BlackRock Announces Investment Strategy and Portfolio Manager Changes to Certain Closed-End Funds

NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC announced today the Boards of Trustees of BlackRock Dividend Achievers^TM Trust (NYSE: BDV), BlackRock Strategic Dividend Achievers^TM Trust (NYSE: BDT), BlackRock Enhanced Dividend Achievers^TM Trust (NYSE: BDJ) and BlackRock S&P Quality Rankings Global Equity Managed Trust (NYSE Amex: BQY) (the “Funds”) approved a change to the investment strategy employed by each Fund. In connection with the investment strategy changes, BlackRock also announced changes to each Fund’s portfolio management team.

The Funds have previously utilized a quantitative, index-based investment style in selecting equity investments. Pursuant to the new investment strategy, effective February 16, 2010, the Funds will now utilize an investment style based on a fundamental analysis of individual securities that is not index-based. As a result, under the new investment strategy, the Funds are particularly dependent on the analytical abilities of BlackRock. There have been no changes to the Funds’ investment objectives, guidelines and/or policies apart from the method used to implement their investment strategies. Each Fund will continue to emphasize dividend-paying and/or quality equities, as described in its prospectus, and will continue to utilize an option-writing strategy to enhance current gains.

In connection with the investment strategy changes, Robert Shearer and Kathleen Anderson from BlackRock’s Equity Dividend team (the “Team”) assumed primary responsibility of the equity portfolio of each Fund. The Team currently manages a portion of two registered closed-end funds, including BlackRock Real Asset Equity Trust (NYSE: BCF) and BlackRock EcoSolutions Investment Trust (NYSE: BQR), and several registered open-end funds, including BlackRock Equity Dividend Fund. Kyle McClements will continue to oversee each Fund’s option-writing strategy.

Portfolio Manager Biographies:

Robert Shearer, Managing Director and portfolio manager, is the lead portfolio manager for the Equity Dividend Fund and the BlackRock Natural Resources Fund, both registered open-end funds. Mr. Shearer's service with the firm dates back to 1997, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he managed the Merrill Lynch World Natural Resources Portfolio. Prior to joining MLIM, Mr. Shearer was a vice president with David L. Babson & Company, Inc., at Concert Capital Management, Inc. as a Vice President and Sector Manager and at Fiduciary Trust Company International as a Vice President.

Kathleen Anderson, Managing Director and portfolio manager, is an associate portfolio manager for the Equity Dividend Fund and is also the lead portfolio manager for the BlackRock Utilities and Telecommunications Fund, both registered open-end funds. Ms. Anderson's service with the firm dates back to 1993, including her years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, she served several roles, including analyst and portfolio manager for the Utility and Telecommunications Fund and associate portfolio manager for the Equity Dividend Fund. Prior to joining MLIM, Ms. Anderson served as a research associate at Chancellor Capital Management (formerly Citigroup Investment Management) from 1983 until 1993. At Chancellor Capital Management, Ms. Anderson was a research associate for entertainment and media and an analyst on a real estate fund. In 1987, she assumed coverage as the analyst for the utilities and telecommunications sectors.

Kyle G. McClements, CFA, Managing Director and equity trader, is a member of BlackRock's US equity trading group. He is primarily responsible for the group's hedging strategy. Mr. McClements' service with the firm dates back to 2004, including his years with State Street Research & Management (SSRM), which merged with BlackRock in 2005. At SSRM, Mr. McClements was a Vice President and senior derivatives strategist responsible for equity derivative strategy and trading in the Quantitative Equity Group at State Street Research. Prior to joining State Street Research in 2004, Mr. McClements was a senior trader/analyst at Deutsche Asset Management, responsible for derivatives, equity program, technology and energy sector, and foreign exchange trading. Mr. McClements began his career in 1994 as a derivatives analyst with Donaldson Lufkin & Jenrette responsible for pricing and performance analytics for the derivatives trading desk.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At December 31, 2009, BlackRock’s assets under management was $3.346 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, 2009, the firm has approximately 8,500 full-time employees in 24 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 the BlackRock closed-end funds’ 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 and the closed-end funds managed by BlackRock and its affiliates assume no duty to and do 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.

The following factors, among others, could cause actual events to differ materially from forward looking statements or historical occurrences: (1) the ability of this BlackRock closed-end fund that has announced this investment policy change to implement this change on a timely basis; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the Fund’s net asset value, market price and dividend rates; (3) the performance of the Fund’s investments; (4) the impact of increased competition; (5) the extent and timing of any distributions or share repurchases; (6) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or BlackRock, as applicable; (7) other legal and regulatory developments; and (8) other additional execution risks and uncertainties.