Summary

• The BlackRock Large Cap Focus Growth Fund posted returns of -9.08% for Institutional shares and -9.13% for Investor A shares during the first quarter of 2026.
• Stock selection in IT, especially semiconductors, and industrials positioning drove relative outperformance, while health care and energy detracted.
• During the quarter, the fund increased its allocations to the industrials and real estate sectors while reducing exposures to the IT and consumer discretionary sectors.
• The largest detractor from performance was stock selection in the health care sector, specifically due to an overweight exposure to the health care equipment and supplies industry.
• Portfolio management remains constructive on U.S. equities, viewing recent pressure on high-multiple growth stocks as an opportunity to add high-quality franchises at more attractive valuations.

• The fund posted returns of -9.08% (Institutional shares) and -9.13% (Investor A shares, without sales charge) for the first quarter of 2026.

• The largest contributor to relative returns was stock selection in the