BlackRock Energy Opportunities Fund Comment Q2 2024

Important risks: The fund is actively managed and its characteristics will vary. Holdings shown should not be considered a recommendation to buy or sell securities. Stock and bond values ​​fluctuate in price, so the value of your investment may decline depending on market conditions. Investing in small-cap companies may involve greater risk than large-cap companies due to their shorter operating history, less experienced management or lower trading volumes. Investing in mid-cap companies may involve greater risk than large-cap companies due to their shorter operating history, less experienced management or lower trading volumes. International investments involve special risks, including but not limited to political risk, 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 seek to enhance returns. Derivatives involve liquidity, leverage and credit risks, which can reduce returns and increase volatility. Investments in natural resource industries may be affected by fluctuations in commodity markets, weather, disease, embargoes, political and economic developments, taxes and other government regulations.

The views expressed are those of the fund’s portfolio management team as at 30 June 2024 and may change as subsequent conditions change. Information and opinions are derived from proprietary and non-proprietary sources believed by BlackRock to be reliable, are not necessarily comprehensive and are not guaranteed as to accuracy.

BlackRock provides compensation in connection with obtaining or using third-party ratings and rankings.

1 The MSCI World Energy Index captures large- and mid-cap energy markets in developed countries.†† The Morningstar TM fund rating, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and segregated accounts) with at least three year history. Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar measure of risk-adjusted return that takes into account the variation in monthly excess performance of a managed product, placing more emphasis on downward variation and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The overall Morningstar rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year Morningstar rating values ​​(if applicable). The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total return and 50% 10-year rating/ 30% five-year rating/20% three-year rating for 120 or more months of total return. While the general 10-year rating formula appears to place the most weight on the 10-year period, the most recent three-year period actually has the most impact because it is included in all three rating periods. The fund has been rated against the following numbers of US-based Equity Energy funds over the following time periods: 70 over the past 3 years, 68 over the past 5 years, and 61 over the past 10 years. For these Equity Energy funds, the fund received a Morningstar rating of 4, 5, and 4 stars for the 3-, 5-, and 10-year periods, respectively. Other classes may have different performance characteristics.

You should carefully consider the fund’s investment objectives, risks, fees and expenses before investing. The prospectus and, if available, the summary prospectus contain this and other information about the fund and are available, along with information about other BlackRock funds, by calling 800-882-0052 or from your financial professional. The prospectus should be read carefully before investing.

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Prepared by BlackRock Investments, LLC, Member FINRA.

Not FDIC insured • May lose value • No bank guarantee