BlackRock Enhanced Large Cap Core Fund Initiates 15 Million Share At-The-Market Offering at $24.59 Per Share

Offering Structure and Terms

BlackRock Enhanced Large Cap Core Fund disclosed entering into a distribution agreement dated July 27, 2026 with BlackRock Investments, LLC, an affiliate of its adviser BlackRock Advisors, LLC. The Distributor also executed a sub-placement agent agreement with UBS Securities LLC to facilitate sales of the Fund's common shares. This arrangement enables the Fund to offer and sell shares intermittently through UBS Securities as sub-placement agent. Sales may be conducted via negotiated or at-the-market transactions under Securities Act Rule 415, including direct NYSE sales or through market makers.

The Fund confirmed that shares cannot be sold below the current NAV, excluding any commissions or discounts, in compliance with the Investment Company Act. Sales under this prospectus supplement and the base prospectus may occur in various formats, providing flexibility in share distribution. This structure is standard for closed-end funds aiming to raise capital while adhering to regulatory requirements.

Pricing Details and Market Data

As of July 20, 2026, the Fund's last reported NAV per share was $23.81, with the last NYSE sale price at $24.59, reflecting a premium of approximately $0.78 per share or 3.3% above NAV. The offering price is based on this last reported sale price and will serve as the reference for the at-the-market offering going forward.

The Fund noted there is no assurance that all or any shares will be sold under this offering. The actual number of shares sold may be less than 15,000,000, and sale prices may vary above or below $24.59 depending on market conditions at the time of each transaction. This highlights the inherent uncertainty of at-the-market offerings where sales occur over time at prevailing prices.

Commission and Compensation Details

The Fund will pay the Distributor a commission of 1.00% of gross proceeds from share sales. From this, the Distributor will pay UBS Securities LLC, the Sub-Placement Agent, up to 0.80% of gross proceeds. The Distributor may be considered an "underwriter" under the Securities Act, with compensation treated as underwriting commissions or discounts.

This tiered commission structure aligns with market norms for closed-end fund at-the-market offerings. The disclosure provides transparency on distribution costs, though actual commissions paid to UBS Securities may vary depending on transaction specifics and market conditions.

Fund Investment Objective and Management

BlackRock Enhanced Large Cap Core Fund is a diversified, closed-end management investment company registered under the Investment Company Act of 1940. Its primary investment objective is to deliver current income and capital appreciation, a fundamental policy changeable only by majority shareholder vote. BlackRock Advisors, LLC serves as the investment adviser, managing portfolio decisions.

The Fund operates with a fixed number of shares outstanding prior to this offering and trades on the NYSE like a stock. This structure permits leverage use and strategies aimed at enhancing returns beyond passive index approaches. The adviser balances income and capital appreciation objectives, with detailed strategies described in the prospectus.

Advisory Fees and Fee Waiver Agreement

The Fund pays BlackRock Advisors, LLC an annual advisory fee of 0.85% based on the average daily value of net assets plus any outstanding debt or borrowings used for leverage. This total assets fee basis is typical for leveraged closed-end funds.

A fee waiver agreement effective through June 30, 2028 obligates BlackRock Advisors, LLC to waive management fees on Fund assets invested in equity and fixed-income mutual funds and ETFs managed by the Adviser or affiliates that charge contractual fees. Additionally, fees are waived on management fees paid indirectly through investments in money market funds managed by the Adviser or affiliates. The waiver may be terminated only by the Fund with 90 days' notice following approval by non-interested directors or majority shareholders.

Dividend Reinvestment Plan and Shareholder Fees

The Fund’s dividend reinvestment plan is administered by Computershare Trust Company, N.A., the Reinvestment Plan Agent. The Fund pays fees for dividend reinvestment services, so participating shareholders incur no direct reinvestment costs. However, shareholders directing open-market share purchases through the agent pay a $0.02 per share fee deducted from dividends.

Shareholders requesting sales of shares held in the reinvestment account are charged a $0.02 per share fee, which includes any brokerage commissions the agent must pay on behalf of shareholders. These disclosures clarify the direct costs associated with reinvestment and liquidation transactions for investors evaluating total ownership costs.

Offering Costs and Capitalization Estimates

Estimated initial offering costs total approximately $191,566, covering SEC registration, marketing material preparation, printing, mailing, regulatory and NYSE fees, legal and auditing expenses. These are one-time costs directly related to the offering and exclude ongoing advisory or distribution fees.

Commission estimates assume a sale price of $24.59 per share and full sale of all 15,000,000 shares. The Fund emphasizes there is no guarantee of sales volume, and actual proceeds and costs may differ materially. Capitalization figures are conditional estimates rather than definitive financial projections.

Regulatory Compliance and Investment Company Act Adherence

The Fund operates under the Investment Company Act of 1940, adhering to its regulatory requirements. Notably, the Fund cannot sell shares below current NAV excluding commissions or discounts, protecting shareholders from dilution.

The prospectus supplement is filed under Rule 424(b)(2) of the Securities Act of 1933 and supplements a shelf registration statement with the SEC. If inconsistencies arise between this supplement and the base prospectus or Statement of Additional Information, investors should rely on the supplement as the latest disclosure. The base prospectus includes a "Risks" section starting on page 21 outlining investment risks.

Distribution Timeline and Offering Process

The distribution agreement with BlackRock Investments, LLC and the sub-placement agent agreement with UBS Securities LLC were both executed on July 27, 2026, coinciding with the prospectus supplement filing. The at-the-market offering allows the Fund to sell shares gradually over time rather than in a single transaction, adapting to market conditions.

Sales may occur via negotiated transactions, at-the-market transactions on the NYSE, or through market makers off-exchange, providing execution flexibility. The prospectus supplement and base prospectus dated July 15, 2026 together provide comprehensive offering details. Prospective investors are advised to review both documents and the Statement of Additional Information dated July 15, 2026 before investing.