BFK Overview

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.

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 October 1, 2025, and payable dates varying by fund.

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 based on a percentage of their net asset value.

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

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

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 September 2, 2025, and payable dates on September 30, 2025, or October 1, 2025.

Managed Distribution Plans: Several funds have adopted managed distribution plans to maintain consistent monthly distributions, which may include returns of capital if net income is insufficient, and the actual sources of distributions will be determined at the end of the fiscal year.

Investment Opportunities in Closed-End Funds: Bank of America Securities highlights that closed-end funds (CEFs) offer attractive double-digit yields, with some sectors like loans, multi-sector, and convertibles averaging yields of 11% or more, despite current market valuations not being particularly appealing.

Recommended Funds and Market Trends: The firm recommends several CEFs, including BlackRock MuniAssets and Pimco High Income Fund, noting that many funds are trading at discounts and have strong distribution rates, while also cautioning investors about potential fees and leverage risks.