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
11 CONVERSION 11.1 Conversions are permitted between different Share Classes of the same or of a different available in Singapore, subject to the limitations set out under the Conversion of Shares section of the Luxembourg Prospectus and provided investors and/or the holding (as appropriate) meet the specific eligibility criteria for each Share Class. 11.2 Shareholders must fill out and sign an application for conversion which must be addressed with all the conversion instructions to the Singapore Representative or to an appointed Singapore distributor. 11.3 Requests for conversion must be submitted by 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). Conversion 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. 11.4 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. 11.5 For more information on conversion, please refer to the Conversion of Shares section of, as well as Appendix B Summary of Certain Provisions of the Articles and of Company Practice to, the Luxembourg Prospectus. 12 OBTAINING PRICE INFORMATION 12.1 The Net Asset Value of the Class A Shares for the previous Dealing Day (as defined in the Luxembourg Prospectus) may be obtained from the Singapore Representative or an appointed Singapore distributor and will also be published on www.blackrock.com.sg. 12.2 Further information on obtaining price information can be found under the Prices of Shares section of the Luxembourg Prospectus. 13 SUSPENSION OF VALUATION AND SUBSCRIPTION, TRANSFER, CONVERSION AND REDEMPTION OF SHARES 13.1 The Board of Directors may at any time temporarily suspend the calculation of the Net Asset Value of the Shares of any Class of a and the issue, redemption and conversion of such Shares in the circumstances described under paragraph 29 of Appendix B Summary of Certain Provisions of the Articles and of Company Practice to the Luxembourg Prospectus. 13.2 The Company will also not be bound and will be entitled to defer instructions to redeem or convert any Shares of a on any one Dealing Day in the circumstances described under paragraph 31 of Appendix B Summary of Certain Provisions of the Articles and of Company Practice to the Luxembourg Prospectus. 13.3 The Directors also have power to suspend dealings in the Shares linked to any where it is to be terminated or merged in the circumstances described under paragraph 8 of Appendix B Summary of Certain Provisions of the Articles and of Company Practice to the Luxembourg Prospectus. 14 PERFORMANCE OF THE FUNDS, EXPENSE RATIO AND TURNOVER RATIO Please refer to Appendix 2 to this Singapore Prospectus for information on the performance, expense ratio and turnover ratio of each. 15 CONFLICTS OF INTEREST 15.1 Conflicts of interest and relationships within the Blackrock Group and with the PNC Group are set out in Paragraph 26 to 35 of Appendix C Additional Information to the Luxembourg Prospectus. 16
15.2 Please also refer to paragraph 19 below on conflicts which may arise as a result of soft dollar commissions received or intended to be received. 16 REPORTS 16.1 The Company s accounting year ends on 31 August in each year. 16.2 Audited annual reports will be made available within 4 months of the relevant year-end and unaudited interim reports will be made available within 2 months following the end of the relevant half-year. The annual and interim reports will be made available at the registered office of the Company, the Singapore Representative and the Investor Servicing Team during normal business hours. 16.3 Details on the Company s audited annual report and unaudited interim report are set out under the Meetings and Reports section of the Luxembourg Prospectus. 17 CERTAIN SINGAPORE TAX CONSIDERATIONS Investors should be aware that they may or may not be required to pay income tax in relation to their investments in the s. Investors who are in doubt of their tax position should consult their own independent tax advisors. 18 USE OF DERIVATIVES AND SECURITIES LENDING 18.1 In accordance with the investment limits and restrictions set out in Appendix A Investment and Borrowing Powers and Restrictions to the Luxembourg Prospectus each of the s may use financial derivative instruments for efficient portfolio management or to hedge market and currency risk or otherwise as disclosed in the investment policy and strategy of the relevant. Each s choice of derivative counterparties for its derivative transactions is not restricted and should the Company net its OTC derivative positions, it is intended for such netting to conform to the laws of the relevant jurisdictions. Investors should note that a may sustain loss as a result of the failure of a derivatives counterparty to comply with the terms of the derivatives contract. 18.2 Investors may obtain supplementary information relating to the risk management methods employed by the Company from the Company or the Singapore Representative. Please refer to the sections headed Derivatives General and Derivatives Specific in the Luxembourg Prospectus for more details about derivatives usage. Please also refer to the Appendix A Investment and Borrowing Powers and Restrictions to the Luxembourg Prospectus on the investment restrictions and techniques and instruments in relation to the use of derivatives. 18.3 The s may engage in securities lending and/or repurchase transactions. Types, purpose, limits and conditions 18.3.1 The rules applicable to securities lending and repo transactions are set out in the CSSF Circular 08/356, as amended from time to time. The investment restrictions set out under this section 18.3 describe the main rules applicable to securities lending and repo transactions but are not exhaustive. Any securities lending and/or repo transactions shall be entered into for one or more of the following specific aims: (i) (ii) (iii) reduction of risk, reduction of cost; and the generation of additional capital or income for the Company with a level of risk which is consistent with the risk profile of the Company and its relevant s and the risk diversification rules applicable to them. Moreover those transactions may be carried out for 100% of the assets held by the relevant provided (i) that their volume is kept at an appropriate level or that the Company is entitled to request the return of the securities lent in a manner that enables it, at all times, to meet its redemption obligations; and (ii) that these transactions do not jeopardise the management of the Company s assets in accordance with the investment policy of the relevant. Risks shall be monitored in accordance with the risk management process of the Company. 17
18.3.2 The Company may enter into securities lending transactions provided that it complies with the following rules: (i) (ii) (iii) (iv) (v) (vi) the Company may lend securities either directly or through a standardised system organised by a recognised clearing institution or a lending program organised by a financial institution subject to prudential supervision rules which are recognised by the CSSF as equivalent to those laid down in Community law and specialised in this type of transactions; the borrower must be subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by Community law; net exposures (i.e. the exposures of a less the collateral received by a ) to a counterparty arising from securities lending transactions shall be taken into account in the 20% limit provided for in article 43(2) of the 2010 Law; as part of its lending transactions, the Company must receive collateral, the value of which, during the duration of the lending agreement, must be equal to at least 90% of the global valuation of the securities lent (interests, dividends and other eventual rights included); such collateral must be received prior to or simultaneously with the transfer of the securities lent. When the securities are lent through an intermediary referred to under (i) above, the transfer of the securities lent may be effected prior to receipt of the collateral, if the relevant intermediary ensures proper completion of the transaction. The intermediary may, instead of the borrower, provide to the UCITS collateral in lieu of the borrower; the collateral must be given in the form of: (a) (b) (c) (d) (e) (f) liquid assets such as cash, short term bank deposits, money market instruments as defined in Directive 2007/16/EC of 19 March 2007, letters of credit and guarantees at first demand issued by a first class credit institution not affiliated to the counterparty; bonds issued or guaranteed by a Member State of the OECD or by their local authorities or supranational institutions and bodies of a community, regional or world-wide scope; shares or units issued by money market-type UCIs calculating a daily net asset value and having a rating of AAA or its equivalent; shares or units issued by UCITS investing mainly in bonds/shares mentioned under (e) and (f) hereunder; bonds issued or guaranteed by first class issuers offering an adequate liquidity; or shares admitted to or dealt in on a regulated market of a Member State of the European Union or on a stock exchange of a Member State of the OECD, provided that these shares are included in a main index. (vii) the collateral given under any form other than cash or shares/units of a UCI/UCITS shall be issued by an entity not affiliated to the counterparty; (viii) when the collateral given in the form of cash exposes the Company to a credit risk vis-à-vis the trustee of this collateral, such exposure shall be subject to the 20% limitation as laid down in section 2.6 of Appendix A Investment and Borrowing Powers and Restrictions to the Luxembourg Prospectus; (ix) (x) the collateral given in a form other than cash shall not be held in custody by the counterparty, except if it is adequately segregated from the counterparty s own assets and legally protected from consequences of counterparty default; the Company shall proceed on a daily basis to the valuation of the collateral received. In case the value of the collateral already granted appears to be insufficient in comparison with the amount to be covered, the counterparty shall provide additional collateral on a very short term basis. If appropriate, safety margins shall apply in order to take into consideration exchange risks or market risks inherent to the assets accepted as collateral; 18
(xi) (xii) the Company shall ensure that it is able to claim its rights on the collateral in case of the occurrence of an event requiring the execution thereof, meaning that the collateral shall be available at all times, either directly or through the intermediary of a first class financial institution or a wholly-owned subsidiary of this institution, in such a manner that the Company is able to appropriate or realise the assets given as collateral, without delay, if the counterparty does not comply with its obligation to return the securities lent; during the duration of the agreement, the collateral cannot be sold or given as a security or pledged, except if the Company has other means of coverage; and (xiii) the Company shall disclose the global valuation of the securities lent in the annual and semi-annual reports. 18.3.3 The Company may enter into: (i) (ii) repurchase transactions which consist in the purchase or sale of securities with provisions reserving the seller the right or the obligation to repurchase from the buyer securities sold at a price and term specified by the two parties in their contractual arrangement; and reverse repurchase agreement transactions, which consist of a forward transaction at the maturity of which the seller (counterparty) has the obligation to repurchase the securities sold and the Company the obligation to return the securities received under the transaction (collectively, the repo transactions ). 18.3.4 The Company can act either as buyer or seller in repo transactions. Its involvement in such transactions is however subject to the following rules: (a) (b) (c) the fulfilment of the conditions 18.3.2(ii) and 18.3.2(iii) above; during the life of a repo transaction with the Company acting as purchaser, the Company shall not sell the securities which are the object of the contract, before the counterparty has exercised its option or until the deadline for the repurchase has expired, unless the Company has other means of coverage; the securities acquired by the Company under a repo transaction must conform to the s investment policy and investment restrictions and must be limited to: (i) (ii) (iii) short-term bank certificates or money market instruments as defined in Directive 2007/16/EC of 19 March 2007; bonds issued by non-governmental issuers offering an adequate liquidity; assets referred to under 18.3.2(vi) (b), (c) and (d) above; and The Company shall disclose the total amount of the open repo transactions on the date of reference of its annual and interim reports. Conflicts of interest The Company has appointed BlackRock Advisors (UK) Limited as securities lending agent which in turn may sub-delegate the provision of securities lending agency services to other BlackRock Group companies. BlackRock Advisors (UK) Limited has the discretion to arrange stock loans with highly rated specialist financial institutions (the counterparties ). Such counterparties can include associates of BlackRock Advisors (UK) Limited. The Board of Directors will ensure that revenues arising from securities lending transactions are in accordance with usual market practice. Risks The s engaging in securities lending will have a credit risk exposure to the counterparties to any securities lending contract. investments can be lent to counterparties over a period of time. A default by the counterparty combined with a fall in the value of the collateral below that of the value of the securities lent may result in a reduction in the value of the. The Company intends to ensure that all securities lending is fully collateralised but, to the extent that any securities lending is not fully collateralised (for example due to timing issues arising from payment lags), the s will have a credit risk exposure to the counterparties to the securities lending contracts. 19
Revenue Any net income (net of any remuneration to which the Company s securities lending agent is entitled) generated from securities lending to which the Company is entitled will be reinvested in the relevant s. At the cost of the Company, BlackRock Advisors (UK) Limited receives remuneration in relation to its activities above. Such remuneration shall not exceed 40% of the net revenue from the activities. 19 SOFT DOLLAR COMMISSIONS 19.1 With respect to the s (or portion of a ) for which companies within the BlackRock Group provide investment management and advice, they may select brokers (including, without limitation, brokers who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through third-party or correspondent relationships, with research or execution services which provide, in BlackRock Group s view, lawful and appropriate assistance to each applicable BlackRock Group company in the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the as a whole and may contribute to an improvement in the s performance. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments. To the extent that BlackRock uses its clients commission dollars to obtain research or execution services, BlackRock Group companies will not have to pay for those products and services themselves. BlackRock Group companies may receive research or execution services that are bundled with the trade execution, clearing and/or settlement services provided by a particular broker-dealer. To the extent that each BlackRock Group company receives research or execution services on this basis, many of the same potential conflicts related to receipt of these services through third party arrangements exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by that BlackRock Group company. 19.2 Each BlackRock Group company may endeavour, subject to best execution, to execute trades through brokers who, pursuant to such arrangements, provide research or execution services in order to ensure the continued receipt of research or execution services that BlackRock Group company believes are useful in their investment decision-making or trade execution process. 19.3 Each BlackRock Group company may pay, or be deemed to have paid, commission rates higher than it could have otherwise paid in order to obtain research or execution services if that BlackRock Group company determines in good faith that the commission paid is reasonable in relation to the value of the research or execution services provided. BlackRock Group believes that using commission dollars to obtain the research or execution services enhances its investment research and trading processes, thereby increasing the prospect for higher investment returns. 19.4 BlackRock Group may from time to time choose to alter or choose not to engage in the above described arrangements to varying degrees, without notice to BlackRock Group clients, to the extent permitted by applicable law. 20 QUERIES AND COMPLAINTS Investors may contact the Singapore Representative at +65 6411 3000 to seek clarifications about the Company or the s. 21 OTHER MATERIAL INFORMATION Investors should refer to the Luxembourg Prospectus for other material information relating to the s. 20
APPENDIX 1 FEES, CHARGES AND EXPENSES The fees, charges and expenses applicable to the s are set out in the tables below. Payable by the Investor Initial Charge* Redemption Charge Conversion Charge Up to 5% may be charged by and made payable to appointed distributors. A redemption charge of up to a maximum of 2% of the redemption proceeds can be charged to a Shareholder at the discretion of the Directors where the Directors, in their reasonable opinion, suspect that Shareholder of excessive trading (as described in the Excessive Trading Policy section of the Luxembourg Prospectus). This charge will be made for the benefit of the relevant and the Shareholders will be notified in their contract notes if such a fee has been charged. A conversion charge of up to a maximum of 2% may be charged to a Shareholder if excessive frequent conversions are suspected (as described in the Excessive Trading Policy section of the Luxembourg Prospectus). Payable by each : The following fees and expenses will be incurred by the Company on behalf of the and will affect the Net Asset Value of the. Management Fee** In respect of each, currently the following percentage per annum of the Net Asset Value of the relevant, accruing daily and paid monthly: ASEAN Leaders, Asia Pacific Equity Income, Asian Dragon, Asian Growth Leaders, China, Emerging Markets Corporate Bond, Emerging Markets Equity Income, Emerging Markets, European, Global Allocation, Global Dynamic Equity, Global Equity, Global Equity Income, Global Multi-Asset Income, India, US Basic Value, US Flexible Equity, World Financials, World Healthscience and World Technology : 1.50% Asian Local Bond, Asian Tiger Bond and Emerging Markets Local Currency Bond : 1.00% Emerging Europe, Latin American, Natural Resources Growth & Income, New Energy, World Agriculture, World Energy, World Gold and World Mining : 1.75% Emerging Markets Bond, Emerging Markets Investment Grade Bond, Global High Yield Bond and US Dollar High Yield Bond : 1.25% Global Inflation Linked Bond : 0.75% Global Corporate Bond : 0.90% Certain costs and fees are paid out of the management fee, including the fees of the Investment Advisers and the Sub-Investment Advisor (where applicable). Distribution Fee Currently nil for Class A Shares 21
Custodian Fee Administration Fee** The Custodian fee is normally allocated between the relevant s (plus any taxes thereon) on a fair and equitable basis at the Directors discretion. The annual custody safekeeping fees range from 0.005% to 0.441% per annum and the transaction fees range from US$8.8 to US$196 per transaction. The rates for both categories of fees will vary according to the country of investment and, in some cases, according to asset class. The level of Administration Fees may vary at the Directors discretion, as agreed with the Management Company, and will apply at different rates across the various s and Share Classes issued by the Company. However, it has been agreed between the Directors and the Management Company that the Administration Fee currently paid shall not exceed 0.25% per annum. Administration Fees accrue daily, are based on the Net Asset Value of the relevant Share Class and paid monthly. The Administration Fee is used by the Management Company to meet all fixed and variable operating and administrative costs and expenses incurred by the Company, with the exception of the Custodian fees, plus any taxes thereon and any taxes at an investment or Company level. The Management Company bears the risk of ensuring that the s total expense ratio remains competitive. Accordingly the Management Company is entitled to retain any amount of the Administration Fee paid to it which is in excess of the actual expenses incurred by the Company during any period whereas any costs and expenses incurred by the Company in any period which exceed the amount of Administration Fee that is paid to the Management Company, shall be borne by the Management Company or another BlackRock Group company. Securities Lending Fees The securities lending agent, BlackRock Advisors (UK) Limited, receives remuneration in relation to its activities. Such remuneration shall not exceed 40% of the net revenue from the activities, with all operational costs borne out of BlackRock s share. * Additional fees may be payable to appointed distributors that are in addition to the maximum Initial Charge disclosed above, depending on the specific nature of services provided by the appointed distributor. ** Please note that, subject to the approval of the Directors, the combined management fee and Administration Fee for each may be increased up to a maximum of 2.25% in total by giving Shareholders at least three months notice. 22
APPENDIX 2 PERFORMANCE OF THE FUNDS, EXPENSE RATIO AND TURNOVER RATIO 1. Performance of the s Past Performance of Class A Shares of each and its benchmark (as of 31 January 2013) Average annual compounded return * 1 year 3 years 5 years 10 years Since Inception of Class A Shares ASEAN Leaders ** Class A (Inception Date: 8 August 2012) % % % % % MSCI South-East Asia Index % % % % % Asia Pacific Equity Income Class A (Inception Date: 18 September 2009) 12.64% 11.94% % % 10.41% MSCI AC Asia Pacific ex Japan Index 13.89% 10.14% % % 8.97% Asian Dragon Class A (Inception Date: 2 January 1997) 9.94% 4.53% 0.74% 11.15% 2.39% MSCI AC Asia ex Japan Index 4 12.31% 9.41% 3.20% 14.28% 3.90% Asian Growth Leaders ** Class A (Inception Date: 31 October 2012) % % % % % MSCI AC Asia ex Japan Index % % % % % Asian Local Bond ** Class A (Inception Date: 30 April 2012) % % % % % HSBC Asian Local Bond Index % % % % % Asian Tiger Bond Class A (Inception Date: 2 February 1996) 6.40% 7.28% 7.22% 6.59% 7.12% JP Morgan Asian Credit Index 11.61% 8.99% 8.52% 7.66% N.A. (benchmark was created after the inception of the ) China Class A (Inception Date: 24 June 2008) 8.90% 4.19% % % 4.57% MSCI China 10/40 Index 15.53% 6.18% % % 4.20% Emerging Europe Class A (Inception Date: 29 December 1995) 1.68% 1.78% 3.85% 14.00% 14.71% MSCI Emerging Markets Europe 10/40 Index 5 10.45% 5.78% 0.64% 14.74% 11.25% 4 Effective 9 April 2007, the benchmark was changed from the MSCI AC Far East ex Japan (Net) Index to the MSCI AC Asia ex Japan Index. The performance of the benchmark prior to 9 April 2007 is that of MSCI AC Far East ex Japan Index. The benchmark was changed to bring the Indian sub-continent into the benchmark with a weighting of approximately 9%. 5 Effective 2 October 2006, the benchmark changed from the MSCI Emerging Europe (net) Index to the MSCI Emerging Markets Europe 10/40 Index. The performance of the benchmark prior to 2 October 2006 is that of the MSCI Emerging Europe (net) Index. The benchmark was changed because the MSCI Emerging Markets Europe 10/40 Index is a more suitable UCITS specific index. 23
Average annual compounded return * 1 year 3 years 5 years 10 years Since Inception of Class A Shares Emerging Markets Bond Class A (Inception Date: 1 October 2004) 7.22% 9.38% 7.85% % 8.51% JP Morgan Emerging Markets Bond Index 14.83% 12.26% 9.96% % 9.92% Global Diversified Index 6 Emerging Markets Corporate Bond ** Class A (Inception Date: Not incepted as at 30 November 2012) JP Morgan Corporate Emerging Markets Bond Index Broad Diversified % % % % % % % % % % Emerging Markets Equity Income Class A (Inception date: 12 August 2011) 15.08% % % % 13.10% MSCI Emerging Markets Index 7.64% % % % 7.81% Emerging Markets Class A (Inception Date: 30 November 1993) 5.12% 4.06% 0.09% 15.12% 5.83% MSCI Emerging Markets Index 7.64% 7.17% 2.04% 16.73% 6.80% Emerging Markets Investment Grade Bond ** Class A (Inception Date: Not incepted as at 30 November 2012) 50% JPM GBI-EM Global Diversified Investment Grade RI/50% JPM EMBI Global Diversified Investment Grade RI % % % % % % % % % % Emerging Markets Local Currency Bond Class A (Inception Date: 26 June 1997) 1.11% 0.12% 0.51% 8.12% 6.59% JP Morgan GBI-EM Global Diversified Index 7 3.85% 2.88% 2.82% 7.65% 7.05% European Class A (Inception Date: 30 November 1993) 12.49% 6.95% 3.06% 7.70% 6.66% MSCI Europe Index 16.15% 8.23% 0.64% 6.98% 6.83% Global Allocation Class A (Inception Date: 3 January 1997) 1.13% 4.06% 1.39% 8.26% 7.25% 36% S&P 500 Index; 24% FTSE World Index (Ex US); 24% 5 year US Treasury Note; 16% Citigroup Non-US World Govt Bond Index 9.50% 9.07% 4.05% 8.01% 6.39% 6 Effective 21 March 2013, the benchmark changed from JP Morgan Emerging Markets Bond Index Global to JP Morgan Emerging Markets Bond Index Global Diversified Index. The benchmark changed as part of the s repositioned strategy to provide a more balanced investment solution for shareholders in respect of the extent to which the may invest in any single country. The performance of the benchmark prior to 21 March 2013 is that of JP Morgan Emerging Markets Bond Index Global. 7 Effective 21 March 2013, the benchmark changed from JP Morgan Emerging Local Markets Plus Index to JP Morgan GBI-EM Global Diversified Index. The benchmark changed to reflect the repositioned strategy of the. The performance of the benchmark prior to 21 March 2013 is that of JP Morgan Emerging Local Markets Plus Index. 24
Average annual compounded return * 1 year 3 years 5 years 10 years Since Inception of Class A Shares Global Corporate Bond Class A (Inception Date: 19 October 2007) 3.47% 4.42% 2.13% % 1.86% Barclays Global Aggregate Corporate Bond USD Hedged Index 7.55% 6.74% 6.28% % 6.11% Global Dynamic Equity Class A (Inception Date: 28 February 2006) 4.80% 5.68% 0.18% % 3.64% 60% S&P 500 Index and 40% FTSE World (ex US) Index 16.08% 11.56% 2.67% % 4.26% Global Equity 8 Class A (Inception Date: 22 July 2005) 2.65% 3.05% 1.89% 5.86% 6.08% MSCI AC World Index 9 14.80% 9.85% 1.25% 8.29% 7.66% Global Equity Income Class A (Inception Date: 12 November 2010) 8.11% % % % 7.24% MSCI AC World Index 14.80% % % % 7.16% Global High Yield Bond Class A (Inception Date: 8 June 2007) 7.62% 9.31% 6.74% % 5.46% BoA ML Global High Yield Constrained USD Hedged Index 15.99% 11.97% 11.48% % 9.37% Global Inflation Linked Bond Class A (Inception Date: 19 June 2009) 0.88% 4.91% % % 5.97% Barclays World Government Inflation Linked Bond Index 4.14% 7.26% % % 7.96% Global Multi-Asset Income ** Class A (Inception Date: 28 June 2012) % % % % % 50% MSCI World Index and 50% Barclays Global Aggregate Bond Index % % % % % 8 The Global Equity was formed by merger of the Merrill Lynch Offshore Sterling Trust ( MLOST ) Global (launched on 24 November 1986) into the on 22 July 2005. Any performance data prior to 22 July 2005 relates to MLOST Global and not the, which was launched on 22 July 2005. Performance data which is since inception relates to the inception date of the MLOST Global on 24 November 1986 and not that of the. The investment objectives of the MLOST Global and the are substantially the same, the MLOST Global and the are managed by the same investment team (immediately prior to and after 22 July 2005) with similar investment policies and strategies. 9 Effective 31 December 2009, the benchmark changed from MSCI World (net) (USD) Index to MSCI AC World (USD) Index. The benchmark was changed to include both developed and emerging markets (which more accurately reflects what the actually does). The performance of the benchmark prior to 31 December 2009 is that of MSCI World (net) (USD) Index. 25
Average annual compounded return * 1 year 3 years 5 years 10 years Since Inception of Class A Shares India 10 Class A (Inception Date: 28 April 2006) 3.93% 0.60% 5.25% % 9.74% MSCI India Index 11 9.20% 1.24% 3.64% % 12.59% Latin American Class A (Inception Date: 8 January 1997) 6.64% 0.62% 0.53% 22.42% 11.63% MSCI Emerging Markets Latin America Index 0.10% 4.58% 1.93% 23.67% 12.90% Natural Resources Growth & Income Class A (Inception Date: 15 April 2011) 4.36% % % % 8.26% S&P Global Natural Resources Index 1.98% % % % 6.24% New Energy Class A (Inception Date: 6 April 2001) 0.40% 8.20% 13.72% 6.36% 4.76% MSCI World Index 15.91% 10.26% 1.41% 8.38% 4.43% US Basic Value Class A (Inception Date: 8 January 1997) 6.65% 7.24% 1.27% 5.84% 5.29% Russell 1000 Value Index 20.58% 14.30% 2.06% 8.18% 6.22% US Dollar High Yield Bond Class A (Inception Date: 29 October 1993) 7.18% 9.13% 7.32% 7.17% 4.84% Barclays US High Yield 2% Constrained 13.87% 11.79% 11.08% 10.48% 8.13% Index 12 10 The India was formed by merger of the Merrill Lynch Specialist s ( MLSF ) India (launched on 2 February 2005) into the on 28 April 2006. Any performance data prior to 28 April 2006 relates to MLSF India and not the, which was launched on 28 April 2006. Performance data which is since inception relates to the inception date of the MLSF India on 2 February 2005 and not that of the. The investment objectives of the MLSF India and the are substantially the same, the MLSF India and the are managed by the same investment team (immediately prior to and after 28 April 2006) with similar investment policies and strategies. 11 Effective 21 March 2013, the benchmark changed from S&P IFC Emerging Markets Investible India Index to MSCI India Index. The benchmark changed to enable investors to better compare the performance of the with other India dedicated funds. The performance of the benchmark prior to 21 March 2013 is that of S&P IFC Emerging Markets Investible India Index. 12 Effective 2 October 2006, the benchmark changed from the CSFB High Yield Bond Index to the Barclays Capital US High Yield 2% Constrained Index. The performance of the benchmark prior to 2 October 2006 is that of the CSFB High Yield Bond Index. Following the merger of BlackRock and Merrill Lynch Investment Managers, the management of the was transferred to the BlackRock team who had always managed their portfolios to the Barclays Capital US High Yield 2% Constrained Index. 26
Average annual compounded return * 1 year 3 years 5 years 10 years Since Inception of Class A Shares US Flexible Equity Class A (Inception Date: 31 October 2002) 5.84% 6.96% 0.06% 6.40% 5.63% Russell 1000 Index 17.03% 50.03% 23.31% 8.36% 7.86% World Agriculture Class A (Inception Date: 9 February 2010) 3.02% % % % 6.56% DAX Global Agribusiness Index 11.66% % % % 11.02% World Energy Class A (Inception Date: 6 April 2001) 9.93% 0.23% 4.23% 11.38% 6.09% MSCI World Energy Index 5.70% 8.64% 1.42% 12.15% 8.77% World Financials Class A (Inception Date: 3 March 2000) 23.59% 4.16% 6.16% 4.45% 4.28% MSCI World Financials Index 26.50% 7.11% 5.49% 4.16% 3.46% World Gold Class A (Inception Date: 30 December 1994) 26.70% 0.08% 3.56% 10.76% 8.68% FTSE Gold Mines Index 28.76% 1.63% 4.43% 7.38% 1.15% World Healthscience Class A (Inception Date: 6 April 2001) 14.42% 9.05% 5.75% 7.83% 5.03% MSCI World Healthcare Index 23.14% 12.47% 6.66% 7.78% 4.71% World Mining Class A (Inception Date: 24 March 1997) 21.48% 3.64% 8.18% 14.42% 11.47% HSBC Global Mining Index 13.98% 0.02% 4.79% 15.05% 8.29% World Technology Class A (Inception Date: 3 March 1995) 0.63% 5.68% 3.16% 4.95% 1.45% MSCI AC World Information Technology 9.21% 10.02% 3.93% 8.07% 7.78% Index 13 * Performance calculations are on a single pricing basis, on the assumption that all dividends and distributions are reinvested net of all charges payable upon reinvestment, in base currency, taking into account the maximum initial charge of 5% and any redemption charge. ** These s have either not been incepted or have been incepted for a period of less than one year as at 30 November 2012 and as such, performance figures in respect of these s have not been provided. 13 Effective 31 December 2009, the benchmark changed from MCSI World Information Technology (net) Index to the MSCI AC World Information Technology) Index. The performance of the benchmark prior to 31 December 2009 is that of the MCSI World Information Technology (net) Index. The benchmark was changed to include both developed and emerging markets (which more accurately reflects what the actually does). 27
Past performance of each is not necessarily indicative of its future performance 2. Expense Ratio and Turnover Ratio The expense ratio and turnover ratio** of each for the year ended 31 August 2012 are: Sub- Expense Ratio (%) (In respect of Class A Shares) Turnover Ratio (%) (In respect of the ) ASEAN Leaders 1.81%* 4.91%**** Asia Pacific Equity Income 1.84% 250.22% Asian Dragon 1.84% 180.42% Asian Growth Leaders *** *** Asian Local Bond 1.24%* 81.34%**** Asian Tiger Bond 1.21% 116.66% China 1.84% 91.53% Emerging Europe 2.15% 121.80% Emerging Markets Bond 1.48% 128.15% Emerging Markets Corporate Bond *** *** Emerging Markets Equity Income 1.84% 180.35% Emerging Markets 1.83% 166.17% Emerging Markets Investment Grade Bond *** *** Emerging Markets Local Currency Bond 1.21% 228.78% European 1.81% 164.09% Global Allocation 1.77% 93.23% Global Corporate Bond 1.11% 66.67% Global Dynamic Equity 1.82% 61.87% Global Equity 1.83% 190.64% Global Equity Income 1.82% 81.23% Global High Yield Bond 1.46% 100.22% Global Inflation Linked Bond 0.97% 308.09% Global Multi-Asset Income 1.84%* 17.94%**** India 1.93% 19.81% Latin American 2.08% 38.88% Natural Resources Growth & Income 2.08% 112.24% New Energy 2.07% 32.54% US Basic Value 1.81% 36.59% US Dollar High Yield Bond 1.41% 76.95% US Flexible Equity 1.81% 128.03% World Agriculture 2.07% 78.56% World Energy 2.06% 68.95% World Financials 1.81% 44.05% World Gold 2.07% 29.91% World Healthscience 1.82% 145.30% World Mining 2.07% 34.69% World Technology 1.81% 167.21% * The expense ratio is annualised for s launched after 31 August 2011. The following expenses, where applicable, are excluded from the calculation of the expense ratio: (a) brokerage and other transaction costs; (b) interest expenses; (c) foreign exchange gains and losses; (d) front or back-end loads arising from the purchase or sale of other funds; (e) tax deducted at source or arising from income received; and (f) dividends and other distributions paid to Shareholders. ** The turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value, over the same period used for calculating the expense ratio. *** The expense and turnover ratios are not available for s not incepted as of 31 August 2012. **** The turnover ratio is in relation to the period since inception of the to 31 August 2012. 28
BLACKROCK GLOBAL FUNDS Singapore Prospectus Signed: Nicholas C.D. Hall Director Signed by Geoffrey D. Radcliffe as agent for and on behalf of Nicholas C.D. Hall Signed: Frank P. Le Feuvre Director Signed by Geoffrey D. Radcliffe as agent for and on behalf of Frank P. Le Feuvre Signed: Francine Keiser Director Signed by Geoffrey D. Radcliffe as agent for and on behalf of Francine Keiser Signed: Geoffrey D. Radcliffe Director Signed: Alexander Hoctor-Duncan Director Signed by Geoffrey D. Radcliffe as agent for and on behalf of Alexander Hoctor-Duncan 29
FOR MORE INFORMATION Tel +65 6411-3000 www.blackrock.com.sg