Interim report BlackRock Cash Fund

For the six months ended 31 August 2019 Contents

General Information 2

About the Fund 3

Fund Manager 3

Significant Events 3

Risk and Reward Profile 3

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, 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* C L Carter (resigned 17 May 2019) M B Cook W I Cullen* R A R Hayes A M Lawrence L E Watkins (resigned 1 March 2019) M T Zemek*

Trustee & Custodian The Bank of New York Mellon (International) Limited One Canada Square, 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, Canary Wharf, 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.

Fund Manager

As at 31 August 2019, the Fund Manager of the Fund is Matt Clay.

Significant Events

Changes in the Directors of the Manager L E Watkins resigned as a Director effective 1 March 2019. C L Carter resigned as a Director effective 17 May 2019.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class A Income 1 234567 A Accumulation 1 234567 D Income 1 234567 D Accumulation 1 234567

3 BlackRock Cash Fund Risk and Reward Profile continued

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class X Income 1 234567 X 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 period ended 31 August 2019

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 realised Fund performance against the performance of the relevant performance measure during the financial period ended 31 August 2019.

The returns disclosed are the performance returns for the primary unit class for 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 0.25 0.29

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”), posted a return of 2.73% for the six months ended 31 August 2019. During the reporting period, stocks oscillated between rising prices and low volatility to periodic bouts of declining prices and elevated volatility. Hopes that the decade-long U.S. economic expansion would continue ultimately drove equities higher, as the chief uncertainties—strained trade relations in many parts of the world and slowing economic growth—were quelled by the resumption of U.S./China trade talks and signs of accommodative monetary policy from the world’s most influential central banks. Intermittent volatility meant developed markets led emerging markets for the reporting period as investors sought out less risky assets. For example, the MSCI Europe ex-UK returned approximately 12%, as expectations of further stimulus by the (“ECB”) buoyed equity performance in Continental Europe.

In the global bond markets, low inflation, risk aversion, and demand for yield led to higher bond prices despite yields near historic lows. Long-term interest rates declined sharply due to low inflation in most developed countries, while short-term interest rates decreased due to expectations of additional stimulus by central banks. As a result, a portion of the U.S. (a graphic representation of bond yields at different maturities) inverted for the first time since 2005. Investors took this as a sign that recession could be imminent, exacerbating concerns about the economy and corporate profits.

5 BlackRock Cash Fund Investment Report continued

Government bonds generally outperformed corporate bonds across the globe, as modest corporate profits and slowing growth drove demand for less volatile investments. Nevertheless, corporate bonds still posted a solid return, as European spreads—the yield premium of corporate bonds relative to government bonds—declined slightly, and demand for credit remained robust. In Europe, investor demand for the relative stability of fixed-income securities was strong despite negative short-term interest rate policy by the ECB, excess liquidity, and institutional demand for bonds, all of which led to negative yields for approximately 60% of the government bond market and for 40% of the corporate bond market. Emerging market bonds generally performed in line with other international bonds.

In the commodities market, gold prices rose more than 15% amid geopolitical tensions, as central banks and exchange-traded funds increased their gold purchases. Negative yields in the bond market also contributed to rising gold prices, as investors looked to gold as a store of value. In contrast, the price of Brent Crude oil fell approximately 10% due to slower growth and concerns about oversupply.

Looking at currencies, the U.S. dollar generally outperformed other currencies due to relatively stronger economic growth, higher interest rates, and declining inflation. Expectations that the ECB would lower interest rates and resume monetary stimulus weighed on the euro. The British pound also depreciated against the U.S. dollar, hindered by slower growth and uncertainty surrounding the U.K.’s possible departure from the European Union (“E.U.”). In contrast, the Japanese yen, which tends to benefit from global economic uncertainty, advanced against the U.S. dollar. The stronger U.S. dollar generally helped the performance of international investors in U.S. securities.

In economic news, although the U.S. economy continued to grow at an annualised rate of approximately 2.5%, most developed countries experienced weak growth. Growth in Europe remained sluggish at under 1%, with quarterly contractions in Germany and the U.K., the two largest European economies. Despite rising consumer spending, economic growth in Japan was tepid, as exports declined for nine straight months. China, the world’s second largest economy, saw growth slow to a pace of approximately 6%, as exports fell and industrial output hit a 17-year low. Relatively restrictive monetary policy by the U.S. Federal Reserve (the “Fed”) for most of the reporting period and the ongoing trade dispute between the U.S. and China both had a cooling effect on global growth.

In response to the economic slowdown and benign inflation, central banks dramatically shifted monetary policy away from restrictive conditions toward more accommodative policies. Notably, emerging market central banks were the first to cut short-term interest rates in anticipation of a rate cut by the Fed, which lowered rates in July 2019, the first rate cut since the financial crisis in 2008. The ECB also changed its outlook by signaling a high likelihood of future rate cuts and the return of its bond purchase program, while the Bank of Japan renewed its commitment to future economic stimulus. The sea change in central bank policy raised investors’ optimism that a deepening downturn could be averted, which generally helped the performance of riskier assets.

Geopolitical risks remained elevated during the reporting period, which dampened returns for riskier assets, as the trade dispute between China and the U.S. alternated between retaliatory tariffs and the resumption of trade talks. Geopolitical strains in the Middle East, including tensions between the U.S. and Iran, civil war in Yemen, drone attacks throughout the region, and an ongoing Saudi-led trade embargo of Qatar further contributed to volatility in markets. Uncertainty surrounding Brexit also dampened market sentiment, as the European Union granted the U.K. an extension to its deadline for leaving the E.U., but political turmoil related to disentangling their economies and the timing of the U.K.’s withdrawal highlighted a relatively fluid range of possible outcomes.

BlackRock Cash Fund 6 Investment Report continued

Fund Performance Review and Activity Over the six-month period to 31 August 2019, the Fund’s return was 0.25%, underperforming its comparator benchmark, which returned 0.29%.

In terms of performance, as this is a money market fund benchmarks are rarely used for performance metrics. Benchmarks are included only as a reference point for yields on money market fund instruments.

The Sterling-Dollar cross currency basis swap tightened (Sterling became relatively more attractive vs the Dollar) towards the end of last year and remained positive throughout parts of February before dipping in Q2. It bounced back to positive again in June before sharply dipping down to -17bps. It recovered again and was positive throughout much of August. We have used these movements to take advantage of issuers coming to the market at more attractive levels in floating rate note paper.

Following the Bank of England’s (BoE) meeting in May, the Sterling money market curve flattened significantly. After the July BoE meeting, the curve continuing to flatten due to the ongoing uncertainty in domestic politics and the impact that might have on Brexit. We do not expect the Monetary Policy Committee to move its positioning ahead of any political developments and we continue to target Weighted Average Maturity (average duration of investments) in the mid-to-high 50-day range.

UK Treasury Bill projected returns have inverted with 1-month levels resetting higher than 3 and 6 month levels at the end of August. There is little incentive to invest in longer dated securities as a result.

The following table details the significant portfolio weightings at 31 August 2019 and 28 February 2019: 31 August 2019 28 February 2019 Asset class Weighting Asset class Weighting Certificate of Deposit 35% Certificate of Deposit 30% Financial Company Financial Company Commercial Paper 30% Commercial Paper 20% Time Deposit 24% Time Deposit 27% Medium Term Note 7% Medium Term Note 19% Asset Backed Commercial Asset Backed Commercial Paper 4% Paper 4%

7 BlackRock Cash Fund Performance Record

Net Asset Value Net Asset Value per Unit At 31 August 2019 Units in Issue £000’s p A Income 6,919,475 6,965 100.7 A Accumulation 182,403,621 434,796 238.4 X Income 24,882,841 24,893 100.0 X Accumulation 167,853,642 171,887 102.4 D Income 25,726,102 25,880 100.6 D Accumulation 122,891,023 297,150 241.8 S Income 3,489,740 3,496 100.2 S Accumulation 104,081,598 105,441 101.3 OA Income 100 – 100.0 OA Accumulation 100 – 100.6 OD Income 100 – 100.1 OD Accumulation 100 – 100.8 OS Income 18,534,869 18,546 100.1 OS Accumulation 1,116,552,446 1,125,979 100.8

Distributions Payable for the period to 31 August 2019 Unit Class Distribution payable on 31.10.2019 Pence per Unit A Income 0.0612 A Accumulation 0.1441 X Income 0.1993 X Accumulation 0.2035 D Income 0.1250 D Accumulation 0.2988 S Income 0.1364 S Accumulation 0.1382 OA Income 0.1400 OA Accumulation 0.1400 OD Income 0.1500 OD Accumulation 0.1500 OS Income 0.1362 OS Accumulation 0.1372

BlackRock Cash Fund 8 Performance Record continued

Operating Charges 1.3.2019 1.3.2018 Unit Class to 31.8.2019 to 28.2.2019 A Income 0.57% 0.57% A Accumulation 0.57% 0.57% X Income 0.02% 0.00% X Accumulation 0.02% 0.02% D Income 0.32% 0.32% D Accumulation 0.32% 0.32% S Income 0.27% 0.27% S Accumulation 0.27% 0.27% OA Income 0.57% 0.50% OA Accumulation 0.57% 0.50% OD Income 0.32% 0.25% OD Accumulation 0.32% 0.25% 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 2019

Holding or Market %of Nominal Value Total Net Value Investment £000’s Assets

BONDS − 41.72%; 28.2.2019 45.32% UK Sterling Denominated Corporate Bonds − 7.80%; 28.2.2019 18.72% £14,000,000 Canadian Imperial Bank of Commerce 0.95813% 14,000 0.63 4/11/2019 £14,000,000 Canadian Imperial Bank of Commerce 0.95813% 14,000 0.63 4/11/2019 £15,000,000 Canadian Imperial Bank of Commerce 1.004% 15,003 0.68 8/11/2019 £15,000,000 Canadian Imperial Bank of Commerce 1.004% 15,003 0.68 8/11/2019 £21,000,000 DBS Bank 0.871% 7/5/2020 20,996 0.95 £26,000,000 DBS Bank 0.87575% 10/7/2020 25,974 1.17 £800,000 Nordea Bank 2.125% 13/11/2019 802 0.04 £7,000,000 Royal Bank of Canada 0.91069% 24/7/2020 7,003 0.32 £14,900,000 The Bank of Nova Scotia 0.97938% 13/11/2019 14,905 0.67 £45,000,000 Toronto-Dominion Bank 0.85138% 18/9/2019 44,998 2.03 172,684 7.80 UK Sterling Denominated ECP Bonds§ − 33.92%; 28.2.2019 26.60% £30,000,000 Agence Centrale Organismes 0% 6/9/2019 29,996 1.35 £3,000,000 Allianz 0% 20/9/2019 2,999 0.14 £2,000,000 Allianz 0% 20/11/2019 1,996 0.09 £28,000,000 Banque Federative Du Credit 0% 3/10/2019 27,984 1.26 £28,000,000 Banque Federative Du Credit 0% 1/11/2019 27,967 1.26 £20,000,000 Banque Federative Du Credit 0% 6/1/2020 19,947 0.90 £10,000,000 Banque Federative Du Credit 0% 3/2/2020 9,967 0.45 £10,000,000 BPCE 0% 5/12/2019 9,979 0.45 £5,000,000 BPCE 0% 6/1/2020 4,986 0.22 £45,000,000 Bred Banque Populaire 0% 8/11/2019 44,932 2.03 £15,000,000 Bred Banque Populaire 0% 20/11/2019 14,973 0.68 £3,000,000 Collateralized Repo B 0% 17/12/2019 2,993 0.13 £20,000,000 DBS Bank 0% 11/10/2019 19,983 0.90 £10,000,000 DGZ Dekabank 0% 19/2/2020 9,961 0.45 £35,000,000 DGZ Dekabank 0% 21/2/2020 34,862 1.57 £10,000,000 DZ Bank Deutsche Zentral GE 0% 3/10/2019 9,993 0.45 £3,000,000 Erste Abwicklungsanstalt 0% 7/10/2019 2,998 0.14 £10,000,000 Erste Abwicklungsanstalt 0% 25/11/2019 9,982 0.45 £15,000,000 FMS Wertmanagement 0% 5/11/2019 14,980 0.68 £15,000,000 FMS Wertmanagement 0% 6/11/2019 14,980 0.68 £15,000,000 FMS Wertmanagement 0% 7/11/2019 14,980 0.68 £16,000,000 FMS Wertmanagement 0% 25/11/2019 15,973 0.72 £16,000,000 FMS Wertmanagement 0% 26/11/2019 15,973 0.72 £16,000,000 FMS Wertmanagement 0% 27/11/2019 15,972 0.72 £3,000,000 HSBC France 0% 24/10/2019 2,996 0.14 £10,000,000 ING Bank 0% 20/9/2019 9,996 0.45 £8,000,000 ING Bank 0% 30/9/2019 7,995 0.36

BlackRock Cash Fund 10 Portfolio Statement (unaudited) continued

Holding or Market %of Nominal Value Total Net Value Investment £000’s Assets

£38,000,000 ING Bank 0% 6/12/2019 37,920 1.71 £6,000,000 LMA 0% 3/9/2019 5,999 0.27 £6,500,000 LMA 0% 7/10/2019 6,495 0.29 £10,000,000 LMA 0% 4/11/2019 9,986 0.45 £11,000,000 LMA 0% 7/11/2019 10,984 0.50 £10,000,000 Managed and Enhanced Tap 0% 24/9/2019 9,995 0.45 £3,000,000 Managed and Enhanced Tap 0% 31/10/2019 2,996 0.14 £3,000,000 Managed and Enhanced Tap 0% 21/11/2019 2,995 0.14 £25,000,000 Matchpoint Finance Public 0% 16/10/2019 24,976 1.13 £2,000,000 Matchpoint Finance Public 0% 11/11/2019 1,997 0.09 £5,000,000 Matchpoint Finance Public 0% 12/11/2019 4,992 0.23 £5,000,000 Matchpoint Finance Public 0% 9/12/2019 4,989 0.23 £36,000,000 Nordea Bank 0% 7/10/2019 35,973 1.62 £1,000,000 Nordea Bank 0% 6/1/2020 997 0.04 £40,000,000 Nordea Bank 0% 31/1/2020 39,865 1.80 £1,000,000 OP Corporate Bank 0% 6/9/2019 1,000 0.04 £4,000,000 OP Corporate Bank 0% 19/9/2019 3,998 0.18 £20,000,000 OP Corporate Bank 0% 25/9/2019 19,990 0.90 £5,000,000 OP Corporate Bank 0% 7/11/2019 4,993 0.23 £2,000,000 OP Corporate Bank 0% 13/1/2020 1,994 0.09 £10,000,000 OP Corporate Bank 0% 29/1/2020 9,966 0.45 £5,000,000 OP Corporate Bank 0% 3/2/2020 4,982 0.22 £30,000,000 Sumitomo Mitsui Banking 0% 9/10/2019 29,976 1.35 £55,000,000 Sumitomo Mitsui Banking 0% 7/11/2019 54,919 2.48 £10,000,000 Sumitomo Mitsui Banking 0% 8/11/2019 9,985 0.45 £3,000,000 Toyota Finance Australia 0% 21/10/2019 2,997 0.14 £5,000,000 Toyota Motor Finance 0% 4/9/2019 4,999 0.23 751,301 33.92 Certificate of Deposit − 58.32%; 28.2.2019 28.49% £3,000,000 Bank of America 0% Certificate of Deposit 6/9/2019 3,000 0.13 £4,000,000 Bank of America 0% Certificate of Deposit 13/12/2019 4,001 0.18 £5,000,000 Bank of America 0% Certificate of Deposit 10/1/2020 5,000 0.23 £5,000,000 Bank of America 0% Certificate of Deposit 3/2/2020 5,000 0.23 £15,000,000 Bank of America 0% Certificate of Deposit 3/2/2020 14,999 0.68 £10,000,000 Bank of America 0% Certificate of Deposit 6/2/2020 9,999 0.45 £130,002,351 BNP Paribas 0% Certificate of Deposit 2/9/2019 130,002 5.87 £12,000,000 BNP Paribas London Branch 0% Certificate of Deposit 12,003 0.54 16/10/2019 £20,000,000 BNP Paribas London Branch 0% Certificate of Deposit 20,004 0.90 3/2/2020 £15,000,000 BNP Paribas London Branch 0% Certificate of Deposit 15,001 0.68 10/2/2020 £100,000,000 Credit Agricole 0% Certificate of Deposit 2/9/2019 100,000 4.51 £40,000,000 Credit Agricole 0% Certificate of Deposit 18/11/2019 39,934 1.80

11 BlackRock Cash Fund Portfolio Statement (unaudited) continued

Holding or Market %of Nominal Value Total Net Value Investment £000’s Assets

£24,000,000 Credit Agricole Corporate 0% Certificate of Deposit 24,000 1.08 28/2/2020 £33,000,000 0% Certificate of Deposit 17/1/2020 33,000 1.49 £20,000,000 Den Norske Bank 0% Certificate of Deposit 31/10/2019 20,006 0.90 £15,000,000 DZ Bank Deutsche Zentral GE 0% Certificate of 14,993 0.68 Deposit 20/9/2019 £7,000,000 DZ Bank Deutsche Zentral GE 0% Certificate of 6,996 0.32 Deposit 23/9/2019 £25,000,000 HSBC Bank 0% Certificate of Deposit 21/2/2020 24,998 1.13 £60,000,000 HSBC Bank 0% Certificate of Deposit 20/3/2020 59,997 2.71 £5,000,000 HSBC France 0% Certificate of Deposit 30/1/2020 4,983 0.22 £130,002,493 ING Bank 0% Certificate of Deposit 2/9/2019 130,003 5.87 £20,000,000 ING Bank 0% Certificate of Deposit 10/3/2020 20,010 0.90 £162,100,000 0% Certificate of Deposit 2/9/2019 162,100 7.32 £5,000,000 Mitsubishi UFJ Trust and Banking 0% Certificate of 5,000 0.23 Deposit 20/9/2019 £2,000,000 Mitsubishi UFJ Trust and Banking 0% Certificate of 1,998 0.09 Deposit 11/10/2019 £10,000,000 Mitsubishi UFJ Trust and Banking 0% Certificate of 9,989 0.45 Deposit 21/10/2019 £8,000,000 Mitsubishi UFJ Trust and Banking 0% Certificate of 8,000 0.36 Deposit 6/11/2019 £5,000,000 Mizuho Bank 0% Certificate of Deposit 10/9/2019 5,000 0.23 £5,000,000 Mizuho Bank 0% Certificate of Deposit 7/10/2019 5,000 0.23 £10,000,000 Mizuho Bank 0% Certificate of Deposit 17/10/2019 10,000 0.45 £25,000,000 Mizuho Bank 0% Certificate of Deposit 22/10/2019 25,001 1.13 £25,000,000 Mizuho Bank 0% Certificate of Deposit 7/11/2019 24,963 1.13 £5,000,000 Mizuho Bank 0% Certificate of Deposit 8/11/2019 5,000 0.23 £5,000,000 Mizuho Bank 0% Certificate of Deposit 22/11/2019 4,991 0.22 £3,000,000 Mizuho Bank 0% Certificate of Deposit 29/11/2019 3,000 0.13 £5,000,000 Nordea Bank 0% Certificate of Deposit 6/1/2020 4,986 0.22 £4,000,000 Norinchukin Bank 0% Certificate of Deposit 18/9/2019 3,999 0.18 £15,000,000 Skandinaviska Enskilda Banken 0% Certificate of 15,006 0.68 Deposit 6/2/2020 £20,000,000 Standard Chartered Bank 0% Certificate of Deposit 20,001 0.90 6/9/2019 £39,000,000 Standard Chartered Bank 0% Certificate of Deposit 39,006 1.76 20/9/2019 £20,000,000 Standard Chartered Bank 0% Certificate of Deposit 19,937 0.90 22/1/2020 £16,000,000 Standard Chartered Bank 0% Certificate of Deposit 16,007 0.72 6/2/2020 £15,000,000 Sumitomo Mitsui 0% Certificate of Deposit 3/10/2019 15,003 0.68 £5,000,000 Sumitomo Mitsui Banking 0% Certificate of Deposit 4,994 0.23 25/10/2019

BlackRock Cash Fund 12 Portfolio Statement (unaudited) continued

Holding or Market %of Nominal Value Total Net Value Investment £000’s Assets

£10,000,000 Sumitomo Mitsui Trust Bank 0% Certificate of Deposit 10,000 0.45 9/12/2019 £10,000,000 Sumitomo Trust and Banking 0% Certificate of Deposit 9,979 0.45 6/12/2019 £20,000,000 The Sumitomo Trust and Bank 0% Certificate of 20,004 0.90 Deposit 8/10/2019 £5,000,000 The Sumitomo Trust and Bank 0% Certificate of 5,000 0.23 Deposit 6/1/2020 £30,000,000 The Toronto-Dominion Bank 0% Certificate of Deposit 30,000 1.35 12/11/2019 £10,000,000 United Overseas Bank 0% Certificate of Deposit 10,000 0.45 9/9/2019 £50,000,000 United Overseas Bank 0% Certificate of Deposit 50,004 2.26 13/9/2019 £15,000,000 United Overseas Bank 0% Certificate of Deposit 15,002 0.68 18/9/2019 £20,000,000 United Overseas Bank 0% Certificate of Deposit 20,002 0.90 16/12/2019 £15,000,000 United Overseas Bank 0% Certificate of Deposit 14,999 0.68 17/1/2020 1,291,900 58.32

Portfolio of investments 2,215,885 100.04 Net other liabilities (852) (0.04) Total net assets 2,215,033 100.00 Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. § An ECP (European Commercial Paper) Bond is an unsecured, short-term loan issued by a bank or corporation in the international money market, denominated in currency that differs from the corporation’s domestic currency.

13 BlackRock Cash Fund Statement of Total Return (unaudited) for the six months ended 31 August 2019

31.8.2019 31.8.2018 £000’s £000’s £000’s £000’s Income Net capital gains 251 290 Revenue 8,960 7,690 Expenses (3,478) (3,500) Interest payable and similar charges (1) (10) Net revenue before taxation 5,481 4,180 Taxation – – Net revenue after taxation 5,481 4,180 Total return before distributions 5,732 4,470 Distributions (5,481) (4,180)

Change in net assets attributable to unitholders from investment activities 251 290

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 31 August 2019

31.8.2019 31.8.2018 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 2,168,359 2,645,028 Amounts receivable on issue of units 737,477 978,023 Amounts payable on cancellation of units (696,396) (1,219,569) 41,081 (241,546) Change in net assets attributable to unitholders from investment activities 251 290 Retained distribution on accumulation units 5,342 3,978

Closing net assets attributable to unitholders 2,215,033 2,407,750 The above statement shows the comparative closing net assets at 31 August 2018 whereas the current accounting period commenced 1 March 2019.

BlackRock Cash Fund 14 Balance Sheet (unaudited) at 31 August 2019

31.8.2019 28.2.2019 £000’s £000’s Assets: Fixed assets − Investment assets 2,215,885 1,638,451 Current assets − Debtors 12,389 11,673 − Cash and bank balances 27 550,172 Total assets 2,228,301 2,200,296

Liabilities: Creditors − Distributions payable (116) (64) − Other creditors (13,152) (31,873) Total liabilities (13,268) (31,937)

Net assets attributable to unitholders 2,215,033 2,168,359

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2019

15 BlackRock Cash Fund Notes to Financial Statements (unaudited) for the six months ended 31 August 2019

Accounting Policies The financial statements have been prepared in accordance with 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 28 February 2019 and are described in those annual financial statements.

BlackRock Cash Fund 16

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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.

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