BlackRock Investment Management, LLC

Item 1 Cover Page

BlackRock Investment Management, LLC

1 University Square Drive Princeton, NJ 08540 609-282-2000

March 27, 2019

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 the telephone number provided above. 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 adviserinfo..

Item 2 Material Changes

Item 2 Material Changes

The last annual updating amendment to Form ADV Part 2A (the "Brochure") was dated March 29, 2018. Material changes to this Brochure since the March 2018 filing includes amendments to the following items: Item 4 Advisory Business - Portfolio Research and Digital Investment Tools and Analysis: Information was added regarding portfolio research services and digital tools and analysis services ("Research and Digital Services"). Additional information about Research and Digital Services can also be found in Item 12 ("Brokerage Practices"). Item 10 Other Financial Industry Activities and Affiliations - Relationships or Arrangements with Affiliates and/or Related Persons: Information was added regarding the merger of Tennenbaum Capital Partners, LLC and its subsidiary SVOF/MM, LLC, with and into a wholly-owned indirect subsidiary of BlackRock, Inc. Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading - Certain Proprietary Transactions by BlackRock: Additional information was added regarding potential conflicts associated with certain proprietary transactions.

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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 Model-Based SMA Programs....................................................................................................................... 4 Portfolio Research Services and Digital Investment Tools and Analysis..................................................... 5

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).................................................. 10 Dual Contract SMA Program Accounts...................................................................................................... 10

TIMING AND PAYMENT OF ADVISORY FEES ..........................................................................11 OTHER FEES AND EXPENSES .................................................................................................11 FEES PAID TO ADVISER BY THIRD PARTIES..........................................................................13 CO-INVESTMENTS.....................................................................................................................13

Item 6 Performance-Based Fees and Side-By-Side Management........................................................................ 14

Item 7 Types of Clients ............................................................................................................................................. 15

OVERVIEW OF CLIENTS ...........................................................................................................15

US Registered Funds ................................................................................................................................. 16 Private Funds ............................................................................................................................................. 16 Other Pooled Investment Vehicles............................................................................................................. 17 Institutional Separate Accounts and Separately Managed Accounts ........................................................ 17

Item 8 Methods of Analysis, Investment Strategies and Risk of Loss ................................................................ 19

FIXED INCOME MANDATES ......................................................................................................19 EQUITY MANDATES ..................................................................................................................20 CASH MANAGEMENT MANDATES ...........................................................................................20 ALTERNATIVE MANDATES .......................................................................................................20 MULTI-ASSET MANDATES ........................................................................................................21 INDEX MANDATES.....................................................................................................................21 OTHER STRATEGIES ................................................................................................................22

Borrowing and Leverage ............................................................................................................................ 22

INVESTMENT STRATEGY RISKS..............................................................................................22 TECHNOLOGY AND CYBERSECURITY RISK...........................................................................29 OPERATING EVENTS ................................................................................................................30

Item 9 Disciplinary Information................................................................................................................................ 32

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Item 3 Table of Contents

Item 10 Other Financial Industry Activities and Affiliations ................................................................................. 33

AFFILIATED BROKER-DEALERS...............................................................................................33 AFFILIATED REGISTERED INVESTMENT ADVISERS..............................................................33 AFFILIATED COMMODITY POOL OPERATOR / COMMODITY TRADING ADVISOR ...............33 RELATIONSHIPS OR ARRANGEMENTS WITH AFFILIATES AND/OR RELATED PERSONS ..34

Securities Lending...................................................................................................................................... 36 Transition Management ............................................................................................................................. 37 BlackRock Solutions? ................................................................................................................................. 37 Client Portfolio Solutions ............................................................................................................................ 37 Financial Markets Advisory ........................................................................................................................ 38

Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ...................... 39

BLACKROCK'S GLOBAL PERSONAL TRADING POLICY AND OTHER ETHICAL RESTRICTIONS ..........................................................................................................................40 OUTSIDE ACTIVITIES ................................................................................................................41 POLITICAL CONTRIBUTIONS....................................................................................................41 POTENTIAL CONFLICTS RELATING TO ADVISORY ACTIVITIES............................................41

Financial or Other Interests in Underlying Funds....................................................................................... 42 Cross Trades .............................................................................................................................................. 42 Inconsistent Investment Positions and Timing of Competing Transactions............................................... 42 Conflicts Relating to Portfolio Management of Various Accounts.............................................................. 44

SIDE-BY-SIDE MANAGEMENT ..................................................................................................44 MANAGEMENT OF INDEX FUNDS ............................................................................................44 CERTAIN PRINCIPAL TRANSACTIONS IN CONNECTION WITH THE ORGANIZATION OF A PRIVATE FUND AND BLACKROCK US FUND ..........................................................................45 CERTAIN PROPRIETARY TRANSACTIONS BY BLACKROCK .................................................45 POTENTIAL RESTRICTIONS AND CONFLICTS RELATING TO INFORMATION POSSESSED OR PROVIDED BY BLACKROCK ...............................................................................................45

Availability of Proprietary Information......................................................................................................... 45 Material Non-Public Information/Insider Trading........................................................................................ 46

POTENTIAL CONFLICTS THAT ARISE WITH RESPECT TO SERVICES PROVIDED BY OR THROUGH VARIOUS BLACKROCK ENTITIES AND THE PNC ENTITIES ................................47

Services Provided to a BlackRock Client by other BlackRock Investment Advisers or through Investments in a BlackRock Investment Product ........................................................................................................... 47 BlackRock's Registered Investment Companies, Private Funds and Other Investment Products............ 48 Rule 12b-1 Plans of BlackRock US Registered Funds and Additional Payments ..................................... 50 Use of PNC Entities to Provide Services or Execute Transactions ........................................................... 51 Transactions in Securities, Futures and Similar Instruments ..................................................................... 51 Purchases of Unregistered Securities through a PNC Broker-Dealer ....................................................... 51 Purchases of Securities for which a PNC Broker-Dealer is an Underwriter .............................................. 51 Borrowing or Lending Funds or Securities ................................................................................................ 52 Pricing and Valuation of Securities and Other Investments....................................................................... 52 Banking, Custodial and Related Services .................................................................................................. 54 Conflicts of Interest Presented by the Retention of Third-Party Fees........................................................ 54 Considerations for ERISA Clients .............................................................................................................. 55

POTENTIAL CONFLICTS RELATING TO PRODUCTS AND SERVICES OF PNC ENTITIES....55

Certain Investment Products or Services of PNC Entities Compete with BlackRock Clients.................... 55 Investments in Service Clients of the BlackRock Group or the PNC Entities ............................................ 56

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Item 3 Table of Contents

POTENTIAL CONFLICTS RELATING TO BLACKROCK CLIENTS' USE OF INVESTMENT CONSULTANTS AND BLACKROCK'S RELATIONSHIP WITH PENSION CONSULTANTS.......56 BLACKROCK IN-SOURCES OR OUTSOURCES CERTAIN SERVICES TO THIRD PARTIES ..56 POTENTIAL RESTRICTIONS ON INVESTMENT ADVISER ACTIVITY ......................................57

Item 12 Brokerage Practices .................................................................................................................................... 59

SELECTION OF BROKERS, DEALERS AND OTHER TRADING VENUES AND METHODS ....59

Trade Reporting ......................................................................................................................................... 60 Research and Soft Dollars ......................................................................................................................... 60 Access Fees Paid to, and Discounts Provided by, ECNs, Derivatives Clearing Firms and Other Trading Systems...................................................................................................................................................... 61

COMPETING OR COMPLEMENTARY INVESTMENTS AND TRADE AGGREGATION.............62 DIRECTED BROKERAGE...........................................................................................................63 NON-DISCRETIONARY ACCOUNTS .........................................................................................64 MODEL-BASED SMA PROGRAMS ............................................................................................65 RESEARCH AND DIGITAL SERVICES.......................................................................................65 PORTFOLIO TRADING UPON RECEIPT OF NOTICE OF CONTRIBUTION OR WITHDRAWAL ....................................................................................................................................................65 CHANGES TO BLACKROCK'S BROKERAGE ARRANGEMENTS.............................................66

Item 13 Review of Accounts..................................................................................................................................... 67

NATURE AND FREQUENCY OF CLIENT ACCOUNT REVIEW .................................................67 FREQUENCY AND CONTENT OF CLIENT ACCOUNT REPORTS............................................67

Item 14 Client Referrals and Other Compensation ................................................................................................ 68

PAYMENTS TO BLACKROCK BY A NON-CLIENT IN CONNECTION WITH ADVICE PROVIDED TO A CLIENT ..............................................................................................................................68 SOLICITATION, INTRODUCTION OR PLACEMENT ARRANGEMENTS ...................................68 SOLICITATIONS BY MLPF&S OR ITS EMPLOYEES .................................................................68

Item 15 Custody......................................................................................................................................................... 70 Item 16 Investment Discretion ................................................................................................................................. 71 Item 17 Voting Client Securities .............................................................................................................................. 72 Item 18 Financial Information .................................................................................................................................. 75 GLOSSARY ................................................................................................................................................................ 76 BlackRock Privacy Principles.................................................................................................................................. 80

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