Interim report and unaudited financial statements

BlackRock Cash Fund

For the financial period ended 31 August 2020 Contents

General Information 2

About the Fund 3

Fund Manager 3

Significant Events 3

Risk and Reward Profile 4

Investment Report 5

Performance Record 8

Portfolio Statement 10

Statement of Total Return 14

Statement of Change in Net Assets Attributable to Unitholders 14

Balance Sheet 15

Notes to Financial Statements 16

1 BlackRock Cash Fund General Information

Manager & Registrar BlackRock Fund Managers Limited 12 Throgmorton Avenue, EC2N 2DL

Member of The Investment Association and authorised and regulated by the Financial Conduct Authority (“FCA”).

Directors of the Manager G D Bamping* M B Cook W I Cullen* R A R Hayes A M Lawrence L E Watkins M T Zemek* H N Mepham

Trustee & Custodian The Bank of New York Mellon (International) Limited One , London E14 5AL

Authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority.

Investment Manager BlackRock (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL

Authorised and regulated by the FCA.

Auditor Ernst & Young LLP 25 Churchill Place, , London E14 5EY

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

This Report relates to the packaged products of and is issued by: BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: 020 7743 3000 Dealing and Investor Services: 0800 44 55 22 .co.uk

For your protection, telephone calls are usually recorded.

* Non-executive Director.

BlackRock Cash Fund 2 About the Fund

BlackRock Cash Fund (the “Fund”) is a UCITS scheme under the COLL Sourcebook. The Fund was established on 8 March 1990. The Fund was previously known as Mercury Cash Trust. On 30 September 2000 the Fund’s name was changed to Merrill Lynch Cash Fund. The Fund adopted its present name with effect 28 April 2008. The Fund’s FCA product reference number is 145362.

Assessment of value The FCA has introduced new requirements for UK authorised fund managers to consider whether the charges taken from a fund they manage are justified in the context of the overall service and value offered by that fund, and to report on those findings. BlackRock is preparing for the reporting requirement, including assessing relevant charges, and will be publishing the assessment of value statements no later than 31 October 2020 in a composite report for all funds managed by BlackRock Fund Managers Limited subject to these requirements.

Fund Manager

As at 31 August 2020, the Fund Manager of the Fund is Matt Clay.

Significant Events

Outbreak of COVID-19 An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now developed into a global pandemic. The impact of this significant event on the Fund’s financial risk exposure is disclosed in Note 2.

The Manager has assessed the impact of market conditions arising from the COVID-19 outbreak on the Fund’s ability to meet its investment objectives. Based on the latest available information, the Fund continues to be managed in line with its investment objective, with no disruption to the operations of the Fund and the publication of net asset values.

3 BlackRock Cash Fund Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class A Income 1 234567 A Accumulation 1 234567 X Income 1 234567 X Accumulation 1 234567 D Income 1 234567 D Accumulation 1 234567 S Income 1 234567 S Accumulation 1 234567 OA Income 1 234567 OA Accumulation 1 234567 OD Income 1 234567 OD Accumulation 1 234567 OS Income 1 234567 OS Accumulation 1 234567

• The risk indicator was calculated incorporating historical or simulated 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.

BlackRock Cash Fund 4 Investment Report for the six months ended 31 August 2020

Investment Objective The aim of the Fund is to provide a rate of interest (i.e. a return) (gross of fees) for unitholders, consistent with preservation of principal (capital) and liquidity. Comparator benchmark Investment management approach 7-day Sterling LIBID Active

Performance Summary The following table compares the Fund’s realised performance against the performance of the relevant comparator benchmark during the financial period ended 31 August 2020.

The returns disclosed are the performance returns for the primary unit class of the Fund, net of fees, 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. Comparator Fund return benchmark % % Class D Accumulation Units 0.04 -0.01

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. Changes in exchange rates may cause the value of an investment to fluctuate. 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 (“ACWI”) (in sterling terms), posted a return of 9.92% for the six months ended 31 August 2020. The period began as many nations moved into lockdowns to arrest the advance of the COVID-19 pandemic and as financial markets weighed the consequences of draconian social restrictions. These provoked a severe global economic downturn and a rise in unemployment despite many governments’ best efforts to subsidise workers and help employers. From late March to May however,equities regained a significant portion of their losses as aggressive policy responses from governments and central banks, the phased reopening of economies around the world, and new COVID-19 treatments raised hopes for an economic recovery. By the end of the reporting period, some indices touched all-time highs, even as economic data continued to indicate substantial weakness.

Looking at currencies, the US dollar declined against most global currencies, particularly late in the reporting period, reflecting unprecedented monetary stimulus, record low interest rates and the rapid spread of the COVID-19 infections early in the period. The euro, the sterling, and the Japanese yen all advanced against the US dollar.

Economic conditions during the reporting period were substantially weakened by the travel and business restrictions put in place to counteract the spread of the COVID-19 virus. This disruption led to a significant economic contraction, and the US economy shrank by an annualised 5% in the first quarter of 2020 and a record 33% in the second quarter of 2020. The economies of the eurozone and Japan fell into recession, while the Chinese economy returned to growth in the second quarter of 2020, raising hopes for recovery in the region.

5 BlackRock Cash Fund Investment Report continued

Bond performance was volatile following the COVID-19 outbreak and initially diverged based on credit quality, as US treasuries posted the strongest performance while corporate and emerging market bonds underperformed the broader bond market. The demand for less risky assets drove the yield (which moves inversely to the price) on the 10-year US Treasury which is a benchmark lending rate for the bond market, to an all-time low in March 2020.

However, after yields rose sharply in the corporate bond market, the Federal Reserve (the Fed) announced in late March 2020 that it would implement an unprecedented corporate bond purchasing facility, which provided significant support to US corporate bond prices. Yields on corporate bonds fell throughout the rest of the reporting period, and both investment-grade and high-yield bonds posted positive returns overall.

Equities in emerging markets advanced significantly during the reporting period. These equities were initially among the most affected by the COVID-19 pandemic, as lockdowns and factory closures in China weighed on Chinese markets. Many of the emerging Asian economies that have significant trade with China also suffered significant supply and demand shocks. However, emerging market equities rebounded as infection rates slowed and economies reopened, and China reported economic data indicating a strong recovery. Emerging market bond prices, which fell sharply in March 2020, posted a positive return for the 6-month period, recovering due to optimism about the pace of the economic recovery.

In the commodities market, gold prices rose to an all-time high amid geopolitical tensions and a move towards less risky assets due to the outbreak of COVID-19. Oil prices fell to a 21-year low in April 2020 amid deteriorating demand and a supply dispute between major oil producing nations, although prices recovered somewhat throughout May and June 2020.

Governments responded to the economic slowdown with both fiscal and monetary stimulus. The US authorised more than $2 trillion in stimulus payments to businesses and individuals, and many other countries around the world also passed stimulus measures. The Fed instituted two emergency interest rate cuts and, along with other influential central banks, implemented a major bond buying program to stabilise debt markets. The synchronised economic stimulus ultimately jumpstarted economic growth and supported risk taking in global markets.

Fund Performance Review and Activity Over the six-month period to 31 August 2020, the Fund’s return was 0.04%, outperforming its comparator benchmark which returned -0.01%..

The sterling market experienced extreme levels of market ups and downs (or volatility) throughout the period following the fallout from the COVID-19 pandemic. This brought with it an unprecedented Central Bank response which brought in a range of measures to combat the economic fall out of the nationwide lockdown.

In March 2020, the Bank of (“BoE”) reduced the bank rate by 0.65%, announced the initial launch of the Term Funding Scheme with additional incentives for Small and Medium-sized Enterprises and the cut to the counter-cyclical capital buffer (capital requirement for banks and investment firms to absorb losses when risks materialize) to 0%. The BoE also announced a new scheme “CCFF” – COVID Corporate Finance Facility - to offer funding by purchasing commercial paper of up to a one year maturity, issued by firms making a significant contribution to the UK economy as well as an additional stimulus package at their emergency meeting on the 19 March 2020. This emergency stimulus package increased the BoE’s holdings of UK government bonds and sterling non-financial investment-grade corporate bonds by Euro 200 billion to a total of Euro 645 billion, financed by the issuance of Central Bank reserves.

BlackRock Cash Fund 6 Investment Report continued

The effect of this stimulus was sizeable and helped the UK economy after falling, along with a range of fiscal spending measures brought in by the government which have helped to reduce the immediate impact of the lockdown measures.

As the period went on return levels across the board fell dramatically. 1-Month LIBOR fell from 0.64% in March to 0.05% at the end of August. 3-Month LIBOR fell from 0.60% to 0.06% in the same time period. Similarly 12-Month LIBOR fell from 0.68% to 0.23%.

The assets under management (“AuM”) of the Fund increased dramatically in the first half of the period from a low of £2.29 billion on the 2 March 2020, up to a peak of £2.61 billion in early April 2020 before stabilizing for the rest of the period and finish just above £2.5 billion at the end of August 2020. The immediate inflow of AuM can be attributed to the increase in uncertainty surrounding the COVID-19 pandemic and general flight to safety movement of assets in the market.

Performance attribution is not deemed an appropriate measure for comparison for Money Market Funds due to the nature of the investment objectives. The Fund focuses its investment decisions on preservation of capital and liquidity with yield a tertiary objective. Therefore analyzing the contributors and detractors to the Fund on an asset class basis, doesn’t give a useful insight to drive portfolio investment decision making.

The following table details the significant portfolio weightings at 31 August 2020 and 29 February 2020: 31 August 2020 29 February 2020 Sector Gross exposure Sector Gross exposure Certificate of Deposit 36.57% Certificate of Deposit 37.86% Financial Company Commercial Paper 22.23% Other Instrument (Time Deposit) 22.56% Other Note 7.12% Financial Company Commercial Paper 21.46% Investment Company 3.96% Other Note 9.22%

The BlackRock Cash Fund has increased its allocation in ‘Investment Company’ assets which include the BlackRock ICS Sterling Liquidity Fund as a source of overnight liquidity which offers a surplus in performance versus other overnight vehicles, this is to manage against the uncertain economic climate the fund is now operating in and the potentiality for volatile client flows.

7 BlackRock Cash Fund Performance Record

Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p A Income 7,920,201 7,974 100.7 A Accumulation 182,409,958 435,411 238.7 X Income 97,678,972 97,738 100.1 X Accumulation 195,523,037 201,376 103.0 D Income 174,036,654 175,131 100.6 D Accumulation 88,872,528 215,545 242.5 S Income 13,056,082 13,083 100.2 S Accumulation 58,403,707 59,360 101.6 OA Income 100 – 100.1 OA Accumulation 100 – 101.0 OD Income 100 – 100.1 OD Accumulation 100 – 101.1 OS Income 23,105,058 23,124 100.1 OS Accumulation 1,271,062,929 1,285,991 101.2

Distributions Payable for the period to 31 August 2020 Unit Class Distribution payable on 31.10.2020 Pence per Unit A Income 0.0000 A Accumulation 0.0000 X Income 0.0611 X Accumulation 0.0628 D Income 0.0000 D Accumulation 0.0000 S Income 0.0000 S Accumulation 0.0000 OA Income 0.0000 OA Accumulation 0.0000 OD Income 0.0000 OD Accumulation 0.0000 OS Income 0.0000 OS Accumulation 0.0000

BlackRock Cash Fund 8 Performance Record continued

Operating Charges 1.3.2020 1.3.2019 Unit Class to 31.8.2020 to 29.2.2020 A Income 0.57% 0.57% A Accumulation 0.57% 0.57% X Income 0.02% 0.03% X Accumulation 0.02% 0.02% D Income 0.31% 0.32% D Accumulation 0.32% 0.32% S Income 0.26% 0.27% S Accumulation 0.27% 0.27% OA Income 0.56% 0.57% OA Accumulation 0.56% 0.57% OD Income 0.31% 0.32% OD Accumulation 0.31% 0.32% OS Income 0.27% 0.27% OS Accumulation 0.27% 0.27% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

9 BlackRock Cash Fund Portfolio Statement (unaudited) at 31 August 2020

%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

BONDS − 34.48%; 29.2.2020 39.08% £10,000,000 Agence Centrale Organismes 9,998 0.40 0% 27/11/2020 UK Sterling Denominated Corporate £2,000,000 Albion Capital Corporation 0% 2,000 0.08 Bonds − 7.16%; 29.2.2020 9.33% 21/9/2020 £15,000,000 Canadian Imperial Bank 15,005 0.59 £1,000,000 Albion Capital Corporation 0% 1,000 0.04 of Commerce 0.355% 22/9/2020 13/11/2020 £2,000,000 Albion Capital Corporation 0% 2,000 0.08 £13,000,000 Canadian Imperial Bank 13,004 0.52 25/9/2020 of Commerce 0.3553% 6/11/2020 £3,000,000 Albion Capital Corporation 0% 3,000 0.12 28/9/2020 £13,000,000 Canadian Imperial Bank 13,004 0.52 of Commerce 0.3553% £12,000,000 Albion Capital Corporation 0% 12,000 0.48 6/11/2020 27/10/2020 £13,000,000 Commonwealth Bank of 12,994 0.52 £1,000,000 Allianz 0% 21/10/2020 1,000 0.04 Australia 0.24919% £4,000,000 Barclays Bank 0% 6/10/2020 3,999 0.16 16/3/2021 £15,000,000 BPCE 0% 22/2/2021 14,994 0.59 £7,000,000 Commonwealth Bank of 6,997 0.28 £35,000,000 BPCE 0% 5/2/2021 34,987 1.39 Australia 0.24991% £17,000,000 Bred Banque Populaire 0% 17,000 0.67 11/3/2021 1/9/2020 £12,000,000 Commonwealth Bank of 12,001 0.48 £3,000,000 Bred Banque Populaire 0% 3,000 0.12 Australia 0.25694% 1/9/2020 9/10/2020 £10,000,000 Bred Banque Populaire 0% 9,997 0.40 £9,000,000 Commonwealth Bank of 8,999 0.36 8/2/2021 Australia 0.25806% £20,000,000 Bred Banque Populaire 0% 19,994 0.79 10/10/2020 11/2/2021 £16,000,000 DBS Bank 0.19894% 15,999 0.63 £6,000,000 Collateralized Commercial 5,999 0.24 18/9/2020 Paper 0% 14/12/2020 £25,000,000 DZ Bank Deutsche 24,999 0.99 £3,000,000 Collateralized Repo 0% 3,000 0.12 Zentral- 17/12/2020 Genossenschaftsbank £2,000,000 DGZ Dekabank 0% 14/10/2020 2,000 0.08 Am Main £13,000,000 Erste Abwicklungsanstalt 0% 13,000 0.52 0.31725% 23/9/2020 28/9/2020 £45,000,000 Toronto-Dominion 45,002 1.79 £6,000,000 Erste Abwicklungsanstalt 0% 5,999 0.24 Bank/The 0.2582% 12/1/2021 25/9/2020 £15,000,000 Erste Abwicklungsanstalt 0% 14,997 0.60 £12,000,000 Westpac Banking 11,999 0.48 13/1/2021 0.25694% 9/10/2020 £10,000,000 Erste Abwicklungsanstalt 0% 9,998 0.40 180,003 7.16 18/1/2021 £10,000,000 FMS Wertmanagement 0% 10,000 0.40 UK Sterling Denominated ECP 4/9/2020 Bonds − 26.52%; 29.2.2020 29.31% £16,000,000 FMS Wertmanagement 0% 15,997 0.63 £16,000,000 Agence Centrale 16,000 0.64 13/1/2021 Organismes 0% £16,000,000 FMS Wertmanagement 0% 15,997 0.63 1/10/2020 14/1/2021 £28,000,000 Agence Centrale 28,000 1.11 £16,000,000 FMS Wertmanagement 0% 15,997 0.63 Organismes 0% 15/1/2021 1/10/2020 £15,000,000 FMS Wertmanagement 0% 14,997 0.60 £20,000,000 Agence Centrale 19,999 0.79 4/2/2021 Organismes 0% £15,000,000 FMS Wertmanagement 0% 14,997 0.60 5/10/2020 5/2/2021 £25,000,000 Agence Centrale 24,997 0.99 £15,000,000 FMS Wertmanagement 0% 14,997 0.60 Organismes 0% 8/2/2021 6/11/2020 £25,000,000 HSBC Bank 0% 8/2/2021 24,993 0.99 £12,000,000 Agence Centrale 11,998 0.48 Organismes 0% £15,000,000 HSBC Bank 0% 9/2/2021 14,996 0.60 24/11/2020 £3,000,000 LMA 0% 2/9/2020 3,000 0.12

BlackRock Cash Fund 10 Portfolio Statement (unaudited) 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

£1,000,000 LMA 0% 28/9/2020 1,000 0.04 £10,000,000 UBS 0% 9/9/2020 10,000 0.40 £2,000,000 LMA 0% 26/10/2020 2,000 0.08 666,880 26.52 £15,000,000 LMA 0% 12/11/2020 14,999 0.60 £3,000,000 LMA 0% 9/9/2020 3,000 0.12 UK Sterling Denominated Government £11,000,000 LMA 0% 9/11/2020 11,000 0.44 Bonds − 0.80%; 29.2.2020 0.44% £5,000,000 Managed and Enhanced Tap 5,000 0.20 £10,000,000 United Kingdom Treasury Bill 10,000 0.40 0% 3/9/2020 0% 12/10/2020 £3,000,000 Managed and Enhanced Tap 3,000 0.12 £10,000,000 United Kingdom Treasury Bill 9,999 0.40 0% 23/11/2020 0% 11/1/2021 £10,000,000 Managed and Enhanced Tap 9,999 0.40 19,999 0.80 0% 27/11/2020 £3,000,000 Matchpoint Finance Public 0% 3,000 0.12 Certificate of deposits − 62.06%; 29.2.2020 58.87% 5/10/2020 £3,000,000 Bank of America 0% 3,000 0.12 £3,000,000 Matchpoint Finance Public 0% 3,000 0.12 Certificate of Deposit 8/9/2020 5/10/2020 £6,000,000 Bank of America 0% 6,002 0.24 £5,000,000 Matchpoint Finance Public 0% 5,000 0.20 Certificate of Deposit 9/10/2020 11/1/2021 £1,000,000 Matchpoint Finance Public 0% 1,000 0.04 £2,000,000 Bank of America 0% 2,001 0.08 20/11/2020 Certificate of Deposit £5,000,000 Matchpoint Finance Public 0% 5,000 0.20 18/1/2021 3/12/2020 £3,000,000 Bank of America 0% 3,001 0.12 £10,000,000 Nordea Bank 0% 15/10/2020 9,999 0.40 Certificate of Deposit £30,000,000 Nordea Bank 0% 23/11/2020 29,994 1.19 20/1/2021 £15,000,000 Nordea Bank 0% 5/2/2021 14,993 0.59 £20,000,000 Bank of America 0% 20,004 0.79 Certificate of Deposit 3/2/2021 £2,000,000 OP Corporate Bank 0% 1,999 0.08 15/12/2020 £10,000,000 Bank of America 0% 10,001 0.40 Certificate of Deposit 8/2/2021 £6,000,000 OP Corporate Bank 0% 5,997 0.24 6/1/2021 £15,000,000 BNP Paribas Harewood 14,998 0.60 Avenue 0% Certificate of £1,000,000 OP Corporate Bank 0% 999 0.04 Deposit 19/10/2020 15/1/2021 £120,000,263 BNP Paribas London Branch 120,000 4.77 £2,000,000 OP Corporate Bank 0% 1,999 0.08 0% Certificate of Deposit 25/1/2021 1/9/2020 £22,000,000 OP Corporate Bank 0% 21,987 0.87 £20,000,000 BNP Paribas London Branch 20,008 0.79 27/1/2021 0% Certificate of Deposit £1,000,000 OP Corporate Bank 0% 999 0.04 21/9/2020 3/2/2021 £15,000,000 BNP Paribas London Branch 15,014 0.60 £5,000,000 OP Corporate Bank 0% 4,997 0.20 0% Certificate of Deposit 10/2/2021 20/10/2020 £6,000,000 OP Corporate Bank 0% 5,996 0.24 £20,000,000 BNP Paribas London Branch 20,001 0.79 12/2/2021 0% Certificate of Deposit £4,000,000 OP Corporate Bank 0% 3,997 0.16 9/11/2020 15/2/2021 £10,000,000 BNP Paribas London Branch 10,005 0.40 £2,000,000 Sheffield Receivables 0% 2,000 0.08 0% Certificate of Deposit 8/9/2020 21/12/2020 £20,000,000 Sumitomo Mitsui Banking 0% 20,000 0.79 £8,000,000 Citibank 0% Certificate of 8,000 0.32 8/9/2020 Deposit 14/9/2020 £20,000,000 Sunderland Receivables 0% 20,000 0.79 £1,000,000 Citibank 0% Certificate of 1,000 0.04 8/9/2020 Deposit 6/10/2020 £3,000,000 Sunderland Receivables 0% 3,000 0.12 £8,000,000 Citibank 0% Certificate of 8,000 0.32 21/9/2020 Deposit 6/10/2020 £4,000,000 Svenska Handelbanken 0% 3,999 0.16 29/1/2021

11 BlackRock Cash Fund Portfolio Statement (unaudited) 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

£20,000,000 Citibank 0% Certificate of 20,000 0.79 £40,000,000 Mizuho Bank 0% Certificate of 40,003 1.59 Deposit 8/10/2020 Deposit 14/9/2020 £15,000,000 Citibank 0% Certificate of 14,999 0.60 £10,000,000 Mizuho Bank 0% Certificate of 10,001 0.40 Deposit 9/11/2020 Deposit 18/9/2020 £20,000,000 Citibank 0% Certificate of 19,998 0.79 £20,000,000 Mizuho Bank 0% Certificate of 20,001 0.79 Deposit 11/11/2020 Deposit 1/10/2020 £5,000,000 Commonwealth Bank of 5,000 0.20 £10,000,000 Mizuho Bank 0% Certificate of 10,001 0.40 Australia 0% Certificate of Deposit 7/10/2020 Deposit 25/9/2020 £25,000,000 Mizuho Bank 0% Certificate of 24,999 0.99 £8,000,000 Commonwealth Bank of 8,000 0.32 Deposit 16/11/2020 Australia 0% Certificate of £5,000,000 MUFG Bank 0% Certificate of 5,000 0.20 Deposit 5/10/2020 Deposit 10/11/2020 £8,000,000 Commonwealth Bank of 8,006 0.32 £20,000,000 MUFG Bank 0% Certificate of 19,995 0.79 Australia 0% Certificate of Deposit 17/11/2020 Deposit 26/1/2021 £6,000,000 Overseas Chinese Banking 0% 6,000 0.24 £75,001,767 Credit Agricole Corporate 0% 75,002 2.98 Certificate of Deposit Certificate of Deposit 1/9/2020 14/9/2020 £50,000,000 Credit Agricole Corporate 0% 50,009 1.99 £11,000,000 Overseas Chinese Banking 0% 10,999 0.44 Certificate of Deposit Certificate of Deposit 2/10/2020 5/10/2020 £5,000,000 Credit Agricole Corporate 0% 5,000 0.20 £5,000,000 Overseas Chinese Banking 0% 5,000 0.20 Certificate of Deposit Certificate of Deposit 19/10/2020 12/10/2020 £5,000,000 Credit Agricole Corporate 0% 5,000 0.20 £9,000,000 Overseas Chinese Banking 0% 8,999 0.36 Certificate of Deposit Certificate of Deposit 2/11/2020 3/11/2020 £5,000,000 Credit Agricole Corporate 0% 5,000 0.20 £2,000,000 Overseas Chinese Banking 0% 1,999 0.08 Certificate of Deposit 8/2/2021 Certificate of Deposit £25,000,000 DNB Nor Bank 0% Certificate 25,004 0.99 24/11/2020 of Deposit 21/10/2020 £5,000,000 Overseas Chinese Banking 0% 4,998 0.20 £20,000,000 Goldman Sachs 0% Certificate 19,995 0.79 Certificate of Deposit of Deposit 8/2/2021 13/1/2021 £23,000,000 ING Bank 0% Certificate of 23,005 0.91 £5,000,000 Overseas Chinese Banking 0% 4,998 0.20 Deposit 8/10/2020 Certificate of Deposit £25,000,000 ING Bank 0% Certificate of 25,008 0.99 20/1/2021 Deposit 5/2/2021 £5,000,000 Overseas Chinese Banking 0% 4,998 0.20 £120,007,069 ING Bank (Amsterdam Branch) 120,007 4.78 Certificate of Deposit 0% Certificate of Deposit 28/1/2021 1/9/2020 £5,000,000 Royal Bank of Canada 0% 4,998 0.20 £221,300,000 KBC Bank (London Branch) 221,300 8.80 Certificate of Deposit 8/1/2021 0% Certificate of Deposit £6,000,000 Royal Bank of Canada 0% 5,996 0.24 1/9/2020 Certificate of Deposit £5,000,000 Mitsubishi UFJ Trust 0% 5,000 0.20 28/1/2021 Certificate of Deposit 4/9/2020 £100,000,301 Standard Chartered Bank 0% 100,000 3.98 £5,000,000 Mitsubishi UFJ Trust 0% 5,000 0.20 Certificate of Deposit 1/9/2020 Certificate of Deposit 7/9/2020 £50,000,000 Standard Chartered Bank 0% 50,000 1.99 £20,000,000 Mitsubishi UFJ Trust 0% 20,000 0.79 Certificate of Deposit Certificate of Deposit 10/9/2020 9/10/2020 £40,000,000 Standard Chartered Bank 0% 39,980 1.59 £5,000,000 Mitsubishi UFJ Trust 0% 4,999 0.20 Certificate of Deposit Certificate of Deposit 12/2/2021 16/11/2020 £50,000,000 Sumitomo Mitsui Banking 0% 50,000 1.99 £10,000,000 Mizuho Bank 0% Certificate of 10,000 0.40 Certificate of Deposit 1/9/2020 Deposit 10/9/2020

BlackRock Cash Fund 12 Portfolio Statement (unaudited) 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

£15,000,000 Sumitomo Mitsui Banking 0% 15,000 0.60 £25,000,000 United Overseas Bank 0% 25,003 0.99 Certificate of Deposit 4/9/2020 Certificate of Deposit 8/1/2021 £10,000,000 Sumitomo Mitsui Banking 0% 10,000 0.40 £5,000,000 United Overseas Bank 0% 5,000 0.20 Certificate of Deposit 8/9/2020 Certificate of Deposit £10,000,000 Sumitomo Mitsui Banking 0% 10,000 0.40 10/1/2021 Certificate of Deposit 9/9/2020 1,560,320 62.06 £10,000,000 Sumitomo Mitsui Banking 0% 10,000 0.40 COLLECTIVE INVESTMENT Certificate of Deposit SCHEMES − 3.98%; 29.2.2020 0.00% 3/11/2020 £30,000,000 Sumitomo Mitsui Banking 0% 29,995 1.19 Short-term Money Market Funds − 3.98%; 29.2.2020 0.00% Certificate of Deposit 100,002,534 BlackRock ICS Sterling 100,002 3.98 10/11/2020 Liquidity Fund - Agency £10,000,000 Sumitomo Mitsui Banking 0% 9,999 0.40 Income Class† Certificate of Deposit 11/11/2020 Portfolio of investments 2,527,204 100.50 £10,000,000 Sumitomo Mitsui Banking 0% 10,000 0.40 Net other liabilities (12,471) (0.50) Certificate of Deposit 3/12/2020 Total net assets 2,514,733 100.00 £20,000,000 Sumitomo Mitsui Banking 0% 19,997 0.79 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an Certificate of Deposit 8/1/2021 eligible securities market. £15,000,000 Sumitomo Mitsui Banking 0% 14,993 0.60 † Managed by a related party. Certificate of Deposit 28/1/2021 £15,000,000 United Overseas Bank 0% 15,001 0.60 Certificate of Deposit 6/1/2021

13 BlackRock Cash Fund Statement of Total Return (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Income Net capital gains 126 251 Revenue 5,045 8,960 Expenses (3,947) (3,478) Interest payable and similar charges (14) (1) Net revenue before taxation 1,084 5,481 Taxation – – Net revenue after taxation 1,084 5,481 Total return before distributions 1,210 5,732 Distributions (1,084) (5,481)

Change in net assets attributable to unitholders from investment activities 126 251

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 2,292,692 2,168,359 Amounts receivable on issue of units 1,744,644 737,477 Amounts payable on cancellation of units (1,523,676) (696,396) 220,968 41,081 Change in net assets attributable to unitholders from investment activities 126 251 Retained distribution on accumulation units 947 5,342

Closing net assets attributable to unitholders 2,514,733 2,215,033 The above statement shows the comparative closing net assets at 31 August 2019 whereas the current accounting period commenced 1 March 2020.

BlackRock Cash Fund 14 Balance Sheet (unaudited) at 31 August 2020

31.8.2020 29.2.2020 £000’s £000’s Assets: Fixed assets − Investment assets 2,427,204 2,245,786 Current assets − Debtors 7,781 87,171 − Cash and bank balances 512 – − Cash equivalents 100,002 – Total assets 2,535,499 2,332,957

Liabilities: Creditors − Bank overdrafts – (393) − Distributions payable (60) (236) − Other creditors (20,706) (39,636) Total liabilities (20,766) (40,265)

Net assets attributable to unitholders 2,514,733 2,292,692

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

15 BlackRock Cash Fund Notes to Financial Statements (unaudited) for the six months ended 31 August 2020

1. Accounting Policies 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 accounting policies applied are consistent with those of the financial statements for the year ended 29 February 2020 and are described in those annual financial statements.

2. Financial 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 risks are substantially consistent with those disclosed in the previous annual financial statements with the exception of those outlined below.

Market risk arising from price risk Price risk is the risk that the fair value of 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 the market price of its investments.

An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now developed into a global pandemic. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19 has adversely affected the economies of many nations across the entire global economy, individual issuers and capital markets, and could continue to extents that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

BlackRock Cash Fund 16 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 September 2020, the firm manages £5.92 trillion across 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. Through BlackRock Solutions, the Firm provides risk management and enterprise investment services for over 200 clients.

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 30 countries around the world.

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