DSP US Flexible Equity Fund

[Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
July 2023
DSP US Flexible^ Equity Fund
An open ended fund of fund scheme investing in BlackRock Global Funds – US
Flexible Equity Fund
| People | Processes | Portfolio | Performance
^The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can invest either in Growth or value investment
characteristic securities placing an emphasis as the market outlook warrants.

DSP US Flexible^ Equity Fund
PRODUCT STRUCTURE
WHERE DOES THE UNDERLYING FUND INVEST?
> 70% of its assets in equity of companies based in the US or having predominant economic activity in the US
INVESTMENT STYLE*
QUANTITATIVE SUPPORT
+ HIGH-CONVICTION PORTFOLIO
=
FUNDAMENTAL THESIS
Indian Investors DSP US Flexible^ Equity Fund
BlackRock Global Funds - US Flexible Equity
Fund (BGF-USFEF)
Fundamental
inflection
points
Favorable
industry
structures
Unique
business
models
Diversified exposure across US equity markets
Owns some of the best known companies globally
Diversifying alpha sources away from Indian equity
markets
Reasons
to
allocate
^The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can invest either in growth or value investment characteristic
securities placing an emphasis as the market outlook warrants. The investment approach / framework/ strategy mentioned herein are currently followed by the scheme and the
same may change in future depending on market conditions and other factors.
*Data pertains to BGF US Flexible equity fund as on 31 July, 2023

US Flexible Equity
A sub-fund of BlackRock Global Funds (BGF)
Fundamental Equities
July 2023
FOR PROFESSIONAL, INSTITUTIONAL, AND QUALIFIED INVESTORS/
PROFESSIONAL AND QUALIFIED CLIENTS AND EXISTING SEA PROFESSIONAL INTERMEDIARIES ONLY
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES.
AEM0723E/M-2985212-1/39

BGF US Flexible Equity Fund Specifications
BlackRock US Flexible Equity Fund
Investment Region USA
Benchmark Russell 1000 Index
Morningstar Category US Large Cap Blend
Market cap exposure Large-cap*
# Holdings c.40-60*
Target Risk 2.5-5% Active Risk*
Fund Size US $1.4 bn
Vehicle BGF vehicle (Luxembourg)
Lead Portfolio Manager Co-Portfolio Manager
High-Conviction Investing – A fundamentally driven approach
seeks to identify attractive long-term investment opportunities. Stock
specific investments are unconstrained by style, *while the portfolio intends
to achieve consistent large cap blend exposure.
Rigorous Investment Process – Blends quantitative insights
(“breadth”) with fundamental research (“depth”) in seeking to achieve
repeatable alpha generation.
Prudent Portfolio Construction – An optimization-assisted process
ensures stock specific risk-taking and deliberate exposures.
Experienced & Well-Resourced Investors – Supported by a
research pillar comprised of 19 fundamental research analysts and 4 data
scientists, in addition to BlackRock’s scale, resources, and prime access to
companies.
Todd Burnside
Director
24 Years Inv.
Experience
Joseph Wolfe,
CFA, CQF, FRM
Director
22 Years Inv.
Experience
4
It cannot be guaranteed that these targets will be met. There is no guarantee that a positive investment outcome will be achieved.
Important Information: The number of shares is indicative and actual numbers may fall outside the range shown. Relevant peer group is the
Morningstar US Large-Cap Blend Equity peer group of mutual funds. Source: BlackRock, 30 June 2023. Fund specific risks can be found on page
28. Fund inception date: 31 October 2002. “Portfolio Managers' current process, which is subject to change without notice”
For Internal use only AEM0723E/M-2985212-2/39

5
Investment Team,
Philosophy & Process
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US Fundamental Equities is a Center of Research Excellence
6
Strong
Analysts
More
Resources
Source: BlackRock. As of 30 June 2023. For illustrative purposes only.
Potential for
Enhanced Performance
Equity Dividend
Mid-Cap Value
High Equity Income
Large Cap Focus Value
Large Cap Concentrated Value
Sustainable US Value
Large Cap Core
Large Cap Value
Capital Appreciation
Large Cap Focus Growth
Mid-Cap Growth Equity
SMID-Cap Growth Equity
Innovation and Growth Trust
Sustainable US Growth
US Income
& Value
Pillar
US
Growth
Pillar
Strategies Strategies
US
Fundamental
Equities
Health Sciences
Opportunities
Technology
Opportunities
Sector Pillar
AEM0723E/M-2985212-4/39

7
US Income & Value Key Investment Professionals
CIO, US Fundamental Equities
Portfolio Manager,
Dividend & Value Portfolios
Tony DeSpirito
Dedicated Portfolio Managers
Joseph Wolfe
Core & Value
Portfolios
Dividend & Value
Portfolios
David Zhao, Co-DOR
Source: BlackRock, as of 30 June 2023. David Zhao and William Su are the team’s Co-Directors of Research, designated by “Co-DOR” in the
organization chart. Members of the team with a “PM” designation have portfolio management responsibilities in addition to their roles as fundamental
research or quantitative analysts.
Todd Burnside
Core & Value
Portfolios
Energy / Materials
Rob Russell
Tiffany Guo
Core Portfolio Managers
BlackRock Sustainable Investing
Generalist Research Analysts
Cons. Discretionary / Staples
Lisa Yang, PM
Tung Ngo
Tom Pierce, PM
Rolf Heitmeyer
Yakov Shenkman
Risk & Quantitative Analysis
Ibrahim Kanan, PM
Diego Bolton
Health Care
Product Strategy
Technology / Comm. Services
Tom Pierce
Jonathan Jin
Jane Zhou
Financials
Wayne Davis
Jonathan Jin
Mahesh Rupanagudi
Sustainability Insights ESG Integration Solutions & Innovation
Quantitative Alpha Research
Sally Du, PM
Patrick Kane
Jian Chen
June Wang
Industrials / Utilities
Wayne Davis
Mahesh Rupanagudi
Rolf Heitmeyer
Tung Ngo
Matt Romariz
William Su, Co-DOR
Jermaine Brown
Tung Ngo
Alexia Le
Jose Herrera
Kelly Franson
Kaitlin McGovern
Sebastian Pellejero
Ying Zheng
Steven Farkas
Michael Iasello
Luiza Ahisheva
Nathan Achezinski
Emma Rojas
Mark Garcia
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Investment Philosophy & Core Beliefs
8
Unique
Business
Models
Fundamental
Inflection
Points
Favorable
Industry
Structures
Trading at a
Reasonable
Price
High
Conviction
Portfolio
We Believe: A high conviction portfolio of underappreciated companies with strong or
improving fundamentals can help deliver risk-adjusted alpha over the long-term.
We Seek: To identify attractive investment opportunities through blending fundamental
and quantitative insights.
As of 30 June 2023. The current investment process for selecting investments in the portfolio is in accordance with its stated investment objectives and
policies. The investment process is subject to change based on market conditions, portfolio manager’s opinion and other factors.
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The Merits of Blending Fundamental & Quantitative Insights
9
Quantitative Fundamental
High Conviction
Investing
“Breadth”
• Disciplined and empirical
• Scientific
• Consistent and reliable
• Scalable and systematic
• Leverages data & technology
Portfolio
Construction
• Risk managed
• Reduced error/bias
• Positions scaled for conviction
• Consistency & repeatability
• Combine sources of alpha
“Depth”
• Human intuition & judgment
• Qualitative considerations
• Prospective
• Flexible to changing markets
• Leverage scale & resources
Deep Integration of Data Driven Analysis and Comprehensive Research
Risk management cannot fully eliminate the risk of investment loss.
As of 30 June 2023. The current investment process used for selecting investments in the portfolio is in accordance with its stated investment objectives
and policies. The investment process is subject to change based on market conditions, portfolio manager’s opinion and other factors without notice.
AEM0723E/M-2985212-7/39

10
Real World Fundamentals Have Historically Dictated
Long-Term Investment Return
Real World Fundamentals Have Historically Dictated Long-Term Investment Return
S&P 500 Index sources of total return (28 February 1988 – 31 December 2022)
-1000
-500
0
500
1000
1500
2000
2500
3000
3500
4000
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
Cumulative
Total
Return
(%)
Dividends Earnings Growth Change in Valuation Multiple Total Return
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Index returns are shown
for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged
and one cannot invest directly in an index.
Source: BlackRock, Refinitiv Datastream referencing Refinitiv I/B/E/S Global Aggregates for index level earnings estimates. Data is provided from the
earliest available date, 28 February 1988, through 31 December 2022. The chart depicts the cumulative total return of the S&P 500 Index that is
attributable to EPS Growth, Dividend Yield and the Change in Valuation Multiple.
AEM0723E/M-2985212-8/39

Investment Process:
Blend Fundamental & Quantitative Insights
11
• In-depth industry
expertise
• Determines the critical
drivers of company
value
• Develops downside,
upside and base-case
scenarios
• Considers fundamental
& thematic insights
• Prioritizes investment
opportunities
• Sets the team’s
research agenda
• Risk & Quantitative
Analysis oversight
• Stress testing
• Comprehensive risk
management
imbedded at all stages
of investment process
Risk
Management
Portfolio
Construction*
Quantitative
Insights
Fundamental
Research
• Multi-factor quantitative
screen ranks the
universe
• Russell 1000 Index +
largest ADRs
• Allocation to the bottom
two quintiles of the
ranked universe is
capped at a 20% active
weight
• Identify potential
fundamental biases
• Use non-traditional
data sets &
quantitative methods to
answer critical
questions
• Systematically blends
quantitative and
fundamental conviction
• Considers risks,
transaction costs, &
portfolio guidelines
• Optimizer helps size
positions
• Manages risk exposure
• Manage risk by
monitoring tracking error
& risk allocation
• Change in quant ranking
triggers position review
Idea
Generation
Research
There is no guarantee that research capabilities will contribute to a positive investment outcome. Risk management cannot fully eliminate the
risk of investment loss. As of 30 June 2023. This is the current process for selecting investments in the portfolio is in accordance with its stated
investment objectives and policies. The investment process is subject to change based on market conditions, portfolio manager's opinion and other
factors. *Portfolio Manager’s current process, which is subject to change without notice
• 40-60 securities
• Target tracking error
range 2.5% - 5.0%
• Sector weight +/- 1,000
bps at purchase
• Non-US max is 15%
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Investment Process: Quantitative Screen
12
The environmental, social, and governance (“ESG”) considerations discussed herein may affect an investment team’s decision to invest in
certain companies or industries from time to time. Results may differ from portfolios that do not apply similar ESG considerations to their
investment process. As of 30 June 2023. This material is provided for informational purposes only and is not intended to be investment advice or a
recommendation to take any particular investment action. Subject to change. This is the current process for selecting investments in the portfolio is in
accordance with its stated investment objectives and policies. The investment process is subject to change based on market conditions, portfolio
manager's opinion and other factors. The value composite is industry group neutral (i.e. stocks in specific industries are compared relative to each other)
while the other composites are sector group neutral (i.e. stocks in the same sector are compared relative to each other).
• The Screen has 5 groups of factors including Value, Growth, Quality, Momentum and ESG
• A modular design enables flexibility for industry-specific and sector-specific factors
Sub Styles
• Cyclical
• Normalized
• Yield
• Cash Flow
Sub Styles
Forward •
Trailing •
Sub Styles
• Capital
• Operating
• Alternative
Sub Styles
Traditional •
Non-Traditional •
Analyst Revisions •
Alternative •
Growth
24.5%
Momentum
24.5%
ESG
2.0%
Quality
24.5%
Value
24.5%
Quantitative
Screen
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Investment Process: Research
13
As of 30 June 2023. This is the current process for selecting investments in the portfolio, in accordance with its stated investment objectives and policies.
The investment process is subject to change and provided here for illustrative purposes only.
Field Research Industry Research
Company Reporting Research
• Analyze industry supply & demand and pricing
trends
• Investigate competitive advantages and potential
threats
• Consider regulatory environment and local markets
• Expand research in attractive industries to related
companies
• Meet with managements, customers, suppliers and
competitors
• Evaluate strength of company management team &
franchise
• Seek to identify business drivers & industry trends
prior to consensus
• Financial statement analysis
• Examine ratios and multiples
• Focus on balance sheet strength
• Model cash flows and earnings
• Develop scenario and sensitivity analysis
AEM0723E/M-2985212-11/39

Investment Process: Analyst Activity List & Research Output
14
• Investment thesis
• Investment screen summary
• ESG summary
• Industry analysis
• Analysis of key earnings drivers
• Financial Model:
– Income Statement, Balance Sheet, Cash Flow
• Valuation
• Price targets (Bull, Base, Bear)
• Recession analysis
• Ownership analysis
• Post mortem
• Review and synthesise corporate filings
• Review and synthesise industry data and
research reports
• Field Research - Engage with target company
(C-level), experts, competitors & suppliers
• Build a financial model
• Understand the bear case
Structured Fundamental Research & Analysis Research Output
The environmental, social, and governance (“ESG”) considerations discussed herein may affect an investment team’s decision to invest in
certain companies or industries from time to time. Results may differ from portfolios that do not apply similar ESG considerations to their
investment process.
As of 30 June 2023. Subject to change. For illustrative purposes only. This material is provided for informational purposes only and is not intended to be
investment advice or a recommendation to take any particular investment action.
AEM0723E/M-2985212-12/39

Investment Process:
Rationale Underlying our Stock Decisions
15
Buy Criteria Sell Discipline
Fundamental
• Inflection points
• Distinctive business model / advantages
• Unique industry structures
• Reasonably priced
Quantitative
• Total allocation to the bottom two quintiles of the
ranked universe is capped at a 20% active weight
• Override decisions reflect fundamental conviction or
identifiable factors that make the screen results less
meaningful
Risk/Portfolio Construction
• Optimizer blends quant and fundamental conviction to
help size positions
• Balance portfolio risks & constraints
Fundamental
• Valuation / investment thesis fully realized
• Fundamental milestones missed
Quantitative
• Quantitative score deteriorates
– Automatic review triggered if quant score falls
into bottom 40% of the ranked universe
Risk/Portfolio Construction
• Diversification – sector, industry & security
• Competition for capital – i.e., better investment
opportunities elsewhere
There can be no guarantee that the investment strategy can be successful and the value of investments may go down as well as up.
As of 30 June 2023. Decision making as to buy and sell criteria is subject to change based on market conditions, portfolio manager’s opinion
and other factors. This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to
take any particular investment action.
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16
Portfolio Characteristics &
Performance
AEM0723E/M-2985212-14/39

17
Key Investment Themes
Areas of High-Conviction Positioning
Cyclicals with a Catalyst
• Companies poised to benefit from industrial capex investments in
response to inflation & global supply shocks.
• Companies in end markets where volumes are already at
recessionary levels.
• Indirect beneficiaries of AI investment and advancement.
Self-Help Opportunities
with Growth Tailwinds
• Companies operating in end markets with secular growth drivers,
facing near-term operating pressures.
• Unique, industry leaders approaching new product cycles.
Under-Appreciated Quality
• Retailers with recession-resistant traits, poised to gain share.
• Businesses with recurring revenue drivers punished due to near-
term issues.
• Misunderstood compounders that are less cyclical than feared.
The opinions expressed are those of the portfolio management team for the BGF US Flexible Equity Fund as of 30 June 2023 and subject to change.
This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular
investment action.
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Sources: BlackRock as of June 30, 2023. Portfolio characteristics and holdings are subject to change. It is not possible to invest directly in an
unmanaged index. **From 30 November 2018 (GICS structure update when ‘telecommunication sector’ was renamed to ‘communication services’) to 30
June 2023. Sectors shown should not be deemed as a recommendations to buy or sell in those specific sectors. Allocations are subject to change. Due
to rounding, the total may not be equal to 100%.
Sector allocation (% NAV) As of June 30, 2023
Portfolio | Sector Exposure
Historical Max Weight (%)**
27.79 18.65 16.49 16.38 15.37 8.04 10.13 5.66 6.55 1.50 1.89 2.95
Historical Avg. Weight (%)**
22.07 14.03 12.70 14.08 12.43 5.47 8.79 4.38 4.28 1.19 1.07 0.61
Historical Min Weight (%)**
18.68 10.75 8.20 8.79 8.84 1.81 6.04 1.88 2.18 0.00 0.18 0.00
18
21.9
15.0
13.6 12.8 12.1
7.3 7.1
4.5 4.3
1.4
0.0 0.0
27.1
13.3 12.9
10.9
8.1
6.3
9.6
2.7
4.0
0.0
2.7 2.5
Information
Technology
Health
Care
Financials
Consumer
Discretionary
Communication
Services
Consumer
Staples
Industrials
Materials
Energy
Cash
and
Equivalents
Real
Estate
Utilities
BGF US Flexible Equity Fund
Russell 1000 Index
AEM0723E/M-2985212-16/39

19
Source: BlackRock, from 30 November 2018 (GICS structure update when ‘telecommunication sector’ was renamed to ‘communication services’) to
30 June 2023.
Active exposures are against the Russell 1000 Index. Portfolio characteristics and holdings are subject to change.
Portfolio | Historical Sector Active Exposure
Historical Active Sector Exposures As of June 30, 2023
-6
-4
-2
0
2
4
6
Information
Technology
Health Care Financials Consumer
Discretionary
Communication
Services
Consumer
Staples
Industrials Materials Energy Real Estate Utilities
Active
Weight
(%)
Bottom Quartile 5th Percentile 50th Percentile 95th Percentile Top Quartile Jun-2023 Active
AEM0723E/M-2985212-17/39

20
Sources: BlackRock as of June 30, 2023. Portfolio characteristics are those of the BGF US Flexible Equity Fund. Portfolio characteristics and holdings
are subject to change. It is not possible to invest directly in an unmanaged index. The specific companies identified and described above do not
represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be
profitable.
Portfolio | Holdings & Key Metrics
Top 10 Absolute Weights (% NAV) Top 10 Industries (% NAV)
Security Name Sector Abs. Weight Industry Abs. Weight Active Weight
Microsoft Information Technology 7.8 Software 7.8 -2.6
Amazon.com Consumer Discretionary 4.8 Health Care Providers & Services 7.3 4.6
Apple Information Technology 4.5 Interactive Media & Services 7.3 2.4
Alphabet Communication Services 4.5 Semiconductor Equipment 6.6 0.0
Comcast Communication Services 2.9 Financial Services 5.9 1.8
Meta Communication Services 2.8 Machinery 5.1 3.1
Berkshire Hathaway Financials 2.7 Broadline Retail 4.8 1.8
Applied Materials Information Technology 2.4 Technology Hardware & Peripherals 4.5 -2.7
Sanofi SA Health Care 2.1 Oil, Gas, & Consumable Fuels 4.3 0.7
Fortive Industrials 2.1 Pharmaceuticals 3.9 0.0
Top 10 Active Weights (% NAV) Characteristics
Security Name Sector Active Weight Portfolio Characteristics Portfolio Benchmark
Comcast Communication Services 2.5 Number of Holdings 58 1,009
Sanofi SA Health Care 2.1 Wtd. Avg. Market Cap $572,468 $609,739
Applied Materials Information Technology 2.1 LT Debt to Capital 34.9% 41.0%
Fortive Industrials 2.0 Return on Invested Capital 11.2% 9.0%
Amazon.com Consumer Discretionary 2.0 Net Profit Margin 9.2% 10.2%
Corteva Materials 2.0 LT IBES Growth Rate 5.0% 7.3%
Fleetcor Technologies Inc Financials 1.7 Price / Book (FY0) 3.4x 4.0x
Novo Nordisk Health Care 1.7 Price / Earnings (FY1) 17.8x 19.9x
Microsoft Information Technology 1.6 Active Share 72.7% --
Ross Stores Consumer Discretionary 1.6 Non-US Exposure 8.6% --
AEM0723E/M-2985212-18/39

Active Risk Breakdown Top Asset Contributions
Top Style Contributors Top Industry Contributions
Active Risk Decomposition
21
As of 30 June 2023
1
BGF US Flexible Equity Fund Characteristics
Benchmark: Russell 1000 Index
Active Risk 3.06% Portfolio Beta 1.00 Portfolio Risk 19.10% Benchmark Risk 18.79% RPT Status Target1
Source: BFRE (BlackRock Fundamental Risk for Equities). Using BFRE covariances for equity (EQ) and FX factors. Equity Inter Model Correlations,
Equity, Fixed Income (FI) and FX covariances, calculated using weighting FMI : 312 week history, 52 week half-life. Factor Exposures: @D_NAMRAP
(North America Model). The top asset contributions are calculated based on the top 15 contributors to active risk and stock specific risk for the strategy.
A list of all contributors is available upon request. The specific companies identified and described above do not represent all of the companies
purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. The information
expressed herein is subject to change. 1RPT Status represents the risk performance target.
Specific 66%
Industry 14%
Style
19%
-3
0
3
-10
-5
0
5
10
Exposure
(%
of
NAV)
Contribution
(%)
Contrib. to Act. Risk Contrib. to Spec. Risk Act. Exp.
-0.3
-0.2
-0.1
0
0.1
0.2
0.3
-8
-4
0
4
8
Exposure
(Std.
Devs)
Contrib.
(%
of
Act.
Risk)
Contrib. to Act. Risk Act. Exp.
-3
-2
-1
0
1
2
3
Software Utilities Fuels
Exploration &
Prod
Comp
Peripherals &
Office Eq
Managed
Health Care
Real Estate Chemicals Biotechnology Ind Mach
Cong Trade
Co & Dist
Cons Dur &
Apparel x
Homebuild
Exposure
(%
of
NAV)
Contrib.
(%
of
Act.
Risk) Contrib. to Act. Risk Act. Exp.
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22
Historical Risk Decomposition
Source: BlackRock, From PM Inception (29 March 2017) to 30 June 2023. Portfolio characteristics and holdings are subject to change.
BGF US Flexible Equity Fund Historical Risk Decomposition versus Russell 1000 Index
0%
1%
2%
3%
4%
Tracking
Error
(%)
Active Systematic Country Industry Style Stock Specific FX other
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23
Performance & Attribution
AEM0723E/M-2985212-21/39

25.11
6.72
-4.37
25.03
15.91
3.44 4.34
47.88
-11.59
18.82
Net
Total
Returns
(%)
in
US
Dollar
BGF US Flexible Equity
24
BGF US Flexible Equity Fund Annual Performance
The figures shown relate to past performance. Past performance is not a reliable indicator of current of future results and should not be the
sole factor of consideration when selecting a product or strategy. Index performance returns do not reflect any management fees, transaction
costs or expenses. Indices are unmanaged and one cannot invest directly in an index. The Fund is actively managed, and the IA has discretion to
select the Fund's investments. In doing so, the IA will refer to the Russell 1000 Index (the “Index”) when constructing the Fund’s portfolio, and also for
risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s
investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its
discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical
scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The
Index should be used by investors to compare the performance of the Fund.
Inception date for the Fund is 31 October 2002. Share Class launch date is 19 May 2006. Annualized for periods greater than one year. Performance is shown as at 30
June 2023 (Class D2) in US$ on a NAV price basis with income reinvested. Performance figures are calculated net of annual fees. The return of your investment may
increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Reported
Fund performance is affected by the timing differential between the pricing of the Fund and its benchmark(s). Source. Fund: BlackRock Investment Management (UK)
Limited (BIM(UK)L) - Indices: Datastream, BIM(UK)L Net of fees and expenses.
As of June 30, 2023
Annual Performance to Last Quarter End
Jun 13 -
Jun 14
Jun 14 –
Jun 15
Jun 15 –
Jun 16
Jun 16 –
Jun 17
Jun 17 –
Jun 18
Jun 18 –
Jun 19
Jun 19 –
Jun 20
Jun 20 –
Jun 21
Jun 21 –
Jun 22
Jun 22 –
Jun 23
Net Total Returns (%) in US Dollar
Jun 13-
Jun 14
Jun 14-
Jun 15
Jun 15-
Jun 16
Jun 16-
Jun 17
Jun 17-
Jun 18
Jun 18-
Jun 19
Jun 19-
Jun 20
Jun 20-
Jun 21
Jun 21-
Jun 22
Jun 22-
Jun 23
BGF US Flexible Equity Fund (D2 Share class) 25.11 6.72 -4.37 25.03 15.91 3.44 4.34 47.88 -11.59 18.82
Russell 1000 Index 25.35 7.37 2.93 18.03 14.54 10.02 7.48 43.07 -13.04 19.36
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25
BGF US Flexible Equity Fund Historical Performance
Total Return in USD (Annualized %)*
The figures shown relate to the past. 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 a strategy. Index returns are for illustrative purposes only. Index performance returns do not reflect any
management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
*Not annualized for periods less than one year. Inception date was 31 October 2002. PM Inception Date: 29 March 2017. ITD: 30 September 2006;
Performance is shown as at 30 June 2023 (Class D2) in US$ on a NAV price basis with income reinvested. Performance figures are calculated net of
annual fees. The return of your investment may increase or decrease as a result of currency fluctuations. Reported Fund performance is affected by the
timing differential between the pricing of the Fund and its benchmark(s). Source: Fund: BlackRock Investment Management (UK) Limited (BIM(UK)L) -
Indices: Datastream, BIM(UK)L - Quartiles: Standard & Poor’s ISIN Code: LU0743604323. Net of fees and expenses.
As of June 30, 2023
8.40
15.20
18.82
15.82
10.89
11.81 11.99
8.07
8.58
16.68
19.36
14.09
11.92 12.37 12.64
9.75
2Q23 YTD 1-Year 3-Year 5-Year Since PM
Inception Date
29/03/2017
10-Year Since Inception
Date 30/09/2006
BGF US Flexible Equity Fund (D2 Share class) Russell 1000 Index
Returns,
%
AEM0723E/M-2985212-23/39

GICS Sector
(Gross)
Portfolio Benchmark Active
Average
Weight
Total Return
Contribution
to Return
Average
Weight
Total Return
Contribution
to Return
Sector
Allocation
Security
Selection
Total Effect
Communication Services 12.13% 17.60% 2.01% 8.17% 12.52% 0.98% 0.17% 0.57% 0.74%
Energy 4.23% 7.18% 0.29% 4.36% -0.87% -0.05% -0.01% 0.36% 0.35%
Utilities 0.00% 0.00% 0.00% 2.66% -2.69% -0.07% 0.31% 0.00% 0.31%
Financials 14.97% 7.22% 1.09% 13.07% 5.39% 0.71% -0.01% 0.30% 0.29%
Real Estate 0.83% 4.71% 0.06% 2.82% 1.49% 0.04% 0.14% 0.07% 0.21%
Health Care 14.81% 3.15% 0.48% 13.84% 2.79% 0.39% -0.06% 0.07% 0.01%
Industrials 6.55% 6.70% 0.47% 9.35% 7.79% 0.75% 0.03% -0.08% -0.05%
Cash and Equivalents 1.42% 1.14% 0.02% 0.00% 0.00% 0.00% -0.12% 0.00% -0.12%
Consumer Staples 7.76% -0.68% -0.06% 6.65% 0.52% 0.03% -0.11% -0.08% -0.19%
Consumer Discretionary 12.44% 10.01% 1.26% 10.31% 13.42% 1.39% 0.11% -0.44% -0.33%
Materials 4.69% -3.49% -0.17% 2.73% 2.84% 0.08% -0.12% -0.31% -0.43%
Information Technology 20.17% 11.84% 2.42% 26.04% 17.07% 4.31% -0.46% -1.05% -1.52%
Total 100.00% 7.89% 7.89% 100.00% 8.58% 8.58% -0.13% -0.58% -0.72%
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the
costs or expenses. Indices are unmanaged and one cannot invest directly in an index.
Source: BlackRock as of June 30, 2023. *QTD period: March 31, 2023 to June 30, 2023. The attribution shown relates to the characteristics of the
portfolio and any metrics shown at the component/sector level do not reflect the total performance of the portfolio. Sectors shown should not be deemed
as a recommendations to buy or sell in those specific sectors.
1Two-Factor Brinson Attribution, Gross of Fees: This type of attribution is transaction-based (i.e. it takes into account holdings data and intra-day trading),
and it is intended to provide a broad assessment of manager decision-making relative to a benchmark index. The attribution is calculated gross of fees, is
based on active weights relative to a benchmark, and relative performance is split between sector allocation and security selection effects. The total
effect is a summation of sector allocation and security selection effects.
Attribution | Most Recent Quarter*
Two-Factor Brinson Attribution, Gross of Fees1
26
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Attribution | YTD*
Source: BlackRock as of June 30, 2023. *YTD period: December 30, 2022 to June 30, 2023. The attribution shown relates to the characteristics of the
portfolio and any metrics shown at the component/sector level do not reflect the total performance of the portfolio. Sectors shown should not be deemed
as a recommendations to buy or sell in those specific sectors.
1Two-Factor Brinson Attribution, Gross of Fees: This type of attribution is transaction-based (i.e. it takes into account holdings data and intra-day trading),
and it is intended to provide a broad assessment of manager decision-making relative to a benchmark index. The attribution is calculated gross of fees, is
based on active weights relative to a benchmark, and relative performance is split between sector allocation and security selection effects. The total
effect is a summation of sector allocation and security selection effects.
27
GICS Sector
(Gross)
Average
Weight
Total Return
Contribution
to Return
Average
Weight
Total Return
Contribution
to Return
Sector
Allocation
Security
Selection
Total Effect
Communication Services 11.52% 48.22% 4.70% 7.88% 35.49% 2.50% 0.59% 1.18% 1.77%
Health Care 14.63% 5.10% 0.80% 14.10% -1.01% -0.16% 0.02% 1.01% 1.03%
Utilities 0.00% 0.00% 0.00% 2.73% -5.79% -0.18% 0.69% 0.00% 0.69%
Energy 4.08% 2.06% 0.11% 4.58% -5.92% -0.31% 0.13% 0.40% 0.53%
Real Estate 1.08% -0.91% -0.01% 2.95% 3.46% 0.11% 0.25% -0.03% 0.22%
Financials 14.87% 5.42% 0.65% 12.87% 2.33% 0.20% -0.44% 0.59% 0.15%
Consumer Staples 6.80% 1.41% 0.12% 6.60% 1.21% 0.10% 0.04% -0.04% 0.00%
Cash and Equivalents 1.31% 2.34% 0.03% 0.00% 0.00% 0.00% -0.23% 0.00% -0.23%
Materials 4.87% -0.29% -0.01% 2.83% 7.62% 0.22% -0.19% -0.41% -0.60%
Industrials 7.51% 5.46% 0.32% 9.37% 12.65% 1.23% 0.07% -0.68% -0.61%
Information Technology 20.33% 33.05% 6.12% 25.77% 43.49% 9.94% -1.34% -1.89% -3.22%
Total 100.00% 15.37% 15.37% 100.00% 16.68% 16.68% 0.09% -1.44% -1.35%
AEM0723E/M-2985212-25/39

Attribution | Since PM Inception*
(Annualized%)**
GICS Sector
(Gross)
Average
Weight
Total Return
Contribution
to Return
Average
Weight
Total Return
Contribution
to Return
Sector
Allocation
Security
Selection
Total Effect
Communication Services 11.26% 14.01% 2.22% 9.26% 8.50% 1.33% -0.06% 0.65% 0.59%
Industrials 8.09% 14.49% 1.66% 9.68% 10.13% 1.26% 0.10% 0.34% 0.44%
Energy 4.81% 13.30% 0.50% 4.25% 7.10% 0.02% 0.02% 0.36% 0.39%
Real Estate 0.59% 18.42% 0.26% 3.30% 5.74% 0.22% 0.18% 0.08% 0.26%
Information Technology 20.23% 24.66% 6.04% 20.80% 23.74% 5.59% 0.02% 0.14% 0.16%
Utilities 1.15% 6.72% -0.11% 2.88% 7.31% 0.24% 0.15% -0.13% 0.02%
Materials 4.30% 9.03% 0.56% 2.82% 9.08% 0.38% -0.03% 0.04% 0.01%
Health Care 14.73% 11.13% 2.33% 13.75% 11.56% 2.18% 0.01% -0.05% -0.04%
Financials 15.80% 7.06% 1.59% 15.59% 8.74% 1.89% 0.08% -0.13% -0.05%
Consumer Staples 7.42% 5.58% 0.61% 7.02% 8.80% 0.73% 0.02% -0.21% -0.19%
Cash 1.04% 1.62% 0.02% 0.00% 0.00% 0.00% -0.20% 0.00% -0.20%
Total 100.00% 13.45% 13.45% 100.00% 12.40% 12.40% 0.35% 0.70% 1.05%
Source: FactSet as of June 30, 2023. *PM Inception Date: 29 March 2017.
**Annualised numbers since PM ID. The attribution shown relates to the characteristics of the portfolio and any metrics shown at the component/sector level do not
reflect the total performance of the portfolio. Sectors shown should not be deemed as a recommendations to buy or sell in those specific sectors.
1Two-Factor Brinson Attribution, Gross of Fees: This type of attribution is transaction-based (i.e. it takes into account holdings data and intra-day trading), and it is
intended to provide a broad assessment of manager decision-making relative to a benchmark index. The attribution is calculated gross of fees, is based on active
weights relative to a benchmark, and relative performance is split between sector allocation and security selection effects. The total effect is a summation of sector
allocation and security selection effects.
28
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Risk Warnings
29
Capital at risk. The value of investments and the income from them can fall as well as rise and are not
guaranteed. Investors 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.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or
increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of
an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to
time.
For investors in Italy: This document is marketing material: Before investing please read the
Prospectus and the PRIIPs KID available on www.blackrock.com/it, which contain a summary of
investors’ rights.
AEM0723E/M-2985212-27/39

Fund Specific Risks
30
• Equity Risk: The value of equities and equity-related securities can be affected by daily stock market movements.
Other influential factors include political, economic news, company earnings and significant corporate events.
• Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as
counterparty to derivatives or other instruments, may expose the Fund to financial loss.
ESG Investment Statements
This information should not be relied upon as research, investment advice, or a recommendation regarding any products,
strategies, or any security in particular. This is for illustrative and informational purposes and is subject to change. It has not
been approved by any regulatory authority or securities regulator.
The environmental, social, and governance (“ESG”) considerations discussed herein may affect an investment team’s
decision to invest in certain companies or industries from time to time. Results may differ from portfolios that do not apply
similar ESG considerations to their investment process.
AEM0723E/M-2985212-28/39

31
Appendix
AEM0723E/M-2985212-29/39

Our Platform: BlackRock Active Equity Offerings
Seek steady income
through dividend
strategies
Capital appreciation
potential
Sustainable investing
through ESG strategies
Rational, risk-managed
alpha potential driven by
innovative technologies
Broad, diversified core
exposures
Low cost*
Megatrends/
thematics
Specific country, sector
and specialty exposures
Easy way to
express a tactical
investment view
Concentrated, high
conviction long-only
Unconstrained strategies
Absolute Return
1
Systematic
Alpha
2
High Conviction
Alpha
3
Specialized
Outcomes
4
Precision
Alpha
Source: BlackRock, as of 30 June 2023. This information is for illustrative purposes only. It is not to be interpreted as investment advice or as a
recommendation to invest in any of the BlackRock products or strategies. *As compared to other active funds.
32
AEM0723E/M-2985212-30/39

People
Profound curiosity,
deep conviction
Purpose
Active edge,
sustainable outcomes
Perspective
Astute, diverse, panoramic
Performance
Long-term lens,
risk-aware results
33
AEM0723E/M-2985212-31/39

Why Choose BGF US Flexible Equity Fund?
34
 Time-tested long-term investment philosophy driven by an experienced portfolio management team.
 Strong fundamental research supported by enhanced US Income & Value pillar resources, as well
as BlackRock’s extensive capabilities.
 Quantitative screen adds discipline and focus to the investment process.
 Portfolio construction capabilities blend quantitative and fundamental insights, disciplined risk
management tools and cost/liquidity constraints to mitigate portfolio risk.
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. There is no guarantee that research capabilities will contribute to a positive investment outcome.
Risk management cannot fully eliminate the risk of investment loss.
As of 30 June 2023. Current process for selecting investments in the portfolio in accordance with its stated investment objectives and policies.
Process subject to change based on market conditions, portfolio manager’s opinion and other factors.
AEM0723E/M-2985212-32/39

This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be
relied upon by any other persons
In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and
regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in
England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a
list of authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the
Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For
your protection telephone calls are usually recorded. In Italy: For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in Italian.
BlackRock Global Funds (BGF) This document is marketing material. 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. BlackRock Investment Management (UK) Limited is the Principal
Distributor of BGF and may terminate marketing at any time. In the UK 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, and in EEA and Switzerland subscriptions in BGF are valid only if made on
the basis of the current Prospectus,the most recent financial reports and the Packaged Retail and Insurance-based Investment Products Key Information
Document (PRIIPs KID), which are available in the jurisdictions and local language where they are registered, these can be found at www.blackrock.com
on the relevant product pages. Prospectuses, Key Investor Information Documents, PRIIPs KID and application forms may not be available to investors in
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Austria: This document is marketing material. For further information, the prospectus, Packaged Retail and Insurance-based Investment Products Key
Information Document (PRIIPs KID), annual report and semi-annual report can be obtained free of charge in hardcopy form from the Austrian paying
agent: Raiffeisen Zentralbank Österreich AG, A-1030 Vienna, Am Stadtpark 9 and also from www.blackrock.com/at available in German and English.
BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information
on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in German.
Germany: This document is marketing material. This is a financial promotion. For further information, the prospectus, Packaged Retail and Insurance-
based Investment Products Key Information Document (PRIIPs KID), annual report and semi-annual report can be obtained free of charge in hardcopy
form from the German information centre: BlackRock (Netherlands) B.V., Frankfurt (Germany) Branch, Frankfurt am Main, Bockenheimer Landstraße 2–
4, 60306 Frankfurt am Main. The paying agent in Germany is J.P. Morgan AG, CIB / Investor Services – Trustee & Fiduciary, Taunustor 1 (Taunus Turm),
D-60310 Frankfurt am Main and also from www.blackrock.com/de available in German and English. BlackRock may terminate marketing at any time.
Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints
please go to https://www.blackrock.com/corporate/compliance/investor-right available in German.
Important Information
35
AEM0723E/M-2985212-33/39

Dubai (DIFC): This document relates to fund which are not subject to any form of regulation or approval by the Dubai Financial Services Authority
(“DFSA”). The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this fund. Accordingly, the
DFSA has not approved the relevant Prospectuses or any other associated documents nor taken any steps to verify the information set out in those
Prospectuses and has no responsibility for them. The Shares to which the Prospectuses relates may be illiquid and/or subject to restrictions on their
resale. Prospective purchasers should conduct their own due diligence on the Shares. If you do not understand the contents of this document, you
should consult an authorised financial adviser.
Finland: This document is marketing material. The prospectus (in English language) and PRIIPs KID (in Finnish language) are available at BlackRock
(Netherlands) B.V. and also from www.blackrock.com/fi available in Finnish and English. BlackRock may terminate marketing at any time. Investors
should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English.
Greece: This document is marketing material. 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., registered in Greece for public distribution pursuant to the Greek Law 4099/2012, art. 90,
implementing the Directive 2009/65/EC. Prospectus and PRIIPs KID are available on BlackRock website https://www.blackrock.com/kiid/el-gr?switch=y
in both languages Greek and English. Prospectus and PRIIPs KID are also available on Greek intermediaries websites, appointed as local distributors of
BGF. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before investing. For
information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in
Greek.
BlackRock Advisors (UK) Limited -Dubai Branch is a DIFC Foreign Recognised Company registered with the DIFC Registrar of Companies (DIFC
Registered Number 546), with its office at Unit L15 - 01A, ICD Brookfield Place, Dubai International Financial Centre, PO Box 506661, Dubai, UAE, and
is regulated by the DFSA to engage in the regulated activities of ‘Advising on Financial Products’ and ‘Arranging Deals in Investments’ in or from the
DIFC, both of which are limited to units in a collective investment fund (DFSA Reference Number F000738).
36
AEM0723E/M-2985212-34/39

37
Israel: BlackRock Investment Management (UK) Limited is not licenced under Israel's Regulation of Investment Advice, Investment Marketing and
Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder.
This document is provided for informational services only and is not intended to serve, and should not be treated, as Investment Advice.
BlackRock could have a direct or indirect benefit from investments made by investors in Israel in the products mentioned in this document, or in other
products managed by third parties with whom BlackRock is involved in a business contract. In particular, BlackRock manages the traded foreign funds
mentioned in this document, and therefore derives a benefit from investments of Israeli investors in them (inter alia, by charging a "management fee" as
specified in the prospectus and in the Annex to the prospectuses of such funds). Therefore, BlackRock has a "Connection" to such products, might have
a personal interest in their sale, and might prefer such products over other products. Accordingly, any advice BlackRock provides, is considered, for the
purpose of the Investment Advice Law, as Investment Marketing (and not Investment Advising). For complete information about BlackRock's "affiliation"
with financial assets (including the types of financial assets and the names of the entities that issue or manage them), you can contact BlackRock at
www.blackrock.com.
This Document, as well as any products and services described herein, are directed at and intended exclusively for individuals or corporations that fall
within at least one category in each of the First Schedule of the Investment Advice Law ("Qualified Clients").
BlackRock does not hold a license and is not insured as required under the Investment Advice Law.
Nothing in the fund's past returns can ensure a similar return in the future. Investment in the products mentioned in this document is subject to the risks
described in the fund prospectus (including the risk of loss of investment funds). For a concise description of the unique risks for the products mentioned
in this document, see the risk section in the annex to the prospectus intended for investors in Israel, and published on the distribution website of the
Israeli Securities Authority and the Tel Aviv Stock Exchange. Furthermore, although BlackRock invests reasonable efforts to ensure the accuracy of the
data presented in this document, it does not guarantee their accuracy, is not responsible for it, and should not be relied upon when making an investment
decision. Therefore, investors considering investing in the products mentioned in this document should examine the full offer documents of the relevant
product (and in particular, the prospectus and the annex to the prospectus as stated above, and the risks described therein), and consult experts on their
behalf regarding the viability of the investment.
The Fund and Fund Manager are not subject to the laws and regulations to which Israeli mutual funds are subject.
AEM0723E/M-2985212-35/39

This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon
by any other persons.
Malta: This document is marketing material. BGF is an open-ended investment company established in Luxembourg which is available for sale in certain
jurisdictions only. BlackRock Global Funds (BGF) is not available for sale in the U.S. or to U.S. persons. Product information concerning BSF 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 Principal Distributor of BGF. BGF is authorized to the distribution in Malta. Prospectus and PRIIPs KID are available on BlackRock website
https://www.blackrock.com/kiid/en-mt?switch=y available in English. BlackRock may terminate marketing at any time. Investors should understand all
characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
Netherlands: This document is marketing material. BlackRock Global Funds ("BGF") is a UCITS (icbe) as defined in section 1:1 Financial Markets
Supervision Act (Wet op het financieel toezicht; "FMSA"). BGF and its sub funds are listed in the register as defined in section 1:107 FMSA. Please refer
to the Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID) Essentiële-informatiedocument (Eid) for
further information about BGF and its sub-funds. The prospectus and EBI of BGF and its sub funds are available on BlackRock's website
www.BlackRock.nl. Available in Dutch and English All financial investments contain a certain risk. The value of the assets managed by BGF and its sub-
funds may greatly fluctuate as a result of the investment policy and your initial investment is not guaranteed. BlackRock may terminate marketing at any
time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise
complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in English and Dutch.
Norway: This document is marketing material. The prospectus and PRIIPs KID are available at BlackRock (Netherlands) B.V. www.blackrock.com/no
available in Norwegian and English. BlackRock may terminate marketing at any time. Investors should understand all characteristics of the funds
objective before investing. For information on investor rights and how to raise complaints please go to
Poland: This document is marketing material. BGF has been registered on the official list of the Financial Supervision Commission (Komisja Nadzoru
Finansowego) for distribution in Poland. Paying agent in Poland is Bank Handlowy w Warszawie SA, ul. Senatorska 16, 00-950 Warsaw, Poland. The
Prospectus, the Key Investor Information Document, as well as the latest annual and semi-annual reports, can be found at www.blackrock.com/pl
available in Polish. Blackrock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before
investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right
available in Polish
38
AEM0723E/M-2985212-36/39

Portugal/Spain: This document is marketing material. Certain funds mentioned here are registered for distribution in Spain. Additionally, certain funds
are registered for distribution in Portugal. In Spain, BlackRock Global Funds (BGF) is registered with the number 140 in the Comisión Nacional del
Mercado de Valores de España (CNMV) and the Prospectus for each registered fund has been registered with the CNMV and can be found at
www.blackrock.com/es available in Spanish and English. In Portugal, certain share classes of certain BGF funds are registered with the Comissão do
Mercado de Valores Mobiliários (CMVM) and the Prospectus for each registered fund has been registered with the CMVM and can be found at
www.blackrock.com/pt available in Portuguese and English. Blackrock may terminate marketing at any time. Investors should understand all
characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in Spanish and Portuguese
Sweden: This document is marketing material. The prospectus and PRIIPs KID are available at BlackRock (Netherlands) B.V., Stockholm branch,
Malmskillnadsgatan 32, 111 51 Stockholm, Sweden and also from www.blackrock.com/se available in Swedish and English. Investors should read the
PRIIPs KID before making an investment decision. BlackRock may terminate marketing at any time. Investors should understand all characteristics of
the funds objective before investing. For information on investor rights and how to raise complaints please go to
For qualified investors in Switzerland: This document is marketing material.
This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as
amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ("FinSA").
For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website:
www.blackrock.com/finsa. BlackRock Global Funds is domiciled in Luxembourg. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-
8001 Zurich, is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zurich,
the Swiss Paying Agent. The Prospectus, Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID) or
equivalent, the Articles of Incorporation, the latest and any previous annual and semi-annual reports are available free of charge from the Swiss
Representative. Investors should read the fund specific risks in the PRIIPs KID and the Prospectus.
39
AEM0723E/M-2985212-37/39

40
In Hong Kong, this information is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures
Commission of Hong Kong. The funds mentioned herein may not have been registered with the Securities and Futures Commission for offering or
distribution in Hong Kong. Accordingly, this material is for distribution to "Professional Investors" (as defined in the Securities and Futures Ordinance
(Cap.571 of the laws of Hong Kong) and any rules made under that ordinance) and should not be relied upon by any other persons or redistributed to
retail clients in Hong Kong. Please refer to the relevant Prospectus for details, including risk factors.
In Singapore, this information is issued by BlackRock (Singapore) Limited (company registration: 200010143N) for use only by Institutional Investors as
defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore and professional intermediaries. The above warnings and fund specific
risks are explained in greater detail in in the current Prospectus and you should read them before investing. The funds mentioned herein may not have
been registered with the Monetary Authority of Singapore for offering or distribution in Singapore. Accordingly, this information may not be circulated or
distributed, nor may the funds be offered or sold whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor
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For Southeast Asia (for such purposes, Brunei, Indonesia, Malaysia, Philippines, and Thailand): this document is issued by BlackRock and is
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Nothing in this document, directly or indirectly, represents to you that BlackRock will provide, or is providing BlackRock products or services to the
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invitation to respond to it by making an offer to enter into an investment agreement. No approval of, or recognition by, any relevant regulatory authority,
has been, or will be, obtained for the making available, invitation, or offer for subscription or purchase, or invitation to subscribe for or purchase, or the
sale, of BlackRock funds to any persons in Southeast Asia. This document is not intended to be a prospectus, and has not been registered as a
prospectus with any regulatory body in Southeast Asia. Accordingly, this document and any other documents and materials, in connection with the offer or
sale, or invitation for subscription or purchase of, BlackRock products, may not be circulated or distributed, nor may any BlackRock fund be offered or
sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any members of the public in
Southeast Asia which may trigger public offering requirements and will violate the securities laws or any other relevant laws of such jurisdiction(s). The
distribution of the information contained herein may be restricted by law, and any person who accesses it is required to comply with any such restrictions.
By reading this information you confirm that you are aware of the laws in your own jurisdiction regarding the provision and sale of funds and related
financial services or products, and you warrant and represent that you will not pass on or utilise the information contained herein in a manner that could
constitute a breach of such laws by BlackRock, its affiliates, or any other person.
AEM0723E/M-2985212-38/39

41
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being
made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not
necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been
prepared in connection with any such offer.
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES
© 2023 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its
subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
AEM0723E/M-2985212-39/39

42
Disclaimer
In the preparation of the material contained in this document, DSP Asset Managers Private Limited (“AMC”) has used information that is publicly available,
including information developed in-house or basis information received from its affiliates. The AMC however does not warrant the accuracy,
reasonableness and / or completeness of any information. The data/statistics are given to explain general market trends in the securities market, it should
not be construed as any research report/research recommendation. All logos used in the image are trademarks™ or registered® trademarks of their
respective holders. Use of them does not imply any affiliation with or endorsement by them.
We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”,
“believe” and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those
suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to
market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments,
the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other
rates or prices etc.
The investors are bearing the recurring expenses of the scheme, in addition to the expenses of other schemes in which the Fund of Funds scheme makes
investments.
Asset Allocation
1. Units of BGF – USFEF# or other similar overseas mutual fund scheme(s): 95% to 100%
2. Money market securities and/ or units of money market/liquid schemes of DSP Mutual Fund: 0% to 5%
# in the shares of BGF – USFEF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.
The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any recommendation/opinion of the same and the Underlying Fund may or
may not have any future position in these sector(s)/stock(s)/issuer(s). The portfolio of the Underlying Fund is subject to changes within the provisions of
its Offer document. Past performance may or not sustain in future and should not be used as a basis for comparison with other investments.
All figures and other data given in this document are dated and the same may or may not be relevant in future and the same should not be considered as
solicitation/recommendation/guarantee of future investments by DSP Asset Managers Pvt. Ltd. or its affiliates.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence
of subscribing to the units of the DSP Mutual Fund (“Fund”). Investors should know that they are bearing the recurring expenses of the scheme ( DSP US
Flexible Equity Fund), in addition to the expenses of other schemes in which the Fund of Funds Scheme makes investments (BlackRock Global Funds – US
Flexible Equity Fund).
There is no guarantee of returns/ income generation in the Scheme. Further, there is no assurance of any capital protection/ capital guarantee to the
investors in the Scheme. For scheme specific risk factors and more details, please read the Scheme Information Document, Statement of Additional
Information and Key Information Memorandum of respective Scheme available on ISC of AMC and also available on www.dspim.com.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

43
Disclaimer
Scheme Product Suitability
RISKOMETER
Scheme
Benchmark –Russell 1000
Index
DSP US Flexible^
Equity Fund
(An open ended fund of fund
scheme investing in BlackRock
Global Funds – US Flexible
Equity Fund)
This Open Ended Fund of Funds Scheme
(Investing In US Equity Fund) is suitable
for investors who are seeking*
 Long-term capital growth
 Investment in units of overseas
funds which invest primarily in equity
and equity related securities of
companies domiciled in, or exercising
the predominant part of their economic
activity in the USA
^The term “Flexible” in the name of the
Scheme signifies that the Investment
Manager of the Underlying Fund can
invest either in Growth or value
investment characteristic securities
placing an emphasis as the market
outlook warrants.
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.

DSP US Flexible Equity Fund

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