BlackRock has scheduled two separate reorganizations of its municipal closed-end funds, expected to close on February 9, 2026 and February 23, 2026. To facilitate these transactions, all shares of the target funds—BFK, BLE, BYM, MUE, BFZ, BNY and MHN—will cease trading on the NYSE at the close of business on February 6, 2026, while shares of MVF, MVT, BTA, BKN, MQT and MYD will stop trading on February 20, 2026. Upon closing, shareholders of the target funds will receive shares of the corresponding surviving funds or cash in lieu of fractional shares, with final target fund distributions paid in cash on March 2, 2026.

Following the mergers, the surviving funds will pay combined-fund distributions for January through March, with record dates on January 20, February 6 and March 13, 2026 and payable dates on February 2, March 2 and April 1, 2026, respectively. Target fund shareholders will receive pre-reorganization distributions for January and February, matching the January 20 and February 6 record dates, with both payments made on March 2, 2026. Shareholders who hold or receive shares of the surviving funds by the March record date will be eligible for the March 13 distribution.

In compliance with Section 19 of the Investment Company Act of 1940, BlackRock posted notices to the DTC bulletin board and mailed Section 19 notices to shareholders of record for each distribution, clarifying that these notices are informational only and not for tax reporting purposes. Final determinations of distribution sources and tax characteristics for 2025 distributions will be made after year-end. Investors are encouraged to monitor the Closed-End Funds section of blackrock.com for monthly performance updates and any further material information regarding the merged funds.