{"annotation_id":"4a23e222-1ce4-4c57-bfdf-06127459e8b9","file_hash":"1ffb13b7c2e5e1344280b70d7404010d5c39750f80231b0136a2f4894e621529","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"0f7128ea-6862-42a0-a0d0-1584d5e16a6e","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"0845c2cf-bfa3-4330-98e3-1c1d34a54603","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"23a59024-6bb4-4d37-b1ac-ba3a9e8059e5","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"31fa62c0-1681-42f3-ac47-921649d105e3","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"aa572091-d524-4010-995a-76de67322752","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"6c0e7c33-7ef5-4267-9e9c-5902fdaeed9f","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":240,"y":297,"width":119,"height":9}},{"id":"42672df4-f8ea-4c23-b856-3aa016f8ef1b","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"4276213a-4b06-45f5-87d2-1397fda42eae","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":1,"box":{"x":84,"y":321,"width":349,"height":12}},{"id":"051e4b1c-ccac-4dea-897e-01d4015f8d73","block_type":"box","text":"Class K: BTEKX","page_number":1,"box":{"x":83,"y":339,"width":94,"height":7}},{"id":"dcc37f5e-c982-4809-9d6c-66087a8d99bc","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund","page_number":1,"box":{"x":64,"y":379,"width":808,"height":11}},{"id":"576cd42b-278c-480f-96f0-1a6bf7d2e6f0","block_type":"box","text":"and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders","page_number":1,"box":{"x":63,"y":394,"width":821,"height":11}},{"id":"c558b50f-84a5-4e32-8757-47508396ede3","block_type":"box","text":"and other information about the Fund, including the Fund’s statement of additional information, online at","page_number":1,"box":{"x":63,"y":410,"width":748,"height":11}},{"id":"4a7559ff-54bb-4842-bbc9-4687c483483c","block_type":"box","text":"https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 537-4942 or by","page_number":1,"box":{"x":63,"y":425,"width":825,"height":11}},{"id":"635adc9c-2b50-42c7-8afc-209faf0ae6e4","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"f1e0669b-0b9b-47e2-b3ce-4e738248facb","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"84fa8db5-2333-4a05-88d5-e1a01f1eb083","block_type":"box","text":", or from your financial professional. The Fund’s","page_number":1,"box":{"x":534,"y":441,"width":335,"height":11}},{"id":"2884c652-30d9-4814-b3b0-9f6dcb774279","block_type":"box","text":"prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented","page_number":1,"box":{"x":63,"y":456,"width":831,"height":11}},{"id":"45fda07d-f230-4485-a9d8-0fa142efbda0","block_type":"box","text":"from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.","page_number":1,"box":{"x":62,"y":472,"width":729,"height":11}},{"id":"2eebb5a3-653f-41b6-a13f-d6f9cf6e9ae5","block_type":"box","text":"This Summary Prospectus contains information you should know before investing, including information about","page_number":1,"box":{"x":63,"y":819,"width":774,"height":10}},{"id":"d17b3e5d-c305-4c9a-a887-60dea7129350","block_type":"box","text":"risks. Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":834,"width":477,"height":11}},{"id":"3b55ef8f-261c-4016-99db-b9df96432103","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":855,"width":749,"height":11}},{"id":"26326300-e129-495e-885a-5dcd5a79b2cc","block_type":"box","text":"the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":870,"width":687,"height":11}},{"id":"2da4680b-d9c4-46ab-88c7-22fd6d92f4d1","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"c6d2f099-a5c8-4252-b9a3-2cc839e4ad53","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"da0a11ca-d008-4f24-b856-bfabc5f541fc","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"e9995df1-d890-4798-986d-4251102d2dc1","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"798c3874-3397-4cb8-8b96-ca9b4f10d6c9","block_type":"box","text":"No Bank 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Funds","page_number":2,"box":{"x":60,"y":178,"width":825,"height":12}},{"id":"32ce9fad-6b55-4d0f-8a05-0fc53266f954","block_type":"box","text":"SM","page_number":2,"box":{"x":886,"y":179,"width":11,"height":4}},{"id":"64aa4ae3-b1e1-4728-9b84-24e4f6fa6ff9","block_type":"box","text":"(the","page_number":2,"box":{"x":904,"y":179,"width":27,"height":11}},{"id":"0572812f-8065-411f-9469-1d7d38ea8681","block_type":"box","text":"“Trust”), is to provide long-term capital appreciation.","page_number":2,"box":{"x":62,"y":194,"width":383,"height":11}},{"id":"7e06398a-ece4-42f3-b0bc-84e015527800","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"6c140d13-bcf3-4023-9bc0-b2d10cc4495f","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.","page_number":2,"box":{"x":60,"y":258,"width":839,"height":12}},{"id":"288df775-3bf4-4c12-a3ad-cb4c1d3722e3","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":2,"box":{"x":60,"y":273,"width":724,"height":12}},{"id":"09dff8d0-d134-4012-971e-eec1c0c54679","block_type":"box","text":"You may pay other","page_number":2,"box":{"x":790,"y":273,"width":138,"height":12}},{"id":"1e211b38-7370-4f14-94c1-80d7cc157821","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or your selected securities","page_number":2,"box":{"x":60,"y":288,"width":824,"height":11}},{"id":"008a7346-6e88-4003-a309-5356a30aed17","block_type":"box","text":"dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, 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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":551,"width":832,"height":9}},{"id":"ef0de08f-1ef0-4407-8879-59045dcbfdaa","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":561,"width":847,"height":9}},{"id":"1c1cb2d5-45e8-495a-8157-841fe5e5fc69","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":571,"width":834,"height":10}},{"id":"304af5f2-ceb7-46e4-953a-da6c172e0a3a","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":582,"width":330,"height":9}},{"id":"5da49536-b470-40de-b78a-f923bb9aad57","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":595,"width":3,"height":3}},{"id":"b880299f-71af-4405-87b8-e4bc85dcaa52","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 30, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":595,"width":837,"height":9}},{"id":"1c7b5a26-5669-49cf-b7bc-7e7f1cadd90b","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":605,"width":771,"height":9}},{"id":"f62dbe14-31a2-4cb7-be07-3308fbf4b302","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) as a","page_number":2,"box":{"x":81,"y":616,"width":816,"height":9}},{"id":"5b2c77e8-8284-463a-b20e-71831f9a9c72","block_type":"box","text":"percentage of average daily net assets to 0.84% of average daily net assets through June 30, 2028. The contractual agreement may be","page_number":2,"box":{"x":81,"y":626,"width":799,"height":9}},{"id":"834a1e3a-6c73-474b-8dba-a02b0c9fa041","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting","page_number":2,"box":{"x":80,"y":636,"width":821,"height":9}},{"id":"c7c86edc-1b09-474f-a2af-a73e854fdac9","block_type":"box","text":"securities of the Fund.","page_number":2,"box":{"x":81,"y":646,"width":130,"height":8}},{"id":"5773475c-1f52-4346-a03a-70ac9e37c02e","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":664,"width":74,"height":13}},{"id":"0cedecef-8f8c-4861-bafd-7dabe855350e","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":681,"width":830,"height":11}},{"id":"410a13b5-86b2-4ad7-a3e5-f51a20e5c6b8","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":695,"width":832,"height":12}},{"id":"8ed1f134-00e5-4be7-9bf0-9f46d4f38635","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":710,"width":832,"height":12}},{"id":"cbb2db0f-2fc3-4d19-bce4-d65a0718bf88","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":2,"box":{"x":61,"y":725,"width":859,"height":12}},{"id":"474f3995-62eb-46b1-912f-507f1041050e","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":740,"width":436,"height":11}},{"id":"30468892-339c-4625-9473-21183e5e7b77","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":769,"width":292,"height":8}},{"id":"ae4499e6-f478-4918-b9e9-7052d0ef137f","block_type":"box","text":"Class K Shares $85 $265 $460 $1,025","page_number":2,"box":{"x":69,"y":786,"width":849,"height":10}},{"id":"c6fa5f02-2aa8-4020-b8d0-a4485cca070a","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":811,"width":151,"height":10}},{"id":"3f159b7b-206d-4a12-aeaf-5cb736669496","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":2,"box":{"x":60,"y":828,"width":800,"height":11}},{"id":"b3ce44e7-0799-4cd3-aac0-af456fd9039d","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":2,"box":{"x":62,"y":842,"width":850,"height":12}},{"id":"81be82ca-f0a3-4a0f-8272-7a3e7edc4c3d","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":2,"box":{"x":61,"y":857,"width":870,"height":12}},{"id":"c3192879-d9f0-49b1-a294-618f2c521266","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":2,"box":{"x":62,"y":872,"width":839,"height":12}},{"id":"6c8fce69-e4ba-4f37-8207-bb13c1a86b2c","block_type":"box","text":"57% of the average value of its por tfolio.","page_number":2,"box":{"x":61,"y":887,"width":298,"height":11}},{"id":"1f7a6d7e-da97-407a-9027-93fbe2d054d8","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"0ecd8e0e-933e-4bb3-bf72-322bd46c87ca","block_type":"box","text":"NM1026U-5982586-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8a3880be-50cd-4120-b6a6-eb6ae75c9690","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"f4173fce-37a5-4b84-a7be-7701d6b5d13b","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":69,"width":853,"height":11}},{"id":"954ce900-ca1e-4912-97f3-804fce79c404","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":84,"width":803,"height":11}},{"id":"6be9de32-521f-4551-a833-b300b4e89c32","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":98,"width":847,"height":12}},{"id":"84bd7fb0-840a-4af2-8df6-00f65334da22","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":113,"width":843,"height":12}},{"id":"b531cd33-665b-4a03-bfad-1372f3e716bb","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":128,"width":805,"height":12}},{"id":"b48e4613-c8d4-477e-b088-67979ce1232c","block_type":"box","text":"associated with such securities.","page_number":3,"box":{"x":61,"y":143,"width":234,"height":9}},{"id":"52906c29-1900-4ad0-a9b1-7f48282237f0","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":166,"width":854,"height":11}},{"id":"14f43c65-be62-4ddb-837b-0c66ff86d501","block_type":"box","text":"services, interactive home enter tainment, interactive media and services, networking equipment, telecom services,","page_number":3,"box":{"x":61,"y":181,"width":849,"height":11}},{"id":"3fac2f3f-c4b7-458e-b7ec-4468cdc7d0f7","block_type":"box","text":"communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and","page_number":3,"box":{"x":61,"y":195,"width":841,"height":12}},{"id":"addb4534-8ba2-4c48-af0f-63167515fe8e","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":210,"width":827,"height":11}},{"id":"e46815f1-42d1-45c1-b312-9003dbdfa695","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":225,"width":810,"height":11}},{"id":"afbed77f-8b54-4d56-9679-4cd607082ab1","block_type":"box","text":"company.","page_number":3,"box":{"x":61,"y":242,"width":67,"height":9}},{"id":"a75678ae-63fa-456e-8410-8dc8ac274a60","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":262,"width":864,"height":12}},{"id":"79687985-6e0b-4124-a5f1-aabdcb2c2a88","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":277,"width":809,"height":11}},{"id":"17b80eca-d4b1-4986-9dfd-fa113dbd01fd","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":292,"width":832,"height":11}},{"id":"bbf0f593-1b3c-4023-bc0d-05db426d6d23","block_type":"box","text":"(“IPOs”).","page_number":3,"box":{"x":61,"y":307,"width":62,"height":11}},{"id":"037be709-2f0e-4440-8ada-bb9fa2524bfb","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":329,"width":866,"height":12}},{"id":"3f5c8b86-e0d0-441b-90d8-fee7c6bcd786","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":344,"width":806,"height":12}},{"id":"48e4126f-4f37-47d1-9e35-d0d06087675e","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":359,"width":830,"height":11}},{"id":"b3ea929d-f9b7-4828-9478-535ec2eaa078","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":374,"width":872,"height":11}},{"id":"efb982de-2a74-46a1-b006-0203230772ab","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":389,"width":851,"height":11}},{"id":"a4c2f230-098d-4b31-9d85-e6a81a4818c3","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":403,"width":847,"height":12}},{"id":"e8ee7e69-de6a-4e5a-b161-9e7cbd58368a","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":418,"width":852,"height":12}},{"id":"2d805707-f4b1-46dd-a3e3-700edcfad595","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":433,"width":844,"height":12}},{"id":"54a5ceeb-b1a8-4ebc-a987-a5dc4639449b","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":448,"width":831,"height":11}},{"id":"be7e1bfd-aa03-4adb-bba4-086fa010a6cd","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":463,"width":829,"height":11}},{"id":"28abe6b3-9205-411c-97f7-485786c8b747","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":477,"width":842,"height":12}},{"id":"a19452d0-e3b4-430d-8376-9a27d2a3be51","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":492,"width":841,"height":12}},{"id":"6cb29f8c-9faa-4fe6-ba97-b2029dd38067","block_type":"box","text":"future).","page_number":3,"box":{"x":60,"y":507,"width":52,"height":11}},{"id":"04d8f4ee-6cde-41e8-b284-19a8e6deadbc","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":546,"width":354,"height":14}},{"id":"f1a0c2f3-eec0-4ce3-a581-8accba1fd2a0","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":572,"width":860,"height":12}},{"id":"36987e69-0d2e-4225-95e2-45829fe11af4","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":587,"width":802,"height":12}},{"id":"65b5c385-669a-4277-bde9-60289c6d097f","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":3,"box":{"x":62,"y":602,"width":842,"height":11}},{"id":"abb184f5-cf14-47e0-ade4-59c35355ee2b","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":3,"box":{"x":61,"y":617,"width":857,"height":11}},{"id":"dc380450-0317-4d43-bccf-ed37f509e498","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":3,"box":{"x":61,"y":632,"width":515,"height":11}},{"id":"14b457d7-48f5-4217-a42c-43d9148f1632","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":652,"width":166,"height":11}},{"id":"11814e56-41a1-4f76-bc30-3ce637d79b47","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":652,"width":685,"height":11}},{"id":"76354e5d-e4d6-439c-91f0-d64b5e8d73d8","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":666,"width":550,"height":12}},{"id":"cf36e138-3ccb-43e6-b197-ce6817f81241","block_type":"box","text":"Technology Securities Risk","page_number":3,"box":{"x":82,"y":686,"width":203,"height":12}},{"id":"e16d37a3-c229-4571-acd8-1e221348e082","block_type":"box","text":"—","page_number":3,"box":{"x":289,"y":692,"width":17,"height":1}},{"id":"6cda82a5-bd9f-4169-b3df-4a55d89117dc","block_type":"box","text":"Cer tain technology-related companies may face special risks that their products or","page_number":3,"box":{"x":311,"y":686,"width":606,"height":12}},{"id":"f8c007f1-1333-4b65-98f0-00e7a11d7a6e","block_type":"box","text":"services may not prove to be commercially successful. Technology-related companies are also strongly affected by","page_number":3,"box":{"x":81,"y":701,"width":842,"height":12}},{"id":"05041863-ccd8-40e0-aa41-16a0dd936782","block_type":"box","text":"worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such","page_number":3,"box":{"x":80,"y":716,"width":838,"height":12}},{"id":"15576160-c7cf-415e-a670-3d87662a98cc","block_type":"box","text":"companies are also often subject to governmental regulation and may, therefore, be adversely affected by","page_number":3,"box":{"x":81,"y":731,"width":779,"height":11}},{"id":"d2937523-f610-461a-b10c-cd20e4bd056a","block_type":"box","text":"governmental policies. In addition, cer tain technology-related companies in which the Fund may invest may not","page_number":3,"box":{"x":81,"y":746,"width":812,"height":11}},{"id":"8db0b5d6-5cfe-4863-9485-a9db371479e2","block_type":"box","text":"currently be profitable and there can be no assurance that such companies will be profitable in the future.","page_number":3,"box":{"x":81,"y":760,"width":778,"height":12}},{"id":"a0124efe-c6c4-4698-8473-56c71f987664","block_type":"box","text":"Concentration Risk","page_number":3,"box":{"x":81,"y":781,"width":145,"height":9}},{"id":"27961b48-3c0d-40e0-8e18-8a1efa206c92","block_type":"box","text":"—","page_number":3,"box":{"x":231,"y":786,"width":17,"height":1}},{"id":"5df73353-20a1-448f-8455-895586287640","block_type":"box","text":"The Fund’s strategy of concentrating in technology and related companies means that its","page_number":3,"box":{"x":252,"y":780,"width":654,"height":12}},{"id":"567f9b6f-7839-4202-b043-6a3ec0395b00","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":3,"box":{"x":82,"y":795,"width":824,"height":12}},{"id":"887b80ce-c86c-4d24-965e-fedf9cc3dd8b","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":810,"width":853,"height":12}},{"id":"10d7308b-da19-45eb-9cba-9d1b9a97f086","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":825,"width":831,"height":11}},{"id":"ba93a309-5474-4239-a93c-8b41703cd73f","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":3,"box":{"x":81,"y":840,"width":855,"height":11}},{"id":"ff6a80a1-a00f-4002-813c-5dd97f6252c1","block_type":"box","text":"other industries or the broader market as a whole.","page_number":3,"box":{"x":81,"y":855,"width":368,"height":9}},{"id":"cd1a9928-7e99-4917-b5e6-99b1830eb64a","block_type":"box","text":"Convertible Securities Risk","page_number":3,"box":{"x":81,"y":875,"width":206,"height":9}},{"id":"1475e17f-3c80-4699-8a73-053bed6448e5","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":3,"box":{"x":291,"y":875,"width":593,"height":11}},{"id":"089d067f-3b3e-4ddc-ae01-b7918ae1c9e1","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":3,"box":{"x":81,"y":889,"width":853,"height":12}},{"id":"76d4b6bf-2cf5-4dd7-b8ba-447185fcec0c","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":3,"box":{"x":81,"y":904,"width":855,"height":12}},{"id":"26512c12-571e-4ed1-be75-b489cd4a0684","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"9a97b7fc-04c9-40f4-a166-91c67a260fd1","block_type":"box","text":"NM1026U-5982586-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"1fa720af-52ce-478d-a435-467463a53376","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":42,"width":816,"height":11}},{"id":"00575e6b-9936-436d-89c8-b2da30341f90","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":57,"width":796,"height":11}},{"id":"cd2d79e4-532f-4535-a420-431d5e79db32","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":71,"width":812,"height":12}},{"id":"d05ddbbe-7d1a-4c06-ae12-7097d68ef8ce","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":86,"width":809,"height":12}},{"id":"42cef017-ef8f-468b-bba0-e687b7e29391","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":106,"width":123,"height":9}},{"id":"52d05ed5-521f-47e7-938f-bcbdd0421c84","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":106,"width":664,"height":12}},{"id":"9f90f9bf-ebb8-442f-b3c9-25c60bf79846","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":121,"width":469,"height":12}},{"id":"6b813b1f-03ed-4e2f-8988-5be549a386ed","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":141,"width":102,"height":12}},{"id":"3a0042cd-7657-449f-94c6-63d72527e811","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":141,"width":723,"height":12}},{"id":"6d22dac4-6eac-4797-9246-bf7b2e0c74ef","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":156,"width":832,"height":11}},{"id":"de7f29c6-4153-4104-bac5-b12dd57869dc","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":171,"width":280,"height":11}},{"id":"c616845a-3e87-4626-8fa0-1851a39c7a0e","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":191,"width":87,"height":9}},{"id":"b60af42f-47ce-4f21-a0bd-4042b1c08105","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":191,"width":728,"height":11}},{"id":"b371d9ff-8157-44d9-832b-571107c45dc8","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":205,"width":834,"height":12}},{"id":"5a0fece9-cc90-4c80-bff9-457fc830e296","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":221,"width":832,"height":11}},{"id":"85878574-1e86-44d0-870b-2cd12de4c374","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":235,"width":779,"height":11}},{"id":"ff0396cb-587d-438e-98e9-cdf0beeb962d","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":250,"width":253,"height":11}},{"id":"75c4f3ce-7c3e-4798-af8f-dc6f85f54baa","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":270,"width":131,"height":11}},{"id":"8e85ab4b-7486-4e75-8f2f-e2bc968c713d","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":270,"width":697,"height":11}},{"id":"f8e0b470-763a-4f01-baa5-dbfa0df25852","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":285,"width":855,"height":11}},{"id":"ed19051d-74f7-4f1f-aea4-56051fbaff5a","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":300,"width":240,"height":11}},{"id":"8df1c7a8-ba6a-48d3-b8d0-c60baa1af8dd","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":320,"width":100,"height":11}},{"id":"b4621a50-3196-4c12-bcd4-9a90714cf7c1","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":320,"width":750,"height":11}},{"id":"d3e7e823-71a8-4f26-9d36-05409ae7188c","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":335,"width":839,"height":11}},{"id":"81496edf-e30b-4215-933d-4fffd676e139","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":349,"width":293,"height":12}},{"id":"7850541d-87e3-44ec-ac4d-92860a662b2f","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":369,"width":120,"height":11}},{"id":"52b2c632-38b1-4e82-9533-89df3220a12b","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":4,"box":{"x":206,"y":369,"width":727,"height":12}},{"id":"75aeaf43-28b0-4acb-9076-357dc4492796","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":4,"box":{"x":82,"y":384,"width":607,"height":11}},{"id":"8551ebdc-6461-48aa-80f4-9d439af2f80a","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":404,"width":75,"height":12}},{"id":"83aa6726-0e40-4924-a3dd-fc7389f33063","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":404,"width":761,"height":12}},{"id":"cbe04833-7f96-4a77-9dab-1de700ca10be","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":419,"width":198,"height":11}},{"id":"54432c89-4b3c-4cd5-9ce7-acb01ae3ca6f","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":439,"width":214,"height":11}},{"id":"04f2247d-a848-4c24-81f6-6ee136b81124","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":439,"width":590,"height":11}},{"id":"af61a3cb-29c1-4bc5-b421-21ef2b1a2300","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":454,"width":775,"height":11}},{"id":"bfbafe90-16e5-4b22-8060-c087e59b8ca0","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":4,"box":{"x":81,"y":468,"width":589,"height":12}},{"id":"d3f2f833-f494-453d-a02f-48a835d72374","block_type":"box","text":"Valuation Risk","page_number":4,"box":{"x":83,"y":489,"width":102,"height":9}},{"id":"63a2a7de-3010-42bf-857e-c053bb416b9c","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":488,"width":747,"height":12}},{"id":"90f3e966-ea76-4225-afb8-87e19092c244","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":503,"width":783,"height":12}},{"id":"73124c9d-ed6f-441a-bc5c-cbd28ffd3f5b","block_type":"box","text":"instruments or quote prices for them.","page_number":4,"box":{"x":82,"y":518,"width":273,"height":11}},{"id":"52f9c7ea-45ef-44c4-a341-1b63cf2e8e2f","block_type":"box","text":"Hedging Risk","page_number":4,"box":{"x":82,"y":538,"width":95,"height":12}},{"id":"996fa525-fc85-44fe-8687-1c57895cc691","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":4,"box":{"x":181,"y":538,"width":728,"height":12}},{"id":"e538bf89-91f2-4cdc-bbab-2fb165a30426","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":4,"box":{"x":81,"y":553,"width":839,"height":11}},{"id":"fb554ff8-7bd4-4b7d-a290-fe67958fbf16","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":4,"box":{"x":82,"y":568,"width":354,"height":11}},{"id":"e96c5136-19b3-4376-8711-213450e8de12","block_type":"box","text":"Tax Risk","page_number":4,"box":{"x":83,"y":588,"width":59,"height":9}},{"id":"ee0775f6-d358-463e-8f58-5a6f21bc4b87","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":4,"box":{"x":145,"y":588,"width":719,"height":11}},{"id":"89983512-2d52-4e7e-8f14-db11885b8ca1","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":4,"box":{"x":81,"y":603,"width":801,"height":11}},{"id":"7c99d663-c5a3-401f-8f6d-2907d94a39b5","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":4,"box":{"x":82,"y":617,"width":802,"height":12}},{"id":"6ddfe2d2-e97d-44c4-83d7-7f03c36a8728","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":4,"box":{"x":82,"y":632,"width":830,"height":12}},{"id":"55a225a4-f362-4bbb-b44b-27eb848d6e1c","block_type":"box","text":"realizes from its investments.","page_number":4,"box":{"x":82,"y":647,"width":215,"height":9}},{"id":"34634167-0bc4-405e-b166-ad89cfb3a1ba","block_type":"box","text":"Emerging Markets Risk","page_number":4,"box":{"x":81,"y":667,"width":178,"height":11}},{"id":"5e1fcdf1-c0f8-442b-985c-edab13d656ae","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":4,"box":{"x":263,"y":667,"width":617,"height":12}},{"id":"16b8f992-306f-453c-9cfd-dccb3bc23dbb","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":4,"box":{"x":81,"y":682,"width":825,"height":11}},{"id":"aaad1a87-6227-46b3-8dd4-96d08eac1fbb","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":4,"box":{"x":82,"y":697,"width":822,"height":11}},{"id":"31664030-769b-44ba-b71e-c9732c344b05","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":4,"box":{"x":82,"y":711,"width":816,"height":12}},{"id":"9ccd7701-7abc-4f96-b90a-072e7a7b703f","block_type":"box","text":"liquidity than developed markets.","page_number":4,"box":{"x":82,"y":727,"width":240,"height":11}},{"id":"8e7caf05-40c7-419a-a436-07a673fca824","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":746,"width":176,"height":12}},{"id":"4d4a723c-7630-43aa-86cd-8347b8594afa","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":746,"width":668,"height":12}},{"id":"bb003e2d-e681-46f0-bdaf-843f7b510023","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":4,"box":{"x":82,"y":761,"width":531,"height":12}},{"id":"670405b7-38cd-401e-ac68-6f54b10b67db","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":781,"width":823,"height":12}},{"id":"78e07ba3-a322-43b2-994a-600f5cb700cd","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":796,"width":823,"height":11}},{"id":"877d002c-4875-4209-8d98-9a80a43abbc4","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":811,"width":70,"height":11}},{"id":"705b6680-2836-4588-8ba3-2cd457c99ca5","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":831,"width":644,"height":11}},{"id":"3544c0b3-53df-4ef0-ac20-7da1fded41b8","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":851,"width":830,"height":11}},{"id":"85cc68d0-d557-45b5-9a52-399534692127","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":866,"width":808,"height":11}},{"id":"31583707-1a07-4efd-b90b-982cbedc9dd9","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":881,"width":137,"height":11}},{"id":"6f738cda-ccfc-497a-9ca1-9d277d841e67","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":900,"width":821,"height":12}},{"id":"572d1ee6-94ba-4f1d-a2ab-c3edfd958c78","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":915,"width":809,"height":12}},{"id":"9ef937cb-1cf5-4af4-874f-51b2c58cd13e","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"d5cd0684-087a-43d9-8e3c-421ae9f79fce","block_type":"box","text":"NM1026U-5982586-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"9301e6a3-ff74-4184-b75e-d69bbe009648","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":42,"width":784,"height":11}},{"id":"178e0933-8b24-4d19-a89d-9cd3ed018c1a","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":57,"width":352,"height":11}},{"id":"ef5b8ba1-e946-4c0c-805f-be5162107cb6","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":77,"width":823,"height":11}},{"id":"37e0913d-4c43-43e8-a248-48fce81981fd","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":92,"width":811,"height":11}},{"id":"147579dd-d605-4efe-8080-eec0cc6608f5","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":106,"width":148,"height":9}},{"id":"e14bd813-3186-43f9-8a7e-03c2041c3a17","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":126,"width":834,"height":12}},{"id":"d095357e-ac97-4af8-85e4-8f9eed7ad16a","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":141,"width":628,"height":11}},{"id":"d8d67e41-978d-4de7-93d6-ca14c2b58e8f","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":161,"width":830,"height":12}},{"id":"b880e0e7-c933-4fd3-91d9-732651c4d279","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":176,"width":831,"height":11}},{"id":"df8517c1-4359-4826-8a0d-cb4a1bfa6123","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":191,"width":813,"height":11}},{"id":"c1316c6a-237f-440b-a226-a4c594fcf280","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":205,"width":395,"height":12}},{"id":"d1598770-75e4-4fed-9a02-dff62913f244","block_type":"box","text":"Geographic Concentration Risk","page_number":5,"box":{"x":81,"y":226,"width":235,"height":11}},{"id":"55bdc8fc-ad5c-4d80-ae46-e5cab5444361","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":225,"width":581,"height":12}},{"id":"5bd1f0ca-ac8e-409d-a902-7301664b000f","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":240,"width":848,"height":12}},{"id":"eac852ec-d6be-46fb-9fee-1a806664b0c0","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":255,"width":841,"height":12}},{"id":"9db993b9-78f7-47fa-badd-4739ac62452c","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":270,"width":777,"height":11}},{"id":"64f1ec27-df92-4316-ab31-bd6ef7e83ba2","block_type":"box","text":"concentrates its investments in cer tain countries, especially emerging market countries.","page_number":5,"box":{"x":81,"y":285,"width":648,"height":11}},{"id":"b7104e04-3c97-4c83-a5e7-ef3f8affea09","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":305,"width":166,"height":11}},{"id":"78de0fc8-1eca-4cce-9b1b-3c4957183419","block_type":"box","text":"— Under cer tain market conditions, growth investments have per formed better during the","page_number":5,"box":{"x":251,"y":305,"width":660,"height":11}},{"id":"33bc0e69-cd0a-4cca-80a5-673cabc08598","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":320,"width":842,"height":11}},{"id":"77725737-5d68-426f-83da-f4728694e4aa","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":334,"width":847,"height":12}},{"id":"f1b69fd5-d121-4db3-8d71-840bf40f0626","block_type":"box","text":"different investment styles.","page_number":5,"box":{"x":81,"y":349,"width":200,"height":12}},{"id":"55cbc71c-d187-45e1-9d45-4a1f7aaa499a","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":369,"width":107,"height":12}},{"id":"888c1cb4-01d9-4302-9282-90b99ebb2328","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":369,"width":741,"height":12}},{"id":"bffc4880-0f00-4a24-b298-5b984b007e34","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":384,"width":853,"height":12}},{"id":"db4d4dc8-8d31-43bc-aca7-14cc32ae9820","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":399,"width":856,"height":11}},{"id":"3dd5b6a8-8822-4475-af2a-fc2fb9ea7ff9","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":414,"width":796,"height":11}},{"id":"af822ebd-430c-41f7-ac23-7f073557b7cf","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":428,"width":805,"height":12}},{"id":"7d4b7bfc-7ec5-4ea0-84df-ba3d9744d1a3","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":5,"box":{"x":82,"y":443,"width":293,"height":12}},{"id":"ac21206d-919c-498b-a058-149327c896df","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":463,"width":240,"height":10}},{"id":"05e28ac3-f534-446c-ae0c-ec1a6b22ac7b","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":464,"width":593,"height":9}},{"id":"5ed4b4c4-e189-47f1-b373-10bc00ddc06b","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":478,"width":851,"height":12}},{"id":"145827a9-cb64-44cb-8266-19c526c5da3c","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":493,"width":824,"height":11}},{"id":"b5d6986d-cad1-404f-a595-6c81a387e9b6","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":508,"width":851,"height":11}},{"id":"61c35e48-96f5-4503-970e-a9702dfa9ad0","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":523,"width":802,"height":11}},{"id":"fcbb6672-2194-49f2-ad8e-b833453f535a","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":5,"box":{"x":81,"y":537,"width":849,"height":12}},{"id":"3e07a363-3b99-4c1b-9906-8ad48f6de0d0","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":5,"box":{"x":81,"y":553,"width":843,"height":11}},{"id":"90f0ebd2-1767-457f-96a7-2d6fc33183cf","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":5,"box":{"x":81,"y":567,"width":830,"height":12}},{"id":"d344ea24-6266-443c-a176-0d92722cc065","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":5,"box":{"x":82,"y":582,"width":840,"height":11}},{"id":"dcc36666-2086-4094-af27-26774082023a","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":5,"box":{"x":81,"y":597,"width":851,"height":11}},{"id":"aa913097-d950-4cd1-83c0-797c24152d3e","block_type":"box","text":"uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":5,"box":{"x":82,"y":612,"width":815,"height":11}},{"id":"64b3582d-9d0c-4111-88bf-c4e5c1287368","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":5,"box":{"x":81,"y":626,"width":826,"height":12}},{"id":"314ac6e7-2044-4fc5-acf2-2e94acf4e337","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":5,"box":{"x":81,"y":641,"width":735,"height":11}},{"id":"cdfee43b-2dca-4dd0-bc55-eecf606b5109","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":5,"box":{"x":82,"y":661,"width":818,"height":12}},{"id":"f16244c8-4f8d-4ed3-bebc-8d613caa9b7c","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":5,"box":{"x":80,"y":676,"width":819,"height":12}},{"id":"6e42d851-4ebb-4577-a19f-10dde6454d39","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":5,"box":{"x":81,"y":691,"width":819,"height":11}},{"id":"5189ecf5-347d-49e2-8be7-5a9e7c399da4","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":5,"box":{"x":81,"y":706,"width":846,"height":11}},{"id":"9b035c29-6b3b-40e6-83a2-74f0969e210b","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":5,"box":{"x":81,"y":720,"width":848,"height":12}},{"id":"7d856273-dd41-46c4-9474-2ef2e1bc3bf9","block_type":"box","text":"the Fund invests.","page_number":5,"box":{"x":80,"y":736,"width":125,"height":9}},{"id":"989e094e-61b8-463f-b724-fd33c10f281c","block_type":"box","text":"Mid Cap Securities Risk","page_number":5,"box":{"x":81,"y":755,"width":182,"height":12}},{"id":"54e1d8d4-db4e-4b36-9ecc-8b285fd9fd38","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":5,"box":{"x":267,"y":755,"width":665,"height":12}},{"id":"53066ebc-ddee-49c5-932d-20408c0f9e99","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":5,"box":{"x":81,"y":770,"width":789,"height":12}},{"id":"9e07ffef-d456-421c-8d2e-4d4f5aada27c","block_type":"box","text":"“New Issues” Risk","page_number":5,"box":{"x":83,"y":790,"width":139,"height":9}},{"id":"8b28583f-c1f4-404d-b154-d22ddfb09710","block_type":"box","text":"—","page_number":5,"box":{"x":227,"y":796,"width":17,"height":0}},{"id":"f25f52d1-fc41-458a-b25e-ad33e5844071","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":5,"box":{"x":249,"y":790,"width":681,"height":12}},{"id":"98f7e405-5748-4ba1-b842-2ac4850f2a87","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":5,"box":{"x":81,"y":805,"width":843,"height":11}},{"id":"d7068e51-6ea6-4cec-a5fc-8e32fa892e40","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":5,"box":{"x":81,"y":820,"width":517,"height":11}},{"id":"149b308b-b608-473a-9774-46a27c965648","block_type":"box","text":"Operational and Technology Risks","page_number":5,"box":{"x":82,"y":840,"width":254,"height":11}},{"id":"5b07c6e3-bf6d-400f-89e9-7db10c53a791","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":5,"box":{"x":340,"y":840,"width":578,"height":11}},{"id":"59320b3a-b7d4-48f2-b2f3-e469cc3d94ce","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":5,"box":{"x":82,"y":855,"width":779,"height":11}},{"id":"07c86495-b9e7-4d75-b0d9-89f55564cdd8","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":869,"width":848,"height":12}},{"id":"7a63f563-c268-476a-83b1-6ec3f66fa945","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":884,"width":806,"height":12}},{"id":"e2a48f81-9b8a-4bea-9de6-aa4af4285c53","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":5,"box":{"x":82,"y":899,"width":807,"height":12}},{"id":"589c4a6b-dc05-477a-ab26-a0fdfc36baeb","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":914,"width":846,"height":11}},{"id":"444e6e07-08f6-4d3a-b8e2-c56bc9825057","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"5bbaeffe-4e40-4705-92b4-35325269719e","block_type":"box","text":"NM1026U-5982586-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"87ca52cf-3e73-4fad-850f-d518db1f2c11","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":42,"width":836,"height":11}},{"id":"34ee7adf-815d-41ae-83ad-ed1ae2e4efef","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":6,"box":{"x":82,"y":57,"width":474,"height":11}},{"id":"b251844e-dc84-499f-9103-bb5db8c8a73b","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":77,"width":189,"height":9}},{"id":"6f2defa4-a075-4889-a959-11ade86f4ff9","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":6,"box":{"x":274,"y":77,"width":636,"height":11}},{"id":"f14d7128-e6d7-4bac-be37-519e7ee8a726","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":91,"width":824,"height":12}},{"id":"96ebcc65-5543-4170-bddb-2942603b8a7b","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":106,"width":806,"height":12}},{"id":"559967ec-14d2-4c57-b3d9-95995769fcbb","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":121,"width":842,"height":12}},{"id":"d2de537f-ddc2-4480-b2b7-62a880485d35","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":136,"width":781,"height":11}},{"id":"277e67f9-79ef-4fd1-8e0c-900508982858","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":151,"width":812,"height":11}},{"id":"b2b61f50-5e59-4f2e-9aae-571bb158dc07","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":166,"width":129,"height":11}},{"id":"734e80d9-8b48-4bcd-8dd0-16f41103fe73","block_type":"box","text":"Purchase and Sale Contracts Risk","page_number":6,"box":{"x":81,"y":186,"width":258,"height":9}},{"id":"168516b4-b13e-4672-bd35-54ee74ca9851","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":185,"width":570,"height":12}},{"id":"2be81ff0-3812-4f33-b8fe-b59e227850ca","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":200,"width":829,"height":12}},{"id":"dfb7d36e-5f4e-4bb0-adb0-aa7f5b64d8d8","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":215,"width":850,"height":12}},{"id":"47ea066f-4686-4a1d-bd69-37035e0a73f5","block_type":"box","text":"lose money.","page_number":6,"box":{"x":82,"y":230,"width":85,"height":11}},{"id":"9a97014e-3bbe-4437-8cfd-623365114785","block_type":"box","text":"Restricted Securities Risk","page_number":6,"box":{"x":81,"y":250,"width":198,"height":9}},{"id":"b391ee53-74f1-4aec-ad49-d69c073fb2f5","block_type":"box","text":"—","page_number":6,"box":{"x":284,"y":255,"width":17,"height":1}},{"id":"d4ff7fbc-55aa-4702-8965-9cc5a085c8f6","block_type":"box","text":"Limitations on the resale, including any required lock up or holding periods, of","page_number":6,"box":{"x":306,"y":250,"width":572,"height":12}},{"id":"f410d7a3-542b-43bd-b847-1351f9d7bbb4","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":265,"width":845,"height":11}},{"id":"9766f82b-30b9-416d-8193-fbf6a24c744e","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":280,"width":850,"height":11}},{"id":"47310b66-e921-44de-abff-5cef3c9de74b","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":295,"width":843,"height":11}},{"id":"2fa2fba1-d051-460c-bbfe-3a513a340a47","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":309,"width":847,"height":12}},{"id":"dc3aa2e6-0f2c-4796-a3dc-cf7a608aea47","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":324,"width":838,"height":12}},{"id":"0413a250-6a09-4df6-9057-b2640f7212bc","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":339,"width":825,"height":11}},{"id":"41e29b76-0550-4eee-b4d0-81ff0472fc91","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":354,"width":830,"height":11}},{"id":"b09bf028-bf55-4e57-93e8-9ae62bd2a971","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":369,"width":849,"height":11}},{"id":"3918fcfd-86f8-42f1-ac1c-7039f390c431","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":383,"width":855,"height":12}},{"id":"f7df9729-b89f-42e2-8b80-dffc8415a653","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":398,"width":844,"height":12}},{"id":"0a04a5df-a255-409c-a82d-8eacc1166a3b","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":413,"width":821,"height":11}},{"id":"3f912b9f-9b38-4b2c-b016-8e6f4ead69a6","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":428,"width":841,"height":11}},{"id":"527e2798-f60a-47eb-8126-5450f0d6bfe7","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":443,"width":815,"height":11}},{"id":"fef6c629-188c-4d9e-b3c2-4bbc29fee1ec","block_type":"box","text":"Fund by other shareholders.","page_number":6,"box":{"x":82,"y":458,"width":202,"height":11}},{"id":"5ffeb6cf-943f-4dc1-8b07-e35465f7b5a5","block_type":"box","text":"Small Cap Securities Risk","page_number":6,"box":{"x":81,"y":478,"width":196,"height":11}},{"id":"806a7b0a-053a-46ce-9fe4-8e70d7c0fe0e","block_type":"box","text":"—","page_number":6,"box":{"x":281,"y":483,"width":17,"height":1}},{"id":"608eedec-972b-4509-84d1-0998a99a095b","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":478,"width":607,"height":11}},{"id":"eede6189-2198-46aa-b47a-81d1c368bcf8","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":492,"width":852,"height":12}},{"id":"1c0a053e-74b3-4e9a-ad7e-3561a9878629","block_type":"box","text":"than larger capitalized companies.","page_number":6,"box":{"x":80,"y":507,"width":251,"height":12}},{"id":"7db6ae34-618c-4c65-8594-45f3a0a84d0d","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":61,"y":546,"width":224,"height":11}},{"id":"3616a012-9d67-42ff-aa5f-ea442847b4e0","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":6,"box":{"x":60,"y":572,"width":855,"height":12}},{"id":"4565c9a2-f577-4277-b4a2-d3a06029631f","block_type":"box","text":"risks of investing in the Fund. Effective December 30, 2017, the Fund changed its name, investment process and","page_number":6,"box":{"x":61,"y":587,"width":835,"height":12}},{"id":"c0081595-ae45-4be5-9d8e-19402842e920","block_type":"box","text":"investment strategies. Per formance for the periods prior to December 30, 2017, shown below, is based on the","page_number":6,"box":{"x":62,"y":602,"width":815,"height":11}},{"id":"5d270d84-361b-4e4c-a3a4-a50d09e7a8c8","block_type":"box","text":"investment process and investment strategies utilized by the Fund at that time under the name “BlackRock Science &","page_number":6,"box":{"x":62,"y":617,"width":865,"height":11}},{"id":"c622d3c0-c9c9-431d-92f0-3b18e3db1707","block_type":"box","text":"Technology Oppor tunities Por tfolio.” Class K Shares commenced operations on December 10, 2019. As a result,","page_number":6,"box":{"x":60,"y":632,"width":832,"height":11}},{"id":"07433039-ab6a-47f8-9cbc-f39557488f37","block_type":"box","text":"returns shown below for Class K Shares prior to December 10, 2019 are those of the Fund’s Institutional Shares,","page_number":6,"box":{"x":61,"y":646,"width":836,"height":12}},{"id":"3f5ba900-7bf9-41fb-b333-5d0c02186be2","block_type":"box","text":"which are not offered in this prospectus. The per formance of Class K Shares would be substantially similar to","page_number":6,"box":{"x":60,"y":661,"width":809,"height":12}},{"id":"986805d3-07a7-45b1-974b-ebeb4dc628d3","block_type":"box","text":"Institutional Shares because Class K Shares and Institutional Shares are invested in the same por tfolio of securities","page_number":6,"box":{"x":62,"y":676,"width":858,"height":11}},{"id":"4cbe8aae-3420-425a-b9ad-8f8a808d5247","block_type":"box","text":"and per formance would differ only to the extent that Class K Shares and Institutional Shares have different expenses.","page_number":6,"box":{"x":61,"y":691,"width":869,"height":11}},{"id":"5ed41cae-2b30-4e36-bdb4-12db53097abd","block_type":"box","text":"The actual returns of Class K Shares would have been higher than those of Institutional Shares because Class K","page_number":6,"box":{"x":60,"y":706,"width":831,"height":11}},{"id":"027c5284-8ff9-4ea3-b267-a6d699fc0c86","block_type":"box","text":"Shares have lower expenses than Institutional Shares. The table compares the Fund’s per formance to that of the","page_number":6,"box":{"x":61,"y":720,"width":834,"height":12}},{"id":"df194fc7-256e-4d76-8a14-7eb444113975","block_type":"box","text":"MSCI All Country World Index (Net), the MSCI All-Country World Information Technology 10/40 Index (Net) and the","page_number":6,"box":{"x":62,"y":735,"width":832,"height":12}},{"id":"a86a8a84-1260-4852-b5ae-bba557f73325","block_type":"box","text":"MSCI All-Country World Information Technology Index (Net). The MSCI All-Country World Information Technology 10/40","page_number":6,"box":{"x":62,"y":750,"width":862,"height":12}},{"id":"770528dc-2a56-42e3-a9a2-e7c28fa48f8f","block_type":"box","text":"Index (Net) and the MSCI All-Country World Information Technology Index (Net) are relevant to the Fund because they","page_number":6,"box":{"x":62,"y":765,"width":854,"height":12}},{"id":"0b7ee4ad-b1a3-4e7f-9a07-74f5ea769fd1","block_type":"box","text":"have characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been","page_number":6,"box":{"x":61,"y":780,"width":873,"height":11}},{"id":"63586290-7946-41cb-8d79-d4a809338402","block_type":"box","text":"paid by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of the","page_number":6,"box":{"x":62,"y":795,"width":818,"height":11}},{"id":"e1a02dc2-5b25-4d1e-804c-664b6e2820b2","block_type":"box","text":"dividends and distributions. As with all such investments, past per formance (before and after taxes) is not an","page_number":6,"box":{"x":61,"y":809,"width":805,"height":12}},{"id":"3a774d59-ac87-4c58-a74c-db5c1ed2c24f","block_type":"box","text":"indication of future results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or","page_number":6,"box":{"x":62,"y":824,"width":836,"height":12}},{"id":"2146a71a-079d-4f60-a683-fb351cc3c710","block_type":"box","text":"reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower. Updated","page_number":6,"box":{"x":61,"y":839,"width":797,"height":12}},{"id":"07227306-da1e-40ea-addf-2732214274e6","block_type":"box","text":"information on the Fund’s per formance, including its current net asset value, can be obtained by visiting","page_number":6,"box":{"x":62,"y":854,"width":766,"height":12}},{"id":"bbdd3fee-147b-4632-8375-00f69ee43281","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":6,"box":{"x":60,"y":869,"width":505,"height":11}},{"id":"53b488cc-e0c8-44c7-b566-6252c0339663","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"710e97b3-bc7b-4094-bf46-8be630daa0c2","block_type":"box","text":"NM1026U-5982586-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"685dd4bf-e7ec-42be-b451-ef317032431b","block_type":"box","text":"Class K Shares","page_number":7,"box":{"x":437,"y":42,"width":124,"height":10}},{"id":"7a623da5-04f1-45e6-9580-3137bd8a78bb","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":7,"box":{"x":392,"y":58,"width":212,"height":10}},{"id":"c04c8233-91d6-4a3c-a764-dcfc92c0d211","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":7,"box":{"x":324,"y":75,"width":349,"height":12}},{"id":"6f59d536-dd80-4dae-91ea-412112647186","block_type":"box","text":"As of 12/31","page_number":7,"box":{"x":447,"y":91,"width":103,"height":12}},{"id":"10cb52d7-84c3-45e0-891f-291199e0fb88","block_type":"box","text":"8.12%","page_number":7,"box":{"x":295,"y":195,"width":37,"height":8}},{"id":"0d366145-150e-4f98-b975-f39cf284a95e","block_type":"box","text":"50.16%","page_number":7,"box":{"x":339,"y":155,"width":45,"height":7}},{"id":"ba151d90-bd92-47ef-bcc4-15fd5d6a93e8","block_type":"box","text":"2.24%","page_number":7,"box":{"x":392,"y":201,"width":36,"height":7}},{"id":"7bea80b0-9272-48f1-9a8d-ce0352bf94c4","block_type":"box","text":"44.23%","page_number":7,"box":{"x":436,"y":160,"width":45,"height":8}},{"id":"456fe31e-80ce-437c-acbd-de6e8cae7dc0","block_type":"box","text":"86.82%","page_number":7,"box":{"x":484,"y":119,"width":45,"height":7}},{"id":"c4c96a7e-bdea-418c-a716-10e4f4ce9ab4","block_type":"box","text":"8.46%","page_number":7,"box":{"x":536,"y":195,"width":37,"height":7}},{"id":"1a1e4189-1d81-4660-b111-f62330699c82","block_type":"box","text":"-42.95%","page_number":7,"box":{"x":578,"y":260,"width":49,"height":7}},{"id":"8cb1175d-a81b-47b5-b774-f0f403877e06","block_type":"box","text":"49.56%","page_number":7,"box":{"x":628,"y":155,"width":45,"height":7}},{"id":"46c6ea53-e142-4385-9775-9931bf083661","block_type":"box","text":"35.19%","page_number":7,"box":{"x":677,"y":169,"width":44,"height":7}},{"id":"df6472e2-df0a-4990-9f35-5e7c18475faf","block_type":"box","text":"19.95%","page_number":7,"box":{"x":725,"y":184,"width":45,"height":7}},{"id":"d19962be-ce50-4a9a-94eb-9cd0b353e714","block_type":"box","text":"-60%","page_number":7,"box":{"x":237,"y":269,"width":28,"height":7}},{"id":"ccff6b70-4611-44f4-b73e-846c8c246ea4","block_type":"box","text":"-40%","page_number":7,"box":{"x":237,"y":250,"width":28,"height":7}},{"id":"7414bbb8-b5e8-4fee-ab17-7b2c1c27b1a6","block_type":"box","text":"-20%","page_number":7,"box":{"x":237,"y":230,"width":28,"height":8}},{"id":"f00a241e-5880-4a1c-b4f4-9371b74e6378","block_type":"box","text":"0%","page_number":7,"box":{"x":248,"y":211,"width":17,"height":7}},{"id":"9add814b-521f-4a65-8813-98213cb56218","block_type":"box","text":"20%","page_number":7,"box":{"x":240,"y":191,"width":25,"height":8}},{"id":"d50c7a35-49ce-4aa7-b60e-1e3ea5126267","block_type":"box","text":"40%","page_number":7,"box":{"x":240,"y":172,"width":25,"height":7}},{"id":"1b08f82c-720e-4002-b825-e558dcc752de","block_type":"box","text":"60%","page_number":7,"box":{"x":240,"y":153,"width":25,"height":7}},{"id":"65cb3ad8-6823-4dc1-9db5-fb5a8a274248","block_type":"box","text":"80%","page_number":7,"box":{"x":240,"y":133,"width":25,"height":7}},{"id":"27bcdf4b-a622-466a-aa71-6759ad67ec50","block_type":"box","text":"100%","page_number":7,"box":{"x":233,"y":114,"width":32,"height":7}},{"id":"b77e9034-2cd9-447c-9287-5af39d07ae17","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":7,"box":{"x":298,"y":279,"width":465,"height":7}},{"id":"1028ef20-036b-4f84-8977-c108f1f0180c","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 44.20% (quar ter ended","page_number":7,"box":{"x":62,"y":300,"width":806,"height":11}},{"id":"2d48b1c1-8e8b-4e9c-b59e-2125e1a66adb","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -27.05% (quar ter ended June 30, 2022). The year-to-date","page_number":7,"box":{"x":61,"y":314,"width":833,"height":12}},{"id":"fa4ce080-a5b2-4a73-8d7e-cbd19e79eecf","block_type":"box","text":"return as of June 30, 2026 was 42.95%.","page_number":7,"box":{"x":61,"y":329,"width":299,"height":11}},{"id":"1cc8e238-7706-40f4-92be-cf86ec76f8bc","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":358,"width":223,"height":10}},{"id":"c405c5cc-eab3-4158-94e0-015069a31c64","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":7,"box":{"x":69,"y":370,"width":854,"height":10}},{"id":"a0ed3482-dfb4-47e0-80e7-ad4d0c69bb67","block_type":"box","text":"BlackRock Technology Oppor tunities Fund — Class K Shares","page_number":7,"box":{"x":70,"y":388,"width":400,"height":10}},{"id":"2c3beda6-d282-4148-ac94-b8784b312751","block_type":"box","text":"Return Before Taxes 19.95% 8.45% 20.97%","page_number":7,"box":{"x":85,"y":400,"width":840,"height":9}},{"id":"56f23d51-93b9-4301-a06a-6dde4d4fa9c8","block_type":"box","text":"Return After Taxes on Distributions 16.48% 7.26% 19.85%","page_number":7,"box":{"x":85,"y":413,"width":840,"height":9}},{"id":"09509bc8-1935-434b-8e4f-98f138740daa","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 13.78% 6.50% 17.88%","page_number":7,"box":{"x":85,"y":426,"width":840,"height":9}},{"id":"172a3b3d-ade7-42f9-bff1-ba9841616e03","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":7,"box":{"x":70,"y":444,"width":227,"height":11}},{"id":"ab6f3c7e-02fe-4973-8e99-f7753163c693","block_type":"box","text":"1","page_number":7,"box":{"x":298,"y":444,"width":4,"height":4}},{"id":"23738afc-8203-4ec6-83b0-a9a4c80c4b4a","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":7,"box":{"x":69,"y":458,"width":486,"height":10}},{"id":"43d30de3-3de7-4278-9f8b-bb47afb17470","block_type":"box","text":"taxes on reinvested dividends) 22.34% 11.19% 11.72%","page_number":7,"box":{"x":69,"y":471,"width":856,"height":10}},{"id":"c55c49d1-cbf1-4c56-a78b-35da2c55a06a","block_type":"box","text":"MSCI All-Country World Information Technology 10/40 Index (Net)","page_number":7,"box":{"x":70,"y":489,"width":431,"height":11}},{"id":"3a821b0f-174b-4170-90b8-c02dd7398abe","block_type":"box","text":"1,2","page_number":7,"box":{"x":502,"y":489,"width":10,"height":5}},{"id":"70f43423-95b9-4347-b511-3fdd95926d0e","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":7,"box":{"x":69,"y":503,"width":486,"height":10}},{"id":"7ba8e9d8-d2bc-4e7a-9915-3ee4c1c9c93e","block_type":"box","text":"taxes on reinvested dividends) 30.16% N/A N/A","page_number":7,"box":{"x":69,"y":517,"width":845,"height":10}},{"id":"deed2097-f4d0-4515-966a-4dac1c62fe25","block_type":"box","text":"MSCI All-Country World Information Technology Index (Net)","page_number":7,"box":{"x":70,"y":534,"width":382,"height":11}},{"id":"f7df6a77-c0ba-4475-9e9c-bba72a2d2ce3","block_type":"box","text":"1,3","page_number":7,"box":{"x":453,"y":534,"width":11,"height":5}},{"id":"404143d7-44f1-466b-8671-bf301f311a5b","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":7,"box":{"x":69,"y":548,"width":486,"height":10}},{"id":"231813ec-ffd9-41d5-ac8d-b7740beb8916","block_type":"box","text":"taxes on reinvested dividends) 26.37% 17.13% 21.59%","page_number":7,"box":{"x":69,"y":562,"width":856,"height":10}},{"id":"c796de2d-bada-4068-b439-5653aaa3efae","block_type":"box","text":"1","page_number":7,"box":{"x":61,"y":581,"width":3,"height":4}},{"id":"1f7132bb-5c1a-4962-98c9-ec6c303d46b2","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":7,"box":{"x":69,"y":581,"width":819,"height":9}},{"id":"65e0da53-7c33-4700-82b3-af6d87d29b93","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":7,"box":{"x":61,"y":591,"width":870,"height":10}},{"id":"78fefb65-dd65-4a59-bbf2-3021416781b5","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":7,"box":{"x":60,"y":602,"width":862,"height":9}},{"id":"d27a7129-1ced-470c-8683-fba732488243","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":7,"box":{"x":60,"y":612,"width":834,"height":9}},{"id":"ebbc0be1-be7e-4423-a483-36bec1ca3778","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":7,"box":{"x":61,"y":622,"width":850,"height":10}},{"id":"8d95df00-85a4-4a8d-93b0-636288735825","block_type":"box","text":"Country World Information Technology Index, please see the Fund’s Statement of Additional Information.","page_number":7,"box":{"x":61,"y":633,"width":611,"height":9}},{"id":"7d9902f1-9e1c-493e-b4df-bac0ed47c72d","block_type":"box","text":"2","page_number":7,"box":{"x":61,"y":646,"width":3,"height":3}},{"id":"4d93725f-71e0-4cc7-9a89-fe224e3958f1","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":7,"box":{"x":68,"y":646,"width":682,"height":9}},{"id":"378ba82b-be40-41d6-9d77-a34bb4d6f823","block_type":"box","text":"3","page_number":7,"box":{"x":61,"y":659,"width":3,"height":3}},{"id":"f58bd168-17d6-4cb9-ab22-f4d33584745b","block_type":"box","text":"The Fund has added this additional benchmark.","page_number":7,"box":{"x":68,"y":659,"width":279,"height":7}},{"id":"6dd718d0-3eb1-4e72-89d5-decb565c0e9f","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":7,"box":{"x":60,"y":684,"width":840,"height":11}},{"id":"a431e79c-11f9-4925-8e06-6123ee37ec47","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":7,"box":{"x":61,"y":699,"width":835,"height":11}},{"id":"9e7e7b6e-be1f-4cbc-b2cb-2400ede85181","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":7,"box":{"x":61,"y":713,"width":851,"height":12}},{"id":"49e2eea1-de44-4d4a-8798-1c5affe4bb06","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":7,"box":{"x":60,"y":728,"width":611,"height":12}},{"id":"5be0ce75-5740-4f32-9a7e-62a380d08e40","block_type":"box","text":"Investment Manager","page_number":7,"box":{"x":62,"y":767,"width":187,"height":14}},{"id":"343d3c1f-7fed-4d42-b6b0-daa4fa14bac6","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":7,"box":{"x":60,"y":793,"width":709,"height":12}},{"id":"d38db7aa-0e82-4a6a-b537-9f7e35923bdd","block_type":"box","text":"Portfolio Managers","page_number":7,"box":{"x":61,"y":832,"width":173,"height":14}},{"id":"d9c9391f-bca4-4432-9d46-7c771bc948fc","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":70,"y":876,"width":121,"height":10}},{"id":"600c00c8-f260-4f7c-a950-299292232174","block_type":"box","text":"Portfolio Manager","page_number":7,"box":{"x":362,"y":865,"width":121,"height":10}},{"id":"08a7108d-8455-468f-b6ed-61b4c1ae9b71","block_type":"box","text":"of the Fund Since Title","page_number":7,"box":{"x":363,"y":876,"width":427,"height":8}},{"id":"959eb6a5-29fa-4cc6-8579-16d6e8201b19","block_type":"box","text":"Tony Kim 2013 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":69,"y":894,"width":826,"height":11}},{"id":"9f8cc252-2372-422d-8fab-b29996819908","block_type":"box","text":"Reid Menge 2020 Managing Director of BlackRock, Inc.","page_number":7,"box":{"x":70,"y":912,"width":825,"height":11}},{"id":"25e70f60-d054-48fd-ac0b-86ce617cc9ac","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"a73262b7-291a-4e67-8bb0-2453f6b8e7be","block_type":"box","text":"NM1026U-5982586-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ad7a283d-d9f4-430d-9dd3-f467cbeb1496","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":8,"box":{"x":61,"y":43,"width":309,"height":11}},{"id":"14439e6c-6772-4ed7-9353-e81deca8ffe4","block_type":"box","text":"Class K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings accounts,","page_number":8,"box":{"x":61,"y":69,"width":859,"height":11}},{"id":"2dfc5cd5-3f82-4dca-922b-e543c027aba7","block_type":"box","text":"and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":8,"box":{"x":61,"y":84,"width":844,"height":11}},{"id":"81829b19-f39b-4821-95fa-5151a819dea2","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":8,"box":{"x":62,"y":98,"width":791,"height":12}},{"id":"b3a5e659-ac85-475d-8839-e88fb4fa360e","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":8,"box":{"x":62,"y":113,"width":874,"height":12}},{"id":"f505ba01-67db-41f9-93f8-ea96dad56e21","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":8,"box":{"x":62,"y":128,"width":871,"height":12}},{"id":"bf29667f-ab09-4ca5-81f9-d3f10a94f2bf","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":8,"box":{"x":61,"y":143,"width":870,"height":12}},{"id":"9532ae28-f3fe-45f1-8a00-ce711b861657","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":8,"box":{"x":62,"y":158,"width":863,"height":11}},{"id":"769775ec-62fa-42e4-aecd-7fae4bbcf210","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":8,"box":{"x":60,"y":173,"width":832,"height":11}},{"id":"15e7a488-ccef-46c6-98bc-bf59a838666b","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":8,"box":{"x":61,"y":187,"width":815,"height":12}},{"id":"884742db-5188-4203-8d0b-f45176349e36","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares, (v) fee-based advisory platforms of a","page_number":8,"box":{"x":61,"y":202,"width":816,"height":12}},{"id":"a4568618-3254-4838-8f5d-605eb0e48aed","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":8,"box":{"x":62,"y":217,"width":867,"height":12}},{"id":"0338b567-e8a1-4506-846b-da6734348742","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":8,"box":{"x":62,"y":232,"width":868,"height":11}},{"id":"39fea41f-faa0-4131-8f9e-65b421a3b096","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":8,"box":{"x":61,"y":247,"width":874,"height":11}},{"id":"33b7c978-9bad-483a-ab52-7af1b091299f","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":8,"box":{"x":61,"y":262,"width":859,"height":11}},{"id":"7e0e5d57-1d6b-49a9-a08e-a86d8bd8b55d","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":8,"box":{"x":60,"y":276,"width":857,"height":12}},{"id":"b115d5a9-3531-433b-aaa8-af865c9e1b7f","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":8,"box":{"x":60,"y":299,"width":874,"height":12}},{"id":"af73f151-8f90-42b1-867d-ccab9ba3b56f","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":8,"box":{"x":61,"y":314,"width":868,"height":11}},{"id":"7ac87aa0-e76e-4db9-aada-4735e95ad4cb","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":8,"box":{"x":61,"y":328,"width":857,"height":12}},{"id":"4acf41df-0eab-447f-8e7e-774b4c2106af","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":8,"box":{"x":61,"y":344,"width":842,"height":11}},{"id":"67a0d297-0721-4aa5-a501-86bfffa89444","block_type":"box","text":"requirement. 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