BlackRock Advisors, LLC today announced that the Board of
Directors/Trustees (the “Board”) for its Closed-End Funds recently
approved changes to certain non-fundamental investment objectives
and policies for each of BlackRock Dividend AchieversTM Trust
(NYSE:BDV), BlackRock Strategic Dividend AchieversTM Trust
(NYSE:BDT) and BlackRock Enhanced Dividend AchieversTM Trust
(NYSE:BDJ) (collectively, the “Funds”).
As a result of these policy changes, the Funds will no longer
use Mergent’s Dividend AchieversTM as the underlying universe for
investment in equity securities. Instead, each Fund will broaden
its investment guidelines to investing across the broader spectrum
of dividend paying equities.
The Funds’ current and amended non-fundamental policies are as
follows:
Current and Amended Policy
Ticker Current
Amended
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 AchieversTM” 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
DividendAchieversTM.
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.
Similarly, the investment strategy described in the Funds’
non-fundamental investment objectives or investment policies, as
the case may be for each Fund, has been modified to remove
reference to “above average” dividend paying equities.
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
AchieversTM 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 AchieversTM 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 AchieversTM 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 AchieversTM 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.
BlackRock cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and BlackRock assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ
materially from those anticipated in forward-looking statements and
future results could differ materially from historical
performance.
With respect to each Fund, the following factors, among others,
could cause actual events to differ materially from forward-looking
statements or historical performance: (1) changes and volatility in
political, economic or industry conditions, the interest rate
environment, foreign exchange rates or financial and capital
markets, which could result in changes in demand for the Fund or in
the Fund’s net asset value; (2) the relative and absolute
investment performance of the Fund and its investments; (3) the
impact of increased competition; (4) the unfavorable resolution of
any legal proceedings; (5) the extent and timing of any
distributions or share repurchases; (6) the impact, extent and
timing of technological changes; (7) the impact of legislative and
regulatory actions and reforms, including the recently approved
Dodd-Frank Wall Street Reform and Consumer Protection Act, and
regulatory, supervisory or enforcement actions of government
agencies relating to the Fund or BlackRock, as applicable; (8)
terrorist activities, international hostilities and natural
disasters, which may adversely affect the general economy, domestic
and local financial and capital markets, specific industries or
BlackRock; (9) BlackRock’s ability to attract and retain highly
talented professionals; (10) BlackRock’s success in maintaining
secondary market support for the Fund; (11) the impact of BlackRock
electing to provide support to its products from time to time; (12)
the impact of problems at other financial institutions or the
failure or negative performance of products at other financial
institutions; and (13) the ability of BlackRock to integrate the
operations of Barclays Global Investors.
The Annual and Semi-Annual Reports and other regulatory filings
of the Funds with the Securities and Exchange Commission (“SEC”)
are accessible on the SEC's website at www.sec.gov and on
BlackRock’s website at www.blackrock.com, and may discuss
these or other factors that affect the Funds. The information
contained on our website is not a part of this press release.
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