16 SEPTEMBER 2021 Prospectus BlackRock Global Funds This page is intentionally left blank Contents Page Introduction to BlackRock Global Funds 2 Important Notice 5 Distribution 5 Management and Administration 6 Enquiries 6 Board of Directors 7 Glossary 8 Investment Management of the Funds 12 Risk Considerations 14 Specific Risk Considerations 21 Excessive Trading Policy 41 Investment Objectives and Policies 42 Classes and Form of Shares 96 Dealing in Fund Shares 98 Prices of Shares 99 Application for Shares 99 Redemption of Shares 101 Conversion of Shares 101 Calculation of Dividends 104 Fees, Charges and Expenses 106 Taxation 107 Meetings and Reports 110 Appendix A - Investment and Borrowing Powers and Restrictions 111 Appendix B - Summary of Certain Provisions of the Articles and of Company Practice 122 Appendix C - Additional Information 129 Appendix D - Authorised Status 136 Appendix E - Summary of Charges and Expenses 143 Appendix F - List of Depositary Delegates 158 Appendix G - Securities Financing Transaction Disclosures 160 Summary of Subscription Procedure and Payment Instructions 164 Introduction to BlackRock Global Funds Recueil Electronique des Sociétés et Associations (“RESA”), on Structure 25 February 2019. BlackRock Global Funds (the “Company”) is a public limited company (société anonyme) established under the laws of the The Company is an umbrella structure comprising separate Grand Duchy of Luxembourg as an open ended variable capital compartments with segregated liability. Each compartment shall investment company (société d’investissement à capital variable). have segregated liability from the other compartments and the The Company has been established on 14 June 1962 and its Company shall not be liable as a whole to third parties for the registration number in the Registry of the Luxembourg Trade and liabilities of each compartment. Each compartment shall be made Companies Register is B 6317. The Company has been up of a separate portfolio of investments maintained and invested authorised by the Commission de Surveillance du Secteur in accordance with the investment objectives applicable to such Financier (the "CSSF") as an undertaking for collective compartment, as specified herein. The Directors are offering investments in transferable securities pursuant to the provisions of separate classes of Shares, each representing interests in a Part I of the law of 17 December 2010, as amended from time to compartment, on the basis of the information contained in this time and, for some of its Funds pursuant to the provisions of the Prospectus and in the documents referred to herein which are MMF Regulations and is regulated pursuant to such law and deemed to be an integral part of this Prospectus. regulations, respectively. Authorisation by the CSSF is not an endorsement or guarantee of the Company by the CSSF nor is the Management CSSF responsible for the contents of this Prospectus. The The Company is managed by BlackRock (Luxembourg) S.A., a authorisation of the Company shall not constitute a warranty as to public limited company (société anonyme) established in 1988 performance of the Company and the CSSF shall not be liable for under registration number B 27689. The Management Company the performance or default of the Company. has been authorised by the CSSF to manage the business and affairs of the Company pursuant to chapter 15 of the 2010 Law. The articles of association governing the Company (the "Articles") have been deposited with the Luxembourg Trade and Companies Choice of Funds Register. The Articles have been amended and restated several As of the date of this Prospectus, investors are able to choose from times, most recently on 4 February 2019 and published in the the following Funds of BlackRock Global Funds: Fund Base Currency Bond/Equity or Mixed Short Term VNAV Money Fund Market Fund 1. Asia Pacific Equity Income Fund USD E 2. Asian Dragon Fund USD E 3. Asian Growth Leaders Fund USD E 4. Asian High Yield Bond Fund USD B 5. Asian Multi-Asset Income Fund USD M 6. Asian Tiger Bond Fund USD B 7. China Impact Fund USD E 8. China Bond Fund RMB B 9. China Flexible Equity Fund USD E 10. China Fund USD E 11. Circular Economy Fund USD E 12. Continental European Flexible Fund EUR E 13. Developed Markets Sustainable Equity Fund* USD E 14. Dynamic High Income Fund USD M 15. Emerging Europe Fund EUR E 16. Emerging Markets Bond Fund USD B 17. Emerging Markets Corporate Bond Fund USD B 18. Emerging Markets Equity Income Fund USD E 19. Emerging Markets Fund USD E 20. Emerging Markets Impact Bond Fund* USD B 21. Emerging Markets Local Currency Bond Fund USD B 22. Emerging Markets Sustainable Equity Fund* USD E 23. ESG Asian Bond Fund USD B 24. ESG Emerging Markets Blended Bond Fund USD B 25. ESG Emerging Markets Bond Fund USD B 26. ESG Emerging Markets Corporate Bond Fund USD B 27. ESG Emerging Markets Local Currency Bond Fund USD B 28. ESG Fixed Income Global Opportunities Fund EUR B 2 Fund Base Currency Bond/Equity or Mixed Short Term VNAV Money Fund Market Fund 29. ESG Global Bond Income Fund USD B 30. ESG Global Conservative Income Fund EUR M 31. ESG Multi-Asset Fund EUR M 32. Euro Bond Fund EUR B 33. Euro Corporate Bond Fund EUR B 34. Euro Reserve Fund EUR MMF 35. Euro Short Duration Bond Fund EUR B 36. Euro-Markets Fund EUR E 37. European Equity Income Fund EUR E 38. European Focus Fund EUR E 39. European Fund EUR E 40. European High Yield Bond Fund EUR B 41. European Special Situations Fund EUR E 42. European Sustainable Equity Fund* EUR E 43. European Value Fund EUR E 44. FinTech Fund USD E 45. Fixed Income Global Opportunities Fund USD B 46. Future Consumer Fund* USD E 47. Future Of Transport Fund USD E 48. Global Allocation Fund USD M 49. Global Corporate Bond Fund USD B 50. Global Dynamic Equity Fund USD E 51. Global Equity Income Fund USD E 52. Global Government Bond Fund USD B 53. Global High Yield Bond Fund USD B 54. Global Inflation Linked Bond Fund USD B 55. Global Multi-Asset Income Fund USD M 56. Global Long-Horizon Equity Fund USD E 57. India Fund USD E 58. Japan Small & MidCap Opportunities Fund Yen E 59. Japan Flexible Equity Fund Yen E 60. Latin American Fund USD E 61. Multi -Theme Equity Fund USD F 62. Natural Resources Growth & Income Fund USD E 63. Next Generation Health Care Fund* USD E 64. Next Generation Technology Fund USD E 65. Nutrition Fund USD E 66. Sustainable Energy Fund USD E 67. Swiss Small & MidCap Opportunities Fund CHF E 68. Systematic China A-Share Opportunities Fund USD E 69. Systematic Global Equity High Income Fund USD E 70. Systematic Global SmallCap Fund USD E 71. Systematic Multi Allocation Credit Fund* USD B 72. Sustainable Global Infrastructure Fund* USD E 73. United Kingdom Fund GBP E 74. US Basic Value Fund USD E 75. US Dollar Bond Fund USD B 76. US Dollar High Yield Bond Fund USD B 77. US Dollar Reserve Fund USD MMF 3 Fund Base Currency Bond/Equity or Mixed Short Term VNAV Money Fund Market Fund 78. US Dollar Short Duration Bond Fund USD B 79. US Flexible Equity Fund USD E 80. US Government Mortgage Impact Fund USD B 81. US Growth Fund USD E 82. US Small & MidCap Opportunities Fund USD E 83. US Sustainable Equity Fund* USD E 84. World Bond Fund USD B 85. World Energy Fund USD E 86. World Financials Fund USD E 87. World Gold Fund USD E 88. World Healthscience Fund USD E 89. World Mining Fund USD E 90. World Real Estate Securities Fund USD E 91. World Technology Fund USD E B Bond Fund E Equity Fund F Fund of Funds M Mixed Fund MMF Short Term VNAV Money Market Fund A list of Dealing Currencies, Hedged Share Classes, Distributing and Non-Distributing Share Classes and UK Reporting Fund status Classes is available from the Company’s registered office and the local Investor Servicing team. * Fund not available for subscription at the date of this Prospectus. Such Funds may be launched at the Directors’ discretion. Confirmation of the launch date of these Funds will then be made available from the local Investor Servicing team. Any provisions in this Prospectus relating to any one of these Funds shall only take effect from the launch date of the relevant Fund. 4 IMPORTANT NOTICE Statements made in this Prospectus are based on laws and practices in force at the date hereof and are subject to changes If you are in any doubt about the contents of this Prospectus therein. Neither the delivery of this Prospectus nor the issue of or whether an investment in the Company is suitable for you, Shares will, in any circumstances, imply that there has been no you should consult your stockbroker, solicitor, accountant, change in the circumstances affecting any of the matters contained relationship manager or other professional adviser. in this Prospectus since the date hereof. The Directors of the Company, whose names appear in the section This Prospectus may be translated into other languages “Board of Directors”, and the directors of the Management provided that any such translation shall be a direct translation Company are the persons responsible for the information of the English text. In the event of any inconsistency or contained in this document. To the best knowledge and belief of ambiguity in relation to the meaning of any word or phrase in the Directors and the directors of the Management Company (who any translation, the English text shall prevail, except to the have taken all reasonable care to ensure that such is the case), the extent (and only to the extent) that the laws of a jurisdiction information contained herein is accurate in all material respects require that the legal relationship between the Company and and does not omit anything likely to affect the accuracy of such investors in such jurisdiction shall be governed by the local information.