During the month, we added duration (interest rate risk) in the BlackRock Multi-
Asset Income Fund given our view that
valuations are becoming more reasonable and that Treasuries will
remain a relatively safe, diversifying
asset in the event
of an economic growth scare.
Examples
of such circumstances are: When one or more stocks exchanges which provide a basis for
valuation for a substantial portion
of the
assets of the fund are closed otherwise than for ordinary holidays When, as a result
of political, economic, monetary or any circumstances out
of our control, the disposal
of the
assets of the unit fund are not reasonable or would not reasonably be practicable without being detrimental to the interests
of the
remaining unit holders.