s
ubsc
ribe
d2(
a)
1,
422,
804
203,
603
138,
594
17,6
02,4
811,
909,
064
1,23
0,68
248
,086
,684
22,4
43,2
5325
,015
,332
Unr
ealis
ed a
ppre
ciat
ion
on:
Ope
n ex
chan
ge tr
aded
futu
res
cont
ract
s2(
c)
5,90
6
10
7,33
1
O
pen
forw
ard
fore
ign
exch
ange
con
trac
ts2(
c)13
1,19
0
19
,738
M
arke
t val
ue o
f To
Be
Anno
unce
d se
curi
ties
cont
ract
s2(
c)
Mar
ket v
alue
of s
wap
s2(
c)43
3,51
8
90,2
98
M
arke
t val
ue o
f pur
chas
ed o
ptio
ns/s
wap
tions
2(c)
432,
331
Oth
er a
sset
s2(
a,c)
1,19
99,
395
152,
079
523
21
058
87,9
269,
510
1,11
6,86
839
5,76
0
Tota
l ass
ets
114,
001,
235
268,
446,
977
429,
354,
097
38,0
31,2
3971
0,11
6,56
14,
257,
337,
989
592,
303,
201
235,
304,
618
9,10
1,11
0,44
93,
532,
677,
231
3,68
6,61
6,36
5
Liab
iliti
esC
ash
owed
to b
ank
2(a)
2
510
,632
2,85
2,91
441
1,14
810
1,07
7
153,
096,
844
Due
to b
roke
r16
1,
830,
000
4,59
0,00
0
In
com
e di
stri
butio
n pa
yabl
e2(
a)29
17,4
03
60
7,60
41,
187,
946
4,06
4
1,76
8,22
53,
012,
521
19,5
09,6
48Pa
yabl
e fo
r inv
estm
ents
pur
chas
ed2(
a)1,
903,
094
4,35
0,39
43,
244,
769
23,4
64,3
2314
,097
,157
91
,647
,257
2,
430,
124
Paya
ble
for F
und
shar
es re
deem
ed2(
a)14
5,65
211
,418
1,17
3,66
8
3,66
3,94
516
,341
,897
1,49
4,12
535
0,62
340
,555
,116
5,88
6,05
06,
894,
881
Unr
ealis
ed d
epre
ciat
ion
on:
Ope
n ex
chan
ge tr
aded
futu
res
cont
ract
s2(
c)5,
938
290,
840
11,8
39,5
04
O
pen
forw
ard
fore
ign
exch
ange
con
trac
ts2(
c)
138,
637
2,18
5,60
02,
037,
787
234,
568
8,
404,
474
4,40
3,99
718
,808
,723
Mar
ket v
alue
of T
o B
e An
noun
ced
secu
ritie
s co
ntra
cts
2(c)
M
arke
t val
ue o
f sw
aps
2(c)
37
,206
572,
346
1,19
4,95
760
8,98
8
M
arke
t val
ue o
f wri
tten
opt
ions
/sw
aptio
ns2(
c)
Oth
er li
abili
ties
5,6,
7,8
88,3
5218
6,30
378
2,01
125
,767
593,
952
3,96
3,17
763
2,96
612
2,26
97,
199,
435
4,62
2,22
15,
746,
066
Tota
l lia
bilit
ies
2,14
3,06
74,
704,
155
5,20
0,45
373
,605
10,4
76,3
6150
,722
,075
17,1
72,9
4547
2,89
231
9,10
0,85
517
,924
,789
53,3
89,4
42
Tota
l net
ass
ets
111,
858,
168
263,
742,
822
424,
153,
644
37,9
57,6
3469
9,64
0,20
04,
206,
615,
914
575,
130,
256
234,
831,
726
8,78
2,00
9,59
43,
514,
752,
442
3,63
3,22
6,92
3
-
18
Bla
ckR
ock
Glo
bal F
unds
(BG
F)
Sta
tem
ent o
f Net
Ass
ets
as a
t 31
Augu
st 2
015
cont
inue
d
Fund
Nam
eNo
te
Euro
pean
Focu
sFu
ndEu
rope
anFu
nd
Euro
pean
High
Yie
ldBo
ndFu
nd(2
)
Euro
pean
Spec
ial
Situ
atio
nsFu
nd
Euro
pean
Valu
eFu
nd
Fixe
d In
com
eGl
obal
Oppo
rtun
ities
Fund
Flex
ible
Mul
ti-As
set
Fund
Glob
alAl
loca
tion
Fund
Glob
alCo
rpor
ate
Bond
Fund
Glob
alDy
nam
icEq
uity
Fund
Glob
alEn
hanc
edEq
uity
Yiel
dFu
nd
Glob
alEq
uity
Fund
EUR
EUR
EUR
EUR
EUR
USD
EUR
USD
USD
USD
USD
USD
Asse
tsSe
curi
ties
port
folio
at c
ost
2,37
3,23
6,02
45,
099,
037,
444
38,4
37,0
421,
222,
340,
974
2,74
1,53
6,46
69,
436,
124,
570
387,
115,
263
23,3
72,7
58,2
31
1,66
6,65
0,61
8 92
5,83
2,16
271
5,45
5,21
021
1,79
9,16
7U
nrea
lised
app
reci
atio
n/(d
epre
ciat
ion)
164,
987,
497
207,
258,
520
(847
,525
)14
7,90
8,47
914
6,70
3,13
8(1
03,9
81,0
98)
(9,2
41,2
26)
(241
,322
,930
)(3
8,79
8,75
1)49
4,20
2(4
4,91
2,29
7)(1
,939
,811
)
Secu
ritie
s po
rtfo
lio a
t mar
ket v
alue
2(a)
2,53
8,22
3,52
15,
306,
295,
964
37,5
89,5
171,
370,
249,
453
2,88
8,23
9,60
49,
332,
143,
472
377,
874,
037
23,1
31,4
35,3
01
1,62
7,85
1,86
7 92
6,32
6,36
467
0,54
2,91
320
9,85
9,35
6C
ash
at b
ank
2(a)
5830
,329
,843
2,05
3,94
210
,001
2,66
3,16
010
9,56
2,34
455
,263
,919
71,0
24,5
2859
,442
,155
4,77
4,78
275
,976
,088
5,21
1,48
4D
ue fr
om b
roke
r16
4,
140,
000
1,86
9,00
0
1,
280,
000
Inte
rest
and
div
iden
ds re
ceiv
able
2(a)
5,50
9,63
612
,690
,972
551,
254
3,66
0,85
210
,690
,547
65,1
51,3
922,
489,
008
65,0
39,4
0418
,128
,021
1,51
1,67
02,
158,
207
210,
769
Rec
eiva
ble
for i
nves
tmen
ts s
old
2(a)
24
,666
,316
15
,992
13,9
78,3
336,
078,
849,
571*
2,78
5,59
548
,516
,798
*1,
477,
046*
3,54
6,16
9
245,
473
Rec
eiva
ble
for F
und
shar
es s
ubsc
ribe
d2(
a)10
,925
,591
20,1
78,3
0014
8,35
08,
766,
620
5,35
0,08
17,
884,
561
512,
829
54,1
94,1
557,
810,
536
620,
004
9,92
5,89
626
,392
Unr
ealis
ed a
ppre
ciat
ion
on:
Ope
n ex
chan
ge tr
aded
futu
res
cont
ract
s2(
c)
25
,130
412,
546
46
,109
,120
91
2,46
2
O
pen
forw
ard
fore
ign
exch
ange
con
trac
ts2(
c)
27
9,75
9
30
,136
,719
87
,759
,767
142,
897
M
arke
t val
ue o
f To
Be
Anno
unce
d se
curi
ties
cont
ract
s2(
c)
85,1
60,7
69
1,66
0,34
1
Mar
ket v
alue
of s
wap
s2(
c)
21
,362
17,0
12,7
09
M
arke
t val
ue o
f pur
chas
ed o
ptio
ns/s
wap
tions
2(c)
18
,690
,728
1,02
5,48
316
8,49
9,88
733
,459
10,6
31,8
58
O
ther
ass
ets
2(a,
c)51
9,36
585
6,33
741
423
2,78
999
,112
7,30
831
,642
2,14
9,97
16,
432
167,
714
54,2
2066
,187
Tota
l ass
ets
2,55
5,17
8,17
15,
395,
017,
732
40,6
69,7
281,
382,
935,
707
2,92
1,02
0,83
715
,646
,978
,641
44
1,85
1,51
323
,776
,902
,409
1,71
6,55
2,75
494
9,77
1,02
375
8,65
7,32
421
5,61
9,66
1
Liab
iliti
esC
ash
owed
to b
ank
2(a)
2,
340,
968
158,
436
130,
171,
821
5,
548,
274
Due
to b
roke
r16
120,
000
83,9
93,1
9254
0,00
03,
652,
992
Inco
me
dist
ribu
tion
paya
ble
2(a)
19
7,45
638
33
6,22
51,
417,
029
28
,227
,317
16,4
99,9
1410
5,23
92,
764,
367
2,30
4Pa
yabl
e fo
r inv
estm
ents
pur
chas
ed2(
a)11
8,32
247
,564
,151
31,6
20,0
126,
378,
999,
372*
3,23
9,57
435
6,18
5,10
6*3,
753,
099*
2,80
2,05
6
2,07
0,81
8Pa
yabl
e fo
r Fun
d sh
ares
rede
emed
2(a)
3,75
1,05
68,
304,
609
11
,011
,634
4,89
5,82
545
,208
,221
568,
390
45,7
41,4
713,
221,
883
1,69
3,80
01,
023,
175
172,
620
Unr
ealis
ed d
epre
ciat
ion
on:
Ope
n ex
chan
ge tr
aded
futu
res
cont
ract
s2(
c)
1,
591,
641
93
,483
3,
111,
108
O
pen
forw
ard
fore
ign
exch
ange
con
trac
ts2(
c)2,
828,
551
28,1
55,6
63
2,85
0,45
27,
792,
296
32
6,03
4
1,
458,
053
2,17
5,16
916
5,87
2M