{"annotation_id":"dbbdba2b-cec9-4da9-a3cc-509281d07706","file_hash":"3fda5ab63c58800fae3481f9fbdbc63b257d3a6f3271239dfb5539d6268d70e1","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"b12ac82b-2683-4edb-adb8-f50420335c82","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"c969052a-c822-4d9d-a51e-374f2cb8efec","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"034b230b-f238-48ec-9e80-b5ca994e16af","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"b494b177-bf25-49fd-8b86-1f416b68a37b","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"892d9857-7e8b-4f84-8a52-00a2489ffb95","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"ceef67e9-2191-4c21-bbaf-c70ac1402eec","block_type":"box","text":"Service Shares","page_number":1,"box":{"x":240,"y":297,"width":120,"height":9}},{"id":"8333d594-825e-45e9-90ed-969f11122f3b","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"3ce447a9-81e9-49dc-8eb2-b272d66d8a9e","block_type":"box","text":"BlackRock Health Sciences Opportunities Portfolio","page_number":1,"box":{"x":84,"y":321,"width":417,"height":12}},{"id":"0f30f4e3-2aa6-4b1c-99a4-54f4d12dd8e7","block_type":"box","text":"Service: SHISX","page_number":1,"box":{"x":83,"y":339,"width":92,"height":7}},{"id":"dcca3d13-4550-4c5c-8abb-4e81539526de","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":"a0229a7a-8055-49d8-b507-a2a267b0c6b6","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":"6214c99d-589d-45f8-8c17-7d55dd2db5f8","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":"4d8828d5-8c8c-4107-9835-6f4aa0410ae6","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":"1fde7149-635e-49fe-8536-6139459fd6b8","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"8556dcd2-ea2c-4da6-b478-8d2341d61c1f","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"4ed80b50-2956-4148-a135-5f77c98459eb","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":"e41c831d-0dde-4f09-b223-7429c68802dd","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":"2a5031dc-87be-455a-b543-e7348e1001e8","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":"6c764d18-ed16-4aae-83e4-b6302e01d523","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":"c4163a57-7247-4b13-b241-e10546b7a66d","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":"e8b95370-54ca-47f7-85d9-203d97576244","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":"12a721cd-9c2b-45de-8bfc-6ff2bdc3c82b","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":"668e682b-a74e-468f-8595-9620b2a34579","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"03f20f43-3012-4070-995f-27f624c21186","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"af633537-be66-46a2-b8d2-57b688bd5443","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"54e6a3e1-01d1-4450-88bf-0db7339a982e","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"e176ea43-65d1-4f45-bb72-6d05d6bbc3de","block_type":"box","text":"No Bank 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BlackRock","page_number":2,"box":{"x":60,"y":178,"width":843,"height":12}},{"id":"a1bf1807-99f6-43d2-a21f-22350a84b131","block_type":"box","text":"Funds","page_number":2,"box":{"x":62,"y":194,"width":41,"height":8}},{"id":"7c72babd-95bc-4ae4-87ee-704ee20b739f","block_type":"box","text":"SM","page_number":2,"box":{"x":105,"y":194,"width":11,"height":4}},{"id":"bb2e3554-3a92-4427-8c87-9fed10f8dca8","block_type":"box","text":"(the “Trust”), is to provide long-term growth of capital.","page_number":2,"box":{"x":122,"y":193,"width":395,"height":12}},{"id":"42488cc7-e88d-4591-a805-9e5421b99340","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"bac0750d-dd06-4a5f-a1e3-d27e6eef8a57","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":"445543c7-6b24-4be4-94c0-71c9cc41723e","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":"b51d24c5-6dc0-4238-99c6-b462448f7a1f","block_type":"box","text":"You may pay other","page_number":2,"box":{"x":790,"y":273,"width":138,"height":12}},{"id":"e90fc1ef-a3f1-4884-8daa-cc92baace58d","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":"e9dd2eea-dacc-4998-9142-ed592130a55c","block_type":"box","text":"dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC","page_number":2,"box":{"x":61,"y":303,"width":835,"height":11}},{"id":"7fe39e6d-d2c5-4cb4-8e54-c9cfe16280e5","block_type":"box","text":"(“BlackRock”) and its affiliates) (each a “Financial Intermediary”), which are not reflected in the table and","page_number":2,"box":{"x":61,"y":318,"width":808,"height":11}},{"id":"90b66d82-fd95-4f30-93aa-d088aa27e887","block_type":"box","text":"example below.","page_number":2,"box":{"x":61,"y":333,"width":114,"height":11}},{"id":"70bcf08f-941c-4a20-9670-d7a509e36915","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":369,"width":222,"height":10}},{"id":"5ef3037f-9ccf-4538-bf73-178bedef8a13","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":69,"y":381,"width":261,"height":10}},{"id":"fae4c572-c4f1-408b-873e-1735e1b26b91","block_type":"box","text":"percentage of the value of your investment) Service 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Expenses","page_number":2,"box":{"x":69,"y":446,"width":103,"height":10}},{"id":"6df63048-d0c9-4169-807e-02f19befa9e2","block_type":"box","text":"0.23%","page_number":2,"box":{"x":858,"y":446,"width":41,"height":8}},{"id":"40a3d4c0-7491-4ecf-aafb-ce69a27aa18f","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":464,"width":252,"height":11}},{"id":"07e812a5-8bf2-408d-976d-78322721a3e1","block_type":"box","text":"1.16%","page_number":2,"box":{"x":858,"y":464,"width":41,"height":9}},{"id":"74b4f717-d11f-42fb-ad8b-92d95c74b69e","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":70,"y":483,"width":304,"height":9}},{"id":"5f11aaca-502b-4e87-90d1-4437098cec2d","block_type":"box","text":"1","page_number":2,"box":{"x":375,"y":482,"width":4,"height":4}},{"id":"6b165472-8f49-4c08-a210-41003a1e7dac","block_type":"box","text":"0.00%","page_number":2,"box":{"x":858,"y":482,"width":41,"height":9}},{"id":"2b7f0af8-17be-4a17-9db6-7329a49602d2","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":69,"y":500,"width":598,"height":11}},{"id":"3e4009c7-c01c-4059-8df8-853075bcce18","block_type":"box","text":"1","page_number":2,"box":{"x":668,"y":500,"width":4,"height":4}},{"id":"ccd1492c-a723-4690-a7ce-3989afb427fd","block_type":"box","text":"1.16%","page_number":2,"box":{"x":858,"y":500,"width":41,"height":9}},{"id":"772461b1-fe89-4e39-abbd-e0eac8ef34b5","block_type":"box","text":"1","page_number":2,"box":{"x":61,"y":520,"width":3,"height":4}},{"id":"6fa3a9e2-3017-49a8-9fb9-a0ebea3d9611","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 28, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":520,"width":837,"height":9}},{"id":"f6931a67-563a-4b62-9417-757cb3bc63fd","block_type":"box","text":"waive the management fee with respect to any por tion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":2,"box":{"x":80,"y":530,"width":854,"height":9}},{"id":"99b564f0-9ad5-4c43-b8ef-78b87740a5b0","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":"71a13c60-073a-4db4-b9e8-d3d6dcc21789","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":"890b691a-5a9e-4e56-9928-b4a794dec3cb","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":"3a51450e-48ec-475e-aec4-3e8265bfae1b","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":"5229f89a-d2b3-4981-866c-d1216d4196fc","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":"06d6a3fc-5716-4f91-b6c6-bc56c618f8b0","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":600,"width":74,"height":12}},{"id":"9f11c621-a3d1-4eb5-91b1-59a71dfdebca","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":616,"width":830,"height":12}},{"id":"3a49963d-fb4b-4461-b251-4f5853d0b6d0","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":630,"width":832,"height":12}},{"id":"64600894-3b29-459f-a1c2-49d766fe659d","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":646,"width":832,"height":11}},{"id":"1df76ae7-eeba-46b6-b77a-02599ffd5dde","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":661,"width":859,"height":11}},{"id":"f1ef2955-232d-4959-addf-632f98c99dc9","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":676,"width":436,"height":11}},{"id":"23782350-1066-4893-aa76-810e2b29d725","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":704,"width":292,"height":8}},{"id":"519ef16f-ba98-4b9a-a27f-ba76eb1615ce","block_type":"box","text":"Service Shares $118 $368 $638 $1,409","page_number":2,"box":{"x":69,"y":721,"width":849,"height":11}},{"id":"f0b53bc7-6244-4898-82ee-172ca9e7fa5e","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":747,"width":151,"height":10}},{"id":"93652979-2dcc-4bfc-93e9-bcd3dd40f8e9","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":763,"width":800,"height":11}},{"id":"5fcec988-328c-416b-b9ed-38ef6fcaf639","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":778,"width":850,"height":11}},{"id":"7e60adf7-fa75-4b73-b53d-a32c822a9446","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":793,"width":870,"height":11}},{"id":"9649c032-9cfb-46f5-b47c-8a7e399703e0","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":808,"width":839,"height":11}},{"id":"9694d652-50e8-4cc5-a196-8e8aeeced768","block_type":"box","text":"49% of the average value of its por tfolio.","page_number":2,"box":{"x":61,"y":822,"width":298,"height":12}},{"id":"cd63a657-183e-4c38-bd1f-23c0388a3b29","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":2,"box":{"x":61,"y":861,"width":394,"height":14}},{"id":"f4adda8e-6702-4496-91c7-199a284e67c2","block_type":"box","text":"Under normal market conditions, the Fund invests at least 80% of its total assets in equity securities, primarily","page_number":2,"box":{"x":62,"y":887,"width":814,"height":12}},{"id":"a51ad637-88e6-4517-87f9-f2eb8dbeb918","block_type":"box","text":"common stock, of companies in health sciences and related industries. Investments in derivatives are counted toward","page_number":2,"box":{"x":61,"y":902,"width":869,"height":12}},{"id":"14546e75-4753-4e0b-b3dd-7c2e201d22d9","block_type":"box","text":"the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy","page_number":2,"box":{"x":60,"y":917,"width":865,"height":12}},{"id":"a2d2579a-8a54-4661-9056-fac9e6e129ae","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"72424192-dcb6-4651-b793-714d36ad50db","block_type":"box","text":"NM1026U-5978679-2/8","page_number":2,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"0fab73db-cb12-42ea-a0d5-b493c7bd690d","block_type":"box","text":"or to one or more market risk factors associated with such securities. The health sciences sector can include","page_number":3,"box":{"x":61,"y":42,"width":803,"height":9}},{"id":"b0d75da3-5baf-47b0-ab54-9672f187cd39","block_type":"box","text":"companies in health care equipment and supplies, health care providers and services, biotechnology, and","page_number":3,"box":{"x":61,"y":57,"width":777,"height":11}},{"id":"250c1acc-0894-4cbd-97cd-141a8edced55","block_type":"box","text":"pharmaceuticals. Health sciences and related industries can include, but are not limited to, businesses involved in the","page_number":3,"box":{"x":62,"y":72,"width":872,"height":11}},{"id":"3d3b2315-56c6-457d-a853-cf015ee13aa5","block_type":"box","text":"development, production, and distribution or delivery of medical and pharmaceutical products and services,","page_number":3,"box":{"x":61,"y":86,"width":790,"height":12}},{"id":"54ab8f14-c1f0-47da-892c-f185da4f13e5","block_type":"box","text":"companies engaged in biotechnology and medical research and development, companies that may design,","page_number":3,"box":{"x":61,"y":101,"width":781,"height":12}},{"id":"fe3b4e4f-aa23-4ff8-9535-73b73c87e546","block_type":"box","text":"manufacture or distribute medical, dental and optical equipment and supplies, including diagnostic equipment, and","page_number":3,"box":{"x":61,"y":116,"width":845,"height":11}},{"id":"50a0bef9-74df-4e6f-ba0e-a936c98527ff","block_type":"box","text":"companies that may also provide diagnostic services or operate health facilities and hospitals, or provide related","page_number":3,"box":{"x":61,"y":131,"width":830,"height":11}},{"id":"6cdecff4-2847-4521-ae99-f977d81e27f5","block_type":"box","text":"administrative, management and financial suppor t. The Fund will concentrate its investments (","page_number":3,"box":{"x":61,"y":146,"width":694,"height":11}},{"id":"40f56667-5425-4de0-8a64-7301615792e1","block_type":"box","text":"i.e.,","page_number":3,"box":{"x":757,"y":146,"width":26,"height":10}},{"id":"3ad9b7dd-6418-4d4c-b7d3-9c9b2ca51303","block_type":"box","text":"invest more than","page_number":3,"box":{"x":790,"y":146,"width":121,"height":9}},{"id":"a7aa14f6-feae-472b-8e7f-730097396c7c","block_type":"box","text":"25% of its assets) in health sciences or related industries, and may invest in companies located in non-U.S. countries.","page_number":3,"box":{"x":61,"y":160,"width":870,"height":12}},{"id":"7dc1c914-4561-4b8f-b8bc-262e12617bb4","block_type":"box","text":"The Fund reserves the right to invest up to 20% of its total assets in other types of securities. These may include","page_number":3,"box":{"x":60,"y":183,"width":833,"height":12}},{"id":"ccae0e8c-4970-4e81-b301-c5c9f0d72c24","block_type":"box","text":"stocks of companies not associated with health sciences.","page_number":3,"box":{"x":61,"y":198,"width":424,"height":11}},{"id":"c6f4ddb8-9527-471e-ba30-f16ae86d8052","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":237,"width":354,"height":13}},{"id":"40e45bf9-8eaf-4d65-a112-3a355b5de974","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":263,"width":860,"height":11}},{"id":"7669e215-142a-4ed3-9205-477209803a91","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":278,"width":802,"height":11}},{"id":"bb042e88-2ede-4960-8b12-2b646322d6bf","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. An investment in the","page_number":3,"box":{"x":62,"y":292,"width":866,"height":12}},{"id":"529a5e8a-3b3a-4a77-b82a-9e4bc61aed77","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":3,"box":{"x":62,"y":307,"width":869,"height":12}},{"id":"bb7fd862-bb51-4de7-913c-1207d4f80440","block_type":"box","text":"government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":3,"box":{"x":60,"y":322,"width":835,"height":12}},{"id":"f9aa43b3-74ad-4a96-a309-bcc6b0b55d0b","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":3,"box":{"x":61,"y":337,"width":793,"height":12}},{"id":"3511ee04-3b09-4d22-9b02-4fca3ae3a492","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":357,"width":166,"height":11}},{"id":"43dafeaa-eef9-4373-bd1a-a883492cb5a0","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":357,"width":685,"height":12}},{"id":"305b296f-ce4c-4a1c-a8cb-c6a6e90e4570","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":372,"width":550,"height":11}},{"id":"49115e40-462f-42c0-a6a3-2faa899bec7d","block_type":"box","text":"Healthcare-Related Securities Risk","page_number":3,"box":{"x":81,"y":392,"width":264,"height":9}},{"id":"9ae59503-4a14-441d-b263-77c85088b611","block_type":"box","text":"—","page_number":3,"box":{"x":350,"y":397,"width":17,"height":1}},{"id":"18c088c3-a514-4233-83f2-cf22537b143f","block_type":"box","text":"Healthcare companies are strongly affected by worldwide scientific or","page_number":3,"box":{"x":372,"y":392,"width":509,"height":11}},{"id":"a22306af-76f0-4dd0-a19a-3c6c39e466e0","block_type":"box","text":"technological developments. Their products may rapidly become obsolete. Many healthcare companies are also","page_number":3,"box":{"x":80,"y":407,"width":820,"height":11}},{"id":"d9661431-fdd8-4db8-8820-f9e97382b733","block_type":"box","text":"subject to significant government regulation and may be affected by changes in governmental policies.","page_number":3,"box":{"x":81,"y":421,"width":752,"height":12}},{"id":"e564f834-dd04-40d5-9757-44be68a8827b","block_type":"box","text":"Concentration Risk","page_number":3,"box":{"x":81,"y":442,"width":145,"height":9}},{"id":"13554c07-362d-4a8b-a7b3-eab772d2cda3","block_type":"box","text":"—","page_number":3,"box":{"x":231,"y":447,"width":17,"height":1}},{"id":"cd5adea5-66ef-4e50-9e07-bf6279af86f0","block_type":"box","text":"The Fund’s strategy of concentrating in health sciences and related companies means that","page_number":3,"box":{"x":252,"y":441,"width":668,"height":12}},{"id":"34a325dc-535a-49e1-b9d1-637add7b4cd4","block_type":"box","text":"its per formance will be closely tied to the per formance of a par ticular market segment. The Fund’s concentration in","page_number":3,"box":{"x":82,"y":456,"width":848,"height":12}},{"id":"91906f1c-32bf-4949-bb75-b8c2ad8cb8e2","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":471,"width":853,"height":11}},{"id":"610a101f-8972-489d-b997-d7a499dc5b7f","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":486,"width":831,"height":11}},{"id":"08fe9daa-52b7-4c1a-8ef0-8acb08f35c57","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":501,"width":855,"height":11}},{"id":"19263fd6-97a5-4777-8cb4-bb0b31e7f6bc","block_type":"box","text":"other industries or the broader market as a whole.","page_number":3,"box":{"x":81,"y":516,"width":368,"height":9}},{"id":"fc9ca70f-3fa8-4ac0-b6c3-9ee69665db82","block_type":"box","text":"Foreign Securities Risk","page_number":3,"box":{"x":81,"y":536,"width":176,"height":11}},{"id":"3177d333-4578-4a33-8ef8-4ec32108fd26","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":3,"box":{"x":260,"y":535,"width":668,"height":12}},{"id":"53741b69-85bb-4ce4-ac17-5efb6e24fa30","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":3,"box":{"x":82,"y":551,"width":531,"height":11}},{"id":"e513747b-c9c7-44a5-a85f-47f1ba591a3f","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":3,"box":{"x":101,"y":570,"width":823,"height":12}},{"id":"07aebbd6-a152-4869-ac5d-de19763b1951","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":3,"box":{"x":102,"y":585,"width":823,"height":12}},{"id":"1a6f7af8-906f-43bb-9342-e0f728713982","block_type":"box","text":"oversight.","page_number":3,"box":{"x":101,"y":600,"width":70,"height":12}},{"id":"d5b6a57c-9d10-4e48-b073-61b9be9e5228","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":3,"box":{"x":101,"y":620,"width":644,"height":12}},{"id":"58ceb950-4c63-4148-98e9-1c59f621f62c","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":3,"box":{"x":101,"y":640,"width":830,"height":12}},{"id":"9f636978-53af-45e9-bcb0-9beecacfab30","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":3,"box":{"x":102,"y":655,"width":808,"height":11}},{"id":"0c945e55-bec9-4535-a4fc-38443ce2f570","block_type":"box","text":"payments position.","page_number":3,"box":{"x":102,"y":670,"width":137,"height":11}},{"id":"fbfba757-b79e-45f9-bb26-5a1555d0c3e0","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":3,"box":{"x":101,"y":690,"width":821,"height":11}},{"id":"964eadf8-ea64-4a94-aab6-7ab99a8140ed","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":3,"box":{"x":102,"y":704,"width":809,"height":12}},{"id":"59d09a4a-844e-495c-849a-2ff5f176a294","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":3,"box":{"x":102,"y":719,"width":784,"height":12}},{"id":"2739553f-9fce-4669-8dbc-cc52dcf99931","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":3,"box":{"x":101,"y":734,"width":352,"height":11}},{"id":"c56fdf60-4384-4af0-a084-6add89d4fa0d","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":3,"box":{"x":102,"y":754,"width":823,"height":12}},{"id":"1be27f92-8c02-4e74-a33f-8ab65a792ea7","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":3,"box":{"x":101,"y":769,"width":811,"height":11}},{"id":"14ea9535-7365-47b8-8c61-b6f46a6e1d3e","block_type":"box","text":"U.S. securities laws.","page_number":3,"box":{"x":102,"y":784,"width":148,"height":9}},{"id":"834fabc7-4546-4d0e-9636-f53276ef90a7","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":3,"box":{"x":101,"y":804,"width":834,"height":11}},{"id":"0f2ae2c7-1425-4f86-99b9-d750bd3222e5","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":3,"box":{"x":101,"y":818,"width":628,"height":12}},{"id":"9fc67481-6a5e-44dc-9ee5-b7529dcd8750","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":3,"box":{"x":101,"y":838,"width":830,"height":12}},{"id":"815820b5-fdc4-4c3a-a941-4de53e44b82d","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":3,"box":{"x":101,"y":853,"width":831,"height":12}},{"id":"70f79b9b-d7a0-4292-a5a5-b5e6b2643c2a","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":3,"box":{"x":101,"y":868,"width":813,"height":12}},{"id":"5c6b6fdc-b149-45f4-bbce-d4bf7a16793f","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":3,"box":{"x":101,"y":883,"width":395,"height":11}},{"id":"d57f8ad0-c343-4987-a44d-8c7256eccbcb","block_type":"box","text":"Geographic Concentration Risk","page_number":3,"box":{"x":81,"y":903,"width":235,"height":11}},{"id":"abd48f3e-32d6-4e81-8bcf-22e0784174b6","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":3,"box":{"x":320,"y":903,"width":581,"height":11}},{"id":"f348a0ad-9c11-4bdb-8694-7f3e35f84581","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":3,"box":{"x":82,"y":918,"width":848,"height":11}},{"id":"546324ea-d4f7-441e-aea8-5b1773165d58","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"e52b6947-331c-4566-888f-b640045e2829","block_type":"box","text":"NM1026U-5978679-3/8","page_number":3,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"41d29c42-8082-421c-b682-6f456be06d42","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":4,"box":{"x":82,"y":42,"width":841,"height":11}},{"id":"de971d26-9c4a-432c-b4a4-390eabc3e560","block_type":"box","text":"impact on its investment per formance. The Fund’s investment per formance may also be more volatile if it","page_number":4,"box":{"x":82,"y":57,"width":777,"height":11}},{"id":"753c4922-a4be-4d0b-9956-fb85dba25079","block_type":"box","text":"concentrates its investments in cer tain countries, especially emerging market countries.","page_number":4,"box":{"x":81,"y":72,"width":648,"height":11}},{"id":"2af4a764-a228-442e-9aa1-368908d447d6","block_type":"box","text":"Investment Style Risk","page_number":4,"box":{"x":81,"y":92,"width":166,"height":11}},{"id":"38b0ba23-4d20-4c8c-9789-3b17b2e3b0e9","block_type":"box","text":"—","page_number":4,"box":{"x":252,"y":97,"width":17,"height":1}},{"id":"d30e07c8-dbe8-4643-97bf-083af2125cf6","block_type":"box","text":"Under cer tain market conditions, growth investments have per formed better during the","page_number":4,"box":{"x":274,"y":91,"width":637,"height":12}},{"id":"8bc9d2f6-8fe1-4c0d-a9a4-0f628e63f208","block_type":"box","text":"later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times","page_number":4,"box":{"x":82,"y":106,"width":842,"height":12}},{"id":"f456394a-881c-40d3-a016-206479765fce","block_type":"box","text":"when the investment style used by the Fund is out of favor, the Fund may underper form other equity funds that use","page_number":4,"box":{"x":80,"y":121,"width":847,"height":11}},{"id":"4c10f0c3-96bc-456f-96e3-93ceb7836977","block_type":"box","text":"different investment styles.","page_number":4,"box":{"x":81,"y":136,"width":200,"height":11}},{"id":"a91c885c-fee2-452d-af42-f8ca958ed35e","block_type":"box","text":"Market Risk and Selection Risk","page_number":4,"box":{"x":81,"y":156,"width":240,"height":9}},{"id":"41d12133-77f1-450b-b151-ceb156f5275b","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":4,"box":{"x":324,"y":156,"width":593,"height":9}},{"id":"4cd9c0ac-f29d-43c3-8335-b6a956b0dd41","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":4,"box":{"x":81,"y":171,"width":851,"height":11}},{"id":"7bab9010-9fb5-4aac-9cbd-91826cd4e225","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":4,"box":{"x":82,"y":185,"width":824,"height":12}},{"id":"b18b82fd-c5b7-49e5-9817-e4ea3ab58fb4","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":4,"box":{"x":82,"y":200,"width":851,"height":12}},{"id":"74ef2a1b-3163-4d1e-804a-195d2bb08927","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":4,"box":{"x":82,"y":215,"width":802,"height":12}},{"id":"06a5c0d9-af45-40be-bff9-2347a0d5edba","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":4,"box":{"x":81,"y":230,"width":849,"height":12}},{"id":"c19ce4b7-247f-4986-9037-1c6041fc037f","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":4,"box":{"x":81,"y":245,"width":843,"height":11}},{"id":"145d981a-0f48-4fc0-a8e3-add401ecd5c7","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":4,"box":{"x":81,"y":260,"width":830,"height":11}},{"id":"1e7466ba-9148-4f45-b6bb-8c01bbf4c7c2","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":4,"box":{"x":82,"y":274,"width":840,"height":12}},{"id":"04594bdf-20b0-4bb3-92fb-ecb45d7afd00","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":4,"box":{"x":81,"y":289,"width":789,"height":12}},{"id":"d00cecd5-565c-4a02-99ec-3fd2126bf7e4","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":4,"box":{"x":81,"y":304,"width":823,"height":12}},{"id":"4763006d-7fce-4156-a9c9-4ae1954d0cd4","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":4,"box":{"x":81,"y":319,"width":784,"height":12}},{"id":"b3d87524-f596-4fe5-ba18-9ee1c46419a6","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":4,"box":{"x":81,"y":334,"width":844,"height":11}},{"id":"6a47d976-0214-4131-9ef2-d757b9b3d26f","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":4,"box":{"x":82,"y":354,"width":818,"height":11}},{"id":"8a39caeb-bc43-4958-847a-a4d763b5e1fe","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":4,"box":{"x":80,"y":369,"width":819,"height":11}},{"id":"2624756e-2b09-4f97-8226-97740dfd7d86","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":4,"box":{"x":81,"y":383,"width":819,"height":12}},{"id":"58a8d20c-9808-4ddd-ae35-12728c160d07","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":4,"box":{"x":81,"y":398,"width":846,"height":12}},{"id":"ae3961c1-1925-4949-9674-0a486a1a9e28","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":4,"box":{"x":81,"y":413,"width":848,"height":12}},{"id":"d6b58341-283e-481f-9444-d5a7f564597c","block_type":"box","text":"the Fund invests.","page_number":4,"box":{"x":80,"y":428,"width":125,"height":9}},{"id":"53e9e1f4-0586-4b5a-be94-f3caa069030e","block_type":"box","text":"Mid Cap Securities Risk","page_number":4,"box":{"x":81,"y":448,"width":182,"height":11}},{"id":"2213afa0-023c-4427-a770-87000d270f2f","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":4,"box":{"x":267,"y":448,"width":665,"height":11}},{"id":"a6809d09-a876-48fc-84c4-862f4c4b8bad","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":4,"box":{"x":81,"y":463,"width":789,"height":11}},{"id":"5cc98a72-0b5d-4d20-8ac1-8a3812aca46b","block_type":"box","text":"Operational and Technology Risks","page_number":4,"box":{"x":82,"y":483,"width":254,"height":11}},{"id":"8078afda-0414-47c4-9c4f-3f7f30df4a05","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":4,"box":{"x":340,"y":483,"width":578,"height":11}},{"id":"49503f12-c12b-47a4-aa9b-1493e8e6e8ee","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":4,"box":{"x":82,"y":497,"width":779,"height":12}},{"id":"e0318e6e-c2be-4d0d-8da7-dcd4d211a64d","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":4,"box":{"x":81,"y":512,"width":848,"height":12}},{"id":"ce846f75-c3f3-4071-a4b4-ea2cdb59018d","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":4,"box":{"x":81,"y":527,"width":806,"height":12}},{"id":"098ab490-7f01-47de-95b0-e993e6563402","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":4,"box":{"x":82,"y":542,"width":807,"height":12}},{"id":"8e83e8fd-2ddd-4ac8-9184-9fb8c754524e","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":4,"box":{"x":82,"y":557,"width":846,"height":11}},{"id":"11751685-16ae-45df-9cde-ec3e0826f746","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":4,"box":{"x":81,"y":572,"width":836,"height":11}},{"id":"17300d24-09ee-457c-9575-266ee689034c","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":4,"box":{"x":82,"y":587,"width":474,"height":11}},{"id":"35bfa47a-5540-409a-bb9e-7c00b399c7e3","block_type":"box","text":"Risk of Investing in the United States","page_number":4,"box":{"x":81,"y":606,"width":283,"height":12}},{"id":"3e211e8f-4bc6-492e-87a2-37e1b4c1ae57","block_type":"box","text":"— Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":4,"box":{"x":368,"y":607,"width":541,"height":11}},{"id":"69bf5e7f-d1ff-4895-830a-55e128e5a7e6","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":4,"box":{"x":80,"y":621,"width":847,"height":12}},{"id":"5511a796-883b-47b6-9385-c8179329518a","block_type":"box","text":"exposure.","page_number":4,"box":{"x":81,"y":638,"width":70,"height":9}},{"id":"a71c5452-cb3d-4304-b982-e80c277100cb","block_type":"box","text":"Small Cap Securities Risk","page_number":4,"box":{"x":81,"y":656,"width":196,"height":11}},{"id":"1e581797-642e-4c4e-9512-659648bb5346","block_type":"box","text":"—","page_number":4,"box":{"x":281,"y":661,"width":17,"height":1}},{"id":"038ed223-8330-48d3-83e4-2a75f3bc255d","block_type":"box","text":"Small cap companies may have limited product lines or markets. They may be less","page_number":4,"box":{"x":303,"y":656,"width":607,"height":11}},{"id":"ec1b070c-94bc-4b7c-b720-cc3675f8cc3d","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a more limited management group","page_number":4,"box":{"x":81,"y":671,"width":852,"height":11}},{"id":"e3ebebde-1644-46b6-9272-f31160d8f2de","block_type":"box","text":"than larger capitalized companies.","page_number":4,"box":{"x":80,"y":686,"width":251,"height":11}},{"id":"5d07821c-d3af-4197-b584-3ae8802b9a2d","block_type":"box","text":"Performance Information","page_number":4,"box":{"x":61,"y":725,"width":224,"height":11}},{"id":"7dab0a4c-0ac1-4219-9f86-c5368a676da2","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":4,"box":{"x":60,"y":751,"width":855,"height":11}},{"id":"66e92424-965b-4af9-a505-f6cb9186396b","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the Russell 3000 Index and the","page_number":4,"box":{"x":61,"y":766,"width":858,"height":11}},{"id":"82bd977c-a76a-48b9-bddf-eeb697335f36","block_type":"box","text":"Russell 3000 Health Care Index. The Russell 3000 Health Care Index is relevant to the Fund because it has","page_number":4,"box":{"x":62,"y":781,"width":793,"height":9}},{"id":"95ba03c0-eea1-4d32-a1f4-9dd2c7822700","block_type":"box","text":"characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid","page_number":4,"box":{"x":61,"y":796,"width":870,"height":11}},{"id":"3dbe4a50-b77f-4058-9689-f14e3ed822b8","block_type":"box","text":"by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of the dividends","page_number":4,"box":{"x":61,"y":810,"width":857,"height":12}},{"id":"a7926ec4-607b-456e-82de-dad559008533","block_type":"box","text":"and distributions. As with all such investments, past per formance (before and after taxes) is not an indication of future","page_number":4,"box":{"x":61,"y":825,"width":874,"height":11}},{"id":"e0575764-ad76-43a7-b6ab-60479725febe","block_type":"box","text":"results. The table includes all applicable fees. If the Fund’s investment manager and its affiliates had not waived or","page_number":4,"box":{"x":61,"y":840,"width":850,"height":11}},{"id":"d85c32f3-640e-44ca-9860-0f32c4aca6ca","block_type":"box","text":"reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower. 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The year-to-date","page_number":5,"box":{"x":61,"y":314,"width":845,"height":12}},{"id":"50d610c7-a1c7-410c-bdba-4188c5e4e0d5","block_type":"box","text":"return as of June 30, 2026 was 4.39%.","page_number":5,"box":{"x":61,"y":329,"width":289,"height":11}},{"id":"5131e818-ad59-43f3-9f53-a45d605919fd","block_type":"box","text":"For the periods ended 12/31/25","page_number":5,"box":{"x":70,"y":358,"width":223,"height":10}},{"id":"693562d9-d665-48f7-bddc-8b825e58205d","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":5,"box":{"x":69,"y":370,"width":854,"height":10}},{"id":"efecc174-a16f-469e-80e0-db0a846a2069","block_type":"box","text":"BlackRock Health Sciences Oppor tunities Por tfolio — Service Shares","page_number":5,"box":{"x":70,"y":388,"width":458,"height":10}},{"id":"9944e1a7-9b62-4a32-aece-1f96cc8adb23","block_type":"box","text":"Return Before Taxes 15.92% 5.53% 9.50%","page_number":5,"box":{"x":85,"y":400,"width":840,"height":9}},{"id":"2c441ffa-39b7-413a-812b-e9a03c0a96ea","block_type":"box","text":"Return After Taxes on Distributions 12.96% 3.57% 7.92%","page_number":5,"box":{"x":85,"y":413,"width":840,"height":9}},{"id":"9fcee5dd-5e28-4efe-9533-cde3d96bd47d","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares 11.14% 4.07% 7.47%","page_number":5,"box":{"x":85,"y":426,"width":840,"height":9}},{"id":"4e8ef8cd-c76b-4119-aa96-2c60dfc6ae8d","block_type":"box","text":"Russell 3000 Index","page_number":5,"box":{"x":70,"y":444,"width":128,"height":9}},{"id":"a55691ed-c739-4f18-8c09-421c5e77786c","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.15% 13.15% 14.29%","page_number":5,"box":{"x":69,"y":458,"width":856,"height":10}},{"id":"4d0c0e7a-210c-4bc0-9106-c33026f47aa1","block_type":"box","text":"Russell 3000 Health Care Index","page_number":5,"box":{"x":70,"y":476,"width":210,"height":8}},{"id":"1debf583-bfe2-4992-964c-141e9c23e47a","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 14.56% 6.31% 9.54%","page_number":5,"box":{"x":69,"y":489,"width":856,"height":11}},{"id":"074d63a8-85e6-4d93-8e20-a7e65c0a43b4","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":5,"box":{"x":60,"y":521,"width":840,"height":12}},{"id":"a0ccabb6-b73a-4269-8a8a-a9077940c9c1","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":5,"box":{"x":61,"y":536,"width":835,"height":12}},{"id":"7f5d21b9-742e-459c-bf1c-e79f5fec62de","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":5,"box":{"x":61,"y":551,"width":851,"height":12}},{"id":"62b1f1b6-db60-49a1-9280-a069e36a3742","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":5,"box":{"x":60,"y":566,"width":611,"height":11}},{"id":"9e6d88ec-1b61-4ce9-b098-8f9f595dff96","block_type":"box","text":"Investment Manager","page_number":5,"box":{"x":62,"y":605,"width":187,"height":13}},{"id":"e0081b8a-312d-44a3-9134-f1fd73bc79f0","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":5,"box":{"x":60,"y":631,"width":709,"height":11}},{"id":"637a1970-c50a-4a09-9dfa-5df1bc051636","block_type":"box","text":"Portfolio Managers","page_number":5,"box":{"x":61,"y":670,"width":173,"height":13}},{"id":"9132d21e-a717-46dc-b435-4b0858fff688","block_type":"box","text":"Portfolio Manager","page_number":5,"box":{"x":70,"y":714,"width":121,"height":10}},{"id":"855ad4d4-f52a-4f0a-98ad-fd2eef64528e","block_type":"box","text":"Portfolio Manager","page_number":5,"box":{"x":362,"y":702,"width":121,"height":10}},{"id":"bb570d49-ea0f-4498-8236-39bc69ce496b","block_type":"box","text":"of the Fund Since Title","page_number":5,"box":{"x":363,"y":714,"width":427,"height":8}},{"id":"3201ed0a-80a5-4995-81c1-d83e1a35a2a4","block_type":"box","text":"Erin Xie, PhD 2003 Managing Director of BlackRock, Inc.","page_number":5,"box":{"x":70,"y":732,"width":825,"height":10}},{"id":"b64d93b3-da66-4d04-954c-52871e458fe8","block_type":"box","text":"Xiang Liu, PhD 2020 Managing Director of BlackRock, Inc.","page_number":5,"box":{"x":69,"y":750,"width":826,"height":10}},{"id":"634918dd-8a2e-4754-884b-2c07ac6f3987","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":5,"box":{"x":61,"y":790,"width":309,"height":11}},{"id":"2612721d-1e8b-46cc-8130-ab3071c0362a","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":5,"box":{"x":60,"y":817,"width":857,"height":11}},{"id":"26c6beca-1f90-492c-82db-97af124eccae","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":5,"box":{"x":61,"y":831,"width":873,"height":12}},{"id":"e309521b-c608-41a9-a947-548bdc1b8a71","block_type":"box","text":"the Fund by phone at (800) 537-4942, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":5,"box":{"x":60,"y":846,"width":833,"height":12}},{"id":"74d32f37-2aaa-40d4-97ff-ded3b5a929b8","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums for","page_number":5,"box":{"x":62,"y":861,"width":852,"height":11}},{"id":"868c323f-a73b-49d0-9d51-6d379b5d0d62","block_type":"box","text":"Service Shares generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":5,"box":{"x":61,"y":876,"width":812,"height":11}},{"id":"1bf3c522-d9c2-493c-848a-fbfa7407880b","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"47ef50df-8a88-4114-8c44-4f56d95592be","block_type":"box","text":"NM1026U-5978679-5/8","page_number":5,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"097c50d1-5cc8-480a-9f9a-0f0744a13243","block_type":"box","text":"Service Shares","page_number":6,"box":{"x":348,"y":46,"width":89,"height":8}},{"id":"500cad30-fc07-4288-b4fb-a3d7dd9b1bc3","block_type":"box","text":"Minimum Initial Investment","page_number":6,"box":{"x":61,"y":63,"width":184,"height":9}},{"id":"676b41c4-aa6d-408b-8f18-9cef7138a520","block_type":"box","text":"$5,000","page_number":6,"box":{"x":348,"y":63,"width":49,"height":10}},{"id":"128f02f9-9520-4eb2-9cb9-b4f860df3375","block_type":"box","text":"Minimum Additional Investment","page_number":6,"box":{"x":61,"y":81,"width":214,"height":9}},{"id":"71627657-3b82-4d69-a905-91a7a19e82b1","block_type":"box","text":"There is no minimum amount for additional investments.","page_number":6,"box":{"x":348,"y":81,"width":373,"height":9}},{"id":"ea928f53-0013-4738-9bfa-e467e5a5d085","block_type":"box","text":"Tax Information","page_number":6,"box":{"x":63,"y":122,"width":138,"height":11}},{"id":"413fc501-3a31-4754-9cd5-1a32f25d71fa","block_type":"box","text":"The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":6,"box":{"x":60,"y":148,"width":838,"height":12}},{"id":"6b0b5889-36af-4fca-91e4-ff86f8650901","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan","page_number":6,"box":{"x":62,"y":163,"width":829,"height":12}},{"id":"5f09fcdf-148b-4896-93b1-e623d2829908","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":6,"box":{"x":61,"y":178,"width":862,"height":11}},{"id":"8e3f1252-5f79-4f88-9d82-19bc399fdc8c","block_type":"box","text":"U.S. federal income tax when distributions are received from such tax-deferred arrangements.","page_number":6,"box":{"x":62,"y":193,"width":686,"height":11}},{"id":"c059cb5b-0aee-46e2-afc5-3d2915640073","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":6,"box":{"x":61,"y":232,"width":578,"height":13}},{"id":"a00b9b0e-5ddf-4023-8991-2d2f82481533","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":6,"box":{"x":62,"y":258,"width":848,"height":11}},{"id":"72ef2369-804d-4245-9611-836dc42a8191","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":6,"box":{"x":62,"y":273,"width":868,"height":11}},{"id":"cd76b76d-a470-44e8-a407-cc9099338c86","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":6,"box":{"x":60,"y":287,"width":867,"height":12}},{"id":"3e6d4eb6-cc77-4948-a274-76fcb546f380","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":6,"box":{"x":62,"y":302,"width":455,"height":11}},{"id":"b7583ad8-673e-414a-93df-8e2e05f4efee","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":6,"box":{"x":60,"y":325,"width":790,"height":11}},{"id":"e0a6d2fe-ad62-4443-afa8-73aa708af1f0","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"f197030a-e986-4852-b8a1-0e70a88e58ed","block_type":"box","text":"NM1026U-5978679-6/8","page_number":6,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"4e1df086-8a8e-4f33-b2e2-37b57f716bba","block_type":"box","text":"[This page intentionally left blank]","page_number":7,"box":{"x":376,"y":479,"width":246,"height":11}},{"id":"3ad982af-cdf8-4915-8128-08ad6d07b893","block_type":"box","text":"NM1026U-5978679-7/8","page_number":7,"box":{"x":757,"y":969,"width":131,"height":7}},{"id":"1d734e68-205d-4412-a19d-2ff30f7bd8be","block_type":"box","text":"INVESTMENT COMPANY ACT FILE # 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