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other equity and fixed","page_number":2,"box":{"x":80,"y":732,"width":854,"height":9}},{"id":"3020acc7-14cd-4dab-9b35-452cd183f01a","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":742,"width":810,"height":10}},{"id":"b4a352f5-a177-4574-8bc0-b06542efd1ef","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":753,"width":832,"height":9}},{"id":"7e39c6fe-0969-450a-8306-cf23abf56a8a","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":2,"box":{"x":81,"y":763,"width":847,"height":9}},{"id":"bdc508fc-e16d-43ab-9c53-6ec32b7c86aa","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":2,"box":{"x":81,"y":773,"width":834,"height":10}},{"id":"709a891a-cf31-429b-b1a5-ac0a32a77d34","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":784,"width":330,"height":9}},{"id":"41d3f125-0505-4fea-b64f-26a95e55c946","block_type":"box","text":"4","page_number":2,"box":{"x":60,"y":797,"width":4,"height":3}},{"id":"c292eb22-ff5e-4905-835e-78f663111db1","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 38, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":796,"width":837,"height":10}},{"id":"b43e80c1-1c3e-4b24-9669-5d160ebf5e38","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":2,"box":{"x":80,"y":807,"width":771,"height":9}},{"id":"f8b924ca-66c8-4132-a5e4-23f519112ce7","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 1.05%","page_number":2,"box":{"x":81,"y":817,"width":844,"height":9}},{"id":"1148b4db-bf9d-4396-a6fc-f0848063ccd1","block_type":"box","text":"(for Investor A Shares), 1.80% (for Investor C Shares), 0.80% (for Institutional Shares) and 1.30% (for Class R Shares) of average daily net","page_number":2,"box":{"x":81,"y":827,"width":814,"height":10}},{"id":"d45cdcef-6577-42ba-988f-784a67066e98","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees","page_number":2,"box":{"x":81,"y":838,"width":845,"height":9}},{"id":"2fb4967b-075a-4e3b-a802-27b471ba5054","block_type":"box","text":"of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":848,"width":501,"height":9}},{"id":"48705f1b-0c75-4f0d-a31e-ed57bc4f4ed9","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":866,"width":74,"height":12}},{"id":"dd843e45-ceff-432a-98b0-5d30afb46dd4","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":2,"box":{"x":60,"y":882,"width":830,"height":12}},{"id":"65b56675-7423-4a16-b8a2-4306e6261bbd","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":2,"box":{"x":61,"y":896,"width":832,"height":13}},{"id":"2db45ef5-74e1-40dc-83ce-e45c47b8305c","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":2,"box":{"x":61,"y":912,"width":832,"height":11}},{"id":"6ae75e74-2a27-4feb-a859-92dec6033a42","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"3d675433-6a78-4431-9778-f5492524716a","block_type":"box","text":"BNM0926U-5974633-19029178","page_number":2,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"44bd9157-4bc7-4667-a856-a1705f71da02","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":42,"width":859,"height":11}},{"id":"bcc78385-c181-4bd4-8c76-62d605cab902","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":57,"width":436,"height":11}},{"id":"f464cc3a-7ad2-4abe-bf48-31859a07ba52","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":85,"width":292,"height":9}},{"id":"fe200ce8-489e-40c4-9160-1f50e06551a8","block_type":"box","text":"Investor A Shares $626 $856 $1,103 $1,811","page_number":3,"box":{"x":70,"y":103,"width":848,"height":10}},{"id":"efede159-5877-42df-8be8-8e655809a454","block_type":"box","text":"Investor C Shares $283 $575 $ 992 $1,967","page_number":3,"box":{"x":70,"y":121,"width":848,"height":10}},{"id":"06c352e1-3661-4af4-9b0d-42ef7afaf64d","block_type":"box","text":"Institutional Shares $ 82 $268 $ 471 $1,055","page_number":3,"box":{"x":70,"y":139,"width":848,"height":10}},{"id":"4f29b75e-9382-4c69-983b-996fe05f49c6","block_type":"box","text":"Class R Shares $132 $440 $ 769 $1,702","page_number":3,"box":{"x":69,"y":157,"width":849,"height":10}},{"id":"0dd20010-58ee-40b3-ac4b-de68a4a3b3b5","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":189,"width":532,"height":12}},{"id":"ab2a3d7b-f113-44eb-9be7-be0f29140cd9","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":218,"width":292,"height":8}},{"id":"4fe12ecc-9bf3-413d-b6a2-b4918a852b14","block_type":"box","text":"Investor C Shares $183 $575 $992 $1,967","page_number":3,"box":{"x":70,"y":235,"width":848,"height":11}},{"id":"54ecf673-e1ad-4cda-8700-6c3dd7b0e4cb","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":261,"width":151,"height":10}},{"id":"64c6273f-7a6e-4de4-a700-3d43c5555073","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":277,"width":800,"height":11}},{"id":"cdcf8f93-7e9e-4738-8aee-f74b9ae86585","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":292,"width":850,"height":11}},{"id":"d3d1db59-4c1e-4114-acaa-369f1da0a25a","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":307,"width":870,"height":11}},{"id":"365c70d8-9415-428d-80af-499859507b1d","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":3,"box":{"x":62,"y":321,"width":839,"height":12}},{"id":"7d7ea280-8794-40d0-9dcf-4a5a52024d70","block_type":"box","text":"122% of the average value of its por tfolio.","page_number":3,"box":{"x":62,"y":336,"width":307,"height":12}},{"id":"4dc1f99b-80a8-40b0-a07c-a5c28a4d5b3e","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":375,"width":394,"height":14}},{"id":"0280c2a3-1eb3-4c3d-9f76-e5054427a77c","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":401,"width":854,"height":12}},{"id":"a9320cc2-4b07-4bcf-9e2d-672cab0180ea","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":416,"width":858,"height":12}},{"id":"5e39193c-89e4-4efa-8a74-485a05e02b40","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":431,"width":869,"height":12}},{"id":"a84bb6a2-1d93-45b6-a411-224806c3b6a2","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":446,"width":843,"height":11}},{"id":"ffdefabe-6d46-4b55-b6cd-3d065b48bd70","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":461,"width":829,"height":11}},{"id":"4c89e775-67ab-493f-b1e3-ee7874932759","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":476,"width":876,"height":11}},{"id":"bba57bd2-651b-4ccf-a4ad-812cea92ac96","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":491,"width":811,"height":11}},{"id":"5d43e8b1-0a6b-4852-aada-dc2c9b350a19","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":505,"width":858,"height":12}},{"id":"3edecdab-70ad-403b-87f8-af77b7af5140","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":520,"width":871,"height":11}},{"id":"4da05325-7884-4ab1-9123-07cc9d1f1f1f","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":535,"width":804,"height":11}},{"id":"18ffca74-a7c8-4308-92b5-cd31da773a28","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":549,"width":833,"height":12}},{"id":"22cbbaae-2155-40de-afdc-55262b84eb41","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":564,"width":825,"height":12}},{"id":"78fea60f-ecb9-4d9a-8a38-7596ad8c2be1","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":579,"width":817,"height":12}},{"id":"8ae4c2f1-b575-420c-8f5d-40b551569539","block_type":"box","text":"offerings (“IPOs”).","page_number":3,"box":{"x":61,"y":594,"width":132,"height":12}},{"id":"0d33e0d3-85f3-4b7c-aa38-9df5c5f721c6","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":617,"width":866,"height":11}},{"id":"6584162a-92ae-4180-8002-1cc3e7dbaf90","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":632,"width":862,"height":11}},{"id":"978f4a58-3a6d-4e8b-8963-3a5f4697ecf1","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":647,"width":805,"height":11}},{"id":"0746f624-dcbb-4ee6-a79b-e615aa14f7fa","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":661,"width":814,"height":12}},{"id":"1240b137-b35d-4caa-83ad-e10e36b8057c","block_type":"box","text":"derivatives for speculation to increase returns.","page_number":3,"box":{"x":61,"y":676,"width":341,"height":11}},{"id":"ac8a3067-b08e-4352-8516-7767639c8864","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":715,"width":354,"height":13}},{"id":"b6c88724-6da8-4352-8d61-b91f306fe298","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":741,"width":860,"height":12}},{"id":"9d386ff3-7665-4ed7-b846-42d23248ccf5","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":756,"width":802,"height":12}},{"id":"355e53f4-8f40-4a76-8fa8-ebabb3344d4c","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":771,"width":866,"height":11}},{"id":"a3d0aefd-a0cb-435c-a49f-e7f7a8afeeec","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":786,"width":869,"height":11}},{"id":"7b25a10d-c71c-46a3-b420-2ec5109f50df","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":800,"width":864,"height":12}},{"id":"41edfcac-d35e-41b8-9c17-f090c55b4c2f","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":815,"width":793,"height":12}},{"id":"eb3a4b85-c487-4d58-b311-7ab95d90312b","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":835,"width":166,"height":12}},{"id":"b42068d7-ed1b-498f-853a-8255b4e18058","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":835,"width":685,"height":12}},{"id":"d8664461-a20a-4aab-8491-695bf29921a3","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":850,"width":550,"height":11}},{"id":"96747365-103f-48a6-9d61-6e54f2c81e48","block_type":"box","text":"Mid Cap Securities Risk","page_number":3,"box":{"x":81,"y":870,"width":182,"height":11}},{"id":"0cb97cf8-a741-45c2-8f08-c378381e30bd","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":870,"width":665,"height":12}},{"id":"78ae3ab9-4fd4-48de-841f-9bc337616254","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":885,"width":789,"height":11}},{"id":"b8d995af-1328-448a-b493-19930b313bb8","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"2f5d2370-f609-46db-9c97-4168ef345140","block_type":"box","text":"BNM0926U-5974633-19029178","page_number":3,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ce0f9dd7-d1fe-4724-9df9-d07177d21b7e","block_type":"box","text":"Investment Style Risk","page_number":4,"box":{"x":81,"y":42,"width":166,"height":11}},{"id":"d53bc2bf-fb48-4b03-b0b5-40dbe5e19cca","block_type":"box","text":"— Under cer tain market conditions, growth investments have per formed better during the","page_number":4,"box":{"x":251,"y":42,"width":660,"height":11}},{"id":"23e7cb6c-7e3e-4509-9f77-99bd28e837c1","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":57,"width":842,"height":11}},{"id":"6df1d8aa-a48b-412c-ad5f-b76a898eed3c","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":71,"width":847,"height":12}},{"id":"b636acd3-a2b7-4bd8-b4eb-b5ad1cbaacc2","block_type":"box","text":"different investment styles.","page_number":4,"box":{"x":81,"y":86,"width":200,"height":12}},{"id":"cc77812e-bc43-4f82-ba21-335e388c0b11","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":106,"width":206,"height":9}},{"id":"8b43065d-92b0-4439-9eee-d58d21781a23","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":4,"box":{"x":291,"y":106,"width":593,"height":12}},{"id":"c2328663-3826-4fdf-970f-49f65033ce7f","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":4,"box":{"x":81,"y":121,"width":853,"height":11}},{"id":"79d8fc7a-f5de-4f2d-93b5-055f3bb01b35","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":4,"box":{"x":81,"y":136,"width":855,"height":11}},{"id":"ae4f499e-f797-47f2-aa23-0e39d0ea3b6c","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":4,"box":{"x":80,"y":151,"width":816,"height":11}},{"id":"e9a8e5bb-5e67-4d46-ba97-e43e7231a93a","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":4,"box":{"x":82,"y":166,"width":796,"height":11}},{"id":"861cf4c2-7eb1-44a8-9df3-d1c2c823273c","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":4,"box":{"x":81,"y":180,"width":812,"height":12}},{"id":"189fc080-c856-4fa7-a2ff-18d33eba3b9c","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":4,"box":{"x":82,"y":195,"width":809,"height":12}},{"id":"52d066ba-18c3-458b-bf2a-01bb78bf460e","block_type":"box","text":"Derivatives Risk","page_number":4,"box":{"x":81,"y":215,"width":123,"height":9}},{"id":"c26b661e-6a0d-43d2-be37-05f66e844ead","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":4,"box":{"x":207,"y":215,"width":664,"height":12}},{"id":"eace89bf-8c55-4a80-9466-fb23d9cc873d","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":4,"box":{"x":82,"y":230,"width":469,"height":12}},{"id":"96946a91-16de-43d3-96b1-64a0a768eb7b","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":82,"y":250,"width":102,"height":12}},{"id":"93d84701-7471-47c5-bfd8-04e392916944","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":4,"box":{"x":188,"y":250,"width":723,"height":12}},{"id":"e34b9b76-4684-491b-b6e5-5bf9a4993ed2","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":4,"box":{"x":82,"y":265,"width":832,"height":11}},{"id":"067f38f9-e686-45ef-b8b7-aea9b9fb4a06","block_type":"box","text":"exceed the amount originally invested.","page_number":4,"box":{"x":81,"y":280,"width":280,"height":11}},{"id":"16ed6a7b-36ff-4528-a425-cf813bcd390a","block_type":"box","text":"Market Risk","page_number":4,"box":{"x":82,"y":300,"width":87,"height":9}},{"id":"fad79ffe-3721-4cdc-bb57-200f8f10c720","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":4,"box":{"x":173,"y":300,"width":728,"height":11}},{"id":"2cbcbafc-f5ad-43da-9f50-16ac077e84c8","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":4,"box":{"x":81,"y":314,"width":834,"height":12}},{"id":"284b8c50-9a49-4192-a889-8c5aad685517","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":4,"box":{"x":82,"y":330,"width":832,"height":11}},{"id":"0e51a57d-f3e6-4846-ab03-325291d988cf","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":4,"box":{"x":80,"y":344,"width":779,"height":11}},{"id":"7b9ffb11-4f71-453b-83cb-70520d0930b7","block_type":"box","text":"derivatives positions to lose value.","page_number":4,"box":{"x":81,"y":359,"width":253,"height":11}},{"id":"b5d96e15-0228-441d-b5f3-be435ee11d31","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":379,"width":131,"height":11}},{"id":"fda496bb-c40f-4469-b9a4-c155dc595785","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":379,"width":697,"height":11}},{"id":"eb4fc112-1769-489b-99bb-9756c4ef3ee0","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":394,"width":855,"height":11}},{"id":"e7198a66-43cb-434d-a9b0-596945fab783","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":409,"width":240,"height":11}},{"id":"f8fabddc-8d8b-414d-b50e-56a507b4b407","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":429,"width":100,"height":11}},{"id":"edb2a483-ed27-42e8-8af8-aed682b0d30f","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":428,"width":750,"height":12}},{"id":"5d1cb786-3239-4e8c-8376-3b27820b7e58","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":444,"width":839,"height":11}},{"id":"a962d549-bf74-45d7-b2dd-b53b8eae723b","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":458,"width":293,"height":12}},{"id":"465fad0d-47c1-4004-97c4-1e5a883a7739","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":478,"width":120,"height":11}},{"id":"8b25f327-9b0f-4baf-94b0-e33cc5b447f4","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":4,"box":{"x":206,"y":478,"width":727,"height":12}},{"id":"8b09a2a8-1ccd-4dec-8860-21d40360b512","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":4,"box":{"x":82,"y":493,"width":607,"height":11}},{"id":"12556ff8-c412-4b8d-9ee7-018470afadcf","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":513,"width":75,"height":12}},{"id":"daa8a573-6ca9-4ae9-89ae-3a2a3a052f26","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":513,"width":761,"height":12}},{"id":"25046640-74ad-439e-81f1-f925cfdc7f9f","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":528,"width":198,"height":11}},{"id":"b96c308d-8b7e-441a-a192-2805dfdf8aea","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":548,"width":214,"height":11}},{"id":"c8976959-81de-4c15-9d8f-9f5a6a0a886d","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":548,"width":590,"height":11}},{"id":"a0be7724-6c95-4ea4-9849-7f27a6a9a237","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":563,"width":775,"height":11}},{"id":"4950ea07-05d4-4a68-a9bc-8cbd81aab3fa","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":4,"box":{"x":81,"y":577,"width":589,"height":12}},{"id":"ee81cef8-b706-4347-a586-d79815219cdb","block_type":"box","text":"Valuation Risk","page_number":4,"box":{"x":83,"y":598,"width":102,"height":9}},{"id":"846517d1-35cd-4098-947a-685fa91ad681","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":597,"width":747,"height":12}},{"id":"677ad28b-c54c-4168-b5cd-22c6eb0f6bf0","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":612,"width":783,"height":12}},{"id":"84578079-bcce-4098-a3de-e3d086f41a11","block_type":"box","text":"instruments or quote prices for them.","page_number":4,"box":{"x":82,"y":627,"width":273,"height":11}},{"id":"582c0fa9-edfe-4510-a104-159729d12bf7","block_type":"box","text":"Hedging Risk","page_number":4,"box":{"x":82,"y":647,"width":95,"height":12}},{"id":"b7d92b82-6874-4222-9185-7698d10f8419","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":647,"width":728,"height":12}},{"id":"ca5d9406-c2a3-40a1-b6a7-e2a53aea575d","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":662,"width":839,"height":11}},{"id":"71b37f4a-1a20-48fe-a95f-7dbef3def836","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":4,"box":{"x":82,"y":677,"width":354,"height":11}},{"id":"5d777a98-3357-47f3-8c3b-eb7835139c89","block_type":"box","text":"Tax Risk","page_number":4,"box":{"x":83,"y":697,"width":59,"height":9}},{"id":"c53e80cc-2c3b-4e4e-a9ea-fc8e288676b1","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":697,"width":719,"height":11}},{"id":"c3097036-2971-4321-9af4-ad8e9109381f","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":711,"width":801,"height":12}},{"id":"f4f1ca4b-8550-4523-80ca-c1c592d88937","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":726,"width":802,"height":12}},{"id":"48473012-fa78-4221-a2e4-49ecd12eaec2","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":741,"width":830,"height":12}},{"id":"f72c693b-c566-449c-b9e8-6a2254f3caaf","block_type":"box","text":"realizes from its investments.","page_number":4,"box":{"x":82,"y":756,"width":215,"height":9}},{"id":"f7c368eb-926d-474c-b958-f46305c68e0b","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":81,"y":776,"width":107,"height":11}},{"id":"69f2d0f9-f215-4277-ade7-2ca7dd0e8794","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":776,"width":741,"height":12}},{"id":"63872920-f104-41bc-b4ba-862e3bec6966","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":791,"width":853,"height":11}},{"id":"bdd95681-ed6b-4645-b3d3-c7ea0d7c5a0e","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":806,"width":856,"height":11}},{"id":"92e80992-c547-4566-8188-5d14fe60cfb4","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":820,"width":775,"height":12}},{"id":"7b35538a-2484-4291-b2a8-aa483f691dea","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":835,"width":814,"height":12}},{"id":"0a6b8db9-6beb-4952-9c57-0b60e4f3a981","block_type":"box","text":"leverage.","page_number":4,"box":{"x":82,"y":850,"width":63,"height":12}},{"id":"e7defa4e-7960-4fd0-8de0-db09da8979cb","block_type":"box","text":"Market Risk and Selection Risk","page_number":4,"box":{"x":81,"y":870,"width":240,"height":9}},{"id":"8fd6ddf3-e933-4030-8490-10522bdc7a09","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":870,"width":593,"height":9}},{"id":"b1b54418-16a7-4bee-974f-6593c30285b9","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":885,"width":851,"height":11}},{"id":"fa0fa60d-fb5f-405d-b8c9-3b675c1a5933","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":900,"width":824,"height":11}},{"id":"364267bd-bce9-4402-beb5-03705794f926","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":915,"width":851,"height":11}},{"id":"899d406e-35c6-437a-9d80-e00ad858e5f9","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"a2130de7-6460-4ef7-acfd-7e991d07aa8b","block_type":"box","text":"BNM0926U-5974633-19029178","page_number":4,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9270439d-2c66-4c38-8bbb-58da66f4f895","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":5,"box":{"x":82,"y":42,"width":802,"height":11}},{"id":"a46a29f6-e1f7-4425-8cd2-a3238562c112","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":5,"box":{"x":81,"y":57,"width":849,"height":11}},{"id":"92d144eb-d5f4-496e-85c5-388c0ab72f5f","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":5,"box":{"x":81,"y":72,"width":843,"height":11}},{"id":"cb24f13a-e637-429c-bcd3-c7506b593cd5","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":5,"box":{"x":81,"y":86,"width":830,"height":12}},{"id":"5e2bcba9-8a56-4c4d-83be-6fc726e7f8f5","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":5,"box":{"x":82,"y":101,"width":840,"height":12}},{"id":"93c1ab30-6262-4c2b-8318-3aee2a15ab3f","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":5,"box":{"x":81,"y":116,"width":851,"height":11}},{"id":"b0966efb-b10d-42f9-b197-10fa25b283d3","block_type":"box","text":"uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":5,"box":{"x":82,"y":131,"width":815,"height":11}},{"id":"e4664126-c579-47db-9e07-144092f1bc5b","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":5,"box":{"x":81,"y":146,"width":826,"height":11}},{"id":"b165b997-d466-4329-bec3-af8f98af1cc5","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":5,"box":{"x":81,"y":160,"width":735,"height":12}},{"id":"81bbf97f-8914-4fc7-bcfd-1cb2fcb2c474","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":5,"box":{"x":82,"y":180,"width":818,"height":12}},{"id":"0f05782f-ac44-4c44-bc25-afe07b1d2788","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":5,"box":{"x":80,"y":195,"width":819,"height":12}},{"id":"e2a065e1-7789-417a-95f3-a4c98947e3ab","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":5,"box":{"x":81,"y":210,"width":819,"height":12}},{"id":"4b8aa669-3c13-4144-bb31-249b322013e9","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":5,"box":{"x":81,"y":225,"width":846,"height":11}},{"id":"01daa08c-7c53-4d7f-b664-0cca112c1a41","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":5,"box":{"x":81,"y":240,"width":848,"height":11}},{"id":"33a0cd57-8510-49d1-89a9-bcb6b8dd5e99","block_type":"box","text":"the Fund invests.","page_number":5,"box":{"x":80,"y":255,"width":125,"height":9}},{"id":"c71f7968-75d0-47e9-bec8-e6bc053677d7","block_type":"box","text":"“New Issues” Risk","page_number":5,"box":{"x":83,"y":275,"width":139,"height":9}},{"id":"f5cdeb2c-0f43-448b-84c1-5cc1a44751e1","block_type":"box","text":"—","page_number":5,"box":{"x":227,"y":280,"width":17,"height":1}},{"id":"81fc4519-9b93-4eb9-8ca0-fe7afee81a14","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":5,"box":{"x":249,"y":274,"width":681,"height":12}},{"id":"945e899d-fadc-4368-982f-558af5081fc3","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":5,"box":{"x":81,"y":289,"width":843,"height":12}},{"id":"0db1a110-595d-4698-aaa2-38640c7c5b94","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":5,"box":{"x":81,"y":304,"width":517,"height":12}},{"id":"5db4258f-010b-49d2-9361-6f3bf774c778","block_type":"box","text":"Operational and Technology Risks","page_number":5,"box":{"x":82,"y":324,"width":254,"height":11}},{"id":"d8261a42-605a-48fd-b910-fb53d6c76467","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":5,"box":{"x":340,"y":324,"width":578,"height":12}},{"id":"0023f8aa-09f8-49be-9a7a-34ae5e29cb02","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":5,"box":{"x":82,"y":339,"width":779,"height":11}},{"id":"9aef6d75-ffdd-470a-a675-b44f1e736cc1","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":5,"box":{"x":81,"y":354,"width":848,"height":11}},{"id":"715f4d7e-162d-41e5-b7d9-c4933c4eacab","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":369,"width":806,"height":11}},{"id":"bd4a097f-8cf6-4032-bd44-227600472ebf","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":5,"box":{"x":82,"y":383,"width":807,"height":12}},{"id":"85f0999d-f981-4f7e-96d8-cb517eefa20d","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":398,"width":846,"height":12}},{"id":"d4aba255-77ee-43cd-aa1b-885fb04873a2","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":413,"width":836,"height":11}},{"id":"6effd45b-7845-471a-849d-e8a872cbe444","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":5,"box":{"x":82,"y":428,"width":474,"height":11}},{"id":"55cacc1d-677f-4f5f-b7b3-6cebb2fefc6e","block_type":"box","text":"Preferred Securities Risk","page_number":5,"box":{"x":81,"y":448,"width":189,"height":9}},{"id":"3ddd63cd-b330-4afc-b4df-7036a581a30d","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":5,"box":{"x":274,"y":448,"width":636,"height":11}},{"id":"787a52c0-8bb8-4054-b9de-835b655e53d1","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":463,"width":824,"height":11}},{"id":"56e6e032-241e-410a-aee9-20c1c541255b","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":477,"width":806,"height":12}},{"id":"fb0f21fd-bebf-4f80-b2ed-95125a15dffe","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":492,"width":842,"height":12}},{"id":"9094afd9-b215-4775-9f76-683be61c2aeb","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":507,"width":781,"height":12}},{"id":"2302c21e-15ff-4b89-a75f-60a64ac83b05","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":522,"width":812,"height":11}},{"id":"8a9245af-a546-4b8b-8bc6-df2f2b4ef923","block_type":"box","text":"larger companies.","page_number":5,"box":{"x":82,"y":537,"width":129,"height":11}},{"id":"f0cdfea8-d170-4600-9024-6d780e8aaa00","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":557,"width":283,"height":11}},{"id":"72916f92-8661-4e35-b631-c32855d3132a","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":557,"width":541,"height":11}},{"id":"c6439de9-6071-4ac8-a71d-446649d9cc3b","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":572,"width":847,"height":11}},{"id":"6aebd422-a4cf-497c-ac40-b4d716e0280d","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":589,"width":70,"height":9}},{"id":"a70eada2-505c-4454-9d03-6d1bceb0998f","block_type":"box","text":"Sector Risk","page_number":5,"box":{"x":81,"y":607,"width":88,"height":9}},{"id":"cc90d728-4409-44db-a391-f9cf3884b491","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":606,"width":720,"height":12}},{"id":"ef3d5ace-ae53-4989-8359-e403dcad3fcb","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":621,"width":814,"height":12}},{"id":"b4862db3-b7cb-490a-b78b-4d3510849b44","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":636,"width":834,"height":12}},{"id":"694bc4b3-05b9-457c-9bc8-94f6579badba","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":651,"width":827,"height":11}},{"id":"6b6caa8a-82de-46f2-a6e1-a1eb4215822f","block_type":"box","text":"sector.","page_number":5,"box":{"x":81,"y":666,"width":48,"height":9}},{"id":"e279dab2-4188-4d1d-b382-a9cedf04bdc3","block_type":"box","text":"Performance Information","page_number":5,"box":{"x":61,"y":705,"width":224,"height":11}},{"id":"970bf421-33b4-4849-8125-4f63832fadb4","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":731,"width":832,"height":11}},{"id":"29f5a836-8f5c-4eb4-9593-56f052b5ca44","block_type":"box","text":"indication of the risks of investing in the Fund. 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The year-to-date","page_number":6,"box":{"x":61,"y":314,"width":833,"height":12}},{"id":"c12e83d9-757e-46a7-80d2-c549fd27f4e3","block_type":"box","text":"return as of June 30, 2026 was 15.38%.","page_number":6,"box":{"x":61,"y":329,"width":299,"height":11}},{"id":"cd623fe2-c19c-4576-918c-c185bf39e8d3","block_type":"box","text":"For the periods ended 12/31/25","page_number":6,"box":{"x":70,"y":358,"width":223,"height":10}},{"id":"d3c26918-988d-4456-8644-bf561d345866","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":6,"box":{"x":69,"y":370,"width":854,"height":10}},{"id":"fd1c6f22-ab6f-4081-aad7-887c23396144","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Por tfolio — Investor A Shares","page_number":6,"box":{"x":70,"y":388,"width":420,"height":10}},{"id":"af8cdef1-6ffa-434b-8721-b11a56ac51a4","block_type":"box","text":"Return Before Taxes (5.11)% (0.57)% 10.53%","page_number":6,"box":{"x":85,"y":400,"width":840,"height":11}},{"id":"04f12f09-ab74-4a29-808a-2b89c0ad6700","block_type":"box","text":"Return After Taxes on Distributions (10.49)% (2.00)% 9.48%","page_number":6,"box":{"x":85,"y":413,"width":840,"height":10}},{"id":"489a7cf4-7fff-4da9-acfc-10d83dbc82ed","block_type":"box","text":"Return After Taxes on Distributions and Sale of Fund Shares (0.24)% (0.53)% 8.54%","page_number":6,"box":{"x":85,"y":426,"width":840,"height":10}},{"id":"066ce726-de35-40c8-8c57-11ca1c2a7355","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Por tfolio — Investor C Shares","page_number":6,"box":{"x":70,"y":444,"width":421,"height":11}},{"id":"fcae0efd-e491-41f5-83ab-b85ab9584984","block_type":"box","text":"Return Before Taxes (1.34)% (0.24)% 10.48%","page_number":6,"box":{"x":85,"y":457,"width":840,"height":10}},{"id":"f19efedb-d284-4763-b7dc-6dd1838a1536","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Por tfolio — Institutional Shares","page_number":6,"box":{"x":70,"y":475,"width":433,"height":10}},{"id":"e84fdd3c-dd52-4b8d-a7f1-280630a6e156","block_type":"box","text":"Return Before Taxes 0.40% 0.75% 11.42%","page_number":6,"box":{"x":85,"y":488,"width":840,"height":8}},{"id":"2fdeb48c-31e4-4167-b0fc-0bce25237978","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Por tfolio — Class R Shares","page_number":6,"box":{"x":70,"y":506,"width":405,"height":10}},{"id":"4e26310b-7993-4400-8e73-7b5becd35e84","block_type":"box","text":"Return Before Taxes (0.07)% 0.26% 10.85%","page_number":6,"box":{"x":85,"y":519,"width":840,"height":10}},{"id":"89abbc2f-9cff-4ef4-a129-4422a53c219e","block_type":"box","text":"Russell 1000 Index","page_number":6,"box":{"x":70,"y":537,"width":128,"height":8}},{"id":"e145ecdf-3ce8-43c3-829d-f7be93943aa5","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 17.37% 13.59% 14.59%","page_number":6,"box":{"x":69,"y":551,"width":856,"height":10}},{"id":"5e2ceb99-355c-449e-8057-7be75c020e6d","block_type":"box","text":"Russell Midcap Growth Index","page_number":6,"box":{"x":70,"y":569,"width":190,"height":10}},{"id":"0afd2f2a-1210-4322-abc1-bb0eb4ff91d9","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 8.66% 6.65% 12.49%","page_number":6,"box":{"x":69,"y":582,"width":856,"height":10}},{"id":"738e25b5-4407-42e9-83d5-9241d8da916d","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":6,"box":{"x":60,"y":614,"width":840,"height":12}},{"id":"aaa4d35e-9677-4c8a-9ccc-caa5e39cf486","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":6,"box":{"x":61,"y":629,"width":835,"height":11}},{"id":"cbd3b46c-e93c-4b9a-abe8-347e7659a04a","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":6,"box":{"x":61,"y":644,"width":851,"height":11}},{"id":"b424b8b7-42c4-4f39-9bd7-1bec3549358f","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":6,"box":{"x":60,"y":659,"width":840,"height":11}},{"id":"07e1c3c0-dc90-4465-a77c-c17d382eb6f2","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary.","page_number":6,"box":{"x":62,"y":673,"width":766,"height":12}},{"id":"c4ee7fdb-364a-49b8-b3e0-af9ecdc6392d","block_type":"box","text":"Investment Manager","page_number":6,"box":{"x":62,"y":713,"width":187,"height":13}},{"id":"42c65cb4-420e-4ba4-a709-5d141ff05e25","block_type":"box","text":"Mid-Cap Growth Equity’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":6,"box":{"x":62,"y":739,"width":805,"height":11}},{"id":"31d2f81e-c449-435a-96a6-ad9effb31428","block_type":"box","text":"Portfolio Managers","page_number":6,"box":{"x":61,"y":777,"width":173,"height":14}},{"id":"87d42909-8444-4410-a9c6-12a9ae3a221c","block_type":"box","text":"Portfolio Manager","page_number":6,"box":{"x":70,"y":821,"width":121,"height":11}},{"id":"387915e3-111f-4e9d-9f9d-f04cbd5ffaf3","block_type":"box","text":"Portfolio Manager","page_number":6,"box":{"x":362,"y":810,"width":121,"height":10}},{"id":"a2760b5b-ad52-4d49-a6fb-bc8ba4ccd996","block_type":"box","text":"of the Fund Since Title","page_number":6,"box":{"x":363,"y":821,"width":427,"height":9}},{"id":"434adee6-e27c-40b5-87f6-7c380d63b5ac","block_type":"box","text":"Sally Du, CFA 2025 Director of BlackRock, Inc.","page_number":6,"box":{"x":69,"y":839,"width":792,"height":11}},{"id":"ac13ae0f-af57-4528-b98b-4687f2b69d22","block_type":"box","text":"Reid Menge 2025 Managing Director of BlackRock, Inc.","page_number":6,"box":{"x":70,"y":857,"width":825,"height":11}},{"id":"ba34ed1a-1df8-461e-b16d-68e23dfe0e18","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"2bc6bc97-bd49-4181-a720-eb50c51194d9","block_type":"box","text":"BNM0926U-5974633-19029178","page_number":6,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b406d86a-871b-4e78-a80b-74feb71681b5","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":7,"box":{"x":61,"y":43,"width":309,"height":11}},{"id":"9e8b5640-e630-407d-ae0b-47d900d50f64","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":7,"box":{"x":60,"y":69,"width":857,"height":11}},{"id":"71750869-a9df-4226-a0e9-205501a6ecd1","block_type":"box","text":"shares, you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should","page_number":7,"box":{"x":61,"y":84,"width":818,"height":11}},{"id":"6e4b9b1d-4afb-4c8a-bd96-bf49035e6e81","block_type":"box","text":"contact the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh,","page_number":7,"box":{"x":61,"y":99,"width":791,"height":11}},{"id":"7f70fb45-ff47-409d-ad45-553df269e271","block_type":"box","text":"Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment","page_number":7,"box":{"x":61,"y":113,"width":848,"height":12}},{"id":"71bd78b1-82bb-43de-817b-c03659148c68","block_type":"box","text":"minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":7,"box":{"x":61,"y":128,"width":777,"height":12}},{"id":"e5512204-21ff-4455-99a2-0d831e43ca11","block_type":"box","text":"Investor A and Investor C","page_number":7,"box":{"x":232,"y":157,"width":152,"height":7}},{"id":"8891436a-cb75-4375-9a88-331025221e8d","block_type":"box","text":"Shares Institutional Shares Class R Shares","page_number":7,"box":{"x":232,"y":167,"width":604,"height":7}},{"id":"d991e1d8-8d6f-416d-b8e2-711f4ec28030","block_type":"box","text":"Minimum 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