Health Sciences Opportunities Fund

[Pages:3]Health Sciences Opportunities Fund

SHSAX

As of 12/31/2021 | Class K: SHSKX | Class R: BHSRX | Institutional: SHSSX | Investor A: SHSAX | Investor C: SHSCX | Service: SHISX

Access to innovative healthcare equities

Investment expertise enhanced by scientific experience

Seeks diversified returns with lower volatility

Rated against 140 Health Funds, as of 12/31/2021 based on risk adjusted total return. Overall Ratings are determined monthly and subject to change. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

ANNUALIZED PERFORMANCE

With Sales Charge Investor A Without Sales Charge Investor A Benchmark Morningstar Average

1 Year 5.92 1 Year 11.80 18.60 6.88

3 Year 16.60 3 Year 18.72 20.01 18.84

5 Year 16.39 5 Year 17.66 17.59 15.55

10 Year 17.22 10 Year 17.86 17.42 16.17

CALENDAR YEAR PERFORMANCE

Without Sales Charge

2017 2018 2019 2020 2021 YTD 4Q2021

Investor A

24.82 7.97 25.28 19.47 11.80 11.80 6.53

Benchmark

23.13 5.63 22.11 19.34 18.60 18.60 7.17

Morningstar Average

24.31 -0.40 26.23 27.63 6.88

6.88

0.57

Performance data shown represents past performance which is no guarantee of future results. Investment returns and

principal values may fluctuate so that an investor's shares, when redeemed, may be worth more or less than their

original cost. Current performance may be lower or higher than that shown. All returns assume reinvestment of all

dividend and capital gain distributions. Refer to for current month-end performance. Index performance

is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Returns with sales

charge reflect the deduction of current maximum initial sales charge of 5.25%.The calendar year performance shown

does not reflect the deduction of the sales load. If reflected, the performance would have been lower. Please see the

fund prospectus for more details.

MORNINGSTAR RANKINGS

1 Year

3 Year

5 Year

10 Year

Morningstar Ranking

64/166

83/140

31/130

24/108

Quartile Rank

2

3

2

2

Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall

ranking. For periods not shown, Morningstar does not provide rankings based on synthetic performance.

Key Risks: The fund is actively managed and its characteristics will vary. Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions. International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. Investing in small- and mid-cap companies may entail greater risk than large-cap companies, due to shorter operating histories, less seasoned management or lower trading volumes. Investments in health services industries may be affected by changes in regulations, advancing technological developments and product liability lawsuits. Performance may be attributable to unusually high IPO profits. There is no guarantee this level of performance will be repeated. IPO securities have no trading history and the price may be volatile.

KEY FACTS

Size of Fund (Millions)

$11,171.3M

Fund Launch Date

12/21/1999

Share Class Launch Date

12/21/1999

Morningstar Category

Health

Number of Holdings

140

Benchmark

Russell 3000 HealthCare Index

ANNUAL EXPENSES

Gross Expense Ratio

1.10%

Net Expense Ratio

1.10%

The Net Expense Ratio excluding Investment

Related Expenses is 1.10% Investment Related

Expenses include acquired fund fees of 0.00%,

and interest expense (cost of borrowing securities

to seek to enhance return or reduce risk) of 0.00%,

and certain other expenses, if applicable.

Expenses stated as of the fund's most recent

prospectus. The difference between gross and net

expense ratios are due to contractual and/or

voluntary waivers, if applicable. This share class

has a contractual waiver with an end date of 06/30/

2023 terminable upon 90 days' notice. BlackRock

may agree to voluntarily waive certain fees and

expenses, which the adviser may discontinue at

any time without notice.

PORTFOLIO MANAGEMENT

Erin Xie Xiang Liu

Jeff Lee

TOP HOLDINGS (%)2

UNITEDHEALTH GROUP INC THERMO FISHER SCIENTIFIC INC ABBOTT LABORATORIES PFIZER INC JOHNSON & JOHNSON ELI LILLY AND COMPANY CIGNA CORP AMGEN INC INTUITIVE SURGICAL INC STRYKER CORPORATION Total of Portfolio

8.37 5.89 5.64 4.07 3.87 3.46 2.67 2.35 2.32 2.31 40.95

TOP SECTORS (%)2

Health Care Equip. & Supplies Health Care Providers & Services Pharmaceuticals Biotechnology Life Sciences Tools & Services Cash and/or Derivatives Health Care Technology Capital Markets Software Insurance Personal Products Other

PORTFOLIO CHARACTERISTICS

Price to Earnings Forward Price to Earnings Price to Book Ratio Average Market Capitalization (millions)

Fund Benchmark Active

25.5

22.3

3.3

21.1

17.4

3.6

20.4

26.0

-5.6

18.5

18.4

0.1

12.8

14.1

-1.3

0.9

0.0

0.9

0.3

1.7

-1.4

0.3

0.0

0.3

0.1

0.0

0.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

-0.0

32.15x 20.54x 5.65x $165,728.8M

MARKET CAPITALIZATION (%)2

Cash and Derivatives Large Cap ->$10bn Mid Cap - $2-$10bn Small Cap - ................
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