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Blackrock UK Income Fund Annual report BlackRock UK Income Fund For the year ended 28 February 2019 Contents General Information Manager & Registrar General Information 2 BlackRock Fund Managers Limited About the Fund 3 12 Throgmorton Avenue, London EC2N 2DL Investment Objective & Policy 3 Member of The Investment Association and authorised and regulated by the Financial Conduct Authority (“FCA”). Fund Managers 3 Directors of the Manager G D Bamping* C L Carter M B Cook (appointed 2 May 2018) W I Cullen* Significant Events 3 R A Damm (resigned 31 December 2018) R A R Hayes A M Lawrence Risk and Reward Profile 4 L E Watkins (appointed 16 May 2018, resigned 1 March 2019) M T Zemek* Performance Table 5 * Non-executive Director. Classification of Investments 6 Trustee* & Custodian The Bank of New York Mellon (International) Limited Investment Report 8 One Canada Square, London E14 5AL Performance Record 10 Authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Distribution Tables 14 Regulation Authority. * On 18 June 2018 the Trustee changed from BNY Mellon Trust & Depositary (UK) Limited to The Bank of New York Mellon (International) Limited. Report on Remuneration 16 Portfolio Statement 22 Investment Manager BlackRock Investment Management (UK) Limited Statement of Total Return 25 12 Throgmorton Avenue, London EC2N 2DL Statement of Change in Net Assets Attributable to Unitholders 25 Authorised and regulated by the FCA. Balance Sheet 26 Securities Lending Agent Notes to Financial Statements 27 BlackRock Advisors (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL Statement of Manager’s Responsibilities 44 Authorised and regulated by the FCA. Statement of the Trustee’s Responsibilities in Respect of the Fund and Report of the 45 Trustee to the Unitholders of the Fund for the Year Ended 28 February 2019 Auditor Independent Auditor’s Report 46 Ernst & Young LLP Atria One, 144 Morrison Street, Edinburgh EH3 8EX Supplementary Information 49 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 blackrock.co.uk For your protection, telephone calls are usually recorded. 1 BlackRock UK Income Fund BlackRock UK Income Fund 2 About the Fund Risk and Reward Profile BlackRock UK Income Fund (the “Fund”) is a UCITS scheme under the COLL Sourcebook. The Fund was Lower risk Higher risk established on 15 February 1984. The Fund was previously known as Mercury Income Fund then, with effect Typically lower rewards Typically higher rewards from 30 September 2001, Merrill Lynch Income Fund. On 1 October 2001 the Fund changed its name to Merrill Unit Class Lynch UK Income Fund. The Fund changed its investment objective on 1 October 2006. The Fund adopted its present name with effect from 28 April 2008. The Fund’s FCA product reference number is 108413. A Income 1 2 3 4 5 6 7 A Accumulation 1 2 3 4 5 6 7 D Income 1 2 3 4 5 6 7 Investment Objective & Policy D Accumulation 1 2 3 4 5 6 7 S Income 1 2 3 4 5 6 7 The aim of the Fund is to offer investors an above-average and growing income without sacrificing the benefits S Accumulation 1 2 3 4 5 6 7 of long-term capital growth. The Fund invests primarily in the shares of companies incorporated or listed in the UK. The Fund may also invest in collective investment schemes. X Accumulation 1 2 3 4 5 6 7 • The risk indicator was calculated incorporating historical or simulated historical data and may not be a Fund Managers 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. As at 28 February 2019, the Fund Managers of the Fund are Adam Avigdori and David Goldman. For more information on this, please see the Fund’s Key Investor Information Documents (“KIIDs”), which are available at www.blackrock.com. Significant Events Changes in the Directors of the Manager M B Cook was appointed as a Director effective 2 May 2018. L E Watkins was appointed as a Director effective 16 May 2018, and resigned as a Director effective 1 March 2019. R A Damm resigned as a Director effective 31 December 2018. Changes to the Trustee On 18 June 2018 the Trustee changed from BNY Mellon Trust & Depositary (UK) Limited to The Bank of New York Mellon (International) Limited. 3 BlackRock UK Income Fund BlackRock UK Income Fund 4 Performance Table Classification of Investments The following chart provides an analysis of the portfolio weightings as at 28 February 2019 by its respective For the year For the three years For the five years to 28.2.2019 to 28.2.2019 to 28.2.2019 equity sector allocation. TOTAL RETURN (with net income reinvested) Class D Accumulation Units 28 February 2019 BlackRock UK Income Fund +2.0% +19.9% +33.2% Banks 8.67% ^ FTSE All-Share Index +1.7% +30.4% +27.6% Chemicals 0.66% 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. Performance returns are cumulative. Financial Services 5.24% All returns are in Sterling. Food & Drug Retailers 4.10% ^ Figures from Index Vendor. Food Producers 6.39% Gas, Water & Multiutilities 2.90% 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 General Retailers 0.34% rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance Household Goods & Home Construction 5.97% and should not be the sole factor of consideration when selecting a product. Industrial Engineering 4.07% Life Insurance 6.46% Media 7.95% Mining 3.01% Non-Life Insurance 2.57% Oil & Gas Producers 10.64% Pharmaceuticals & Biotechnology 11.76% Real Estate Investment & Services 2.04% Support Services 6.27% Tobacco 4.46% Travel & Leisure 5.41% Other 1.09% 5 BlackRock UK Income Fund BlackRock UK Income Fund 6 Classification of Investments continued Investment Report The following chart provides an analysis of the portfolio weightings as at 28 February 2018 by its respective Summary of Performance over the Year equity sector allocation. The Fund returned 2.0%* over the year to 28 February 2019, outperforming its performance measure, the FTSE All-Share Index, which rose by 1.7%. Over the six-month period to 28 February 2019, the Fund returned -5.1%*, regrettably underperforming its performance measure, which returned -3.7%. 28 February 2018 The Fund yield is 4.4% compared to the performance measure yield of 4.3%**. Banks 10.49% Market Review Chemicals 1.73% The value of broader UK equities ended the period higher but smaller company stocks were down. Brexit Construction & Materials 3.69% was an ongoing source of angst, acting as an impediment to both the UK economy and stock market. Financial Services 4.81% Although Prime Minister Theresa May agreed on a deal with the European Union, this failed to gain support Food & Drug Retailers 2.62% in parliament. The possibility of the UK leaving the EU without a deal caused recurring bouts of anxiety over Food Producers 4.60% the period, weighing on markets. More positively, sterling weakness helped propel the FTSE 100 Index to a Forestry & Paper 1.33% new intra-day high in May (large caps stocks generate most of their revenues overseas, so a depreciation Gas, Water & Multiutilities 1.69% in sterling makes them more competitive). The FTSE 100 Index subsequently fell, as concerns about global General Industrials 2.29% growth and trade soured sentiment. General Retailers 4.13% Household Goods & Home Construction 1.89% Fund Performance and Activity Industrial Engineering 4.48% In the financials’ sector John Laing has continued to deliver strong performance and an increase in net asset Life Insurance 2.05% value. The company, which is well exposed to global infrastructure investment trends, has highlighted an exciting pipeline of investments that reinforces our positive view of the business. United Utilities has also seen Media 6.32% its share price rise, aided by the water regulator agreeing to a fast track of the company’s business plan. Non-Life Insurance 7.74% There is a large amount of investment going into the water sector and United Utilities offers both dividend and Oil & Gas Producers 9.47% dividend growth to shareholders. Rentokil Initial continues to deliver strong trading and revenue growth. Its Pharmaceuticals & Biotechnology 8.66% pest control division has a long runway of growth backed by structural tailwinds (support), technology and a Real Estate Investment & Services 0.75% fragmented market with plenty of opportunity for acquisition. Short-term Money Market Funds 0.43% Software & Computer Services 1.03% TP ICAP shares fell significantly in July following a disappointing statement. The uptick in volatility (ups and Support Services 6.04% downs in the market) has failed to come through to revenue growth for the company. Furthermore, expectations Tobacco 7.82% for cost saving synergies have been revised downwards. We sold our position in TP ICAP during the period. Travel & Leisure 2.14% Superdry announced a profit downgrade as the unseasonably warm weather at the start of the winter season Other 3.80% had a substantial impact on sales volumes. Promotional activity has been higher than the company would like, and the consumer environment remains challenging.
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