BLACKROCK GROUP LTD

BlackRock's advisory business involves registered investment advisers, each a wholly-owned subsidiary of BlackRock, Inc. These advisers, while distinct companies with their own investment capabilities, share common policies, procedures, and senior management teams for U.S. investment advisory clients. They manage client assets on both a discretionary and non-discretionary basis. The advisory services include institutional separate accounts and SMAs, with certain strategies investing in securities not traded in U.S. markets, potentially subject to state or territory registration requirements. BlackRock also offers private market asset and multi-asset separate account strategies to institutional clients, with the option to allocate portfolio management to unaffiliated investment advisers.

MASS' investment process starts with analyzing the client's objectives, constraints, and preferences. Portfolio construction involves a combination of asset allocation analyses, including strategic asset allocation (SAA), tactical asset allocation (TAA), and manager research and security selection. SAA designs a portfolio based on long-term investment beliefs and market condition assumptions, tracking broad asset class indices or liability benchmarks. TAA blends diversified excess return sources, including factor and market timing, over a shorter time horizon. Manager research and security selection involve pre-investment and ongoing due diligence of products and strategies managed by the Advisers and unaffiliated investment advisers. The Adviser’s equity platform offers a range of products varying by investment style (active, systematic, or index management), market capitalization, and geography. The product range includes sector funds, long-only and long-short portfolios, and products that combine different strategies to create balanced, multi-asset and asset allocation portfolios. For certain SMA Program investment strategies, BIM creates and maintains "target" portfolios of securities, to which securities are added and removed. BIM uses mathematical models and algorithmic tools to construct portfolios, customized to client specifications, with a defined benchmark and client constraints/targets. Portfolios are constructed using proprietary tools' optimization techniques, considering portfolio return, risk, turnover, and various constraints.

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