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In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":2,"box":{"x":81,"y":760,"width":832,"height":10}},{"id":"4294c6ea-3e32-4efb-b831-258c349d6c66","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":2,"box":{"x":81,"y":771,"width":847,"height":9}},{"id":"da66b793-b560-4206-a98e-a84b42153499","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":2,"box":{"x":81,"y":781,"width":834,"height":9}},{"id":"dc47e6c6-bf72-47c4-b264-c769578d2d3d","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":791,"width":330,"height":10}},{"id":"3b157944-4af3-42d8-8081-083182193239","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":804,"width":4,"height":4}},{"id":"e426f9ae-6165-4b54-abd3-a2348a68ced2","block_type":"box","text":"For cer tain share classes, the Total Annual Fund Operating Expenses and Other Expenses do not correlate to the ratios of expenses to average","page_number":2,"box":{"x":81,"y":804,"width":841,"height":9}},{"id":"9f48f402-5323-4f18-80a5-5ac262e75f9d","block_type":"box","text":"net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and","page_number":2,"box":{"x":81,"y":814,"width":854,"height":10}},{"id":"69c322b0-55c0-40d4-9dac-030af3262a75","block_type":"box","text":"Expenses.","page_number":2,"box":{"x":82,"y":825,"width":58,"height":9}},{"id":"629edb98-53b0-408d-bda8-78903a5ddb17","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":843,"width":74,"height":12}},{"id":"6f441b85-d88c-481a-bd7d-691f59a594fd","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":2,"box":{"x":60,"y":859,"width":830,"height":12}},{"id":"0fc1b893-e6c5-4da1-b253-74c413ab291c","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":2,"box":{"x":61,"y":873,"width":832,"height":12}},{"id":"459168a2-8c68-4f8d-bef6-38c0a507ce48","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":2,"box":{"x":61,"y":889,"width":832,"height":11}},{"id":"65cb8feb-ce74-45a9-97cf-3e953708fa12","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"2f0b49dc-367f-43d3-a3fc-fc08e6440cc9","block_type":"box","text":"NM1026U-5978669-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d893bfd5-cf17-4b4e-a097-68e332fb9ce9","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":42,"width":859,"height":11}},{"id":"93f69354-39e6-4177-bb12-e239f597f92d","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":57,"width":436,"height":11}},{"id":"06a7428e-3bdf-495a-b244-169adbffb619","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":85,"width":292,"height":9}},{"id":"d3925df5-ed67-4000-a677-6a726892b974","block_type":"box","text":"Investor A Shares $632 $859 $1,104 $1,806","page_number":3,"box":{"x":70,"y":103,"width":848,"height":10}},{"id":"63faecdf-6a63-46c5-a64f-f58529b35022","block_type":"box","text":"Investor C Shares $293 $597 $1,026 $2,016","page_number":3,"box":{"x":70,"y":121,"width":848,"height":10}},{"id":"f5d7ac63-c6b4-4221-a2eb-837d5aa61669","block_type":"box","text":"Institutional Shares $ 88 $274 $ 477 $1,061","page_number":3,"box":{"x":70,"y":139,"width":848,"height":10}},{"id":"c2b21bc7-4b02-428a-9949-ea191a4acb65","block_type":"box","text":"Class R Shares $150 $465 $ 803 $1,757","page_number":3,"box":{"x":69,"y":157,"width":849,"height":10}},{"id":"686e7dc3-f76f-438a-a223-15ea472da69c","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":189,"width":532,"height":12}},{"id":"31db8c23-c29c-4276-94f1-57afb3cfb852","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":218,"width":292,"height":8}},{"id":"7f0f27db-971a-48c4-b30f-d274362446a6","block_type":"box","text":"Investor C Shares $193 $597 $1,026 $2,016","page_number":3,"box":{"x":70,"y":235,"width":848,"height":11}},{"id":"1b0900b3-feb9-4c44-91bb-d6f2a98924c2","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":261,"width":151,"height":10}},{"id":"df4f2833-6eaf-4569-8843-1ca3f8284b25","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":277,"width":800,"height":11}},{"id":"fa3df139-f0d0-4d91-81e4-a79b871d819f","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":292,"width":850,"height":11}},{"id":"1c48788d-2050-45cf-bd0b-97925f0fa93c","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":307,"width":870,"height":11}},{"id":"9117b138-6685-4065-8586-5359cb91f4c9","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":3,"box":{"x":62,"y":321,"width":839,"height":12}},{"id":"da220d84-808e-4778-925c-8aaf0064a0a3","block_type":"box","text":"49% of the average value of its por tfolio.","page_number":3,"box":{"x":61,"y":336,"width":298,"height":12}},{"id":"a398e98d-7e71-401d-9207-5cb9376e5992","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":375,"width":394,"height":14}},{"id":"06870308-aa11-42e6-b68d-764b8eafab1c","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of its total assets in equity securities, primarily","page_number":3,"box":{"x":62,"y":401,"width":814,"height":12}},{"id":"5dd3b03d-0225-492d-92b0-59108cd1b908","block_type":"box","text":"common stock, of companies in health sciences and related industries. Investments in derivatives are counted toward","page_number":3,"box":{"x":61,"y":416,"width":869,"height":12}},{"id":"0287472e-3f67-4928-b59d-26c51eb545b2","block_type":"box","text":"the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy","page_number":3,"box":{"x":60,"y":431,"width":865,"height":12}},{"id":"4f180aed-50df-47f6-94cf-f744eed95408","block_type":"box","text":"or to one or more market risk factors associated with such securities. The health sciences sector can include","page_number":3,"box":{"x":61,"y":446,"width":803,"height":9}},{"id":"9b7acd05-d011-47f0-8df7-d3ec5f256961","block_type":"box","text":"companies in health care equipment and supplies, health care providers and services, biotechnology, and","page_number":3,"box":{"x":61,"y":461,"width":777,"height":11}},{"id":"fcf439fd-ba3f-41a5-97d8-72007958fb44","block_type":"box","text":"pharmaceuticals. Health sciences and related industries can include, but are not limited to, businesses involved in the","page_number":3,"box":{"x":62,"y":476,"width":872,"height":11}},{"id":"1d0f53a0-225b-4646-9a23-344704cc8bac","block_type":"box","text":"development, production, and distribution or delivery of medical and pharmaceutical products and services,","page_number":3,"box":{"x":61,"y":490,"width":790,"height":12}},{"id":"8ed798b3-b57d-4089-9d7a-4702c220a8f3","block_type":"box","text":"companies engaged in biotechnology and medical research and development, companies that may design,","page_number":3,"box":{"x":61,"y":505,"width":781,"height":12}},{"id":"ca593557-568b-4d0a-a8b8-6f7b1cdd6569","block_type":"box","text":"manufacture or distribute medical, dental and optical equipment and supplies, including diagnostic equipment, and","page_number":3,"box":{"x":61,"y":520,"width":845,"height":12}},{"id":"2d6b0f3f-d1d4-4b3e-909e-a0f4750fc015","block_type":"box","text":"companies that may also provide diagnostic services or operate health facilities and hospitals, or provide related","page_number":3,"box":{"x":61,"y":535,"width":830,"height":11}},{"id":"cefeec1f-0566-4dce-8fc0-39e8852f0b64","block_type":"box","text":"administrative, management and financial suppor t. The Fund will concentrate its investments (","page_number":3,"box":{"x":61,"y":550,"width":694,"height":11}},{"id":"7d12be0d-b513-492d-a418-56016112f363","block_type":"box","text":"i.e.,","page_number":3,"box":{"x":757,"y":550,"width":26,"height":10}},{"id":"a71cd6cf-9077-42ad-85f7-b73488c34e8c","block_type":"box","text":"invest more than","page_number":3,"box":{"x":790,"y":550,"width":121,"height":9}},{"id":"6454d07c-b95a-41d5-a524-4ed0f40d57b6","block_type":"box","text":"25% of its assets) in health sciences or related industries, and may invest in companies located in non-U.S. countries.","page_number":3,"box":{"x":61,"y":564,"width":870,"height":12}},{"id":"be4f249c-5fdd-4528-942f-d7cc92ba449a","block_type":"box","text":"The Fund reserves the right to invest up to 20% of its total assets in other types of securities. These may include","page_number":3,"box":{"x":60,"y":587,"width":833,"height":12}},{"id":"e28ffbc7-bec0-4df6-97c3-0d3aa3d6225f","block_type":"box","text":"stocks of companies not associated with health sciences.","page_number":3,"box":{"x":61,"y":602,"width":424,"height":11}},{"id":"a1cd65f8-4e8a-4fbc-bb64-e90a40d84a86","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":641,"width":354,"height":13}},{"id":"4025d1d0-94a8-4c8f-aefb-136871140e42","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":3,"box":{"x":62,"y":667,"width":860,"height":12}},{"id":"001f7ca8-6d53-46ab-8b49-634e67224ba5","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":3,"box":{"x":61,"y":682,"width":802,"height":11}},{"id":"896f6379-ed22-49b2-ab8c-de9490264f9b","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. An investment in the","page_number":3,"box":{"x":62,"y":697,"width":866,"height":11}},{"id":"7723104c-1ffb-4363-868e-be7a74e31251","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":3,"box":{"x":62,"y":712,"width":869,"height":11}},{"id":"cd52378f-d1a9-4d6a-9d53-b14aea0d470b","block_type":"box","text":"government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":3,"box":{"x":60,"y":726,"width":864,"height":12}},{"id":"b06f8e69-d38d-4adf-ab7d-7392fa70e73f","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":3,"box":{"x":61,"y":741,"width":793,"height":12}},{"id":"db16bd0a-b32f-4bce-95bc-5edb4a36bee7","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":761,"width":166,"height":11}},{"id":"62036ad4-aa82-4cea-824e-4a54005b63ab","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":3,"box":{"x":251,"y":761,"width":685,"height":12}},{"id":"e412b5ac-b760-4f2f-8b91-f370c7728c2e","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":776,"width":550,"height":11}},{"id":"f18bb93f-e517-4505-88e6-a14b4dcbde7a","block_type":"box","text":"Healthcare-Related Securities Risk","page_number":3,"box":{"x":81,"y":796,"width":264,"height":9}},{"id":"b71915c5-8cc6-4899-bb8a-21a942304d06","block_type":"box","text":"—","page_number":3,"box":{"x":350,"y":801,"width":17,"height":1}},{"id":"35a32ec4-e9b0-48cf-878d-524b15fde6c0","block_type":"box","text":"Healthcare companies are strongly affected by worldwide scientific or","page_number":3,"box":{"x":372,"y":796,"width":509,"height":11}},{"id":"5ffe408a-189f-42b3-a411-6e553de4c20f","block_type":"box","text":"technological developments. Their products may rapidly become obsolete. Many healthcare companies are also","page_number":3,"box":{"x":80,"y":811,"width":820,"height":11}},{"id":"078bd3cf-97c7-44a9-a22e-b2e4cbaba8f4","block_type":"box","text":"subject to significant government regulation and may be affected by changes in governmental policies.","page_number":3,"box":{"x":81,"y":826,"width":752,"height":11}},{"id":"def2a648-dfcb-4a66-8761-87b8a071b647","block_type":"box","text":"Concentration Risk","page_number":3,"box":{"x":81,"y":846,"width":145,"height":9}},{"id":"8ed4a9b5-51c4-4a14-bd2d-a427930f0903","block_type":"box","text":"—","page_number":3,"box":{"x":231,"y":851,"width":17,"height":1}},{"id":"f576a28b-d32f-419c-a177-725aa9418897","block_type":"box","text":"The Fund’s strategy of concentrating in health sciences and related companies means that","page_number":3,"box":{"x":252,"y":846,"width":668,"height":11}},{"id":"ebabfee1-ccb9-49e0-8730-11b12ff21c7e","block_type":"box","text":"its per formance will be closely tied to the per formance of a par ticular market segment. The Fund’s concentration in","page_number":3,"box":{"x":82,"y":860,"width":848,"height":12}},{"id":"c71640cc-0e6d-4138-b95b-611ecac6aebc","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":3,"box":{"x":80,"y":875,"width":853,"height":12}},{"id":"f8cc950e-d0b5-4e36-a7fa-a24f0b7b4440","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":3,"box":{"x":80,"y":890,"width":831,"height":12}},{"id":"31e3721d-3cd2-465e-83c7-fb5dcd69ce5f","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"937c8563-8b15-4786-88f7-29b859c6bf9b","block_type":"box","text":"NM1026U-5978669-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"7521d6f4-e92b-4052-9ba9-14436210fb29","block_type":"box","text":"does not concentrate in such companies. At times, the per formance of these companies will lag the per formance of","page_number":4,"box":{"x":81,"y":42,"width":855,"height":11}},{"id":"3fa172d8-1062-4002-96b8-efe9cae03ba9","block_type":"box","text":"other industries or the broader market as a whole.","page_number":4,"box":{"x":81,"y":57,"width":368,"height":9}},{"id":"09f35a9a-4f4f-45f5-b8b0-16bdf19206d6","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":77,"width":176,"height":11}},{"id":"70c41e53-2d4a-471c-96a6-5928b54b778f","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":4,"box":{"x":260,"y":77,"width":668,"height":11}},{"id":"73f33ae7-9844-42e7-b446-96dcf76d413c","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":4,"box":{"x":82,"y":92,"width":531,"height":11}},{"id":"cc01c93b-40fe-45ea-9da0-835f7322db73","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":4,"box":{"x":101,"y":111,"width":823,"height":12}},{"id":"9da9a637-486a-49fc-b793-5aa0ef7228dd","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":4,"box":{"x":102,"y":126,"width":823,"height":12}},{"id":"5babcbfd-f67d-4f80-be32-bea04f1241a7","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":141,"width":70,"height":12}},{"id":"9fc18bb6-fa3a-4895-8674-2f80fffe53d2","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":4,"box":{"x":101,"y":161,"width":644,"height":12}},{"id":"98c1a07d-472f-4644-ae82-75afb62afe8b","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":4,"box":{"x":101,"y":181,"width":830,"height":12}},{"id":"07005f85-347c-4e6a-88db-c6b15af2d29d","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":4,"box":{"x":102,"y":196,"width":808,"height":11}},{"id":"26a2d5c5-05fb-4baa-a11e-89a4089a9ef5","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":211,"width":137,"height":11}},{"id":"fdab34aa-9f67-4ef1-9fe4-9b031f2d4045","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":4,"box":{"x":101,"y":231,"width":821,"height":11}},{"id":"b20e204c-fc63-4d18-aff5-3e2d29c041cd","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":4,"box":{"x":102,"y":245,"width":809,"height":12}},{"id":"c66421bb-fb16-4b85-9389-01e9dac5058e","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":4,"box":{"x":102,"y":260,"width":784,"height":12}},{"id":"6f03ef11-5289-4c37-8488-b25eeedc049d","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":4,"box":{"x":101,"y":275,"width":352,"height":12}},{"id":"62e67cc4-c802-4abd-b2fa-60ae7ecb6402","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":4,"box":{"x":102,"y":295,"width":823,"height":12}},{"id":"c7f7311d-db6c-4180-bc8b-1fce8d4b75f2","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":4,"box":{"x":101,"y":310,"width":811,"height":11}},{"id":"03a6947b-954b-4c64-a75f-f614f3f470df","block_type":"box","text":"U.S. securities laws.","page_number":4,"box":{"x":102,"y":325,"width":148,"height":9}},{"id":"2b986944-4ce1-46a3-90ac-e101e2a56af1","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":4,"box":{"x":101,"y":345,"width":834,"height":11}},{"id":"155404ee-a616-4c47-8532-f650a75bfbc4","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":4,"box":{"x":101,"y":360,"width":628,"height":11}},{"id":"32fc35fb-c223-427d-86de-10c3b611373a","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":4,"box":{"x":101,"y":380,"width":830,"height":11}},{"id":"e57d3536-a38f-4d31-a070-280281462a30","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":4,"box":{"x":101,"y":394,"width":831,"height":12}},{"id":"32de7f0a-7be1-4f7b-ae07-583f8bd7cd32","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":4,"box":{"x":101,"y":409,"width":813,"height":12}},{"id":"acaf7d0d-6cd9-4e40-b796-0994655ae7f0","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":4,"box":{"x":101,"y":424,"width":395,"height":11}},{"id":"6c0202b4-f037-41cf-ba36-76f2796ae55c","block_type":"box","text":"Geographic Concentration Risk","page_number":4,"box":{"x":81,"y":444,"width":235,"height":11}},{"id":"ddea7f70-28b1-4b34-a2b6-34e955904916","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":4,"box":{"x":320,"y":444,"width":581,"height":11}},{"id":"667c816e-f7cd-486b-bdea-072fdcec76ec","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":4,"box":{"x":82,"y":459,"width":848,"height":11}},{"id":"143e0fc7-8c5c-4e90-b103-44d6b53ac2dd","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":4,"box":{"x":82,"y":474,"width":841,"height":11}},{"id":"92e5f4d9-e278-47a1-a86c-d3e65e1b0273","block_type":"box","text":"impact on its investment per formance. The Fund’s investment per formance may also be more volatile if it","page_number":4,"box":{"x":82,"y":488,"width":777,"height":12}},{"id":"314a65f5-1389-46ef-a71a-1e988f1a6bba","block_type":"box","text":"concentrates its investments in cer tain countries, especially emerging market countries.","page_number":4,"box":{"x":81,"y":504,"width":648,"height":11}},{"id":"2afaf36b-ec60-431d-b2ae-b5d14fef1e54","block_type":"box","text":"Investment Style Risk","page_number":4,"box":{"x":81,"y":523,"width":166,"height":12}},{"id":"5c82666f-87c8-4717-8346-d06b5df52922","block_type":"box","text":"—","page_number":4,"box":{"x":252,"y":529,"width":17,"height":0}},{"id":"72c4c25f-1f71-45e3-9dae-003f7cd26c9a","block_type":"box","text":"Under cer tain market conditions, growth investments have per formed better during the","page_number":4,"box":{"x":274,"y":523,"width":637,"height":12}},{"id":"3eb92692-5296-4970-ae28-ae60ede38a4d","block_type":"box","text":"later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times","page_number":4,"box":{"x":82,"y":538,"width":842,"height":12}},{"id":"d4fcab4a-262c-460d-9a8d-e87b520d3f2c","block_type":"box","text":"when the investment style used by the Fund is out of favor, the Fund may underper form other equity funds that use","page_number":4,"box":{"x":80,"y":553,"width":847,"height":11}},{"id":"d8bd73a2-1cac-42a6-87b3-c1ccc44ac198","block_type":"box","text":"different investment styles.","page_number":4,"box":{"x":81,"y":568,"width":200,"height":11}},{"id":"0bdceee0-2603-43e0-98c0-3e2315c337bc","block_type":"box","text":"Market Risk and Selection Risk","page_number":4,"box":{"x":81,"y":588,"width":240,"height":9}},{"id":"c3ed908c-207b-410a-a26a-0bf883e0494a","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":4,"box":{"x":324,"y":588,"width":593,"height":9}},{"id":"4500f5b4-6e39-4b72-9474-dd602c04aec7","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":4,"box":{"x":81,"y":603,"width":851,"height":11}},{"id":"2c37483f-44e0-4cb5-85c7-e5cc72fc2ba9","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":4,"box":{"x":82,"y":617,"width":824,"height":12}},{"id":"d7ec09db-2763-4029-a28c-3fc697ce5bb3","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":4,"box":{"x":82,"y":632,"width":851,"height":12}},{"id":"c2fc3a9e-0825-46ee-92b3-24a051b8cb8e","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":4,"box":{"x":82,"y":647,"width":802,"height":11}},{"id":"c9ab258c-e6ca-45c6-b458-7bedfda51b59","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":4,"box":{"x":81,"y":662,"width":849,"height":11}},{"id":"54897605-f571-4ed8-91d2-94d4c9691205","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":4,"box":{"x":81,"y":677,"width":843,"height":11}},{"id":"07991e0b-5229-47c7-ac74-e9d3542bc65b","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":4,"box":{"x":81,"y":691,"width":830,"height":12}},{"id":"7ed25b03-b246-4c7a-b972-efce8b9695eb","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":4,"box":{"x":82,"y":706,"width":840,"height":12}},{"id":"df43bd6e-29a4-4c92-afa0-4324cc23abf8","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":4,"box":{"x":81,"y":721,"width":789,"height":12}},{"id":"5c679dec-105e-4a67-8040-691c805f5844","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":4,"box":{"x":81,"y":736,"width":823,"height":12}},{"id":"53973951-23d7-4bab-a839-76a6254f884e","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":4,"box":{"x":81,"y":751,"width":784,"height":11}},{"id":"44b79b69-3e1c-4b77-bb9b-460f1b751937","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":4,"box":{"x":81,"y":766,"width":844,"height":11}},{"id":"2f904497-fe42-4efb-952c-aa514d7dda32","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":4,"box":{"x":82,"y":786,"width":818,"height":11}},{"id":"032160f0-8686-4459-9bf2-e1572a126172","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":4,"box":{"x":80,"y":801,"width":819,"height":11}},{"id":"4316190e-b48d-4f49-93a1-d47cbd707d35","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":4,"box":{"x":81,"y":815,"width":819,"height":12}},{"id":"4cde29e6-7a01-477f-bf2e-74348f2b95d6","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":4,"box":{"x":81,"y":830,"width":846,"height":12}},{"id":"293c99dc-de30-436c-8e76-d3c8f222ac9c","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":4,"box":{"x":81,"y":845,"width":848,"height":11}},{"id":"c32a64bf-eec5-4755-91b5-5af93d375501","block_type":"box","text":"the Fund invests.","page_number":4,"box":{"x":80,"y":860,"width":125,"height":9}},{"id":"d1ce445e-45fe-4ca9-b0fb-4a94fea135b4","block_type":"box","text":"Mid Cap Securities Risk","page_number":4,"box":{"x":81,"y":880,"width":182,"height":11}},{"id":"f3127a10-231e-494c-883e-961270a2028c","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":4,"box":{"x":267,"y":880,"width":665,"height":11}},{"id":"0605c6ac-6372-4577-bc0a-c15f48f30729","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":4,"box":{"x":81,"y":895,"width":789,"height":11}},{"id":"4517decf-aaff-405e-bcb4-a5a37a347f7c","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"f846c1a9-ced2-4dbf-98f9-c9952aaee11e","block_type":"box","text":"NM1026U-5978669-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4568ade1-f052-4060-95fb-97e32e62915a","block_type":"box","text":"Operational and Technology Risks","page_number":5,"box":{"x":82,"y":42,"width":254,"height":11}},{"id":"448298ae-8113-4f61-a1e0-81e181ed1b71","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":5,"box":{"x":340,"y":42,"width":578,"height":11}},{"id":"f661cb79-e049-4e1d-be4c-680cf2b1b5a9","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":5,"box":{"x":82,"y":57,"width":779,"height":11}},{"id":"bbcde3a9-be45-43a5-b08c-e7ec97b26376","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":5,"box":{"x":81,"y":71,"width":848,"height":12}},{"id":"6a451885-0e50-4457-998a-f8fccf465272","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":5,"box":{"x":81,"y":86,"width":806,"height":12}},{"id":"69e32672-6770-45ba-9114-75a6f7cc0701","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":5,"box":{"x":82,"y":101,"width":807,"height":12}},{"id":"19595d09-75bb-4d04-b511-32d1b757b04b","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":5,"box":{"x":82,"y":116,"width":846,"height":11}},{"id":"2e7041a7-0b71-48f0-a1ed-daea4a251a58","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":5,"box":{"x":81,"y":131,"width":836,"height":11}},{"id":"7b1bc37e-c360-4aa8-8fd5-bdbb73b17429","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":5,"box":{"x":82,"y":146,"width":474,"height":11}},{"id":"ec3be9ee-5a40-47f8-bd11-7a7633417a06","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":166,"width":283,"height":11}},{"id":"d460ffb4-6f4f-460d-89b4-7695afa76dbb","block_type":"box","text":"— Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":5,"box":{"x":368,"y":166,"width":541,"height":11}},{"id":"0976ca50-21dd-4279-a76b-abb2305bbe3e","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":5,"box":{"x":80,"y":180,"width":847,"height":12}},{"id":"a6fe15c0-0852-4ef3-890c-635a531bb7fb","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":198,"width":70,"height":8}},{"id":"67758ade-4e80-427b-ab31-34dc85a6e4d1","block_type":"box","text":"Small Cap Securities Risk","page_number":5,"box":{"x":81,"y":215,"width":196,"height":11}},{"id":"48514e22-5a6f-4d36-87fc-4e07a962acbc","block_type":"box","text":"—","page_number":5,"box":{"x":281,"y":221,"width":17,"height":0}},{"id":"acf727c6-942f-4fe6-aee6-85d8a5d5865e","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":5,"box":{"x":303,"y":215,"width":607,"height":12}},{"id":"c5010458-e441-4d30-b8f1-491306ecc8f2","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":5,"box":{"x":81,"y":230,"width":852,"height":12}},{"id":"dafc4bfd-fe73-42fb-b768-b8e691969e20","block_type":"box","text":"than larger capitalized companies.","page_number":5,"box":{"x":80,"y":245,"width":251,"height":11}},{"id":"b3063bca-9396-4974-bd7c-b50423072172","block_type":"box","text":"Performance Information","page_number":5,"box":{"x":61,"y":284,"width":224,"height":11}},{"id":"5fe83e71-a8ab-4a63-bcc8-cea4a86be66d","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":5,"box":{"x":60,"y":310,"width":855,"height":11}},{"id":"0ca6f420-0129-438f-b813-d6af5c15d8e6","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the Russell 3000 Index and the","page_number":5,"box":{"x":61,"y":325,"width":858,"height":11}},{"id":"7c50e0fc-4575-4e0a-8b4a-d7ff173bc0fb","block_type":"box","text":"Russell 3000 Health Care Index. The Russell 3000 Health Care Index is relevant to the Fund because it has","page_number":5,"box":{"x":62,"y":340,"width":793,"height":9}},{"id":"3dee40ca-389c-4362-9c9f-58007ab8d181","block_type":"box","text":"characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid","page_number":5,"box":{"x":61,"y":355,"width":870,"height":11}},{"id":"a68580f9-de61-43b5-a49f-e8bb8fae7b21","block_type":"box","text":"by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of the dividends","page_number":5,"box":{"x":61,"y":369,"width":857,"height":12}},{"id":"c2a70339-8ecb-45c2-898f-47e97f65a804","block_type":"box","text":"and distributions. As with all such investments, past per formance (before and after taxes) is not an indication of future","page_number":5,"box":{"x":61,"y":384,"width":874,"height":11}},{"id":"fe83e8cc-d57b-4bd7-a323-359c233c7d98","block_type":"box","text":"results. Sales charges are not reflected in the bar char t. If they were, returns would be less than those shown.","page_number":5,"box":{"x":61,"y":399,"width":814,"height":11}},{"id":"e46b3cd0-2bc4-48ee-9305-a3ef637c4c81","block_type":"box","text":"However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates","page_number":5,"box":{"x":62,"y":414,"width":862,"height":11}},{"id":"f9e53780-577f-440a-aa10-8d7fc754dc20","block_type":"box","text":"had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower.","page_number":5,"box":{"x":61,"y":429,"width":865,"height":11}},{"id":"987e265e-c890-4da8-acd1-57caacc9f023","block_type":"box","text":"Updated information on the Fund’s per formance, including its current net asset value, can be obtained by visiting","page_number":5,"box":{"x":62,"y":443,"width":832,"height":12}},{"id":"84cf7501-07bf-4d5f-ae97-3f58bd59f425","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":5,"box":{"x":60,"y":458,"width":505,"height":12}},{"id":"6783226c-a367-4ae9-b98e-00ee262c39a4","block_type":"box","text":"Investor A Shares","page_number":5,"box":{"x":427,"y":481,"width":144,"height":10}},{"id":"099d4737-29ff-4341-9c55-2f80da35ef2d","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":5,"box":{"x":392,"y":497,"width":212,"height":10}},{"id":"ef485917-a8e0-4007-864e-f0ce4436f1f8","block_type":"box","text":"BlackRock Health Sciences Opportunities Portfolio","page_number":5,"box":{"x":288,"y":513,"width":422,"height":13}},{"id":"0a0f1fe5-3099-42f2-8bc8-1051df545380","block_type":"box","text":"As of 12/31","page_number":5,"box":{"x":447,"y":530,"width":103,"height":12}},{"id":"c9f44fea-e5a6-4789-9118-dbe33fcda8dc","block_type":"box","text":"-6.05%","page_number":5,"box":{"x":293,"y":700,"width":40,"height":8}},{"id":"56992a26-936d-4746-8e08-e2bb2db3fef8","block_type":"box","text":"24.82%","page_number":5,"box":{"x":339,"y":565,"width":45,"height":8}},{"id":"128106e9-ccb4-46a3-832e-446990e22358","block_type":"box","text":"7.97%","page_number":5,"box":{"x":392,"y":631,"width":36,"height":7}},{"id":"a860e682-2ad2-437f-b857-a3298821c3e6","block_type":"box","text":"25.28%","page_number":5,"box":{"x":436,"y":563,"width":45,"height":8}},{"id":"434f658b-1b06-4098-9f03-ea8d41c3600f","block_type":"box","text":"19.47%","page_number":5,"box":{"x":484,"y":586,"width":45,"height":7}},{"id":"f3e94012-8f1b-41ed-83df-046df2af091e","block_type":"box","text":"11.80%","page_number":5,"box":{"x":532,"y":616,"width":45,"height":7}},{"id":"060cd4fc-c2a4-410b-b100-957df6e2590a","block_type":"box","text":"-5.91%","page_number":5,"box":{"x":582,"y":700,"width":40,"height":7}},{"id":"3793687e-1759-42f3-8a5f-9d3a562edc8c","block_type":"box","text":"3.57%","page_number":5,"box":{"x":632,"y":648,"width":37,"height":7}},{"id":"cfe323df-87a3-4793-add5-2789ec3ffd54","block_type":"box","text":"3.86%","page_number":5,"box":{"x":681,"y":647,"width":36,"height":7}},{"id":"30a4f764-e5fa-47d9-a69b-da13af65f8fe","block_type":"box","text":"15.98%","page_number":5,"box":{"x":725,"y":600,"width":45,"height":7}},{"id":"3b47f1c3-02bf-4480-90c1-9ca070c469d4","block_type":"box","text":"-10%","page_number":5,"box":{"x":237,"y":708,"width":28,"height":7}},{"id":"c1d02a60-305d-459b-a085-aa906eb7d70a","block_type":"box","text":"0%","page_number":5,"box":{"x":248,"y":669,"width":17,"height":8}},{"id":"22f50cf6-8aef-4976-aafc-a76283462bbe","block_type":"box","text":"10%","page_number":5,"box":{"x":241,"y":630,"width":24,"height":8}},{"id":"dc6274d1-9b18-46ec-8de1-8cebcbd74457","block_type":"box","text":"20%","page_number":5,"box":{"x":240,"y":592,"width":25,"height":7}},{"id":"e7a7cdca-2625-4309-b56f-ea4e287f4d6a","block_type":"box","text":"30%","page_number":5,"box":{"x":240,"y":553,"width":25,"height":7}},{"id":"b29a14ac-1ad2-4948-abde-424cbbc8c8c1","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":5,"box":{"x":298,"y":718,"width":465,"height":7}},{"id":"da959d7c-97e5-43c7-ad74-cd7c8f098730","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 17.47% (quar ter ended","page_number":5,"box":{"x":62,"y":739,"width":806,"height":11}},{"id":"80d5b0a4-7619-4cf0-a330-35305ad41d00","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -11.53% (quar ter ended March 31, 2020). 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