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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":753,"width":832,"height":9}},{"id":"07178d09-ac1d-486f-9f11-d04e7dbab7cd","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":763,"width":847,"height":9}},{"id":"6c4f6f09-84d6-46c6-a4f2-9029bd1599d3","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":773,"width":834,"height":10}},{"id":"ad4fb63c-3dbf-48f6-925c-c167d5a3995e","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":784,"width":330,"height":9}},{"id":"cafcac7b-3c9d-4b83-9913-5ce19297066b","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":797,"width":4,"height":3}},{"id":"b2e9f9d5-d23b-42ab-ad8c-ed6705761b12","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":796,"width":837,"height":10}},{"id":"52c5e339-d0d5-4037-a405-fb93a4f44cd2","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":2,"box":{"x":80,"y":807,"width":771,"height":9}},{"id":"88073c78-7107-4ac1-b3f3-f72b607f162e","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 1.14%","page_number":2,"box":{"x":81,"y":817,"width":844,"height":9}},{"id":"e1e4abfe-d115-4c79-9b70-d5595c9f544c","block_type":"box","text":"(for Investor A Shares), 1.89% (for Investor C Shares), 0.89% (for Institutional Shares) and 1.39% (for Class R Shares) of average daily net","page_number":2,"box":{"x":81,"y":827,"width":814,"height":10}},{"id":"1c82b206-b98f-441d-90e1-5b4d04a074ff","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees","page_number":2,"box":{"x":81,"y":838,"width":845,"height":9}},{"id":"5c1b6f0f-5637-4985-b907-bb302db912c3","block_type":"box","text":"of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":848,"width":501,"height":9}},{"id":"26ec6868-8ea0-4494-83ac-e6506f7d3379","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":866,"width":74,"height":12}},{"id":"d6c8ab48-f438-4607-91fb-891960e96a32","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":882,"width":830,"height":12}},{"id":"93be7d46-251c-43f7-aeef-e656f1b495e5","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":896,"width":832,"height":13}},{"id":"3698b830-f504-4b71-9325-d1358d248e5f","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":912,"width":832,"height":11}},{"id":"8f10bb7a-a753-4a3d-b349-7bf37ecd93ab","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"32e36c99-b8c2-4b9c-acbc-0162c65d393c","block_type":"box","text":"NM1026U-5982587-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"a69d59a4-0040-4b0d-bf8f-c29c2af894ba","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":"07c86dc1-26ea-41ad-80ed-ce99f8a59fb7","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":"5f462d1b-cdf8-4d4c-ad5f-a26fddc3a658","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":"2b5c19bc-da8c-48f9-8b9b-4260b57ec79a","block_type":"box","text":"Investor A Shares $635 $878 $1,140 $1,888","page_number":3,"box":{"x":70,"y":103,"width":848,"height":10}},{"id":"edd5a3ca-3a33-4a2e-813b-e6bb190b30c4","block_type":"box","text":"Investor C Shares $292 $600 $1,034 $2,051","page_number":3,"box":{"x":70,"y":121,"width":848,"height":10}},{"id":"21ecc445-db44-4f9f-9fa1-0506b5a2f752","block_type":"box","text":"Institutional Shares $ 91 $295 $ 515 $1,150","page_number":3,"box":{"x":70,"y":139,"width":848,"height":10}},{"id":"871831c5-25dc-4760-a05c-94aadb0ec29c","block_type":"box","text":"Class R Shares $142 $468 $ 817 $1,801","page_number":3,"box":{"x":69,"y":157,"width":849,"height":10}},{"id":"1bd86c72-4d9d-4594-b9a7-2fde89608ce9","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":"76915ff3-680e-4399-8cdd-9ac59010fdfc","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":"5cf8e6e5-9dcc-431c-8da5-4122d90cfcba","block_type":"box","text":"Investor C Shares $192 $600 $1,034 $2,051","page_number":3,"box":{"x":70,"y":235,"width":848,"height":11}},{"id":"3503b17f-0658-4e29-8e60-05883ea53f4e","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":261,"width":151,"height":10}},{"id":"353b70b7-2273-4e94-ad5a-46c435e1ef4b","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":"d136f454-c194-4771-8779-0024499f78c4","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":"f9c086bc-d646-42a7-96fb-7fdf99d2fd31","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":"4c9fa979-e3af-41e3-a31c-85294eba75c0","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":"388c06ac-dfef-4fcd-88e9-46d71c300f8f","block_type":"box","text":"57% of the average value of its por tfolio.","page_number":3,"box":{"x":61,"y":336,"width":298,"height":12}},{"id":"ce675021-88b4-423b-9010-8777ec9db19f","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":375,"width":394,"height":14}},{"id":"bedaa44b-5e4a-4c34-a1c7-f37aeb732ca4","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings","page_number":3,"box":{"x":62,"y":401,"width":853,"height":12}},{"id":"e2e44adb-a3bf-4bb1-ab76-666836678128","block_type":"box","text":"for investment purposes, in equity securities issued by U.S. and non-U.S. technology companies in all market","page_number":3,"box":{"x":60,"y":416,"width":803,"height":12}},{"id":"a7c988f5-f10d-476b-8a25-f131997891ca","block_type":"box","text":"capitalization ranges, selected for their rapid and sustainable growth potential from the development, advancement","page_number":3,"box":{"x":61,"y":431,"width":847,"height":12}},{"id":"5812a537-3525-40ef-b7c2-995c7c73fbfa","block_type":"box","text":"and use of technology. Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they","page_number":3,"box":{"x":61,"y":446,"width":843,"height":11}},{"id":"5280c541-af67-4574-a0a9-bfc64a225d9c","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":3,"box":{"x":62,"y":461,"width":805,"height":11}},{"id":"1da87503-32b9-4bf9-8d33-fe459568b106","block_type":"box","text":"associated with such securities.","page_number":3,"box":{"x":61,"y":476,"width":234,"height":9}},{"id":"a388740c-b78a-411a-b53a-a640610a1cb9","block_type":"box","text":"Technology companies may include those companies in the businesses of, among others: software, IT consulting, IT","page_number":3,"box":{"x":60,"y":498,"width":854,"height":12}},{"id":"b020b249-9f3c-45ea-901b-8732e8e47e32","block_type":"box","text":"services, interactive home enter tainment, interactive media and services, networking equipment, telecom services,","page_number":3,"box":{"x":61,"y":513,"width":849,"height":12}},{"id":"4f90e4ac-537b-4d2b-bd59-edbdcb146876","block_type":"box","text":"communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and","page_number":3,"box":{"x":61,"y":528,"width":841,"height":11}},{"id":"4f375742-10f8-4c77-a8b5-a68872d3e51f","block_type":"box","text":"components, semiconductors and semiconductor equipment and consumer finance. The Fund may invest in both","page_number":3,"box":{"x":61,"y":543,"width":827,"height":11}},{"id":"80ac9cca-bc98-4817-a211-c97f756915aa","block_type":"box","text":"developed and emerging markets. BlackRock determines, in its discretion, whether a company is a technology","page_number":3,"box":{"x":61,"y":558,"width":810,"height":11}},{"id":"999c7d69-9b81-4621-b1ba-8fd5173f3e85","block_type":"box","text":"company.","page_number":3,"box":{"x":61,"y":575,"width":67,"height":9}},{"id":"879e04c4-2002-413c-90c0-26cdac6fdbb5","block_type":"box","text":"The Fund seeks to invest primarily in common stock but may also invest in preferred stock and conver tible securities.","page_number":3,"box":{"x":60,"y":595,"width":864,"height":11}},{"id":"09a5b5d7-a050-416c-8182-b0590be0ab5b","block_type":"box","text":"The Fund may also invest in Rule 144A securities, which are privately placed securities purchased by qualified","page_number":3,"box":{"x":60,"y":610,"width":809,"height":11}},{"id":"7e9e78e7-9a4f-44ee-b9da-b4f8df9fa5f5","block_type":"box","text":"institutional buyers. From time to time the Fund may invest in shares of companies through initial public offerings","page_number":3,"box":{"x":62,"y":624,"width":832,"height":12}},{"id":"43c9aeb5-e06b-4ce9-9830-28a70ce4036f","block_type":"box","text":"(“IPOs”).","page_number":3,"box":{"x":61,"y":639,"width":62,"height":12}},{"id":"83104afb-560a-4877-8e75-2f9af61a4a87","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security or an","page_number":3,"box":{"x":60,"y":662,"width":866,"height":11}},{"id":"5892fd2f-4094-4766-a7ee-7f25d3dd4cc2","block_type":"box","text":"index of securities and may buy options on a currency or a basket of currencies, or enter into foreign currency","page_number":3,"box":{"x":62,"y":677,"width":806,"height":11}},{"id":"e1a6aa52-77c9-4289-9627-2e1cf4f349de","block_type":"box","text":"transactions, including swaps (collectively, commonly known as derivatives). An option is the right to buy or sell a","page_number":3,"box":{"x":60,"y":692,"width":830,"height":11}},{"id":"f153af8a-047a-4127-a49f-4a40d31de910","block_type":"box","text":"security or an index of securities at a specific price on or before a specific date. A future is an agreement to buy or sell","page_number":3,"box":{"x":61,"y":706,"width":872,"height":12}},{"id":"599126fa-e3b5-489f-ae5c-3afadc653e11","block_type":"box","text":"a security or an index of securities at a specific price on a specific date. A swap is an agreement whereby one par ty","page_number":3,"box":{"x":61,"y":721,"width":851,"height":12}},{"id":"371d93ca-7799-469f-ba12-1b2a994bdee7","block_type":"box","text":"exchanges its right to receive or its obligation to pay one type of currency for another par ty’s obligation to pay or its","page_number":3,"box":{"x":61,"y":736,"width":847,"height":12}},{"id":"61879239-1447-4a6d-9c7f-edfe6895f2ba","block_type":"box","text":"right to receive another type of currency in the future or for a period of time. The Fund typically uses derivatives as a","page_number":3,"box":{"x":61,"y":751,"width":852,"height":11}},{"id":"8a8c8e14-d446-403f-857a-04b30568ff20","block_type":"box","text":"substitute for taking a position in the underlying asset and/or as par t of a strategy designed to reduce exposure to","page_number":3,"box":{"x":61,"y":766,"width":844,"height":11}},{"id":"eca7608e-c3f5-41a7-abb0-c18611307d07","block_type":"box","text":"other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use","page_number":3,"box":{"x":61,"y":781,"width":831,"height":11}},{"id":"a19bc22a-cd1b-4b33-907c-cff884e19790","block_type":"box","text":"would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily","page_number":3,"box":{"x":60,"y":796,"width":829,"height":11}},{"id":"c7387cc3-f843-43b5-8f61-346a18de43a1","block_type":"box","text":"invests by entering into a series of purchase and sale contracts or by using other investment techniques. The Fund","page_number":3,"box":{"x":62,"y":810,"width":842,"height":12}},{"id":"58f8c9be-9ecd-48e9-afc0-91875dec5910","block_type":"box","text":"may also use forward foreign currency exchange contracts (obligations to buy or sell a currency at a set rate in the","page_number":3,"box":{"x":61,"y":825,"width":841,"height":11}},{"id":"e15d0442-c81d-4189-aeb7-d1ed11ab9694","block_type":"box","text":"future).","page_number":3,"box":{"x":60,"y":840,"width":52,"height":11}},{"id":"42f6aed6-8085-4e99-8cd7-d4bfc6cab82f","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"670ff147-86b6-401b-9bbd-faebf4fa9584","block_type":"box","text":"NM1026U-5982587-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e2dd3d13-a752-4028-bdef-44abcb0acb72","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":43,"width":354,"height":13}},{"id":"73c6ff90-099e-4c20-a14b-7a3fdf272dba","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":4,"box":{"x":62,"y":69,"width":860,"height":11}},{"id":"2b84aad8-51b9-415c-977a-d42c80c560d1","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":4,"box":{"x":61,"y":84,"width":802,"height":11}},{"id":"dfb1a5f8-92b9-4701-82dd-82db96b0d43c","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":98,"width":842,"height":12}},{"id":"73ba3b26-77df-440d-9688-314b5ef65d0b","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":4,"box":{"x":61,"y":113,"width":857,"height":12}},{"id":"d1b2958a-36e3-4fc7-bab8-6598f288d14f","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":128,"width":515,"height":12}},{"id":"6ff296e2-b04e-4f22-bc05-9f5f8287ce43","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":148,"width":166,"height":12}},{"id":"e3f22459-bd91-4fac-a4c5-fdd91872760c","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":148,"width":685,"height":12}},{"id":"ef933a7b-f968-4834-ad35-e8bdf6a95699","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":163,"width":550,"height":11}},{"id":"2e0c0852-36fd-472f-9e20-cfdd9a85aac5","block_type":"box","text":"Technology Securities Risk","page_number":4,"box":{"x":82,"y":183,"width":203,"height":11}},{"id":"0248ab4f-e15a-49f0-8a3e-18c3adb8df48","block_type":"box","text":"—","page_number":4,"box":{"x":289,"y":188,"width":17,"height":1}},{"id":"0d9f062d-a09c-4831-82e5-67feeea6ec69","block_type":"box","text":"Cer tain technology-related companies may face special risks that their products or","page_number":4,"box":{"x":311,"y":183,"width":606,"height":12}},{"id":"06e0c85e-6a17-4410-99b7-d1ea56e07dbe","block_type":"box","text":"services may not prove to be commercially successful. Technology-related companies are also strongly affected by","page_number":4,"box":{"x":81,"y":198,"width":842,"height":11}},{"id":"ae69a29e-1074-45ea-bc60-70e0c546156f","block_type":"box","text":"worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such","page_number":4,"box":{"x":80,"y":213,"width":838,"height":11}},{"id":"f466833d-7617-4c13-8656-a2d217ca81fe","block_type":"box","text":"companies are also often subject to governmental regulation and may, therefore, be adversely affected by","page_number":4,"box":{"x":81,"y":227,"width":779,"height":12}},{"id":"0e1781ba-1d0c-4bd9-a627-d1d5b09d21cc","block_type":"box","text":"governmental policies. In addition, cer tain technology-related companies in which the Fund may invest may not","page_number":4,"box":{"x":81,"y":242,"width":812,"height":12}},{"id":"f4200205-2edd-427c-8294-b43c129c78c2","block_type":"box","text":"currently be profitable and there can be no assurance that such companies will be profitable in the future.","page_number":4,"box":{"x":81,"y":257,"width":778,"height":11}},{"id":"c9cb399b-fc95-45b1-8ed0-da67f4f3d43e","block_type":"box","text":"Concentration Risk","page_number":4,"box":{"x":81,"y":277,"width":145,"height":9}},{"id":"fd75478d-e931-4d96-93e0-b3ea23a5cfaa","block_type":"box","text":"—","page_number":4,"box":{"x":231,"y":282,"width":17,"height":1}},{"id":"cd44c090-23d2-4f32-ae6d-93e1530935e6","block_type":"box","text":"The Fund’s strategy of concentrating in technology and related companies means that its","page_number":4,"box":{"x":252,"y":277,"width":654,"height":12}},{"id":"b3c15558-0171-44ad-bca3-bd4e9355b69f","block_type":"box","text":"per formance will be closely tied to the per formance of a par ticular market segment. The Fund’s concentration in","page_number":4,"box":{"x":82,"y":292,"width":824,"height":11}},{"id":"4612b13c-5503-495d-b57c-59c08911b153","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":4,"box":{"x":80,"y":307,"width":853,"height":11}},{"id":"a0c98c2a-1876-4470-beef-2e2eb4d46091","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":4,"box":{"x":80,"y":321,"width":831,"height":12}},{"id":"1ff6d4c4-968b-4d2f-8a27-ea062af78e18","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":336,"width":855,"height":12}},{"id":"6d161ade-6df2-4deb-b099-bb8a78500731","block_type":"box","text":"other industries or the broader market as a whole.","page_number":4,"box":{"x":81,"y":351,"width":368,"height":9}},{"id":"c5090af5-3295-461a-9576-dd17e1f11adf","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":371,"width":206,"height":9}},{"id":"f4e72252-12d7-49da-bee3-b790e4a9080f","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":4,"box":{"x":291,"y":371,"width":593,"height":12}},{"id":"6033dbd4-36f3-467e-a559-388d1328fd43","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":4,"box":{"x":81,"y":386,"width":853,"height":11}},{"id":"2fa19244-d63e-40e2-980b-9a83d0b5bd95","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":4,"box":{"x":81,"y":401,"width":855,"height":11}},{"id":"2641a7d9-1b23-45e7-b993-992f3707a218","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":4,"box":{"x":80,"y":416,"width":816,"height":11}},{"id":"f741608d-d9b3-4b0f-8082-532b1d0132b3","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":4,"box":{"x":82,"y":430,"width":796,"height":12}},{"id":"d1221314-977b-4186-be04-11d383b91d17","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":4,"box":{"x":81,"y":445,"width":812,"height":12}},{"id":"df031e73-62db-4998-b2d2-8d7cab0ed161","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":4,"box":{"x":82,"y":460,"width":809,"height":12}},{"id":"b797f805-e201-4fc0-b635-c235d4ce2356","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":480,"width":123,"height":9}},{"id":"5a875fea-175b-42cc-a7ac-f4bc40b12e70","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":4,"box":{"x":207,"y":480,"width":664,"height":12}},{"id":"dbb9c94c-23fb-47be-b012-ae8696aeb6d9","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":495,"width":469,"height":11}},{"id":"2799ae2e-5a1c-4373-a60f-99e4e8a1c2fe","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":515,"width":102,"height":11}},{"id":"872e1413-e1c4-46ed-ba48-5d327951115f","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":4,"box":{"x":188,"y":515,"width":723,"height":11}},{"id":"d203ca54-ac15-4b86-adc0-7a7077615283","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":4,"box":{"x":82,"y":530,"width":832,"height":11}},{"id":"bd734b9d-7062-46a6-8af1-35b4ae02c6e9","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":545,"width":280,"height":11}},{"id":"79205e1c-f6ff-4161-b287-10143ac07a2f","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":565,"width":87,"height":9}},{"id":"7031fba5-9db6-4a27-bfc0-8a9d1f515464","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":4,"box":{"x":173,"y":564,"width":728,"height":12}},{"id":"7763220c-206a-4cb6-bfe1-a8e53355d24a","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":4,"box":{"x":81,"y":579,"width":834,"height":12}},{"id":"d7f90137-07a2-48d0-b3f8-399bf027a0d2","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":4,"box":{"x":82,"y":594,"width":832,"height":12}},{"id":"96de8db3-4ac2-4271-a328-74482f4f7e6e","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":4,"box":{"x":80,"y":609,"width":779,"height":11}},{"id":"eb431e6d-63a7-4fa8-8606-fe66a7e046d4","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":624,"width":253,"height":11}},{"id":"348d7bfa-4cc2-4017-b2eb-2b03bde5be9f","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":644,"width":131,"height":11}},{"id":"569cb170-94fd-4f27-8f00-4f414db52304","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":4,"box":{"x":217,"y":644,"width":697,"height":11}},{"id":"70114fe5-a3a0-4142-8bfe-6a43164f5111","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":4,"box":{"x":80,"y":659,"width":855,"height":11}},{"id":"348cdff2-9de0-4bf8-8122-b100a1e23fd0","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":674,"width":240,"height":11}},{"id":"eafdd22d-d892-489a-96a7-284dea2ab5c2","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":694,"width":100,"height":11}},{"id":"a2fe122f-eacb-494f-bf39-36a708967441","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":4,"box":{"x":186,"y":693,"width":750,"height":12}},{"id":"2008de4f-b32c-47ca-97c5-4a040749e495","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":4,"box":{"x":80,"y":709,"width":839,"height":10}},{"id":"81e2bf26-caae-45d8-9fe4-3101bddd361f","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":723,"width":293,"height":12}},{"id":"a1779f9b-1a78-4f4a-a78a-02feed3d6096","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":743,"width":120,"height":11}},{"id":"94d600f0-3de2-4bc7-9db7-d9d6e54d2312","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":4,"box":{"x":206,"y":743,"width":727,"height":12}},{"id":"1f539b9b-a9f3-43fe-befa-94ec803d3963","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":4,"box":{"x":82,"y":758,"width":607,"height":11}},{"id":"6a108105-55c0-4ef5-af44-350eefdedd73","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":778,"width":75,"height":11}},{"id":"612c8c19-33e4-4381-b7b9-6cdf1616e0e4","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":4,"box":{"x":161,"y":778,"width":761,"height":11}},{"id":"c9c2d423-07a9-47aa-815c-cf17adae30d0","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":793,"width":198,"height":11}},{"id":"531347e2-6142-40b6-bba6-658d831fa20a","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":813,"width":214,"height":11}},{"id":"319d9e37-0b45-460e-93ff-1c29100bba96","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":4,"box":{"x":300,"y":813,"width":590,"height":11}},{"id":"0f5eaf30-9eaa-428a-9c04-92f94119fb3d","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":4,"box":{"x":81,"y":827,"width":775,"height":12}},{"id":"338e4eb2-5b49-4ed6-8449-7c3b220f2c97","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":4,"box":{"x":81,"y":842,"width":589,"height":12}},{"id":"f175e15c-b8a8-46e3-92fd-a84595052d8c","block_type":"box","text":"Valuation Risk","page_number":4,"box":{"x":83,"y":863,"width":102,"height":9}},{"id":"de945d6c-bf3a-435b-a359-178cb2b79eb2","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":4,"box":{"x":189,"y":862,"width":747,"height":12}},{"id":"19db2dbb-4798-462e-8a04-5bfb09725021","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":4,"box":{"x":82,"y":877,"width":783,"height":12}},{"id":"49ae915b-a4a4-4402-af6b-e0441faadf99","block_type":"box","text":"instruments or quote prices for them.","page_number":4,"box":{"x":82,"y":892,"width":273,"height":11}},{"id":"52bd5b1b-3e69-469a-97a6-6a377c3f6b82","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"41aa68dc-a7bb-4352-bd11-b5791fea8455","block_type":"box","text":"NM1026U-5982587-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"259b22bb-e7a2-4422-b9f8-61d3d38e1659","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":42,"width":95,"height":11}},{"id":"f14ffb7e-b7c3-42bd-9100-86df70a81e80","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":42,"width":728,"height":11}},{"id":"e1e5130d-3ca1-4a0f-9e59-2fcbfe04fb25","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":5,"box":{"x":81,"y":57,"width":839,"height":11}},{"id":"3ce954d1-1f7d-4d38-bdfc-9b4ca511e971","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":72,"width":354,"height":11}},{"id":"e5fa06b1-3753-4b40-a501-e55bbaa4b6c0","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":92,"width":59,"height":9}},{"id":"8736199b-a016-4fd4-8723-a3b97e3884c0","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":91,"width":719,"height":12}},{"id":"3cd6606a-c06b-4e94-ac0e-aabd7ea56d61","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":106,"width":801,"height":12}},{"id":"92535910-d3ae-4af5-a408-17dcc475d571","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":121,"width":802,"height":12}},{"id":"b95f0eaa-b96f-4951-b775-4e063f9f7ef2","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":136,"width":830,"height":11}},{"id":"d55253b8-10e7-4265-ade0-a02184dc91b1","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":151,"width":215,"height":9}},{"id":"9777cf1f-87d5-4e88-8f61-8c0cab38aee9","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":171,"width":178,"height":11}},{"id":"9356cd1c-79de-4b6e-90c1-7215796c2fa8","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":171,"width":617,"height":11}},{"id":"4f776019-f836-4cd8-81b8-5f18f0e6e2c8","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":5,"box":{"x":81,"y":185,"width":825,"height":12}},{"id":"2d24d73b-8bde-451c-80e1-63a251f0e788","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":5,"box":{"x":82,"y":200,"width":822,"height":12}},{"id":"c46532df-05cf-44c3-9afd-5f8fccdf3946","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":5,"box":{"x":82,"y":215,"width":816,"height":12}},{"id":"4fbbbd07-6aac-41ae-b5a4-2f60b996e0ab","block_type":"box","text":"liquidity than developed markets.","page_number":5,"box":{"x":82,"y":230,"width":240,"height":11}},{"id":"63ecd86b-aca7-4aa9-a701-efba237f62b8","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":250,"width":176,"height":11}},{"id":"732d8725-c6e3-4f88-a5d7-dc76135255df","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":5,"box":{"x":260,"y":250,"width":668,"height":12}},{"id":"b8744b52-7455-42ed-9151-2e8574d0970b","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":265,"width":531,"height":11}},{"id":"684949f8-4c04-4a47-a00d-34b921a316ba","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":5,"box":{"x":101,"y":285,"width":823,"height":11}},{"id":"d6be15ea-d649-4d41-a345-d506114f8b73","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":5,"box":{"x":102,"y":300,"width":823,"height":11}},{"id":"96edd54d-5dfa-4e34-accf-d16ba705e197","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":315,"width":70,"height":11}},{"id":"05dcaf86-0e82-41ee-b18b-8faf66f9d3f5","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":5,"box":{"x":101,"y":334,"width":644,"height":12}},{"id":"a8721d72-c38f-488e-960c-f6373e639288","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":5,"box":{"x":101,"y":354,"width":830,"height":12}},{"id":"b6320ef2-c730-4082-a964-01c85990c01e","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":5,"box":{"x":102,"y":369,"width":808,"height":12}},{"id":"6ae29d06-d6c4-4110-a372-42f496165db2","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":384,"width":137,"height":11}},{"id":"a84f0f68-19b3-4820-99b3-8f5d92a024a1","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":5,"box":{"x":101,"y":404,"width":821,"height":12}},{"id":"df36096d-a444-4ce6-ab3c-5572ba769b52","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":5,"box":{"x":102,"y":419,"width":809,"height":11}},{"id":"46c28a23-d344-4959-99f2-02b985a3c8e2","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":5,"box":{"x":102,"y":434,"width":784,"height":11}},{"id":"78cb695f-1d7c-42e7-bb54-80da775021bf","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":449,"width":352,"height":11}},{"id":"95a1a661-2040-405d-b7f5-ac147feb4f27","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":5,"box":{"x":102,"y":468,"width":823,"height":12}},{"id":"9693f987-1e28-4584-af25-db477d8d0b13","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":5,"box":{"x":101,"y":483,"width":811,"height":12}},{"id":"ecd3795e-6541-4382-a8ac-5ed82baf72ce","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":498,"width":148,"height":9}},{"id":"bd35f731-1e1c-4443-bc36-25493f855453","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":5,"box":{"x":101,"y":518,"width":834,"height":12}},{"id":"7686acf0-c698-49c4-8b89-747a11629dbc","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":533,"width":628,"height":11}},{"id":"903ee6db-8b22-4571-81b4-7c0aaa048621","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":5,"box":{"x":101,"y":553,"width":830,"height":11}},{"id":"7644757c-397a-4f14-a525-c56b037fc99e","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":5,"box":{"x":101,"y":568,"width":831,"height":11}},{"id":"c20955fc-5870-4fbd-865b-3c348d4216f5","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":5,"box":{"x":101,"y":583,"width":813,"height":11}},{"id":"722183e6-1eac-4cdc-a866-9cbd5d1ddc3f","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":597,"width":395,"height":12}},{"id":"7828538b-4028-4000-b818-1f71cc4264a8","block_type":"box","text":"Geographic Concentration Risk","page_number":5,"box":{"x":81,"y":618,"width":235,"height":11}},{"id":"52096abe-7f6e-49d4-ba56-55f805a7713e","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":5,"box":{"x":320,"y":617,"width":581,"height":12}},{"id":"d3914767-c984-4c97-b29a-033b76106958","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":5,"box":{"x":82,"y":632,"width":848,"height":12}},{"id":"821657e3-c6a3-40c1-93f2-d648da27c8b7","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":5,"box":{"x":82,"y":647,"width":841,"height":12}},{"id":"d6242812-9bd0-45d6-a617-a8e7464866ab","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":5,"box":{"x":82,"y":662,"width":777,"height":11}},{"id":"610b4493-7932-482c-8eb5-50ff69161c71","block_type":"box","text":"concentrates its investments in cer tain countries, especially emerging market countries.","page_number":5,"box":{"x":81,"y":677,"width":648,"height":11}},{"id":"ca4d8974-0176-4218-8cdc-fbbd091e7398","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":697,"width":166,"height":11}},{"id":"0b283ded-6e5a-475d-bfb7-44e596eb1609","block_type":"box","text":"— Under cer tain market conditions, growth investments have per formed better during the","page_number":5,"box":{"x":251,"y":697,"width":660,"height":11}},{"id":"eaf60ef0-9b11-4f49-b64d-657515930148","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":5,"box":{"x":82,"y":711,"width":842,"height":12}},{"id":"ca70f18f-8ccf-4e3c-8fb7-b9ccbd678cc3","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":5,"box":{"x":80,"y":726,"width":847,"height":12}},{"id":"bb0c9d5e-2b2b-480a-9b8d-b80735375f4c","block_type":"box","text":"different investment styles.","page_number":5,"box":{"x":81,"y":741,"width":200,"height":12}},{"id":"005a835e-02ea-4c9e-a23d-dabfd4089856","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":761,"width":107,"height":12}},{"id":"3d572270-1a66-49d3-87b1-8488b0ddc026","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":5,"box":{"x":192,"y":761,"width":741,"height":12}},{"id":"b6a1e1ac-e3ac-4cf4-a8d8-1c6cf4b13f3e","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":5,"box":{"x":81,"y":776,"width":853,"height":12}},{"id":"d0764464-ebd9-437c-b1d0-600c0183d7f3","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":5,"box":{"x":81,"y":791,"width":856,"height":11}},{"id":"a77c6286-6459-4f12-abcb-94ef18cd5cb9","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":5,"box":{"x":80,"y":806,"width":796,"height":11}},{"id":"5efb3dc6-fa2f-417f-9b27-daafe25a6b89","block_type":"box","text":"Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s por tfolio will be","page_number":5,"box":{"x":81,"y":820,"width":805,"height":12}},{"id":"d0800485-73d5-4a48-8960-2da717caa512","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":5,"box":{"x":82,"y":835,"width":293,"height":12}},{"id":"1d73fc4c-444c-42bd-a7be-2b7a01d711cf","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":855,"width":240,"height":9}},{"id":"b786bfef-ccaf-4312-bce6-ab9a2d22c1a9","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":5,"box":{"x":324,"y":855,"width":593,"height":9}},{"id":"fc9322a8-8ac5-411c-97ce-dbdf17ba84e8","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":5,"box":{"x":81,"y":870,"width":851,"height":12}},{"id":"e8631b52-163a-4a6c-ad6c-bec7b373c2c1","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":5,"box":{"x":82,"y":885,"width":824,"height":11}},{"id":"27537161-54d2-4742-99f0-df40c11cd7fa","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":5,"box":{"x":82,"y":900,"width":851,"height":11}},{"id":"503047c0-aea4-493d-a391-96b56d707a50","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":5,"box":{"x":82,"y":915,"width":802,"height":11}},{"id":"b7b32a3f-4174-4010-a199-d84a27dd2939","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"314b595b-77de-4961-b10c-4b9c40e3c121","block_type":"box","text":"NM1026U-5982587-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"00b8a601-f8d5-4e06-b6f2-fd6aa6e86ed5","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":6,"box":{"x":81,"y":42,"width":849,"height":11}},{"id":"bfc35b23-dfeb-4b67-baa3-bde5d9eac1be","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":6,"box":{"x":81,"y":57,"width":843,"height":11}},{"id":"b235d037-2281-4593-9bb9-70c3da24355d","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":6,"box":{"x":81,"y":71,"width":830,"height":12}},{"id":"743d48cd-d6c4-45a2-ad90-67a82cab5eaf","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":86,"width":840,"height":12}},{"id":"2b5a3421-5566-44dd-bd46-6d57fae38202","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":6,"box":{"x":81,"y":101,"width":851,"height":12}},{"id":"7f6b856a-4e9a-467f-abe6-82242a4c5a89","block_type":"box","text":"uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":6,"box":{"x":82,"y":116,"width":815,"height":11}},{"id":"322e653e-4d7e-4b72-b391-dddde4579254","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":6,"box":{"x":81,"y":131,"width":826,"height":11}},{"id":"6a2ebd26-f88d-48bd-a497-b2faa232824f","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":146,"width":735,"height":11}},{"id":"05848862-1453-48eb-9ff1-e2af75111db3","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":166,"width":818,"height":11}},{"id":"94e8ae57-b895-494e-97bf-9aaf459ba13d","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":6,"box":{"x":80,"y":181,"width":819,"height":11}},{"id":"eba10a3a-b8e6-4e49-8d63-8ce444a3445a","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":6,"box":{"x":81,"y":195,"width":819,"height":12}},{"id":"a337995b-582d-42f8-85bb-a49999fad956","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":6,"box":{"x":81,"y":210,"width":846,"height":12}},{"id":"ce69a175-29a8-4944-a7bc-5d2e5f8edd8c","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":225,"width":848,"height":11}},{"id":"4c1dac34-7534-4c3d-9d7d-126a904439af","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":240,"width":125,"height":9}},{"id":"79fae095-e96b-4634-81d3-9cedd0d5241a","block_type":"box","text":"Mid Cap Securities Risk","page_number":6,"box":{"x":81,"y":260,"width":182,"height":11}},{"id":"a3d6cfc7-7612-428c-8119-068649510b9e","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":6,"box":{"x":267,"y":260,"width":665,"height":11}},{"id":"99f92302-46b0-4274-9514-ca7905356463","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":6,"box":{"x":81,"y":274,"width":789,"height":12}},{"id":"0023817a-a28c-418f-9496-cf6011ad8a76","block_type":"box","text":"“New Issues” Risk","page_number":6,"box":{"x":83,"y":295,"width":139,"height":9}},{"id":"b986633a-213d-4de1-8ebf-bc7b62e18ba6","block_type":"box","text":"—","page_number":6,"box":{"x":227,"y":300,"width":17,"height":1}},{"id":"7f1db025-4596-44c1-8e99-ffac853fcf45","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":6,"box":{"x":249,"y":294,"width":681,"height":12}},{"id":"abbf94e1-291a-40ce-a10a-0352b709e102","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":6,"box":{"x":81,"y":309,"width":843,"height":12}},{"id":"69bc440d-9181-4a8e-b1c0-cd278647f57f","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":6,"box":{"x":81,"y":324,"width":517,"height":12}},{"id":"9bf8b8b6-0d75-4c11-b79f-501e8a06ec47","block_type":"box","text":"Operational and Technology Risks","page_number":6,"box":{"x":82,"y":344,"width":254,"height":11}},{"id":"5b2c861f-a542-4d24-b993-de20c8c2f2c7","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":6,"box":{"x":340,"y":344,"width":578,"height":12}},{"id":"207346d2-7db0-448d-879f-4c518a1b5488","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":6,"box":{"x":82,"y":359,"width":779,"height":11}},{"id":"695f9308-7843-46c4-8fc9-643fec277526","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":6,"box":{"x":81,"y":374,"width":848,"height":11}},{"id":"8ad5d4d3-f561-4421-bef4-188627225685","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":6,"box":{"x":81,"y":389,"width":806,"height":11}},{"id":"8797abcc-e718-48e8-9a7e-550edfd99b2a","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":6,"box":{"x":82,"y":403,"width":807,"height":12}},{"id":"65a0278c-9a84-46e9-b574-88529f5f6772","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":6,"box":{"x":82,"y":418,"width":846,"height":12}},{"id":"5bb74aae-324c-4588-aa56-76cbe85d0251","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":6,"box":{"x":81,"y":433,"width":836,"height":11}},{"id":"aef2044d-6371-43ce-bc68-e2f140a374ab","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":448,"width":474,"height":11}},{"id":"471f3d17-0558-4444-b7c9-d8c9d452a4b5","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":468,"width":189,"height":9}},{"id":"3893578c-3d45-40f7-80f5-d96fe2e6dd6d","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":468,"width":636,"height":11}},{"id":"bd12a114-ec28-420c-8aab-2e07b1820b8d","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":6,"box":{"x":81,"y":483,"width":824,"height":11}},{"id":"a941a3c9-6f5f-4fec-bbb1-831c89af365a","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":6,"box":{"x":82,"y":497,"width":806,"height":12}},{"id":"55ca949d-3aea-4850-92c8-6e4cb03c57cc","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":6,"box":{"x":81,"y":512,"width":842,"height":12}},{"id":"c0f031d2-1c4a-4276-b59e-613641e54a29","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":6,"box":{"x":81,"y":527,"width":781,"height":12}},{"id":"1bc44c0a-cdda-4fee-90f1-08962f5889f9","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":6,"box":{"x":81,"y":542,"width":812,"height":11}},{"id":"28b1b78c-7195-4df1-9d83-c28bd849929d","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":557,"width":129,"height":11}},{"id":"b0152fdd-1c70-42da-96c0-b5cff36232ef","block_type":"box","text":"Purchase and Sale Contracts Risk","page_number":6,"box":{"x":81,"y":577,"width":258,"height":9}},{"id":"95e4969b-9065-4a93-9069-bb08eaa396cf","block_type":"box","text":"— If the other par ty to a purchase and sale contract defaults on its obligation","page_number":6,"box":{"x":343,"y":577,"width":570,"height":11}},{"id":"d48d9f32-c3e4-4334-b8ae-7f66d358c05b","block_type":"box","text":"under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the","page_number":6,"box":{"x":82,"y":592,"width":829,"height":11}},{"id":"12e5421b-28eb-44e5-8988-c1ad26fa9511","block_type":"box","text":"agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may","page_number":6,"box":{"x":81,"y":606,"width":850,"height":12}},{"id":"b6005baa-e65e-4b8b-9932-a836d6a41394","block_type":"box","text":"lose money.","page_number":6,"box":{"x":82,"y":622,"width":85,"height":11}},{"id":"8a908173-19ed-4863-b4ce-7e38e58d4352","block_type":"box","text":"Restricted Securities Risk","page_number":6,"box":{"x":81,"y":641,"width":198,"height":9}},{"id":"a937810e-b25d-499c-bfa0-b2b256af42bc","block_type":"box","text":"—","page_number":6,"box":{"x":284,"y":647,"width":17,"height":0}},{"id":"5dfff8a7-efe3-4e29-9f32-49f14ad8fe00","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of","page_number":6,"box":{"x":306,"y":641,"width":572,"height":12}},{"id":"ee716d39-c06c-4e00-89e5-ecac3d46ecf2","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity may prevent the Fund from","page_number":6,"box":{"x":82,"y":656,"width":845,"height":11}},{"id":"6801c003-ee0a-4b11-84c9-23073a61b479","block_type":"box","text":"disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an exchange","page_number":6,"box":{"x":81,"y":671,"width":850,"height":11}},{"id":"121c9e91-6997-4bd5-9e3d-3f7512908f72","block_type":"box","text":"and may have no active trading market. In order to sell cer tain restricted securities, the Fund may have to bear the","page_number":6,"box":{"x":81,"y":686,"width":843,"height":11}},{"id":"51424d1f-46a4-4c14-b520-276bef36f270","block_type":"box","text":"expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Other","page_number":6,"box":{"x":81,"y":701,"width":847,"height":11}},{"id":"890aa8f7-ce2f-4338-a4e3-28ff1e5cbb4a","block_type":"box","text":"transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be","page_number":6,"box":{"x":80,"y":715,"width":838,"height":12}},{"id":"77613f59-989d-4514-9f5d-df53119dc170","block_type":"box","text":"difficult to value because market quotations may not be readily available, there may be limited other information","page_number":6,"box":{"x":81,"y":730,"width":825,"height":12}},{"id":"3b939a69-125b-4265-8a54-a218b5527d12","block_type":"box","text":"regarding the investment’s market or fair value, and the securities values may have significant volatility. Also, the","page_number":6,"box":{"x":82,"y":745,"width":830,"height":12}},{"id":"130eba60-de96-4719-88c3-f289a0f84aa6","block_type":"box","text":"Fund may get only limited information about the issuer of a given restricted security, and therefore may be less able","page_number":6,"box":{"x":82,"y":760,"width":849,"height":11}},{"id":"06c5988c-956f-4688-a298-0152735182b1","block_type":"box","text":"to determine the security’s market or fair value or assess the investment risks as fully as for other issuers for which","page_number":6,"box":{"x":80,"y":775,"width":855,"height":11}},{"id":"38d0cf07-3104-4ade-bffc-e333bf2d0150","block_type":"box","text":"more information is available. Cer tain restricted securities may involve a high degree of business and financial risk","page_number":6,"box":{"x":82,"y":789,"width":844,"height":12}},{"id":"180e1e5c-3283-4c46-a082-f231ce3db513","block_type":"box","text":"and may result in substantial losses to the Fund. Cer tain restricted securities may represent limited investment","page_number":6,"box":{"x":81,"y":804,"width":821,"height":12}},{"id":"982cbd41-b918-4904-a2ac-9cbeaf413d92","block_type":"box","text":"oppor tunities and each shareholder’s propor tionate investment exposure to such limited investment oppor tunities","page_number":6,"box":{"x":81,"y":819,"width":841,"height":11}},{"id":"60078c4b-f36b-457e-9635-895912b315fc","block_type":"box","text":"may be reduced propor tionately as the Fund’s net assets grow from new or additional investments made in the","page_number":6,"box":{"x":82,"y":834,"width":815,"height":12}},{"id":"7a5ebba8-3e82-4073-b2ad-f0f3311b2cfd","block_type":"box","text":"Fund by other shareholders.","page_number":6,"box":{"x":82,"y":849,"width":202,"height":11}},{"id":"b9bbb25d-37a1-400a-9b42-749a7c2a06f5","block_type":"box","text":"Small Cap Securities Risk","page_number":6,"box":{"x":81,"y":869,"width":196,"height":11}},{"id":"1791d9f9-9006-482f-b052-92d7d2e4707c","block_type":"box","text":"—","page_number":6,"box":{"x":281,"y":874,"width":17,"height":1}},{"id":"ce22aca2-6986-4672-9665-840a48e3538c","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":6,"box":{"x":303,"y":869,"width":607,"height":11}},{"id":"926e1a58-9164-4405-8c10-11c7b527387e","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":6,"box":{"x":81,"y":884,"width":852,"height":11}},{"id":"32d25d4b-0007-4295-8aaa-cc4705c6a9e6","block_type":"box","text":"than larger capitalized companies.","page_number":6,"box":{"x":80,"y":899,"width":251,"height":11}},{"id":"db71f830-b2c7-4fe4-b78b-0842d42b5d03","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"a7a37a7b-9830-4b27-a328-131d4abde653","block_type":"box","text":"NM1026U-5982587-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5c1a3669-02c3-4d77-b95e-d5f20f50f44a","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":43,"width":224,"height":11}},{"id":"36bedc2d-c1ea-40cc-bb6d-c65daec8f231","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":7,"box":{"x":60,"y":69,"width":855,"height":11}},{"id":"e407f5a3-e4c2-4ca7-8b5b-dee3d0f59042","block_type":"box","text":"risks of investing in the Fund. Effective December 30, 2017, the Fund changed its name, investment process and","page_number":7,"box":{"x":61,"y":84,"width":835,"height":11}},{"id":"672b41f3-0bc0-4358-aec4-c67ef9a0754c","block_type":"box","text":"investment strategies. Per formance for the periods prior to December 30, 2017, shown below, is based on the","page_number":7,"box":{"x":62,"y":98,"width":815,"height":12}},{"id":"dec4c70d-9d3d-4322-85da-36f0fa4ed4af","block_type":"box","text":"investment process and investment strategies utilized by the Fund at that time under the name “BlackRock Science &","page_number":7,"box":{"x":62,"y":113,"width":865,"height":12}},{"id":"1c24aae1-7c35-42a3-ae9d-d6fac2a28fca","block_type":"box","text":"Technology Oppor tunities Por tfolio.” The table compares the Fund’s per formance to that of the MSCI All Country World","page_number":7,"box":{"x":60,"y":128,"width":872,"height":12}},{"id":"a87461c1-c7da-4c9d-8585-2fccb3f83c68","block_type":"box","text":"Index (Net), the MSCI All-Country World Information Technology 10/40 Index (Net) and the MSCI All-Country World","page_number":7,"box":{"x":62,"y":143,"width":830,"height":12}},{"id":"cf212c54-4aed-4aae-b7c5-8c3dee6c2503","block_type":"box","text":"Information Technology Index (Net). The MSCI All-Country World Information Technology 10/40 Index (Net) and the","page_number":7,"box":{"x":62,"y":158,"width":834,"height":11}},{"id":"e0342bd4-6fd7-4184-844c-601d372e7414","block_type":"box","text":"MSCI All-Country World Information Technology Index (Net) are relevant to the Fund because they have characteristics","page_number":7,"box":{"x":62,"y":173,"width":860,"height":11}},{"id":"f83347b8-eb97-4d7f-9abd-01effd56ef74","block_type":"box","text":"similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund,","page_number":7,"box":{"x":61,"y":188,"width":852,"height":11}},{"id":"a24ac42b-a7c3-4ddb-8e7e-a138637b7f22","block_type":"box","text":"the per formance information for the Fund in the char t and table assumes reinvestment of the dividends and","page_number":7,"box":{"x":60,"y":202,"width":795,"height":12}},{"id":"a1dde0e2-b14c-46f1-b6e1-e84901881181","block_type":"box","text":"distributions. As with all such investments, past per formance (before and after taxes) is not an indication of future","page_number":7,"box":{"x":61,"y":217,"width":842,"height":11}},{"id":"16a64063-4ba1-4fb6-bddb-56b7dceea45b","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":7,"box":{"x":61,"y":232,"width":814,"height":11}},{"id":"75e4d490-b289-490e-8b73-472f657bfd71","block_type":"box","text":"However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or","page_number":7,"box":{"x":62,"y":247,"width":841,"height":11}},{"id":"b964436f-5f41-4289-98ef-562308113245","block_type":"box","text":"reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower. 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Shares","page_number":7,"box":{"x":70,"y":747,"width":427,"height":11}},{"id":"1acc8250-77b8-4eca-b0c0-d3bd99cd2470","block_type":"box","text":"Return Before Taxes 19.83% 8.37% 20.91%","page_number":7,"box":{"x":85,"y":760,"width":840,"height":8}},{"id":"3f2695b6-8f7a-4ba0-80a0-657d4c7ac521","block_type":"box","text":"BlackRock Technology Oppor tunities Fund — Class R Shares","page_number":7,"box":{"x":70,"y":778,"width":400,"height":11}},{"id":"601ad490-fd83-43ae-ae3c-64b99508b34c","block_type":"box","text":"Return Before Taxes 19.23% 7.83% 20.30%","page_number":7,"box":{"x":85,"y":791,"width":840,"height":8}},{"id":"9c8df783-2005-4451-9975-0eb16109573b","block_type":"box","text":"MSCI All Country World Index 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12/31/25","page_number":8,"box":{"x":70,"y":47,"width":223,"height":10}},{"id":"bc82e94d-82ab-4b83-b2a5-5e3ac84108bf","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":58,"width":854,"height":10}},{"id":"b5536ccf-93ac-4da3-9456-357f8581f0a5","block_type":"box","text":"MSCI All-Country World Information Technology Index (Net)","page_number":8,"box":{"x":70,"y":76,"width":382,"height":11}},{"id":"527b61a0-91da-4bf3-aeba-4afbcba79b47","block_type":"box","text":"1,3","page_number":8,"box":{"x":453,"y":76,"width":11,"height":5}},{"id":"ebae457e-998c-400c-a4ec-11c8b294243c","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":8,"box":{"x":69,"y":90,"width":486,"height":10}},{"id":"e7a3ccf4-12a0-4355-9761-85435c0ffabb","block_type":"box","text":"taxes on reinvested dividends) 26.37% 17.13% 21.59%","page_number":8,"box":{"x":69,"y":103,"width":856,"height":10}},{"id":"ab35b38e-272c-4de6-9f31-83b8ee1fbcf6","block_type":"box","text":"1","page_number":8,"box":{"x":61,"y":123,"width":3,"height":4}},{"id":"c144e1cb-f127-4797-87d2-e17de741ad75","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":8,"box":{"x":69,"y":123,"width":819,"height":9}},{"id":"de11a571-0590-4e4f-84f6-bae6ce783cc6","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":8,"box":{"x":61,"y":133,"width":870,"height":9}},{"id":"721dd41f-d737-4108-87f7-266b80572a16","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":8,"box":{"x":60,"y":143,"width":862,"height":10}},{"id":"b8e4cc84-3991-495b-9a61-063330e0a1cb","block_type":"box","text":"the case, index per formance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":8,"box":{"x":60,"y":154,"width":834,"height":9}},{"id":"d01931c6-4ce6-4908-89a1-0fb818e7d69d","block_type":"box","text":"per formance information for the MSCI All Country World Index, the MSCI All-Country World Information Technology 10/40 Index and the MSCI All","page_number":8,"box":{"x":61,"y":164,"width":850,"height":9}},{"id":"bea4d8df-ec37-470a-b1da-72f814a90dff","block_type":"box","text":"Country World Information Technology Index, please see the Fund’s Statement of Additional Information.","page_number":8,"box":{"x":61,"y":174,"width":611,"height":10}},{"id":"6ef8a6ee-b392-4d88-815d-2783a8a5c8d9","block_type":"box","text":"2","page_number":8,"box":{"x":61,"y":187,"width":3,"height":4}},{"id":"c9f14d27-a7af-4b13-8e98-94aefc01387b","block_type":"box","text":"The inception date of the MSCI All-Country World Information Technology 10/40 Index (Net) was February 23, 2024.","page_number":8,"box":{"x":68,"y":187,"width":682,"height":10}},{"id":"8dc4adac-8675-4580-9945-34b402d536ae","block_type":"box","text":"3","page_number":8,"box":{"x":61,"y":200,"width":3,"height":4}},{"id":"1e67fd56-24d1-4859-a154-1b2c46861d31","block_type":"box","text":"The Fund has added this additional benchmark.","page_number":8,"box":{"x":68,"y":200,"width":279,"height":8}},{"id":"a45d25f9-8ba7-48e2-bd26-e1987c7b6b99","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":225,"width":840,"height":12}},{"id":"90cf3be0-432d-4e89-9500-ce9f3bbfb8f5","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":8,"box":{"x":61,"y":240,"width":835,"height":12}},{"id":"e9b7e64a-4543-4bb8-9c6f-0167d826f389","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":8,"box":{"x":61,"y":255,"width":851,"height":12}},{"id":"5f024230-d9af-47f7-9457-b1ba55c32563","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":8,"box":{"x":60,"y":270,"width":840,"height":12}},{"id":"fe6882fe-0919-498d-b3de-3adba003e91f","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary.","page_number":8,"box":{"x":62,"y":285,"width":766,"height":11}},{"id":"141aefc9-7e46-494e-a10e-746853501f54","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":324,"width":187,"height":13}},{"id":"178b4c1c-f60c-4c79-b3d2-7a7e703741f6","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":8,"box":{"x":60,"y":350,"width":709,"height":11}},{"id":"ab0dda6e-964d-43b0-8165-75e54c6729c9","block_type":"box","text":"Portfolio Managers","page_number":8,"box":{"x":61,"y":389,"width":173,"height":13}},{"id":"85d1d41a-a598-43c8-b814-c32381453a27","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":70,"y":433,"width":121,"height":10}},{"id":"1da76b4b-b8af-43f5-84dc-fb72489e497c","block_type":"box","text":"Portfolio Manager","page_number":8,"box":{"x":362,"y":421,"width":121,"height":10}},{"id":"f0d46473-30ed-4788-ac12-f8e5624d8608","block_type":"box","text":"of the Fund Since Title","page_number":8,"box":{"x":363,"y":433,"width":427,"height":8}},{"id":"cfec23b2-6b14-4dc9-b662-4da87de99c92","block_type":"box","text":"Tony Kim 2013 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":69,"y":451,"width":826,"height":10}},{"id":"c5193b78-f10c-4309-8abd-21c5e4f0ac7d","block_type":"box","text":"Reid Menge 2020 Managing Director of BlackRock, Inc.","page_number":8,"box":{"x":70,"y":469,"width":825,"height":10}},{"id":"1fc1f726-de6e-4646-b378-720172bdee48","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":509,"width":309,"height":11}},{"id":"52e4f2bd-5a2a-482d-adb0-7bc61d898751","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":8,"box":{"x":60,"y":535,"width":857,"height":12}},{"id":"22bdc38a-826e-4cb4-862a-9b3bf59f9538","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":8,"box":{"x":61,"y":550,"width":873,"height":12}},{"id":"ca565c60-b05d-4ba2-9782-2f17b55f8c1d","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":8,"box":{"x":60,"y":565,"width":833,"height":12}},{"id":"7e789cdc-018e-4d4c-8322-fa5f2b59f145","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":8,"box":{"x":62,"y":580,"width":827,"height":11}},{"id":"0f258566-095c-4660-89c8-0da4af789a98","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":8,"box":{"x":60,"y":595,"width":696,"height":11}},{"id":"4efc6b97-4230-46b9-84d6-e43aeaa161b5","block_type":"box","text":"Investor A and Investor C","page_number":8,"box":{"x":232,"y":623,"width":152,"height":7}},{"id":"14411418-fcbe-4d11-93ae-3cd7f931a470","block_type":"box","text":"Shares Institutional Shares Class R Shares","page_number":8,"box":{"x":232,"y":633,"width":604,"height":8}},{"id":"94ebb2cb-f6b0-4deb-a728-fdca3ab41241","block_type":"box","text":"Minimum 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