BLACKROCK GROUP LTD

The BlackRock Group provides advisory services through multiple registered investment advisers, each of which is a wholly-owned subsidiary of BlackRock, Inc. These advisers share common policies and procedures for U.S. investment advisory clients and have senior management teams. As of December 31, 2023, the advisers collectively managed $74,592,672,396 in client assets. This includes $74,592,672,396 in assets for which the advisers provide investment services (in the form of model portfolios) to third-party investment managers, who are responsible for placing trades in their client accounts based on such model portfolios.

MASS' investment process involves analyzing client objectives and using a combination of asset allocation analyses, including strategic asset allocation (SAA), tactical asset allocation (TAA), and manager research and security selection. SAA designs portfolios based on long-term investment beliefs and market conditions, while TAA blends diversified excess return sources over a shorter time horizon. Manager research and security selection involve due diligence on products and strategies managed by advisors. The advisors offer a range of investment solutions, including fundamental and quantitative active management, indexing strategies, and private market asset and multi-asset separate account strategies. They provide investment management services in accordance with investment guidelines and restrictions, including those developed in consultation with clients or selected by clients. Each pooled investment vehicle managed by an advisor has its own investment guidelines and restrictions and is not tailored to individualized needs.