BlackRock active equities

Source: Morningstar as of 3/31/2024. Rated against 322 Global Large-Stock Growth Funds based on risk adjusted total return. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3 - year, 5- year, and 10-year (if applicable) Morningstar Rating metrics. Ratings are based on risk-adjusted total returns are determined monthly and are subject to change. Morningstar Rating are for the I share class only; other classes may have different performance characteristics. Past performance is no guarantee of future results. The ratings for respective periods as well as the full methodology are included in “Important notes” section. PM inception 3/1/2022. Since PM inception of 3/1/2022, the Fund was ranked 4/364 funds. Morningstar Category: Global Large Cap Growth. Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.

Active Share measures the percentage of fund holdings that is different from the benchmark holdings at a point in time. It is calculated by taking the sum of the absolute value of the differences of the weight of each holding in a fund’s portfolio versus the weight of each holding in a benchmark index and dividing by two. Turnover and number of holdings are indicative and subject to change.

1 Overall Morningstar Rating for Unconstrained Equity Fund as of Mar 31, 2024 rated against 322 Global Large-Stock Growth Funds.

2 Morningstar has awarded the Fund a Silver medal. (Effective Jun 21, 2023).

3 Analyst Driven % is the analyst input into the overall rating assignment, including direct analyst coverage and inheritance of an analyst-rated pillar. Data Coverage % is available input data for rating calculation at the Pillar level.

4 Multiple 3Y, 5Y and 10Y Lipper Awards. The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations 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 (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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

The performance quoted represents past performance of specific funds and does not guarantee future results for such funds. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.blackrock.com.

Unconstrained Equity Fund received a Morningstar Rating of 5 stars for the 3-year period, 5 stars for the 5-year period and 3 stars for the 10-year period, rated against 322, 279 and 188 Global Large-Stock Growth Funds, respectively. Performance results represent past performance and are no guarantee of future results.

Standardized performance and performance data current to the most recent month-end may be obtained by clicking on the fund names above.

Overall Morningstar Ratings as of 3/31/2024. Ratings are based on risk adjusted total returns, are determined monthly and are subject to change.

Equity Dividend Fund rated against 1,118 Large Value Funds; Large Cap Focus Growth rated against 1,111 Large Growth Funds. Mid-Cap Value rated against 380 Mid-Cap Value Funds. Mid-Cap Growth rated against 520 Mid-Cap Growth Funds. Sustainable Advantage Large Cap Core rated against 1,293 US Large Blend funds. Advantage International rated against 696 Foreign Large Blends funds. U.S. Equity Factor Rotation ETF rated against 1,293 US Large Blends funds. Emerging Markets Fund rated against 721 Diversified Emerging Markets Funds. International Fund rated against 356 US Fund Foreign Large Blend funds. International Dividend rated against 696 Foreign Large Blend Funds. Health Sciences Opportunities Fund rated against 159 Health Funds. Technology Opportunities rated against 232 Technology Funds. High Equity Income rated against 79 Derivative Income Funds.

As of 3/31/2024, the Equity Dividend Fund received a Morningstar Rating of 3 stars for the 3-year period, 3 stars for the 5-year period and 4 stars for the 10-year period, rated against 1,118, 1,058 and 816 Large Value Funds, respectively. The Large Cap Focus Growth Fund received a Morningstar Rating of 2 stars for the 3-year period, 3 stars for the 5-year period and 4 stars for the 10-year period, rated against 1,111, 1,037 and 807 Large Growth Funds, respectively. Mid-Cap Value Fund received a Morningstar Rating of 3 stars for the 3-year period, 4 stars for the 5-year period and 4 stars for the 10-year period, rated against 380, 363 and 281 Mid-Cap Value Funds, respectively. The Mid-Cap Growth Equity Fund received a Morningstar Rating of 2 stars for the 3-year period, 2 stars for the 5-year period and 4 stars for the 10-year period, rated against 520, 489 and 393 Mid-Cap Growth Funds, respectively. The Sustainable Large Cap Core Fund received a Morningstar Rating of 3 stars for the 3-year period and 4 stars for the 5-year period, rated against 1,293 and 1,179 Large Blend Funds, respectively. The Advantage International received a Morningstar Rating of 5 stars for the 3-year period, 4 stars for the 5-year period and 4 stars for the 10-year period, rated against 696, 646 and 425 US Foreign Large Blend Funds, respectively. The U.S. Equity Factor Rotation ETF received a Morningstar Rating of 4 stars for the 3-year period, 3 stars for the 5-year period and 0 stars for the 10-year period, rated against 1,293, 1,179 and 888 Diversified Emerging Mkts Funds, respectively. The Emerging Markets Fund received a Morningstar Rating of 2 stars for the 3-year period, 3 stars for the 5-year period and 425 stars for the 10-year period, rated against 721, 657 and 425 Diversified Emerging Mkts Funds, respectively. The International Fund received a Morningstar Rating of 2 star for the 3-year period, 4 stars for the 5-year period and 4 stars for the 10-year period, rated against 356, 338 and 244 Foreign Large Blend Funds, respectively. The International Dividend received a Morningstar Rating of 5 stars for the 3-year period, 5 stars for the 5-year period and 3 stars for the 10-year period, rated against 696, 646 and 425 US Foreign Large Blend Funds, respectively. The Health Sciences Opportunities Fund received a Morningstar Rating of 4 stars for the 3-year period, 4 stars for the 5-year period and 5 stars for the 10-year period, rated against 159, 136 and 114 Health Funds, respectively. The Technology Opportunities Fund received a Morningstar Rating of 3 stars for the 3-year period, 3 stars for the 5-year period and 4 stars for the 10-year period, rated against 232, 204 and 158 Technology Funds, respectively. The High Equity Income Fund received a Morningstar Rating of 3 stars for the 3-year period, 3 stars for the 5-year period and 4 stars for the 10-year period, rated against 79, 72 and 36 Options-based Funds, respectively.

Performance results represent past performance and are no guarantee of future results.

Performance data represents past performance and does not guarantee future results. Investment return and principal value will fluctuate with market conditions and may be lower or higher when you sell your shares. Current performance may differ from the performance shown. For most recent month-end performance and standardized performance, click on the fund names above.

† Source: Equity Dividend: 1 Year 674/1,204; 3 Year 808/1,118; 5 Year 479/1,058; 10 Year 193/816. Large Cap Focus Growth: 1 Year 108/1,191; 3 Year 595/1,111; 5 Year 439/1,037; 10 Year 135/807. Mid-Cap Value: 1 Year 282/399; 3 Year 198/380; 5 Year 57/363; 10 Year 83/281. Mid-Cap Growth Equity: 1 Year 230/549; 3 Year 330/520; 5 Year 299/489; 10 Year 37/393. Sustainable Advantage Large Cap Core: 1 Year 600/1,422; 3 Year 667/1,293; 5 Year 255/1,179; 10 Year /888. Advantage International: 1 Year 133/748; 3 Year 53/696; 5 Year 129/646; 10 Year 53/425. Emerging Markets: 1 Year 560/817; 3 Year 487/721; 5 Year 230/657; 10 Year 105/425. International Fund: 1 Year 99/370; 3 Year 264/356; 5 Year 57/338; 10 Year 55/244. International Dividend: 1 Year 664/748; 3 Year 41/696; 5 Year 113/646; 10 Year 260/425. Health Sciences Opportunities: 1 Year 70/178; 3 Year 52/159; 5 Year 34/136; 10 Year 4/114. Technology Opportunities: 1 Year 107/267; 3 Year 164/232; 5 Year 83/204; 10 Year 49/158. High Equity Income: 1 Year 50/95; 3 Year 26/79; 5 Year 27/72; 10 Year 7/36.

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

The Morningstar Rating for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations 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 (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.