|Current and Amended Policy|
|BDV, BDT,BDJ||Under normal market conditions, at least 80% of the Fund’s total assets will beinvested in equity securities that have been identified as “Dividend Achievers TM” byMergent, Inc., a third-party provider of market data services.||Under normal market conditions, at least 80% of the Fund’stotal assets will be invested in dividend paying equities.|
|BDT||Under normal market conditions, at least 80% of the Fund’s total assets will beinvested in equities of small- and mid- capitalization companies that are DividendAchievers TM.||Under normal market conditions, at least 80% of the Fund’stotal assets will be invested in small- and mid-capitalization companies, as defined by the Russell MidCap Index.|
The Board has taken this action as a consequence of recent market events, during which a number of companies reduced, suspended or failed to raise their dividends over the past several years, resulting in their exclusion from consideration as Dividend Achievers TM and reducing the number of available companies for purchase in the Funds. Given the need to raise dividends for at least ten consecutive calendar years, such companies would be excluded from consideration as Dividend Achievers TM for the foreseeable future.In addition to the foregoing, the Board also approved changes to the Funds’ restriction on other eligible investments. Previously, the Funds were restricted to investing, under normal market conditions, no more than 20% of their total assets in equity securities that are not identified as Dividend Achievers TM by Mergent, Inc. In similar concept to the 80% policy change, the amended policy allows the Funds to invest, under normal market conditions, up to 20% in equity securities of issuers that do not pay dividends. Each Fund has also removed investment policies limiting the market cap, position size or number of holdings permitted in such Fund. BDT has removed its policy that under current market conditions, BDT’s investment advisor and sub-advisor will consider an issuer with a market capitalization ranking in the bottom 90% of the market capitalization of all issuers included in the Russell 3000 Index to be a small to mid-capitalization company. BDT will now invest at least 80% of its total assets in small to mid-capitalization companies, as defined by the Russell Mid Cap Index. BDV and BDJ have each removed its policy limiting its maximum weighting of any individual issuer in its portfolio to 5% at the time of purchase. BDT has removed its policy limiting its investments under current market conditions to no more than (i) 2% of its total assets in mid-capitalization issuers; (ii) 1.5% of its total assets in any small/mid-capitalization issuer; and (iii) 0.5% of its total assets in any small capitalization issuer, at the time of purchase.
BDV and BDJ have each removed its policy limiting its portfolio to approximately 60 to 90 issuers from the top 100 highest yielding common stocks in the Dividend Achievers TM Universe. BDT has removed its policy limiting its portfolio to approximately 100 small to mid-capitalization companies included in the Russell 3000 Index.Each Fund will remain subject to the fundamental investment restriction that such Fund may not invest 25% or more of the value of its total assets in any one industry or invest, with respect to 75% of its total assets, more than 5% of the value of its total assets in the securities of any single issuer or purchase more than 10% of the outstanding securities of any one issuer. As disclosed in its prospectus, each Fund is required to provide shareholders 60 days notice of a change to its current non-fundamental policies described above. Accordingly, a notice describing the changes discussed above will be mailed to shareholders of record as of March 9, 2011. No action is required by shareholders of the Funds in connection with this change. Upon the completion of the 60-day notice period, each Fund’s name will be changed to reflect this change in non-fundamental policy. Each Fund will continue to trade on the New York Stock Exchange under its current ticker symbol even after the name change becomes effective. About BlackRock BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At December 31, 2010, BlackRock’s AUM was $3.561 trillion. BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares ® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions ® . Headquartered in New York City, as of December 31, 2010, the firm has approximately 9,100 employees in 25 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the firm’s website at www.blackrock.com Forward-Looking Statements This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.
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