Summary

• The BlackRock Health Sciences Opportunities Fund posted returns of -4.56% (Institutional shares) and -4.62% (Investor A shares, without sales charge) for the first quarter of 2026.
• During the quarter, the BlackRock Health Sciences Opportunities Fund increased its exposure to the pharmaceuticals and biotechnology industries while reducing its allocations to companies in the medical devices industry.
• An underweight position in Eli Lilly was the top contributor to relative returns at the individual security level as the company's shares experienced volatility during the quarter.
• An underweight position in Bristol Myers Squibb weighed on relative performance as the company's solid quarterly results exceeded revenue and earnings-per-share expectations.
• BlackRock continues to expect a high degree of stock dispersion, reinforcing the importance of a flexible investment approach with an emphasis on company-specific scientific fundamentals.

• The fund posted returns of -4.56% ((Institutional shares)) and -4.62% ((Investor A shares, without sales charge)) for the first quarter of 2026.

• The fund's performance relative to its benchmark was driven by industry allocation. At