Blackrock Growth and Recovery en GB Annual Report 2024

Annual report
and audited financial

statements
BlackRock Growth and Recovery Fund
For the financial year ended 30 June 2024
NM0824U-3826808-1/48
Contents
General Information 2
About the Fund 3
Fund Manager 3
Significant Events 3
Subsequent Events 3
Risk and Reward Profile 4
Investment Manager’s Report 5
Performance Record 9
Distribution Tables 10
Report on Remuneration 11
Portfolio Statement 18
Statement of Total Return 20
Statement of Change in Net Assets Attributable to Unitholders 20
Balance Sheet 21
Notes to Financial Statements 22
Statement of Manager’s Responsibilities 37
Statement of the Trustee’s Responsibilities in Respect of the Fund and Report of the
Trustee to the Unitholders of the Trust for the Period Ended 30 June 2024 38
Independent Auditor’s Report 39
Supplementary Information 44
1 BlackRock Growth and Recovery Fund NM0824U-3826808-2/48

General Information
Manager & Registrar
BlackRock Fund Managers Limited
12 Throgmorton Avenue, London EC2N 2DL
Member of The Investment Association and authorised and regulated by the Financial Conduct Authority (“FCA”).
Directors of the Manager

G D Bamping*
W I Cullen*
D Edgar
T S Hale (Appointed 16 April 2024)
K Henry (Resigned 24 January 2024)
A M Lawrence
H N Mepham (Resigned 30 June 2024)
S Sabin (Appointed 18 August 2023)
M T Zemek*
Trustee & Custodian

The Bank of New York Mellon (International) Limited
160 Queen Victoria Street, London EC4V 4LA
Authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority.
Investment Manager
BlackRock Investment Management (UK) Limited
Authorised and regulated by the FCA.
Stock Lending Agent

BlackRock Advisors (UK) Limited
Authorised and regulated by the FCA
Auditor
Ernst & Young LLP
Atria One, 144 Morrison Street, Edinburgh EH3 8EX
BlackRock’s proxy voting agent is ISS (Institutional Shareholder Services).
This Report relates to the packaged products of and is issued by:

Telephone: 020 7743 3000
Dealing and Investor Services: 0800 44 55 22
www.blackrock.co.uk
For your protection, telephone calls are usually recorded.
* Non-executive Director.
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BlackRock Growth and Recovery Fund 2
About the Fund
BlackRock Growth and Recovery Fund (the “Fund”) is a UK UCITS scheme under the COLL Sourcebook. The
Fund was established on 1 July 1996 as 33 KWS Growth and Recovery Fund. It adopted its current name with
effect from 28 April 2008. The Fund’s FCA product reference number is 179233.
Assessment of value
The FCA requires UK fund managers to complete an annual assessment of whether their UK authorised funds
provide value for investors. Our assessment considers fund and unit class level performance, costs and
charges, and service quality, concluding with an evaluation of whether investors receive value. BlackRock has
fulfilled its obligations for the reporting requirement, including assessing relevant charges, and published the
annual assessment of value statements on the BlackRock website on 30 October 2023 in a composite report
for all funds managed by BlackRock Fund Managers Limited subject to these requirements.
Task Force on Climate-Related Financial Disclosures

The Manager has produced a supplemental detailed Climate Report which can be found on BlackRock’s
website www.blackrock.com/uk/literature/public-disclosure/tcfd-product-level-disclosure-report-bibf.pdf which
is a response to, and is consistent with, all the recommendations and relevant recommended disclosures of
the Task Force on Climate-related Financial Disclosures (TCFD). These disclosures describe how the Manager
incorporates climate-related risks and opportunities into governance, strategy, risk management, metrics and
targets and how the Manager is responding to the expectations of our stakeholders.
Fund Manager
As at 30 June 2024, the Fund Manager was Matthew Betts.
Significant Events
Changes in the Directors of the Manager

S Sabin was appointed as a Director effective 18 August 2023.
K Henry resigned as a Director effective 24 January 2024.
T S Hale was appointed as a Director effective 16 April 2024.
H N Mepham resigned as a Director effective 30 June 2024.
Subsequent Events
There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may
have had an impact on the Financial Statements for the year ended 30 June 2024.

Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
Unit Class
A Income 1 2 3 4 5 6 7
A Accumulation 1 2 3 4 5 6 7
• The risk indicator was calculated incorporating historical data and may not be a reliable indication of the
future risk profile of the Fund.
• The risk category shown is not guaranteed and may change over time.
• The lowest category does not mean risk free.
For more information on this, please see the Fund’s Key Investor Information Documents (“KIIDs”), which are
available at www.blackrock.com.
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Investment Manager’s Report
for the year ended 30 June 2024
Investment Objective
The aim of the Fund is to provide a return on your investment (generated through an increase to the value of
the assets held by the Fund and/or income received from those assets).
Comparator benchmark Investment management approach
Numis Smaller Companies plus AIM ex-Investment Trusts Index Active
Performance Summary
The following table compares the Fund’s realised performance against the performance of the comparator
benchmark during the financial year ended 30 June 2024.
Comparator
Fund return benchmark
% %
Class A Accumulation Units 11.43 9.96
Further information on the performance measures and calculation methodologies used is detailed below:
• Fund returns shown, calculated net of fees, are the performance returns for the primary unit class of the
Fund which has been selected as a representative unit class. The primary unit class represents the class
of unit which is the highest charging unit class, free of any commissions or rebates, and is freely
available. Performance returns for any other unit class can be made available on request.
• Fund returns are based on the NAV per unit as at close of business for reporting purposes only, for the
purpose of fair comparison and presentation with the comparator benchmark close of business valuation
point.
• Due to the Financial Reporting Standard 102 (“FRS 102”) and the Statement of Recommended Practice
for Authorised Funds (“SORP”) requirements, including the accounting policy for the valuation point at
12 noon, there may be differences between the NAV per unit as recorded in the financial statements and
the NAV per unit calculated in accordance with the Prospectus.
All financial investments involve an element of risk. Therefore, the value of your investment and the income
from it will vary and the return of your initial investment amount cannot be guaranteed. Past performance is
not a guide to future performance and should not be the sole factor of consideration when selecting a
product.
Global Economic Overview

Global equities, as represented by the MSCI All Country World Index, returned 20.06% (in GBP terms) during
the twelve month period ended 30 June 2024. Equities gained significantly amid cooling inflation data (the
rate of increase in the prices of goods and services) and investor optimism about a relaxation of monetary
policy by the world’s largest central banks. However, rising geopolitical tensions, including the war in the
Middle East and attacks on Red Sea shipping lanes, raised the prospect of disruptions to the global economy.

Investment Manager’s Report continued
The US economy was solid throughout the year, posting stronger growth than other developed nations as both
consumer and public spending continued to rise. US consumer spending was supported by strong wage
growth and elevated asset prices, driving spending growth in excess of inflation. The US jobs market
remained strong, and unemployment stayed low despite an uptick towards the end of the year. The Japanese
economy, meanwhile, contracted sharply during the third quarter of 2023 before rebounding to zero growth in
the fourth quarter, then contracting again in the first quarter of 2024. Steadily declining private consumption
weighed on Japanese growth, although inflation continued to decline. The UK economy contracted slightly in
the second half of 2023 before rebounding in the first quarter of 2024, as services and production output
accelerated. Similarly, in the Eurozone, growth recovered in the first quarter of 2024, helped by the strong
performance of several of the Eurozone’s smaller economies, including Ireland, Spain, Portugal and the Baltic
states.
Most emerging market economies continued to expand. Although the high interest-rate environment
presented significant economic challenges, the resilience of the US economy provided support. The Chinese
economy continued to grow amid significant government stimulus, although investors remained concerned
about the country’s real-estate sector and weak retail sales. The Indian economy grew at a robust pace,
helped by strength in manufacturing and accelerating exports. Economic growth rebounded in Brazil in the
first quarter of 2024 due in part to expansion in the agricultural sector.
The world’s largest central banks shifted away from monetary policy tightening as inflation continued to fall
over the period. The US Federal Reserve (“the Fed”) raised interest rates once early in the period but
indicated that a rate cut was likely in the second half of 2024. The Fed also continued to reduce some of the
accumulated bond holdings on its balance sheet. The Bank of England (“BoE”) raised interest rates at its
August 2023 meeting but subsequently left them unchanged. Policymakers in the UK suggested interest rates
could be reduced in August or September 2024. The European Central Bank (“ECB”) cut interest rates in June
2024, having left them on hold since September 2023. In a notable shift, the Bank of Japan (“BoJ”) raised
interest rates in March for the first time since 2007.
Global equity performance was significantly positive during the year, as the continuing strength of the world
economy alleviated earlier concerns about a possible recession. Lower inflation and tentative signs of
weakening economic performance in the US later in the year increased the likelihood of looser monetary
policy, while major technology stocks advanced on hopes that developments in artificial intelligence would
drive growth. Globally, bonds and equities that factor in companies’ environmental, social and governance
(“ESG”) characteristics faced regulatory concerns and shifting investor sentiment. ESG funds experienced
positive but declining inflows overall. Although European investment held up, there were outflows in the US
following politicians’ attempts to impose restrictions on investing in ESG-focused funds. In Europe, regulators
proposed new rules to ensure investment companies were able to substantiate claims related to sustainability.
In the European Union, the European Securities and Markets Authority published guidelines relating to the
how investment companies use terms relating to sustainability. These are due to come into effect later in 2024.
The Financial Conduct Authority has introduced a package of measures to improve the trust and transparency
of sustainable investment products. The anti-greenwashing rule came into effect on May 31, 2024 and UK-
based fund managers can start using the new investment labels from July 31, 2024. Global issuance of ESG-
related bonds grew modestly in 2023 but showed signs of faster growth in the first quarter of 2024.
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Yields (which move inversely to prices) rose on the 10-year US Treasury, a benchmark lending rate for the
global bond market. The yield curve, which measures the difference between yields at different maturity
levels, remained inverted, such that shorter-maturity yields were higher than longer-maturity yields, a signal
that investors were concerned about slowing economic growth. In the UK, gilt yields declined slightly overall,
driven by the BoE’s shift to a more accommodative monetary policy stance. European government bond
yields fell in late 2023 but rose at the start of 2024 after the ECB left interest rates unchanged. Yields on
French government bonds rose particularly sharply after the surprise announcement of national elections in
June 2024. The Japanese government adjusted its yield cap for the 10-year government bonds, leading to a
sharp increase in yields, while substantial purchases from the BoJ, as well as an increase in interest rates
resulted in further yield rises.
Global corporate bonds posted solid gains overall, as investors reassessed credit in light of declining
inflation. Higher bond yields attracted investors, and continued resilience in the global economy alleviated
credit concerns, particularly for high-yield bonds.
Equities in emerging markets also gained, benefiting from the relatively stable global economic environment
and the respite from a tighter monetary policy. As concerns about a possible global recession diminished,
some investors rotated back into emerging market stocks, boosting prices. Emerging market bonds posted a
positive return overall as investors reacted to less restrictive monetary policy in developed economies.
Commodities markets continued to stabilise, although rising geopolitical tensions raised the prospect of
further disruption. Brent crude oil prices rose as the war in the Middle East raised concerns even as global oil
production increased, with the US and Canada making particularly large contributions to overall output.
Natural gas prices were nearly flat, as demand remained high. Gold prices rose significantly amid rising
geopolitical tensions, a stronger US dollar and the possibility of Fed interest-rate reductions.
In the foreign exchange markets, the US dollar’s performance was generally positive against other major
global currencies. It gained significantly against the Japanese yen, while rising slightly against the euro and
remaining flat against sterling and the Chinese yuan.
Fund Performance Review and Activity

Over the financial year to 30 June 2024, the Fund’s performance return was 11.43% and the active return was
1.47%, outperforming its comparator benchmark which returned 9.96% (active return is the difference
between the Fund’s return and the comparator benchmark return).
The start of the financial year was characterised by fears of “higher for longer” interest rates and a possibility
of recession. In contrast, the later stages of the financial year were dominated by weaker inflation and
expectations of central banks cutting interest rates. The UK economy grew more strongly than expected in the
first half of 2024. Inflation fell in May 2024 to the Bank of England’s (“BoE”) target of 2% for the first time in
three years, leading to speculation about potential interest rate cuts later in the year. The BoE, however,
maintained its current policy, awaiting further economic data before making any changes.
Small and mid-cap UK stocks displayed strong performance as the Numis Smaller Companies Index which is
often seen as a barometer of the broader UK economic health due to its focus on domestically oriented
smaller companies, rose by 9.96% over the financial year. Against this backdrop, the Fund outperformed,
benefitting from a strong bottom-up stock selection process especially within the Telecommunications and
Industrials sectors.

During the financial year, the following were the largest contributors to and detractors from the Fund’s return
relative to the comparator benchmark:
Largest Contributors Largest Detractors
Effect on Effect on
Stock Stock
Fund return Fund return
4imprint# 0.57% CVS# (0.61%)
#
Gamma Communications 0.50% YouGov# (0.55%)
Boku# 0.41% Watches of Switzerland# (0.48%)
Bloomsbury Publishing# 0.37% Serica Energy# (0.32%)
Alfa Financial Software# 0.36% CMC Markets^ (0.29%)
# Overweight position - holds more exposure than the comparator benchmark.
^ Underweight position - holds less exposure than the comparator benchmark.
Amidst a challenging industry backdrop, 4imprint, a London based direct marketer of promotional
merchandise, exhibited strong performance, reporting a 36% rise in pre-tax profits to £140.7 million and a
16% increase in total revenues to £1.32 billion. Despite a challenging year and a slowdown in growth in the
promotional products industry, the company was able to grow its market share, especially in the large and
fragmented North American market for promotional products. Gamma Communications, the UK listed cloud
communications company was also a contributor. Results in the first quarter of 2024 confirmed the resilience
of the business and the company initiated its first buyback, utilising some of its £130 million net cash pile
while leaving enough capacity to continue to do bolt on acquisitions.
The largest detractor from Fund’s return was the UK listed veterinary services business, CVS. The company’s
share price fell in response to an announcement from the Competition and Markets Authority that they would
be progressing to a full market investigation into the veterinary market in the UK, raising concerns over the
lack of competition, access to information by public and pricing aspects.
The following table details the significant active positions, where the Fund was overweight (held more
exposure than the comparator benchmark) and underweight (held less exposure than the comparator
benchmark), at 30 June 2024 and 30 June 2023:
Top overweight positions
30 June 2024 30 June 2023
Sector Active Weighting Sector Active Weighting
Industrials 15.32% Industrials 5.50%
Telecommunications 2.34% Consumer Discretionary 4.80%
Consumer Services 1.43% Technology 4.00%
Top underweight positions

30 June 2024 30 June 2023
Sector Active Weighting Sector Active Weighting
Financials (5.02%) Financials (5.30%)
Consumer Staples (3.86%) Consumer Staples (3.40%)
Basic Materials (2.84%) Basic Materials (3.40%)
Where the Fund is underweight to a sector, the return from such sector will have an opposite effect on the
Fund’s active return. This may result in a sector being listed as a contributor/detractor but not listed on the
Fund’s Portfolio Statement.
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Performance Record
Comparative Table
A Income Units A Accumulation Units

For the period For the period
For the year For the year from 10.4.2021 For the year For the year from 10.4.2021
to 30.6.2024 to 30.6.2023 to 30.6.2022 to 30.6.2024 to 30.6.2023 to 30.6.2022
Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit
Change in net assets per unit

Opening net asset value per unit 868.5 854.5 1,073 1,147 1,107 1,368
Return before operating charges 109.3 40.93 (189.6) 144.8 52.57 (242.9)
Operating charges (9.34) (9.62) (14.39) (12.35) (12.24) (18.36)
Return after operating charges 99.91 31.31 (204.0) 132.5 40.33 (261.2)
Distributions (19.11) (17.34) (14.46) (25.28) (22.54) (18.32)
Retained distributions on
accumulation units N/A N/A N/A 25.28 22.54 18.32
Closing net asset value per unit 949.3 868.5 854.5 1,279 1,147 1,107
After direct transaction costs of (2.60) (1.73) (2.02) (3.43) (2.25) (2.58)
Performance
Return after charges1 11.50% 3.66% (19.01)% 11.55% 3.64% (19.10)%
Other information
Closing net asset value (£000’s) 23,764 28,606 33,304 47,205 32,684 4,132
Closing number of units 2,503,254 3,293,784 3,897,340 3,689,433 2,848,758 373,308
Operating charges2 1.04% 1.08% 1.05% 1.04% 1.06% 1.05%
Direct transaction costs3 0.29% 0.19% 0.18% 0.29% 0.19% 0.18%
Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit
Highest offer unit price 1,092 1,032 1,375 1,446 1,341 1,752
Lowest bid unit price 800.7 789.6 865.9 1,058 1,023 1,106
1
The return after charges figures are based on the net asset value reported for financial statements purposes prepared under UK GAAP and SORP requirements and are not
the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on close of business prices.
2
Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paid to an underlying
collective investment scheme (if any).
3
Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund’s purchase and sale of equity instruments.
See note 13 for further details.

Distribution Tables
Final Distribution in Pence per Unit

Group 1 − Units purchased prior to 1 January 2024
Group 2 − Units purchased 1 January 2024 to 30 June 2024
A Income A Accumulation
Units Units
Group 1 Group 2 Group 1 Group 2
Net revenue (dividend) 16.6149 1.6896 21.9784 3.0540
Equalisation† – 14.9253 – 18.9244
Distribution paid 31.8.2024 16.6149 16.6149 21.9784 21.9784
Interim Distribution in Pence per Unit

Group 1 − Units purchased prior to 1 July 2023
Group 2 − Units purchased 1 July 2023 to 31 December 2023
Units Units
Group 1 Group 2 Group 1 Group 2
Net revenue (dividend) 2.5000 0.0000 3.2998 0.0000
Equalisation† – 2.5000 – 3.2998
†
Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price
of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the
cost of units for capital gains tax purposes.
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Report on Remuneration
The below disclosures are made in respect of the remuneration policies of the BlackRock group
(“BlackRock”), as they apply to BlackRock Fund Managers Limited (the “ManCo”). The disclosures are made
in accordance with the provisions in the UK implementation of Directive 2009/65/EC on the coordination of
laws, regulations and administrative provisions relating to undertakings for collective investment in transferable
securities (“UCITS”), as amended, including in particular by Directive 2014/91/EU of the European Parliament
and of the council of 23 July 2014, (the “Directive”), the “Guidelines on sound remuneration policies under the
UCITS Directive and AIFMD” issued by the European Securities and Markets Authority, the Collective
Investment Schemes (Amendment etc.) (EU Exit) Regulations 2018, the Financial Conduct Authority (“FCA”)
Handbook SYSC 19E: The UCITS Remuneration Code (the “UCITS Remuneration Code”), and COLL
4.5.7 R(7).
BlackRock’s UCITS Remuneration Policy (the “UCITS Remuneration Policy”) will apply to the EEA entities
within the BlackRock group authorised as a manager of UCITS funds in accordance with the Directive, and
will ensure compliance with the requirements of Article 14b of the Directive and to UK entities within the
BlackRock group authorised as a manager of a UK UCITS fund in accordance with UCITS as implemented,
retained and onshored in the UK.
The ManCo has adopted the UCITS Remuneration Policy, a summary of which is set out below.
Remuneration Governance
BlackRock’s remuneration governance in EMEA operates as a tiered structure which includes: (a) the
Management Development and Compensation Committee (“MDCC”) (which is the global, independent
remuneration committee for BlackRock, Inc. and (b) the ManCo’s board of directors (the “ManCo’s Board”).
These bodies are responsible for the determination of BlackRock’s remuneration policies which includes
reviewing the remuneration policy on a regular basis and being responsible for its implementation.
The implementation of the remuneration policy is annually subject to central and independent review for
compliance with policies and procedures for remuneration adopted by the MDCC and by the ManCo’s Board.
The most recent review found no fundamental issues. The remuneration disclosure is produced and owned by
MDCC and the Manager’s Board.
No material changes were made to the remuneration policy in 2023.
(a) MDCC
The MDCC’s purposes include:
• providing oversight of:
• BlackRock’s executive compensation programmes;
• BlackRock’s employee benefit plans; and
• such other compensation plans as may be established by BlackRock from time to time for which the
MDCC is deemed as administrator;
• reviewing and discussing the compensation discussion and analysis included in the BlackRock, Inc. annual
proxy statement with management and approving the MDCC’s report for inclusion in the proxy statement;

Report on Remuneration continued
• reviewing, assessing and making reports and recommendations to the BlackRock, Inc. Board of Directors
(the “BlackRock, Inc. Board”) as appropriate on BlackRock’s talent development and succession planning,
with the emphasis on performance and succession at the highest management levels; and
• supporting the boards of the Company’s EMEA regulated entities in meeting their remuneration-related
obligations by overseeing the design and implementation of EMEA remuneration policy in accordance with
applicable regulations.
The MDCC directly retains its own independent compensation consultant, Semler Brossy Consulting Group
LLC, who has no relationship with BlackRock, Inc. or the BlackRock, Inc. Board that would interfere with its
ability to provide independent advice to the MDCC on compensation matters.
The BlackRock, Inc. Board has determined that all of the members of the MDCC are “independent” within the
meaning of the listing standards of the New York Stock Exchange (NYSE), which requires each meet a “non-
employee director” standard.
The MDCC held 7 meetings during 2023. The MDCC charter is available on BlackRock, Inc.’s website
(www.blackrock.com).
Through its regular reviews, the MDCC continues to be satisfied with the principles of BlackRock’s
compensation policy and approach.
(b) The ManCo’s Board

The ManCo’s Board in its supervisory function has the task of supervising and providing oversight of the
UCITS Remuneration Policy as it applies to the ManCo and its Identified Staff (as defined below).
The responsibilities of the supervisory function include:
• approve, maintain and oversee the implementation of the UCITS Remuneration Policy;
• determine and oversee the remuneration of the members of the management body, provided that insofar
the relevant ManCo does not have a separate supervisory function, the remuneration of the member of the
management body is determined by the MDCC;
• approve any subsequent material exemptions or changes to the UCITS Remuneration Policy and carefully
consider and monitor their effects;
• take into account the inputs provided by all competent corporate functions (i.e., risk management,
compliance, human resources, strategic planning, etc.) in the design and oversight of the UCITS
Remuneration Policy.
Decision-making process
Remuneration decisions for employees are made once annually in January following the end of the
performance year. This timing allows full-year financial results to be considered along with other non-financial
goals and objectives. Although the framework for remuneration decision-making is tied to financial
performance, significant discretion is used to determine individual variable remuneration based on
achievement of strategic and operating results and other considerations such as management and leadership
capabilities.
NM0824U-3826808-13/48
No set formulas are established and no fixed benchmarks are used in determining annual incentive awards. In
determining specific individual remuneration amounts, a number of factors are considered including non-
financial goals and objectives and overall financial and investment performance. These results are viewed in
the aggregate without any specific weighting, and there is no direct correlation between any particular
performance measure and the resulting annual incentive award. The variable remuneration awarded to any
individual(s) for a particular performance year may also be zero.
Annual incentive awards are paid from a bonus pool.
The size of the projected bonus pool, including cash and equity awards, is reviewed throughout the year by
the MDCC and the final total bonus pool is approved after year-end. As part of this review, the MDCC receives
actual and projected financial information over the course of the year as well as final year-end information.
The financial information that the MDCC receives and considers includes the current year projected income
statement and other financial measures compared with prior year results and the current year budget. The
MDCC additionally reviews other metrics of BlackRock’s financial performance (e.g., net inflows of AUM and
investment performance) as well as information regarding market conditions and competitive compensation
levels.
The MDCC regularly considers management’s recommendation as to the percentage of pre-incentive

operating income that will be accrued and reflected as a compensation expense throughout the year for the
cash portion of the total annual bonus pool (the “accrual rate”). The accrual rate of the cash portion of the
total annual bonus pool may be modified by the MDCC during the year based on its review of the financial
information described above. The MDCC does not apply any particular weighting or formula to the information
it considers when determining the size of the total bonus pool or the accruals made for the cash portion of
the total bonus pool.
Following the end of the performance year, the MDCC approves the final bonus pool amount.
As part of the year-end review process the Enterprise Risk and Regulatory Compliance departments report to
the MDCC on any activities, incidents or events that warrant consideration in making compensation decisions.
Individuals are not involved in setting their own remuneration.
Control functions
Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal
Audit) has its own organisational structure which is independent of the business units and therefore staff
members in control functions are remunerated independently of the businesses they oversee. The head of
each control function is either a member of the Global Executive Committee (“GEC”), the global management
committee, or has a reporting obligation to the board of directors of BlackRock Group Limited, the parent
company of all of BlackRock’s EMEA regulated entities, including the ManCo.
Functional bonus pools are determined with reference to the performance of each individual function. The
remuneration of the senior members of control functions is directly overseen by the MDCC.

Link between pay and performance

There is a clear and well defined pay-for-performance philosophy and compensation programmes which are
designed to meet the following key objectives as detailed below:
• appropriately balance BlackRock’s financial results between shareholders and employees;

• attract, retain and motivate employees capable of making significant contributions to the long-term
success of the business;
• align the interests of senior employees with those of shareholders by awarding BlackRock Inc.’s stock as a
significant part of both annual and long-term incentive awards;
• control fixed costs by ensuring that compensation expense varies with profitability;
• link a significant portion of an employee’s total compensation to the financial and operational performance
of the business;
• promote sound and effective risk management across all risk categories, including sustainability risk;
• discourage excessive risk-taking (sustainability related or otherwise); and
• ensure that client interests are not negatively impacted by remuneration awarded on a short-term, mid-term
and/or long-term basis.
Driving a high-performance culture is dependent on the ability to measure performance against objectives,
values and behaviours in a clear and consistent way. Managers use a 5-point rating scale to provide an overall
assessment of an employee’s performance, and employees also provide a self-evaluation. The overall, final
rating is reconciled during each employee’s performance appraisal. Employees are assessed on the manner
in which performance is attained as well as the absolute performance itself.
In keeping with the pay-for-performance philosophy, ratings are used to differentiate and reward individual
performance – but don’t pre-determine compensation outcomes. Compensation decisions remain
discretionary and are made as part of the year-end compensation process.
When setting remuneration levels other factors are considered, as well as individual performance, which may
include:
• the performance of the Manager, the funds managed by the Manager and/or the relevant functional
department;
• factors relevant to an employee individually (e.g., relevant working arrangements (including part-time
status if applicable); relationships with clients and colleagues; teamwork; skills; any conduct issues; and,
subject to any applicable policy, the impact that any relevant leave of absence may have on contribution to
the business);
• the management of risk within the risk profiles appropriate for BlackRock’s clients;
• strategic business needs, including intentions regarding retention;
• market intelligence;
• criticality to business; and
• supporting the firm’s approaches to environmental, social and governance factors and diversity, equity and
inclusion.
NM0824U-3826808-15/48
A primary product tool is risk management and, while employees are compensated for strong performance in
their management of client assets, they are required to manage risk within the risk profiles appropriate for
their clients. Therefore, employees are not rewarded for engaging in high-risk transactions outside of
established parameters.
Remuneration practices do not provide undue incentives for short-term planning or short-term financial
rewards, do not reward unreasonable risk and provide a reasonable balance between the many and
substantial risks inherent within the business of investment management, risk management and advisory
services.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is
contractual, and a discretionary bonus scheme.
BlackRock operates an annual discretionary bonus scheme. Although all employees are eligible to be
considered for a discretionary bonus, there is no contractual obligation to make any award to an employee
under its discretionary bonus scheme. In exercising discretion to award a discretionary bonus, the factors
listed above (under the heading “Link between pay and performance”) may be taken into account in addition
to any other matters which become relevant to the exercise of discretion in the course of the performance
year.
Discretionary bonus awards for all employees, including executive officers, are subject to a guideline that
determines the portion paid in cash and the portion paid in BlackRock, Inc. stock and subject to additional
vesting/clawback conditions. Stock awards are subject to further performance adjustment through variation in
BlackRock, Inc.’s share price over the vesting period. As total annual compensation increases, a greater
portion is deferred into stock. The MDCC adopted this approach in 2006 to substantially increase the
retention value and shareholder alignment of the compensation package for eligible employees, including the
executive officers. The portion deferred into stock vests into three equal instalments over the three years
following grant.
Supplementary to the annual discretionary bonus as described above, equity awards may be made to select
individuals to provide greater linkage with future business results. These long-term incentive awards have
been established individually to provide meaningful incentive for continued performance over a multi-year
period recognising the scope of the individual’s role, business expertise and leadership skills.
Selected senior leaders are eligible to receive performance-adjusted equity-based awards from the
“BlackRock Performance Incentive Plan” (“BPIP”). Awards made from the BPIP have a three-year performance
period based on a measurement of As Adjusted Operating Margin1 and Organic Revenue Growth2.
Determination of pay-out will be made based on the firm’s achievement relative to target financial results at
the conclusion of the performance period. The maximum number of shares that can be earned is 165% of the
award in those situations where both metrics achieve pre-determined financial targets. No shares will be
earned where the firm’s financial performance in both of the above metrics is below a pre-determined
performance threshold. These metrics have been selected as key measures of shareholder value which
endure across market cycles.
1
As Adjusted Operating Margin: As reported in BlackRock’s external filings, reflects adjusted
Operating Income divided by Total Revenue net of distribution and servicing expenses and
amortisation of deferred sales commissions.
2
Organic Revenue Growth: Equal to net new base fees plus net new Aladdin revenue generated in the
year (in dollars).

A limited number of investment professionals have a portion of their annual discretionary bonus (as described
above) awarded as deferred cash that notionally tracks investment in selected products managed by the
employee. The intention of these awards is to align investment professionals with the investment returns of the
products they manage through the deferral of compensation into those products. Clients and external
evaluators have increasingly viewed more favourably those products where key investors have “skin in the
game” through significant personal investments.
Identified Staff
The UCITS Remuneration Policy sets out the process that will be applied to identify staff as Identified Staff,
being categories of staff of the ManCo, including senior management, risk takers, control functions and any
employee receiving total remuneration that takes them into the same remuneration bracket as senior
management and risk takers, whose professional activities have a material impact on the risk profiles of the
ManCo or of the funds it manages.
The list of Identified Staff will be subject to regular review, being formally reviewed in the event of, but not
limited to:
• organisational changes;
• new business initiatives;
• changes in significant influence function lists;
• changes in role responsibilities; and
• revised regulatory direction.
BlackRock applies the proportionality principle in respect of staff identified as “Identified Staff”. BlackRock
bases its proportionality approach on a combination of factors that it is entitled to take into account based on
relevant guidelines. The application of proportionality has been assessed based on the criteria set down in
the ESMA Guidelines - i.e., criteria in terms of size, internal organisation and nature, scope and complexity of
the activities; group of persons, who have only collectively a material impact on the risk profile of the
management company; and structure of the remuneration of identified staff.
Quantitative Remuneration Disclosure

The ManCo is required under the Directive to make quantitative disclosures of remuneration. These
disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on
quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it
appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where
such changes are made, this may result in disclosures in relation to a fund not being comparable to the
disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.
Remuneration information at an individual Fund level is not readily available. Disclosures are provided in
relation to (a) the staff of the ManCo; (b) staff who are senior management; (c) staff who have the ability to
materially affect the risk profile of the Fund: and (d) staff of companies to which portfolio management and
risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s
remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals
have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services
attributable to the ManCo is included in the aggregate figures disclosed.
NM0824U-3826808-17/48
Members of staff and senior management of the ManCo typically provide both UCITS and non-UCITS related
services in respect of multiple funds, clients and functions of the ManCo and across the broader BlackRock
group. Conversely, members of staff and senior management of the broader BlackRock group may provide
both UCITS and non-UCITS related services in respect of multiple funds, clients and functions of the broader
BlackRock group and of the ManCo. Therefore, the figures disclosed are a sum of individual’s portion of
remuneration attributable to the ManCo according to an objective apportionment methodology which
acknowledges the multiple-service nature of the ManCo and the broader BlackRock group. Accordingly, the
figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the ManCo’s staff in respect of the ManCo’s financial year
ending 31 December 2023 is USD 171.3 million. This figure is comprised of fixed remuneration of USD
98.3 million and variable remuneration of USD 73.0 million. There were a total of 3,683 beneficiaries of the
remuneration described above.
The amount of the aggregate remuneration awarded by the ManCo in respect of the ManCo’s financial year
ending 31 December 2023, to its senior management was USD 6.1 million, and to other members of its staff
whose actions potentially have a material impact on the risk profile of the ManCo or its funds was USD
4.2 million.

Portfolio Statement
at 30 June 2024
% of % of
Holding or Market Total Holding or Market Total
Nominal Value Net Nominal Value Net
Value Investment £000’s Assets Value Investment £000’s Assets
EQUITIES − 99.97%; 30.6.2023 98.79% 571,973 IntegraFin 1,985 2.80

87,236 OSB 374 0.53
Advertising − 1.67%; 30.6.2023 2.92%
125,420 PayPoint 796 1.12
99,291 Next 15 791 1.12
135,383 Polar Capital 761 1.07
679,895 Pebble 388 0.55
193,759 Tatton Asset Management 1,302 1.84
1,179 1.67 542,694 TP ICAP 1,084 1.53
Automobile Parts & Equipment − 0.54%; 30.6.2023 0.43% 8,760 12.35

522,183 Dowlais 382 0.54
Electrical Components &
Banks − 0.68%; 30.6.2023 0.99% Equipment − 0.43%; 30.6.2023 0.00%
427,984 Permanent TSB 479 0.68 76,486 Raspberry PIØ 306 0.43
340,190 Vitec Global 1 – 0.00
Beverages − 2.52%; 30.6.2023 2.20%
153,811 Fuller Smith & Turner 1,071 1.51 306 0.43
41,428 Young &’s Brewery 404 0.57
Electricity − 0.39%; 30.6.2023 0.36%
51,467 Young &’s Brewery 310 0.44
18,687 XP Power 276 0.39
1,785 2.52
Electronics − 6.20%; 30.6.2023 4.58%
Biotechnology − 1.08%; 30.6.2023 0.00% 101,498 DiscoverIE 680 0.96
258,878 Oxford Biomedica 768 1.08 403,936 Luceco 669 0.94
82,663 Oxford Instruments 2,042 2.88
Building Materials − 7.41%; 30.6.2023 3.35%
688,284 TT Electronics 1,005 1.42
452,260 Breedon 1,748 2.46
219,518 Genuit 947 1.33 4,396 6.20
467,261 Ibstock 723 1.02
Engineering & Construction − 3.15%; 30.6.2023 2.61%
369,088 Marshalls 1,080 1.52
371,039 Kier 491 0.69
1,155,806 SigmaRoc 767 1.08
41,293 Morgan Sindall 1,045 1.47
5,265 7.41 66,421 Renew 705 0.99
Chemicals − 1.61%; 30.6.2023 1.59% 2,241 3.15

143,038 Treatt 614 0.87
Food Producers − 1.03%; 30.6.2023 1.55%
116,713 Zotefoams 526 0.74
16,514 Cranswick 734 1.03
1,140 1.61
Healthcare Products − 0.42%; 30.6.2023 1.00%
Commercial Services − 7.04%; 30.6.2023 11.37% 94,726 MaxCyte 297 0.42
29,253 4imprint 1,711 2.41
Home Builders − 2.12%; 30.6.2023 1.06%
19,547 Dynamics 399 0.56
284,301 Crest Nicholson 683 0.96
482,874 Johnson Service 762 1.07
160,259 MJ Gleeson 825 1.16
170,900 Robert Walters 747 1.05
277,609 RWS 521 0.73 1,508 2.12
211,061 SThree 869 1.22
Insurance − 2.08%; 30.6.2023 1.80%
5,009 7.04 143,807 Conduit 710 1.00
510,157 Sabre Insurance 766 1.08
Computers − 0.66%; 30.6.2023 2.44%
1,142,650 EckohØ 469 0.66 1,476 2.08
Distribution & Wholesale − 0.78%; 30.6.2023 0.72% Internet − 6.25%; 30.6.2023 7.07%
2,234,401 SIG 556 0.78 95,012 Auction Technology 476 0.67
485,310 Baltic Classifieds 1,165 1.64
Diversified Financial Services − 12.35%; 30.6.2023 9.50%
510,767 Deliveroo 668 0.94
33,838 Alpha InternationalØ 761 1.07
71,761 Future 752 1.06
388,133 Ashmore 659 0.93
394,060 MONY 875 1.23
876,247 FRP Advisory 1,038 1.46
NM0824U-3826808-19/48
Portfolio Statement continued
% of % of
Holding or Market Total Holding or Market Total
Nominal Value Net Nominal Value Net
Value Investment £000’s Assets Value Investment £000’s Assets
542,412 Victorian Plumbing 503 0.71 244,568 Domino’s Pizza 750 1.06
164,728 Grafton 1,529 2.15
4,439 6.25
164,201 Watches of Switzerland 680 0.96
Ø
Leisure Time − 0.00%; 30.6.2023 1.02% 54,945 WH Smith 622 0.88
Machinery Diversified − 1.17%; 30.6.2023 1.02% 4,056 5.72

180,513 Vesuvius 833 1.17
Software − 4.99%; 30.6.2023 5.38%
Media − 1.86%; 30.6.2023 1.43% 657,014 Alfa Financial Software 1,219 1.72
213,234 Bloomsbury Publishing 1,322 1.86 750,114 Boku 1,350 1.90
327,193 Oxford Metrics 324 0.46
Mining − 1.43%; 30.6.2023 1.12%
233,865 Team17 643 0.91
503,755 Central Asia Metals 1,015 1.43
Miscellaneous Manufacturing − 8.13%; 30.6.2023 5.36% 3,536 4.99

459,783 Chemring 1,710 2.41 Telecommunications − 5.70%; 30.6.2023 6.37%
110,707 Hill & Smith 2,174 3.06 64,072 accesso Technology 465 0.66
126,741 Porvair 837 1.18 139,161 Gamma Communications 1,962 2.77
380,608 Senior 608 0.86 537,889 GlobalData 1,167 1.64
155,429 Videndum 443 0.62 94,832 Gooch & Housego 448 0.63
5,772 8.13 4,042 5.70

Oil & Gas Producers − 0.57%; 30.6.2023 2.16% Toys, Games & Hobbies − 0.00%; 30.6.2023 0.92%
298,492 Serica Energy 405 0.57
Transportation − 1.36%; 30.6.2023 0.77%
Oil & Gas Services − 2.54%; 30.6.2023 1.64% 23,282 Clarkson 964 1.36
96,448 Ashtead Technology 732 1.03
259,676 Hunting 1,073 1.51 COLLECTIVE INVESTMENT
SCHEMES − 1.45%; 30.6.2023 1.60%
1,805 2.54
Short-term Money Market Funds − 1.45%; 30.6.2023 1.60%
Pharmaceuticals − 2.10%; 30.6.2023 4.52% 10,281 BlackRock ICS Sterling 1,028 1.45
120,602 Amryt Pha Revenue1 – 0.00 Environmentally Aware Fund -
66,739 CVS 671 0.95 Agency Income Class†
65,817 Indivior 816 1.15
Portfolio of investments 71,979 101.42
1,487 2.10
Net other liabilities (1,010) (1.42)
Real Estate Investment & Services − 1.03%; 30.6.2023 1.30%
Total net assets 70,969 100.00
782,525 Sirius Real Estate 734 1.03
Unless otherwise stated, all securities are either listed on a recognised exchange,
Real Estate Investment Trusts − 4.96%; 30.6.2023 2.65% traded on an eligible securities market or are permitted collective investment
schemes.
485,107 Great Portland Estates 1,615 2.28 1
These securities were valued in consultation with the Manager. These securities
320,361 Workspace 1,900 2.68 were fair valued or suspended at financial year end.
Ø
All or a portion of this investment represents a security on loan, see note 2(b) ii)
3,515 4.96 for further details.
†
Managed by a related party.
Retail − 5.72%; 30.6.2023 7.59%
510,755 Card Factory 475 0.67

Statement of Total Return
For the year For the year

to 30.6.2024 to 30.6.2023
Notes £000’s £000’s £000’s £000’s
Income
Net capital gains/(losses) 3 5,325 (976)
Revenue 4 2,024 1,528
Expenses 5 (664) (490)
Net revenue before taxation 1,360 1,038
Taxation 6 (5) (6)
Net revenue after taxation 1,355 1,032
Total return before distributions 6,680 56
Distributions 7 (1,355) (1,032)
Change in net assets

attributable to unitholders from
investment activities 5,325 (976)
Statement of Change in Net Assets Attributable to Unitholders


to 30.6.2024 to 30.6.2023
£000’s £000’s £000’s £000’s
Opening net assets attributable
to unitholders 61,290 37,436
Amounts receivable on issue of units 17,616 2,288
In-Specie transfer – 32,434
Amounts payable on cancellation of units (14,185) (10,454)
3,431 24,268
Change in net assets attributable to
unitholders from investment activities 5,325 (976)
Retained distribution on accumulation units 923 562
Closing net assets attributable

to unitholders 70,969 61,290
NM0824U-3826808-21/48
Balance Sheet
at 30 June 2024
30.6.2024 30.6.2023
Notes £000’s £000’s
Assets:
Fixed assets
− Investment assets 71,979 61,530
Current assets
− Debtors 8 2,895 399
− Cash and bank balances 104 91
Total assets 74,978 62,020
Liabilities:
Creditors
− Distributions payable (416) (489)
− Other creditors 9 (3,593) (241)
Total liabilities (4,009) (730)
Net assets attributable to unitholders 70,969 61,290
G D Bamping (Director)
M T Zemek (Director)
28 August 2024

Notes to Financial Statements
1. Accounting and Distribution Policies

Accounting Policies
(a) The financial statements have been prepared in accordance with United Kingdom Generally Accepted
Accounting Practice (UK GAAP) and the Statement of Recommended Practice for Authorised Funds (the
“SORP”) issued by the Investment Management Association (now known as the Investment Association)
in May 2014 and amended in June 2017.
The financial statements have been prepared on a going concern basis in accordance with UK GAAP
and the SORP. The Fund is able to meet all of its liabilities from its assets. The performance, marketability
and risks of the Fund are reviewed on a regular basis throughout the financial period. Therefore, the
Directors of the Manager believe that the Fund will continue in operational existence for a period of one
year from the date of approval of the financial statements and is financially sound. The Directors of the
Manager are satisfied that, at the time of approving the financial statements, it is appropriate to continue
to adopt the going concern basis in preparing the financial statements of the Fund.
(b) Bank interest is recognised on an accruals basis.
Dividends on quoted ordinary shares and preference shares are recognised when the securities are
quoted ex-dividend. Where such securities are not quoted, dividends are recognised when the right to
receive payment is established.
All REIT dividend revenue is recognised on an accruals basis.
Any reported revenue from an offshore fund with reporting status from HMRC, in excess of any
distribution received in the reporting period, is recognised as revenue no later than the date on which the
reporting fund makes this information available. The equalisation element is treated as capital.
All revenue is recognised as a gross amount that takes account of any withholding taxes but excludes
any other taxes such as attributable tax credits.
Revenue from securities lending is accounted for net of associated costs and is recognised on an
accruals basis.
(c) Ordinary stock dividends are recognised wholly as revenue and are based on the market value of the
shares on the date they are quoted ex-dividend. Where an enhancement is offered, the amount by which
the market value of the shares (on the date they are quoted ex-dividend) exceeds the cash dividend is
taken to capital.
(d) The underlying circumstances behind both special dividends and share buy backs are reviewed on a
case by case basis in determining whether the amount is revenue or capital in nature. Any tax treatment
will follow the accounting treatment of the principal amount.
(e) All expenses, except those relating to the purchase and sale of investments are charged against revenue.
All expenses are recognised on an accruals basis.
(f) Provision for corporation tax is made at the current rate on the excess of taxable revenue over allowable
expenses. Provision is made on all material timing differences arising from the different treatment of items
for accounting and tax purposes. A deferred tax asset is recognised only to the extent that it is
considered more likely than not that there will be taxable profits in the future against which the asset can
be offset.
(g) Where the end of the accounting year on the Balance Sheet date is a business day, the valuation point is
12 noon, and where the end of the accounting year on the Balance Sheet date is a non-business day, the
valuation point is end of day. All investments are valued at their fair value as at the end of the accounting
NM0824U-3826808-23/48
Notes to Financial Statements continued
period. In the case of an investment which is not quoted, listed or dealt in on a recognised market, or in
respect of which a listed, traded or dealt price or quotation is not available at the time of valuation, the
fair value of such investment shall be estimated with care and in good faith by a competent professional
person, body, firm or corporation including the Manager’s pricing committee and such fair value shall be
determined on the basis of the probable realisation value of the investment. The Manager shall be
entitled to adopt an alternative method of valuing any particular asset if it considers that the methods of
valuation set out above do not provide a fair valuation of a particular asset or liability.
Investments in dual priced Collective Investment Schemes have been valued at the latest available
published bid price market values. Investments in single priced Collective Investment Schemes have
been valued at the latest available published market values.
(h) Any transactions in foreign currencies are translated into sterling at the rates of exchange ruling on the
date of any such transaction. Assets and liabilities in foreign currencies are translated into sterling at the
exchange rates ruling at the end of the accounting period. Revenue items in foreign currencies are
translated into sterling at the exchange rate when the revenue is received.
(i) Where appropriate, certain permitted financial instruments such as derivatives are used for efficient
portfolio management. Where such financial instruments are used to protect or enhance revenue, the
revenue and expenses derived therefrom are included in ‘Revenue’ in the Statement of Total Return.
Where such financial instruments are used to protect or enhance capital, the gains and losses derived
therefrom are included in ‘Net capital gains/(losses)’ in the Statement of Total Return.
(j) Cash and bank balances consist of deposits held on call with banks and cash held with clearing brokers
and counterparties.
Distribution Policies
(k) The ordinary element of stock dividends is treated as revenue and forms part of the distribution.
(l) Special dividends and share buy backs recognised as revenue form part of the distribution.
(m) All of the net revenue available for distribution at the final accounting period end will be distributed to
unitholders as a dividend with the balance attributable to accumulation unitholders retained within the
Fund. In order to conduct a controlled dividend flow to unitholders, interim distributions may be made at
the Manager’s discretion, up to a maximum of the distributable revenue available for the period. Should
expenses and taxation together exceed revenue, there will be no distribution and the shortfall will be met
from capital.
2. Financial Instruments and Risks

The Fund’s investment activities expose it to the various types of risk which are associated with the
financial instruments and markets in which it invests. The following information is not intended to be a
comprehensive summary of all risks and investors should refer to the Prospectus for a more detailed
discussion of the risks inherent in investing in the Fund.
Risk management framework

The Manager has delegated the day-to-day administration of the investment programme to the
Investment Manager. The Investment Manager is also responsible for ensuring that the Fund is managed
within the terms of its investment guidelines and limits set out in the Prospectus. The Manager reserves to
itself the investment performance, product risk monitoring and oversight and the responsibility for the
monitoring and oversight of regulatory and operational risk for the Fund.

The Manager has appointed a risk manager who has responsibility for the daily risk management
process with assistance from key risk management personnel of the Investment Manager, including
members of the BlackRock Risk and Quantitative Analysis Group (“RQA Group”) which is a centralised
group which performs an independent risk management function. The RQA Group independently
identifies, measures and monitors investment risk. The RQA Group tracks the actual risk management
practices being deployed across the different funds. By breaking down the components of the process,
the RQA Group has the ability to determine if the appropriate risk management processes are in place
for the Fund. This captures the risk management tools employed, how the levels of risk are controlled,
ensuring risk/return is considered in portfolio construction and reviewing outcomes.
The principal risk exposure of the Fund is set out as follows:
(a) Market risk

Market risk arises mainly from uncertainty about future values of financial instruments influenced by other
price, currency and interest rate movements. It represents the potential loss the Fund may suffer through
holding market positions in the face of market movements. The Fund is exposed to market risk by virtue
of its investments in equities.
A key metric the RQA Group uses to measure market risk is Value-at-Risk (“VaR”) which encompasses
price, currency and interest rate risk. VaR is a statistical risk measure that estimates the potential portfolio
loss from adverse market moves in an ordinary market environment. VaR analysis reflects the
interdependencies between risk variables, unlike a traditional sensitivity analysis.
The VaR calculations are based on an adjusted historical simulation model with a confidence level of
99%, a holding period of one day and a historical observation period of not less than one year
(250 days). A VaR number is defined at a specified probability and a specified time horizon. A 99% one
day VaR means that the expectation is that 99% of the time over a one day period the Fund will lose less
than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk.
It is noted that the use of the VaR methodology has limitations, namely that the use of historical market
data as a basis for estimating future events does not encompass all possible scenarios, particularly those
that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) does not take
into account losses that occur beyond this level. There is some probability that the loss could be greater
than the VaR amounts. These limitations and the nature of the VaR measure mean that the Fund can
neither guarantee that losses will not exceed the VaR amounts indicated, nor that losses in excess of the
VaR amounts will not occur more frequently.
The one day VaR as at 30 June 2024 and 30 June 2023 based on a 99% confidence level was 1.78% and
1.96% respectively.
i) Market risk arising from foreign currency risk

Exposure to foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in foreign exchange rates.
Management of foreign currency risk

The net assets of the Fund are denominated mainly in sterling, therefore the Balance Sheet and
Statement of Total Return are unlikely to be directly affected by currency movements.
NM0824U-3826808-25/48
ii) Market risk arising from other price risk

Exposure to other price risk
Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices (other than those arising from interest rate risk or currency risk),
whether those changes are caused by factors specific to the individual financial instrument or its issuer,
or factors affecting similar financial instruments traded in the market. Local, regional or global events
such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or
other events could have a significant impact on the Fund and market prices of its investments.
The Fund is exposed to other price risk arising from its investments. The exposure of the Fund to other
price risk is the market value of the investments held as shown in the Portfolio Statement of the Fund.
Management of other price risk

The Investment Manager manages the Fund’s other price risk on a daily basis in accordance with the
Fund’s investment objective.
By diversifying the portfolio, where this is appropriate and consistent with the Fund’s objectives, the risk
that a price change of a particular investment will have a material impact on the Net Asset Value (“NAV”)
of the Fund is minimised. The investment concentrations within the portfolio are disclosed in the portfolio
statement by investment type.
iii) Market risk arising from interest rate risk

Exposure to interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates.
The Fund is exposed to interest rate risk on its cash and bank balances held at The Bank of New York
Mellon (International) Limited. Cash held on deposit at The Bank of New York Mellon (International)
Limited receives/incurs interest at the prevailing daily rate which may be negative depending on the
currency in which the cash is held.
As at 30 June 2024 and 30 June 2023, no interest bearing investments were held by the Fund, hence no
interest rate risk exposure table has been presented.
Management of interest rate risk

Interest rate risk exposure is managed by constantly monitoring the position for deviations outside a pre-
determined tolerance level and, when necessary, rebalancing back to the original desired parameters.
(b) Counterparty credit risk

Exposure to counterparty credit risk
Counterparty credit risk is the risk that one party to a financial instrument will cause a financial loss for
the other party by failing to discharge an obligation.
The Fund is exposed to counterparty credit risk from the parties with which they trade and will bear the
risk of settlement default.

Management of counterparty credit risk

Counterparty risk is monitored and managed by BlackRock’s RQA Counterparty & Concentration Risk
Team. The team is headed by BlackRock’s Chief Counterparty Credit Officer who reports directly to the
Global Head of RQA. Credit authority resides with the Chief Counterparty Credit Officer and selected
team members to whom specific credit authority has been delegated. As such, counterparty approvals
may be granted by the Chief Counterparty Credit Officer or by identified RQA Credit Risk Officers who
have been formally delegated authority by the Chief Counterparty Credit Officer as deemed appropriate.
BlackRock’s RQA Counterparty & Concentration Risk Team completes a formal review of each new
counterparty, monitors and reviews all approved counterparties on an ongoing basis and maintains an
active oversight of counterparty exposures.
The Manager maintains a list of approved counterparties. This list is regularly monitored and revised for
changes based on the counterparty’s creditworthiness, market reputation and expectations of future
financial performance. Transactions will only be opened with financial intermediaries on the approved
counterparties list.
i) Trustee and Custodian

The Fund’s Trustee and Custodian is The Bank of New York Mellon (International) Limited (the “Trustee”
and “Custodian”).
Substantially all of the investments other than FDIs of the Fund are held by the Custodian at year end.
Investments are segregated from the assets of the Custodian, with ownership rights remaining with the
Fund. Bankruptcy or insolvency of the Custodian may cause the Fund’s rights with respect to its
investments held by the Custodian to be delayed or limited. The maximum exposure to this risk is the total
amount of equity and bond investments disclosed in the portfolio statement.
The Fund will be exposed to the credit risk of the Custodian, or any depositary used by the Trustee
regarding cash balances held in accounts with same. In the event of insolvency or bankruptcy of the
Custodian or any depositary used by the Trustee, the Fund will be treated as a general creditor of the
Trustee.
Management of counterparty credit risk related to the Trustee and Custodian

To mitigate the Fund’s credit risk with respect to the Trustee, the Investment Manager of the Fund
employs specific procedures to ensure that the Trustee employed is a reputable institution and that the
associated credit risk is acceptable to the Fund. The Fund only transacts with counterparties that are
regulated entities subject to prudential supervision, or with high credit-ratings assigned by international
credit-rating agencies.
The long term credit rating of the parent company of the Trustee and Custodian, The Bank of New York
Mellon Corporation, as at 30 June 2024 was A (30 June 2023: A) (Standard & Poor’s rating).
ii) Securities lending

The Fund engages in security lending activities which expose the Fund to counterparty credit risk. The
maximum exposure to the Fund is equal to the value of the securities loaned.
NM0824U-3826808-27/48
Securities lending transactions entered into by the Fund are subject to a written legal agreement between
the Fund and the Stock Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Fund,
and separately between the Stock Lending Agent and the approved borrowing counterparty. Collateral
received in exchange for securities lent is transferred under a title transfer arrangement and is delivered
to and held in an account with a tri-party collateral manager in the name of BNY Mellon Trust &
Depositary (UK) Limited (“the Depositary”) on behalf of the Fund. Collateral received is segregated from
the assets belonging to the Fund’s Depositary or the Stock Lending Agent.
The following table details the value of securities on loan (individually identified in the Portfolio Statement)
and associated collateral received, analysed by borrowing counterparty as at the Balance Sheet date.
30 June 2024 30 June 2023

Counterparty’s
country of Securities Collateral Securities Collateral
Counterparty establishment on loan received on loan received
£000’s £000’s £000’s £000’s
Barclays Capital Securities Limited UK 315 334 – –
Goldman Sachs International UK 307 342 61 67
J.P. Morgan Securities Plc UK 27 30 22 25
Morgan Stanley & Co. International Plc UK 97 102 – –
UBS AG Switzerland 727 809 – –
Total 1,473 1,617 83 92
At 30 June 2024, collateral received from these borrowing counterparties comprised of 40.32% in debt
securities and 59.68% in equity securities (30 June 2023: 13.04% in debt securities and 86.96% in equity
securities).
Collateral accepted is non-cash in the form of sovereign debt rated AA or better from approved
governments only, supranational debt obligations rated AAA or better, equity securities and exchange
traded funds listed on a recognised exchange.
Management of counterparty credit risk related to securities lending

To mitigate this risk, the Fund receives either cash or securities as collateral equal to a certain
percentage in excess of the fair value of the securities loaned. The Investment Manager monitors the fair
value of the securities loaned and additional collateral is obtained, if necessary. As at 30 June 2024 and
30 June 2023, all non-cash collateral received consists of securities admitted to or dealt on a recognised
exchange.
The Fund also benefits from a borrower default indemnity provided by BlackRock Inc. The indemnity
allows for full replacement of securities lent. BlackRock Inc. bears the cost of indemnification against
borrower default.
(c) Liquidity risk

Exposure to liquidity risk
Liquidity risk is the risk that the Fund will encounter difficulties in meeting its obligations associated with
financial liabilities.

Liquidity risk to the Fund arises from the redemption requests of unitholders and the liquidity of the
underlying investments the Fund is invested in. The Fund’s unitholders may redeem their units on the
close of any daily dealing deadline for cash equal to a proportionate share of the Fund’s NAV. The Fund
is therefore potentially exposed to the liquidity risk of meeting the unitholders’ redemptions and may
need to sell assets at prevailing market prices to meet liquidity demands.
The Fund invests primarily in equity securities with an emphasis in the UK, which is typically considered
to be a territory operating with high levels of liquidity. From time to time, however, market liquidity may be
affected by economic events. A security may be deemed illiquid due to a lack of trading volume in the
security or if the security is privately placed and not traded in any public market or is otherwise restricted
from trading.
All financial liabilities including distributions payable held by the Fund as at 30 June 2024 and
30 June 2023, based on contractual maturities, fall due within one to three months.
Management of liquidity risk

Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet
liquidity demands.
At times of excessive redemptions the Manager may decide to defer redemptions at any valuation point
to the next valuation point where the requested aggregate redemptions exceed 10 per cent of the Fund’s
NAV. This will therefore allow the Manager to protect the interests of continuing unitholders by allowing
the Manager to match the sale of scheme property to the level of redemptions. This should reduce the
impact of dilution on the Fund. All unitholders who have sought to redeem units at any valuation point at
which redemptions are deferred will be treated consistently and any redemption requests received in the
meantime will not be processed until the redemption requests that have been deferred to the subsequent
valuation points have been processed.
The Fund’s liquidity risk is managed on a daily basis by the Investment Manager in accordance with
established policies and procedures in place. The portfolio managers review daily forward looking cash
reports which project cash obligations. These reports allow them to manage the Fund’s cash obligations.
(d) Valuation of financial instruments

The Fund classifies financial instruments measured at fair value using a fair value hierarchy. The fair value
hierarchy has the following categories:
Level 1 − Unadjusted quoted prices for identical instruments in active markets

A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly
available and those prices represent actual and regularly occurring market transactions on an arm’s
length basis. The Fund does not adjust the quoted price for these instruments.
Level 2 − Valuation techniques using observable inputs other than quoted prices in level 1
This category includes instruments valued using quoted prices in active markets for similar instruments;
quoted prices for similar instruments in markets that are considered less than active; or other valuation
techniques where all significant inputs are directly or indirectly observable from market data.
NM0824U-3826808-29/48
Valuation techniques used for non-standardised financial instruments such as OTC derivatives, include
the use of comparable recent arm’s length transactions, reference to other instruments that are
substantially the same, discounted cash flow analysis, option pricing models and other valuation
techniques commonly used by market participants making the maximum use of market inputs and
relying as little as possible on entity determined inputs.
Level 3 − Valuation techniques using significant unobservable inputs

This category includes all instruments where the valuation techniques used include inputs not based on
market data and these inputs could have a significant impact on the instrument’s valuation.
This category also includes instruments that are valued based on quoted prices for similar instruments
where significant entity determined adjustments or assumptions are required to reflect differences
between the instruments and instruments for which there is no active market.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is
determined on the basis of the lowest level input that is significant to the fair value measurement in its
entirety. For this purpose, the significance of an input is assessed against the fair value measurement in
its entirety. If a fair value measurement uses observable inputs that require significant adjustment based
on unobservable inputs, that measurement is a level 3 measurement.
Assessing the significance of a particular input to the fair value measurement in its entirety requires
judgement, considering factors specific to the asset or liability. The determination of what constitutes
‘observable’ inputs requires significant judgement by the Investment Manager. The Investment Manager
considers observable inputs to be that market data that is readily available, regularly distributed or
updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively
involved in the relevant market.
The table below is an analysis of the Fund’s investment assets and investment liabilities measured at fair
value at the Balance Sheet date.
Level 1 Level 2 Level 3 Total

£000’s £000’s £000’s £000’s
30 June 2024
Investment assets 70,951 1,028 –1 71,979
Investment liabilities – – – –
30 June 2023
Investment assets 60,546 984 –1 61,530
Investment liabilities – – – –
1 Includes securities fair valued by the Manager at zero. These securities are identified on the Fund’s Portfolio Statement.
(e) Global exposure

The Manager is required by the COLL Sourcebook to employ a risk management process in respect of
the Fund which enables it to accurately monitor and manage the global exposure from Financial
Derivative Instruments (“FDIs”).
The Manager uses a methodology known as the Commitment Approach in order to measure the global
exposure of the Fund. The Commitment Approach is a methodology that aggregates the underlying
market or notional values of FDIs to determine the degree of global exposure of the Fund to FDIs. In

accordance with the COLL Sourcebook, global exposure for a fund utilising the Commitment Approach
must not exceed 100% of the Fund’s NAV. The calculation of global exposure represents only one
element of the Fund’s risk management process and in that respect the Manager will continue to report
VaR as a market risk measure to the Board of Directors.
The Fund did not hold any FDIs at 30 June 2024 and 30 June 2023.
3. Net Capital Gains/(Losses)

to 30.6.2024 to 30.6.2023
£000’s £000’s
The net capital gains/(losses) comprise:
Gains on non-derivative securities 5,335 (967)
Custodian transaction costs (10) (9)
Net capital gains/(losses) 5,325 (976)
4. Revenue

to 30.6.2024 to 30.6.2023
£000’s £000’s
Interest from UK bank deposits 4 2
Overseas dividends 240 329
Overseas REIT dividends 15 –
Revenue from short-term money market funds 37 40
Securities lending revenue – 1
UK dividends 1,663 1,128
UK REIT dividends 65 28
Total revenue 2,024 1,528
NM0824U-3826808-31/48
5. Expenses

to 30.6.2024 to 30.6.2023
£000’s £000’s
Payable to the Manager or associates of the Manager:
− Annual Management charge 651 465
651 465
Other expenses:
− Audit fee 7 7
− Legal and other professional fees (7) 7
− Safe custody fees 1 1
− Trustee’s fees 12 10
13 25
Total expenses 664 490
6. Taxation
(a) Analysis of tax charge

to 30.6.2024 to 30.6.2023
£000’s £000’s
Overseas tax 5 6
Total tax charge [see note 6(b)] 5 6
(b) Factors affecting the tax charge

The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an
authorised unit trust. The differences are explained below:

to 30.6.2024 to 30.6.2023
£000’s £000’s
Net revenue before taxation 1,360 1,038
Corporation tax at 20% (30 June 2023: 20%) 272 208

Effects of:
Movement in unrecognised excess management expenses 108 84
Overseas tax 5 6
Revenue not subject to tax (380) (292)
Total tax charge [see note 6(a)] 5 6

At 30 June 2024, the Fund had surplus management expenses of £16,796,000 (30 June 2023: £16,253,000.) It is unlikely that the
Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of £3,359,000
(30 June 2023: £3,251,000) has not been recognised.

7. Distributions

to 30.6.2024 to 30.6.2023
£000’s £000’s
Interim distribution 195 103
Final distribution 1,227 1,039
1,422 1,142
Add: Amounts deducted on cancellation of units 128 110

Equalisation on In-Specie transfer – (206)
Add: Amounts received on issue of units (195) (14)
Distributions 1,355 1,032
Details of the interim and final distributions per unit are set out in the tables on page 10.
8. Debtors
30.6.2024 30.6.2023
£000’s £000’s
Accrued revenue 200 141
Amounts receivable for issue of units 7 2
Expense rebate due from the Manager 1 –
Overseas tax recoverable 24 23
Sales awaiting settlement 2,663 233
Total debtors 2,895 399
9. Other Creditors
30.6.2024 30.6.2023
£000’s £000’s
Accrued Annual Management charge 228 164
Accrued Audit fee 16 16
Accrued Trustee’s fee 4 4
Amounts payable for cancellation of units 3,200 2
Custodian transaction costs 3 2
Purchases awaiting settlement 142 53
Total other creditors 3,593 241
10. Contingent Assets and Liabilities

There were no contingent assets or liabilities at the Balance Sheet date (30 Jun 2023: £Nil).
NM0824U-3826808-33/48
11. Credit Facility

The Funds entered into a credit facility with JPMorgan whereby JPMorgan, together with other syndicated
lenders, made a portion of a USD 475 million credit facility available to the Fund. This portion of the USD
475 million credit facility will be allocated to the Fund based on the credit facility agreement dated
19 April 2024. This credit facility may be utilised by the Fund for temporary funding purposes, including,
without limitation, the funding of investor redemptions. Any interest and commitment fees in relation to
drawdowns from such credit facility are paid out of the assets of the Fund.
The credit facility was not used during the year.
12. Related Parties

Parties are considered to be related if one party has the ability to control the other party or exercise
significant influence over the other party in making financial or operational decisions.
The following entities were related parties of the Fund during the year ended 30 June 2024:
Manager/Registrar: BlackRock Fund Managers Limited

Investment Manager: BlackRock Investment Management (UK) Limited
Stock Lending Agent: BlackRock Advisors (UK) Limited
The ultimate holding company of the Manager, Registrar, Investment Manager and securities lending
agent is BlackRock Inc. (“BlackRock”), a company incorporated in Delaware, USA.
The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the
Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed
in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any amounts due to or
from the Manager at the year end are disclosed in notes 8 and 9. Management fees and registration fees
paid to the Manager are shown in note 5. The balances due at the year end in respect of these fees are
shown in note 9.
For holdings in Institutional Cash Series plc (“ICS”), there will be no initial charges or redemption charges
payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees
and expenses which may include fixed management fees, performance fees, administration fees and
custodial fees.
The Fund may invest in other Collective Investment Schemes (“CIS”), which may or may not be operated
and/or managed by an affiliate of the Manager. As an investor in such other CIS, in addition to the fees,
costs and expenses payable by a unitholder in the Fund, each unitholder may also indirectly bear a
portion of the fees, costs and expenses of the underlying CIS, including management, investment
management and administration and other expenses. However, in respect of investments made in any
other investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible,
in classes of the underlying funds which are not subject to any management charges. Alternatively,
where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not
be subject to any preliminary/initial sales fee in respect of investments made in any other investment fund
whose manager is an affiliate of the Manager, although it may be subject to duties and charges in
respect of subscriptions and redemptions in such investment funds.
As at 30 June 2024 and 30 June 2023, none of the unitholders:

12. Related Parties continued

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or
(ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in
issue in the Fund and are as a result, considered to be a related party to the Fund.
All related party transactions were carried out at arm’s length in the ordinary course of business. The
terms and returns received by the related parties in making the investments above were no more
favourable than those received by other investors investing into the same unit class.
13. Portfolio Transaction Costs

For the year ended 30 June 2024
Direct Transaction Costs

Transaction
Value Commissions Taxes
Purchases (excluding derivatives) £000’s £000’s % £000’s %
Equity instruments 38,705 26 0.07 135 0.35
Total purchases 38,705 26 135
Total purchases including

transaction costs 38,866

Transaction
Sales (excluding derivatives) £000’s £000’s % £000’s %
Total sales 34,263 26 1
Total sales net of transaction costs 34,236
Total transaction costs 52 136
Total transaction costs

as a % of average net assets 0.08% 0.21%
NM0824U-3826808-35/48
13. Portfolio Transaction Costs continued

For the year ended 30 June 2023

Transaction
Purchases (excluding derivatives) £000’s £000’s % £000’s %
In-Specie 32,019 – – – –
Total purchases 47,345 11 60
Total purchases including

transaction costs 47,416

Transaction
Sales (excluding derivatives) £000’s £000’s % £000’s %
Total sales 22,782 18 1
Total sales net of transaction costs 22,763
Total transaction costs 29 61
Total transaction costs

as a % of average net assets 0.06% 0.13%
The above analysis covers direct transaction costs incurred by the Fund during the year. However it is
important to understand the nature of other transaction costs associated with different investment asset
classes and instruments types.
Separately identifiable direct transaction costs (such as commissions and taxes) are attributable to the
Fund’s purchase and sale of equity instruments. Additionally, for equity shares there is a dealing spread
cost (the difference between the buying and selling prices) which will be incurred on purchase and sale
transactions.
For the Fund’s investment transactions in money market instruments any applicable transaction charges
form part of the dealing spread for these instruments. Transactions in money market instruments to
manage the Fund’s daily liquidity position are excluded from the analysis.
At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices
of all investments expressed as a percentage of the offer price value) was 0.46% (30 June 2023: 0.85%).

14. Units in Issue

The movement in units in issue for the year ended 30 June 2024 is as follows:
Units Units
Balance at the beginning of the year 3,293,784 2,848,758
Issued during the year 134,873 1,320,786
Cancelled during the year (925,403) (480,111)
Balance at the end of the year 2,503,254 3,689,433
Revenue is allocated each day pro rata to the capital value of assets attributable to each class and
taxation is computed by reference to the net revenue after expenses attributable to each class. The
distribution per unit class is given in the distribution table. All unit classes have the same rights on
winding up.
15. Post Balance Sheet Events

There have been no significant events subsequent to the year end, which, in the opinion of the Manager,
may have had an impact on the Financial Statements for the year ended 30 June 2024.
NM0824U-3826808-37/48
Statement of Manager’s Responsibilities
The Manager is required by the rules of the COLL Sourcebook to prepare the financial statements for each
financial year. These financial statements must be prepared in accordance with generally accepted
accounting standards in the United Kingdom to give a true and fair view of the state of affairs of the Fund at
the year end and of the net revenue and net capital gains for the year. In preparing these financial statements
the Manager is required to prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Fund will continue in operation.
The financial statements should comply with the disclosure requirements of the Statement of Recommended
Practice (the “SORP”) for Authorised Funds issued by the Investment Management Association (subsequently
The Investment Association) and must comply with any relevant provisions of the Trust Deed.
The Manager is responsible for keeping such accounting records as are necessary to enable it to ensure that
the financial statements comply with the COLL Sourcebook, the SORP and the Trust Deed.

Statement of the Trustee’s Responsibilities in Respect of the
Fund and Report of the Trustee to the Unitholders of the Fund
for the Year Ended 30 June 2024
The Depositary in its capacity as Trustee of the Fund must ensure that the Fund is managed in accordance
with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and
Markets Act 2000, as amended, (together “the Regulations”), the Trust Deed and Prospectus (together “the
Scheme documents”) as detailed below.
The Trustee must in the context of its role act honestly, fairly, professionally, independently and in the interests
of the Fund and its investors.
The Trustee is responsible for the safekeeping of all the custodial assets and maintaining a record of all other
assets of the Fund in accordance with the Regulations.
The Trustee must ensure that:
• the Fund’s cash flows are properly monitored and that cash of the Fund is booked in cash accounts in
accordance with the Regulations;
• the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the
Regulations;
• the value of units of the Fund are calculated in accordance with the Regulations;
• any consideration relating to transactions in the Fund’s assets is remitted to the Fund within the usual
time limits
• the Fund’s income is applied in accordance with the Regulations; and
• the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management
Company, are carried out (unless they conflict with the Regulations).
The Trustee also has a duty to take reasonable care to ensure that the Fund is managed in accordance with
the Regulations and the Scheme documents of the Fund in relation to the investment and borrowing powers
applicable to the Fund.
Having carried out such procedures as we considered necessary to discharge our responsibilities as Trustee
of the Fund, it is our opinion, based on the information available to us and the explanations provided, that, in
all material respects the Fund, acting through the AFM:
(a) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Fund’s
units and the application of the Fund’s income in accordance with the Regulations and the Scheme
documents of the Fund; and
(b) has observed the investment and borrowing powers and restrictions applicable to the Fund in
accordance with the Regulations and the Scheme documents of the Fund.
The Bank of New York Mellon London

(International) Limited 28 August 2024
NM0824U-3826808-39/48
Independent Auditor’s Report to the Unitholders of BlackRock Growth and Recovery
Fund
Opinion
We have audited the financial statements of BlackRock Growth and Recovery Fund (“the Fund”)
for the year ended 30 June 2024, which comprise the Statement of Total Return, the Statement
of Changes in Net Assets Attributable to Unitholders, the Balance Sheet, the related notes and
the Distribution Tables, and the accounting and distribution policies of the Fund, which include
a summary of significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards
including FRS 102 ‘The Financial Reporting Standard applicable to the UK and Republic of
Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• give a true and fair view of the financial position of the Fund as at 30 June 2024 and of the
net revenue and the net capital gains on the scheme property of the Fund for the year then
ended; and
• have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs
(UK)) and applicable law. Our responsibilities under those standards are further described in
the Auditor’s responsibilities for the audit of the financial statements section of our report below.
We are independent of the Fund in accordance with the ethical requirements that are relevant
to our audit of the financial statements in the UK, including the Financial Reporting Council’s
(the “FRC”) Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
A member firm of Ernst & Young Global Limited

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Manager’s use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt on the
Fund’s ability to continue as a going concern for a period of one year from when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of the Manager with respect to going concern are
described in the relevant sections of this report. However, because not all future events or
conditions can be predicted, this statement is not a guarantee as to the Fund’s ability to
continue as a going concern.
Other information
The other information comprises the information included in the Annual Report other than the
financial statements and our auditor’ report thereon. The Manager is responsible for the other
information contained within the Annual Report.
Our opinion on the financial statements does not cover the other information and, except to the
extent otherwise explicitly stated in this report, we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether this
gives rise to a material misstatement in the financial statements themselves. If, based on the
work we have performed, we conclude that there is a material misstatement of the other
information, we are required to report that fact.
We have nothing to report in this regard.
NM0824U-3826808-41/48
Opinions on other matters prescribed by the rules of the Collective Investment Schemes
Sourcebook of the Financial Conduct Authority (the FCA)
In our opinion:
• the financial statements have been properly prepared in accordance with the Statement of
Recommended Practice relating to Authorised Funds, the rules of the Collective
Investment Schemes Sourcebook of the FCA and the Trust Deed; and
• there is nothing to indicate that adequate accounting records have not been kept or that
the financial statements are not in agreement with those records; and
• the information given in the Manager’s report for the financial year for which the financial
statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception

We have nothing to report in respect of the following matter in relation to which the Collective
Investment Schemes Sourcebook of the FCA requires us to report to you if, in our opinion:
• we have not received all the information and explanations which, to the best of our
knowledge and belief, are necessary for the purposes of our audit.
Responsibilities of the Manager

As explained more fully in the Manager’s responsibilities statement set out on page 37 the
Manager is responsible for the preparation of the financial statements and for being satisfied
that they give a true and fair view, and for such internal control as the Manager determines is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Manager is responsible for assessing the Fund’s
ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Manager either intends to
wind up or terminate the Fund or to cease operations, or has no realistic alternative but to do
so.
Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design procedures in line with our responsibilities, outlined above, to detect irregularities,
including fraud. The risk of not detecting a material misstatement due to fraud is higher than the
risk of not detecting one resulting from error, as fraud may involve deliberate concealment by,
for example, forgery or intentional misrepresentations, or through collusion. The extent to which
our procedures are capable of detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both
those charged with governance of the entity and management.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory frameworks that are applicable
to the Fund and determined that the most significant are United Kingdom Generally
Accepted Accounting Practice (UK GAAP), Investment Management Association’s
Statement of Recommended Practice (IMA SORP), the FCA Collective Investment
Schemes Sourcebook, the Fund’s Trust Deed and the Prospectus.
• We understood how the Fund is complying with those frameworks through discussions
with the Manager and the Fund’s administrators and a review of the Fund’s documented
policies and procedures.
• We assessed the susceptibility of the Fund’s financial statements to material misstatement,
including how fraud might occur by considering the risk of management override,
specifically management’s propensity to influence revenue and amounts available for
distribution. We identified a fraud risk with respect to the incomplete or inaccurate income
recognition through incorrect classification of special dividends and the resulting impact
to amounts available for distribution. We tested appropriateness of management’s
classification of a sample of special dividends as either a capital or revenue return and
incorporated unpredictability into the nature, timing and extent of our testing.
• Based on this understanding we designed our audit procedures to identify non-
compliance with such laws and regulations. Our procedures involved review of the
reporting to the Manager with respect to the application of the documented policies and
procedures and review of the financial statements to test compliance with the reporting
requirements of the Fund.
• Due to the regulated nature of the Fund, the Statutory Auditor considered the experience
and expertise of the engagement team to ensure that the team had the appropriate
competence and capabilities to identify non-compliance with the applicable laws and
regulations.
A further description of our responsibilities for the audit of the financial statements is located on
the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This
description forms part of our auditor’s report.
NM0824U-3826808-43/48
Use of our report
This report is made solely to the Fund’s unitholders, as a body, pursuant to Paragraph 4.5.12 of
the rules of the Collective Investment Schemes Sourcebook of the FCA. Our audit work has
been undertaken so that we might state to the Fund’s unitholders those matters we are required
to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund’s
unitholders as a body, for our audit work, for this report, or for the opinions we have formed.
Ernst & Young LLP London

Statutory Auditor 28 August 2024

Supplementary Information
Efficient Portfolio Management Techniques

The Manager may, on behalf of the Fund and subject to the conditions and within the limits laid down by the
FCA, the Prospectus, as amended from time to time, and the ESMA Guidelines (as adopted by the FCA),
employ techniques and instruments relating to transferable securities. These include repurchases/reverse
repurchase transactions (“repo transactions”) and securities lending, provided that such techniques and
instruments are used for efficient portfolio management purposes.
Securities Lending
The total value of securities on loan as a proportion of the Fund’s NAV and total lendable assets, as at the
Balance Sheet date, is 2.08% and 2.08% respectively. Total lendable assets represents the aggregate value of
assets forming part of the Fund’s securities lending programme. This excludes any assets held by the Fund
that are not considered lendable due to any market, regulatory, investment or other restriction.
The total income earned from securities lending transactions is split between the relevant Fund and the Stock
Lending Agent. The Fund receives 62.5% while the Stock Lending Agent receives 37.5% of such income, with
all operational costs borne out of the Stock Lending Agent’s share. Income earned during the year by the
Fund from securities lending transactions is disclosed in the notes to the financial statements.
The value of securities on loan and associated collateral analysed by counterparty, as at 30 June 2024, is
disclosed in the notes to the financial statements.
All securities on loan have an open maturity tenor as they are recallable or terminable on a daily basis.
Collateral
The Fund engages in activities which may require collateral to be provided to a counterparty (“collateral
posted”) or may hold collateral received (“collateral received”) from a counterparty.
The following table provides an analysis by currency of the underlying cash and non-cash collateral
received/posted by way of title transfer collateral arrangement by the Fund, in respect of securities lending
transactions, as at 30 June 2024.
Cash Cash Non-cash Non-cash

collateral collateral collateral collateral
Currency received posted received posted
£000’s £000’s £000’s £000’s
Securities lending transactions
AUD – – 23 –
CAD – – 3 –
CHF – – 9 –
CNY – – 1 –
EUR – – 412 –
GBP – – 318 –
JPY – – 330 –
SEK – – 4 –
USD – – 517 –
Total – – 1,617 –
NM0824U-3826808-45/48
Supplementary Information continued
Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending
transactions cannot be sold, re-invested or pledged.
The following table provides an analysis of the type, quality and maturity tenor of non-cash collateral
received/posted by the Fund by way of title transfer collateral arrangement in respect of securities lending
transactions, as at 30 June 2024.
Maturity Tenor
1-7 8 - 30 31 - 90 91 - 365 More than Open
Collateral type and quality days days days days 365 days transactions Total
£000’s £000’s £000’s £000’s £000’s £000’s £000’s
Collateral received -
securities lending
Fixed income
Investment grade – – 6 14 632 – 652
Equities
Recognised equity index – – – – – 922 922
ETFs
UCITS – – – – – 40 40
Non-UCITS – – – – – 3 3
Total – – 6 14 632 965 1,617
Investment grade securities are those issued by an entity with a minimum investment grade credit rating from
at least one globally recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch.
A recognised equity index contains at least 20 equities where no single equity represents more than 20% of
the total index and no five equities combined represent more than 60% of the total index.
The maturity tenor analysis for fixed income securities received or posted as collateral is based on the
respective contractual maturity date, while for equity securities received as collateral are presented as open
transactions as they are not subject to a contractual maturity date.

Supplementary Information continued
As at 30 June 2024, all non-cash collateral received by the Fund in respect of securities lending transactions
is held by the Fund’s Trustee (or through its delegates).
The following table lists the top ten issuers (or all the issuers if less than ten) of non-cash collateral received
by the Fund by way of the title transfer collateral arrangement across securities lending transactions as at
30 June 2024.
Issuer Value % of the Fund’s NAV

£000’s
Treasury Note 105 0.15
Uk I/L Gilt 87 0.12
Austria Republic Of 84 0.12
Meta Platforms Inc Class A 81 0.12
Eneos Holdings Inc 81 0.12
Sony Group Corp 80 0.11
Tokyo Electron Ltd 80 0.11
France Republic Of 80 0.11
Germany Federal Republic Of 73 0.10
Rollsroyce Holdings Plc 72 0.10
Other issuers 794 1.12
Total 1,617 2.28
No securities collateral received from a single issuer, in relation to efficient portfolio management and OTC
FDIs, has exceeded 20% of the Fund’s NAV at the year end date.
NM0824U-3826808-47/48
About us
BlackRock is a premier provider of asset management, risk management, and advisory services to
institutional, intermediary, and individual clients worldwide. As of 30 June 2024, the firm manages
£8.42 trillion asset classes in separate accounts, mutual funds, other pooled investment vehicles, and the
industry-leading iShares® exchange-traded funds.
Through BlackRock Solutions®, the firm offers risk management and advisory services that combine capital
markets expertise with proprietarily-developed analytics, systems, and technology.
BlackRock serves clients in North and South America, Europe, Asia, Australia, Africa, and the Middle East.
Headquartered in New York, the firm maintains offices in over 38 countries around the world.
Want to know more?

blackrockinternational.com | +44 (0)20 7743 3300
© 2022 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are
trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are
those of their respective owners.
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NM0824U-3826808-48/48

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Annual report

and audited financial

BlackRock Growth and Recovery Fund

For the financial year ended 30 June 2024

About the Fund 3

Risk and Reward Profile 4

Investment Manager’s Report 5

Statement of Total Return 20

Statement of Change in Net Assets Attributable to Unitholders 20

Notes to Financial Statements 22

Statement of Manager’s Responsibilities 37

Independent Auditor’s Report 39

1 BlackRock Growth and Recovery Fund NM0824U-3826808-2/48

Directors of the Manager

Trustee & Custodian

Authorised and regulated by the FCA.

Stock Lending Agent

Authorised and regulated by the FCA

BlackRock’s proxy voting agent is ISS (Institutional Shareholder Services).

This Report relates to the packaged products of and is issued by:

For your protection, telephone calls are usually recorded.

Task Force on Climate-Related Financial Disclosures

Changes in the Directors of the Manager

K Henry resigned as a Director effective 24 January 2024.

T S Hale was appointed as a Director effective 16 April 2024.

H N Mepham resigned as a Director effective 30 June 2024.

3 BlackRock Growth and Recovery Fund NM0824U-3826808-4/48

Global Economic Overview

5 BlackRock Growth and Recovery Fund NM0824U-3826808-6/48

Fund Performance Review and Activity

7 BlackRock Growth and Recovery Fund NM0824U-3826808-8/48

Top underweight positions

A Income Units A Accumulation Units

Change in net assets per unit

9 BlackRock Growth and Recovery Fund NM0824U-3826808-10/48

Final Distribution in Pence per Unit

Interim Distribution in Pence per Unit

No material changes were made to the remuneration policy in 2023.

• providing oversight of:

• BlackRock’s executive compensation programmes;

• BlackRock’s employee benefit plans; and

11 BlackRock Growth and Recovery Fund NM0824U-3826808-12/48

(b) The ManCo’s Board

The responsibilities of the supervisory function include:

Annual incentive awards are paid from a bonus pool.

The MDCC regularly considers management’s recommendation as to the percentage of pre-incentive

Individuals are not involved in setting their own remuneration.

13 BlackRock Growth and Recovery Fund NM0824U-3826808-14/48

Link between pay and performance

• appropriately balance BlackRock’s financial results between shareholders and employees;

15 BlackRock Growth and Recovery Fund NM0824U-3826808-16/48

Quantitative Remuneration Disclosure

17 BlackRock Growth and Recovery Fund NM0824U-3826808-18/48

EQUITIES − 99.97%; 30.6.2023 98.79% 571,973 IntegraFin 1,985 2.80

Automobile Parts & Equipment − 0.54%; 30.6.2023 0.43% 8,760 12.35

Chemicals − 1.61%; 30.6.2023 1.59% 2,241 3.15

Machinery Diversified − 1.17%; 30.6.2023 1.02% 4,056 5.72

Miscellaneous Manufacturing − 8.13%; 30.6.2023 5.36% 3,536 4.99

5,772 8.13 4,042 5.70