The fund qualifies as a feeder fund, meaning that the fund invests substantially all of its assets in Blackrock Multi Asset Balanced Selection (the master fund). The residual assets of the fund (up to 15%) are exclusively invested in ancillary liquid assets (e.g. money market instruments) or held as cash, as may be required from time to time for dealing, for liquidity purposes and the payment of costs and expenses of the fund. The fund has the same investment objectives and policy as the master fund. However, the performance of both the fund and the master fund may not be equal due, in particular, to costs and expenses incurred by the fund and residual assets investments. The master fund seeks to achieve capital growth over the long term commensurate with a moderate level of risk. The master fund has a flexible approach to asset allocation and will seek to diversify its exposure across a variety of asset classes globally. The master fund is actively managed and will seek to achieve its investment objective by investing between 40% and 75% of its assets in other funds, including exchange traded funds (ETFs), to gain exposure to fixed income (FI) securities (e.g. bonds), between 25% and 60% of its assets in other funds, including ETFs, to gain exposure to equity securities (e.g. shares) and up to 30% in other funds, including ETFs, which seek to diversify their exposure across a variety of asset classes, including equity, FI, money market instruments (MMIs) (e.g. debt instruments with short-term maturities), deposits, cash and financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). Generally, the master fund will seek to be positioned such that the master fund’s risk as measured by annualised volatility over a rolling 5 year period falls within the range of 5%-10%, however, the fund’s risk profile may fall outside the stated range from time to time. The Investment Manager of Master Fund has discretion to select the Master Fund’s investments. For the purpose of managing currency exposure, the Investment Manager of the master fund may use investment techniques (which may include the use of FDIs) to protect the value of the master fund, in whole or part, from changes in currency exchange rates against the base currency of the master fund. FDIs are investments the prices of which are based on one or more underlying assets. You can sell or buy your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings.