Interim Report and Unaudited Accounts BlackRock Global ...

Interim report and unaudited financial statements

BlackRock Global Funds (BGF)

R.C.S. Luxembourg: B.6317

For the financial period ended 28 February 2021

Contents

Board of Directors

2

Management and Administration

2

General Information

3

Chairwoman's Letter to Shareholders

6

Investment Adviser's Report

8

Statement of Net Assets

15

Three Year Summary of Net Asset Values

23

Statement of Operations and Changes in Net Assets 59

Statement of Changes in Shares Outstanding

74

Portfolio of Investments

ASEAN Leaders Fund

105

Asia Pacific Equity Income Fund

107

Asian Dragon Fund

109

Asian Growth Leaders Fund

111

Asian High Yield Bond Fund

113

Asian Multi-Asset Income Fund

117

Asian Tiger Bond Fund

126

China A-Share Fund

136

China Bond Fund

138

China Flexible Equity Fund

152

China Fund

154

Circular Economy Fund

156

Continental European Flexible Fund

158

Dynamic High Income Fund

160

Emerging Europe Fund

190

Emerging Markets Bond Fund

192

Emerging Markets Corporate Bond Fund

200

Emerging Markets Equity Income Fund

204

Emerging Markets Fund

207

Emerging Markets Local Currency Bond Fund

209

ESG Asian Bond Fund(1)215

ESG Emerging Markets Blended Bond Fund

218

ESG Emerging Markets Bond Fund

225

ESG Emerging Markets Corporate Bond Fund

233

ESG Emerging Markets Local Currency Bond Fund

236

ESG Fixed Income Global Opportunities Fund

242

ESG Multi-Asset Fund

303

Euro Bond Fund

321

Euro Corporate Bond Fund

338

Euro Reserve Fund

348

Euro Short Duration Bond Fund

350

Euro-Markets Fund

363

European Equity Income Fund

365

European Focus Fund

367

European Fund

369

European High Yield Bond Fund

371

European Special Situations Fund

378

European Value Fund

380

FinTech Fund

382

Fixed Income Global Opportunities Fund

384

Future Of Transport Fund

484

Global Allocation Fund

486

Global Bond Income Fund

515

Global Conservative Income Fund

530

Global Corporate Bond Fund

558

Global Dynamic Equity Fund

574

Global Equity Income Fund

581

Global Government Bond Fund

583

Global High Yield Bond Fund

606

Global Inflation Linked Bond Fund

636

Global Long-Horizon Equity Fund

652

Global Multi-Asset Income Fund

654

India Fund

722

Japan Flexible Equity Fund

724

Japan Small & MidCap Opportunities Fund

726

Latin American Fund

728

Multi-Theme Equity Fund

730

Natural Resources Growth & Income Fund

732

Next Generation Technology Fund

734

Nutrition Fund

737

Pacific Equity Fund

739

Sustainable Energy Fund

741

Swiss Small & MidCap Opportunities Fund(2)743

Systematic China A-Share Opportunities Fund

745

Systematic Global Equity High Income Fund

749

Systematic Global SmallCap Fund

754

United Kingdom Fund

768

US Basic Value Fund

770

US Dollar Bond Fund

772

US Dollar High Yield Bond Fund

815

US Dollar Reserve Fund

839

US Dollar Short Duration Bond Fund

842

US Flexible Equity Fund

858

US Government Mortgage Fund

860

US Growth Fund

869

US Small & MidCap Opportunities Fund

871

World Bond Fund

873

World Energy Fund

911

World Financials Fund

913

World Gold Fund

915

World Healthscience Fund

917

World Mining Fund

920

World Real Estate Securities Fund

922

World Technology Fund

924

Notes to the Financial Statements

927

Appendix I ? Share Classes

940

Appendix II ? Eligibility for French "Plan d'Epargne

en Actions" ("PEA")

944

Appendix III ? Supplementary Information

945

(1) Fund launched during the period, see Note 1, for further details. (2) 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 financial statements and interim report and unaudited financial statements. Copies are available from the Investor Services Centre, the Transfer Agent, the Management Company or any of the Distributors.

Interim report and unaudited financial statements[1]

Board of Directors(1)(2)(3)

Denise Voss, Chairwoman Paul Freeman Geoffrey Radcliffe Barry O'Dwyer Ursula Marchioni (appointed 12 October 2020) Robert Hayes (resigned effective 12 October 2020) Michael Gruener (resigned effective 17 March 2021)

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

are employees of the BlackRock Group (of which the Management Company, Investment Advisers and Principal Distributor are part), and Paul Freeman is a former employee of the BlackRock Group. (3) Denise Voss is an independent Director.

Management and Administration

Management Company BlackRock (Luxembourg) S.A. 35A, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

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

BlackRock Investment Management, LLC 100 Bellevue Parkway, Wilmington, Delaware 19809, USA

BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL, UK

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

Sub-Investment Advisers BlackRock Asset Management North Asia Limited 16/F Champion Tower, 3 Garden Road, Central, Hong Kong

BlackRock Japan Co. Limited 1-8-3 Marunouchi, Chiyoda-ku, Tokyo 100-8217, Japan

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

Principal Distributor BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue London EC2N 2DL UK

Depositary The Bank of New York Mellon SA / NV, Luxembourg Branch 2-4, rue Eug?ne Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg

Management and Administration continued

Administrator The Bank of New York Mellon SA / NV, Luxembourg Branch 2-4, rue Eug?ne Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg

Transfer Agent and Registrar J.P. Morgan Bank Luxembourg S.A. European Bank & Business Center 6, route de Tr?ves, Building C L-2633 Senningerberg Grand Duchy of Luxembourg

Auditor Ernst & Young S.A. 35E avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Legal Advisers Linklaters LLP 35 avenue John F. Kennedy, L-1855 Luxembourg Grand Duchy of Luxembourg

Listing Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Center 6, route de Tr?ves, Building C L-2633 Senningerberg Grand Duchy of Luxembourg

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

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

Registered Office 2-4, rue Eug?ne Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg

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

All other enquiries: Telephone: + 44 207 743 3300 Fax: + 44 207 743 1143 Website: Email: investor.services@

[2] BlackRock Global Funds (BGF)

General Information

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

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

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

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

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

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

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

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

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

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

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

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

Paying Agents Austria Raiffeisen Bank International AG Am Stadtpark 9 1030 Vienna

Belgium J.P. Morgan Chase Bank N.A. Brussels Branch 1 Boulevard du Roi Albert II Brussels B1210

France CACEIS Bank 1/3, Place Valhubert 75013 Paris

Luxembourg (Central Paying Agent) J.P. Morgan Bank Luxembourg S.A. European Bank & Business Center 6, route de Tr?ves, Building C L-2633 Senningerberg

Switzerland State Street Bank International GmbH, Munich, Zurich branch Beethovenstrasse 19 CH-8027 Zurich

Italy Allfunds Bank S.A. Succursale di Milano Via Bocchetto, 6 20123 Milan

Banca Monte dei Paschi di Siena S.p.A. Piazza Salimbeni 3 53100 Siena

Banca Sella Holding S.p.A. Piazza Gaudenzio Sella 1 13900 Biella

Italy continued BNP Paribas Securities Services Succursale di Milano Piazza Lina Bo Bardi, 3 20124 Milan

CACEIS Bank Italy Branch Piazza Cavour, 2 20121 Milan

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

Interim report and unaudited financial statements[3]

General Information continued

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

Italy continued State Street Bank GmbH ? Succursale Italia Registered Office Via Ferrante Aporti, 10 20125 Milan

Germany

Malta

J.P. Morgan AG

MeDirect Bank (Malta) plc

CIB/Investor Services - Trustee The Centre, Tigne Point

& Fiduciary

Sliema TPO 0001, Malta

Taunustor 1 (Taunus Turm)

60310 Frankfurt am Main

Soci?t? G?n?rale Securities Poland

Services S.p.A.

Bank Handlowy w Warszawie

Via Benigno Crespi, 19/A, MAC II Sp?lka Akcyjna

20159 Milan

ul. Senatorska 16

00-923 Warszawa

Mauritius Subsidiary

Liechtenstein VP Bank AG 9490 Vaduz, (FL-0001.007.080-0) represented by VP Fund Solutions (Liechtenstein) AG 9490 Vaduz, (FL-0002.000.772-7)

Directors Peter Nagle Geoffrey Radcliffe Dilshaad Rajabalee Paul Freeman Barry O'Dwyer (appointed 19 November 2020) Robert Hayes (resigned effective 19 November 2020)

Mauritian Auditor to the Subsidiary EY Mauritius Level 9, Tower 1, NexTeracom, Cybercity, Eb?ne

Republic of Mauritius

Investment Manager BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue London EC2N 2DL United Kingdom

Mauritian Administrator Sanne Group plc IFS Court, Bank Street TwentyEight, Cybercity Eb?ne 72201 Republic of Mauritius

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

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

Disclosure Policy Details 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.

[4] BlackRock Global Funds (BGF)

General Information continued

For German investors This interim report and unaudited financial statements (the "Report and Financial Statements") may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Report and Financial Statements. To the extent that there is any inconsistency between the English language Report and Financial Statements and the Report and Financial Statements in another language, the English language Report and Financial Statements will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the shares are sold, that in an action based upon disclosure in a Report and Financial Statements in a language other than English, the language of the Report and Financial Statements on which such action is based shall prevail. Any disputes as to the terms of the Report and Financial Statements, regardless of the language of the Report and Financial Statements, shall be governed by and construed in accordance with the laws of Luxembourg. The prospectus, the KIID and a full statement of portfolio changes are available free of charge, from the German Paying Agent. Please note that a notification regarding the distribution of shares in the Federal Republic of Germany pursuant to section 310 of the German Capital Investment Code (Kapitalanlagegesetzbuch) has not been filed in respect of the following Sub-Fund: Asian Multi-Asset Income Fund. Therefore, shares of this Sub-Fund may not be distributed in the Federal Republic of Germany.

Interim report and unaudited financial statements[5]

Chairwoman's Letter to Shareholders

1 September 2020 to 28 February 2021

Dear Shareholder,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[6] BlackRock Global Funds (BGF)

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