{"annotation_id":"63651569-626e-4851-99ed-b0479f32dbfc","file_hash":"3debf930127d13f52f8a30af2b6c44eb84c96ca09eb7d68b1aebf99bbcfdcc1f","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"4a7a35ca-2d1a-4d82-abad-a305df5073c7","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"5c159932-deda-4669-90df-cc1115cd8bdc","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"2012d44a-3717-4e61-9f11-a10246b200a2","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"e632cf8d-e4b6-4723-9ee2-c0c0bab3273b","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"c83efbb1-7ff9-4d06-b822-23f06a1e9fb8","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"f7c4fcfa-8701-41a4-ae96-a51ec2f94a87","block_type":"box","text":"Service Shares","page_number":1,"box":{"x":240,"y":297,"width":120,"height":9}},{"id":"62d146e1-1284-42bc-96ee-1ce9fdf30ed8","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"a89d2534-2178-42b8-8195-107fff009688","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":1,"box":{"x":84,"y":321,"width":349,"height":12}},{"id":"115dda7b-1f58-435f-a1b8-139e4cc255d9","block_type":"box","text":"Service: BSTSX","page_number":1,"box":{"x":83,"y":339,"width":94,"height":7}},{"id":"66df582e-22f0-4c0b-ac08-3d4d20fc98a6","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":"fa9863d9-ef77-481b-bdab-f2ed07bc94d8","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":"c9802d9a-5dc7-48be-9e56-2746725c85d2","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":"40c18344-eb47-4032-9a23-702f627f4ec1","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":"57a46b80-187c-4c16-9070-cfe5b11dc933","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"c7741d1d-fc8d-43d4-9517-d0fdf8a6c82b","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"65c407a1-02d1-451c-8884-cdbb90d7577a","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":"eb108878-5e47-48c5-b5d0-92a079c0846e","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":"5059f787-f92b-4301-b66f-9a4c693c47c2","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":"30e37590-6dcb-4e47-9f55-f0fe7ad52749","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":"938014e9-d694-4f85-9473-bf698b29e340","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":"18e2d7d0-bfea-4a81-bc43-1231b906c198","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":"2acfbfce-dc8d-4669-bb1f-0182f7f2f7da","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":"c8528053-7581-4f79-bcbf-273888b4dc23","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"d5bb9015-f56d-438b-812e-e9799b0a88c2","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"baeb8a8b-2443-43eb-a594-4611407de109","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"d1ed37d2-c2ad-4829-8cdf-e3f31b0576a2","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"7e090986-f448-4fac-9607-d338d5b4e3f0","block_type":"box","text":"No Bank 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Funds","page_number":2,"box":{"x":60,"y":178,"width":825,"height":12}},{"id":"e07ebffa-8cb2-4cea-b686-7a5363649965","block_type":"box","text":"SM","page_number":2,"box":{"x":886,"y":179,"width":11,"height":4}},{"id":"b173c87a-1413-4d13-8a61-6768cbfa6759","block_type":"box","text":"(the","page_number":2,"box":{"x":904,"y":179,"width":27,"height":11}},{"id":"5a9a5703-d1a0-4faa-8ffc-38335c0a5073","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":"f03b5a59-4749-4f0a-bf4f-9d281c36419a","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"aa87099e-3f5b-4e51-91ac-915dfd71d162","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Service Shares of the Fund.","page_number":2,"box":{"x":60,"y":258,"width":837,"height":12}},{"id":"9796d15b-94ba-4ecd-aa23-15844c2f7b91","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":"e572bbad-32b0-44b6-ae53-17b97d3dffdd","block_type":"box","text":"You may pay other","page_number":2,"box":{"x":790,"y":273,"width":138,"height":12}},{"id":"cca4a025-556f-4661-800c-036f3aeb0af9","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":"269e3ee1-dd10-4d3b-809e-04d9fdd1fb9a","block_type":"box","text":"dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, 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Expenses","page_number":2,"box":{"x":69,"y":446,"width":103,"height":10}},{"id":"eeae0086-7683-48f3-a27e-dfe64457f083","block_type":"box","text":"0.23%","page_number":2,"box":{"x":860,"y":446,"width":41,"height":8}},{"id":"fcdafcf2-f9e6-4056-b070-dcdb8b6e61ca","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":464,"width":252,"height":11}},{"id":"d8956fa4-6a6e-43c0-b493-f66da90a3bd0","block_type":"box","text":"1.23%","page_number":2,"box":{"x":860,"y":464,"width":41,"height":9}},{"id":"5c331887-e9ba-4d53-8461-cc454a4f5bbd","block_type":"box","text":"Fee Waivers and/or Expense 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fixed","page_number":2,"box":{"x":80,"y":530,"width":854,"height":9}},{"id":"d81878f3-aa11-4759-9907-747b2d390619","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":2,"box":{"x":81,"y":541,"width":810,"height":9}},{"id":"e11e3544-b199-4d0b-8503-a09e21f63b87","block_type":"box","text":"June 30, 2028. 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":"bcb6036c-9608-40fe-9314-358e0a3f4bd6","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":"49d69294-552b-4613-be27-36c01318bb00","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":"39fc990f-dc84-4dd3-a764-981a3cd8be9b","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":"a2a02f22-9732-4a0b-b652-07aa11b18881","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":595,"width":3,"height":3}},{"id":"a274fc5b-03e1-48e8-9750-e5022d9f63f4","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":"00665506-161f-4fd0-b8ba-c9cabdb1427a","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":"4b28a3b8-58fe-4267-874b-137e567504ec","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":615,"width":844,"height":10}},{"id":"17d26790-7723-4d26-8c8b-fb62dcbdf524","block_type":"box","text":"of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":2,"box":{"x":81,"y":626,"width":851,"height":9}},{"id":"25ac9143-4cf0-4ccd-aacb-eca608912ac2","block_type":"box","text":"interested trustees 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":636,"width":617,"height":9}},{"id":"e541b176-2036-4b6d-b549-6e8ccc41f949","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":654,"width":74,"height":12}},{"id":"a525931e-4ad3-4ac7-b128-bb25384c786e","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":670,"width":830,"height":12}},{"id":"a0db4def-7008-4d86-ab44-3a46a0f697c9","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":684,"width":832,"height":12}},{"id":"6a8f2feb-e49c-44c0-8369-aca00d9a44c7","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":700,"width":832,"height":11}},{"id":"5b38e17e-f578-4529-8e62-820aaffbee04","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":715,"width":859,"height":11}},{"id":"540ea565-273b-4b42-882e-f5866b783738","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":730,"width":436,"height":11}},{"id":"e75d3637-7756-4820-9659-c5b968e0be75","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":758,"width":292,"height":8}},{"id":"8b628108-4707-41d7-a257-20ce25753f81","block_type":"box","text":"Service Shares $116 $381 $667 $1,481","page_number":2,"box":{"x":69,"y":776,"width":849,"height":10}},{"id":"37486f64-ed23-43f9-9d12-e4f0110ccaa4","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":801,"width":151,"height":10}},{"id":"3f96f8ca-12ac-4ace-b585-0d40a43897fb","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":817,"width":800,"height":12}},{"id":"8890a9fb-6433-4931-ba0c-5dd361706038","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":832,"width":850,"height":12}},{"id":"78842328-b3a8-4161-a2bc-7927a4ca86b7","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":847,"width":870,"height":11}},{"id":"a0d1b0e2-f6fe-487f-8c94-fd5c216519c9","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":862,"width":839,"height":11}},{"id":"b2534494-0b6d-45d2-b629-c5beb951a507","block_type":"box","text":"57% of the average value of its por tfolio.","page_number":2,"box":{"x":61,"y":876,"width":298,"height":12}},{"id":"3738ef00-91f3-43ac-995e-ccf476a32006","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"321d9afa-52b1-4150-83e8-d48358652639","block_type":"box","text":"NM1026U-5982597-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"108fc42c-3398-4c10-a504-cb8f3094e205","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"f21df8ac-a21d-4180-8978-bfa3be6e3d1d","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":"aac1ceff-42bf-41da-bd15-5096221080ba","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":"71e9e155-0593-439c-b94a-92d95857e336","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":"b58f7194-4be0-4847-9157-e9365a49c1d5","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":"ca736f9f-bc7e-4b08-a6ed-125c49ade07c","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":"97e775b2-be69-4f45-96cb-425d02906c5d","block_type":"box","text":"associated with such securities.","page_number":3,"box":{"x":61,"y":143,"width":234,"height":9}},{"id":"d6f0be12-1197-4026-880b-fcee262a8bc4","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":"e75d981b-049f-44d3-9684-9e1235fa892f","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":"970eee99-1c90-4f6c-b229-b19dcc8bcf3b","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":"73c6966f-54ce-4f55-9c15-5db76e8067c8","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":"2d06b6f6-7c42-439c-b223-79a99d5bf9e1","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":"f6f52ca1-c128-4ffd-9013-8d838743b6b5","block_type":"box","text":"company.","page_number":3,"box":{"x":61,"y":242,"width":67,"height":9}},{"id":"f4ec01fb-c670-43ca-a5e5-7925169e3ed8","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":"e2d4e6a6-5df4-480c-828f-7403692a6ede","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":"8687f0d1-b37a-4253-b254-2d193e00d574","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":"0d9c37a9-8285-405c-8532-4eb04f2ec76c","block_type":"box","text":"(“IPOs”).","page_number":3,"box":{"x":61,"y":307,"width":62,"height":11}},{"id":"8986a33d-7386-49b4-833f-306dde0a5b8f","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":"ef3336c7-a6ff-4b45-b807-bd54320f2c84","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":"4e91d317-f6af-44a7-8418-ce1d3cfa5bc8","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":"c1bb7679-d346-4e93-a22d-43d48ae4680f","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":"17180d88-648a-4c48-8e25-8007ff3e912d","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":"3e0c6269-8426-4c0b-8f9c-be98e05cf46a","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":"fbad9bb4-dbf8-488d-b2d3-71ad0cb14073","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":"36685663-97f5-4acc-82dc-beebdfad3732","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":"0ffb5181-4167-4c71-b8d3-58cb374afeb8","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":"93585321-693f-46a7-8009-4ac5bd21ccdf","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":"bb0d11eb-4a98-4907-949d-254b0092ef70","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":"41b3772c-9bd4-4123-b3cf-bd11131495ac","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":"26785aba-3825-49fe-9695-6ca8bb0c3223","block_type":"box","text":"future).","page_number":3,"box":{"x":60,"y":507,"width":52,"height":11}},{"id":"984148d0-d410-4c1a-8e76-4bd28ba0c02c","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":546,"width":354,"height":14}},{"id":"4953a7fd-203b-42b1-bdc1-946daee9affa","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":"05fd3bdd-5a3d-4963-939c-1b5775796590","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":"ec93dbc0-3fdc-4033-96bb-0853341b98a5","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":"a967913e-7541-4753-b51f-ac11e693fdd1","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":"7ff5131d-1ed0-4257-97eb-6e8fcd20e01e","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":"0c3c3066-f3fe-47c9-87ea-8cc5decf5d38","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":652,"width":166,"height":11}},{"id":"77920ea5-4082-498c-a0ea-f8a060700ffc","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":"42e42d41-0095-447d-a883-9105cd342066","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":"f74d7eb9-e027-4b52-8316-0aee28a0fce7","block_type":"box","text":"Technology Securities Risk","page_number":3,"box":{"x":82,"y":686,"width":203,"height":12}},{"id":"1949be44-91e6-4d94-96bb-57b04421c047","block_type":"box","text":"—","page_number":3,"box":{"x":289,"y":692,"width":17,"height":1}},{"id":"f8c85f11-2407-4700-acc0-a3e4dbe60680","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":"78fd9cfe-c023-405c-b6c4-8d2c597aec2d","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":"3cd6f3f8-09bd-40a7-bb07-b684cc76b4a5","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":"f15d47dd-58eb-4edc-b45b-1113298f44f4","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":"9db55c94-5c38-446d-95e0-57be56fd87c2","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":"22f41d7c-25d9-4155-9679-76caf5675524","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":"ffe1f153-057a-40c3-93fb-adb74c95d2e9","block_type":"box","text":"Concentration Risk","page_number":3,"box":{"x":81,"y":781,"width":145,"height":9}},{"id":"834975fe-44ff-4e97-a139-d24f7f724520","block_type":"box","text":"—","page_number":3,"box":{"x":231,"y":786,"width":17,"height":1}},{"id":"4851197a-c70a-4717-aa60-fdd6c7fee1a3","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":"68294e65-bb62-4606-8c1b-8d23cbac9798","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":"3d5b1121-819a-4c78-a43b-13dda5002897","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":"59e28c0d-0ff2-403b-a827-58f3755d3220","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":"f9627165-32f7-45cc-83fe-9f173a53c261","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":"bc847e03-eee2-4315-a76f-e33bc07e3385","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":"b82b2f48-44cb-4a5e-bea6-19e8daea2a46","block_type":"box","text":"Convertible Securities Risk","page_number":3,"box":{"x":81,"y":875,"width":206,"height":9}},{"id":"972c7f4e-1308-42f6-9231-0273d23a9dac","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":"01df2642-17d6-4a4e-9b19-e487293e76a3","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":"472f2635-45ef-47ab-85f9-29d1f35c1c1b","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":"1f586984-c58a-4490-9dd7-67a63aa8e3ba","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"de98d071-7418-4260-8332-2edd5b084ebf","block_type":"box","text":"NM1026U-5982597-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"03d19e9f-2d4a-46d4-ba08-c03324d681f2","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":"cadf95ac-d367-4a14-bb32-ca5296c9be1a","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":"76e00426-4b9e-4882-b532-0aec73935a8f","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":"562f3895-1730-4ba3-8991-dcf5805d2a69","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":"cfc946c8-c0dc-4186-91b7-eec8d289c664","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":106,"width":123,"height":9}},{"id":"8d655948-02fb-446b-baed-f38b504d3e09","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":"6818507a-d048-4d93-8985-7590a26826e7","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":121,"width":469,"height":12}},{"id":"10bdc427-345a-4e51-ae52-521b3bc50a49","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":141,"width":102,"height":12}},{"id":"6bdd6c62-913e-4797-9a80-fc28670920d2","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":"ccd09ca0-1f19-42f8-97fa-438a62a21800","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":"baf3a6fd-c14b-4bb3-b37b-fbf7069a5357","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":171,"width":280,"height":11}},{"id":"23f96c31-8388-4e1a-8e4f-3ab707350b6f","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":191,"width":87,"height":9}},{"id":"77061763-337f-4e88-befc-aed303bede7e","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":"b721e386-c4d0-4cb9-b147-1f5ec54cef80","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":"42dfc43d-fd04-45a4-8f9c-6f8ef0c72f49","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":"6f1964a2-82f0-4d20-8ccd-29297ad98e6f","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":"82428e79-f5d3-4fac-bfe8-7cb6d45033d5","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":250,"width":253,"height":11}},{"id":"36244b55-85c0-47e2-8301-9d57a4614ac7","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":270,"width":131,"height":11}},{"id":"67478525-3c32-4be0-980e-6413510422d3","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":"5de1fd6f-8189-4af5-9a35-215109d6f8ac","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":"6cf23682-609d-4001-8925-9b530167864a","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":300,"width":240,"height":11}},{"id":"87e5a447-d903-47c6-8e92-62a745ff6ac1","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":320,"width":100,"height":11}},{"id":"2c629322-a65a-41d9-ad9a-17875d231949","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":"dab60f42-6af7-426a-9063-2447188a2ac8","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":"1079b376-6d7f-45ab-b824-2b5bd4980ceb","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":349,"width":293,"height":12}},{"id":"fedfc7e8-b097-40e4-af56-82f62505ab6f","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":369,"width":120,"height":11}},{"id":"9b629ab1-d27a-4931-aa2e-0a333100f466","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":"d99f8c76-671c-4767-8e6d-e8442adfeb44","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":"c1c1bdf0-f698-4b00-8198-b14d19bf702a","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":404,"width":75,"height":12}},{"id":"111e4036-d310-4bec-ba01-2acc96c903a0","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":"36fbb3aa-1d68-4262-a8a8-cc8594a4a157","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":419,"width":198,"height":11}},{"id":"99584315-f6d4-4119-8c02-2556c7a50afe","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":439,"width":214,"height":11}},{"id":"7bdb3798-a774-4f8a-a01c-0ad876fbe2b8","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":"9bdd26cc-fe78-4a0b-a564-699fbc702e9d","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":"e370e3bd-a738-4f05-8891-2d0319c071ed","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":"82203468-00c3-4a9f-ae99-3c09dd6b77a1","block_type":"box","text":"Valuation Risk","page_number":4,"box":{"x":83,"y":489,"width":102,"height":9}},{"id":"51316226-ac4c-45a4-8a33-7e42034101c7","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":"f5f4888e-5dd0-438b-a1f7-68f8d2db1d6c","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":"1aed8e50-803b-4bdc-93e4-56f4bcc5a013","block_type":"box","text":"instruments or quote prices for them.","page_number":4,"box":{"x":82,"y":518,"width":273,"height":11}},{"id":"7aad9610-3140-4889-ac9b-2063811f3c53","block_type":"box","text":"Hedging Risk","page_number":4,"box":{"x":82,"y":538,"width":95,"height":12}},{"id":"058dbb0b-a22d-4129-a80f-9530d34f053d","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":"53b76565-5a30-4fad-9886-b868bf700479","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":"aaa7db71-836c-451c-bd2c-88dfc59ece30","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":"aac82fb8-8bfd-4bad-8cc6-530a1066b710","block_type":"box","text":"Tax Risk","page_number":4,"box":{"x":83,"y":588,"width":59,"height":9}},{"id":"7811f512-dc88-4300-bc24-e66f1531e9df","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":"a9f77b6b-f081-4033-9296-4e1da851613d","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":"d216f71a-eda4-46c0-a135-ed3094e9cd86","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":"477cf7a8-c215-4810-a450-13c73bbbfef8","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":"c4baa6b1-990a-4084-a044-9c69665be15d","block_type":"box","text":"realizes from its investments.","page_number":4,"box":{"x":82,"y":647,"width":215,"height":9}},{"id":"bb13f068-17d6-4340-97f9-e187a629a4c8","block_type":"box","text":"Emerging Markets Risk","page_number":4,"box":{"x":81,"y":667,"width":178,"height":11}},{"id":"16480510-ea1b-4e9a-abd0-be649121ea64","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":"1571a474-72f2-4f61-a272-cad133670ffd","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":"4492df4a-c112-40f8-9361-711479a9b449","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":"6671e787-1799-450b-bca3-4bde6b802224","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":"f37738cd-df1a-42e2-99d5-e6ff6e10fb4a","block_type":"box","text":"liquidity than developed markets.","page_number":4,"box":{"x":82,"y":727,"width":240,"height":11}},{"id":"5424489b-a678-4c2a-ab5c-ebd223da664c","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":746,"width":176,"height":12}},{"id":"3e0bfec3-d3e4-42c1-b310-b69062820cd7","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":"0af1a230-fd8b-4bde-aca8-c28ecd498cd3","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":"36425a2e-c133-45b1-ac60-8911e763462a","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":"75dd5bac-ffa5-4605-9ae0-cf4e6d6378f0","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":"611061ce-0ebf-4669-9c01-c381ee344868","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":811,"width":70,"height":11}},{"id":"7a9efa49-2551-4e3a-be25-15bd4d311715","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":"7e00702a-97e6-49bf-9b1f-f2e97f2b7957","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":"117ea939-fb65-4319-b31f-2a0e62b2ebf9","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":"94d8a3f7-e91d-4f3a-82ad-fdfe837c5f80","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":881,"width":137,"height":11}},{"id":"e51093fc-f1d3-4420-a82d-96a5d6b75a45","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":"f9aadd6e-7c00-4841-af11-c464db8479fc","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":"721f5b73-a8ad-41f5-a87b-e527e56687cf","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"f0d484ec-0421-45bf-bd4d-03979e91a83a","block_type":"box","text":"NM1026U-5982597-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e9c3c0a3-c584-4d3b-9876-89dd0bd16885","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":"821cf0c5-a348-4f3d-84c5-9264c6eb953b","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":57,"width":352,"height":11}},{"id":"679f67a6-2dd2-463c-b281-e1e8212486d9","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":"9e2e3b01-8862-4460-91f3-3bf3d01c77ee","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":"71aff0ed-e250-406b-8817-84b7f1ee43d9","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":106,"width":148,"height":9}},{"id":"00b9dc1a-dbc2-4932-bad9-de622001a4f1","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":"ea5d816b-51a5-4b85-ba82-4cee73849f0c","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":"a328b386-422d-4ebc-be44-471ba2f307b5","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":"32233d4c-f9a8-488b-b81f-6b978f852fd9","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":"55453b8b-1184-4e06-8fa4-4cae1c8b772b","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":"93dc2baa-badf-4e04-97a2-4d8c6bbc4d71","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":"81a067c0-44c4-4aea-a752-204350325c9d","block_type":"box","text":"Geographic Concentration Risk","page_number":5,"box":{"x":81,"y":226,"width":235,"height":11}},{"id":"7f19d6f3-577b-4256-8a8f-28fd90f5318f","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":"f0a05902-4b55-4e12-9b91-c1d2697dae84","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":"285ffab7-29ce-4b78-bd59-2bdd620d104b","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":"d0262c6c-06a7-4aa1-bb8f-cdabd0a16718","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":"184bcdba-8046-47ae-a508-9ffdb3a353f9","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":"1b4d6dac-c109-49f8-87eb-cbf11d2dec8b","block_type":"box","text":"Investment Style Risk","page_number":5,"box":{"x":81,"y":305,"width":166,"height":11}},{"id":"6bb2602f-335d-489b-9a5f-3c1f2d7c0e51","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":"c187bf48-e9b1-44e7-a225-2e6de4b3c16c","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":"a633b68c-adb1-446c-bcfe-bde57a8be2aa","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":"ec598745-0743-4791-8bb9-fd222426f7dd","block_type":"box","text":"different investment styles.","page_number":5,"box":{"x":81,"y":349,"width":200,"height":12}},{"id":"18677a1e-91eb-4caa-86fa-df4fecde679f","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":81,"y":369,"width":107,"height":12}},{"id":"757d8730-2b56-411f-a0c8-078850246d75","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":"b870dd3e-24df-458b-8b9d-25a8a707cdae","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":"d2808b11-5110-4c9d-8a23-3a9264c168cb","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":"c61601ec-dc3e-41cf-bc5b-6e75acdaa72f","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":"0e146901-9891-4a72-bb83-633cf1477670","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":"3601ef67-ff07-4ac6-a974-400bb49ed38b","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":5,"box":{"x":82,"y":443,"width":293,"height":12}},{"id":"89583ded-70d5-4155-a68f-1774db133866","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":463,"width":240,"height":10}},{"id":"8fff1c61-0a08-4e79-9ffd-ce7d97e015f8","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":"390a95a6-a60b-4dc6-a404-95d5f5550334","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":"93ea157c-71c9-4d43-943c-17543ec23ea4","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":"0ec8887c-c235-4c87-85b1-22c7186d7543","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":"60826a4e-f553-408c-81e9-9de280f93ab1","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":"71c67b68-180d-48a6-bdb0-22b846c51cc4","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":"908870f4-5cb3-4c85-8ea4-32aa34794681","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":"3792b0b1-1779-4613-aa11-f10023674442","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":"4a3263da-a4df-4475-9d03-5d92b1776c2c","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":"54c4d730-08d3-45f3-82c8-46be9d6b0827","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":"b72222b3-9a58-4bdd-94c4-cd7aa122821f","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":"da2f6f53-45b2-4d55-918e-0e575c008cf4","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":"45ef98fc-f32b-4502-83d4-e82cbaa99bbe","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":"8562e4ff-dd92-4628-93c0-dfe4f415af68","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":"ecae1f8d-249d-4372-931c-ff803174d716","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":"ee74ba4c-c7eb-4cdd-a695-dc470c537ced","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":"756c1620-7a45-4771-a4e8-00ed67a56b5f","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":"8dc14d46-f916-43bd-a81a-e866393756ab","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":"6d8a6100-7301-4455-b634-25651ee0360f","block_type":"box","text":"the Fund invests.","page_number":5,"box":{"x":80,"y":736,"width":125,"height":9}},{"id":"4b09b000-9377-4791-ba0d-fbd4e4b27e66","block_type":"box","text":"Mid Cap Securities Risk","page_number":5,"box":{"x":81,"y":755,"width":182,"height":12}},{"id":"549d6511-1cce-4181-9922-ad307ce1be9d","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":"83a6eb57-b47e-40ae-a21c-2c88b3123fde","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":"76f69818-0593-4373-b16d-7b3405de9227","block_type":"box","text":"“New Issues” Risk","page_number":5,"box":{"x":83,"y":790,"width":139,"height":9}},{"id":"8d7b40c8-716d-4fc6-8e56-adfe396ad5f3","block_type":"box","text":"—","page_number":5,"box":{"x":227,"y":796,"width":17,"height":0}},{"id":"d6e3d2fc-914a-471d-8886-b26eddd3a948","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":"9d7f28eb-c1fd-45f0-99aa-9aa2e6726546","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":"f4d88e02-bcaa-4a78-b433-a8b296b157aa","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":"342e1cac-5fcc-4f8a-8c8a-860fd5c9f2b1","block_type":"box","text":"Operational and Technology Risks","page_number":5,"box":{"x":82,"y":840,"width":254,"height":11}},{"id":"0412a2b9-fc52-4ad6-b7d0-57f9c51439e9","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":"5c752228-a4d3-4273-a19b-ecbe7e28ddcf","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":"e2ecaae8-4fbd-4815-ada5-e9ffe748dbf2","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":"bfa1ddcb-97dc-4c5a-b74b-080b15b528a0","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":"b005da8b-208b-4421-8dbf-7d918340063e","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":"7ffa512f-c8e1-4507-9de4-2968b9056a79","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":"05d81744-ca45-496d-bc80-c6cd80f6b91c","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"42bc4b8e-bc09-47d5-9c04-78b0de63949f","block_type":"box","text":"NM1026U-5982597-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"66daffb7-7b55-4943-9eff-b3fe8af9f145","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":"ff55be2d-6d82-4f73-83d9-204af70ff6d3","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":"5c74dc2e-3293-4fe1-9508-e8c83915e495","block_type":"box","text":"Preferred Securities Risk","page_number":6,"box":{"x":81,"y":77,"width":189,"height":9}},{"id":"5a0066ba-ba65-4997-b180-8a05985ec975","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":"46332b76-2f2d-411c-be10-9f4c397a2830","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":"adc493cb-4b61-4e48-a0cf-3b924dc11ad7","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":"0528cbb4-d797-4c93-9453-f176495d5878","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":"255655f6-47cd-4133-a270-6ff9db8358b4","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":"bcdb6e57-1680-4cf0-a5a3-7e81a01a3f16","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":"2d891767-ee12-4c50-bc02-38adc613ea08","block_type":"box","text":"larger companies.","page_number":6,"box":{"x":82,"y":166,"width":129,"height":11}},{"id":"902ba784-4ccd-4b1f-b1ff-edbcd9a9f843","block_type":"box","text":"Purchase and Sale Contracts Risk","page_number":6,"box":{"x":81,"y":186,"width":258,"height":9}},{"id":"5b3b838a-6fb6-49a9-88e9-b936978c0a5b","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":"5f7e6995-b5ec-4481-9b5e-7b525bd9d635","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":"a2c9435c-772f-4534-819d-f4e32c57d1c7","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":"e5828fc2-bffa-4f0c-8118-f7f41e3bfd34","block_type":"box","text":"lose money.","page_number":6,"box":{"x":82,"y":230,"width":85,"height":11}},{"id":"c4345e02-a00f-4a86-936b-aeedd09aec99","block_type":"box","text":"Restricted Securities Risk","page_number":6,"box":{"x":81,"y":250,"width":198,"height":9}},{"id":"b8d6cbc3-ff12-441f-9155-5605d2989256","block_type":"box","text":"—","page_number":6,"box":{"x":284,"y":255,"width":17,"height":1}},{"id":"ecc2dde6-26b5-44e6-b15b-5ad7fe5ed5be","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":"d64f35f8-d3e4-4d63-bfe3-2c7c07bae5e2","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":"efe696ac-87b3-4ea0-84bc-d47a8fd2349d","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":855,"height":11}},{"id":"96e34596-924e-4d0b-a15c-890bcf2ebe9b","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":"766b217a-4e7a-475f-8ca4-68ae879cafd3","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":"35299c98-def1-413e-bd84-07b9d8a8161a","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":"ee2ca3ba-344a-4e44-b65d-fe17e3d69dc3","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":"97191b90-4f3c-4a9d-81c1-f920032ca82b","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":"8e01fbde-9d4e-4a30-b87e-45bc09b5bae1","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":"534dd082-1a8b-4158-ac88-25c0f845cff1","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":"853a61d1-1932-4d0f-8979-0478485034a5","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":"e3f046ab-1633-4e96-807e-a9b23e957fd1","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":"918b09d0-ee8d-40e8-8caf-795cadd1ad91","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":"e7c1a0b8-0866-4a48-8bae-883056f68138","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":"5b343f46-df4c-4371-a1d9-0007456f171e","block_type":"box","text":"Fund by other shareholders.","page_number":6,"box":{"x":82,"y":458,"width":202,"height":11}},{"id":"ee1c896f-e236-4105-84ed-966b7efa13e6","block_type":"box","text":"Small Cap Securities Risk","page_number":6,"box":{"x":81,"y":478,"width":196,"height":11}},{"id":"c0d9e1ba-4e20-4040-8133-0987996f74f2","block_type":"box","text":"—","page_number":6,"box":{"x":281,"y":483,"width":17,"height":1}},{"id":"7f66d007-b730-46e7-b801-1faa75eb60f1","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":"e9823c86-7063-4e25-927b-bbfad5543cb3","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":"3dee025e-94bd-4aca-a46d-be656820d2b5","block_type":"box","text":"than larger capitalized companies.","page_number":6,"box":{"x":80,"y":507,"width":251,"height":12}},{"id":"30301ea5-6c21-4c59-af46-273fbc398086","block_type":"box","text":"Performance Information","page_number":6,"box":{"x":61,"y":546,"width":224,"height":11}},{"id":"2013cf8e-99f7-4c71-ba8f-dedb8ac6f3ba","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":"91c66eba-d044-4ac6-b09d-b13b8d1d1265","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":"122a4644-534b-4efa-9caa-346dbada2dc3","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":"76be3dd0-a1fd-4cb1-b7a9-5d169de621a0","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":"4bf5bbb9-d565-4cd4-8a5e-32afd964a427","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":6,"box":{"x":60,"y":632,"width":872,"height":11}},{"id":"1c621880-6226-42e8-ab90-79534acd3e4b","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":6,"box":{"x":62,"y":646,"width":830,"height":12}},{"id":"228b8f34-fb59-4a07-b5ff-691517f11ab4","block_type":"box","text":"Information Technology Index (Net). The MSCI All-Country World Information Technology 10/40 Index (Net) and the","page_number":6,"box":{"x":62,"y":661,"width":834,"height":12}},{"id":"70c8d2f2-cea2-458b-8038-b1a1f04af1b3","block_type":"box","text":"MSCI All-Country World Information Technology Index (Net) are relevant to the Fund because they have characteristics","page_number":6,"box":{"x":62,"y":676,"width":860,"height":12}},{"id":"7db9871d-7bf8-4029-b3af-ad721e50feb1","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":6,"box":{"x":61,"y":691,"width":852,"height":11}},{"id":"f7d070d5-59b2-406b-ab68-4c3ab29f77a7","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":6,"box":{"x":60,"y":706,"width":795,"height":11}},{"id":"7174f8de-7fc8-43a8-8a2f-762e6a1d382f","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":6,"box":{"x":61,"y":720,"width":842,"height":12}},{"id":"89615d44-b146-4156-8da8-c4d788425b27","block_type":"box","text":"results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed cer tain","page_number":6,"box":{"x":61,"y":735,"width":837,"height":12}},{"id":"f99f0acd-f607-47aa-a066-608750cfeb2e","block_type":"box","text":"Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s","page_number":6,"box":{"x":62,"y":750,"width":846,"height":12}},{"id":"8d62bd19-c3a4-494f-bd37-d1535bffff21","block_type":"box","text":"per formance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained","page_number":6,"box":{"x":62,"y":765,"width":861,"height":12}},{"id":"783ac0ba-1ba4-4e39-9fbd-6cdc89f857a1","block_type":"box","text":"by phone at (800) 882-0052.","page_number":6,"box":{"x":61,"y":780,"width":213,"height":11}},{"id":"565a0807-b72b-40c0-ae16-e20045d1e4fd","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"038c64b1-687f-438f-96ce-7a4f1daa7a3d","block_type":"box","text":"NM1026U-5982597-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3c25429d-ddd3-45af-bfb5-4e1e2beeb0ae","block_type":"box","text":"Service Shares","page_number":7,"box":{"x":437,"y":42,"width":123,"height":10}},{"id":"2f36ddc7-c1ce-4da4-9245-5c449a730764","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":7,"box":{"x":392,"y":58,"width":212,"height":10}},{"id":"ebf4de77-3214-490a-9cc3-ce376e28e986","block_type":"box","text":"BlackRock Technology Opportunities Fund","page_number":7,"box":{"x":324,"y":75,"width":349,"height":12}},{"id":"fede7425-cfcc-42b9-ab15-eb6fc173a0fe","block_type":"box","text":"As of 12/31","page_number":7,"box":{"x":447,"y":91,"width":103,"height":12}},{"id":"eda9302b-4ccb-45d7-9123-05cb2e9fa15a","block_type":"box","text":"7.80%","page_number":7,"box":{"x":295,"y":196,"width":37,"height":7}},{"id":"06bcc042-2ab2-4e82-9b6e-8a27970c2352","block_type":"box","text":"49.85%","page_number":7,"box":{"x":339,"y":155,"width":45,"height":7}},{"id":"a8bd2b60-ecce-47fd-a894-01b56410f3c7","block_type":"box","text":"2.02%","page_number":7,"box":{"x":392,"y":201,"width":36,"height":8}},{"id":"2d316480-8d92-45d9-a163-676dacbe5551","block_type":"box","text":"43.85%","page_number":7,"box":{"x":436,"y":161,"width":45,"height":7}},{"id":"b90847fd-e13a-4b9d-86e6-1611634c619f","block_type":"box","text":"86.25%","page_number":7,"box":{"x":484,"y":120,"width":45,"height":7}},{"id":"4be87289-3b7c-4653-9ea5-da1437836be3","block_type":"box","text":"8.08%","page_number":7,"box":{"x":536,"y":195,"width":37,"height":8}},{"id":"31f2a9cd-e3d8-43a9-97b3-bf6ce3cf28f2","block_type":"box","text":"-43.13%","page_number":7,"box":{"x":578,"y":260,"width":49,"height":8}},{"id":"efba9a8f-d23d-4b59-a1de-afaa47610f5d","block_type":"box","text":"49.13%","page_number":7,"box":{"x":628,"y":156,"width":45,"height":7}},{"id":"c60df657-9b68-45f6-b6f8-f34fadd554df","block_type":"box","text":"34.73%","page_number":7,"box":{"x":677,"y":170,"width":44,"height":7}},{"id":"d3ffbbdb-bf5d-453e-b9cf-e05cbb7125b6","block_type":"box","text":"19.54%","page_number":7,"box":{"x":725,"y":184,"width":45,"height":8}},{"id":"feaba9ea-b42d-45c8-9afe-ca672dc42aed","block_type":"box","text":"-60%","page_number":7,"box":{"x":237,"y":269,"width":28,"height":7}},{"id":"a4162bee-8ebb-44d9-ae85-d6c18ad52adf","block_type":"box","text":"-40%","page_number":7,"box":{"x":237,"y":250,"width":28,"height":7}},{"id":"39034dda-8bbe-4eb2-a953-2ff5d2f355fa","block_type":"box","text":"-20%","page_number":7,"box":{"x":237,"y":230,"width":28,"height":8}},{"id":"05da1bfb-8347-4c5f-87a0-ba537fd6868e","block_type":"box","text":"0%","page_number":7,"box":{"x":248,"y":211,"width":17,"height":7}},{"id":"3c5bbc42-a7fa-49c7-8adc-a8e0ce80c713","block_type":"box","text":"20%","page_number":7,"box":{"x":240,"y":191,"width":25,"height":8}},{"id":"08779a39-674f-4355-9655-53b3ff0f0843","block_type":"box","text":"40%","page_number":7,"box":{"x":240,"y":172,"width":25,"height":7}},{"id":"16d318e6-19b6-42b1-9554-7638d61e563a","block_type":"box","text":"60%","page_number":7,"box":{"x":240,"y":153,"width":25,"height":7}},{"id":"64570b82-a53e-4f6e-b50d-8036b733d12b","block_type":"box","text":"80%","page_number":7,"box":{"x":240,"y":133,"width":25,"height":7}},{"id":"beda22c2-903b-4d04-9d6c-81844cdd4d78","block_type":"box","text":"100%","page_number":7,"box":{"x":233,"y":114,"width":32,"height":7}},{"id":"9764a9a5-ca3e-4cc4-86e7-b61b41c87b71","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":"9f24f4fd-5f70-4414-bf5b-60e44e0297ef","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 44.11% (quar ter ended","page_number":7,"box":{"x":62,"y":300,"width":806,"height":11}},{"id":"1e40f1e5-a826-4916-b171-49e25ae1e6fc","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -27.10% (quar ter ended June 30, 2022). The year-to-date","page_number":7,"box":{"x":61,"y":314,"width":833,"height":12}},{"id":"e06f97cc-9852-4d3d-9037-fa5f19155140","block_type":"box","text":"return as of June 30, 2026 was 42.73%.","page_number":7,"box":{"x":61,"y":329,"width":299,"height":11}},{"id":"904e0b27-b2f8-43c2-a61c-d0e62aebf40b","block_type":"box","text":"For the periods ended 12/31/25","page_number":7,"box":{"x":70,"y":358,"width":223,"height":10}},{"id":"6021a9d2-9392-4ec4-ab0b-2ac1f0ef1af3","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":"d10d3269-81cc-45d0-8926-b21a6807f8ca","block_type":"box","text":"BlackRock Technology Oppor tunities Fund — Service Shares","page_number":7,"box":{"x":70,"y":388,"width":399,"height":10}},{"id":"9b139089-092c-4f5b-920a-4fede3af17a6","block_type":"box","text":"Return Before Taxes 19.54% 8.10% 20.62%","page_number":7,"box":{"x":85,"y":400,"width":840,"height":9}},{"id":"19ec7fba-3c5b-4bbf-9b8f-673b9f59065e","block_type":"box","text":"Return After Taxes on Distributions 15.85% 6.84% 19.45%","page_number":7,"box":{"x":85,"y":413,"width":840,"height":9}},{"id":"8dce45fd-26ae-4568-973b-a59097819eae","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 13.70% 6.21% 17.55%","page_number":7,"box":{"x":85,"y":426,"width":840,"height":9}},{"id":"4f002691-e68e-4dbc-ac18-6fba391f971b","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":7,"box":{"x":70,"y":444,"width":227,"height":11}},{"id":"f88a5669-e02c-4978-9c87-19f40a87caef","block_type":"box","text":"1","page_number":7,"box":{"x":298,"y":444,"width":4,"height":4}},{"id":"e61585ab-cf76-42e3-933f-d50f675cdd2f","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":"35b0ec81-2efb-487d-b4dd-557832d5c483","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":"2b961de5-c438-44c1-a25b-926aa519ee02","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":"cdfd38ad-92e9-4bed-aff2-bc4dce35ac79","block_type":"box","text":"1,2","page_number":7,"box":{"x":502,"y":489,"width":10,"height":5}},{"id":"a96e8720-a56c-4377-9823-8527cd9d7d53","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":"4b67ab3c-404f-44e2-90ca-3a0abf67b5c9","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":"8e6ee382-fc7b-41d4-ae96-e78e3d9f4dd0","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":"8dd23376-bf10-4691-a55e-a76cfcd9af45","block_type":"box","text":"1,3","page_number":7,"box":{"x":453,"y":534,"width":11,"height":5}},{"id":"efaa6b0d-3406-4ee5-9613-841632ff81c5","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":"d3cf2405-eb42-4a3f-bc26-3f6aff2d41f0","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":"39b8557d-9e67-441a-8ed9-c1cf38006267","block_type":"box","text":"1","page_number":7,"box":{"x":61,"y":581,"width":3,"height":4}},{"id":"73dba943-d13b-445b-9ce9-463faafa7b8d","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":"36c01d59-df38-4c69-95b7-989a426caaff","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":"19390e3d-9f99-423c-a9dc-daa5537c14ab","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":"182eedbd-3b39-47fd-a5b9-e03facd03293","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":"73f95266-e164-456a-81ff-4811d63a54ef","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":"9c9fb1b6-4193-40d9-9020-7479b6bddb4e","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":"e2edd49c-5a98-4805-b247-dcce7c361658","block_type":"box","text":"2","page_number":7,"box":{"x":61,"y":646,"width":3,"height":3}},{"id":"be43013f-8bbf-4ce6-acc1-d6df1f3de5d6","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":"f8b4e8dd-5a55-428c-bd47-146719601290","block_type":"box","text":"3","page_number":7,"box":{"x":61,"y":659,"width":3,"height":3}},{"id":"d370137b-8bca-4851-a17b-6aa1e6aeeb9d","block_type":"box","text":"The Fund has added this additional benchmark.","page_number":7,"box":{"x":68,"y":659,"width":279,"height":7}},{"id":"b0766019-2f56-4e09-97c2-681e692c56c5","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":"f091d8b1-b143-44c5-a32c-352f02c1e39a","block_type":"box","text":"reflect the impact of state and local taxes. 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plan","page_number":8,"box":{"x":62,"y":273,"width":829,"height":12}},{"id":"139b03ce-e05a-48e7-9324-21fb5fc6079d","block_type":"box","text":"described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to","page_number":8,"box":{"x":61,"y":288,"width":862,"height":11}},{"id":"8b705952-dccc-4aa9-8639-ffcecefb7dcd","block_type":"box","text":"U.S. federal income tax when distributions are received from such tax-deferred arrangements.","page_number":8,"box":{"x":62,"y":303,"width":686,"height":11}},{"id":"762106e0-218f-4163-8d87-d67538242f0d","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":8,"box":{"x":61,"y":342,"width":578,"height":13}},{"id":"d06f1167-7675-44e5-a8ec-df2d40b78f61","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, 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