{"annotation_id":"4208dcd0-7d1c-418c-9d03-99e289bfd4cf","file_hash":"bcf02768861d8e40fa54a4d67e47f1e6ee94eb7b54468d13fc89185dd12bf00a","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"79fbf418-0e85-4fd9-aaff-44a089812b9a","block_type":"box","text":"September 25, 2026","page_number":1,"box":{"x":772,"y":47,"width":166,"height":11}},{"id":"d1ef179a-a8fd-487b-8282-cf7855a328c2","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"06e4b5cb-546d-4517-8603-5eefe1a3d67e","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"72ace1c2-414a-4e14-8a40-189618b7b7c0","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"f856ff97-8a3b-41f0-bdad-57ae61529a6a","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"5fe877d4-d9be-4003-be12-5151484753c6","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":240,"y":297,"width":119,"height":9}},{"id":"67b0bede-7a2a-4f27-9020-dc3893d48240","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"9bdf88a7-b64d-4339-8a78-8c8b43288601","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":1,"box":{"x":84,"y":321,"width":360,"height":12}},{"id":"b3cd8a7a-bde5-4fe4-9ea7-ff4acabbe587","block_type":"box","text":"Class K:BMGKX","page_number":1,"box":{"x":83,"y":339,"width":97,"height":7}},{"id":"f8343995-a9e6-4ff9-8134-b1642de25f50","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":"f4ec9f74-8b84-418d-af02-2d5cc766651f","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":"8dbeead1-bd68-4061-938a-84611c269fe3","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":"5fe13072-25b5-40a7-b3dc-45ec300f9fa6","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":"8f4da49d-692b-4c68-98f9-9eb5201447ce","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"dce74e34-c7c5-4f53-8d48-cbdc5da1e284","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"e1404b4a-26bb-4888-bfa7-fc605a4a2095","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":"3ccf0435-fd48-4576-872c-f6f2acfa5d84","block_type":"box","text":"prospectus and statement of additional information, both dated September 25, 2026, as amended and supplemented","page_number":1,"box":{"x":63,"y":456,"width":831,"height":11}},{"id":"45283d93-85a8-46b3-bda5-967aea1fbb4f","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":"9ce05e91-30a4-4394-bf26-1a9823773586","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":"25e18b75-9b43-4c1b-947c-a5bec6af07b2","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":"520c1ea0-228d-4720-829b-18a4cd951a08","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":"694c2aaa-2310-47bf-b892-2c9c8c2a7487","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":"a2576920-696f-42a8-b620-462d0a2e54ea","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"418c06db-b102-4ddb-86b3-e6e43412a339","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"92fb2227-aea2-4339-b05a-19ead20411bb","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"288c7e37-05ae-4a7e-a9b2-f5daa5403985","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"cde3dcb0-87c2-4b3a-937d-0ee85b248819","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"b70dd2eb-6c48-4699-861c-2ceeea975119","block_type":"box","text":"BNM0926U-5974633-19029176","page_number":1,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"61ebc151-6bb9-4d33-98ee-d87274383b74","block_type":"box","text":"Summary Prospectus","page_number":2,"box":{"x":62,"y":47,"width":468,"height":34}},{"id":"83f7422c-63e3-430d-8ccf-9b20a2b55b51","block_type":"box","text":"Key Facts About BlackRock Mid-Cap Growth Equity Portfolio","page_number":2,"box":{"x":62,"y":121,"width":547,"height":14}},{"id":"db6a151a-a66a-4f80-a73c-040497fd89bd","block_type":"box","text":"Investment Objective","page_number":2,"box":{"x":62,"y":152,"width":191,"height":14}},{"id":"5342b04b-cd91-40de-b0bb-f758bd51162e","block_type":"box","text":"The investment objective of BlackRock Mid-Cap Growth Equity Por tfolio (“Mid-Cap Growth Equity” or the “Fund”), a","page_number":2,"box":{"x":60,"y":178,"width":837,"height":12}},{"id":"b009b7f2-ae89-4ac7-a261-56d9473cacd4","block_type":"box","text":"series of BlackRock Funds","page_number":2,"box":{"x":61,"y":193,"width":193,"height":9}},{"id":"b3fa3701-dd17-4660-8f24-689087de22b9","block_type":"box","text":"SM","page_number":2,"box":{"x":255,"y":194,"width":11,"height":4}},{"id":"86fdf4d7-cbb5-4728-9d51-035cbb9294d3","block_type":"box","text":"(the “Trust”), is long-term capital appreciation.","page_number":2,"box":{"x":272,"y":194,"width":340,"height":11}},{"id":"89814a72-2a1d-44d6-a7bd-c3374171de45","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"f5f01817-e151-40a4-9798-c23a348e1a75","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.","page_number":2,"box":{"x":60,"y":258,"width":839,"height":12}},{"id":"0386dae2-2411-41bb-834f-6c66c5ebc043","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” You may pay other","page_number":2,"box":{"x":60,"y":273,"width":864,"height":12}},{"id":"f9e8d8ed-6ee8-4feb-83aa-5753cf376b15","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer,","page_number":2,"box":{"x":60,"y":288,"width":863,"height":12}},{"id":"4f65ec93-f9ae-467f-9919-d47eae85d57e","block_type":"box","text":"broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”)","page_number":2,"box":{"x":61,"y":303,"width":865,"height":11}},{"id":"57f4a913-d668-4571-be54-ace1c1cc8aa7","block_type":"box","text":"and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below.","page_number":2,"box":{"x":61,"y":318,"width":792,"height":11}},{"id":"2c28e47a-3a5e-4df7-a2fb-ac98a3ec6b24","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":354,"width":222,"height":10}},{"id":"b9c94e8e-e00e-417c-9f93-1b586d87774e","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":69,"y":366,"width":261,"height":10}},{"id":"326788b8-c47d-49ec-88b2-350130bb9795","block_type":"box","text":"percentage of the value of your investment)","page_number":2,"box":{"x":70,"y":377,"width":294,"height":10}},{"id":"64553f7f-a843-4b0c-8a2c-49036a6bbdc7","block_type":"box","text":"Class K","page_number":2,"box":{"x":873,"y":366,"width":51,"height":8}},{"id":"0957445e-f9f8-42a2-ae05-c77147634fcd","block_type":"box","text":"Shares","page_number":2,"box":{"x":875,"y":377,"width":46,"height":9}},{"id":"11673ec8-0a2c-434b-ba03-777039627561","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":70,"y":396,"width":112,"height":10}},{"id":"4d6d1119-d456-4032-aafd-651d46192efe","block_type":"box","text":"1","page_number":2,"box":{"x":183,"y":395,"width":4,"height":4}},{"id":"1dd89bbf-3584-4b2f-9680-00bd290cc694","block_type":"box","text":"0.64%","page_number":2,"box":{"x":884,"y":395,"width":41,"height":9}},{"id":"1f3beeaa-65d9-4ae2-833a-5a8ad0e59a69","block_type":"box","text":"Distribution and/or Service (12b-1) Fees","page_number":2,"box":{"x":70,"y":413,"width":266,"height":10}},{"id":"aea0878a-6456-4a21-8bc7-508670898d3a","block_type":"box","text":"None","page_number":2,"box":{"x":882,"y":414,"width":33,"height":8}},{"id":"e7c53945-a15d-40b9-8a7d-f5d8b244b68f","block_type":"box","text":"Other Expenses","page_number":2,"box":{"x":69,"y":431,"width":103,"height":10}},{"id":"547cadff-52e3-426a-b924-01ec55b820ff","block_type":"box","text":"0.09%","page_number":2,"box":{"x":884,"y":431,"width":41,"height":9}},{"id":"f05d8143-286e-48cd-82c5-4a112058b8af","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":450,"width":252,"height":10}},{"id":"233fe309-53f1-4b62-a8a8-8e0d96612cc7","block_type":"box","text":"0.73%","page_number":2,"box":{"x":884,"y":450,"width":41,"height":8}},{"id":"b9914ee9-6d87-4be6-b333-28e7ff0d6b55","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":70,"y":468,"width":304,"height":10}},{"id":"bf7595f1-71df-4205-993b-ead58aac1ea9","block_type":"box","text":"1,2","page_number":2,"box":{"x":375,"y":467,"width":11,"height":5}},{"id":"977aa3ee-8bf9-43f8-8b07-833ce86cbe89","block_type":"box","text":"0.00%","page_number":2,"box":{"x":884,"y":468,"width":41,"height":8}},{"id":"19c8bc4b-9ed2-43f2-9ce3-ce5e3bc72511","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":69,"y":485,"width":598,"height":11}},{"id":"b39bba8b-6873-4622-8a41-a03d38ed1015","block_type":"box","text":"1,2","page_number":2,"box":{"x":668,"y":485,"width":10,"height":5}},{"id":"2ab29b07-6dda-45c1-a7b0-ce9f09b7f675","block_type":"box","text":"0.73%","page_number":2,"box":{"x":884,"y":486,"width":41,"height":8}},{"id":"5fe08bea-58f7-400b-a046-b6118bcf3136","block_type":"box","text":"1","page_number":2,"box":{"x":61,"y":505,"width":3,"height":4}},{"id":"b153b336-ca8c-4602-bfa0-7c785a28f227","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 26, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":505,"width":837,"height":9}},{"id":"f1e4c24f-1c97-49ad-b59d-5134f2815514","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":515,"width":854,"height":10}},{"id":"58975bf2-8b80-4385-a293-07ad361a8046","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":526,"width":810,"height":9}},{"id":"b54902ba-1567-4919-8c17-543b055fcaed","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":536,"width":832,"height":9}},{"id":"dd7bc0d9-2029-46ff-9c74-0b1ab94a130d","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":546,"width":847,"height":10}},{"id":"4dc4d688-0ab3-4da1-9049-6b1243d98f1f","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":557,"width":834,"height":9}},{"id":"683a6ab2-3a15-4b3b-8217-a87065884e38","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":567,"width":330,"height":9}},{"id":"db3822e6-e8d7-4fbd-8e64-835e4a9283f9","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":580,"width":3,"height":4}},{"id":"0f17c14f-6439-4d5c-9487-4b619ecfa465","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 26, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":580,"width":837,"height":9}},{"id":"b4258eff-0dca-4455-8bdf-2d98bb57ec81","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":590,"width":771,"height":9}},{"id":"ebd16803-07b8-41ce-8d36-a371bf1d8532","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.75%","page_number":2,"box":{"x":81,"y":601,"width":844,"height":9}},{"id":"5a05e034-d0f1-4ca5-9f2e-a9e65c3aa674","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":611,"width":851,"height":9}},{"id":"371787a6-40e7-4e81-a94b-4fb6636ad6f5","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":621,"width":617,"height":9}},{"id":"656a9ea1-b467-4fe3-ae0a-d68c8037b08e","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":639,"width":74,"height":12}},{"id":"cfb0078b-b4b4-446f-8e86-536f48f1dc4f","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":655,"width":830,"height":12}},{"id":"e33a2455-6e50-46b2-87b4-7dd50efe9e3c","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":670,"width":832,"height":12}},{"id":"5aa325d9-e332-444e-9245-baff8d94ba89","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":685,"width":832,"height":11}},{"id":"e9b920d1-0bc8-4ba6-909c-140485d26174","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":700,"width":859,"height":11}},{"id":"06a9f872-45eb-4eea-85b7-b7528d1dae83","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":715,"width":436,"height":11}},{"id":"397fa147-76e8-41f8-b3b2-f22f897e29b9","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":743,"width":292,"height":9}},{"id":"cb8e8ff1-efdc-4b69-84e6-43b89a3035f1","block_type":"box","text":"Class K Shares $75 $233 $406 $906","page_number":2,"box":{"x":69,"y":761,"width":843,"height":9}},{"id":"712f78c5-3e09-4e9f-9a21-7773158ddc07","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":786,"width":151,"height":10}},{"id":"1ebb2b6c-2f2d-4ee7-b61c-a68e2509a8c5","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":803,"width":800,"height":11}},{"id":"f163b8c3-8302-4c30-84e2-ac3e7ea12c29","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":817,"width":850,"height":12}},{"id":"492d3b67-b321-4920-8240-9ab3dacee027","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":832,"width":870,"height":12}},{"id":"ef9c3c59-e29a-4cbb-89ab-0a1db187784a","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":847,"width":839,"height":11}},{"id":"520d34e1-e2ca-40ca-ad13-e736c6fbdd24","block_type":"box","text":"122% of the average value of its por tfolio.","page_number":2,"box":{"x":62,"y":862,"width":307,"height":11}},{"id":"16a9ee37-0809-4678-8970-9b0fbca1faca","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"c978bd80-f34d-4838-9a34-02fbbf5ed597","block_type":"box","text":"BNM0926U-5974633-19029176","page_number":2,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0febf871-1ab6-44b4-935d-02de70a3e97e","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"241c8b87-25e9-418e-ab15-82b00b7c0530","block_type":"box","text":"The Fund normally invests at least 80% of its net assets in growth equity securities issued by U.S. mid-capitalization","page_number":3,"box":{"x":60,"y":69,"width":854,"height":11}},{"id":"dafd947a-ee10-4dc6-bf23-b95275d8a211","block_type":"box","text":"companies and derivatives that provide investment exposure to such securities or to one or more market risk factors","page_number":3,"box":{"x":61,"y":84,"width":858,"height":11}},{"id":"174cc3ad-5969-4b16-92ec-f35411d32d90","block_type":"box","text":"associated with such securities. Equity securities consist primarily of common stock, preferred stock and securities or","page_number":3,"box":{"x":61,"y":98,"width":869,"height":12}},{"id":"4e3eec11-cdd9-4553-8079-25235271aee1","block_type":"box","text":"other instruments whose price is linked to the value of common stock. For purposes of the Fund’s 80% policy, U.S.","page_number":3,"box":{"x":61,"y":113,"width":843,"height":12}},{"id":"83ecca8e-70d9-417b-ad95-5662ac9cc913","block_type":"box","text":"mid-capitalization growth equity securities are equity securities that (i) at the time of the Fund’s investment, have","page_number":3,"box":{"x":61,"y":128,"width":829,"height":12}},{"id":"64e4672d-7934-4958-847a-46c3734eace8","block_type":"box","text":"market capitalizations within the range of companies included in the Russell Midcap Growth Index (the “Russell Midcap","page_number":3,"box":{"x":61,"y":143,"width":876,"height":12}},{"id":"ae6f5b7c-0311-41ef-97a4-f847d0b8cc32","block_type":"box","text":"Growth Index”) and (ii) are included within at least one growth index, as determined by BlackRock (the “Growth","page_number":3,"box":{"x":61,"y":158,"width":811,"height":11}},{"id":"76c25f5a-8cd5-4556-a239-5f9202d51df4","block_type":"box","text":"Indices”). Currently, such Growth Indices are the Russell 3000 Growth Index, the S&P Composite 1500 Growth Index","page_number":3,"box":{"x":62,"y":173,"width":858,"height":11}},{"id":"a81e94ab-f65f-4175-853a-58284fa19801","block_type":"box","text":"and the MSCI World Growth Index. The Russell Midcap Growth Index is an index that measures the per formance of the","page_number":3,"box":{"x":61,"y":187,"width":871,"height":12}},{"id":"68dd4dd0-3d15-4477-bfce-c58a7b789060","block_type":"box","text":"midcap growth segment of the U.S. equity universe, with companies that have market capitalizations between","page_number":3,"box":{"x":61,"y":202,"width":804,"height":12}},{"id":"f70a0c7f-5972-450f-8628-7fbe5045c2ec","block_type":"box","text":"approximately $2.32 billion and $114.57 billion as of August 31, 2026. The Fund seeks to buy primarily common","page_number":3,"box":{"x":61,"y":216,"width":833,"height":13}},{"id":"ce30bc2d-b399-4df2-bc9b-4494a4d0a481","block_type":"box","text":"stock but also can invest in preferred stock and other equity securities. The Fund may also purchase conver tible","page_number":3,"box":{"x":61,"y":232,"width":825,"height":11}},{"id":"e2722fa8-bb3f-491f-8e13-1c3592196d71","block_type":"box","text":"securities. From time to time the Fund may invest in shares of companies through “new issues” or initial public","page_number":3,"box":{"x":61,"y":247,"width":817,"height":11}},{"id":"353ce83d-5d6d-4a99-b172-977ade0e1092","block_type":"box","text":"offerings (“IPOs”).","page_number":3,"box":{"x":61,"y":262,"width":132,"height":11}},{"id":"7e904ed9-6a20-41df-b9fc-86eab7edec44","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":284,"width":866,"height":12}},{"id":"540097f7-9a43-45a6-85ab-8128f36e7a64","block_type":"box","text":"index of securities (commonly known as derivatives). The primary purpose of using derivatives is to attempt to reduce","page_number":3,"box":{"x":62,"y":299,"width":862,"height":12}},{"id":"f4609d9b-f146-4a24-8ecd-174fff065216","block_type":"box","text":"risk to the Fund as a whole (hedge), but they may also be used to maintain liquidity and commit cash pending","page_number":3,"box":{"x":61,"y":314,"width":805,"height":11}},{"id":"04e484d3-c077-434c-a862-476cc1cb533a","block_type":"box","text":"investment. Fund management also may, but under normal market conditions generally does not intend to, use","page_number":3,"box":{"x":62,"y":329,"width":814,"height":11}},{"id":"073f8c24-ed2a-4e4a-8b28-1ebfc2f47f60","block_type":"box","text":"derivatives for speculation to increase returns.","page_number":3,"box":{"x":61,"y":343,"width":341,"height":12}},{"id":"d9f1215b-64a8-4dc0-8aa5-804ccfb0777d","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":382,"width":354,"height":14}},{"id":"ec158441-756a-49cb-870c-46c59aad6cdf","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":409,"width":860,"height":11}},{"id":"ac96cfc4-4cf5-49f9-9c32-707fc1279d72","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":423,"width":802,"height":12}},{"id":"5aaf184d-a62a-414a-b1e4-9bee163b6b84","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":438,"width":866,"height":12}},{"id":"f6d64877-58c4-4000-8fcc-f81077b22fc3","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":453,"width":869,"height":12}},{"id":"c357907c-69a5-40d7-a3fa-bc2bfc78e5b4","block_type":"box","text":"government agency. The following is a summary description of the principal risks of investing in the Fund. The relative","page_number":3,"box":{"x":60,"y":468,"width":864,"height":11}},{"id":"5a96b83b-09ed-497d-9b7d-4bc39891d40f","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":483,"width":793,"height":11}},{"id":"bce604f4-338a-4508-a293-3f90889bb493","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":503,"width":166,"height":11}},{"id":"c983aca1-530f-4fc4-a368-e577a73a7d91","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":503,"width":685,"height":11}},{"id":"7e9bc3bf-f50e-4978-9683-6c455e215c38","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":517,"width":550,"height":12}},{"id":"e97e3845-0ca6-4190-97d7-89d1996b4819","block_type":"box","text":"Mid Cap Securities Risk","page_number":3,"box":{"x":81,"y":538,"width":182,"height":11}},{"id":"0a6f3e9e-3c10-401b-989d-5df29c3ea631","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":3,"box":{"x":267,"y":537,"width":665,"height":12}},{"id":"6cd94e8e-ea4b-4837-9a37-222fa6467176","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":3,"box":{"x":81,"y":552,"width":789,"height":12}},{"id":"e31e02f7-83d1-436d-b19d-d55483a3ef87","block_type":"box","text":"Investment Style Risk","page_number":3,"box":{"x":81,"y":572,"width":166,"height":12}},{"id":"8fa01021-fcfc-4407-b43a-b22a3d25c8f7","block_type":"box","text":"— Under cer tain market conditions, growth investments have per formed better during the","page_number":3,"box":{"x":251,"y":572,"width":660,"height":12}},{"id":"0ed7bc34-2e67-474a-a352-7d36fa224310","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":3,"box":{"x":82,"y":587,"width":842,"height":12}},{"id":"fa5978bd-386e-477b-af36-911d2dabc3c5","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":3,"box":{"x":80,"y":602,"width":847,"height":11}},{"id":"aa3a1a8c-db93-4f90-9c3f-d48a12d66575","block_type":"box","text":"different investment styles.","page_number":3,"box":{"x":81,"y":617,"width":200,"height":11}},{"id":"a13da82a-d53f-4b5a-a7da-4886d06d42d0","block_type":"box","text":"Convertible Securities Risk","page_number":3,"box":{"x":81,"y":637,"width":206,"height":9}},{"id":"9cc0f715-9bb7-4603-9edd-1d1c7580f203","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":637,"width":593,"height":11}},{"id":"8a00918e-0f2d-4406-b865-dbfc1349aa69","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":652,"width":853,"height":11}},{"id":"ac94205d-4974-4e76-9695-71ad7f9ccd16","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":667,"width":855,"height":11}},{"id":"efc13821-1a43-449a-a96f-dbbb3973a1ed","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":3,"box":{"x":80,"y":681,"width":816,"height":12}},{"id":"6f88d18d-eb5b-496a-b9ea-b6dbdff14c42","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":3,"box":{"x":82,"y":696,"width":796,"height":11}},{"id":"97ab8fa0-45a6-466e-b089-99d67667e0f2","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":3,"box":{"x":81,"y":711,"width":812,"height":11}},{"id":"8b77561c-2461-40c0-978c-7cebfcae9595","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":3,"box":{"x":82,"y":726,"width":809,"height":11}},{"id":"24b407ac-3f57-4be3-b534-fd13f335a610","block_type":"box","text":"Derivatives Risk","page_number":3,"box":{"x":81,"y":746,"width":123,"height":9}},{"id":"f010e767-5388-474b-9ffb-7baa9d2188c4","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":3,"box":{"x":207,"y":746,"width":664,"height":11}},{"id":"17745127-7208-4f57-85ea-0a99d1bb93ad","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":3,"box":{"x":82,"y":760,"width":469,"height":12}},{"id":"cdc71486-21ff-4625-9140-d83080b2eace","block_type":"box","text":"Leverage Risk","page_number":3,"box":{"x":82,"y":781,"width":102,"height":11}},{"id":"e9a8c900-36ba-4eb1-8d6c-996f222b4de4","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":3,"box":{"x":188,"y":780,"width":723,"height":12}},{"id":"ad1866da-139e-420d-8e23-6349a9cf4742","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":3,"box":{"x":82,"y":795,"width":832,"height":12}},{"id":"a0cb9360-6272-4b6e-8e36-06d58d69cf8f","block_type":"box","text":"exceed the amount originally invested.","page_number":3,"box":{"x":81,"y":810,"width":280,"height":12}},{"id":"4679faea-7c18-42ac-901e-04e09b797c40","block_type":"box","text":"Market Risk","page_number":3,"box":{"x":82,"y":830,"width":87,"height":9}},{"id":"273b1e0c-8089-4474-8be4-e0206e478499","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":3,"box":{"x":173,"y":830,"width":728,"height":12}},{"id":"486a160c-e61f-485b-9afe-33cc6600b949","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":3,"box":{"x":81,"y":845,"width":834,"height":11}},{"id":"ad25db32-e6b2-4ffa-851e-ab316043a083","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":3,"box":{"x":82,"y":860,"width":832,"height":11}},{"id":"028f6dba-501b-4bda-9e3c-681b03291c27","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":3,"box":{"x":80,"y":875,"width":779,"height":11}},{"id":"33ae9543-1976-482c-bbe6-e1bf1fcdea2c","block_type":"box","text":"derivatives positions to lose value.","page_number":3,"box":{"x":81,"y":890,"width":253,"height":11}},{"id":"20ed4960-ba28-4cab-a114-359cec07a0f2","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"7ad12c5f-65c4-450f-846c-0325a1504708","block_type":"box","text":"BNM0926U-5974633-19029176","page_number":3,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"96d59f4b-ef8b-4f66-aab3-68d29d2196ec","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":42,"width":131,"height":11}},{"id":"225543f0-767f-407d-badf-48a057623e28","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":42,"width":697,"height":11}},{"id":"adc8bea3-4a84-4c27-9d47-da755fe2c578","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":57,"width":855,"height":11}},{"id":"bd946e96-cfcd-4a8b-91b5-9bf28b45785d","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":72,"width":240,"height":11}},{"id":"a63e5324-188f-485b-ab1f-7050a4876545","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":92,"width":100,"height":11}},{"id":"b2300fa4-aecf-4157-8ef3-ac0b15310e56","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":91,"width":750,"height":12}},{"id":"ac066a8f-9327-4261-9deb-f180123a365e","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":106,"width":839,"height":11}},{"id":"563bdf38-97a5-4224-b2d1-65212df57770","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":121,"width":293,"height":11}},{"id":"ccd8305d-c91d-4679-9fe6-0460bdf50bcb","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":141,"width":120,"height":11}},{"id":"edc3241a-47d1-4959-8983-eddd89224bad","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":4,"box":{"x":206,"y":141,"width":727,"height":12}},{"id":"b2b68772-27c5-4c6f-9a67-eb9ee668a140","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":4,"box":{"x":82,"y":156,"width":607,"height":11}},{"id":"48d920c0-ea4d-457b-9051-2aae6d9849b6","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":176,"width":75,"height":11}},{"id":"8cc771d9-069f-4e77-a06c-835961415aec","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":176,"width":761,"height":11}},{"id":"050c4795-8e03-49f9-bf32-db710fdb5859","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":191,"width":198,"height":11}},{"id":"427a66f6-c77e-48b3-be65-fa55090397e5","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":211,"width":214,"height":11}},{"id":"b90326a4-af96-4b23-b149-5a91ae523993","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":211,"width":590,"height":11}},{"id":"45e236b7-05da-48b2-9946-957309ae5a93","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":225,"width":775,"height":12}},{"id":"13833f4c-8cfe-4688-90ab-5324c8efaf1d","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":4,"box":{"x":81,"y":240,"width":589,"height":12}},{"id":"da19006b-c22f-4d53-9fc2-5f7437d413da","block_type":"box","text":"Valuation Risk","page_number":4,"box":{"x":83,"y":261,"width":102,"height":9}},{"id":"24d13c42-f4c4-429a-932b-db3a98947f40","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":260,"width":747,"height":12}},{"id":"23ce8f24-19bd-44d0-a26e-4327da4c718c","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":275,"width":783,"height":12}},{"id":"71407f85-b363-41d4-9e34-6e3a5a9f66d4","block_type":"box","text":"instruments or quote prices for them.","page_number":4,"box":{"x":82,"y":290,"width":273,"height":11}},{"id":"48ac3bd6-7b97-4375-ba98-5e598ad1a6f2","block_type":"box","text":"Hedging Risk","page_number":4,"box":{"x":82,"y":310,"width":95,"height":11}},{"id":"d9957665-e2e4-4309-988b-1b5e5bc64933","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":310,"width":728,"height":11}},{"id":"b9ec7d64-2033-4126-ad3b-e3fdfc310559","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":325,"width":839,"height":11}},{"id":"8b2c6f6c-0e56-440d-acad-0697d4e67edc","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":4,"box":{"x":82,"y":340,"width":354,"height":11}},{"id":"6683a7f4-566c-436b-9542-abd14c670689","block_type":"box","text":"Tax Risk","page_number":4,"box":{"x":83,"y":360,"width":59,"height":9}},{"id":"c6dea35f-e33d-480a-9540-1bfcc9e954e6","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":360,"width":719,"height":11}},{"id":"c33c776e-304a-46f8-bd2b-12f8545fb458","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":374,"width":801,"height":12}},{"id":"aba0954f-3aa6-4764-8bde-562d5f9872c1","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":389,"width":802,"height":12}},{"id":"81d4c3e6-c412-4fb7-be0d-7b6216e83e45","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":404,"width":830,"height":12}},{"id":"210ed5bb-747a-4b17-ac50-0138e3526fc2","block_type":"box","text":"realizes from its investments.","page_number":4,"box":{"x":82,"y":419,"width":215,"height":9}},{"id":"b610d121-e15c-4ccd-bf15-b94bf4e6b818","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":81,"y":439,"width":107,"height":11}},{"id":"38722690-5aea-40e7-9bec-b7a3eda9012f","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":4,"box":{"x":192,"y":439,"width":741,"height":11}},{"id":"903f7ba7-fef1-45bd-b54e-dc86593b05e4","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":4,"box":{"x":81,"y":454,"width":853,"height":11}},{"id":"1b2560dd-cf5c-45e3-a9c1-1feca7f052f0","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":4,"box":{"x":81,"y":468,"width":856,"height":12}},{"id":"5ccd2db4-6daf-4073-88e3-880104bc6f2e","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":4,"box":{"x":80,"y":483,"width":775,"height":12}},{"id":"bf5ea14f-46f8-4546-9552-1ce922df7590","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses","page_number":4,"box":{"x":80,"y":498,"width":814,"height":12}},{"id":"d8f00321-5829-49af-9860-fa5dcd21ad52","block_type":"box","text":"leverage.","page_number":4,"box":{"x":82,"y":513,"width":63,"height":12}},{"id":"f4e7b357-384d-444a-87ed-e237d0130350","block_type":"box","text":"Market Risk and Selection Risk","page_number":4,"box":{"x":81,"y":533,"width":240,"height":9}},{"id":"c0e0d7db-3b31-4031-ad49-dd8dade36d91","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":533,"width":593,"height":9}},{"id":"548d040c-4ab7-4f62-a502-f5fb7dc4d8cc","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":548,"width":851,"height":11}},{"id":"aaf3ade3-fe38-43e1-945a-7712e7180120","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":563,"width":824,"height":11}},{"id":"1898c150-a11c-4663-a397-52de3e2deeb7","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":578,"width":851,"height":11}},{"id":"5839afb1-1dd2-4ede-9269-0ac8e98df326","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":592,"width":802,"height":12}},{"id":"b1a3582f-1e67-400e-b286-86fdf29816dc","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":607,"width":849,"height":12}},{"id":"3ad5d9b1-e3c4-4ec3-bc9c-dd3664b69663","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":622,"width":843,"height":11}},{"id":"ed7ee9af-eaca-4653-b779-8ca5ca4e76c9","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":637,"width":830,"height":11}},{"id":"985ac796-cebb-4479-8302-cbdb993becb6","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":652,"width":840,"height":11}},{"id":"56265712-7cca-4364-8a5c-1240aa36f086","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":666,"width":789,"height":12}},{"id":"d541b168-782a-47b7-8c9a-a4d1ab80a075","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":681,"width":823,"height":12}},{"id":"e9217202-4996-4f97-93e3-23c3e86ab564","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":696,"width":784,"height":12}},{"id":"7a107295-7dbf-4f4d-aadc-67a4a49f4183","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":711,"width":844,"height":11}},{"id":"e5b0f536-376c-4922-9f9b-04e3c1ddf3b5","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":731,"width":818,"height":11}},{"id":"8dceb866-b349-43dc-b5e7-e8e24547a55d","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":746,"width":819,"height":11}},{"id":"c4f131d4-edfe-498e-b877-6f69907c2226","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":760,"width":819,"height":12}},{"id":"d61e2e6e-f94b-49a9-b27f-1c239f4c4847","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":775,"width":846,"height":12}},{"id":"9bbdc543-aa1e-41f3-acaa-8dbb31707d06","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":790,"width":848,"height":12}},{"id":"76cc8869-b2b5-498d-a72f-afcacd0ee100","block_type":"box","text":"the Fund invests.","page_number":4,"box":{"x":80,"y":805,"width":125,"height":9}},{"id":"9fafcc26-353c-476b-8a57-e06b08c338d5","block_type":"box","text":"“New Issues” Risk","page_number":4,"box":{"x":83,"y":825,"width":139,"height":9}},{"id":"dee04354-65b5-4755-8ef2-c2510b0ded14","block_type":"box","text":"—","page_number":4,"box":{"x":227,"y":830,"width":17,"height":1}},{"id":"374e7f49-a3d2-42e6-9335-7dfb4e46da9a","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":4,"box":{"x":249,"y":825,"width":681,"height":11}},{"id":"e004bee5-2f20-4b83-9679-3b46a9ef49d4","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":4,"box":{"x":81,"y":840,"width":843,"height":11}},{"id":"bc04c5cb-c2bc-43a1-96ea-45a4cf0e8b2a","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":4,"box":{"x":81,"y":855,"width":517,"height":11}},{"id":"941f71e6-04d9-425a-85a2-f48ad8a5129a","block_type":"box","text":"Operational and Technology Risks","page_number":4,"box":{"x":82,"y":875,"width":254,"height":11}},{"id":"438276d8-1ecc-4b97-a2d2-cc61eb832f94","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":4,"box":{"x":340,"y":875,"width":578,"height":11}},{"id":"9995216a-8328-4cb9-b38e-0b23d777a75d","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":4,"box":{"x":82,"y":889,"width":779,"height":12}},{"id":"5a6156d4-57e7-4be9-9a07-125011d5bbe0","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":904,"width":848,"height":12}},{"id":"1beb8f26-f214-47f2-9fc4-922415c34a4c","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"6f79c3be-8a77-4ff9-a489-a9ea49462781","block_type":"box","text":"BNM0926U-5974633-19029176","page_number":4,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"021bd5a1-92e0-481e-877c-985d61e3f468","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":42,"width":806,"height":11}},{"id":"068aa10c-644c-4532-a5cb-38e86334b393","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":5,"box":{"x":82,"y":57,"width":807,"height":11}},{"id":"3d22e916-76c6-477b-9e06-253e192acae0","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":71,"width":846,"height":12}},{"id":"409c10b6-a1f2-480b-90aa-c009215aa176","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":5,"box":{"x":81,"y":86,"width":836,"height":11}},{"id":"aaed1678-bbd2-4f4f-89c0-7a2e1fb08ca5","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":5,"box":{"x":82,"y":101,"width":474,"height":12}},{"id":"bc7c5205-7743-46e5-b7c0-099fbd0e7729","block_type":"box","text":"Preferred Securities Risk","page_number":5,"box":{"x":81,"y":121,"width":189,"height":9}},{"id":"de441fde-15c7-4b26-9107-1b50b714ae89","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":5,"box":{"x":274,"y":121,"width":636,"height":11}},{"id":"7fb7343b-d3e7-4854-8b07-3bb475bcc5f6","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":5,"box":{"x":81,"y":136,"width":824,"height":11}},{"id":"90cc5fc2-e7f0-4dbf-8928-bb421e731a3f","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":5,"box":{"x":82,"y":151,"width":806,"height":11}},{"id":"caabd8d4-679c-4a53-a501-85c9a32fb178","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":5,"box":{"x":81,"y":166,"width":842,"height":11}},{"id":"955e6b5a-cd46-47c5-ac0f-269da832987c","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":5,"box":{"x":81,"y":180,"width":781,"height":12}},{"id":"dc5198a9-ff89-46c9-991f-f1a23005bd66","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":5,"box":{"x":81,"y":195,"width":812,"height":12}},{"id":"89045361-20aa-4182-bf61-810c22b8bbb4","block_type":"box","text":"larger companies.","page_number":5,"box":{"x":82,"y":210,"width":129,"height":12}},{"id":"5c0ff3f2-003d-410c-8922-21df4191659f","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":230,"width":283,"height":11}},{"id":"19cf4361-443f-4efe-b40b-b5265f84744e","block_type":"box","text":"— Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":5,"box":{"x":368,"y":230,"width":541,"height":12}},{"id":"1c255920-bee3-4784-b20f-f43f7d0695fb","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":5,"box":{"x":80,"y":245,"width":847,"height":11}},{"id":"4aba86a8-e799-45f2-9373-c1ffdfd2bd89","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":262,"width":70,"height":9}},{"id":"b06a2c31-807c-4a41-944c-3a7381a03be6","block_type":"box","text":"Sector Risk","page_number":5,"box":{"x":81,"y":280,"width":88,"height":9}},{"id":"27b760cb-7572-4208-846b-f911810bc807","block_type":"box","text":"— Sector risk is the risk that the Fund’s concentration in the securities of companies in a specific","page_number":5,"box":{"x":173,"y":280,"width":720,"height":11}},{"id":"fad9690d-dc7f-4faa-aae1-aa4cd2ac3de7","block_type":"box","text":"market sector or industry will cause the Fund to be more exposed to the price movements of companies in and","page_number":5,"box":{"x":82,"y":294,"width":814,"height":12}},{"id":"81deb3b5-c92b-494b-aaf7-7b1755a0085d","block_type":"box","text":"developments affecting that sector than a more broadly diversified fund. To the extent that the Fund concentrates","page_number":5,"box":{"x":81,"y":309,"width":834,"height":12}},{"id":"1f6e46f4-ef65-49a2-bec7-714c67cfa40d","block_type":"box","text":"its investments in a par ticular sector, there is the risk that the Fund will per form poorly during a downturn in that","page_number":5,"box":{"x":82,"y":324,"width":827,"height":12}},{"id":"e04d4189-cce6-41e0-8a2a-8c836a6f8cb3","block_type":"box","text":"sector.","page_number":5,"box":{"x":81,"y":340,"width":48,"height":8}},{"id":"853f564c-b7d6-4abd-bb74-c3b63578d014","block_type":"box","text":"Performance Information","page_number":5,"box":{"x":61,"y":378,"width":224,"height":11}},{"id":"ad6d5cff-c738-4551-92ee-34901ca1d1b3","block_type":"box","text":"The information shows you how Mid-Cap Growth Equity’s per formance has varied year by year and provides some","page_number":5,"box":{"x":60,"y":404,"width":832,"height":11}},{"id":"000b0b9a-d3e8-40d1-ad3c-2c211ba3c3a3","block_type":"box","text":"indication of the risks of investing in the Fund. Class K Shares commenced operations on March 28, 2016. As a","page_number":5,"box":{"x":62,"y":419,"width":825,"height":11}},{"id":"84fe5c10-3536-4d4d-b69c-762d54480c07","block_type":"box","text":"result, the returns shown below for Class K Shares prior to March 28, 2016 are those of the Fund’s Institutional","page_number":5,"box":{"x":61,"y":434,"width":826,"height":11}},{"id":"0090bbf6-71f7-4b4e-b15f-9b40f1f651f8","block_type":"box","text":"Shares, which are not offered in this prospectus. The per formance of Class K Shares would be substantially similar to","page_number":5,"box":{"x":61,"y":448,"width":870,"height":12}},{"id":"f32d7751-eb5f-4289-85a3-0e54071f2499","block_type":"box","text":"Institutional Shares because Class K Shares and Institutional Shares are invested in the same por tfolio of securities","page_number":5,"box":{"x":62,"y":463,"width":858,"height":12}},{"id":"0ecee19c-4ffa-4869-b800-ef312918ebf2","block_type":"box","text":"and per formance would differ only to the extent that Class K Shares and Institutional Shares have different expenses.","page_number":5,"box":{"x":61,"y":478,"width":869,"height":12}},{"id":"0a34c296-60b3-4bed-9e94-475cdff321be","block_type":"box","text":"The actual returns of Class K Shares would have been higher than those of Institutional Shares because Class K","page_number":5,"box":{"x":60,"y":493,"width":831,"height":12}},{"id":"a56ffdf6-159b-4843-b767-703535bcc546","block_type":"box","text":"Shares have lower expenses than Institutional Shares. The table compares the Fund’s per formance to that of the","page_number":5,"box":{"x":61,"y":508,"width":834,"height":11}},{"id":"e2deb768-67e9-4390-a580-ccb974b6528e","block_type":"box","text":"Russell 1000 Index and the Russell Midcap Growth Index. The Russell Midcap Growth Index is relevant to the Fund","page_number":5,"box":{"x":62,"y":523,"width":843,"height":11}},{"id":"1952cb19-8ad8-4f8b-96f2-aad6e3f89644","block_type":"box","text":"because it has characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions","page_number":5,"box":{"x":61,"y":538,"width":866,"height":11}},{"id":"209723ad-3864-4e9a-823c-44f9c5210f01","block_type":"box","text":"have been paid by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of","page_number":5,"box":{"x":61,"y":552,"width":873,"height":12}},{"id":"abebe188-f8a8-46b4-8c66-78437f9d7758","block_type":"box","text":"the dividends and distributions. As with all such investments, past per formance (before and after taxes) is not an","page_number":5,"box":{"x":60,"y":567,"width":834,"height":11}},{"id":"00f28acf-ba55-4af4-8b2c-a1ace2576724","block_type":"box","text":"indication of future results. The table includes all applicable fees. If BlackRock and its affiliates had not waived or","page_number":5,"box":{"x":62,"y":582,"width":836,"height":11}},{"id":"00666fc3-c344-4edb-a7a9-642a1824f71e","block_type":"box","text":"reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower. Updated","page_number":5,"box":{"x":61,"y":597,"width":797,"height":11}},{"id":"3c0976fd-2100-495f-b4fb-afa16121ecc6","block_type":"box","text":"information on the Fund’s per formance, including its current net asset value, can be obtained by visiting","page_number":5,"box":{"x":62,"y":612,"width":766,"height":11}},{"id":"4d8363e1-2b8b-466c-acef-7c6455a3b663","block_type":"box","text":"www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":5,"box":{"x":60,"y":627,"width":505,"height":11}},{"id":"9515a1da-6819-4ba7-86c7-73d7b3f90508","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"a3438ff0-b8ca-4110-a144-2a186932ebd7","block_type":"box","text":"BNM0926U-5974633-19029176","page_number":5,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a4604589-8f24-4b8d-86a2-5eb6158b220f","block_type":"box","text":"Class K Shares","page_number":6,"box":{"x":442,"y":42,"width":113,"height":9}},{"id":"cf48e2e6-c7a0-446b-9b7a-208b42612f75","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":6,"box":{"x":402,"y":57,"width":193,"height":9}},{"id":"384d4950-c994-479f-b562-4bc4dc2ede5b","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":6,"box":{"x":336,"y":73,"width":326,"height":11}},{"id":"5df23541-46a7-49a0-8777-55d6037ed31f","block_type":"box","text":"As of 12/31","page_number":6,"box":{"x":452,"y":88,"width":93,"height":11}},{"id":"5a425014-63b7-4ed6-a4f0-203b2b8e31d7","block_type":"box","text":"3.16%","page_number":6,"box":{"x":295,"y":177,"width":37,"height":8}},{"id":"4409764f-5a98-465b-8ccf-8083e44eafcd","block_type":"box","text":"34.82%","page_number":6,"box":{"x":339,"y":136,"width":45,"height":7}},{"id":"e3026513-cd70-44d2-8c26-2bc5ddc18b35","block_type":"box","text":"2.91%","page_number":6,"box":{"x":392,"y":178,"width":36,"height":7}},{"id":"f1a07b58-5bfa-4c57-a384-951a33287562","block_type":"box","text":"36.26%","page_number":6,"box":{"x":436,"y":134,"width":45,"height":8}},{"id":"f925ac82-b783-4918-827b-39a5b6cdc427","block_type":"box","text":"46.23%","page_number":6,"box":{"x":484,"y":121,"width":45,"height":8}},{"id":"6ec2b5f7-5e99-4652-914b-f48abe388c85","block_type":"box","text":"14.61%","page_number":6,"box":{"x":532,"y":162,"width":45,"height":8}},{"id":"17f90a88-0ade-4a69-a882-5f295373c1a1","block_type":"box","text":"-37.29%","page_number":6,"box":{"x":578,"y":245,"width":49,"height":7}},{"id":"9050c9d7-6a6d-4637-8e56-86ada9f22281","block_type":"box","text":"28.34%","page_number":6,"box":{"x":629,"y":145,"width":44,"height":7}},{"id":"c38c1ba7-c9e4-4137-a7da-94db7835b304","block_type":"box","text":"12.55%","page_number":6,"box":{"x":677,"y":165,"width":44,"height":7}},{"id":"27237d6e-4e72-4b03-a32e-c96c6cc2301c","block_type":"box","text":"0.49%","page_number":6,"box":{"x":729,"y":181,"width":37,"height":7}},{"id":"461297e8-1673-4476-96c4-2fe31ca51ffb","block_type":"box","text":"-60%","page_number":6,"box":{"x":237,"y":267,"width":28,"height":7}},{"id":"ca405a23-94f1-4845-8b72-36f4da5978db","block_type":"box","text":"-40%","page_number":6,"box":{"x":237,"y":241,"width":28,"height":7}},{"id":"45a69461-61d8-4426-a449-0ca2e4d617b8","block_type":"box","text":"-20%","page_number":6,"box":{"x":237,"y":215,"width":28,"height":7}},{"id":"bcf59bab-1cb5-410e-b452-9984e0a7442e","block_type":"box","text":"0%","page_number":6,"box":{"x":248,"y":189,"width":17,"height":7}},{"id":"5e5f19da-664e-47a7-8dae-5a921a148ab2","block_type":"box","text":"20%","page_number":6,"box":{"x":240,"y":163,"width":25,"height":7}},{"id":"e35f041c-1ecb-406f-933e-d56ecf5070e5","block_type":"box","text":"40%","page_number":6,"box":{"x":240,"y":137,"width":25,"height":7}},{"id":"7b2692f6-fd59-4b78-a3ac-ca3e70f0f595","block_type":"box","text":"60%","page_number":6,"box":{"x":240,"y":111,"width":25,"height":7}},{"id":"3107f4fb-be04-407d-93dc-474b7d3bbbae","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":6,"box":{"x":298,"y":276,"width":465,"height":8}},{"id":"6e9e55f1-046c-4bf1-bd31-20fa278fcdc6","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 29.70% (quar ter ended","page_number":6,"box":{"x":62,"y":297,"width":806,"height":12}},{"id":"efc9a65d-43b6-4ea8-a1f5-3409476d5b77","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -23.51% (quar ter ended June 30, 2022). 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(v) fee-based advisory platforms of a","page_number":7,"box":{"x":61,"y":57,"width":816,"height":11}},{"id":"4aeefa5e-4075-4859-a9c0-56ba96126b4b","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":7,"box":{"x":62,"y":71,"width":867,"height":12}},{"id":"93fbaaa9-0122-400b-926c-12b44174e3d1","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":7,"box":{"x":62,"y":86,"width":868,"height":12}},{"id":"66fc4438-74f3-423c-9048-33615a39e237","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":7,"box":{"x":61,"y":101,"width":874,"height":12}},{"id":"3bd89be8-f5f6-45e5-949d-852fe5067c6d","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":7,"box":{"x":61,"y":116,"width":859,"height":11}},{"id":"f466531c-98f7-4c17-87a0-a4bceaf0b938","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":7,"box":{"x":60,"y":131,"width":857,"height":11}},{"id":"cc6525c2-356a-432f-b26d-a6554f4c2dc0","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. 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