BlackRock NoN-U cITS ReTaIl FUNdS - Retiready · BlackRock NoN-U cITS ReTaIl FUNdS Simplified...

BlackRock NoN-UcITS ReTaIl FUNdSSimplified proSpectuS

Helping you decide

this is an important document which you should read carefully and keep safe for future reference. it provides summary information on the Blackrock Non-ucitS retail funds to help you decide whether to invest. please also refer to the full prospectus for further details.

12 JUNe 2015

BlackRock Fund Managers limited

` Blackrock managed Volatility fund

` Blackrock managed Volatility fund i

` Blackrock managed Volatility fund ii

` Blackrock managed Volatility fund iii

` Blackrock managed Volatility fund iV

` Blackrock Volatility Strategy fund i

` Blackrock Volatility Strategy fund ii

` Blackrock Volatility Strategy fund iii

` Blackrock Volatility Strategy fund iV

` Blackrock uK managed Volatility fund i

` Blackrock uK managed Volatility fund ii

` Blackrock uK managed Volatility fund iii

261669_3276_NON UCITS Simplified Prospectus P5.indd 1 15/06/2015 13:19

[ 2 ] S I M P l I F I e d P R o S P e c T U S

contact informationTelephone: 0800 44 55 22

our lines are open from 8.30 a.m. to 6.00 p.m. monday to friday.

In writing: Blackrock, p.o. Box 9036, chelmsford cm99 2Xd.

Visit: blackrock.co.uk

email: [email protected]

Alternatively, speak to your financial Adviser.


S I M P l I F I e d P R o S P e c T U S [ 3 ]

contentsAbout the funds 4

risk factors 11

Key facts: your questions answered 13

performance data 19

other important information 22

legal and regulatory information 23

throughout this document the icon will direct you to where you can find further information on a particular topic relating to your investment in the Blackrock Non-ucitS retail funds.

the literature referred to can either be downloaded from blackrock.co.uk or you can telephone us on 0800 44 55 22.

our lines are open from 8.30 a.m. to 6.00 p.m., monday to friday.



Fund name Investment objective and policydate established

accounting date (ad)Payment date (Pd)

distribution type

Specific risk factors (pages 10-11)

BlackRock Managed Volatility Fund

the aim of this fund is to manage the volatility of its portfolio at or around 5% and to seek a total return. the volatility management strategy will have a direct impact on the fund’s returns which may be limited by this strategy. the measure of volatility is the annualised, equal-weighted volatility of the daily portfolio returns over the previous 60 Business days.the fund aims to gain investment exposure primarily to equity securities and fixed income securities globally, money-market instruments, deposits, cash and near cash.in order to achieve its objective, the fund invests primarily in units of collective investment schemes and derivatives which provide exposure to the above asset classes. At any time, a substantial amount, or even all of the fund’s assets may be held as cash to assist in achieving the fund’s objective. the fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments and deposits. derivatives and forward transactions will be used for the purposes of efficient portfolio management.in seeking to achieve the volatility objective, the allocations of investment exposure between fixed income securities, money-market instruments, deposits, cash, near cash and equity securities will vary relative to each other over time. the allocations of investment exposure between asset classes is subject to a fixed allocation to fixed income securities which will be determined by the investment manager at its sole discretion. the fixed allocation to fixed income securities may at times suppress the fund’s volatility therefore limiting the fund’s ability to achieve its objective of managing volatility at or around 5%. derivatives may also be used to reduce exposure to certain asset classes to assist in maintaining the volatility objective of the fund.there can be no guarantee that the fund will achieve its objective of managing volatility at or around 5%.

06.11.2012 Ad: the last day of february each yearpd: 31.10, 30.04

Accumulation 1,2,3,4,5,6,7,8,9,10,11

about the FundsYou should read the contents of this Simplified Prospectus document carefully before the conclusion of any transaction. More detailed information is contained in the Full Prospectus, the latest Interim and annual Report and accounts and Short Report which are available free of charge. capitalised terms which are not defined in this Simplified Prospectus will bear the same meaning as in the Full Prospectus.

See ‘contact information’ for details of how to contact us.

What are the Funds and what is their aim?Blackrock Non-ucitS retail funds (the ‘trust’) is an umbrella scheme comprising separate sub-funds with segregated liability as detailed below (each a ‘fund’, together, the ‘funds’). each fund shall have a segregated portfolio of assets and, accordingly, the assets of a fund belong exclusively to that fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including the trust and any other fund and shall not be available for any other purpose. Blackrock Non-ucitS retail funds is authorised by the financial conduct Authority (the ‘fcA’) in the united Kingdom as a unit trust scheme under section 243 of the financial Services & markets Act 2000. it is managed by Blackrock fund managers limited (the ‘manager’) and is classified as a non-ucitS (‘undertaking for collective investment in transferable Securities’) retail scheme under the fcA’s

collective investment Scheme Sourcebook (‘coll’) and is currently registered for sale in the united Kingdom only.

the funds seek to provide you with the opportunity to make investments that aim to grow over the long term which you can add to at any time and withdraw your money when you need it. investing in this way can deliver better returns than by simply keeping your money in a bank or building society account. However, you need to be prepared that with this opportunity there is a risk that you may not get back the money you originally invested.

the table below shows the investment objective and policy for each of the funds.

You should be aware that there are general risks that apply when making investments and specific risks which apply to the funds. please refer to the table below and the risk factors on pages 10 and 11.





distribution type


BlackRock Managed Volatility Fund I



Accumulation 1,2,3,4,5,6,7,8,9,10,11

BlackRock Managed Volatility Fund II



Accumulation 1,2,3,4,5,6,7,8,9,10,11





distribution type


BlackRock Managed Volatility Fund III



Accumulation 1,2,3,4,5,6,7,8,9,10,11

BlackRock Managed Volatility Fund IV

the aim of the fund is to manage the volatility of its portfolio at or around 15% and to seek a total return. the volatility management strategy will have a direct impact on the fund’s returns which may be limited by this strategy.the measure of volatility is the annualised, equal-weighted volatility of the daily portfolio returns over the previous 60 Business days.the fund aims to gain investment exposure to equity securities globally, money-market instruments, deposits, cash and near cash.in order to achieve its objective, the fund may invest in equity futures, foreign exchange forward contracts and money-market instruments. the fund may also invest in units of other collective investment schemes and deposits.At any time, a substantial amount, or even all of the fund’s assets may be held as cash to assist in achieving the fund’s objective.derivatives and foreign exchange forward transactions will be used for the purposes of both investment and efficient portfolio management.the fund will also seek to manage, on an intra-day basis, extreme daily equity market movements. if triggered by extreme equity market movements, this intra-day process will override the daily volatility management process.in seeking to achieve the volatility objective, the allocations of investment exposure between equity futures, foreign exchange forward contracts, money-market instruments, units in other collective investment schemes, deposits, cash and near cash will vary relative to each other over time.there can be no guarantee that the fund will achieve its objective of managing volatility at or around 15%.

06.03.2015 Ad: the last day of february each year pd: 31.10, 30.04

Accumulation 1,2,3,4,5,6,7

about the Funds continued





distribution type


BlackRock Volatility Strategy Fund I

the aim of the fund is to manage the volatility of its portfolio at or around 9% and to seek a total return. the volatility management strategy will have a direct impact on the fund’s returns which may be limited by this strategy. the measure of volatility is the annualised, equal-weighted volatility of the monthly portfolio returns over a rolling three year period, with the aim of maintaining the volatility of the fund within a 7% lower tolerance and 10% upper tolerance band.the fund aims to gain investment exposure primarily to equity securities and fixed income securities globally, money-market instruments, deposits, cash and near cash.in order to achieve its objective, the fund invests primarily in units of collective investment schemes and derivatives which provide exposure to the above asset classes. At any time, a substantial amount, or even all of the fund’s assets may be held as cash to assist in achieving the fund’s objective.the fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments, deposits, cash and near cash. derivatives and forward transactions may be used for the purposes of efficient portfolio management.there is no guarantee that the fund will achieve its objective of managing volatility at or around 9%, or that it will be managed at all times within the intended 7% lower tolerance and 10% upper tolerance band.


Accumulation 1,2,3,4,5,6,7,8,9,10,11

BlackRock Volatility Strategy Fund II



Accumulation 1,2,3,4,5,6,7,8,9,10,11





distribution type


BlackRock Volatility Strategy Fund III

the aim of the fund is to manage the volatility of its portfolio at or around 13% and to seek a total return. the volatility management strategy will have a direct impact on the fund’s returns which may be limited by this strategy. the measure of volatility is the annualised, equal-weighted volatility of the monthly portfolio returns over a rolling three year period, with the aim of maintaining the volatility of the fund within an 11% lower tolerance and 14% upper tolerance band.the fund aims to gain investment exposure primarily to equity securities and fixed income securities globally, money-market instruments, deposits, cash and near cash.in order to achieve its objective, the fund invests primarily in units of collective investment schemes and derivatives which provide exposure to the above asset classes. At any time, a substantial amount, or even all of the fund’s assets may be held as cash to assist in achieving the fund’s objective.the fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments, deposits, cash and near cash. derivatives and forward transactions may be used for the purposes of efficient portfolio management.there is no guarantee that the fund will achieve its objective of managing volatility at or around 13%, or that it will be managed at all times within the intended 11% lower tolerance and 14% upper tolerance band.


Accumulation 1,2,3,4,5,6,7,8,9,10,11

BlackRock Volatility Strategy Fund IV



Accumulation 1,2,3,4,5,6,7,8,9,10,11





distribution type


BlackRock Uk Managed Volatility Fund I

the aim of the fund is to manage the volatility of its portfolio at or around 5% and to seek a total return. the volatility management strategy will have a direct impact on the fund’s returns which may be limited by this strategy. the fund’s aim is to maintain the volatility of the fund within a 4% lower and 6% upper tolerance band where the measure of volatility is the annualised, equal-weighted volatility of the daily portfolio returns over the previous 120 Business days.the fund aims to gain investment exposure primarily to uK companies quoted on the uK equity markets and to uK fixed income securities (including uK gilts and corporate bonds).in order to achieve its objective, the fund invests primarily in units of collective investment schemes and derivatives which provide exposure to the above asset classes. At any time, a substantial amount, or even all of the fund’s assets may be held as cash to assist in achieving the fund’s objective. the fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments and deposits, cash and near cash. derivatives and forward transactions will be used for the purposes of efficient portfolio management.there is no guarantee that the fund will achieve its objective of managing volatility at or around 5%, or that it will be managed at all times within the intended 4% lower and 6% upper tolerance band.


Accumulation 1,2,3,4,5,6,7,8,9,10,11

BlackRock Uk Managed Volatility Fund II

the aim of the fund is to manage the volatility of its portfolio at or around 7% and to seek a total return. the volatility management strategy will have a direct impact on the fund’s returns which may be limited by this strategy. the fund’s aim is to maintain the volatility of the fund within a 6% lower and 8% upper tolerance band where the measure of volatility is the annualised, equal-weighted volatility of the daily portfolio returns over the previous 120 Business days. the fund aims to gain investment exposure primarily to uK companies quoted on the uK equity markets and to uK fixed income securities (including uK gilts and corporate bonds).in order to achieve its objective, the fund invests primarily in units of collective investment schemes and derivatives which provide exposure to the above asset classes. At any time, a substantial amount, or even all of the fund’s assets may be held as cash to assist in achieving the fund’s objective. the fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments and deposits, cash and near cash. derivatives and forward transactions will be used for the purposes of efficient portfolio management.there is no guarantee that the fund will achieve its objective of managing volatility at or around 7%, or that it will be managed at all times within the intended 6% lower and 8% upper tolerance band.


Accumulation 1,2,3,4,5,6,7,8,9,10,11


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distribution type


BlackRock Uk Managed Volatility Fund III

the aim of the fund is to manage the volatility of its portfolio at or around 9% and to seek a total return. the volatility management strategy will have a direct impact on the fund’s returns which may be limited by this strategy. the fund’s aim is to maintain the volatility of the fund within an 8% lower and 10% upper tolerance band where the measure of volatility is the annualised, equal-weighted volatility of the daily portfolio returns over the previous 120 Business days.the fund aims to gain investment exposure primarily to uK companies quoted on the uK equity markets and to uK fixed income securities (including uK gilts and corporate bonds).in order to achieve its objective, the fund invests primarily in units of collective investment schemes and derivatives which provide exposure to the above asset classes. At any time, a substantial amount, or even all of the fund’s assets may be held as cash to assist in achieving the fund’s objective. the fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments and deposits, cash and near cash. derivatives and forward transactions will be used for the purposes of efficient portfolio management.there is no guarantee that the fund will achieve its objective of managing volatility at or around 9%, or that it will be managed at all times within the intended 8% lower and 10% upper tolerance band.

14.10.2013 Ad: the last day of february each yearpd: 31.10, 30.04 Accumulation

Accumulation 1,2,3,4,5,6,7,8,9,10,11

Who can invest?investment in the funds may not be suitable for all investors. Any investment should be considered against your specific investment needs and appetite for risk. Blackrock has not considered the suitability or appropriateness of this investment for your personal circumstances. if you are in any doubt about the suitability of the funds to your needs you should seek appropriate professional advice.

See ‘key facts: your questions answered’ on page 12. You may also refer to the individual fund factsheets which you can download from our website. Go to blackrock.co.uk.


S I M P l I F I e d P R o S P e c T U S [11 ]

Risk factors Please note that details of all the risks mentioned in this Simplified Prospectus may be found in the Full Prospectus of the Funds. Some of the risk factors below relate to the underlying collective investment schemes (‘underlying fund’) in which the Fund(s) invest as part of their investment objective. For that reason these risk factors apply to the Funds themselves.

General risk factorsYour initial investment

` All financial investments involve an element of risk. therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.

Fund liability risk ` the trust is structured as an umbrella fund with

segregated liability between its funds. the assets of one fund will not be available to meet the liabilities of another. However, the trust (through the manager) may operate or have assets held on its behalf or be subject to claims in the uK, or in other jurisdictions, whose courts may not necessarily recognise such segregation of liability. therefore, it is not possible to be certain that the assets of a fund will always be completely isolated from the liabilities of another fund of the trust in every circumstance.

Financial markets, counterparties and service providers ` A fund will be exposed to the credit risk of the parties with

which it transacts and may also bear the risk of settlement default. credit risk is the risk that the counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the relevant fund. this would include the counterparties to any derivative that it enters into. trading in derivatives which have not been collateralised gives rise to direct counterparty exposure. the relevant fund mitigates much of its credit risk to its derivative counterparties by receiving collateral with a value at least equal to the exposure to each counterparty but, to the extent that any derivative is not fully collateralised, a default by the counterparty may result in a reduction in the value of the fund. A formal review of each new counterparty is completed and all approved counterparties are monitored and reviewed on an ongoing basis. the fund maintains an active oversight of counterparty exposure and the collateral management process. the manager is free to use one or more separate counterparties for derivative investments. Some or all of these counterparties may be associates of the Blackrock Group or the pNc Group.

Investment in UcITS and/or other collective investment schemes

` each fund may invest up to 100 per cent of its scheme property in the units of ucitS and/or other collective investment schemes that are managed by the manager or by an associate (as defined by the fcA) in which case no subscription or redemption fees or annual management charge (unless a full retrocession of the annual management charge is paid to the fund) will be charged to the fund. Where the ucitS and/or other collective investment scheme is managed by a third party manager, the fund may be required to pay any applicable fees.

Risks to capital growth ` most of the funds deduct their charges from the income

produced from their investments, however some may deduct some or all of their charges from capital. Whilst this might allow more income to be distributed, it may also have the effect of reducing the potential for long-term capital growth.

Use of derivatives ` As part of their investment strategy, the fund(s) may utilise

investment techniques involving the use of complex financial instruments known as derivatives for the purposes of efficient portfolio management in order to reduce risk and/or costs and/or generate additional income or capital for each of the funds. the manager may also use derivatives to hedge and manage risk. derivatives allow an investment manager to invest artificially in financial securities, such as shares or bonds, or other investments, without owning the physical assets. the use of derivatives can involve a greater element of risk. A positive or negative movement in the value of stock markets can have a larger effect on the value of derivatives as these are more sensitive to changes. the manager employs a risk management process to oversee and manage derivative exposure within the funds.

Global financial market crisis and governmental intervention ` Since 2007, global financial markets have undergone pervasive

and fundamental disruption and suffered significant instability leading to extensive governmental intervention. regulators in many jurisdictions have implemented or proposed a number of emergency regulatory measures and may continue to do so. Government and regulatory interventions have sometimes been unclear in scope and application, resulting in confusion and uncertainty which in itself has been detrimental to the efficient functioning of financial markets. it is impossible to predict with certainty what additional interim or permanent governmental restrictions may be imposed on the markets and/or the effect of such restrictions on the investment manager’s ability to implement the funds’ investment objectives.

Whether current undertakings by governing bodies of various jurisdictions or any future undertakings will help stabilise the financial markets is unknown. the investment manager cannot predict how long the financial markets will continue to be affected by these events and cannot predict the effects of these – or similar events in the future – on the funds, the european or global economy and the global securities markets.

exchange rate risk ` the funds may invest directly or indirectly in currencies

other than sterling. As a result, changes in the rates of exchange between currencies may cause the value of units in the relevant funds to go up or down. Accordingly, unitholders may not receive back the amount invested.


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` the following additional factor may also be relevant in relation to an investment in the funds:

– the tax regime applicable to the income or capital gains received by you depends on the tax law of the place where the capital is invested and the tax law applicable to your personal situation. the regulatory or tax regime applicable to the funds may be subject to change in the future which may affect the risk profile and other characteristics of your investment.

Specific risk factorsthe risk factors below should be considered in respect of the funds:

1. VolatilityVolatility means the variation in the daily returns realised by the fund over a specified period of time. if a fund reports high volatility, this indicates that the returns have been quite variable. if a fund reports low volatility, this indicates that the returns have been relatively stable.

2. Volatility measurementthe measure of volatility is the annualised, equal-weighted volatility of the daily portfolio returns over the previous 60 Business days for Blackrock managed Volatility fund, Blackrock managed Volatility fund i, Blackrock managed Volatility fund ii, Blackrock managed Volatility fund iii and Blackrock managed Volatility fund iV; for Blackrock Volatility Strategy fund i, Blackrock Volatility Strategy fund ii and Blackrock Volatility Strategy fund iii, the monthly portfolio returns over a rolling three-year period; and for Blackrock uK managed Volatility fund i, Blackrock uK managed Volatility fund ii and Blackrock uK managed Volatility fund iii, the daily portfolio returns over a rolling 120 Business day period. the method that the investment manager uses to measure volatility within the funds may differ to methods used by other managers. for this reason, direct comparison to other volatility managed funds may be difficult.

3. Volatility managementone of the objectives of the funds is to manage volatility within tolerances set by the investment manager. However, there is no guarantee that the funds will perform as expected and remain within their volatility tolerances. the volatility management process may reduce the effect of falls in market prices but may equally moderate the effect of rises in market prices. When markets are volatile, managing volatility within tolerances will require the fund’s asset allocation to be changed more frequently than normal. the cost of the transactions required to effect these changes will be met by the fund and may affect returns.

in addition to the objective of managing volatility, Blackrock managed Volatility fund iV will seek to manage, on an intra-day basis, extreme daily equity market movements. if triggered by extreme equity market movements, this intra-day process will override the daily volatility management process.

While the intra-day process may mitigate the effect of extreme falls in equity market prices, it would also have the effect of leaving this fund significantly less exposed to potential rebounds in equity markets in the immediate aftermath of any intra-day de-risking event.

for the funds that hold a constant allocation to fixed income, this constant allocation may limit the manager’s and the investment manager’s ability to manage volatility within tolerances, particularly when markets are relatively stable and this may affect returns.

there are other risks that you should bear in mind which relate to the underlying fund(s) in which certain of the funds invest as follows:

4. Specific market and/or sectorsthe underlying funds may invest in a limited number of market sectors. compared to investments which spread investment risk through investing in a variety of sectors, share price movements may have a greater effect on the overall value of the underlying funds which, in turn, could impact the value of the funds.

5. exchange rate risk the underlying funds may invest a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment.

6. Investment in emerging markets the underlying fund(s) may invest in economies and markets which may be less developed. compared to more established economies, the value of investments may be subject to greater volatility due to increased uncertainty as to how these markets operate.

7. liquidity riskthe underlying fund(s) investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. in certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest.

8. Interest rate riskthe underlying fund(s) may invest in fixed interest securities such as corporate or government bonds which pay a fixed or variable rate of interest (also known as the ‘coupon’) and behave similarly to a loan. these securities are therefore exposed to changes in interest rates which will affect the value of any securities held.

9. credit riskthe underlying fund(s) may invest in fixed interest securities issued by companies which, compared to bonds issued or guaranteed by governments, are exposed to greater risk of default in the repayment of the capital provided to the company or interest payments due to the underlying fund(s).

10. High yield bondsthe underlying fund(s) may invest in high yielding bonds. companies who issue higher yield bonds typically have an increased risk of defaulting on repayments. in the event of default, the value of your investment may reduce. economic conditions and interest rate levels may also impact significantly the values of high yield bonds.

11. distressed securitiesthe underlying fund(s) may invest in securities whereby the issuing company has a high risk of defaulting on their interest payments, capital repayment or both. in the event of default, the value of the investment may reduce.



key facts: your questions answeredThis section should answer the questions you may have about investing in the Funds.

Remember, the icon will direct you to where you can find further information on a particular subject. You can also contact us directly for further information on 0800 44 55 22.

What are the investment minima for investments in the Funds?the current investment minima are as follows:

UnitsMinimum lump sum investment Minimum holding

Minimum further investment

Minimum withdrawal amount

class c accumulation Units in the BlackRock Managed Volatility Fund, BlackRock Managed Volatility Fund I, BlackRock Managed Volatility Fund II BlackRock Managed Volatility Fund III, and BlackRock Managed Volatility Fund IV

£50,000,000 £50,000,000 £100 £250

class c accumulation Units in the BlackRock Volatility Strategy Fund I, BlackRock Volatility Strategy Fund II BlackRock Volatility Strategy Fund III, and BlackRock Volatility Strategy Fund IV

£50,000,000 £50,000,000 £100 £250

class e accumulation Units in the BlackRock Volatility Strategy Fund I, BlackRock Volatility Strategy Fund II BlackRock Volatility Strategy Fund III and BlackRock Volatility Strategy Fund IV

£20,000,000 £20,000,000 £100 £250

class c accumulation Units in the BlackRock Uk Managed Volatility Fund I, BlackRock Uk Managed Volatility Fund II, and BlackRock Uk Managed Volatility Fund III

£50,000,000 £50,000,000 £100 £250

the manager may waive the minimum levels detailed above at its discretion.

Visit blackrock.co.uk for other information concerning the funds.

What are my investment options?in respect of all of the funds you can select class c Accumulation units, subject to availability. in respect of the Blackrock Volatility Strategy fund i, Blackrock Volatility Strategy fund ii and Blackrock Volatility Strategy fund iii only, you can also select class e Accumulation units, subject to availability. the minimum investment

limits are set out below. We may introduce additional classes of units in respect of the funds detailed in this document at any time at our discretion. these will be detailed on our website. class c Accumulation units and class e Accumulation units are only available to investors investing higher lump sum amounts.

Incomeincome is either paid as a dividend or as an interest distribution if sufficient qualifying investments are held according to the criteria set out by Hm revenue & customs.

As at the date of this Simplified prospectus, only class c Accumulation units are available in respect of the Blackrock managed Volatility fund, Blackrock managed Volatility fund i, Blackrock managed Volatility fund ii, Blackrock managed Volatility fund iii, Blackrock managed Volatility fund iV, Blackrock uK managed Volatility fund i, Blackrock uK managed Volatility fund ii and Blackrock uK managed Volatility fund iii. in respect of Blackrock Volatility Strategy fund i, Blackrock Volatility Strategy fund ii, Blackrock Volatility Strategy fund iii and Blackrock Volatility Strategy fund iV class c Accumulation units and class e Accumulation units are available. this means any income

which is attributable to the units is accumulated within the fund and reflected in the increased price of the units although the number of units you hold will remain the same.

if income units become available in the future, any income due will be paid to you on the corresponding payment dates shown in the table on pages 4 to 10. this will be paid either by cheque or directly into your bank account if you have provided bank details.

the amount of the last annual dividend paid will be stated as a percentage (%) of the bid (‘selling’) price of the fund. this is known as the dividend Yield and will be published on our website.

Visit blackrock.co.uk.



How do I invest?When placing an order for the purchase of units, the manager will request that an Application form be completed and returned to the manager.

All the instructions on how to invest are set out in the relevant Application form. Alternatively, you can invest a lump sum by telephoning our investor Services team or by fax, either directly or through your financial Adviser, between 8.30 a.m. and 5.30 p.m. on any Business day. it is currently not possible to purchase units over the telephone using a debit card or to set up direct debit mandates by telephone, however, this may be made available to investors in the future. to confirm whether this is available at the time of purchase please contact the investor Services team on freephone 0800 44 55 22. When units are purchased over the telephone, calls may be recorded by the manager.

Please note that if you fail to provide your payment within the period set out above, we reserve the right to cancel your investment and you may be liable for any loss suffered by us as a consequence.

What happens next?lump sum investmentsin respect of any of the funds, if we receive your application before 11.00 a.m. on a Business day, we will invest the money on the same day. in respect of Blackrock managed Volatility fund iV, if we receive your application before 12.00 p.m. on a Business day, we will invest the money on the same day. if we receive your application after 11.00 a.m. or on a ‘non-Business day’, we will invest the money on the next Business day.

A ‘non-Business day’ may include a day where the relevant local stock exchange is closed and the funds invest substantially in the relevant market.

the price at which you purchase units is normally calculated at 12 noon on each Business day and is based on the buying price (‘offer’) of the underlying investments and all other assets and liabilities held by the fund, including cash and all expenses.

application forms: these are available to download at blackrock.co.uk or upon request and contain instructions for investing.

lump Sum Investments: remember to enclose your cheque payable to Blackrock fund managers limited. if you do not pay at the time you provide your instruction, you must provide payment within three Business days of the date of the transaction.

refer to the Full Prospectus. Also visit blackrock.co.uk or call 0800 44 55 22 for more information.

We will send you a contract note/confirmation on the next Business day after we have invested your money.

How do I make further investments?lump sum investmentsYou can invest additional lump sum amounts by writing to us or by telephone or fax, as described above.

can I change my mind?if you have received advice on your investment from an authorised financial Adviser you will normally be able to cancel your investment. You will need to write to us within 14 days of receiving the contract note. Your instruction to cancel the investment must be submitted to the registered office of the manager (see page 20).

on receipt of your instruction to cancel, we will then return your money to you, although you should be aware that if the value of your investment has fallen since the date you invested, you will not get back the full amount.

if you have not yet paid for your investment you will still be liable for any shortfall and the amount due to you from the cancellation will be held until the purchase payment has cleared. this may be for a period of up to 21 days from your original purchase. No interest is paid on these amounts.

How will I be kept informed about my investment?

A copy of the Short report for the relevant fund will be sent to you every six months. this will provide you with summary information on the activities of the relevant fund over the period that the report covers.

the full interim and annual report and Accounts provide more detailed information, including the full financial statements. these are available to view or download from our website or in hard-copy on request from our investor Services team.

in addition, every six months you will receive a valuation and statement of your account.

Statements are produced as at 5 April and 5 october and will be sent to you within 25 days of these dates.

call 0800 44 55 22 or visit blackrock.co.uk.

Where can I find information concerning the value of my investment?

dealing prices will normally be available from 3.00 p.m. on each Business day and can be obtained by calling our investor Services team. prices are also available on our website.

the performance of the funds is included at the end of this document. However, performance information is not currently available for certain of the funds as they do not have a full year performance record.



key facts: your questions answered continuedfor more recent fund performance information following launch, visit our website or call our investor Services team.

What happens if I move abroad?if you move abroad you can continue to hold your investment although your tax status may be affected by the laws of the country you move to.

What happens if I die?Your investments will either be transferred to the personal representatives of your estate or as directed by them once grant of probate or confirmation (if in Scotland) has been obtained. We can produce probate valuations on request.

if you hold units jointly with one or more other investors, your holding will automatically become the property of the surviving unitholders.

What happens if I want to take my money out?

You can withdraw amounts of £250 or more in respect of class c units and class e units by providing an instruction in writing, or by telephone or fax between the hours of 8.30 a.m. and 5.30 p.m. on any Business day.

telephone or fax instructions must be confirmed subsequently in writing using the renunciation form supplied with the contract note, or by letter. in exceptional circumstances and at our sole discretion, we may accept confirmation by fax or in electronic form.

in respect of any of the funds, we will need to receive the instruction by 11.00 a.m. in order to sell your investment on that Business day. in respect of Blackrock managed Volatility fund iV, we will need to receive the instruction by 12.00 p.m. in order to sell your investment on that Business day. otherwise we will sell your investment on the following Business day. A contract note will normally be sent to you on the next Business day, after we have redeemed your investment.

the price at which you sell units is normally calculated at 12 noon on each Business day and is based on the selling price (‘bid’) of the underlying investments and all other assets and liabilities held by a fund, including cash and all expenses.

We will send you a cheque for the proceeds within three Business days of receiving your written instruction or confirmation in writing.

call 0800 44 55 22 or visit blackrock.co.uk.

contact us for further information or speak to a tax adviser.

You must always keep the minimum holding (as set out in the table on page 12) in each fund.

You should also note that in order to protect continuing unitholders it may be necessary to defer orders to sell units in the funds. this will only apply where requests to sell units exceed 10% of the value of the relevant fund and enables the manager to deal with the requests by matching sales and purchases and/or raising money in the stock markets at prices which are not disadvantageous to investors. All sale orders will be treated in the same way and prioritised by date received.

excessive trading policyexcessive trading is where the unit dealing transactions of individuals, or groups of individuals, seem to follow a timing pattern or are characterised by excessively frequent or large trades. the funds do not knowingly allow investments that are associated with excessive trading practices, as such practices may adversely affect the interests of all unitholders.

the manager has general powers giving it the discretion to act to reduce the impact of excessive trading on the funds, as set out in further detail in the full prospectus. in addition to these general powers, where, in the reasonable opinion of the manager, excessive trading is suspected, a redemption charge of 2% may be levied on the redemption proceeds of the relevant unitholder. this charge will be made for the benefit of the fund, and affected unitholders will be notified in their contract notes if such a fee has been charged.

can I switch my investments to another fund or convert my investment into another unit class?

Yes, subject to the minimum investment limits on page 12, you can switch your investment into another Blackrock fund or another unit class in a different fund or convert your units into another unit class in the same fund (if available) by telephoning or writing to us. A switch involves selling units in one fund and using the proceeds to buy units in another. A switch will only be effected on a Business day when both funds have valuation points.

You should note that a switch of units between funds is considered a disposal for uK capital gains tax purposes. However, conversions between different unit classes in the same fund should not give rise to a disposal for uK capital Gains tax purposes.

Visit blackrock.co.uk for information on the other Blackrock funds available.

please note that charges will apply. See ‘charges section’ in this document.



What about tax?The Fundsthe funds are taxed as ‘investment companies’ which means that franked income (dividends paid by uK and the majority of overseas companies) is not generally liable to tax within the funds. the funds are liable to uK corporation tax at the basic rate of income tax, currently 20% (2014/2015) on their other income after deduction of allowable expenses. the funds will not normally be liable to tax on capital gains from the sale of underlying investments.

Unitholdersdividend distributions are paid with a notional tax credit of 10%. Basic rate uK taxpayers will have no further liability to income tax on dividends. Higher rate tax payers will be liable for further tax. As the tax credit is notional it cannot be repaid and therefore tax exempt investors cannot reclaim this amount.

interest distributions are paid after deduction of 20% income tax. Basic rate taxpayers will have no further tax to pay, although higher rate taxpayers are liable at the higher rate of 40% or 45% (if applicable), with a credit being given for the income tax already paid.

if you are not ordinarily resident in the uK for tax purposes or are a corporate body you may be eligible to receive interest distributions without deduction of tax. please contact us for further information.

Any gains arising on the sale of your units (including switches) are potentially subject to tax on the capital gains. for individuals, the first £11,000 of chargeable gains from all sources is exempt from uK tax in 2014/2015. thereafter, capital gains are taxed at 18% for basic rate taxpayers and 28% for higher and additional rate tax payers.

the tax regime in respect of the income or capital gains received by individual investors depends on the tax law applicable to the personal situation of each individual investor and/or to the place where capital is invested and may be subject to change in the future. if you are in any doubt as to your tax position you should contact a professional adviser.

equalisationunits purchased during the current accounting period (Group 2 units) include an amount of income which is refunded to holders of these units as a return of capital. As capital, it is not liable to income tax but should be deducted from the purchase cost of your investment for capital gains purposes. the aim of operating equalisation is to prevent new investors in the fund from suffering tax on income already included in the price when purchased.

Stamp duty Reserve Tax (‘SdRT’)prior to 30 march 2014, Sdrt was levied on the dealing of units in unit trust schemes under Schedule 19 of the finance Act 1999 (‘Schedule 19’) at the rate of 0.5% on the value of units surrendered. in order to increase the competitiveness of the asset management industry in the uK, the charge to Sdrt under Schedule 19 has been abolished since 30 march 2014, and there is no Sdrt charge levied on the surrender of units in unit trust schemes after this date.

more detailed information can be found in the full prospectus which is available on request. Visit blackrock.co.uk or call us on 0800 44 55 22.

What charges will I pay?the following table summarises actual and implied charges which you may expect to pay when investing in the funds. these are explained in greater detail below.

Fund Preliminary charge (%) Spread (%)

annual management charge (aMc) (%)

Total annual expenses (TeR) (%)

Reduced investment growth from 6% (over 10 years) to: (%)

BlackRock Managed Volatility Fund – class c Units

7.00 0.26 0.20 0.21 5.0

BlackRock Managed Volatility Fund I – class c Units

7.00 0.25 0.20 0.21 5.0

BlackRock Managed Volatility Fund II – class c Units

7.00 0.24 0.20 0.21 5.0

BlackRock Managed Volatility Fund III – class c Units

7.00 0.24 0.20 0.22 5.0

BlackRock Managed Volatility Fund IV – class c Units

7.00 0.00** 0.25 0.29* 4.9***

BlackRock Volatility Strategy Fund I – class c Units/class e Units

7.00/7.00 0.27/0.37 0.20/0.35 0.21/0.36 5.0/4.8

BlackRock Volatility Strategy Fund II – class c Units/class e Units

7.00/7.00 0.27/0.36 0.20/0.35 0.21/0.36 5.0/4.8

BlackRock Volatility Strategy Fund III – class c Units/class e Units

7.00/7.00 0.35/0.36 0.20/0.35 0.20/0.35 5.0/4.8

BlackRock Volatility Strategy Fund IV – class c Units/class e Units

7.00/7.00 0.27/0.36 0.20/0.35 0.23/0.38 5.0/4.8

BlackRock Uk Managed Volatility Fund I – class c Units

7.00 0.09 0.20 0.22 5.0

BlackRock Uk Managed Volatility Fund II – class c Units

7.00 0.29 0.20 0.23 5.0

BlackRock Uk Managed Volatility Fund III – class c Units

7.00 0.29 0.20 0.22 5.0

* in respect of Blackrock managed Volatility fund iV, ter has been estimated as the fund launches in 2015. **Spread has been estimated as this fund launches in 2015.***estimated figure only, based on estimated spread and estimated ter.



Purchases, switches-infor class c units of the Blackrock managed Volatility fund, Blackrock managed Volatility fund i, Blackrock managed Volatility fund ii, Blackrock managed Volatility fund iii, Blackrock managed Volatility fund iV, Blackrock uK managed Volatility fund i, Blackrock uK managed Volatility fund ii and Blackrock uK managed Volatility fund iii and for class c units and class e units of the Blackrock Volatility Strategy fund i, Blackrock Volatility Strategy fund ii, Blackrock Volatility Strategy fund iii and Blackrock Volatility Strategy fund iV, you will pay a one-off preliminary charge of 7.0% which is reflected in the offer (‘buying’) price of the units. the preliminary charge is added to the value of the underlying assets and liabilities of the funds to calculate the offer price. We may waive the preliminary charge in certain circumstances, for instance if you are buying units through an authorised financial Adviser. for switches between the funds and other Blackrock funds, you will receive a discount on the preliminary charge of the fund you are switching into. this discount is at the manager’s discretion.

Sales and switches-outthere are no dealing charges when you come to sell some or all of your investment. However, any gains arising on a disposal of units including a switch of units between unit trusts, may potentially be subject to tax on the capital gain (although conversions between classes of units in the same unit trust should not give rise to a disposal for uK capital Gains tax purposes). See also ‘Stamp duty reserve tax’.

Transfers/re-registrationstransfers of units between individuals, or from your direct ownership to a third-party investment manager, or other arrangement, will be completed free of charge.

Bid/offer spreadthis is the difference between the buying (‘offer’) price and selling (‘bid’) price of the units which reflect that the underlying securities normally have a quoted offer and bid price in the market. the spread can vary but an estimate is included in the table above. this is not a direct charge but represents the cost of buying units at the offer price and subsequently selling at the bid price which is always lower.

Periodic and ongoing expensesBlackrock charges an annual fee for managing the funds which may vary between different unit classes (see the table above) and a registrars fee for the administration of the unitholder register and provision of dealing facilities.

other operating costs include the fee of the trustee, Auditor and custodian, and other third-party expenses such as tax and legal costs.

contact us for further information or speak to your tax adviser.

All periodic and ongoing expenses are charged directly to the income account of the funds in the first instance, with any shortfall charged to capital. these can vary each year and are set out in the full interim and annual report & Accounts of the funds.

on giving at least 60 days written notice to unitholders, we may increase the initial or annual charge.

How much will I have to pay for advice?Blackrock is not permitted to provide advice on whether investments are suitable or appropriate for your needs. if you have received advice from, or your investment is arranged by an authorised financial intermediary, you may be required to pay a fee to the intermediary for the services provided subject to the fcA rules.

No initial or renewal commissions are paid in respect of class c Accumulation units or class e Accumulation units.

Your financial Adviser should provide you with details of their legal identity, address and other contact details. they should also disclose clearly the capacity in which they will act on your behalf, and how you will be charged for the cost of advice regarding your investment in the funds.

under the fcA rules, your financial adviser is obliged to disclose the details of any amounts received from Blackrock in connection with your investment. It is important that you check with your financial adviser whether any such arrangements exist as this should be taken into account in determining the total benefit received by your financial adviser in connection with the services provided to you.

in accordance with the fcA’s retail distribution review, neither the manager nor the principal distributor is permitted to pay initial or renewal commission or rebate of the annual management charge, to authorised intermediaries or to third party distributors or agents in respect of any subscriptions for, or holdings of, units for any uK retail investors in respect of investments made as a result of the investor having received a personal recommendation on or after 31 december 2012.

How will charges and expenses affect my investment?

the effect of charges and expenses are illustrated in this document using two different measures:

Total expense Ratio (‘TeR’) reflects the periodic charges and ongoing expenses of the funds. it does not take into account any preliminary and exit charges, which are set out separately above, or transaction-based expenditure, for instance, the costs of dealing in the underlying securities. ter is the standard method of disclosing charges by most european collective investment funds.

key facts: your questions answered continued



Reduction in Yield (‘RIY’) which highlights the cost of purchasing and holding an investment over a period of 10 years using an indicative growth rate of 6.00%. the riY does take account of preliminary and/or exit charges and illustrates what you might expect to get back through the course of holding the investment. However, this indicative growth rate is not guaranteed and is used only for the purposes of demonstrating the effect of charges and expenses on an investment.

You should be aware that the annual expenses calculated for the purposes of measuring riY includes an allowance for tax relief whereas ter does not reflect this.

Portfolio turnover ratein addition, as an indicator of the effect of transaction-based expenditure, for instance, the costs of dealing in the underlying investments, a portfolio turnover rate (‘ptr’) is used to illustrate the total value of all dealing in the underlying securities within the funds, expressed as a percentage of the total value of all subscriptions and redemptions by unitholders over the same period.

in order to calculate the ptr, the value of units issued over the period is added to the value of units cancelled and the total is deducted from the sum of the value of investments purchased and the value of investments sold over the same period. the resultant figure is then expressed as a percentage of the average value of the relevant fund over the period.

Where dealing in the underlying investments is transacted at a lesser rate than that of subscriptions and redemptions by unitholders, a negative figure will be shown.

details of the ptr for the funds are set out in the table below:

Fund Portfolio Turnover (PTR) %

BlackRock Managed Volatility Fund 79.44

BlackRock Managed Volatility Fund I 50.84

BlackRock Managed Volatility Fund II 32.85

BlackRock Managed Volatility Fund III 43.85

BlackRock Managed Volatility Fund IV *

BlackRock Volatility Strategy Fund I 60.54

BlackRock Volatility Strategy Fund II 51.58

BlackRock Volatility Strategy Fund III 51.32

BlackRock Volatility Strategy Fund IV 28.81

BlackRock Uk Managed Volatility Fund I 372.85

BlackRock Uk Managed Volatility Fund II 304.15

BlackRock Uk Managed Volatility Fund III 416.34

You should note that where excessive trading is suspected, the manager may act to reduce the impact of such practices, which may include levying a redemption charge of 2% on the redemption proceeds of the relevant unitholder. See ‘excessive trading policy’ on page 14.

examples – effect of charges the table below illustrates the effect of charges on an investment of £50,000,000 in class c Accumulation units in the Blackrock managed Volatility fund i. the illustration below shows what you might get back if you sold your holding after certain time periods based on certain assumptions such as an assumed rate of growth of 6% for direct investment in the fund. Since the price at which the units are bought and sold is different, the illustration includes the Bid/offer Spread (see above) in addition to the preliminary charge and the periodic and ongoing expenses. investors should note that the growth rates are not guaranteed and are used only to demonstrate the effect of charges and expenses on your investment.

the last line of the table below shows that over 10 years the effect of the total charges and expenses for investment could amount to £8,380,000. putting it another way, this would have the same effect as bringing investment growth down from 6.0% to 5.0%.

at end of year

Investment to date

effect of deductions to date

What you might get back (£) at a growth rate of 6%

1 £50,000,000 £3,960,000 £49,000,000

3 £4,700,000 £54,800,000

5 £5,560,000 £61,300,000

10 £8,380,000 £81,100,000

*ptr unavailable as the fund launches in 2015.



Performance data the graphs below show the annual performance for Blackrock managed Volatility fund, Blackrock managed Volatility fund i, Blackrock managed Volatility fund ii and Blackrock managed Volatility fund iii, Blackrock Volatility Strategy fund i, Blackrock Volatility Strategy fund ii, Blackrock Volatility Strategy fund iii, Blackrock Volatility Strategy fund iV, Blackrock uK managed Volatility fund i, Blackrock uK managed Volatility fund ii and Blackrock uK managed Volatility fund iii for as many full years as the funds have been in existence.

Graphs on the left hand side show the annual performance for each of the Blackrock managed Volatility fund, Blackrock managed Volatility fund i, Blackrock managed Volatility fund ii, Blackrock managed Volatility fund iii, Blackrock Volatility Strategy fund i, Blackrock Volatility Strategy fund ii, Blackrock Volatility Strategy fund iii, Blackrock Volatility Strategy fund iV, Blackrock uK managed Volatility fund i, Blackrock uK managed Volatility fund ii and Blackrock uK managed Volatility fund iii over the last ten consecutive years (or for as many full years as the funds have been in existence) to the most recent quarter end prior to the production of this material. the graphs on the right hand side show the funds’ cumulative performance over the same period. please remember that past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product.

past performance does not include the effect of subscription and redemption fees.

As at the date of this Simplified prospectus, less than one year of historic past performance data is available in respect of Blackrock managed Volatility fund iV.

BlackRock Managed Volatility Fund

% %Annual Returns to Q4 2014.120

60

80

100

40

20

0Dec 12 Mar 13 Sep 13 Dec 13 Mar 14 Sep 14 Dec 14

Cumulative performance.

Performance Series rebased to 100.

10

8

6

4

2

031.12.2009-31.12.2010

31.12.2010-31.12.2011

31.12.2011-31.12.2012

31.12.2012-31.12.2013

31.12.2013-31.12.2014

8.24%

BlackRock Managed Volatility Fund I


60

80

100

40

20

0Mar 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14



10

8

6

4

2

031.12.2009-31.12.2010

31.12.2010-31.12.2011

31.12.2011-31.12.2012

31.12.2012-31.12.2013

31.12.2013-31.12.2014

7.42%

Source: Blackrock. Basis: bid to bid, dealing prices, with gross dividends reinvested, net of expenses.


[ 2 0 ] S I M P l I F I e d P R o S P e c T U S

Performance data continued

BlackRock Volatility Strategy Fund I


60

80

100

40

20

0Mar 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14



10

8

6

4

2

031.12.2009-31.12.2010

31.12.2010-31.12.2011

31.12.2011-31.12.2012

31.12.2012-31.12.2013

31.12.2013-31.12.2014

9.30%

BlackRock Volatility Strategy Fund II


60

80

100

40

20




10

8

6

4

2

031.12.2009-31.12.2010

31.12.2010-31.12.2011

31.12.2011-31.12.2012

31.12.2012-31.12.2013

31.12.2013-31.12.2014

9.74%

BlackRock Volatility Strategy Fund III


60

80

100

40

20




10

8

6

4

2

031.12.2009-31.12.2010

31.12.2010-31.12.2011

31.12.2011-31.12.2012

31.12.2012-31.12.2013

31.12.2013-31.12.2014

9.40%

BlackRock Managed Volatility Fund II


6080

100

4020

0Mar 12 Jun 12 Dec 12 Jun 13 Dec 13 Mar 14 Dec 14



10

8

6

4

2

031.12.2009-31.12.2010

31.12.2010-31.12.2011

31.12.2011-31.12.2012

31.12.2012-31.12.2013

31.12.2013-31.12.2014

7.03%

BlackRock Managed Volatility Fund III


60

80

100

40

20

0Mar 12 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14



12

10

8

6

4

2

031.12.2009-31.12.2010

31.12.2010-31.12.2011

31.12.2011-31.12.2012

31.12.2012-31.12.2013

31.12.2013-31.12.2014

6.46%



S I M P l I F I e d P R o S P e c T U S [ 2 1 ]

Performance data continued

BlackRock Uk Managed Volatility Fund I


60

80

100

40

20

0Oct 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14



10

8

6

4

2

031.12.2009-31.12.2010

31.12.2010-31.12.2011

31.12.2011-31.12.2012

31.12.2012-31.12.2013

31.12.2013-31.12.2014

5.66%

BlackRock Uk Managed Volatility Fund II


60

80

100

40

20




10

8

6

4

2

031.12.2009-31.12.2010

31.12.2010-31.12.2011

31.12.2011-31.12.2012

31.12.2012-31.12.2013

31.12.2013-31.12.2014

2.17%

BlackRock Uk Managed Volatility Fund III


60

80

100

40

20




10

8

6

4

2

031.12.2009-31.12.2010

31.12.2010-31.12.2011

31.12.2011-31.12.2012

31.12.2012-31.12.2013

31.12.2013-31.12.2014

0.10%


BlackRock Volatility Strategy Fund IV


60

80

100

40

20

0Apr 14 Jun 14 Aug 14 Oct 14 Dec 14 Feb 15 Apr 15



10

8

6

4

2

031.03.2010-30.04.2011

31.03.2011-30.04.2012

31.03.2012-30.04.2013

31.03.2013-30.04.2014

31.03.2014-30.04.2015

0.34%


[ 2 2 ] S I M P l I F I e d P R o S P e c T U S

other important informationHow to complainif you are not entirely satisfied with any aspect of the service you have received and you wish to complain, please contact: the compliance officer, Blackrock fund managers limited at our registered office.

if your complaint is not dealt with to your satisfaction you can refer it to the financial ombudsman Service ltd., South Quay plaza, 183 marsh Wall, london e14 9Sr (or visit the website at financial-ombudsman.org.uk). tel: 0800 023 4567.

We are also covered by the financial Services compensation Scheme and you may be entitled to compensation from the scheme if we cannot meet our obligations. this depends on the type of business and the circumstances of your claim. most types of investment business are covered for 100% of the first £50,000 so the maximum compensation payable would be £50,000.

information on the financial Services compensation Scheme (fScS) is available on request, or by contacting the fScS limited at 10th floor, Beaufort House, 15 St. Botolph Street, london ec3A 7Qu. tel: 0800 678 1100.

Minimum balancesif, as a result of a sale or transfer of units, the remaining balance of your holding is less than the minimum holding set out under ‘What are the investment minima for investments in the funds?’ on page 13, we reserve the right to sell your units and send you the proceeds as described above. Small balances of £2 or less may be paid away to a uK registered charity at our discretion.

Unpresented cheques/unclaimed or other balancesWhere the proceeds of a sale of units are transferred to you by cheque and you subsequently fail to present the cheque for payment, reasonable efforts will be made to contact you at the address reflected in our records in order to facilitate payment of any outstanding balance due to you. However, if we are unable to contact you, after a period of six years, such amounts shall be paid into the fund. No interest will be payable to you in respect of amounts relating to unrepresented cheques or other balances. Any other amounts received by the manager during the course of any normal business transaction will, where applicable, be held in accordance with the fcA rules in respect of client money. No interest will be payable to you in respect of any client money balances held.

Money laundering preventionAs a result of any applicable laws and regulations, including but not limited to, relevant anti-money laundering legislation, tax laws and regulatory requirements, you may be required, in certain circumstances, to provide additional documentation to confirm your identity or provide other relevant information pursuant to such laws and regulations, as may be required from time to time, even if you are an existing unitholder. Any information provided by you will be used only for the purposes of compliance with these requirements and all original documentation will be duly returned to you. please note that until we receive the requested documentation or additional information, there may be a delay in processing any subsequent redemption request and the manager reserves the right in all cases to withhold redemption proceeds until such a time as the required documentation or additional information is received. Any such redemption monies will be held by the manager in accordance with fcA rules on client money with a third party bank. No interest will be paid to investors during the period the monies are treated as client money.

Alternatively, the manager may employ a search of electronic data reference sources in order to access information held electronically concerning your identity, including information held by certain government and consumer agencies. By completing the relevant application form(s), you acknowledge that the manager may at any time initiate a search of information held electronically in order to verify your identity.

data Protectionfor the purposes of prevailing data protection laws, the data controller in respect of any personal information provided is the manager. investors will be afforded certain rights in respect of information provided. further detail is contained in the full prospectus and information regarding Blackrock’s data protection policies is available upon request.

dealing arrangements the investment manager may enter into commission sharing arrangements with brokers under which certain goods and services used to support investment decision making are received by the investment manager. under such commission sharing arrangements, the investment manager does not make direct payment for these services, but part of the commission arising on trades executed for the fund(s) is used to pay for the executing broker’s research, and also for research received from third parties.


S I M P l I F I e d P R o S P e c T U S [ 2 3 ]

legal and regulatory informationlanguage: All communications will be in english (uK).

law: if there is a legal dispute, the law of england and Wales will apply.

Unit Trust Manager: the manager of the funds is Blackrock fund managers limited (company No. 1102517) and its principal business is the management of collective investment schemes. Blackrock fund managers limited is a subsidiary of Blackrock, inc. and forms part of the Blackrock Group.

Registered office: 12 throgmorton Avenue, london ec2N 2dl. Authorised and regulated by the financial conduct Authority (fcA No. 119292).

Investment Manager: Blackrock investment management (uK) limited. registered office: 12 throgmorton Avenue, london ec2N 2dl. Authorised and regulated by the financial conduct Authority (fcA No. 119293).

Trustee: the trustee of the funds is BNY mellon trust & depositary (uK) limited (company number 3588038). registered office: 160 Queen Victoria Street, london ec4V 4lA. Authorised and regulated by the financial conduct Authority.

custodian: the Bank of New York mellon (international) limited (company number 3236121). registered office: 1 canada Square, london e14 5Al. Authorised and regulated by the financial conduct Authority.

auditor: ernst & Young llp, 1 more london place, london Se1 2Af.

Principal distributor: Blackrock (channel islands) limited, one Waverley place, 4th floor, St. Helier, Jersey, Je1 0Br.

Supervisory authority: the financial conduct Authority, 25 the North colonnade, canary Wharf, london e14 5HS.


Important Information

This document is issued by BlackRock Investment Managers (UK) Limited (authorised and regulated by the Financial Conduct Authority). Registered office: 12 Throgmorton Avenue, London EC2N 2DL. Registered in England No 2020394. If you are in any doubt as to the suitability of any of our Funds for your investment needs, please contact your Financial Adviser. You should remember that past performance is not a guide to future performance. The value of investments and the income from them may go down as well as up and are not guaranteed. You may get back less than the amount you invested. Telephone calls are usually recorded for your protection. (Splash/261669/Jan15)

FoR MoRe INFoRMaTIoN

0800 44 55 22 blackrock.co.uk


BlackRock NoN-U cITS ReTaIl FUNdS - Retiready · BlackRock NoN-U cITS ReTaIl FUNdS Simplified...

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