BFZ Overview

Shareholder Approvals: BlackRock Advisors announced that shareholders approved the reorganization or merger of several closed-end funds during meetings held on October 15 and November 20, 2025.

Details of Reorganizations: The reorganization involves merging eight municipal closed-end funds into four acquiring funds, with expected completion in February 2026, pending customary closing conditions.

Non-Taxable Events: The reorganizations are anticipated to be non-taxable events, occurring based on the relative net asset values of each fund's common shares at the time of the reorganization.

Investor Information: BlackRock will provide monthly updates on fund performance and other material information on its website, encouraging investors to check for the latest data regarding the funds.

Distribution Announcements: BlackRock has announced distributions for various closed-end funds, including municipal, taxable municipal, taxable fixed income, equity, and multi-asset funds, with declaration dates set for November 3, 2025, and payable dates on November 28, 2025.

Managed Distribution Plans: The BlackRock Capital Allocation Term Trust and BlackRock ESG Capital Allocation Term Trust have adopted managed distribution plans to maintain a consistent monthly distribution of income, capital gains, and/or return of capital, calculated based on their 12-month rolling average daily net asset value.

Estimated Sources of Distributions: The estimated sources of distributions for the funds include net income, net realized short-term gains, net realized long-term gains, and return of capital, with many funds expected to distribute more than their income and gains, indicating a potential return of capital.

Forward-Looking Statements: BlackRock cautions that forward-looking statements regarding the funds' performance and distributions are subject to various risks and uncertainties, and actual results may differ significantly from those anticipated.