Summary

• The BlackRock Global Dividend Fund posted returns of -2.29% (Institutional shares) and -2.38% (Investor A shares, without sales charge) for the first quarter of 2026.
• Applied Materials contributed to relative returns, supported by strong earnings, improved sentiment around semiconductor capital expenditure, solid demand due to artificial intelligence, and easing China export concerns.
• Williams Companies performed positively as the Middle East conflict drove up energy prices, reinforcing demand for its secure gas infrastructure.
• BlackRock Global Dividend Fund exited the position in UnitedHealth given flat Medicare reimbursement and structural funding pressures.
• BlackRock Global Dividend Fund strengthened its resilience through an increase in defensive positions and selective adjustments.

• The fund posted returns of -2.29% (Institutional shares) and -2.38% (Investor A shares, without sales charge) for the first quarter of 2026.

• Stock selection in the communication services, consumer staples, and utilities sectors, along with an