BGF China Bond Fund

Overview

Investment Approach

The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests globally at least 70% of its total assets in fixed income (FI) securities issued or distributed either inside or outside of the People’s Republic of China (PRC) and denominated in Renminbi or other non Chinese domestic currencies. These include bonds and money market instruments (i.e. debt securities with short term maturities) which may be issued by governments, government agencies, companies and supranationals (e.g. the Asian Development Bank). The Fund may invest in the full range of FI securities which may include investments with a relatively low credit rating or which are unrated.

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Important Information: Capital at Risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.

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Performance

Returns

Discrete Annual
Annualized
Cumulative

	From 30-Sep-2014 To 30-Sep-2015	From 30-Sep-2015 To 30-Sep-2016	From 30-Sep-2016 To 30-Sep-2017	From 30-Sep-2017 To 30-Sep-2018	From 30-Sep-2018 To 30-Sep-2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. as of Sep 30, 2019	-0.52	4.32	6.36	0.48	4.22

	1Y	3Y	5Y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. as of Sep 30, 2019	4.22	3.66	2.94	-	4.11

Missing average annual returns data

	YTD	1m	3M	1Y	3Y	5Y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. as of Sep 30, 2019	3.12	0.55	-2.72	4.22	11.38	15.59	-	37.34

Missing cumulative returns data

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Growth of Hypothetical 10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Distributions

Record Date	Ex-Date	Payable Date

Custom Columns

Record Date
Ex-Date
Payable Date
Total Distribution

Record Date	Ex-Date	Payable Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.

Key Facts

Size of Fund (Millions) as of Oct 11, 2019 RMB 1,486.134

12m Trailing Yield The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. as of Sep 30, 2019 5.69

Number of Holdings The number of holdings in the fund excluding cash positions and derivatives exposures. Derivatives are contracts used by the fund to gain exposure to an investment without buying it directly. They can be used in a number of ways. For example a 'currency forward' derivative contract can be used to 'hedge' or aim to mitigate the effects of changes in exchange rates. as of Sep 30, 2019 266

Base Currency China OffShore Renminbi

Fund Inception Date Nov 11, 2011

Share Class Inception Date Nov 11, 2011

Asset Class Fixed Income

Morningstar Category RMB Bond

Domicile Luxembourg

Regulatory Structure UCITS

Management Company BlackRock (Luxembourg) S.A.

Ongoing Charge Ongoing Charges Figure (OCF)- this is a measure of the total costs associated with managing and operating an investment fund. These costs consist primarily of management fees and other expenses such as trustee, custody, transaction and registration fees and other operating expenses. The total cost for the fund is divided by the fund’s total assets and expressed as a percentage which represents the OCF. 0.71%

ISIN LU0683067952

Bloomberg Ticker BGRBD3U

Annual Management Fee As reported in the fund's most recent Annual Management Report of Fund Performance. MER includes all management fees and GST/HST paid by the fund for the period, including fees paid indirectly as a result of holdings of other ETFs. 0.40%

Initial Charge 5.00%

Performance Fee 0.00%

SEDOL B7664C0

Dealing Settlement Trade Date + 3 days

Dealing Frequency Daily, forward pricing basis

Minimum Initial Investment USD 100000

Minimum Subsequent Investment USD 1000

Use of Income Distributing

Portfolio Characteristics

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Sep 30, 2019 6.94%

Modified Duration Modified Duration is a measure of price sensitivity of a bond to changes in interest rates. It inversely indicates the expected change in the price of a bond, assuming a 1% change in interest rates. The Modified Duration of iShares ETFs is calculated as the average of the underlying bonds' modified duration values, weighted by the bond's weight in the fund. as of Sep 30, 2019 4.69 yrs

Effective Duration Effective Duration is the approximate percentage change in price for a 1% parallel shift of the yield curve. Effective duration adjusts for changes in projected cashflows as a result of yield changes, accounting for embedded optionality. as of Sep 30, 2019 3.49 yrs

Weighted Avg Maturity Weighted Average Maturity is the length of time until the average security in the fund will mature or be redeemed by its issuer. It indicates a fixed income fund's sensitivity to interest rate changes. Longer average weighted maturity implies greater volatility in response to interest rate changes. This metric considers the likelihood that bonds will be called or prepaid. as of Sep 30, 2019 4.91 yrs

WAL to Worst The weighted average time to receipt of principal, adjusting for embedding optionality. as of Sep 30, 2019 4.91 yrs

Ratings

Morningstar Rating

Overall BGF China Bond Fund received a Morningstar Rating of 5 stars for the 3-year period, 5 stars stars for the 5-year period and 4 stars stars for the 10-year period, rated against 131, 111 and 418 RMB Bond Funds, respectively. Performance results represent past performance and are no guarantee of future results.<br /><br />For each U.S.-domiciled fund with at least a 3-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.<br /><br />Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

Overall Morningstar Rating for BGF China Bond Fund, Class D3, as of Sep 30, 2019 rated against 131 RMB Bond Funds.

Ratings Report

Risk Indicator

Low Risk High Risk

Low Yield High Yield

Holdings

Top Holdings

as of Sep 30, 2019

Name	Weight (%)
CHINA PEOPLES REPUBLIC OF (GOVERNM 3.86 07/22/2049	5.77
HUANENG HONG KONG CAPITAL LTD RegS 3.6 12/31/2049	1.73
CHINA SHANDONG INTERNATIONAL ECONO RegS 4 12/21/2020	1.66
CHINA PEOPLES REPUBLIC OF (GOVERNM 2.75 08/08/2022	1.41
CHENGDU TIANFU NEW AREA INVESTMENT RegS 4.65 05/07/2024	0.93

Name	Weight (%)
INNER MONGOLIA HIGH-GRADE HIGHWAY RegS 4.375 12/04/2020	0.92
COASTAL EMERALD LTD RegS 4.3 12/31/2049	0.86
HONGKONG INTERNATIONAL QINGDAO CO RegS 4.25 12/04/2022	0.81
SEAZEN HOLDINGS CO LTD 7 11/03/2020	0.80
YUNNAN ENERGY INVESTMENT OVERSEAS RegS 6.25 11/29/2021	0.79

Holdings subject to change

as of Sep 30, 2019

% of Market Value

Type	Fund

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as of Sep 30, 2019

% of Market Value

Type	Fund

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as of Sep 30, 2019

% of Market Value

Type	Fund

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Allocations subject to change.

as of Sep 30, 2019

% of Market Value

Type	Fund

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as of Sep 30, 2019

% of Market Value

Type	Fund

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as of Sep 30, 2019

% of Market Value

Type	Fund

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Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

Pricing & Exchange

Investor Class	Currency	Distribution Frequency	NAV	NAV Amount Change	NAV % Change	52wk High	52wk Low	Bid Price	ISIN	Offer Price	TIS
D3	USD	Monthly	10.11	0.03	0.30	10.71	9.96	-	LU0683067952	-	-
I2	EUR	-	15.25	0.00	0.00	15.54	14.86	-	LU2011139461	-	-
I2	CNH	Accumulating	119.56	-0.04	-0.03	120.26	110.09	-	LU1574463128	-	-
E5	EUR	-	10.22	0.01	0.10	10.30	10.00	-	LU2038736380	-	-
Class I6	CNH	Monthly	102.05	-0.03	-0.03	103.09	100.00	-	LU1940842344	-	-
A3	CNH	Monthly	71.35	-0.02	-0.03	72.10	69.14	-	LU0679941160	-	-
A6 Hgd	USD	Monthly	10.21	0.00	0.00	10.35	9.96	-	LU1847653141	-	-
I3	USD	Monthly	9.77	0.03	0.31	10.34	9.62	-	LU1648248299	-	-
Class E5 Hedged	EUR	-	10.03	0.00	0.00	10.09	10.00	-	LU2038736463	-	-
A6 Hgd	AUD	Monthly	10.16	-0.01	-0.10	10.33	9.96	-	LU1852331039	-	-
A2	USD	Accumulating	13.47	0.04	0.30	13.91	12.69	-	LU0679941327	-	-
I2	USD	Accumulating	16.86	0.05	0.30	17.37	15.81	-	LU1588882974	-	-
D2	USD	Accumulating	13.44	0.04	0.30	13.85	12.62	-	LU0719319435	-	-
A3	HKD	Monthly	78.93	0.25	0.32	83.61	77.75	-	LU0690034276	-	-
D2	CNH	Accumulating	95.32	-0.03	-0.03	95.88	87.88	-	LU0827885731	-	-
A6 Hgd	SGD	Monthly	10.21	-0.01	-0.10	10.36	10.01	-	LU1847653497	-	-
A3	USD	Monthly	10.06	0.03	0.30	10.66	9.91	-	LU0679941673	-	-
E2	EUR	Accumulating	15.19	0.00	0.00	15.55	13.84	-	LU0764816798	-	-
A6 Hgd	EUR	Monthly	9.84	-0.01	-0.10	10.10	9.83	-	LU1847653224	-	-
C2	USD	Accumulating	12.22	0.04	0.33	12.68	11.64	-	LU0683062482	-	-
A2	CNH	Accumulating	95.54	-0.03	-0.03	96.10	88.37	-	LU0679940949	-	-
A6 Hgd	HKD	-	100.01	-0.02	-0.02	101.39	99.78	-	LU1963769176	-	-
A2	CHF	Accumulating	13.44	0.08	0.60	14.15	12.62	-	LU0969580058	-	-
X2	USD	-	10.51	0.03	0.29	10.80	9.82	-	LU1733225855	-	-
E2 Hgd	EUR	Accumulating	10.51	0.00	0.00	10.59	10.06	-	LU0803752129	-	-
A6	CNH	Monthly	103.57	-0.01	-0.01	104.77	100.54	-	LU1852330734	-	-

Portfolio Managers

Artur Piasecki

Eric Liu

Literature

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Important Information

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares ETF and BlackRock Mutual Fund prospectus pages. Read the prospectus carefully before investing.

The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. The fund invests in fixed interest securities issued by companies which, compared to bonds issued or guaranteed by governments, are exposed to greater risk of default in the repayment of the capital provided to the company or interest payments due to the fund. The fund investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The fund invests in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. These securities are therefore exposed to changes in interest rates which will affect the value of any securities held.

Important Information This material is solely for educational purposes, and does not constitute investment advice, or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of that jurisdiction. This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution would be unlawful under the securities laws of such. Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. All returns assume reinvestment of all dividend and capital gain distributions. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. Certain funds mentioned here are registered for distribution in Spain. Additionally, certain funds are registered for distribution in Portugal. In Spain, BlackRock Global Funds (BGF) is registered with the number 140 in the Comisión Nacional del Mercado de Valores de España (CNMV) and the Prospectus for each registered fund has been registered with the CNMV. In Portugal, certain share classes of certain BGF funds are registered with the Comissão do Mercado de Valores Mobiliários (CMVM) and the Prospectus for each registered fund has been registered with the CMVM. The funds mentioned in this material have not been registered with the securities regulators of Argentina, Brazil, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus, may not be publicly offered in any such countries, except for Chile where certain BGF sub-funds have been registered with the Superintendencia de Valores y Seguros for public offering. No securities regulator in any country within Latin America, Spain or Portugal has confirmed the accuracy of any information contained herein. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. BlackRock Global Funds (BGF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. Not all of the listed share classes are available in every jurisdiction. Investment in some share classes may be also limited to certain types of investors as set out in each fund’s Prospectus. Please contact your financial advisor for more information. BlackRock Investment Management (UK) Limited is the UK distributor of BGF. Most of the protections provided by the UK regulatory system, and the compensation under the Financial Services Compensation Scheme, will not be available. A limited range of BGF sub-funds have a reporting fund status A sterling share class that seeks to comply with UK Reporting Fund Status requirements. Unless indicated the fund information displayed only provides summary information. Subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Key Investor Information Document, which are available on BlackRock’s website. Prospectuses, Key Investor Information Documents and application forms may not be available to investors in certain jurisdictions where the fund in question has not been authorised. Issued by BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial Conduct Authority). Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Registered in England No. 2020394. Tel: 020 7743 3000. Tel: 020 7743 3000. For your protection, telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. © 2014 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, and BUILT FOR THESE TIMES are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

Investing involves risk, including possible loss of principal.

Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Certain sectors and markets perform exceptionally well based on current market conditions and iShares Funds can benefit from that performance. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated.

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Barclays, Bloomberg Finance L.P., BlackRock Index Services, LLC, BofA Merrill Lynch, Cohen &amps Steers Capital Management, Inc., European Public Real Estate Association ("EPRA®"), FTSE International Limited ("FTSE"), India Index Services & Products Limited, Interactive Data, JPMorgan Chase & Co., Japan Exchange Group, MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts ("NAREIT"), New York Stock Exchange, Inc., Russell or S&P Dow Jones Indices LLC. None of these companies make any representation regarding the advisability of investing in the Funds. With the exception of BlackRock Index Services, LLC, who is an affiliate, BlackRock Investments, LLC is not affiliated with the companies listed above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Equity REITS Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA.“FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.

© 2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iTHINKING, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

Performance

Performance

Returns

Growth of Hypothetical 10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Distributions

Key Facts

Key Facts

Portfolio Characteristics

Portfolio Characteristics

Ratings

Ratings

Morningstar Rating

Risk Indicator

Risk Indicator

Holdings

Holdings

Exposure Breakdowns

Exposure Breakdowns

Pricing & Exchange

Portfolio Managers

Portfolio Managers

Literature

Literature

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