Summary

• The fund posted returns of 35.86% (Institutional shares) and 35.80% (Investor A shares, without sales charge) for the first quarter of 2026.
• The sharp rise in oil prices was positive for off-benchmark E&P companies Kosmos Energy and Permian Resources, while refining margins remained strong, to the benefit of U.S. refiner Valero Energy.
• BlackRock Energy Opportunities Fund had overweight exposures to the distribution, oilfield services, integrated, and refining industries, while it had an underweight position in the E&P industry.
• BlackRock continue to believe that stronger-for-longer oil and gas demand over the medium term is not reflected in energy stock prices.
• BlackRock expect energy security to be a key policy priority for governments, supporting investment across resilient supply, infrastructure, and services.

• The fund posted returns of 35.86% ((Institutional shares)) and 35.80% ((Investor A shares, without sales charge)) for the first quarter of 2026.

• Weak relative performance was led by distribution companies and stocks that the