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Blackrock Investment Management, LLC Thank you for selecting BlackRock to manage your separately managed account (“SMA”). Enclosed please find BlackRock’s Form ADV Part 2A and Form ADV Part 2B Brochure Supplements. The “Retail Separately Managed Accounts” Brochure Supplement contains information on various BlackRock personnel who are responsible for the day-to-day management of BlackRock’s retail SMA program accounts (“Relationship Managers”). Relationship Managers generally are assigned to such accounts based on several factors which may include, but are not limited to, the particular SMA program sponsor, the size of the account, the location of the client and/or its financial professional, and the investment strategy requested by the client. The “BlackRock” Brochure Supplement contains information on various BlackRock personnel who are responsible for identifying the particular investments that are appropriate for the investment strategies available to retail SMA program clients (“Strategy Managers”). The following table identifies each BlackRock investment strategy currently available in the SMA program(s) identified below, as well as the Relationship Managers and Strategy Managers that likely would be involved with providing investment advisory services to you in the event BlackRock were to manage your SMA program account in accordance with the particular investment strategy. Please review the enclosed Brochure Supplements for biographical and other information about those Managers. Sponsor Morgan Stanley Smith Barney Program(s) Fiduciary Services Investment Strategy Relationship Team Strategy Team Large Cap Core Brendan O'Neill, David Dressel, Peter Stournaras Fred Park, Joe Hurchik Large Cap Value Brendan O'Neill, Joe Hurchik, Peter Stournaras Kerry Scharschmidt, Thomas Steiger Equity Dividend Brendan O'Neill, Joe Hurchik, Bob Shearer, Tony DeSpirito, Kathleen Stacy Salvatore, Kerry Anderson, David Cassese Scharschmidt, Thomas Steiger Core Bond (With BATS) Dave Chendak Mike Heilbronn, Matthew Marra, Thomas Musmanno Low Duration (With BATS) Dave Chendak Mike Heilbronn, Matthew Marra, Thomas Musmanno Short Term Municipal Todd Ciemniecki, Greg Cavallo, Peter Hayes, William Henderson, Jr, Ted Fixed Income Bennet Scauzzo, Ryan Nielson, Jaeckel, Walter O'Connor, James Pruskowski Michael Hanratty Long Term Municipal Todd Ciemniecki, Greg Cavallo, Peter Hayes, William Henderson, Jr, Ted Fixed Income Bennet Scauzzo, Ryan Nielson, Jaeckel, Walter O'Connor, James Pruskowski Michael Hanratty Intermediate Municipal Todd Ciemniecki, Greg Cavallo, Peter Hayes, William Henderson, Jr, Ted Fixed Income Bennet Scauzzo, Ryan Nielson, Jaeckel, Walter O'Connor, James Pruskowski Michael Hanratty Short Term Taxable Fixed Vikas Goyal, Greg Cavallo, Mike Heilbronn, Matthew Marra, Thomas Income Bennet Scauzzo, Ryan Nielson, Musmanno Michael Hanratty Fundamental Core Vikas Goyal, Greg Cavallo, Mike Heilbronn, Matthew Marra, Thomas Taxable Fixed Income Bennet Scauzzo, Ryan Nielson, Musmanno Michael Hanratty Intermediate Taxable Vikas Goyal, Greg Cavallo, Mike Heilbronn, Matthew Marra, Thomas Fixed Income Bennet Scauzzo, Ryan Nielson, Musmanno Michael Hanratty Global Dividend Brendan O’Neill, Thomas Steiger, James Bristow, Stuart Reeve, Teun Anton Jim Manning, Joseph Hurchik Draaisma, Andrew Wheatley-Hubbard, Gary Clarke Global Fixed Income George Mishkin, Brett Buchness George Mishkin, Brett Buchness Item 1 Cover Page BlackRock Investment Management, LLC 1 University Square Drive Princeton, NJ 08540 212-810-5300 September 29, 2014 This Brochure provides information about the qualifications and business practices of BlackRock Investment Management, LLC as well as certain other affiliated registered investment adviser subsidiaries ( the “Advisers”) of BlackRock, Inc. (together with its subsidiaries, “BlackRock”). If you have any questions about the contents of this Brochure, please contact BlackRock Investment Management, LLC at 212-810-5300. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. BlackRock Investment Management, LLC is registered as an investment adviser with the SEC. Registration as an investment adviser does not imply any level of skill or training. Additional information about BlackRock Investment Management, LLC is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2 Material Changes Item 2 Material Changes No changes, deemed to be material, have been made to the Brochure since the annual updating amendment on March 28, 2014. Page ii Item 3 Table of Contents Item 3 Table of Contents Item 1 Cover Page ........................................................................................................................ i Item 2 Material Changes ............................................................................................................. ii Item 3 Table of Contents ........................................................................................................... iii Item 4 Advisory Business .......................................................................................................... 1 OVERVIEW OF BLACKROCK REGISTERED INVESTMENT ADVISERS .................................... 1 ADVISORY SERVICES .................................................................................................................1 Institutional Separate Accounts and Separately Managed Accounts .............................. 3 SERVICES OF AFFILIATES ..........................................................................................................5 Item 5 Fees and Compensation ................................................................................................. 6 ADVISORY FEES ..........................................................................................................................6 FEE SCHEDULES .........................................................................................................................6 US Registered Funds ...................................................................................................... 6 Private Funds .................................................................................................................. 6 Institutional Separate Accounts ....................................................................................... 6 Private Investors Accounts.............................................................................................. 6 Separately Managed Accounts (Other than Private Investors Accounts) ........................ 9 Dual Contract SMA Program Accounts ........................................................................... 9 TIMING AND PAYMENT OF ADVISORY FEES .......................................................................... 10 OTHER FEES AND EXPENSES ................................................................................................. 11 Item 6 Performance-Based Fees and Side-By-Side Management ........................................ 12 Item 7 Types of Clients ............................................................................................................. 13 OVERVIEW OF CLIENTS ........................................................................................................... 13 US Registered Funds .................................................................................................... 14 Private Funds ................................................................................................................ 14 Other Pooled Investment Vehicles ................................................................................ 16 Separately Managed Accounts ..................................................................................... 16 Item 8 Methods of Analysis, Investment Strategies and Risk of Loss ................................. 17 FIXED INCOME MANDATES ...................................................................................................... 17 EQUITY MANDATES .................................................................................................................. 18 CASH MANAGEMENT MANDATES ........................................................................................... 18 ALTERNATIVE MANDATES ....................................................................................................... 18 MULTI-ASSET MANDATES ........................................................................................................ 18 INDEX MANDATES ..................................................................................................................... 19 OTHER STRATEGIES ................................................................................................................ 19 Borrowing and Leverage ............................................................................................... 19 INVESTMENT STRATEGY RISKS .............................................................................................. 19 OPERATING EVENTS ................................................................................................................ 26 Page iii Item 3 Table of Contents Item 9 Disciplinary Information ................................................................................................ 27 Item 10 Other Financial Industry Activities and Affiliations .................................................. 28 AFFILIATED BROKER-DEALERS ..............................................................................................
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