In re: BlackRock Mutual Funds Advisory
Fee Litigation, 3:14-cv-01165-FLW-TJB
(D.N.J.), 19-1557 (3d Cir.)

On May 27, 2014, Owen Clancy, Timothy
Davidson, Cindy Tarchis and Brendan
Foote, investors in the BlackRock Global
Allocation Fund, Inc. ("Global Allocation")
and the BlackRock Equity Dividend Fund
("Equity Dividend") filed a consolidated
complaint in the United States District Court
for the District of New Jersey against
BlackRock Advisors, LLC, BlackRock
Investment Management, LLC and
BlackRock International Limited
(collectively, the "Defendants") under the
caption In re BlackRock Mutual Funds
Advisory Fee Litigation. In the lawsuit, which
purports to be brought derivatively on behalf
of Global Allocation and Equity Dividend,
the plaintiffs allege that the Defendants
violated Section 36(b) of the Investment
Company Act by receiving allegedly
excessive investment advisory fees from
Global Allocation and Equity Dividend. On
June 13, 2018, the court granted in part and
denied in part the Defendants' motion for
summary judgment. On July 25, 2018, the
plaintiffs served a pleading that
supplemented the time period of their
alleged damages to run through the date of
trial. The lawsuit seeks, among other things,
to recover on behalf of Global Allocation
and Equity Dividend all allegedly excessive
advisory fees received by the Defendants
beginning twelve months preceding the start
of the lawsuit with respect to each of Global
Allocation and Equity Dividend and ending
on the date of judgment, along with
purported lost investment returns on those
amounts, plus interest. The Defendants
believe the claims in the lawsuit are without
merit. The trial on the remaining issues was
completed on August 29, 2018. On
February 8, 2019, the court issued an order
dismissing the claims in their entirety. On
March 8, 2019, the plaintiffs provided notice
that they are appealing both the February 8,
2019 post-trial order and the June 13, 2018
order partially granting Defendants' motion
for summary judgment.