Summary

• The BlackRock Natural Resource fund posted returns of 18.51% (Institutional shares) and 18.44% (Investor A shares) for the first quarter of 2026.
• The fund’s underperformance of its benchmark was led by a lack of exposure to TotalEnergies and off-benchmark allocations to building materials companies CRH and Martin Marietta Materials.
• Overweight holdings in select energy stocks aided relative performance as oil prices increased strongly.
• Strong oil price increases supported the positive performance of energy stocks and the fund’s overweight positions in Suncor Energy, ExxonMobil, Chevron, and Shell.
• Underinvestment in new mine supply has created constraints, while geopolitical tensions add supply disruption risks and may raise prices.

Commentary as of 03/31/26

• The fund posted returns of 18.51% ((Institutional shares)) and 18.44% ((Investor A shares, without sales charge)) for the first quarter of 2026.

• The fund’s underperformance of its benchmark was