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Anindividual investor, also known as a retail client, is a client organisation or individual who cannot meet both (i) one or more of the professional client criteria laid down in Annex II to the Markets in Financial Instruments Directive (Directive 2004/39/EC), and (ii) one or more of the qualified investor criteria set out in Article 2 of the Prospectus Directive (Directive 2003/71/EC).

On this website,Qualified investorsare investors that qualify as both a Professional Client and a Qualified Investor.

In summary a person who can both be classified as a professional client under the Markets in Financial Instruments Directive and a qualified investor in accordance with the Prospectus Directive will generally need to meet one or more of the following requirements:

(1) An entity required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive:

(c) any other authorised or regulated financial institution;

(e) a collective investment scheme or the management company of such a scheme;

(f) a pension fund or the management company of a pension fund;

(g) a commodity or commodity derivatives dealer;

(2) a large undertaking that meets two of the following tests: (i) a balance sheet total of EUR 43,000,000; (ii) an annual net turnover of EUR 50,000,000; (iii) an average number of employees during the year of 250

(3) a national or regional government, a public body that manages public debt, a central bank, an international or supranational institution (such as the World Bank, the IMF, the ECB, the EIB) or another similar international organisation.

(4) a natural person resident in an EEA State that permits the authorisation of natural persons as qualified investors, who expressly asks to be treated as a professional client and a qualified investor and who meets at least two of the following criteria: (i) he/she has carried out transactions on securities markets at an average frequency of, at least, 10 per quarter over the previous four quarters before the application, (ii) the size of his/her financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500.000, (iii) he/she works or has worked for at least one year in the financial sector in a professional position which requires knowledge of securities investment.

Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can both be classified as a professional client under the Markets in Financial Instruments Directive and classed as a qualified investor under the Prospectus Directive then you should seek independent advice.

Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.

None of the material within this website is intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or financial product or to adopt any investment strategy. Any opinions expressed may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader. Past performance is no guarantee of future.

BlackRock Investment Management (UK) Limited (BlackRock) is not licensed under Israels Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the Advice Law), nor is it insured pursuant to this law. BlackRock has nexus to financial assets that are either established, launched, managed or advised by BlackRock and/or any of its affiliates, which also includes the products available on this webpage, such as BGF Global Allocation Fund. Consequently, BlackRock has a personal interest in selling such financial assets. The content of this website is for information purposes only and is not an investment recommendation. Accordingly, it does not constitute Investment Advice or Investment Marketing (as such terms are defined in the Investment Advice Law). In addition, the information provided in this website is not a substitution for Investment Advice that takes into account the specific needs and characteristics of the client. Please contact BlackRock for further details of its financial assets.

Capital at Risk.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. You may not get back the amount originally invested.    Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S.  It is recognised under Section 264 of the Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited is the UK distributor of BGF. Most of the protections provided by the UK regulatory system, and the compensation under the Financial Services Compensation Scheme, will not be available.  A limited range of BGF sub-funds have a reporting fund status A sterling share class that seeks to comply with UK Reporting Fund Status requirements.  Subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Key Investor Information Document, which are available on our website.  Prospectuses, Key Investor Information Documents and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised.

Exchange rate risk: The fund invests 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.

Smaller company investments: The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares.

It is a fundamental requirement for good business practice, and to help mitigate the risk of legal liability, that all potential conflicts of interest are either avoided or, where they cannot be avoided, properly managed. In addition, BlackRocks regulators globally, also require that we identify, avoid and manage the risk that such conflicts damage clients interests.

BlackRock has implemented a Global Conflicts of Interest Policy designed to ensure the appropriate management of the risks of detriment to clients interests from conflicts of interest.

Conflicts between BlackRocks interests and those of its Clients

There is a risk that BlackRock could place its own interests ahead of its clients. For instance, by making discretionary investments into funds where BlackRock is the Investment Manager and thus receiving additional fees

Conflicts between interests of BlackRock staff and those of its Clients

There is a risk that situations may arise where BlackRocks staff act in their own interest rather than a clients interest. For example, as a result of staff remuneration schemes or where staff have a personal relationship, outside business activity, or a relationship with a current or prospective issuer.

Relationships between BlackRock and its Subsidiaries

There is a risk that BlackRock acts in the interest of another BlackRock business to the disadvantage of a client. For instance, by entering into arrangements on behalf of a client with a such associated company on terms other than arms length.

The Policy applies to all BlackRock and covers all conflicts or potential conflicts that could damage a clients interests. Conflicts are to be categorised as follows and we have provided a non-exhaustive list of examples by way of illustration:

Conflicts between BlackRocks interests and those of its Clients

There is a risk that BlackRock could place its own interests ahead of its clients. For instance, by making discretionary investments into funds where BlackRock is the Investment Manager and thus receiving additional fees

Conflicts between interests of BlackRock staff and those of its Clients

There is a risk that situations may arise where BlackRocks staff act in their own interest rather than a clients interest. For example, as a result of staff remuneration schemes or where staff have a personal relationship, outside business activity, or a relationship with a current or prospective issuer.

Relationships between BlackRock and its Subsidiaries

There is a risk that BlackRock acts in the interest of another BlackRock business to the disadvantage of a client. For instance, by entering into arrangements on behalf of a client with a such associated company on terms other than arms length.

Conflicts between the interests of two or more BlackRock Clients

Since BlackRock services multiple client accounts, there is a risk that the interests of one client may conflict with those of another. In such scenarios, which cannot be avoided, BlackRock must determine a course of action which is fair. For example, when BlackRock is faced with allocating available shares in a high-demand investment opportunity.

BlackRock employees are responsible for the identification and management of conflicts and as such will:

Take all reasonable steps to identify conflicts of interest, real or perceived that arise or may arise, including those that arise as a result of the structure and activities of other parts of the BlackRock Group;

Maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interests from giving rise to a risk of damage to the interests of clients;

Help to establish, maintain and regularly update a conflicts of interest register. In addition, this record will be reviewed periodically and when there are significant changes to the nature of services and activities undertaken, the structure of the business and new product launches; and

Make disclosure of the nature of a conflict to a client before undertaking business for the client in cases where the measures to manage conflicts are not considered sufficient to ensure, with reasonable confidence, that risks of damage to the interests of a client will be prevented. This disclosure will be made in a durable medium and in sufficient detail to enable the client to make an informed decision about the relevant service or product.

For a conflict to exist there must be a possible disadvantage or loss to a client.

BlackRocks organisational and administrative arrangements to manage conflicts are to be designed such that, when undertaking activities that involve a conflict of interest, relevant persons carry out those activities at an appropriate level of independence. Controls should include, as a minimum, one or more of the following:

Effective procedures to prevent or control the exchange of information where such exchange may harm the interests of one or more clients for example, the use of an information barrier;

Separate supervision of relevant persons whose principal functions involve activities that might give rise to a conflict of interest;

The removal of any direct link between the remuneration of different groups of relevant persons where there is an underlying conflict between the activities of those groups;

Measures to prevent or limit any person from exercising inappropriate influence over relevant persons;

Segregation of duties to prevent relevant persons being involved simultaneously or sequentially in separate services or activities where such involvement could impair the management of conflicts of interest;

Involvement of senior management and the utilisation of reporting and management information as

Appropriate policies for example, Aggregation and Fair Allocation Policies, new product approval procedures, Code of Ethics policies (including Personal Account dealing rules)

Where new conflicts are identified they are to be reported to the Legal and Compliance Department and relevant Supervisor. Conflicts are to be avoided and, if not, appropriate action taken to prevent the risk of detriment to clients interests. Conflict scenarios are escalated to the Executive Conflicts Management Committee and the relevant BlackRock Boards. The key steps taken to manage the conflict are to be recorded in the conflicts of interest register.

Where new conflicts are identified they are to be reported to the Legal and Compliance Department and relevant Supervisor. Conflicts are to be avoided and, if not, appropriate action taken to prevent the risk of detriment to clients interests. Conflict scenarios are escalated to the Executive Conflicts Management Committee and the relevant BlackRock Boards. The key steps taken to manage the conflict are to be recorded in the conflicts of interest register.

Where the risk of detriment to clients interests may not, within reasonable confidence, be prevented, the conflict scenario is disclosed to clients prior to proceeding with the proposed arrangement, and as may be required by local regulatory requirements.

The Policy and a record of the kinds of services and activities undertaken which might give rise to a conflict of interest are to be retained for at least five years, and in line with the Global Records Management Policy.

The Policy and a record of the kinds of services and activities undertaken which might give rise to a conflict of interest are to be retained for at least five years, and in line with the Global Records Management Policy.

For Alternative Investment Fund Managers Directive (AIFMD) purposes, BlackRock may delegate portfolio management and/or risk management functions to other entities whose interests might conflict with its interests or those of the investors of the relevant Alternative Investment Fund (AIF), provided that each such entity has functionally and hierarchically separated the performance of its portfolio management or risk management tasks from its other potentially conflicting tasks and that the potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors in the AIF.

Please note that you are required to read and accept the terms of ourPrivacy Policybefore you are able to access our websites.

Once you have confirmed that you agree to the legal information in this website, and thePrivacy Policy by indicating your consent above we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this site, or other BlackRock sites, on future occasions.  The cookie will expire after six months, or sooner should there be a material change to this important information.

By confirming that you have read this important information, you also:

(i) Agree that such information will apply to any subsequent access to the Individual investors (or Institutions / Intermediaries) section of this website by you, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein; and

(ii) Warrant that no other person will access the Individual investors section of this website from the same computer and logon as you are currently using.

The BlackRock authorised unit trusts are funds authorised under the UK Financial Services and Markets Act 2000 and are generally available for investment by the public in the UK.

The offshore funds described in the following pages are administered and managed by companies within the BlackRock Group and can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund. Please note that only some of the offshore funds seek distributor status in the UK.

This does not constitute an offer or solicitation to sell shares in any of the funds referred to on this site, by anyone in any jurisdiction in which such offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

Specifically, the funds described are not available for distribution to or investment by US investors. The units/shares will not be registered under the US Securities Act of 1933, as amended (the Securities Act) and, except in a transaction which does not violate the Securities Act or any other applicable US securities laws (including without limitation any applicable law of any of the States of the USA) may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person.

Applications to invest in any fund referred to on this site, must only be made on the basis of the offer document relating to the specific investment (e.g. prospectus, simplified prospectus, key investor information document or other applicable terms and conditions).

As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant Prospectus or other constitutional document.

If you are unsure about the meaning of any information provided please consult your financial or other professional adviser.

The information contained on this site is subject to copyright with all rights reserved. It must not be reproduced, copied or redistributed in whole or in part.

The information contained on this site is published in good faith but no representation or warranty, express or implied, is made by BlackRock Investment Management (UK) Limited or by any person as to its accuracy or completeness and it should not be relied on as such. BlackRock Investment Management (UK) Limited shall have no liability, save for any liability that BlackRock Investment Management (UK) Limited may have under the UK Financial Services and Markets Act 2000 (or the name of any replacement legislation if the legislation permits such a statement to be made), for any loss or damage arising out of the use or reliance on the information provided including without limitation, any loss of profit or any other damage, direct or consequential. No information on this site constitutes investment, tax, legal or any other advice.

Where a claim is brought against BlackRock by a third party in relation to your use of this website, you hereby agree to fully reimburse BlackRock for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by BlackRock as a consequence of improper use of this website. Neither party should be liable to the other for any loss or damage which may be suffered by the other party due to any cause beyond the first partys reasonable control including without limitation any power failure.

You acknowledge and agree that it is your responsibility to keep secure and confidential any passwords that we issue to you and your authorised employees and not to let such password(s) become public knowledge. If any password(s) become known by someone other than you and your authorised employees, you must change those particular password(s) immediately using the function available for this purpose on the Website.

You may leave the BlackRock Investment Management (UK) Limited website when you access certain links on this website. In so doing, you may be proceeding to the site of an organisation that is not regulated under the UK Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited has not examined any of these websites and does not assume any responsibility for the contents of such websites nor the services, products or items offered through such websites.

BlackRock Investment Management (UK) Limited shall have no liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of the services provided herein.

Past performance is not a reliable indicator of future results.

The value of investments and the income from them may go down as well as up and are not guaranteed.

Any favourable tax treatment of a product is subject to government legislation and as such may not be maintained.

The levels and bases of, and reliefs from, taxation may change in the future.

Rates of exchange may cause the value of investments to go up or down.

Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially.

For your protection, telephone calls are usually recorded.

Please note that while some of the BlackRock funds are ring-fenced, others form part of a single company and are not. For BlackRock funds that do not have segregated liability status, in the event of a single BlackRock fund being unable to meet liabilities attributable to that BlackRock fund out of the assets attributable to it, the excess may be met out of the assets attributable to the other BlackRock funds within the same company. We refer you to the prospectus or other relevant terms and conditions of each BlackRock fund for further information in this regard.

The BlackRock unit trusts are managed by BlackRock Fund Managers Limited (authorised and regulated by the Financial Conduct Authority and a member of the Investment Management Association) which is the unit trust management affiliate of BlackRock Investment Management (UK) Limited.

Companies within the BlackRock Group which do not carry out investment business in the UK are not subject to the provisions of the UK Financial Services and Markets Act 2000. Accordingly, investors entering into investment agreements with such companies will not have the protection afforded by that Act or the rules and regulations made under it, including the UKs Financial Services Compensation Scheme.

The views expressed herein do not necessarily reflect the views of BlackRock as a whole or any part thereof, nor do they constitute investment or any other advice.

Any research found on these pages has been procured and may have been acted on by BlackRock for its own purposes.

This site is operated and issued by BlackRock Investment Management (UK) Limited which is authorised and regulated by the Financial Conduct Authority (Register number 119186). You can gain access to the FCAs rules and guidance notes from the following link:. BlackRock Investment Management (UK) Limited is a company registered in England, No. 2020394. Registered Office: 12 Throgmorton Avenue, London EC2N 2DL. General enquiries about this website should be sent to. This email address should not be used for any enquiries relating to investments.

An S&P Capital IQ fund grading represents an opinion only and should not be relied on when making an investment decision. Past performance is not indicative of future results. Currency exchange rates may affect the value of investments. Copyright © 2018 by McGraw-Hill international (UK) Limited (S&P), a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved.

Where Morningstar performance data is used (OBSR for the UK region):

© 2018 Morningstar. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use.

The Morningstar Analyst Rating is subjective in nature and reflects Morningstars current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, Morningstar does not guarantee that a fund will perform in line with its Morningstar Analyst Rating. Likewise, the Morningstar Analyst Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.

BlackRock recognizes the importance of protecting your personal and financial information when you visit our websites (each a Website and together Websites). This Policy is designed to help you understand the information collection practices on all Websites owned or operated by or on behalf of companies within the BlackRock group of companies, including (but not limited to) and m, together with their local variations (for example, blackrock.co.uk).

(a)   protecting the personal information you provide to us;

(b)   telling you how we use the information we gather about you; and

(c)   ensuring that you know why we intend to disclose your personal information.

This Privacy Policy is dated 24 May 2012.  BlackRock reserves the right to amend this Privacy Policy at any time without notice, by updating this posting, in which case the date of the Policy will be revised.  However, you will be asked to provide your consent to updated versions of this Policy in the event of a material change to the information contained within it.  In addition, you will be asked to reaffirm your consent to this Policy on a six monthly basis.  The current version of this Policy can be accessed from the link on or at the bottom of our other website pages.

The personally identifiable information you submit to our Websites is used to service your account, to improve our services to you and/or to provide you with information on BlackRock products and services. The types of personal information that may be collected at our Websites include: name, address, email address and telephone number. We will not sell, share or rent your personally identifiable information to others in contravention of this Privacy Policy.

Additionally, if the Website is a password protected site, then (a) once you submit your password and enter, the Website will recognize who you are and will collect all information that you submit, including all electronic instructions (including all transaction information), and (b) any information collected about you from the Website may be associated with other identifying information that we have about you.

We generally record certain usage information, such as the number and frequency of visitors to our Websites. This information may include the websites that you access immediately before and after your visit to our Websites, the Internet browser you are using and your IP address. If we use such data at all it will be on an aggregate basis, and we will not disclose to third parties any information that could be used to identify you personally.

We may use internal service providers to operate our Websites and employ other persons to perform work on our behalf, such as sending postal mail and e-mail. These persons may have access to the personally identifiable information you submit through the Websites, but only for the purpose of performing their duties. These personnel may not use your personally identifiable information for any other purpose.

We do not automatically collect personally identifiable information from visitors to our Websites, except to the extent we are required to do so pursuant to some statute or regulation applicable to us. We will not provide any personally identifiable information to any other persons, except if we are required to make disclosures by any law, any government or private parties in connection with a lawsuit, subpoena, investigation or similar proceeding.

BlackRock does not sell its customers e-mail addresses, nor will we provide your personal information to third parties for their marketing purposes. BlackRock will not send you e-mail messages without first receivi