Interim Report and Unaudited Accounts...Interim Report and Unaudited Accounts 5 The information...

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

Chairman’s Letter to Shareholders 5

Investment Adviser’s 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 d’Epargneen 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 O’Dwyer (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 O’Dwyer and Robert Hayes are employees

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

and�Principal Distributor are part). Nicholas C. D. Hall is a former employee of�the

BlackRock�Group. (3) Francine Keiser is an independent Director.

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

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

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

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

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

Sub-Investment AdvisersBlackRock Asset Management North Asia Limited16/F 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 Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg

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

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

AuditorPricewaterhouseCoopers, Société coopérative2, 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 Trèves, Building CL-2633 SenningerbergGrand Duchy of Luxembourg

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

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

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

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

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


General Information

Current ProspectusThe Company’s 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 Company’s 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, Hong�Kong.

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

The representative in Poland is Dubiński Fabrycki Jeleński, 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 Company’s 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 and�Taiwan.

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 Comisión 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 du�Roi�Albert�IIBrusselsB1210 - Belgium

Czech RepublicUniCredit Bank Czech Republic and Slovakia, A.S.Prague 4 - Michle, Zeletavská�1525/1,140 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 Trèves, Building�CL-2633 SenningerbergGrand Duchy of�Luxembourg

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 Holding�S.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

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

State Street Bank GmbH –�Succursale ItaliaRegistered OfficeVia Ferrante Aporti, 1020125 Milan

PolandBank Handlowyw Warszawie S.A.ul. Senatorska 1600-923 Warsaw


General Information continued

Paying Agents continuedUnited KingdomJ.P. Morgan Europe Limited UK Paying Agency3 Lochside ViewEdinburgh United KingdomEH12 9DH

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

GibraltarHassans International Law Firm57/63 Line Wall RoadGibraltar

Mauritius Subsidiary

Directors Mauritian Auditor to the SubsidiaryNicholas C.D. Hall PricewaterhouseCoopersCouldip Basanta Lala 18 Cybercity, Ebène, Réduit 72201Kapildeo Joory MauritiusFrank P. Le Feuvre Geoffrey D. Radcliffe

Indian Investment Adviser Investment ManagerDSP BlackRock Investment Managers Private Limited BlackRock Investment Management (UK) LimitedMafatlal Chambers, 10th Floor 12 Throgmorton AvenueNariman Point London EC2N 2DLMumbai - 400 021 United KingdomIndia

Mauritian AdministratorInternational Financial Services LimitedIFS Court, Bank StreetTwenty Eight, CybercityEbene 72201Mauritius

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

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

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


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

Chairman’s Letter to Shareholders1 September 2016 to 28 February 2017

Dear Shareholder,

I am writing to update you on the activities of BlackRock Global Funds (‘BGF’) over the six months to the end of February 2017.

The Funds’ performance is covered in more detail in the separate Investment Adviser’s report in which you will see that equity markets have moved significantly higher over the period, driven by more positive economic growth and expectations of fiscal stimulus from the world’s major economies.

In contrast, bond markets have been significantly more volatile as inflation expectations have revived. With the prospect of deflation dimmed, it became more difficult to justify low or negative bond yields. Yields on the major government bonds rose over the period, though they have been more stable recently.

Although the election of Donald Trump as US President appeared to be the catalyst both for higher equity markets and weaker bond markets, the trend was already well established. The Purchasing Manager’s Index had been turning higher for some time, while commodity prices had stabilised. Inflation figures had started to move up and in the US, wage growth was rising.

Donald Trump’s election accelerated the process. His manifesto promises cuts in tax rates for corporates and middle income earners across the US fuelled expectations of higher growth.

The US Federal Reserve responded to improving growth and employment numbers with a quarter point rise in the Fed Funds rate. Markets are expecting another two, or possibly three, rises by the end of the year, taking the base rate to almost 2%. However, their actions have been tempered to some extent by the persistently high level of the US Dollar, which is acting as a brake on US economic activity.

While stock markets rose in aggregate, there was a notable rotation away from defensive companies, with stable, predictable earnings, cashflow and dividends that had dominated since the credit crisis. Instead investors sought out more economically sensitive areas, such as financials and resources, where valuations were far lower. These looked likely to benefit more from an inflationary environment. This rotation was evident across almost all markets.

In geographic terms, the US continued to dominate, in spite of higher valuations. For international investors, returns were enhanced by the strong dollar. US stock markets were supported by continued strong economic growth and the promise of�some loosening of the government purse strings.

Elsewhere, Japan had a strong run, particularly in domestically-focused small and mid cap stocks. To date, Japan is the only country that has committed to significant fiscal stimulus and this appears to be reflected in improving economic figures. The country’s gross domestic product growth for the final quarter of 2016 was recently revised higher to 1.2%, suggesting the country may have put deflation on the back burner for the time being.

Europe is facing a tumultuous year, with general elections in the Netherlands, France and Germany. Each has its own brand of populist candidate making an impact. Of these, the greatest risk to the wider European project remains France’s Marine le Pen, the far right candidate promising the chance of a ‘Frexit’ should she be elected.

However, for the time being, all is calm. The European Central Bank stimulus package appears to be working to get credit moving around the system once again. Economic figures are improving for the peripheral countries as well as the core. Only Italy remains the laggard, with a banking system at breaking point, political inertia and a weakened economy. Its stock markets marginally lagged other developed markets over the period.

For the UK, there was plenty of noise around Brexit – the triggering of article 50, the role of parliament and the final deal sought by the UK government. However, the UK stock market performed relatively well over the period, buoyed by a higher weighting in mining and banking companies.

Emerging markets had a mixed period. There was an immediate sell off following the election of Donald Trump as investors fretted about the impact of increased protectionism on developed market economies. Mexico has taken the biggest early hit, with a significant devaluation of the peso. However, Asia was also weak.



Chairman’s Letter to Shareholders1 September 2016 to 28 February 2017 continued

Emerging markets had recovered some ground by the end of the period, as investors concluded that President Trump may struggle to implement some of his headline policies. The supply chains are too complex, US labour too expensive and the logistics of repatriated manufacturing and production too difficult. Within emerging markets, Asia remains the laggard, while Brazil has forged ahead. Emerging Europe has been notably stronger.

Bond markets appear to be in the dying days of the near-three decade long bull market. Yields have responded to a new environment, where deflation is no longer a risk and interest rates looks set to rise. The yield on the 10-year UK government bond, for example, has moved from 0.73% at the start of August to 1.19% at the end of February. That said, relatively few people are predicting a significant sell off in bonds, given that there are still significant deflationary forces at work – high debt, an ageing population, low business investment.

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

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

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

� Packaged Retail Investment and Insurance-based Investment Products (PRIIPs): The European Parliament voted to reject the current regulatory technical standards proposed for the Key Investor Information Document (KIID). The Commission and Council will now discuss and redraft the standards. The start date has been delayed to 2018.

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

� Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January 2016 and, amongst other requirements, introduces new disclosure requirements in UCITS funds’ annual and half-yearly reports published after 13 January 2017 detailing the funds’ use of securities financing transactions and total return swaps (“TRS”). As a result, additional disclosures have been included in the Supplementary Information section (Appendix III) to the Interim Report.

The assets under management in the BGF range decreased from US$128.7bn to US$126.6bn over the period, as strong inflows into the Asian, emerging market and global multi-asset funds was offset by weakness in the European funds. The European funds saw outflows on the back of weaker performance.

Asian and emerging markets focused funds generally fared well as investors concluded that higher global economic growth might compensate for the Trump effect and took advantage of lower valuations: The Asian Growth Leaders Fund also saw strong growth, up 29% to US$1.78bn. Assets in the Asian Dragon Fund rose 45% to US$3.12bn.

Emerging market bond and equity funds also proved popular. Assets in the Emerging Markets Bond Fund and Emerging Markets Corporate Bond Fund rose 12% and 9% respectively to US$2.91bn and US$141.36m. Assets in the Emerging Markets Local Currency Bond Fund rose 52% to US$2.46bn.

Assets in the Global Multi-Asset Income Fund rose 18% to US$4.62bn.

Financial and natural resources funds benefited significantly from the reflation trade. The World Financials Fund, for example, saw assets rise 107% to US$521.29m. The World Mining Fund grew 25% to US$5.80bn.



Chairman’s Letter to Shareholders1 September 2016 to 28 February 2017 continued

The European funds were a weak spot as investors saw political turmoil ahead. The European Equity Income Fund, European Focus Fund and European Fund lost 22%, 24% and 17% of their assets respectively.

As the global bond market turned a corner, the demand for fixed income funds waned. The Fixed Income Global Opportunities Fund saw assets remain flat over the period at US$7.84bn. The Global Government Bond Fund shed 17% of its assets to US$641.89m. High yield funds saw stronger inflows.

There were no changes to the fund range during the period under review.

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

Yours faithfully,

Nicholas C.D. HallChairman

March 2017



Investment Adviser’s ReportPerformance overview1 September 2016 to 28 February 2017

Market ReviewAsset class performance over the last six months has been dominated by rising expectations of inflation. This has seen equity markets move higher at the same time as there has been volatility in bond markets.

After moving sideways over the summer, markets started to break out of a narrow trading range following the election of Donald Trump in November and have continued their steady rise higher ever since. They have not been derailed by raising rate rise expectations, or political turmoil in Europe, or even some erratic pronouncements from the White House.

However, there has been a notable change in leadership, away from defensive, stable companies, and towards those areas with more exposure to economic growth – banks and resource companies. This has been evident across all geographic regions. Gold has been a laggard, compared to other natural resources, as investors predict better times ahead.

Bond prices appear to have finally turned a corner after a lengthy bull run. The prospect of both higher inflation and, by consequence, higher interest rates, has seen prices fall and yields rise. Nevertheless, the sell-off stabilised in the last two months of the period under review. The government bond market has a number of price-insensitive buyers who continue to support valuations.

There are parts of the bond market that continue to attract support. Emerging market debt and, in particular, high yield has been reasonably strong. Higher quality corporate bonds have also survived the rout in many cases.

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

Equity Fund PerformanceGlobal equities climbed steadily higher over the period, with the US leading the way. The Global Equity Income Fund rose 2.05%, behind its benchmark, the MSCI ACWI Index, which rose by 7.53%. The Global Opportunities Fund rose 4.97%, trailing its MSCI ACWI Index benchmark.

Shares of small and medium sized companies were relatively strong, as investors saw them as natural beneficiaries of a stronger economic climate. The Global SmallCap Fund rose 5.74%, well behind its benchmark, the MSCI AC World Small Cap, which rose 8.47%. Of the individual country funds, the Japan Small & MidCap Opportunities Fund was particularly strong after a period of weakness, rising 16.77%, behind the S&P Japan Mid Small Cap Index, which rose 19.70%. The

Swiss Small & MidCap Opportunities Fund registered a gain of 11.09%, building on its strength in the previous six months, compared to 8.66% for its benchmark, the SPI Extra Index. The US Small & MidCap Opportunities Fund rose by 7.11%, underperforming the S&P US Mid Small Cap Index, which was up by 10.37%.

European equities were weak relative to some of their developed market peers, in spite of the huge quantitative easing programme announced during the period and generally improving economic data. The Continental European Flexible Fund rose by 5.63%, underperforming the FTSE World Europe ex UK Index, which rose by 9.00%. The European Value Fund benefited from the broader market move to value strategies, rising 7.42%. This was behind the MSCI Europe Value Index, which rose 12.38%. The European Equity Income Fund rose by 2.85%. This was significantly behind the MSCI Europe Index, its benchmark, which rose 8.77%. The European Focus Fund was up 5.32% while the European Special Situations Fund rose by 3.57%. Both are benchmarked to the MSCI Europe Index, which rose 8.77%.

Funds with a focus on US equities were stronger, as the world’s biggest economy continued to strengthen. The US Growth Fund producing a positive return of 7.00%, behind the Russell 1000 Growth Index, which was up 9.15%. The US Basic Value Fund rose by 8.12% underperforming the Russell 1000 Value Index, which was up by 11.07% over the period.

Japanese funds did particularly well over the period as the economy improved and the yen weakened. The Japan Flexible Equity Fund rose 16.49%, ahead of the MSCI Japan Index, which rose 15.08%.

Performance across emerging markets funds was mixed, held back initially by the election of Donald Trump, but recovery at the start of 2017. Asia was the weakest spot. The Asian Growth Leaders Fund rose 5.40% outperforming its benchmark, the MSCI All Country Asia ex Japan Index, which rose 4.54%. The Asian Dragon Fund rose 4.74% (against the same benchmark).

The India Fund rose 1.18%, against its MSCI India Index benchmark performance of 0.76%. The Emerging Markets Fund, which has a more broad exposure across the emerging markets investment universe, rose by 2.22%, behind the benchmark MSCI Emerging Markets Index, which was up by 5.51%. The Emerging Markets Equity Income Fund, which shares the same benchmark, was up 6.86%. The Latin American Fund rose 7.69%, slightly behind its benchmark, the MSCI Emerging Markets Latin America Index, which rose 9.55%. The Emerging Europe Fund rose 18.73%, well ahead of its benchmark, the MSCI Emerging Markets Europe 10/40 Index, which rose 16.22% over the period.



Investment Adviser’s ReportPerformance overview1 September 2016 to 28 February 2017 continued

In natural resources, the New Energy Fund was hit by the wider recovery in the resources sector, rising 0.25%, ahead of its benchmark, the MSCI World Index (Net) (USD), which was flat over the period. The World Mining Fund rose 17.69% underperforming its benchmark, the Euromoney Global Mining Constrained Weights Net Total Return Index, which was up by 19.61%. The World Agriculture Fund rose by 6.23% behind its benchmark, the DAX Global Agribusiness Index, which was up by 6.79%. The World Gold Fund fell 7.97%, marginally behind its benchmark, the FTSE Gold Mines Index, which fell 7.59%.

Among specialist strategies, the World Real Estate Securities Fund was a weak spot seeing a fall of 2.47%, outperforming its benchmark, which was down 3.11%.

Mixed Asset Fund PerformanceThe diversified Global Allocation Fund – which invests in a mixture of fixed income securities, equities and cash – gained 3.48% ahead of its reference benchmark, which rose by 2.85% (the benchmark comprises 36% S&P 500 Index, 24%�FTSE World Index (Ex-US) Index, 24% BofA ML Cur 5-Yr US Treasury Index, 16% Citigroup Non-USD World Govt Bond Index). The Global Dynamic Equity Fund gained 9.14% ahead of its reference benchmark, which rose by 8.27% (the�benchmark comprises of 60% S&P 500 Index/40% FTSE World (ex US) Index).

The Flexible Multi-Asset Fund, rose by 4.91%, a little ahead of its reference benchmark, 50% MSCI World Index, 50%�Citigroup World Government Bond Euro Hedged Index, which was up 4.46%. The Fund invests in an actively-managed portfolio of global equities and bonds, with some tactical exposure to alternative assets and specialist markets.

The Global Multi-Asset Income Fund rose by 2.62% over the period. The Fund combines the ability to allocate actively across a full range of asset classes and geographies at a top-down level with a focus on adding value through bottom-up security selection by specialist teams in each key asset class. It does not have a benchmark.

Fixed Income Fund PerformanceFor bond asset classes, yields on higher quality sectors rose over the period, but high yield and emerging markets were resilient. The Global Government Bond Fund fell 2.91%, marginally behind its benchmark, the Citigroup World Government Bond USD Hedged Index, which fell 2.69%. The Euro Corporate Bond Fund fell 0.49%, compared to a fall of 0.77% for its benchmark, the BofA Merrill Lynch Euro Corporate Index. The Global Corporate Bond Fund fell 2.09%, compared to a fall of 1.00% for its benchmark, the Bloomberg Barclays Global Aggregate Corporate Bond USD�Hedged�Index.

The Euro Bond Fund fell 2.48%, against a fall in its benchmark, the Bloomberg Barclays Euro-Aggregate 500mm+ Bond Index, of 2.73%. The Euro Short Duration Bond Fund rose 0.13%, against a flat return from the Bloomberg Barclays Eur Aggregate 500mm 1-3 yr Index.

The Global High Yield Bond Fund rose 4.54%, against a rise in its benchmark, the BofA Merrill Lynch Global High Yield Constrained USD Hedged Index, of 5.29%. The Emerging Markets Local Currency Bond Fund rose 0.69% over the period, ahead of its benchmark, the JP Morgan GBI-EM Global Diversified Index, which fell 0.27%. The broader Emerging Markets Bond Fund rose 1.91%, compared to a fall of 0.29% for its benchmark, the JP Morgan EMBI Global Diversified Index.

Asian bonds were weaker with the Asian Local Bond Fund down 4.66% against a fall of 3.72% for its benchmark, the Markit iBoxx ALBI Index.

The flagship Fixed Income Global Opportunities Fund delivered a positive absolute return of 1.95%.

OutlookThe markets closed the period at an apparent inflection point. After some time when deflation seemed to be the greater risk, inflationary pressures are now re-emerging. Commodity prices are rising, wage pressures are being felt in a number of key economies and inflation has already edged up to and beyond the 2% target in some cases.

The effects of this for global markets are clear. Global inflation may bring higher interest rates, which makes low-yielding bonds a poor option for long-term investors, particularly if governments increasingly look to fiscal policy to stimulate their economies from here.

Particularly important has been the election of Donald Trump. His first weeks in office have been frenetic and he seems intent on implementing all his campaign promises to the extent that Congress allow him to do so. At the time of writing, he has not yet laid out the plans for fiscal expansion that have got markets so excited, but most believe it is only a matter of time. In the meantime, equity markets continue to rally and bond yields to rise.

Within equity markets, the move from more defensive areas to more economically sensitive areas continues. While a number of commentators continue to doubt the strength of the reflation trade, pointing out that many deflationary factors remain in place, the outperformance of growth over value has been a persistent trend and, as such, may take time to unwind.




The biggest risks looking into 2017 once again appear to be political. A wave of general elections in Europe – notably Germany and France – could prove destabilising for the European project as populist parties whip up support for isolationism. Politicians such as Marine Le Pen in France and the Five Star Movement in Italy have found resonance with segments of the French and Italian populations and are calling for their respective countries to leave the currency union. The European Union may be able to weather a Brexit, a ‘Frexit’ would almost certainly spell an end to the Union in its current form. Nevertheless, the early result from the Dutch election suggests the forces of populism may not be as strong as currently thought.

In the UK, the triggering of Article 50 looks certain to create some volatility, both domestically and across Europe. Although markets appear to be factoring in a more benign outcome than they were six months ago, there are likely to be implications both for the UK currency and the UK stock market.

Emerging markets will be a key area to watch, particularly China. Concerns remain about China’s debt levels and the real pace of growth in its economy. There remains a danger of the property market unwinding. Nevertheless, the country appears stable for the time being. Elsewhere in emerging markets, investors will be watching Trump’s trade policies closely. Will his bite be as bad as his bark?

The question for bond markets in this environment is whether income-starved buyers start returning to the asset class at a certain level of yield. There will be a point at which developed market government bonds look attractive, relative to equity markets and relative to the level of inflation. That said, if inflation surges, the outlook for the bond market is likely to be very different.

Both bonds and equities have seen enduring bull markets and, in aggregate, cannot be considered cheap. However, that masks considerable disparity in underlying valuations, with defensive and dependable companies still look expensive relative to their more economically sensitive peers, in spite of the recent shift in market leadership. This will create opportunities for those with the flexibility to take advantage.

March 2017




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

Calculation methodology is based on industry standards.

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

The Funds are not registered for sale to the public in all jurisdictions. Further details on distribution of shares of the Funds are included in the Authorised Status on page 3.

Performance for�the�period

ended 28�February Calendar Year Performance

Performance for the 10 year period ended

28 February

2017 2016 2015 2014 2017 Launch Date

ASEAN Leaders Fund 'A' Non Dist (USD) -1.37% 7.89% -19.07% 3.76% – 8/8/2012

MSCI South-East Asia Index (Net) (USD) -1.33% 5.98% -18.52% 6.22% –

Asia Pacific Equity Income Fund 'A' Non Dist (USD) 5.83% 7.94% -10.62% 4.60% – 18/9/2009

MSCI All Country Asia Pacific ex Japan Index (Net) (USD) 5.91% 6.75% -9.37% 2.82% –

Asian Dragon Fund 'A' Non Dist (USD) 4.74% 8.24% -5.04% 5.72% 49.22% 2/1/1997

MSCI All Country Asia ex Japan Index (Net) (USD) 4.54% 5.44% -9.17% 4.80% 60.00%

Asian Growth Leaders Fund 'A' Non Dist (USD) 5.40% 6.40% 0.98% 9.46% – 31/10/2012

MSCI All Country Asia ex Japan Index (Net) (USD) 4.54% 5.44% -9.17% 4.80% –

Asian Local Bond Fund 'A' Non Dist (USD) -4.66% 0.21% -3.88% 3.51% – 30/4/2012

Markit iBoxx ALBI Index b1 -3.72% 1.77% -3.17% 4.36% –

Asian Multi-Asset Growth Fund 'A' Non Dist (USD) 0.79% – – – – 20/1/2016

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

1.18% – – – –

Asian Tiger Bond Fund 'A' Non Dist (USD) -0.76% 4.70% 2.28% 8.19% 75.74% 2/2/1996

JP Morgan Asian Credit Index (USD) -0.55% 5.81% 2.80% 8.32% 88.16%

China Fund 'A' Non Dist (USD) 7.26% 5.15% -2.58% 14.61% – 24/6/2008

MSCI China 10/40 Index (Net) (USD) 5.58% 0.43% -8.01% 8.38% –

Continental European Flexible Fund 'A' Non Dist (EUR) 5.63% -2.68% 20.78% 5.13% 116.25% 24/11/1986

FTSE World Europe ex UK Index (EUR) 9.00% 3.35% 10.92% 7.38% 43.35%

Emerging Europe Fund 'A' Non Dist (EUR) 18.73% 25.15% 0.26% -14.31% -10.68% 29/12/1995

MSCI Emerging Markets Europe 10/40 Index (Net) (EUR) 16.22% 29.46% -4.99% -19.74% -11.56%

Emerging Markets Bond Fund 'A' Non Dist (USD) 1.91% 12.56% -1.63% 5.63% 83.94% 1/10/2004

JP Morgan Emerging Markets Bond Index Global Diversified Index�(USD)

-0.29% 10.15% 1.18% 7.43% 102.07%

Emerging Markets Corporate Bond Fund 'A' Non Dist (USD) 0.62% 9.74% -0.49% 2.74% – 18/2/2013

JP Morgan Corporate Emerging Markets Bond Index Broad Diversified 1.45% 9.65% 1.30% 4.96% –







28 February

2017 2016 2015 2014 2017 Launch Date

Emerging Markets Equity Income Fund 'A' Non Dist (USD) 6.86% 13.25% -15.84% -2.93% – 12/8/2011

MSCI Emerging Markets Index (Net) (USD) 5.51% 11.19% -14.92% -2.19% –

Emerging Markets Fund 'A' Non Dist (USD) 2.22% 8.08% -19.34% -2.07% 17.42% 30/11/1993

MSCI Emerging Markets Index (Net) (USD) 5.51% 11.19% -14.92% -2.19% 32.62%

Emerging Markets Local Currency Bond Fund 'A' Non Dist (USD) 0.69% 12.99% -14.17% -6.92% 4.99% 2/2/2007

JP Morgan GBI-EM Global Diversified Index (USD) -0.27% 9.94% -14.92% -5.72% 12.18%

Euro Bond Fund 'A' Non Dist (EUR) -2.48% 3.12% 1.51% 11.40% 62.64% 31/3/1994

Bloomberg Barclays Euro-Aggregate 500mm+ Bond Index (EUR) -2.73% 3.31% 1.00% 11.11% 58.55%

Euro Corporate Bond Fund 'A' Non Dist (EUR) -0.49% 4.86% 0.39% 7.78% 47.91% 31/7/2006

BofA Merrill Lynch Euro Corporate Index (EUR) b2 -0.77% 4.75% 0.43% 8.25% 54.98%

Euro Reserve Fund 'A' Non Dist (EUR) -0.19% -0.30% -0.50% 0.05% – 24/7/2009

7 Day Euro LIBID (EUR) -0.26% -0.49% -0.26% -0.05% –

Euro Short Duration Bond Fund 'A' Non Dist (EUR) 0.13% 0.57% 0.70% 2.41% 34.43% 4/1/1999

Bloomberg Barclays Eur Aggregate 500mm 1-3yr (EUR) 0.00% 0.58% 0.58% 1.79% 32.28%

Euro-Markets Fund 'A' Non Dist (EUR) 5.46% -0.83% 21.75% -4.39% 52.70% 4/1/1999

MSCI EMU Index (Net) (EUR) 9.79% 4.37% 9.81% 4.32% 17.34%

European Equity Income Fund 'A' Non Dist (EUR) 2.85% -6.93% 15.52% 12.12% – 3/12/2010

MSCI Europe Index (Net) (EUR) b3 8.77% 2.58% 8.22% 6.84% –

European Focus Fund 'A' Non Dist (EUR) 5.32% -6.55% 12.57% 4.65% 66.30% 14/10/2005

MSCI Europe Index (Net) (EUR) 8.77% 2.58% 8.22% 6.84% 32.84%

European Fund 'A' Non Dist (EUR) 5.89% -5.60% 10.97% 2.58% 41.01% 30/11/1993


European High Yield Bond Fund 'A' Non Dist (EUR) 3.02% 7.00% – – – 23/7/2015

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

3.28% 9.02% – – –

European Special Situations Fund 'A' Non Dist (EUR) 3.57% -7.12% 25.76% 6.80% 92.98% 14/10/2002


European Value Fund 'A' Non Dist (EUR) 7.42% -0.35% 13.09% 5.04% 45.62% 8/1/1997

MSCI Europe Value Index (Net) (EUR) 12.38% 7.41% 0.65% 5.59% 7.21%

Fixed Income Global Opportunities Fund 'A' Non Dist (USD) 1.95% 2.44% -0.91% 3.52% 35.73% 31/1/2007

No Index. Absolute Return Style Fund. – – – – –

Flexible Multi-Asset Fund 'A' Non Dist (EUR) 4.91% 0.87% 1.32% 10.33% 34.46% 4/1/1999

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

4.46% 6.63% 5.97% 13.84% 76.33%

Global Allocation Fund 'A' Non Dist (USD) 3.48% 3.24% -2.27% 1.60% 46.25% 3/1/1997

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

2.85% 6.06% -0.78% 4.17% 63.59%

Global Corporate Bond Fund 'A' Non Dist (USD) -2.09% 4.36% -1.59% 7.33% – 19/10/2007

Bloomberg Barclays Global Aggregate Corporate Bond USD Hedged Index�(USD)

-1.00% 6.22% -0.24% 7.60% –







28 February

2017 2016 2015 2014 2017 Launch Date

Global Dynamic Equity Fund 'A' Non Dist (USD) 9.14% 5.41% -2.22% 3.87% 56.51% 28/2/2006

Reference (60% S&P 500 Index/40% FTSE World (ex US) Index) (USD) 8.27% 9.13% -0.82% 6.44% 69.72%

Global Enhanced Equity Yield Fund 'A' Non Dist (USD) 4.22% 5.04% -4.56% 6.28% 16.49% 13/10/2006

MSCI ACWI Minimum Volatility (Net) (USD) b4 2.35% 7.43% 2.76% 10.95% 83.47%

Global Equity Income Fund 'A' Non Dist (USD) 2.05% 4.31% 0.50% 2.03% – 12/11/2010

MSCI ACWI Index (Net) (USD) b5 7.53% 7.86% -2.36% 4.16% –

Global Government Bond Fund 'A' Non Dist (USD) -2.91% 2.87% 0.07% 7.83% 40.51% 13/5/1987

Citigroup World Government Bond USD Hedged Index (USD) b6 -2.69% 3.75% 1.30% 8.35% 50.15%

Global High Yield Bond Fund 'A' Non Dist (USD) 4.54% 12.22% -4.67% 1.63% – 8/6/2007

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

5.29% 16.21% -2.03% 2.53% –

Global Inflation Linked Bond Fund 'A' Non Dist (USD) -1.65% 8.83% -1.66% 8.17% – 19/6/2009

Bloomberg Barclays World Government Inflation-Linked Bond Index (USD)

-1.17% 10.22% -1.12% 9.04% –

Global Long-Horizon Equity Fund 'A' Non Dist (USD) 2.83% – – – – 19/7/2016

MSCI All Country World Index (Net) (USD) 7.53% – – – –

Global Multi-Asset Income Fund 'A' Non Dist (USD) 2.62% 5.34% -2.35% 4.11% – 28/6/2012

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

2.86% 6.37% 0.30% 6.34% –

Global Opportunities Fund 'A' Non Dist (USD) 4.97% 2.83% -1.44% -3.36% 39.41% 29/2/1996

MSCI ACWI Index (Net) (USD) b5 7.53% 7.86% -2.36% 4.16% 42.00%

Global SmallCap Fund 'A' Non Dist (USD) 5.74% 7.11% -6.67% 0.67% 62.11% 4/11/1994

MSCI ACWI Small Cap Index (USD) 8.47% 11.59% -1.04% 1.89% 55.50%

India Fund 'A' Non Dist (USD) 1.18% 1.75% -0.99% 39.02% 71.43% 2/2/2005

MSCI India Index (USD) 0.76% -1.43% -6.12% 23.87% 52.87%

Japan Flexible Equity Fund 'A' Non Dist (JPY) 16.49% -3.10% 7.64% 5.36% -16.44% 28/2/2005

MSCI Japan Index (Net) (JPY) 15.08% -0.74% 9.93% 9.48% -0.39%

Japan Small & MidCap Opportunities Fund 'A' Non Dist (JPY) 16.77% 1.44% 8.75% 10.34% 3.36% 13/5/1987

S&P Japan Mid Small Cap Index (JPY) 19.70% 3.65% 13.40% 14.66% 28.23%

Latin American Fund 'A' Non Dist (USD) 7.69% 24.96% -30.68% -9.41% 3.12% 8/1/1997

MSCI Emerging Markets Latin America Index (Net) (USD) 9.55% 31.04% -31.04% -12.30% 15.70%

Natural Resources Growth & Income Fund 'A' Non Dist (USD) 11.63% 32.13% -24.88% -8.46% – 15/4/2011

S&P Global Natural Resources Index (USD) 12.05% 31.46% -24.50% -10.18% –

New Energy Fund 'A' Non Dist (USD) 0.25% 1.32% -2.82% -3.11% -25.71% 6/4/2001

MSCI World Index (Net) (USD) 7.78% 7.51% -22.80% -11.60% 52.22%

North American Equity Income Fund 'A' Non Dist (USD) 10.49% 13.92% -2.53% 8.88% – 9/3/2012

S&P 500 Index (Net) (USD) 9.67% 11.23% 0.75% 13.03% –

Pacific Equity Fund 'A' Non Dist (USD) 7.83% 1.67% -2.39% -1.15% 26.53% 5/8/1994

MSCI All Country Asia Pacific Index (Net) (USD) 6.10% 4.89% -1.96% 0.00% 23.69%

Renminbi Bond Fund 'A' Non Dist (CNH) 0.09% 4.47% 3.77% 3.78% – 11/11/2011

Markit iBoxx ALBI China Offshore Index b9 -0.97% 4.65% 3.19% 3.02% –







28 February

2017 2016 2015 2014 2017 Launch Date

Strategic Global Bond Fund 'A' Non Dist (USD) -2.97% – – – – 21/7/2016

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

-4.36% – – – –

Swiss Small & MidCap Opportunities Fund 'A' Non Dist (CHF)(1) 11.09% 12.09% 14.91% 13.60% – 8/1/2008

SPI Extra Index (CHF) 8.66% 8.50% 11.01% 11.37% –

United Kingdom Fund 'A' Non Dist (GBP) 5.89% 7.07% 10.52% -0.40% 62.57% 31/12/1985

FTSE All-Share Index (GBP) 8.57% 16.75% 0.98% 1.18% 77.29%

US Basic Value Fund 'A' Non Dist (USD) 8.12% 16.41% -8.39% 9.27% 54.59% 8/1/1997

Russell 1000 Value Index (USD) 11.07% 17.34% -3.83% 13.45% 82.55%

US Dollar Core Bond Fund 'A' Non Dist (USD) -1.89% 2.19% -0.56% 6.08% 39.35% 7/4/1989

Bloomberg Barclays US Aggregate Index (USD) -2.19% 2.65% 0.55% 5.97% 52.05%

US Dollar High Yield Bond Fund 'A' Non Dist (USD) 4.96% 13.19% -5.00% 1.60% 71.78% 29/10/1993

Bloomberg Barclays US High Yield 2% Constrained Index (USD) 5.43% 17.13% -4.43% 2.46% 104.11%

US Dollar Reserve Fund 'A' Non Dist (USD) 0.20% 0.21% 0.00% 0.01% 0.59% 30/11/1993

7 Day USD LIBID (USD) 0.21% 0.29% 0.04% 0.00% 10.62%

US Dollar Short Duration Bond Fund 'A' Non Dist (USD) 0.62% 1.33% 0.31% 1.11% 17.87% 31/10/2002

BoA ML 1-3 Year US Corporate & Government Index (USD) 0.07% 1.29% 0.67% 0.78% 26.51%

US Flexible Equity Fund 'A' Non Dist (USD) 13.75% 8.37% -1.39% 12.02% 60.26% 31/10/2002

Russell 1000 Index (USD) 10.10% 12.05% 0.92% 13.24% 109.69%

US Government Mortgage Fund 'A' Non Dist (USD) -1.58% 0.98% 0.44% 5.59% 38.68% 2/8/1985

Citigroup Mortgage Index (USD) -1.28% 1.59% 1.56% 6.12% 51.12%

US Growth Fund 'A' Non Dist (USD) 7.00% -1.20% 4.54% 9.23% 54.03% 30/4/1999

Russell 1000 Growth Index (USD) 9.15% 7.08% 5.67% 13.05% 138.19%

US Small & MidCap Opportunities Fund 'A' Non Dist (USD) 7.11% 5.87% -2.55% 11.75% 89.18% 13/5/1987

S&P US Mid Small Cap Index (USD) 10.37% 15.67% -2.38% 10.26% 118.38%

World Agriculture Fund 'A' Non Dist (USD) 6.23% 9.17% -14.04% 3.02% – 9/2/2010

DAX Global Agribusiness Index (USD) 6.79% 12.61% -12.73% 1.55% –

World Bond Fund 'A' Non Dist (USD) -2.34% 2.67% -0.18% 7.15% 42.61% 4/9/1985

Bloomberg Barclays Global Aggregate USD Hedged Index (USD) -1.87% 3.95% 1.02% 7.59% 52.85%

World Energy Fund 'A' Non Dist (USD) 3.88% 27.48% -29.91% -15.37% -18.13% 6/4/2001

MSCI World Energy 10/40 Index (Net) (USD) b10 5.76% 27.83% -23.46% -11.60% 19.11%

World Financials Fund 'A' Non Dist (USD) 19.09% 6.47% -7.63% 0.83% -16.90% 3/3/2000

MSCI ACWI Financials Index (Net) (USD) b11 17.02% 12.38% -5.59% 4.17% -9.55%

World Gold Fund 'A' Non Dist (USD) -7.97% 50.92% -21.88% -5.19% -15.55% 30/12/1994

FTSE Gold Mines Index (Cap) (USD) -7.59% 59.59% -21.42% -15.20% -34.48%

World Healthscience Fund 'A' Non Dist (USD) 2.79% -8.02% 4.56% 24.40% 156.41% 6/4/2001

MSCI World Health Care Index (Net) (USD) b12 2.17% -6.81% 6.60% 18.10% 118.84%

World Mining Fund 'A' Non Dist (USD) 17.69% 52.34% -41.35% -23.08% -43.09% 24/3/1997

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

19.61% 66.93% -41.08% -20.54% -16.45%

World Real Estate Securities Fund 'A' Non Dist (USD) -2.47% 1.37% 0.65% 20.41% – 25/2/2013

FTSE EPRA/NAREIT Developed Index -3.11% 4.06% -0.79% 15.02% –

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







28 February

2017 2016 2015 2014 2017 Launch Date

World Technology Fund 'A' Non Dist (USD) 12.26% 5.92% 3.99% 8.13% 71.17% 3/3/1995

MSCI All Country World Information Technology Index (Net) (USD) 11.84% 12.20% 3.20% 15.20% 126.67%

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

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

on�20�July�2015.b8 The benchmark changed its name from the 50% MSCI World Index (Net) (USD)/50% Bloomberg Barclays US Aggregate

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

Changes in the composition or the name of a benchmark or a fund prior to 1 January 2014 have not been disclosed.

16

Bla

ckRo

ck G

lob

al F

und

s (B

GF)

Stat

emen

t of N

et A

sset

sas

at 2

8 Fe

bru

ary

2017

Fund

Nam

eN

ote

Blac

kRoc

k G

loba

l Fu

nds

Com

bine

d

ASEA

NLe

ader

sFu

nd

Asia

Pac

ific

Equi

tyIn

com

eFu

nd

Asia

nD

rago

nFu

nd

Asia

nG

row

th L

eade

rsFu

nd

Asia

n Lo

cal

Bond

Fund

Asia

n M

ulti-

Asse

t G

row

thFu

nd

Asia

nTi

ger

Bond

Fund

Chi

na

Fun

d

Con

tinen

tal

Eur

opea

n F

lexi

ble

Fun

d

Emer

ging

Euro

peFu

nd

USD

USD

USD

USD

USD

USD

USD

USD

USD

EUR

E

UR

Ass

ets

Secu

ritie

s p

ort

folio

at c

ost

118,

488,

107,

622

166,

328,

941

523,

330,

531

2,78

3,81

2,77

0 1,

573,

224,

985

17,1

26,1

50

49,9

42,0

86

2,61

4,68

8,94

3 1,

712,

957,

566

2,09

9,56

1,34

0 91

7,74

1,27

9 U

nrea

lised

ap

pre

ciat

ion/

(dep

reci

atio

n)6,

253,

159,

306

3,44

6,21

4 64

,487

,763

30

6,91

7,21

7 17

9,81

7,09

5 (5

79,1

36)

3,76

9,27

5 20

,989

,512

10

7,58

5,72

3 29

0,76

8,81

4 88

,023

,869

Secu

ritie

s p

ort

folio

at m

arke

t val

ue2(

a)12

4,74

1,26

6,92

8 16

9,77

5,15

5 58

7,81

8,29

4 3,

090,

729,

987

1,75

3,04

2,08

0 16

,547

,014

53

,711

,361

2,

635,

678,

455

1,82

0,54

3,28

9 2,

390,

330,

154

1,00

5,76

5,14

8 C

ash

at b

ank

2(a)

2,61

9,23

3,75

0 21

0 13

,578

,571

5,

488,

990

10,6

18,7

05

1,28

9,85

2 6,

914,

071

101,

964,

432

4,16

7,39

7 12

,129

,553

–

Due

fro

m b

roke

r15

64,2

84,5

46

– –

– –

40,0

00

– 6,

295,

000

– –

– In

tere

st a

nd d

ivid

end

s re

ceiv

able

2(a)

586,

239,

296

– 1,

980,

203

7,11

7,17

5 4,

097,

562

208,

402

279,

270

28,9

97,0

23

70,0

85

– 34

,602

Re

ceiv

able

for

inve

stm

ents

so

ld2(

a)3,

925,

488,

566

1,97

9,55

3 1,

430,

203

3,75

2,89

0 2,

868,

164

– 34

,869

35

,018

,072

2,

762,

697

7,13

9,23

2 15

,009

,519

Re

ceiv

able

for

Fund

sha

res

sub

scrib

ed2(

a)71

6,91

9,19

9 2,

907

8,68

6,17

0 32

,216

,956

12

,600

,274

–

356,

751

10,6

48,2

66

8,91

3,00

4 21

,818

,407

1,

002,

118

Unr

ealis

ed a

pp

reci

atio

n o

n:O

pen

exc

hang

e tr

aded

futu

res

cont

ract

s2(

c)7,

403,

457

– –

– –

3,96

1 18

8,80

5 42

1,61

3 –

87,6

60

– O

pen

forw

ard

fore

ign

exch

ang

e co

ntra

cts

2(c)

29,2

32,9

29

– 1,

700,

451

433,

210

– 52

,638

43

,963

48

3,89

7 –

1,14

6,80

3 16

,808

C

ont

ract

s fo

r d

iffer

ence

2(c)

42,5

52

– –

– –

– –

– –

– –

Mar

ket v

alue

of T

o B

e A

nno

unce

d s

ecur

ities

co

ntra

cts

2(c)

194,

309,

621

– –

– –

– –

– –

– –

Mar

ket v

alue

of s

wap

s2(

c)92

,917

,615

–

– –

– –

555,

384

– –

– –

Mar

ket v

alue

of p

urch

ased

op

tions

/sw

aptio

ns2(

c)29

0,94

1,11

8 –

– –

– –

7,75

3 –

– –

– O

ther

ass

ets

2(a,

c)22

,373

,129

–

– 70

4 74

–

705

– 35

2 2,

010,

596

466,

566

Tota

l ass

ets

133,

290,

652,

706

171,

757,

825

615,

193,

892

3,13

9,73

9,91

2 1,

783,

226,

859

18,1

41,8

67

62,0

92,9

32

2,81

9,50

6,75

8 1,

836,

456,

824

2,43

4,66

2,40

5 1,

022,

294,

761

Liab

ilitie

sC

ash

ow

ed to

ban

k2(

a)30

8,16

6,21

4 1,

547,

435

5 –

10

– 10

2,76

8 –

2 –

3,24

2,49

3 D

ue to

bro

ker

1531

0,10

7,58

4 –

– –

– –

– –

– –

– In

com

e d

istr

ibut

ion

pay

able

2(a)

42,8

67,8

79

– 22

0,69

1 –

– 16

,692

–

5,95

8,56

5 –

– –

Paya

ble

for

inve

stm

ents

pur

chas

ed2(

a)4,

809,

626,

837

– 6,

761,

665

4,77

2,74

0 1,

688,

613

– 20

4,86

0 17

,032

,930

1,

675,

512

8,96

2,27

3 1,

618,

306

Paya

ble

for

Fund

sha

res

red

eem

ed2(

a)66

2,95

7,35

1 7,

981

19,8

09,7

24

11,6

35,2

40

2,95

0,95

7 –

– 11

,044

,890

11

,796

,955

17

,596

,899

2,

187,

717

Unr

ealis

ed d

epre

ciat

ion

on:

Op

en e

xcha

nge

trad

ed fu

ture

s co

ntra

cts

2(c)

94,4

20,4

76–

– –

– –

– –

– –

– O

pen

forw

ard

fore

ign

exch

ang

e co

ntra

cts

2(c)

135,

311,

108

– –

– 36

,168

–

– –

107,

126

– –

Mar

ket v

alue

of T

o B

e A

nno

unce

d s

ecur

ities

co

ntra

cts

2(c)

4,42

3,10

1 –

– –

– –

– –

– –

– M

arke

t val

ue o

f sw

aps

2(c)

35,5

42,2

60

– –

– –

57,4

89

– 2,

012,

060

– –

– M

arke

t val

ue o

f writ

ten

op

tions

/sw

aptio

ns2(

c)10

4,11

6,32

8 –

– –

– –

– –

– –

– O

ther

liab

ilitie

s5,

6,7,

815

9,66

1,03

913

5,22

5 1,

015,

385

4,18

1,51

5 2,

436,

480

33,3

60

52,9

42

3,37

7,61

2 3,

366,

748

2,68

3,86

5 2,

323,

727

Tota

l lia

bili

ties

6,66

7,20

0,17

7 1,

690,

641

27,8

07,4

70

20,5

89,4

95

7,11

2,22

8 10

7,54

1 36

0,57

0 39

,426

,057

16

,946

,343

29

,243

,037

9,

372,

243

Tota

l net

ass

ets

126,

623,

452,

529

170,

067,

184

587,

386,

422

3,11

9,15

0,41

7 1,

776,

114,

631

18,0

34,3

26

61,7

32,3

62

2,78

0,08

0,70

1 1,

819,

510,

481

2,40

5,41

9,36

8 1,

012,

922,

518

Inte

rim R

epo

rt a

nd U

naud

ited

Acc

oun

ts

17

The

note

s o

n p

ages

558

to 5

68 fo

rm a

n in

teg

ral p

art o

f the

se fi

nanc

ial s

tate

men

ts.

Stat

emen

t of N

et A

sset

sas

at 2

8 Fe

bru

ary

2017

co

ntin

ued

Fund

Nam

eN

ote

Emer

ging

Mar

kets

Bond

Fund

Emer

ging

Mar

kets

Corp

orat

e Bo

ndFu

nd

Emer

ging

Mar

kets

Equi

ty In

com

eFu

nd

Emer

ging

Mar

kets

Fund

Emer

ging

Mar

kets

Loc

alCu

rrenc

y Bo

ndFu

nd

Euro

Bond

Fund

Euro

Corp

orat

eBo

ndFu

nd

Euro

Rese

rve

Fund

Euro

Sho

rtD

urat

ion

Bond

Fund

Euro

-Mar

kets

Fund

Euro

pean

Equi

ty

Inco

me

Fund

Euro

pean

Focu

sFu

nd

USD

USD

USD

USD

USD

EUR

EUR

EUR

EUR

EUR

EUR

EUR

Ass

ets

Secu

ritie

s p

ort

folio

at c

ost

2,54

8,10

8,16

5 13

1,58

3,23

9 38

1,97

3,64

5 43

8,65

1,55

2 2,

378,

645,

418

4,66

7,80

0,96

4 1,

427,

283,

172

166,

713,

100

10,1

16,6

85,5

73

2,82

2,71

6,72

6 2,

496,

255,

491

1,50

0,83

0,41

8 U

nrea

lised

ap

pre

ciat

ion/

(dep

reci

atio

n)93

,217

,629

4,

650,

446

52,6

76,2

09

57,5

96,3

78

(47,

683,

688)

39,5

40,8

74

17,9

11,4

10

34,9

80

100,

389,

702

210,

881,

417

120,

426,

417

105,

687,

285

Secu

ritie

s p

ort

folio

at m

arke

t val

ue2(

a)2,

641,

325,

794

136,

233,

685

434,

649,

854

496,

247,

930

2,33

0,96

1,73

0 4,

707,

341,

838

1,44

5,19

4,58

2 16

6,74

8,08

0 10

,217

,075

,275

3,

033,

598,

143

2,61

6,68

1,90

8 1,

606,

517,

703

Cas

h at

ban

k2(

a)23

0,88

1,92

4 3,

895,

636

4,71

5,61

3 5,

063,

878

80,8

09,3

18

50,6

41,7

75

21,8

95,2

13

100,

378

70,1

96,0

30

4 17

,824

,382

1,

297,

908

Due

fro

m b

roke

r15

9,75

0,00

0 –

– –

– –

– –

– –

– –

Inte

rest

and

div

iden

ds

rece

ivab

le2(

a)40

,266

,039

1,

742,

139

1,31

8,16

3 1,

418,

715

36,0

43,5

90

27,8

95,8

67

12,0

23,6

00

117,

397

48,3

21,1

41

905,

164

8,97

3,13

1 1,

588,

259

Rece

ivab

le fo

r in

vest

men

ts s

old

2(a)

14,7

19,0

47

– 7,

434,

686

3,11

2,42

1 9,

951,

404

23,7

88,9

35

4,30

9,71

3 –

38,7

37,0

36

20,1

28,4

77

1,73

5,30

7 3,

214,

192

Rece

ivab

le fo

r Fu

nd s

hare

s su

bsc

ribed

2(a)

9,27

1,88

9 50

,689

1,

008,

109

1,61

3,49

2 12

2,96

5,30

7 20

,236

,510

23

,296

,937

41

5,95

6 41

,241

,754

4,

924,

101

5,66

6,95

7 3,

315,

313

Unr

ealis

ed a

pp

reci

atio

n o

n:O

pen

exc

hang

e tr

aded

futu

res

cont

ract

s2(

c)–

13,7

81

– –

– –

– –

– –

– –

Op

en fo

rwar

d fo

reig

n ex

chan

ge

cont

ract

s2(

c)–

– –

– –

– –

– –

713,

540

10,4

16,3

39

425,

327

Co

ntra

cts

for

diff

eren

ce2(

c)–

– –

– –

– –

– –

– –

– M

arke

t val

ue o

f To

Be

Ann

oun

ced

sec

uriti

es

cont

ract

s2(

c)–

– –

– –

– –

– –

– –

– M

arke

t val

ue o

f sw

aps

2(c)

– 51

8,11

0 –

– 26

1,16

6 –

– –

– –

– –

Mar

ket v

alue

of p

urch

ased

op

tions

/sw

aptio

ns2(

c)–

35

– –

4,72

9,87

2 78

2,19

0 24

8,16

7 –

1,62

4,46

2 –

– –

Oth

er a

sset

s2(

a,c)

– –

103,

261

– 16

7,99

8 –

1,21

3 57

,796

16

,110

3,

401,

309

1,75

8,23

1 63

3,85

1

Tota

l ass

ets

2,94

6,21

4,69

3 14

2,45

4,07

5 44

9,22

9,68

6 50

7,45

6,43

6 2,

585,

890,

385

4,83

0,68

7,11

5 1,

506,

969,

425

167,

439,

607

10,4

17,2

11,8

08

3,06

3,67

0,73

8 2,

663,

056,

255

1,61

6,99

2,55

3

Liab

ilitie

sC

ash

ow

ed to

ban

k2(

a)–

– 3

5 –

46,2

38,1

93

13,9

57,2

58

– 21

3,82

3,96

2 2,

520,

565

– –

Due

to b

roke

r15

7,47

2,37

9 54

0,00

0 –

– –

1,12

0,00

0 97

5,00

0 –

1,56

0,00

0 –

– –

Inco

me

dis

trib

utio

n p

ayab

le2(

a)1,

232,

375

72

2,90

7 –

332,

798

2,61

4 1,

229

– 7,

883

– 3,

258,

400

– Pa

yab

le fo

r in

vest

men

ts p

urch

ased

2(a)

5,81

3,23

7 39

2,00

0 3,

932,

422

– 83

,568

,469

16

6,16

6,87

9 20

,925

,847

2,

002,

969

376,

654,

718

21,9

67,7

34

13,8

71,4

84

1,32

8,91

0 Pa

yab

le fo

r Fu

nd s

hare

s re

dee

med

2(a)

7,94

2,52

6 4,

960

98,3

96

4,80

8,81

2 24

,909

,117

30

,503

,753

2,

143,

971

344,

295

98,4

33,0

32

8,40

4,56

6 10

,545

,458

5,

657,

933

Unr

ealis

ed d

epre

ciat

ion

on:

Op

en e

xcha

nge

trad

ed fu

ture

s co

ntra

cts

2(c)

1,32

0,12

0 –

– –

255,

109

6,69

7,83

3 2,

480,

842

– 25

,855

,371

–

– –

Op

en fo

rwar

d fo

reig

n ex

chan

ge

cont

ract

s2(

c)6,

411,

396

83,3

83

215,

114

– 13

,082

,274

4,

901,

152

789,

327

– 18

,312

,050

–

– –

Mar

ket v

alue

of T

o B

e A

nno

unce

d s

ecur

ities

co

ntra

cts

2(c)

– –

– –

– –

– –

– –

– –

Mar

ket v

alue

of s

wap

s2(

c)1,

078,

111

– –

– –

11,2

78,2

11

2,58

8,01

2 –

14,2

12,4

79

– –

– M

arke

t val

ue o

f writ

ten

op

tions

/sw

aptio

ns2(

c)–

– –

– –

– –

– –

– –

– O

ther

liab

ilitie

s5,

6,7,

82,

804,

110

67,7

35

277,

104

813,

832

3,23

8,89

1 3,

612,

477

1,10

0,50

9 97

,860

5,

989,

984

3,61

2,60

6 3,

853,

419

2,31

3,52

4

Tota

l lia

bili

ties

34,0

74,2

54

1,08

8,15

0 4,

525,

946

5,62

2,64

9 12

5,38

6,65

8 27

0,52

1,11

2 44

,961

,995

2,

445,

124

754,

849,

479

36,5

05,4

71

31,5

28,7

61

9,30

0,36

7

Tota

l net

ass

ets

2,91

2,14

0,43

9 14

1,36

5,92

5 44

4,70

3,74

0 50

1,83

3,78

7 2,

460,

503,

727

4,56

0,16

6,00

3 1,

462,

007,

430

164,

994,

483

9,66

2,36

2,32

9 3,

027,

165,

267

2,63

1,52

7,49

4 1,

607,

692,

186

18

Bla

ckRo

ck G

lob

al F

und

s (B

GF)

Stat

emen

t of N

et A

sset

sas

at 2

8 Fe

bru

ary

2017

co

ntin

ued

Fund

Nam

eN

ote

Euro

pean

Fund

Euro

pean

High

Yi

eld

Bond

Fu

nd

Euro

pean

Spec

ial

Situ

atio

nsFu

nd

Euro

pean

Valu

eFu

nd

Fixe

d In

com

eG

loba

lO

ppor

tuni

ties

Fund

Flex

ible

Mul

ti-As

set

Fund

Glo

bal

Allo

catio

nFu

nd

Glo

bal

Corp

orat

eBo

ndFu

nd

Glo

bal

Dyn

amic

Equi

tyFu

nd

Glo

bal

Enha

nced

Equi

ty Y

ield

Fund

Glo

bal

Equi

tyIn

com

eFu

nd

Glo

bal

Gov

ernm

ent

Bond

Fund

EUR

EUR

EUR

EUR

USD

EUR

USD

USD

USD

USD

USD

USD

Ass

ets

Secu

ritie

s p

ort

folio

at c

ost

2,76

7,81

4,96

5 42

,903

,589

1,

201,

549,

603

2,46

5,11

6,21

4 7,

095,

747,

278

269,

557,

046

17,1

01,7

41,9

35

2,21

7,68

2,94

4 57

9,18

8,35

1 75

7,88

3,71

3 1,

959,

939,

438

659,

049,

843

Unr

ealis

ed a

pp

reci

atio

n/(d

epre

ciat

ion)

220,

382,

763

442,

996

140,

635,

183

255,

211,

977

(10,

279,

871)

20,3

90,6

79

929,

905,

189

(17,

942,

323)

57,4

99,3

44

38,6

71,7

90

247,

889,

361

(20,

552,

945)

Secu

ritie

s p

ort

folio

at m

arke

t val

ue2(

a)2,

988,

197,

728

43,3

46,5

85

1,34

2,18

4,78

6 2,

720,

328,

191

7,08

5,46

7,40

7 28

9,94

7,72

5 18

,031

,647

,124

2,

199,

740,

621

636,

687,

695

796,

555,

503

2,20

7,82

8,79

9 63

8,49

6,89

8 C

ash

at b

ank

2(a)

27,4

77,5

47

3,67

7,59

9 18

,261

,325

31

,975

,284

73

3,24

7,38

4 11

,511

,673

22

8,99

0,69

9 39

,955

,574

1,

422,

488

58,1

45,1

50

37,3

60,8

95

5,65

6,16

8 D

ue fr

om

bro

ker

15–

– –

– 48

,169

,546

–

– 30

,000

–

– –

– In

tere

st a

nd d

ivid

end

s re

ceiv

able

2(a)

5,28

9,81

5 62

5,99

4 1,

398,

308

5,89

5,73

5 55

,693

,634

74

2,18

7 50

,079

,643

19

,872

,445

1,

081,

567

1,30

7,52

9 8,

337,

762

3,79

7,27

5 Re

ceiv

able

for

inve

stm

ents

so

ld2(

a)41

,391

,097

–

1,84

1,00

9 1,

024,

041

3,27

6,05

0,73

9*1,

564,

708

43,5

96,4

91

– 2,

141,

303

82,8

66

– 7,

353,

016

Rece

ivab

le fo

r Fu

nd s

hare

s su

bsc

ribed

2(a)

1,98

2,52

5 2,

487

2,99

6,66

7 4,

213,

226

10,1

12,7

98

106,

071

27,1

03,1

27

5,66

0,28

2 75

9,30

4 8,

000,

764

4,13

1,30

4 53

1,20

0 U

nrea

lised

ap

pre

ciat

ion

on:

Op

en e

xcha

nge

trad

ed fu

ture

s co

ntra

cts

2(c)

– –

– –

– 1,

246,

579

– –

– 2,

635,

472

– 13

2,54

1 O

pen

forw

ard

fore

ign

exch

ang

e co

ntra

cts

2(c)

5,92

7,24

9 –

901,

991

1,72

4,05

6 –

– –

– –

313,

725

481,

400

– C

ont

ract

s fo

r d

iffer

ence

2(c)

– –

– –

31,9

90

– –

– –

– –

– M

arke

t val

ue o

f To

Be

Ann

oun

ced

sec

uriti

es

cont

ract

s2(

c)–

– –

– 33

,678

,023

–

– –

– –

– –

Mar

ket v

alue

of s

wap

s2(

c)–

1,54

4 –

– 53

,781

,729

2,

010,

119

15,4

65,8

97

– 77

4,30

5 –

– 63

,417

M

arke

t val

ue o

f pur

chas

ed o

ptio

ns/s

wap

tions

2(c)

– –

– –

55,3

83,8

31

99,2

54

208,

804,

692

1,93

0,57

7 10

,121

,115

–

– 51

1,74

6 O

ther

ass

ets

2(a,

c)1,

201,

348

2,86

5 82

7,64

1 1,

149,

509

– 68

,141

3,

004,

911

1,78

4,64

3 17

9,15

9 22

6,77

9 15

0,87

3 61

8,89

7

Tota

l ass

ets

3,07

1,46

7,30

9 47

,657

,074

1,

368,

411,

727

2,76

6,31

0,04

2 11

,351

,617

,081

30

7,29

6,45

7 18

,608

,692

,584

2,

268,

974,

142

653,

166,

936

867,

267,

788

2,25

8,29

1,03

3 65

7,16

1,15

8

Liab

ilitie

sC

ash

ow

ed to

ban

k2(

a)47

–

– –

– 38

5,

600,

882

– 25

9,89

2 –

– 22

5,75

2 D

ue to

bro

ker

15–

– –

– 71

,553

,587

2,

130,

000

193,

900,

386

210,

000

10,3

90,0

00

– –

60,0

00

Inco

me

dis

trib

utio

n p

ayab

le2(

a)–

– –

– 27

1,52

7 –

– 2,

007,

242

– 3,

520,

278

757,

074

27,7

84

Paya

ble

for

inve

stm

ents

pur

chas

ed2(

a)2,

292,

658

286,

780

– 97

5,33

6 3,

305,

217,

732*

2,24

2,68

9 54

,671

,208

6,

721,

907

3,70

2,05

5 –

10,2

02

3,69

4,95

7 Pa

yab

le fo

r Fu

nd s

hare

s re

dee

med

2(a)

54,5

55,1

55

10,4

97

22,0

33,5

87

9,00

9,46

9 25

,041

,656

69

3,74

1 27

,784

,702

5,

145,

920

1,73

6,75

9 2,

897,

403

23,7

78,6

25

5,21

8,87

2 U

nrea

lised

dep

reci

atio

n o

n:O

pen

exc

hang

e tr

aded

futu

res

cont

ract

s2(

c)–

1,67

1 –

– 16

,763

,810

– 33

,308

,328

2,

658,

447

1,11

1,53

5 –

– –

Op

en fo

rwar

d fo

reig

n ex

chan

ge

cont

ract

s2(

c)–

7,29

4 –

– 40

,909

,698

55

3,03

7 21

,641

,237

4,

091,

263

647,

404

– –

5,42

1,99

6 M

arke

t val

ue o

f To

Be

Ann

oun

ced

sec

uriti

es

cont

ract

s2(

c)–

– –

– –

– –

– –

– –

– M

arke

t val

ue o

f sw

aps

2(c)

– –

– –

– –

– 2,

366,

913

– –

– –

Mar

ket v

alue

of w

ritte

n o

ptio

ns/s

wap

tions

2(c)

– –

– –

37,3

23,9

35

– 58

,976

,409

26

5,60

6 1,

800,

474

5,02

1,84

2 –

70,4

79

Oth

er li

abili

ties

5,6,

7,8

3,63

4,06

0 35

,957

1,

943,

471

3,49

2,18

3 14

,047

,668

629,

526

21,7

14,0

41

1,31

2,75

6 95

5,84

3 1,

239,

263

2,74

3,79

7 55

2,98

8

Tota

l lia

bili

ties

60,4

81,9

20

342,

199

23,9

77,0

58

13,4

76,9

88

3,51

1,12

9,61

3 6,

249,

031

417,

597,

193

24,7

80,0

54

20,6

03,9

62

12,6

78,7

86

27,2

89,6

98

15,2

72,8

28

Tota

l net

ass

ets

3,01

0,98

5,38

9 47

,314

,875

1,

344,

434,

669

2,75

2,83

3,05

4 7,

840,

487,

468

301,

047,

426

18,1

91,0

95,3

91

2,24

4,19

4,08

8 63

2,56

2,97

4 85

4,58

9,00

2 2,

231,

001,

335

641,

888,

330

* In

clud

es T

o B

e A

nno

unce

d s

ecur

ities

, see

No

te 2

, fo

r fu

rthe

r d

etai

ls.

Inte

rim R

epo

rt a

nd U

naud

ited

Acc

oun

ts

19

The

note

s o

n p

ages

558

to 5

68 fo

rm a

n in

teg

ral p

art o

f the

se fi

nanc

ial s

tate

men

ts.

Stat

emen

t of N

et A

sset

sas

at 2

8 Fe

bru

ary

2017

co

ntin

ued

Fund

Nam

eN

ote

Glo

bal

High

Yie

ldBo

ndFu

nd

Glo

bal

Infla

tion

Link

edBo

nd F

und

Glo

bal

Long

-Hor

izon

Equi

ty

Fund

Glo

bal

Mul

ti-As

set

Inco

me

Fund

Glo

bal

Opp

ortu

nitie

sFu

nd

Glo

bal

Smal

lCap

Fund

Indi

aFu

nd

Japa

n F

lexi

ble

Equi

tyFu

nd

Japa

nSm

all &

Mid

Cap

Opp

ortu

nitie

sFu

nd

Latin

Amer

ican

Fund

Nat

ural

Interim Report and Unaudited Accounts...Interim Report and Unaudited Accounts 5 The information...

Documents

Transcript of Interim Report and Unaudited Accounts...Interim Report and Unaudited Accounts 5 The information...