affiliates
with respect to certain portfolio securities. In seeking to achieve the Fund's
investment objective, BFA uses teams of portfolio managers, investment
strategists and other investment specialists. This team approach brings together
many disciplines and leverages BFA’s extensive resources.
Pursuant
to the Investment Advisory Agreement between BFA and the Trust (entered into on
behalf of the Fund), BFA is responsible for substantially all expenses of the
Fund, except the management fees, interest expenses, taxes, expenses incurred
with respect to the acquisition and disposition of portfolio securities and the
execution of portfolio transactions, including brokerage commissions,
distribution fees or expenses, and litigation expenses and any extraordinary
expenses (as determined by a majority of the Trustees who are not “interested
persons” of the Trust).
For
its investment advisory services to the Fund, BFA will be paid a management fee
from the Fund based on a percentage of the Fund’s average daily net assets, at
the annual rate of 0.47%. BFA may from time to time voluntarily waive and/or
reimburse fees or expenses in order to limit total annual fund operating
expenses (excluding acquired fund fees and expenses, if any). Any such voluntary
waiver or reimbursement may be eliminated by BFA at any time.
BFA
is located at 400 Howard Street, San Francisco, CA 94105. It is an indirect
wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”). As of September 30,
2022, BFA and its affiliates provided investment advisory services for assets in
excess of $8.0 trillion. BFA and its affiliates trade and invest for their own
accounts in the actual securities and types of securities in which the Fund may
also invest, which may affect the price of such securities.
A
discussion regarding the basis for the approval by the Trust's Board of Trustees
(the “Board”) of the Investment Advisory Agreement with BFA will be available in
the Fund's Annual Report for the period ending March 31, 2023.
Portfolio
Managers. Jennifer Hsui, Greg Savage, Paul
Whitehead and Amy Whitelaw are primarily responsible for the day-to-day
management of the Fund. The Portfolio Managers are responsible for various
functions related to portfolio management, including, but not limited to,
investing cash inflows, coordinating with members of their respective portfolio
management teams to focus on certain asset classes, implementing investment
strategy, researching and reviewing investment strategy and overseeing members
of their respective portfolio management teams who have more limited
responsibilities.
Jennifer
Hsui has been employed by BFA or its affiliates as a senior portfolio manager
since 2007. Prior to that, Ms. Hsui was a portfolio manager from 2006 to 2007
for Barclays Global Fund Advisors (“BGFA”). Ms. Hsui has been a Portfolio
Manager of the Fund since inception (2022).
Greg
Savage has been employed by BFA or its affiliates as a senior portfolio manager
since 2006. Prior to that, Mr. Savage was a portfolio manager from 2001 to 2006
for BGFA. Mr. Savage has been a Portfolio Manager of the Fund since inception
(2022).
Paul
Whitehead has been with BlackRock since 1996, including his years with Barclays
Global Investors (“BGI”), which merged with BlackRock in 2009. Mr. Whitehead has
been employed by BlackRock as a Managing Director since 2010 and a Director
from