BlackRock Global s Singapore Prospectus 25 March 2013
BLACKROCK GLOBAL FUNDS 1. ASEAN LEADERS FUND 2. ASIA PACIFIC EQUITY INCOME FUND 3. ASIAN DRAGON FUND 4. ASIAN GROWTH LEADERS FUND 5. ASIAN LOCAL BOND FUND 6. ASIAN TIGER BOND FUND 7. CHINA FUND 8. EMERGING EUROPE FUND 9. EMERGING MARKETS BOND FUND 10. EMERGING MARKETS CORPORATE BOND FUND 11. EMERGING MARKETS EQUITY INCOME FUND 12. EMERGING MARKETS FUND 13. EMERGING MARKETS INVESTMENT GRADE BOND FUND 14. EMERGING MARKETS LOCAL CURRENCY BOND FUND 15. EUROPEAN FUND 16. GLOBAL ALLOCATION FUND 17. GLOBAL CORPORATE BOND FUND 18. GLOBAL DYNAMIC EQUITY FUND 19. GLOBAL EQUITY FUND 20. GLOBAL EQUITY INCOME FUND 21. GLOBAL HIGH YIELD BOND FUND 22. GLOBAL INFLATION LINKED BOND FUND 23. GLOBAL MULTI-ASSET INCOME FUND 24. INDIA FUND 25. LATIN AMERICAN FUND 26. NATURAL RESOURCES GROWTH & INCOME FUND 27. NEW ENERGY FUND 28. US BASIC VALUE FUND 29. US DOLLAR HIGH YIELD BOND FUND 30. US FLEXIBLE EQUITY FUND 31. WORLD AGRICULTURE FUND 32. WORLD ENERGY FUND 33. WORLD FINANCIALS FUND 34. WORLD GOLD FUND 35. WORLD HEALTHSCIENCE FUND 36. WORLD MINING FUND 37. WORLD TECHNOLOGY FUND ESTABLISHED IN LUXEMBOURG SINGAPORE PROSPECTUS This Singapore Prospectus incorporates and is not valid without the attached Luxembourg Prospectus dated 15 February 2013 for BlackRock Global s (the Luxembourg Prospectus ). BlackRock Global s (the Company ) is an open-ended investment company constituted outside Singapore, organised as a société anonyme under the laws of Luxembourg and which qualifies as a société d investissement à capital variable. The Company has appointed BlackRock (Singapore) Limited as its Singapore Representative and agent for service of process in Singapore. Details of the Singapore Representative are set out under the Directory section of this Singapore Prospectus.
TABLE OF CONTENTS CONTENTS PAGE IMPORTANT INFORMATION........................................................................... 1 1 THE COMPANY................................................................................. 3 2 THE FUNDS.................................................................................... 3 3 MANAGEMENT AND ADMINISTRATION............................................................ 3 4 OTHER PARTIES................................................................................ 5 5 STRUCTURE OF THE FUNDS..................................................................... 5 6 INVESTMENT OBJECTIVE, POLICY AND STRATEGY.................................................. 5 7 FEES, CHARGES AND EXPENSES................................................................. 12 8 RISK FACTORS................................................................................. 12 9 SUBSCRIPTION AND OFFERING OF SHARES....................................................... 13 10 REDEMPTIONS................................................................................. 15 11 CONVERSION.................................................................................. 16 12 OBTAINING PRICE INFORMATION................................................................ 16 13 SUSPENSION OF VALUATION AND SUBSCRIPTION, TRANSFER, CONVERSION AND REDEMPTION OF SHARES..................................................... 16 14 PERFORMANCE OF THE FUNDS, EXPENSE RATIO AND TURNOVER RATIO............................. 16 15 CONFLICTS OF INTEREST........................................................................ 16 16 REPORTS...................................................................................... 17 17 CERTAIN SINGAPORE TAX CONSIDERATIONS...................................................... 17 18 USE OF DERIVATIVES AND SECURITIES LENDING.................................................. 17 19 SOFT DOLLAR COMMISSIONS................................................................... 20 20 QUERIES AND COMPLAINTS..................................................................... 20 21 OTHER MATERIAL INFORMATION................................................................. 20 APPENDIX 1 FEES, CHARGES AND EXPENSES......................................................... 21 APPENDIX 2 PERFORMANCE OF THE FUNDS, EXPENSE RATIO AND TURNOVER RATIO..................... 23 i
IMPORTANT INFORMATION The collective investment schemes offered in this Singapore Prospectus, as listed in paragraph 3.2.8 below (each a and collectively, the s ) are established as sub-funds of BlackRock Global s (the Company ). The s have been approved as recognised schemes under the Securities and Futures Act, Chapter 289 of Singapore (the SFA ). A copy of this Singapore Prospectus has been lodged with and registered by the Monetary Authority of Singapore (the MAS ). The MAS assumes no responsibility for the contents of this Singapore Prospectus. The registration of this Singapore Prospectus by the MAS does not imply that the SFA or any other legal or regulatory requirements have been complied with. The MAS has not, in any way, considered the investment merits of the s. The Company is approved by the Luxembourg Commission de Surveillance du Secteur Financier (the CSSF ) and was incorporated in Luxembourg as a société anonyme and qualifies as a société d investissement à capital variable under Chapter 15 of the Luxembourg law of 17 December 2010 on undertakings for collective investment, as amended, modified or supplemented from time to time (the Law of 2010 ). The s have also been approved by the CSSF. The date of registration of this Singapore Prospectus with the MAS is 25 March 2013. This Singapore Prospectus shall be valid for a period of 12 months from the date of the registration up to and including 24 March 2014 and shall expire on 25 March 2014. This Singapore Prospectus relating to the s incorporates and is not valid without the Luxembourg Prospectus. Unless the context otherwise requires, terms defined in the Luxembourg Prospectus shall have the same meaning when used in this Singapore Prospectus except where specifically provided for by this Singapore Prospectus. Certain defined terms can be found in the Glossary section of the Luxembourg Prospectus. Each is a separate portfolio of investments managed in accordance with specific investment objectives. Separate classes of shares may be issued in relation to a. Potential investors should note that the s are subject to market fluctuations and that there can be no assurance that any appreciation in value will occur. The value of investments and the income from them, and therefore the value of, and income from the shares in the s (the Shares ), can go down as well as up and an investor may not get back the amount invested. The Board of Directors of the Company (the Board of Directors ) have taken all reasonable care to ensure that the facts stated in this Singapore Prospectus are true and accurate in all material respects and that there are no other material facts the omission of which makes any statement of fact or opinion in this Singapore Prospectus misleading. The Board of Directors accept responsibility accordingly. The distribution of this Singapore Prospectus and the offering of the Shares may be restricted in certain jurisdictions. This Singapore Prospectus is not an offer or solicitation in any jurisdiction where such offer or solicitation is unlawful, where the person making the offer or solicitation is not authorised to make it or a person receiving the offer or solicitation may not lawfully receive it. Investors should inform themselves as to (a) the legal requirements within their own country, (b) any foreign exchange or exchange control restrictions which may be applicable, and (c) the possible tax consequences, which they may encounter under the laws of the countries of their citizenship, residence or domicile, and which may be relevant to the subscription, holding, transfer or redemption of Shares, before investing in the s. Investors are advised to carefully consider the risk factors set out under the section headed Risk Considerations in the Luxembourg Prospectus and to refer to paragraph 8 of this Singapore Prospectus. If you are in any doubt about the contents of this Singapore Prospectus, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser. The Shares are offered on the basis of the information contained in this Singapore Prospectus and the documents referred to in this Singapore Prospectus. No person is authorised to give any information or to make any representations concerning the Company or the s other than as contained in this Singapore Prospectus. Any purchase made by any person on the basis of statements or representations not contained in or inconsistent with the information and representations contained in this Singapore Prospectus will be solely at the risk of the purchaser. Investors may wish to consult their independent financial adviser about the suitability of any for their specific investment needs. The delivery of this Singapore Prospectus or the issue of Shares shall not, under any circumstances, create any implication that the affairs of the Company and/or the s have not changed since the date of registration of this Singapore Prospectus. To reflect material changes, this Singapore Prospectus may be updated from time to time and investors should investigate whether any more recent Singapore Prospectus is available. For enquiries in relation to the Company or any, investors may contact the Singapore Representative at #18-01 Twenty Anson, 20 Anson Road, Singapore 079912, telephone number: +65 6411 3000, email: clientservice.asiapac@blackrock.com or any appointed Singapore distributor. IMPORTANT: PLEASE READ AND RETAIN THIS SINGAPORE PROSPECTUS FOR FUTURE REFERENCE 1
DIRECTORY BOARD OF DIRECTORS Nicholas C.D. Hall (Chairman) Frank P. Le Feuvre Francine Keiser Geoffrey D. Radcliffe Alexander Hoctor-Duncan REGISTERED OFFICE OF THE COMPANY 2-4, rue Eugène Ruppert, L-2453 Luxembourg, Grand Duchy of Luxembourg MANAGEMENT COMPANY BlackRock (Luxembourg) S.A. 6D route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg INVESTMENT ADVISERS BlackRock Financial Management, Inc. Park Avenue Plaza, 55 East 52 nd 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 PRINCIPAL DISTRIBUTOR BlackRock (Channel Islands) Limited One Waverley Place, Union Street, St Helier, Jersey JE1 0BR, Channel Islands CUSTODIAN The Bank of New York Mellon (International) Limited, Luxembourg Branch 2-4, rue Eugène Ruppert, L-2453 Luxembourg, Grand Duchy of Luxembourg FUND ACCOUNTANT The Bank of New York Mellon (International) Limited, Luxembourg Branch 2-4, rue Eugène Ruppert, L-2453 Luxembourg, Grand Duchy of Luxembourg TRANSFER AGENT, REGISTRAR AND LISTING AGENT J.P. Morgan Bank Luxembourg S.A. 6C, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg SINGAPORE REPRESENTATIVE AND AGENT FOR SERVICE OF PROCESS IN SINGAPORE BlackRock (Singapore) Limited #18-01 Twenty Anson, 20 Anson Road, Singapore 079912 AUDITOR PricewaterhouseCoopers 400, route d Esch, L-1471 Luxembourg, Grand Duchy of Luxembourg LEGAL ADVISERS AS TO SINGAPORE LAW Allen & Gledhill LLP One Marina Boulevard, #28-00, Singapore 018989, Singapore 2
BLACKROCK GLOBAL FUNDS 1 THE COMPANY The Company is an umbrella type open-ended investment company, with variable capital and segregated liability between sub-funds, incorporated with limited liability under the laws of Luxembourg. Full details of the Company are set out under Appendix C Additional Information to the Luxembourg Prospectus. 2 THE FUNDS 2.1 The Board of Directors may establish one or more sub-funds under the Company from time to time. The sub-funds currently offered to investors in Singapore in this Singapore Prospectus are listed in paragraph 3.2.8 below (each a and collectively known as the s ). 2.2 The Board of Directors may also create new share classes in a from time to time. As at the date of this Singapore Prospectus, only Class A Non-Distributing Shares (both hedged and unhedged) and Class A Distributing Shares (both hedged and unhedged) are offered in this Singapore Prospectus in respect of each (each a Class and collectively the Classes ). Please refer to the Classes and Form of Shares and Dividends sections of the Luxembourg Prospectus for further details. 3 MANAGEMENT AND ADMINISTRATION Full details on the management and administration of the Company are set out under the Investment Management of the s section of the Luxembourg Prospectus. 3.1 Management Company 3.1.1 BlackRock (Luxembourg) S.A. has been appointed by the Company to act as its management company (the Management Company ). 3.1.2 The Management Company is a wholly owned subsidiary within the BlackRock Group 1. It is regulated by the CSSF. As at the date of this Singapore Prospectus, the Management Company has managed collective investment schemes or discretionary funds for approximately 7 years. 3.2 Investment Adviser and Sub-Investment Advisers 3.2.1 In respect of the s, the Management Company has delegated its investment management functions to BlackRock Investment Management (UK) Limited, BlackRock Financial Management, Inc., BlackRock Investment Management, LLC and BlackRock (Singapore) Limited (collectively, the Investment Advisers ). The Investment Advisers provide advice and management in the areas of stock and sector selection and strategic allocation. 3.2.2 BlackRock Investment Management (UK) Limited is domiciled in England and Wales and regulated by the Financial Services Authority. As at the date of this Singapore Prospectus, BlackRock Investment Management (UK) Limited has managed collective investment schemes or discretionary funds for approximately 26 years. 3.2.3 BlackRock Financial Management, Inc. and BlackRock Investment Management, LLC are domiciled in the United States of America and regulated by the Securities and Exchange Commission. As at the date of registration of this Singapore Prospectus, BlackRock Financial Management, Inc. and BlackRock Investment Management, LLC have managed collective investment schemes or discretionary funds for approximately 18 and 13 years respectively. 3.2.4 BlackRock (Singapore) Limited is domiciled in Singapore and regulated by the Monetary Authority of Singapore. BlackRock (Singapore) Limited has managed collective investment schemes or discretionary funds for approximately 6 years. 3.2.5 In respect of the s, the relevant Investment Adviser(s) has/have sub-delegated some of its/their functions to BlackRock (Hong Kong) Limited, BlackRock Investment Management (UK) Limited and/or BlackRock Investment Management (Australia) Limited (each a Sub-Investment Adviser ). Notwithstanding the appointment of the Investment Advisers or Sub-Investment Adviser, the Management Company accepts full responsibility to the Company for all investment transactions. BlackRock Investment Management (UK) Limited 1 BlackRock Group means the BlackRock group of companies, the ultimate holding company of which is BlackRock, Inc. 3
also acts as the investment manager to BlackRock India Equities (Mauritius) Limited, a wholly owned subsidiary of the Company, incorporated as a private company limited by shares through which the India may invest into securities. 3.2.6 BlackRock (Hong Kong) Limited is domiciled in Hong Kong and regulated by the Securities and Futures Commission and has been managing collective investment schemes or discretionary funds for approximately 5 years. 3.2.7 BlackRock Investment Management (Australia) Limited is domiciled in Australia and regulated by the Australian Securities and Investments Commission and has been managing collective investment schemes or discretionary funds for approximately 29 years. 3.2.8 The following table sets out the Investment Adviser(s) and Sub-Investment Adviser(s) in respect of each : Investment Adviser Sub-Investment Adviser ASEAN Leaders BlackRock Investment Management (UK) Limited BlackRock (Hong Kong) Limited Asia Pacific Equity Income BlackRock Investment Management (UK) Limited BlackRock (Hong Kong) Limited Asian Dragon BlackRock Investment Management (UK) Limited BlackRock (Hong Kong) Limited Asian Growth Leaders BlackRock Investment Management (UK) Limited BlackRock (Hong Kong) Limited Asian Local Bond BlackRock (Singapore) Limited Nil Asian Tiger Bond BlackRock (Singapore) Limited Nil China BlackRock Investment Management (UK) Limited BlackRock (Hong Kong) Limited Emerging Europe BlackRock Investment Management (UK) Limited Nil Emerging Markets Bond BlackRock Investment Management (UK) Limited Nil Emerging Markets Corporate Bond BlackRock Investment Management (UK) Limited Nil Emerging Markets Equity Income BlackRock Investment Management (UK) Limited and Nil BlackRock Investment Management, LLC Emerging Markets BlackRock Investment Management (UK) Limited and Nil BlackRock Investment Management, LLC Emerging Markets Investment Grade Bond BlackRock Investment Management (UK) Limited Nil Emerging Markets Local Currency Bond BlackRock Investment Management (UK) Limited Nil European BlackRock Investment Management (UK) Limited Nil Global Allocation BlackRock Investment Management, LLC Nil Global Corporate Bond BlackRock Financial Management, Inc. BlackRock Investment Management (Australia) Limited BlackRock Investment Management (UK) Limited Global Dynamic Equity BlackRock Investment Management, LLC Nil Global Equity BlackRock Investment Management (UK) Limited Nil Global Equity Income BlackRock Investment Management (UK) Limited Nil Global High Yield Bond BlackRock Financial Management, Inc., BlackRock Investment Management (UK) Limited and BlackRock (Singapore) Limited Nil Global Inflation Linked Bond BlackRock Financial Management, Inc. BlackRock Investment Management (Australia) Limited Global Multi-Asset Income BlackRock Investment Management (UK) Limited and Nil BlackRock Financial Management, Inc. India BlackRock Investment Management (UK) Limited BlackRock (Hong Kong) Limited Latin American BlackRock Investment Management, LLC Nil Natural Resources Growth & Income BlackRock Investment Management (UK) Limited Nil New Energy BlackRock Investment Management (UK) Limited Nil US Basic Value BlackRock Investment Management, LLC Nil US Dollar High Yield Bond BlackRock Financial Management, Inc. Nil US Flexible Equity BlackRock Investment Management, LLC Nil World Agriculture BlackRock Investment Management (UK) Limited Nil World Energy BlackRock Investment Management (UK) Limited Nil World Financials BlackRock Investment Management, LLC Nil World Gold BlackRock Investment Management (UK) Limited Nil World Healthscience BlackRock Investment Management, LLC Nil World Mining BlackRock Investment Management (UK) Limited Nil World Technology BlackRock Investment Management (UK) Limited Nil 4
4 OTHER PARTIES 4.1 Singapore Representative The Company has appointed BlackRock (Singapore) Limited to act as the representative for the s in Singapore (the Singapore Representative ) to provide and maintain certain administrative and other facilities in respect of the Company. 4.2 Custodian The Bank of New York Mellon (International) Limited, Luxembourg Branch acts as custodian (the Custodian ) of the assets of the Company and to assume the functions and responsibilities of a custodian under the Law of 2010. 4.3 Registrar and Transfer Agent 4.3.1 J.P. Morgan Bank Luxembourg S.A. (the Transfer Agent ) acts as the registrar and transfer agent of the s. 4.3.2 Further information on the Custodian and Transfer Agent can be found under Appendix C Additional Information to the Luxembourg Prospectus. 4.4 Auditor The auditor of the Company is PricewaterhouseCoopers. 5 STRUCTURE OF THE FUNDS 5.1 The Company is an umbrella type open-ended investment company with variable capital and segregated liability between sub-funds (including the s). Each sub-fund is a separate portfolio of investments formed under the umbrella structure of the Company and has its own investment objectives and policies. 5.2 A copy of the register of Singapore Shareholders is kept at the office of the Singapore Representative and is available for inspection by investors, free of charge, during normal Singapore business hours. 6 INVESTMENT OBJECTIVE, POLICY AND STRATEGY 6.1 Investment Objective ASEAN Leaders Investment Objective, Policy and Strategy, Base Currency and Classification The ASEAN Leaders seeks to maximise total return. The invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, current or past member countries of the ASEAN economic organisation. The base currency of the is the USD. The is an Equity. Asia Pacific Equity Income The Asia Pacific Equity Income seeks an above average income from its equity investments without sacrificing long term capital growth. The invests at least 70% of its total assets in equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, the Asia Pacific 2 region excluding Japan. The distributes income gross of expenses. The base currency of the is the USD. The is an Equity. Asian Dragon The Asian Dragon seeks to maximise total return. The invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, Asia, excluding Japan. The base currency of the is the USD. The is an Equity. 2 Asia Pacific refers to the region comprising the countries in the Asian continent and surrounding Pacific islands including Australia and New Zealand. 5
Asian Growth Leaders Investment Objective, Policy and Strategy, Base Currency and Classification The Asian Growth Leaders seeks to maximise total return. The invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their activity in Asia, excluding Japan. The places particular emphasis on sectors and companies that, in the opinion of the Investment Adviser, exhibit growth investment characteristics, such as above-average growth rates in earnings or sales and high or improving returns on capital. The base currency of the is the USD. The is an Equity. Asian Local Bond The Asian Local Bond seeks to maximise total return. The invests at least 70% of its total assets in the local currency-denominated fixed income transferable securities issued by governments and agencies of, and companies domiciled or exercising the predominant part of their economic activity in, Asia, excluding Japan. The full spectrum of available securities, including non-investment grade, may be utilised. The currency exposure is flexibly managed. The base currency of the is the USD. The is a Bond. Asian Tiger Bond The Asian Tiger Bond seeks to maximise total return. The invests at least 70% of its total assets in the fixed income transferable securities of issuers domiciled in, or exercising the predominant part of their economic activity in, Asian Tiger countries (i.e. South Korea, the People s Republic of China, Taiwan, Hong Kong, the Philippines, Thailand, Malaysia, Singapore, Vietnam, Cambodia, Laos, Myanmar, Indonesia, Macau, India and Pakistan). The may invest in the full spectrum of available securities, including non-investment grade. The currency exposure of the is flexibly managed. The base currency of the is the USD. The is a Bond. China The China seeks to maximise total return. The invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, the People s Republic of China. The base currency of the is the USD. The is an Equity. Emerging Europe The Emerging Europe seeks to maximise total return. The invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, emerging European countries. It may also invest in companies domiciled in and around, or exercising the predominant part of their economic activity in and around, the Mediterranean region (i.e. the countries bordering the Mediterranean Sea). The base currency of the is the EUR. The is an Equity. Emerging Markets Bond The Emerging Markets Bond seeks to maximise total return. The invests at least 70% of its total assets in the fixed income transferable securities of governments and agencies of, and companies domiciled or exercising the predominant part of their economic activity in, emerging markets. The may invest in the full spectrum of available securities, including non-investment grade. Currency exposure is flexibly managed. The base currency of the is the USD. The is a Bond. 6
Emerging Markets Corporate Bond Investment Objective, Policy and Strategy, Base Currency and Classification The Emerging Markets Corporate Bond seeks to maximise total return. The invests at least 70% of total assets in fixed income transferable securities issued by companies domiciled in, or exercising the predominant part of their economic activity in, emerging markets. Currency exposure is flexibly managed. The base currency of the is the USD. The is a Bond. Emerging Markets Equity Income The Emerging Markets Equity Income seeks an above average income from its equity investments without sacrificing long term capital growth. The invests globally at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in emerging markets. Investment may also be made in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, developed markets that have significant business operations in emerging markets. The distributes income gross of expenses. The base currency of the is the USD. The is an Equity. Emerging Markets The Emerging Markets seeks to maximise total return. The invests globally at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in emerging markets. Investment may also be made in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, developed markets that have significant business operations in emerging markets. The base currency of the is the USD. The is an Equity. Emerging Markets Investment Grade Bond The Emerging Markets Investment Grade Bond seeks to maximise total returns. The invests at least 90% of its total assets in investment grade fixed income transferable securities. At least 70% of total assets will be invested in investment grade fixed income transferable securities issued by governments and agencies of, and companies domiciled in, or exercising the predominant part of their economic activity in, emerging markets. Currency exposure is flexibly managed. The base currency of the is the USD. The is a Bond. Emerging Markets Local Currency Bond The seeks to maximise total return. The invests at least 70% of its total assets in local currency-denominated fixed income transferable securities issued by governments and agencies of, and companies domiciled or exercising the predominant part of their economic activity in, emerging markets. The full spectrum of available securities, including non-investment grade, may be utilised. Currency exposure is flexibly managed. The base currency of the is the USD. The is a Bond. 7
European Investment Objective, Policy and Strategy, Base Currency and Classification The European seeks to maximise total return. The invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, Europe 3. The base currency of the is the EUR. The is an Equity. Global Allocation The Global Allocation seeks to maximise total return. The invests globally in equity, debt and short term securities, of both corporate and governmental issuers, with no prescribed limits. In normal market conditions the will invest at least 70% of its total assets in the securities of corporate and governmental issuers. The generally will seek to invest in securities that are, in the opinion of the Investment Adviser, undervalued. The may also invest in the equity securities of small and emerging growth companies. The may also invest a portion of its debt portfolio in high yield fixed income transferable securities. Currency exposure is flexibly managed. The base currency of the is the USD. The is a Mixed. Global Corporate Bond The Global Corporate Bond seeks to maximise total return. The invests at least 70% of its total assets in investment grade corporate fixed income securities issued by companies worldwide. Currency exposure is flexibly managed. The base currency of the is the USD. The is a Bond. Global Dynamic Equity The Global Dynamic Equity seeks to maximise total return. The invests globally, with no prescribed country or regional limits, at least 70% of its total assets in equity securities. The will generally seek to invest in securities that are, in the opinion of the Investment Adviser, undervalued. The may also invest in the equity securities of small and emerging growth companies. Currency exposure is flexibly managed. The base currency of the is the USD. The is an Equity. Global Equity The Global Equity seeks to maximise total return. The invests globally at least 70% of its total assets in equity securities. At least 51% of total assets will be invested in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, developed markets. The base currency of the is the USD. The is an Equity. Global Equity Income The Global Equity Income seeks an above average income from its equity investments without sacrificing long term capital growth. The invests globally at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, developed markets. The distributes income gross of expenses. Currency exposure is flexibly managed. The base currency of the is the USD. The is an Equity. 3 Europe refers to all European countries including the UK, Eastern Europe and former Soviet Union countries. 8
Global High Yield Bond Investment Objective, Policy and Strategy, Base Currency and Classification The Global High Yield Bond seeks to maximise total return. The invests globally at least 70% of its total assets in high yield fixed income transferable securities. The may invest in the full spectrum of available fixed income transferable securities, including non-investment grade. Currency exposure is flexibly managed. The base currency of the is the USD. The is a Bond. Global Inflation Linked Bond The Global Inflation Linked Bond seeks to maximise real return. The invests at least 70% of its total assets in inflation-linked fixed income transferable securities that are issued globally. The may only invest in fixed income transferable securities which are investment grade at the time of purchase. Currency exposure is flexibly managed. The base currency of the is the USD. The is a Bond. Global Multi-Asset Income The Global Multi-Asset Income follows a flexible asset allocation policy that seeks an above average income without sacrificing long term capital growth. The invests globally in the full spectrum of permitted investments including equities, equity-related securities, fixed income transferable securities (which may include some high yield fixed income transferable securities), units of undertakings for collective investment, cash, deposits and money market instruments The makes use of derivatives for the purposes of efficient portfolio management including the generation of additional income for the. This distributes income gross of expenses. Currency exposure is flexibly managed. The base currency of the is the USD. The is a Mixed. India The India seeks to maximise total return. The invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, India. (The may invest through BlackRock India Equities (Mauritius) Limited, a wholly-owned subsidiary of the Company, incorporated as a private company limited by shares (the Subsidiary )). Please refer to Appendix C Additional Information to the Luxembourg Prospectus for more information on the Subsidiary. The base currency of the is the USD. The is an Equity. Latin American The Latin American seeks to maximise total return. The invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, Latin America (i.e. Mexico, Central America, South America and the islands of the Caribbean, including Puerto Rico). The base currency of the is the USD. The is an Equity. 9
Natural Resources Growth & Income Investment Objective, Policy and Strategy, Base Currency and Classification The seeks to achieve capital growth and an above average income from its equity investments. The invests at least 70% of its total assets in the equity securities of companies whose predominant economic activity is in the natural resources sector, such as, but not limited to, companies engaged in mining, energy and agriculture. The makes use of derivatives in a way that may be significant to its investment objective in order to generate additional income. The distributes income gross of expenses. The base currency of the is the USD. The is an Equity. New Energy The New Energy seeks to maximise total return. The invests globally at least 70% of its total assets in the equity securities of new energy companies. New energy companies are those which are engaged in alternative energy and energy technologies including: renewable energy technology; renewable energy developers; alternative fuels; energy efficiency; enabling energy and infrastructure. The base currency of the is the USD. The is an Equity. US Basic Value The US Basic Value seeks to maximise total return. The invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, the US. The places particular emphasis on companies that are, in the opinion of the Investment Adviser, undervalued and therefore represent basic investment value. The base currency of the is the USD. The is an Equity. US Dollar High Yield Bond The US Dollar High Yield Bond seeks to maximise total return. The invests at least 70% of its total assets in high yield fixed income transferable securities denominated in US dollars. The may invest in the full spectrum of available fixed income transferable securities, including non-investment grade. Currency exposure is flexibly managed. The base currency of the is the USD. The is a Bond. US Flexible Equity The US Flexible Equity seeks to maximise total return. The invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, the US. The normally invests in securities that, in the opinion of the Investment Adviser, exhibit either growth or value investment characteristics, placing an emphasis as the market outlook warrants. The base currency of the is the USD. The is an Equity. World Agriculture The World Agriculture seeks to maximise total return. The invests globally at least 70% of its total assets in the equity securities of agricultural companies. Agricultural companies are those which are engaged in agriculture, agricultural chemicals, equipment and infrastructure, agricultural commodities and food, bio-fuels, crop sciences, farm land and forestry. The base currency of the is the USD. The is an Equity. 10
World Energy Investment Objective, Policy and Strategy, Base Currency and Classification The World Energy seeks to maximise total return. The invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is in the exploration, development, production and distribution of energy. The base currency of the is the USD. The is an Equity. World Financials The World Financials seeks to maximise total return. The invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is financial services. The base currency of the is the USD. The is an Equity. World Gold The World Gold seeks to maximise total return. The invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is gold-mining. It may also invest in the equity securities of companies whose predominant economic activity is other precious metal or mineral and base metal or mineral mining. The does not hold physical gold or metal. The base currency of the is the USD. The is an Equity. World Healthscience The World Healthscience seeks to maximise total return. The invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is in healthcare, pharmaceuticals, medical technology and supplies and the development of biotechnology. Currency exposure is flexibly managed. The base currency of the is the USD. The is an Equity. World Mining The World Mining seeks to maximise total return. The invests globally at least 70% of its total assets in the equity securities of mining and metals companies whose predominant economic activity is the production of base metals and industrial minerals such as iron ore and coal. The may also hold the equity securities of companies whose predominant economic activity is in gold or other precious metal or mineral mining. The does not hold physical gold or metal. The base currency of the is the USD. The is an Equity. World Technology The World Technology seeks to maximise total return. The invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is in the technology sector. The base currency of the is the USD. The is an Equity. 6.1.1 Risk Management The Management Company employs a risk management process in respect of the s which enables it to accurately monitor and manage the global exposure from financial derivative instruments ( global exposure ) which each gains. The Management Company uses a methodology known as Value at Risk ( VaR ) in order to measure the global exposure of the s and manage the potential loss to them due to market risk. Please refer to the Investment Objectives & Policies section of the Luxembourg Prospectus for more information about VaR measure and the specific type of VaR measure used for each. 11
6.1.2 Leverage A fund s level of investment exposure (for an equity fund, when combined with its instruments and cash) can in aggregate exceed its Net Asset Value due to the use of financial derivative instruments or borrowing (borrowing is only permitted in limited circumstances and not for investment purposes). Where a fund s investment exposure exceeds its Net Asset Value this is known as leverage. Please refer to the Investment Objectives & Policies section of the Luxembourg Prospectus for more information about leverage and the expected level of leverage of each. 6.1.3 Shareholders should note that the Directors may determine to restrict the purchase of Shares in a when it has become capacity constrained, for example, when a or the investment strategy of a reaches a size that in the opinion of the Management Company and/or Investment Advisers could impact its ability to implement its investment strategy, find suitable investments or manage efficiently its existing investments. Information as to whether the purchase of Shares in a at a specific point in time is restricted in this way is available from the investor servicing team in Hong Kong (the Investor Servicing Team ). 6.1.4 Please refer to the Investment Objectives & Policies section of the Luxembourg Prospectus for further information on the investment objective, policy and strategy for each. 6.2 Investment Restrictions 6.2.1 Please refer to Appendix A Investment and Borrowing Powers and Restrictions to the Luxembourg Prospectus for information on the investment restrictions for the s. 7 FEES, CHARGES AND EXPENSES 7.1 The current fees, charges and expenses applicable to each are set out in Appendix 1 to this Singapore Prospectus. 7.2 Please refer to the Fees, Charges and Expenses section of, and Appendix B Summary of Certain Provisions of the Articles and of Company Practice, Appendix C Additional Information and Appendix E Summary of Charges and Expenses to the Luxembourg Prospectus for further details on fees, charges and expenses currently applicable to the s. 8 RISK FACTORS 8.1 General Risks 8.1.1 The performance of each will depend on the performance of the underlying investments. No guarantee or representation is made that any or any investment will achieve its respective investment objectives. 8.1.2 Past results are not necessarily indicative of future results. The value of the Shares may fall as well as rise and an investor may not recoup its investment. Income from the Shares may fluctuate in money terms. 8.1.3 Changes in exchange rates may, among other factors, cause the value of Shares to increase or decrease. 8.2 Specific Risks 8.2.1 As the Net Asset Value of the Shares is denominated in United States Dollars ( USD ) or Euro ( EUR ), foreign currency exchange rate movements are likely to influence the returns to investors in Singapore, and accordingly such investors may be exposed to exchange rate risks. Certain Share Classes of certain s may be denominated in a currency other than the base currency of the relevant. In addition, the s may invest in assets denominated in currencies other than the base currency. Therefore changes in exchange rates may affect the value of an investment in the s. The hedging strategies applied to Hedged Share Classes will vary on a fund by fund basis. In respect of Hedged Share Classes, s will apply a hedging strategy which aims to mitigate currency risk between the Net Asset Value of a and the currency of the Hedged Share Class while taking into account practical considerations including transaction costs. Hedged Share Classes in non-major currencies may be affected by the fact that capacity of the relevant currency market may be limited, which could further affect the volatility of the Hedged Share Class. All gains/losses or expenses arising from hedging transactions are borne separately by the shareholders of the respective Hedged Share Classes. 12
8.2.2 In respect of Asian Local Bond, Asian Tiger Bond, Emerging Markets Bond, Emerging Markets Corporate Bond, Emerging Markets Investment Grade Bond, Emerging Markets Local Currency Bond, Global Allocation, Global Corporate Bond, Global Dynamic Equity, Global Equity Income, Global High Yield Bond, Global Inflation Linked Bond, Global Multi-Asset Income, US Dollar High Yield Bond and World Healthscience, currency exposure is flexibly managed, which means that the relevant Investment Adviser(s) may be expected to regularly employ currency management and hedging techniques in the relevant. Techniques used may include hedging the currency exposure on a s portfolio or/and using more active currency management techniques such as currency overlays, but does not mean that a s portfolio will always be hedged in whole or in part. In respect of all other s, the currency exposure of such s will normally be left unhedged. 8.2.3 Please refer to the Risk Considerations section in the Luxembourg Prospectus for more information on the general risks and specific risks relating to each and to paragraph 17 of Appendix C Additional Information to the Luxembourg Prospectus for further details of the special risk considerations applicable to the India. 9 SUBSCRIPTION AND OFFERING OF SHARES 9.1 Subscription Procedure, Dealing Deadline and Pricing Basis 9.1.1 Initial Offer Period and Initial Offer Price The Emerging Markets Corporate Bond and Emerging Markets Investment Grade Bond may be launched at the Directors discretion at such initial offer period (if any) and initial offer price (if any) as may be determined by the Directors. After the relevant initial offer period (if any), Shares of the s may normally be acquired or redeemed at their Net Asset Value. 9.1.2 Shares may normally be acquired or redeemed at their Net Asset Value. Prices may include or have added to them, as appropriate: (i) an initial charge; and (ii) in limited circumstances, adjustments to reflect fiscal charges and dealing costs. Please refer to paragraph 17(c) of Appendix B Summary of Certain Provisions of the Articles and of Company Practice to the Luxembourg Prospectus for details of such fiscal and dealing costs. Investors who wish to subscribe for shares should complete the Application Form which accompanies this Singapore Prospectus. The completed application must be submitted through the Singapore Representative or appointed Singapore distributors who will in turn send the applications to the Investor Servicing Team. Subscriptions must be received by the Investor Servicing Team on or before 6.00pm (Singapore time) on any business day in Singapore, unless specifically agreed otherwise with the Investor Servicing Team, in order to be accepted by the Transfer Agent or the Investor Servicing Team for that day s dealing (provided it is also a business day in Luxembourg). Subscriptions received by the Investor Servicing Team after 6.00pm (Singapore time) on a business day in Singapore (which is also a business day in Luxembourg) or on a day which is not a business day in Luxembourg will be accepted by the Transfer Agent or the Investor Servicing Team for dealing on the next day which is a business day in Luxembourg. The Singapore Representative and appointed Singapore distributors will impose their own more restrictive dealing deadlines on investors in order to meet the Investor Servicing Team s dealing deadlines. Investors should confirm the applicable dealing deadline with the Singapore Representative or the relevant appointed Singapore distributor. The Transfer Agent or the Investor Servicing Team will promptly confirm transactions by dispatching a confirmation note to the applicant normally within 3 days after receipt of the subscription. Shares are calculated on a forward pricing basis and the relevant Net Asset Value cannot be calculated at the time of the application. Further details on the subscription procedure are set out in the Application for Shares section of the Luxembourg Prospectus. 13
An investor may through the Singapore Representative or appointed Singapore distributors, by arrangement with the Transfer Agent or the Investor Servicing Team, provide the Transfer Agent with any major freely convertible currency and the Transfer Agent will arrange the necessary currency transactions. The cost of foreign exchange transactions will be borne by the investor. The s do not offer a cancellation period to investors. 9.2 Minimum Subscription In respect of Class A Shares of each, the minimum initial subscription amount is USD 5,000 (or the approximate equivalent in the relevant dealing currency). In respect of Class A Shares of each, the minimum subsequent subscription amount is USD 1,000 (or the approximate equivalent in the relevant dealing currency). The minimum initial subscription amount and the minimum subsequent subscription amount may be varied for any particular case or distributor or generally. 9.3 Numerical Example of How Shares are Allotted Class A Shares The following example assumes an initial charge of 5% of the gross investment and explains the effect of such initial charge on the number of Shares received. Based on an investment amount of USD 5,000 at the notional Net Asset Value per Share of USD 1.00, the number of Shares received by the Shareholder will be: USD 5,000 USD 250 = USD 4,750 Gross Investment Initial charge of 5% Net subscription into Class A Shares of a USD 4,750 USD 1.00 = 4,750 Net subscription into Class Net Asset Value per Share Number of Shares A Shares of a Investors should note that the above example is purely hypothetical and is not a forecast or indication of any expectation of performance of the s. The above example is to illustrate how the Shares will be allotted. 9.4 Minimum Size If at any time the Net Asset Value of the Company is less than USD 100 million (or equivalent), all Shares not previously redeemed may be redeemed by notice to all Shareholders. The Directors may require redemption of all the Shares linked to a particular if the Net Asset Value of the relevant falls below USD 50 million (or the equivalent in any relevant dealing currency). 9.5 Further information on subscriptions of Shares of the s can be found under the sections headed Dealing in Shares and Applications for Shares of, and Appendix B Summary of Certain Provisions of the Articles and of Company Practice to, the Luxembourg Prospectus. 14
10 REDEMPTIONS 10.1 Redemption Procedure 10.1.1 Singapore Shareholders wishing to redeem shares should complete and submit the form that is available from the Singapore Representative and the appointed Singapore distributors. Please refer to the Redemption of Shares section of the Luxembourg Prospectus for more information on the redemption procedure. Requests for redemption must be submitted through the Singapore Representative or appointed Singapore distributors and on-sent by the Singapore Representative or appointed Singapore distributors to the Investor Servicing Team on or before 6.00pm (Singapore time) on any business day in Singapore, unless specifically agreed otherwise by the Investor Servicing Team, in order to be accepted by the Transfer Agent or Investor Servicing Team for that day s dealing (provided it is also a business day in Luxembourg). Redemption requests received by the Investor Servicing Team after 6.00pm (Singapore time) on a business day in Singapore (which is also a business day in Luxembourg) or on a day which is not a business day in Luxembourg will be accepted by the Transfer Agent or the Investor Servicing Team for dealing on the next day which is a business day in Luxembourg. The Singapore Representative and appointed Singapore distributors will impose their own more restrictive dealing deadlines on Shareholders in order to meet the Investor Servicing Team s dealing deadlines. Investors should confirm the applicable dealing deadline with the Singapore Representative or the relevant appointed Singapore distributor. 10.1.2 The redemption price per Share is calculated on a forward pricing basis. Therefore, the redemption price of Shares will not be ascertainable at the time of the redemption request. 10.2 Minimum Realisation Amount and Minimum Holding The Company may refuse to comply with redemption, conversion or transfer instructions if they are given in respect of part of a holding in the relevant Share Class which has a value of less than USD 1,000 or the approximate equivalent in the relevant dealing currency or if to do so would result in such a holding of less than USD 5,000. These minima may be varied for any particular case or distributor or generally. 10.3 Payment of Redemption Proceeds Redemption payments will normally be dispatched in the relevant dealing currency on the third Luxembourg business day after the relevant dealing day, provided the relevant documents and any applicable money laundering prevention information have been received. On written request to the Investor Servicing Team or Transfer Agent (made through the Singapore Representative or appointed Singapore distributors), payment may be made in such other currency as may be freely purchased by the Transfer Agent with the relevant dealing currency and such currency exchange will be effected at the Shareholder s risk and cost. Redemption payments for Shares are made by telegraphic transfer to the Shareholder s bank account at the Shareholder s cost. 10.4 Numerical example of calculation of redemption proceeds Class A Shares e.g. 1,000 Shares X USD 1.50* = USD 1,500 Redemption request Net Asset Value per Share Gross redemption proceeds * For illustrative purposes only. The redemption price depends on the Net Asset Value per Share at the relevant time and may be above or below the original purchase price. The above example is purely hypothetical, and is not a forecast or indication of any expectation of the performance of the s. There is no redemption charge imposed on redemptions, save for the circumstance described in each Appendix to this Singapore Prospectus. 10.5 For more information on redemptions, please refer to the Redemption of Shares and Conversion of Shares sections of, as well as Appendix B Summary of Certain Provisions of the Articles and of Company Practice to, the Luxembourg Prospectus. 15