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ANNUAL Report ANNUAL REPORT BlackRock UK Special Situations Fund 1 March 2014 to 28 February 2015 About the Fund Managers BlackRock UK Special Situations Fund Richard Plackett, Managing Director and Portfolio Manager, is a member of the This Annual Report covers the year ended 28 February 2015. The first six months were commented on UK Small/Mid Cap Team in the Fundamental Equity division of BlackRock’s Alpha in the Interim Report to 31 August 2014. For a copy, please contact us. Strategies Group. Mr. Plackett co-manages the BlackRock UK Special Situations Fund alongside Roland Arnold. Mr. Plackett’s service with the firm dates back to Performance Table 2002, including his years with Merrill Lynch Investment Managers (“MLIM”), Period of Report Since Launch which merged with BlackRock in 2006. Prior to joining MLIM in 2002, Mr. Plackett One Year Five Years 14 .3 .19 81 worked for M&G, where he managed the smaller companies and income fund to 28.2.2015 to 28.2.2015 to 28.2.2015 teams, as well as heading up the entire UK investment process. He began his career at 3i private equity. Mr. Plackett earned an MA in Economics from CAPITAL RETURN Cambridge University in 1985. Class A Income Units BlackRock UK Special Situations Fund -2.5% +69.4% +3848.0%† Roland Arnold, CFA, Director and Portfolio Manager, is a member of the UK Total RETURN Equity Team within the Fundamental Equity Division of BlackRock’s Alpha (with net income reinvested) Strategies Group. Mr. Arnold has been co-manager of the BlackRock UK Special Class A Accumulation Units Situations Fund since August 2012, and manager of the UK Small & Mid Cap UK BlackRock UK Special Situations Fund -1.4% +79.4% +8 019.1%§† Equity Portfolio since 2006. Mr. Arnold is also responsible for the analysis of the UK technology sector. Mr. Arnold’s service with the firm dates back to 2000, IA UK All Companies Sector Average^#ø +3.7% +71.2% +4355.0% including his years with MLIM, which merged with BlackRock in 2006. Mr. Arnold All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. previously worked at a UK retail bank as a performance and credit analyst. Mr. Performance returns are cumulative. All returns are in Sterling. ^ Figures from Morningstar. Daily data is not available for this index. Figures have therefore been estimated for the quoted periods using Arnold earned a BA (Hons) in Economics and Management from Leeds University nearest available start and end dates. Index not available on a capital only basis. # FTSE 250 Index used prior to 1 April 2006. FTSE All Share Index used prior to 1 October 2004. in 1998. † Since launch figures reflect offer (buying) prices, as bid prices were not available on this date for the Fund. § Accumulation units have only been available since April 1984. Figure shown is estimated from Distribution units (using figures from Morningstar). ø Investment Association UK All Companies Sector Average is the Fund’s peer group benchmark. The risk benchmark for the Fund is the Investment Objective & Policy FTSE All-Share Index. The aim of the BlackRock UK Special Situations Fund (the “Fund”) is to achieve long-term capital All financial investments involve an element of risk. Therefore, the value of your investment and growth for investors. The Fund invests primarily in the shares of companies incorporated or listed the income from it will vary and the return of your initial investment amount cannot be guaranteed. in the UK and will normally have an emphasis on small or medium sized companies. The Fund may Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is also invest in collective investment schemes. Small and medium sized companies are those whose not a guide to future performance and should not be the sole factor of consideration when selecting market capitalisation is lower than that of companies in the FTSE 100 Index at the time of the Fund’s a product. investment. The Fund was established on 27 January 1981. The name of the Fund was changed to Mercury Recovery Fund (from Mercury Income and Recovery Fund) in February 1984, to Merrill Lynch Recovery Fund on 30 September 2000, to Merrill Lynch UK Value Fund on 10 September 2001 and to Merrill Lynch UK Special Situations Fund on 1 September 2004. The Fund changed its investment objective on 1 October 2006. The Fund adopted its present name with effect from 28 April 2008. Copies of Manager’s Reports and Prospectus are available on request. Dealing and Investor Services: 0800 44 55 22 blackrock.co.uk 1 BlackRock UK Special Situations Fund 2 Performance Record Annual performance to most recent quarter end Net Asset Value 31.12 .2013 31.12.2012 31.12 .2011 31.12 .2010 31.12 .20 0 9 Net Asset Value to 31.12.2014 to 31.12.2013 to 31.12.2012 to 31.12.2011 to 31.12.2010 Net Asset Value per Unit BlackRock UK Special Units in Issue £ p Situations Fund -6 .1% +23.3% +18.2% -8.7% +35.1% A Income All figures quoted are based on bid-to-bid dealing prices (the price at which units are sold), with net income reinvested. Performance is 28 February 2015 5,772,772 114,092,299 1,976 calculated net of fees. Performance is shown for complete 12 month periods only. 28 February 2014 14,569,158 296,202,972 2,033 20 April 2013* 16,284,797 285,454,669 1,753 Distributions Payable A Accumulation A Income 28 February 2015 24 ,14 3,79 8 809,416,482 3,352 The final distribution payable on 30 April 2015 is 5.8089p net per income unit (30 April 2014: 2.5109p 28 February 2014 35,656,799 1,214,271,881 3,405 net per income unit). 20 April 2013* 34,793,734 1,012,056,380 2,909 D Income A Accumulation The final accumulation distribution payable on 30 April 2015 is 9.8550p net per accumulation unit 28 February 2015 6,963,710 137,746,938 1,978 (30 April 2014: 4.2093p net per accumulation unit). 28 February 2014 11,968,598 243,509,876 2,035 20 April 2013* 8,706,473 152,729,740 1,754 D Income D Accumulation The final distribution payable on 30 April 2015 is 12.7163p net per income unit (30 April 2014: 9.8004p 28 February 2015 11,083,577 385,323,191 3,477 net per income unit). 28 February 2014 11,249,671 394,316,791 3,505 D Accumulation 20 April 2013* 7,721,910 229,682,361 2,974 The final accumulation distribution payable on 30 April 2015 is 22.3143p net per accumulation unit X Income (30 April 2014: 16.8277p net per accumulation unit). 28 February 2015 1,428,944 28,257,338 1,977 X Income 28 February 2014 1,18 6 ,107 24 ,121,0 67 2,034 The final distribution payable on 30 April 2015 is 21.0824p net per income unit (30 April 2014: 17.0736p 20 April 2013* 625,455 10,964,213 1,753 net per income unit). * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund’s annual accounting date in order to consolidate the publication of the reports. 3 BlackRock UK Special Situations Fund 4 Performance Record continued Income (Net Distributions/Net Accumulations) Risk and Reward Profile A Income A Accumulation D Income D Accumulation X Income Lower risk Higher risk # ± ≠ Units Units Units Units Units Typically lower rewards Typically higher rewards Calendar Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit Pence per Unit Unit Class 2015* 5.8089 9.8550 12.7163 22.3143 21.0824 A Income 1 2 3 4 5 6 7 2014 20.5649 34.6799 35.3073 60.8694 50.7345 A Accumulation 1 2 3 4 5 6 7 2013 23.6892 39.5509 35.2283 6 0.1520 46.8123 D Income 1 2 3 4 5 6 7 2012 22.4965 36.7637 32.6296 5 8 .18 4 4 3.0416 D Accumulation 1 2 3 4 5 6 7 2011 14 .1627 22.9506 6.0873 39.4983 N/A X Income 1 2 3 4 5 6 7 2010 13.3596 21.3949 N/A 17.2330 N/A ` The risk indicator was calculated incorporating historical or simulated historical data and may not * To 30 April. # D Income class commenced June 2011. be a reliable indication of the future risk profile of each unit class. ± D Accumulation class commenced April 2010. ≠ X Income class commenced September 2012. ` The risk category shown is not guaranteed and may change over time. ` The lowest category does not mean risk free. Capital (Unit Prices) ` The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based A Income A Accumulation D Income D Accumulation X Income Units Units Units# Units± Units≠ and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Offer Bid Offer Bid Offer Bid Offer Bid Offer Bid For more information on this, please see the Fund’s Key Investor Information Documents (KIIDs), which Price Price Price Price Price Price Price Price Price Price Calendar Year p p p p p p p p p p are available at www.blackrock.com.
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