{"annotation_id":"dbaa3246-ef98-46c8-964e-0285a45fa371","file_hash":"3bda8aa83106b78a5888c907b4bf2a02bea5117786b1d5badd73cdc545b1438a","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"54b9f411-3a39-4830-b9bc-94d130b65950","block_type":"box","text":"September 25, 2026","page_number":1,"box":{"x":772,"y":47,"width":166,"height":11}},{"id":"343f9d61-55e2-4c2c-9b36-51ab6e23dd1e","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"df9c803b-dc79-49f7-846a-833d510dbc14","block_type":"box","text":"BlackRock Funds","page_number":1,"box":{"x":63,"y":297,"width":140,"height":9}},{"id":"99f43ecc-dfe6-471c-896a-12512356bde6","block_type":"box","text":"SM","page_number":1,"box":{"x":204,"y":297,"width":13,"height":5}},{"id":"62794bf8-dd15-4251-b688-06c5e71e1826","block_type":"box","text":"|","page_number":1,"box":{"x":227,"y":296,"width":3,"height":11}},{"id":"7b4680d4-025d-4114-b675-fa7c897a17b3","block_type":"box","text":"Service Shares","page_number":1,"box":{"x":240,"y":297,"width":120,"height":9}},{"id":"25b4929a-9b57-441c-8115-0ef707174a72","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"07e18be0-9015-4c6d-b558-16ff22c7bad7","block_type":"box","text":"BlackRock Mid-Cap Growth Equity Portfolio","page_number":1,"box":{"x":84,"y":321,"width":360,"height":12}},{"id":"22953745-880d-4428-b6ec-d996a8f9a0fd","block_type":"box","text":"Service: CMGSX","page_number":1,"box":{"x":83,"y":339,"width":101,"height":7}},{"id":"4d0676dd-d93a-459a-9a8f-91db19ff6825","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":"b2cbcf1f-c567-479b-bbe7-2af9519e7fa8","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":"ecf0c08d-de23-4555-b536-ebc864fc3cc5","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":"c1cf4003-673a-4150-9ba1-58bc4c5850e2","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":"9bdeb0b5-d679-44c6-8ed7-ff7a6ad4fb7d","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":441,"width":203,"height":11}},{"id":"4be2f6ab-6a75-47a6-9d5b-f3c51faf00d2","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":441,"width":261,"height":10}},{"id":"6373c8ee-f094-4e21-a46c-725a0b8e5530","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":"35d13999-6c14-4dca-a9d2-aac77698c6c8","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":"c7dd63cf-10c7-4e4b-b675-3eda44debe57","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":"9b9323c1-6c88-48ce-92c1-c54ad186a390","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":"3d9d26ce-3037-4bf0-a56c-3148538c7826","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":"08518054-59e3-4c5c-ae54-90f003055e56","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":"c13167f1-9481-4edd-8ec0-2fe55636dd6d","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":"fa3d8a99-8abb-4d11-afc9-7728685c843a","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"3f25be49-5ca3-4a3e-b123-5d8f5458fc23","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"cc9d9c25-8f22-4949-a482-fe620998c714","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"7913ee1b-66ea-4a13-8f61-3cf4480217f8","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"62305626-de18-4a14-9ad1-30214cdefdc8","block_type":"box","text":"No Bank 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a","page_number":2,"box":{"x":60,"y":178,"width":837,"height":12}},{"id":"cf470c38-7ba1-4be8-8f07-84dc7f438b1b","block_type":"box","text":"series of BlackRock Funds","page_number":2,"box":{"x":61,"y":193,"width":193,"height":9}},{"id":"1ef1e41a-5936-4a70-9f55-1526bbb7d546","block_type":"box","text":"SM","page_number":2,"box":{"x":255,"y":194,"width":11,"height":4}},{"id":"65c89055-3762-4fc5-b4aa-7979178de368","block_type":"box","text":"(the “Trust”), is long-term capital appreciation.","page_number":2,"box":{"x":272,"y":194,"width":340,"height":11}},{"id":"b0676523-ef44-4d0c-b2fc-b30deb335eb6","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"db591b0d-e7e0-4d55-b727-cb424c03a38a","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Service Shares of the Fund.","page_number":2,"box":{"x":60,"y":258,"width":837,"height":12}},{"id":"172cb0c6-42ac-45b8-9636-8b79ef53ef2f","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":"963b11d9-2be9-4a72-86f5-7166e25a6149","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":"41c012f2-5f6a-40a7-aa4a-ff05038c9a13","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":"68cb98f1-0278-4e4e-b5fc-d0e3ee7d4cb4","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":"bf172b68-40c4-4d1c-b252-9beb66239b33","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":354,"width":222,"height":10}},{"id":"e1e2067f-0f39-4a85-80c7-cc5ed95f4418","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":"23835d05-22ef-4878-9431-cf5e2229dc79","block_type":"box","text":"percentage of the value of your investment) Service Shares","page_number":2,"box":{"x":70,"y":377,"width":853,"height":10}},{"id":"6511b014-5b45-4da0-a919-4b1be777e214","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":70,"y":396,"width":112,"height":10}},{"id":"fb462893-bda9-405a-877d-d734f3058f71","block_type":"box","text":"1","page_number":2,"box":{"x":183,"y":395,"width":4,"height":4}},{"id":"2212b141-1bda-4bd6-8a6c-8129aa1ab36e","block_type":"box","text":"0.64%","page_number":2,"box":{"x":860,"y":395,"width":41,"height":9}},{"id":"4fbf90ab-9907-4651-81e5-a16da5af534f","block_type":"box","text":"Distribution and/or Service (12b-1) Fees","page_number":2,"box":{"x":70,"y":413,"width":266,"height":10}},{"id":"28820d0d-aaf8-4d5a-a2b4-276ae4267cea","block_type":"box","text":"0.25%","page_number":2,"box":{"x":860,"y":413,"width":41,"height":9}},{"id":"7c29d01d-de4c-4091-a02f-81f9dee4707c","block_type":"box","text":"Other Expenses","page_number":2,"box":{"x":69,"y":431,"width":103,"height":10}},{"id":"46c91b32-58d6-413d-91f7-96c12cf9949b","block_type":"box","text":"0.27%","page_number":2,"box":{"x":860,"y":431,"width":41,"height":9}},{"id":"16891226-aaf3-462b-b944-5b7f0d334b16","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":450,"width":252,"height":10}},{"id":"1502bd8b-b8c9-44b3-9421-9f99f09d8afd","block_type":"box","text":"1.16%","page_number":2,"box":{"x":860,"y":450,"width":41,"height":8}},{"id":"4aae82de-c541-4d4b-8a2b-140576c7a865","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":70,"y":468,"width":304,"height":10}},{"id":"dcd93cac-19ff-433d-8184-f0d87060310d","block_type":"box","text":"1,2","page_number":2,"box":{"x":375,"y":467,"width":11,"height":5}},{"id":"7aa5a9d6-2f96-4efa-b54e-52948f739435","block_type":"box","text":"(0.11)%","page_number":2,"box":{"x":856,"y":468,"width":50,"height":10}},{"id":"f68abdbf-1f01-46c4-ba7a-09540f0e40d2","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":"98d5fb15-8f4c-44f8-9c37-34826d8890f7","block_type":"box","text":"1,2","page_number":2,"box":{"x":668,"y":485,"width":10,"height":5}},{"id":"91360e5b-95ad-449d-b36a-e07889dc18c9","block_type":"box","text":"1.05%","page_number":2,"box":{"x":860,"y":486,"width":41,"height":8}},{"id":"9669fba9-912a-4338-a01c-12825553de90","block_type":"box","text":"1","page_number":2,"box":{"x":61,"y":505,"width":3,"height":4}},{"id":"b26b7773-b2bb-4ad2-86bc-d8590fcae9c3","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 25, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":505,"width":837,"height":9}},{"id":"38f187c1-f429-4775-9558-2cf3b007e005","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":"13913a65-2ea2-4932-95a5-f5ce83bdf1f9","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":"6c359f9f-cf0c-4daf-b858-3bbffe0f7a7a","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":"40219a2e-7bdf-4732-8bff-eb719bc5cef5","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":"ffc30de9-5ac4-40af-bc86-2c6b7267e0b6","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":"467bda3f-b9c5-483a-9767-fa48f8140a95","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":"87584405-e2be-44d2-9b53-9ab3a4993ead","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":580,"width":3,"height":4}},{"id":"81439e41-d55d-455d-96c8-12aa79fe0aef","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 25, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":580,"width":837,"height":9}},{"id":"104d8cf8-80f5-45a9-ad67-5fa9c50c565c","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":"c1aa7350-3ed1-425c-8379-b94f78042c81","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":601,"width":844,"height":9}},{"id":"f758df64-67d5-4b14-8e18-6eef93e0ab3a","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":"5f7b2611-eaaf-4947-83b0-ca219aae3b52","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":"7bc8ec07-cf5d-4ee0-937d-7138d44d88c0","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":639,"width":74,"height":12}},{"id":"47b683d2-783b-489c-91e4-226dd59dc168","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":"92eed73d-1495-4799-865d-23047130c972","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":"e97ec675-ee32-433c-be8d-4c3960c43711","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":"64ae77f6-2942-4f25-9682-175c9b21df9e","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":"91531533-4210-4762-8190-b59aee6ba95a","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":"fd54f720-8d96-49bc-b353-a32cf515b1bc","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":"0affe55d-00a5-40b1-825b-1ebc3b4af872","block_type":"box","text":"Service Shares $107 $358 $628 $1,399","page_number":2,"box":{"x":69,"y":761,"width":849,"height":10}},{"id":"a29df693-edac-4ce3-8b45-8a7698285a3b","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":786,"width":151,"height":10}},{"id":"1f7556df-b0cb-49d5-8d48-9a142ba700e2","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":"cb53969b-b001-4e5e-a8c6-710a679d2f12","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":"69fc663e-0dd3-48df-b526-9fc8b37dd266","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":"9fcde364-0ad4-4d19-abc9-b14123b37b11","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":"8a949ce8-fcbd-4b6c-a6f0-bc100f21cd27","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":"b827fc2a-4525-4587-92e6-db58f46368e5","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"8b25f43a-75e6-4861-b213-7649a9dd0a5a","block_type":"box","text":"BNM0926U-5974633-19029177","page_number":2,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"776a0e99-2e9a-472a-9c37-62cec9cbc2e5","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"238364d0-e7a2-4d6d-9ab5-6767ddc7bcdf","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":"e4c26f0d-a52c-4378-868b-0c3f69bd9f0c","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":"cb31b184-266e-4864-b94e-d76bd0e08a39","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":"750f8d66-7041-4232-94f5-c90655694769","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":"3130ad01-7831-4553-9fd7-b9427a38f6ea","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":"940a28fd-19d8-411c-9c6f-122ee6263462","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":"37f3bfc6-3102-477f-830d-40895b31fe5f","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":"6bf95f44-2e66-42c5-ba45-4ceefcd8a23e","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":"9b2b2263-9c0f-4b7d-9f83-9062056849ce","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":"633d7d7b-ec4d-433b-b64e-bb147efaec11","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":"b1bd34a7-c456-4654-b5fa-f9b18fec79c3","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":"38e9225d-05a3-400f-8d97-d4ef90def66c","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":"df912a07-91e0-4822-bb5b-ab944821f4af","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":"66d755a9-27f5-4ee9-9cc2-044eac971624","block_type":"box","text":"offerings (“IPOs”).","page_number":3,"box":{"x":61,"y":262,"width":132,"height":11}},{"id":"7f6b5353-5b97-463d-a4d9-5b007fdebf07","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":"e4241b9e-24f3-4a90-be6e-1002efef3d39","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":"a9f8340c-c8b2-4f8f-94dc-c6371b640972","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":"a9fdf1fb-1056-4cf2-9ee1-dbce3496d875","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":"dab2028b-0a35-4bcf-84f6-fab353ec0edf","block_type":"box","text":"derivatives for speculation to increase returns.","page_number":3,"box":{"x":61,"y":343,"width":341,"height":12}},{"id":"af897425-2f5c-4c72-ab02-85cf79b49423","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":382,"width":354,"height":14}},{"id":"8ab4bab4-ffcb-435b-83fa-c6ac2b4719ea","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":"37e25f1c-c0a1-4d1c-ae77-b91250899538","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":"83893071-68ae-4c20-abe4-eac7ddcb00e7","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":"8817e64f-6b1b-428d-bb68-a2c83e8fcb4a","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":"f6dc8312-ef4d-40ed-ae50-92806f7bf510","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":"623b7fbf-d532-44e0-a01e-3098c6922403","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":"cd80abce-111d-47d9-ac6e-c642d0fcc47c","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":503,"width":166,"height":11}},{"id":"c7082726-9fd8-4a39-b231-80f43b1f6ea8","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":"bb5f5ee5-5f4e-46d2-9dcf-e5a7f12e3f57","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":"62f6c610-7159-4629-b14a-ce0329a9ba32","block_type":"box","text":"Mid Cap Securities Risk","page_number":3,"box":{"x":81,"y":538,"width":182,"height":11}},{"id":"d32036a4-eab9-4c5f-b3b0-c426bb95a3d8","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":"ae31d9bf-ef11-4096-a3bf-15a2c56b43b3","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":"c8999555-fdcc-43be-b58c-1dbc6987ba87","block_type":"box","text":"Investment Style Risk","page_number":3,"box":{"x":81,"y":572,"width":166,"height":12}},{"id":"9808c9e2-9c58-4499-903f-aac6d4ac75b9","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":"361c1ef8-f71a-40c3-b400-8cafe9b992cb","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":"81203774-0a38-41a2-a8fe-7cd71d76fe69","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":"a849d200-9006-4592-abd5-871a897c01b2","block_type":"box","text":"different investment styles.","page_number":3,"box":{"x":81,"y":617,"width":200,"height":11}},{"id":"6b3d6b9a-f113-483c-bb16-a5905e94ef75","block_type":"box","text":"Convertible Securities Risk","page_number":3,"box":{"x":81,"y":637,"width":206,"height":9}},{"id":"5bc650c8-06cd-44b6-9f97-968ca0f5abd4","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":"b4ec7f24-268e-4220-91b0-4c56d3ceb66f","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":"2a528ad7-1493-4774-a38f-26d3a8c1ccda","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":"b5909237-1319-4cdb-91e2-cbe1d0c9e3c2","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":"2b64f0b2-6c4b-4606-8c50-317cfce05695","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":"675a348d-70b7-4339-9fcd-88e3fd86f697","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":"5c7aaaa4-330e-4bb5-99d2-c9c9a6b8037a","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":"72e37f47-8cc8-453a-9946-5f11c556d7e5","block_type":"box","text":"Derivatives Risk","page_number":3,"box":{"x":81,"y":746,"width":123,"height":9}},{"id":"c4939c74-5410-4232-aaba-9d3be01be5b3","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":"f2b91f3d-0cb9-4ee3-9e3c-3c3a8ef622b8","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":3,"box":{"x":82,"y":760,"width":469,"height":12}},{"id":"713c1b5e-1231-4a99-8b05-41de989d7a7a","block_type":"box","text":"Leverage Risk","page_number":3,"box":{"x":82,"y":781,"width":102,"height":11}},{"id":"79f8bdd5-ce7c-4799-8c75-8b77019e3f75","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":"15099495-8142-4202-81b3-47e74fcade42","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":"5c9535ab-1ca1-4ed7-b4db-5d63f0b5f862","block_type":"box","text":"exceed the amount originally invested.","page_number":3,"box":{"x":81,"y":810,"width":280,"height":12}},{"id":"56135950-19ed-468d-bdc0-bbc90eeba70f","block_type":"box","text":"Market Risk","page_number":3,"box":{"x":82,"y":830,"width":87,"height":9}},{"id":"cb98456f-ba5e-4c90-8f49-90c4d3dabaf6","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":"d0569ee0-8825-4576-9546-8ca63fd491e0","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":"338a5fff-8a15-4f7f-b5e4-827a1d7cae2a","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":"0b1207f7-64fb-494a-be92-2f94dc04494a","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":"b9f07c76-8c3f-4484-9443-29015a88bf19","block_type":"box","text":"derivatives positions to lose value.","page_number":3,"box":{"x":81,"y":890,"width":253,"height":11}},{"id":"8000fe15-b4cd-45d9-98b3-a2654d6ac7aa","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"6009c38b-6c4e-4503-8c68-8eae61f8f7cc","block_type":"box","text":"BNM0926U-5974633-19029177","page_number":3,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"6d3c0f59-58c0-45eb-8463-338a8eb0a50b","block_type":"box","text":"Counterpar ty Risk","page_number":4,"box":{"x":82,"y":42,"width":131,"height":11}},{"id":"fde234a4-af52-4fa0-b265-42b58dbc5726","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":"e75bcc9c-f91c-4871-a0de-f910daf6add3","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":"42062fe7-1378-40e7-8f16-ede782add53d","block_type":"box","text":"exposure to such a counterpar ty.","page_number":4,"box":{"x":81,"y":72,"width":240,"height":11}},{"id":"33645f98-da10-4860-807d-cd30bcc2570b","block_type":"box","text":"Illiquidity Risk","page_number":4,"box":{"x":82,"y":92,"width":100,"height":11}},{"id":"743d57e0-d625-4b1c-a084-f019bc2d014b","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":"4f42edac-d11f-4b54-b3df-00846dd87648","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":"c0507f43-b76a-4359-94cc-25e23403c71c","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":4,"box":{"x":81,"y":121,"width":293,"height":11}},{"id":"1709fa69-c825-4c90-8886-98b230c8d1cf","block_type":"box","text":"Operational Risk","page_number":4,"box":{"x":82,"y":141,"width":120,"height":11}},{"id":"3dcbb978-5f1c-4100-9e60-2557c25ebeaa","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":"6d7033d6-8fe9-4135-b1b3-6695dcb24cac","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":"84721301-74e1-48ad-88b4-43ddc9686748","block_type":"box","text":"Legal Risk","page_number":4,"box":{"x":82,"y":176,"width":75,"height":11}},{"id":"646680a7-e3c5-4abd-89ae-bece68b50879","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":"9fc4ad11-634d-4f14-a2bd-fe231dc1de62","block_type":"box","text":"enforceability of a contract.","page_number":4,"box":{"x":81,"y":191,"width":198,"height":11}},{"id":"fcd6d255-8219-42da-80b9-89f8ee4f448e","block_type":"box","text":"Volatility and Correlation Risk","page_number":4,"box":{"x":83,"y":211,"width":214,"height":11}},{"id":"8799d847-6a70-4226-b7b4-fb4c9c329e43","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":"2dee5bbe-0107-4023-bd58-c945eb2fbf91","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":"671b0732-1ce2-4cc6-a998-f5452dbb889f","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":"032fad68-58d1-4965-b350-12e0d64d8888","block_type":"box","text":"Valuation Risk","page_number":4,"box":{"x":83,"y":261,"width":102,"height":9}},{"id":"a0cbcb2d-7389-4c37-8d77-2e110626bca8","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":"1bf0e0a2-0f4a-4279-816a-576d82400a2f","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":"355a3206-b4d8-453d-b211-23e6fc156bf9","block_type":"box","text":"instruments or quote prices for them.","page_number":4,"box":{"x":82,"y":290,"width":273,"height":11}},{"id":"4240f298-bec1-4ae1-8219-b9a755c0c053","block_type":"box","text":"Hedging Risk","page_number":4,"box":{"x":82,"y":310,"width":95,"height":11}},{"id":"5d441e9c-8b2d-402b-a9cc-3d85ad6f462a","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":"d64285a9-fe71-4577-a307-199858314835","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":"92bc41e3-fdfd-4954-87b7-8529632dd12b","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":"785d65a9-6ec4-4b90-9e4e-518840606aaa","block_type":"box","text":"Tax Risk","page_number":4,"box":{"x":83,"y":360,"width":59,"height":9}},{"id":"cb9d548c-e58e-4f8b-abe8-eab710481c87","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":"57f1b02f-1d5e-4648-93c8-9e3e0a414d4e","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":"fa74ad52-c705-48d5-a23e-81e2c9882e48","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":"fbb1dec3-2d59-4d17-b026-5849e82ba9db","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":"bf3b4eab-24f2-42af-9908-857f250555b7","block_type":"box","text":"realizes from its investments.","page_number":4,"box":{"x":82,"y":419,"width":215,"height":9}},{"id":"ccbd9151-86a8-49ac-92e1-ec5a829e2993","block_type":"box","text":"Leverage Risk","page_number":4,"box":{"x":81,"y":439,"width":107,"height":11}},{"id":"4697c390-f65b-4a4f-8c10-9b1b95b60cca","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":"8654e10d-df20-4e0f-a2c6-3c2bc606e41f","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":"15a9e22a-0cde-41f6-a9dd-0adaf0f0fc5c","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":"a7143eff-24d7-4a3e-b064-2fadfbae3aa1","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":"aa843773-d64b-4d5f-8581-16d3f6567e2e","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":"8103df3e-0ae3-416b-84fb-16945d6c826a","block_type":"box","text":"leverage.","page_number":4,"box":{"x":82,"y":513,"width":63,"height":12}},{"id":"f6d39e63-db53-4db9-8dba-dada85ebd706","block_type":"box","text":"Market Risk and Selection Risk","page_number":4,"box":{"x":81,"y":533,"width":240,"height":9}},{"id":"fde48000-cc1a-44fc-a3bc-cf380f7e9599","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":"b11dcb4c-48e8-4808-b215-85b2f4ee3a1e","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":"797a9ec8-0601-4b2e-a4da-5608ce9a2d57","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":"13bbe95f-303b-4c15-add7-29a5d0d7a969","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":"55d9eaf8-753e-4603-b682-ec24785d0280","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":"6d1aad7f-626c-406e-9a54-33fb4ca04dfb","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":"31303b59-d589-4c25-a512-cf9611405782","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":"1f7aa869-93d7-4438-a97c-bc7f9a2cfcf4","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":"848779ea-f0d3-4234-9762-62a39b367ada","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":"638af722-fca0-4cc3-ba7c-065a4f02c37d","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":"70a9c786-16ed-4219-a659-4cbeed65c62d","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":"fe4bae58-3fdc-484e-8c9e-8636efce38a2","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":"08d8516f-f61f-4c15-a610-cc34b8b7b03e","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":"672f98f7-7a99-4393-98bf-19ae2461e532","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":"711ae17d-0d80-4e70-9b5d-29978b0dc0e2","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":"53e8cf39-249f-4b96-ab57-5bcc99ae5050","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":"a80222af-0859-4e90-96a6-63e0c4eebfcc","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":"46f94050-67e1-4d7c-a086-db54c9d9cc37","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":"3a858704-0054-46f4-b14c-8efffd0c5a41","block_type":"box","text":"the Fund invests.","page_number":4,"box":{"x":80,"y":805,"width":125,"height":9}},{"id":"889bebc0-c573-4f31-9cf7-110797b5557e","block_type":"box","text":"“New Issues” Risk","page_number":4,"box":{"x":83,"y":825,"width":139,"height":9}},{"id":"15b8d2c3-81e6-4140-9f45-9af511827348","block_type":"box","text":"—","page_number":4,"box":{"x":227,"y":830,"width":17,"height":1}},{"id":"e55ed4bf-ff6f-48d9-99d2-17d936e712b8","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":"497df2e8-0147-4b4c-8194-84031b44ab35","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":"4b127473-12be-4d35-9a8a-5b06c38584f4","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":"35ebc0bf-dd69-4c2a-bdf1-ff3744569008","block_type":"box","text":"Operational and Technology Risks","page_number":4,"box":{"x":82,"y":875,"width":254,"height":11}},{"id":"02111fb5-84a6-43e2-b645-95e58f19a15e","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":"39a1f99c-f8c3-42aa-96a1-d1811e6bbe0f","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":"c2e2a4a3-e6ad-4518-990a-1f88b685f3cd","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":"d93bea03-fcc3-449b-8620-d88b9b5a2767","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"7d03f4d2-fd23-4553-a441-5414ce1ae01d","block_type":"box","text":"BNM0926U-5974633-19029177","page_number":4,"box":{"x":636,"y":981,"width":176,"height":7}},{"id":"3a5a2e43-6e33-43c5-8a8f-bab86b3344cb","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":"08b48f85-8a43-4fae-9a83-5bb753ccbcd5","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":"b60a6989-683e-4ab3-a142-d87dc5b74a2e","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":"1412ed00-9938-4bdb-8721-0029e7c52d5e","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":"ab51b0a5-d192-428d-bba2-5309d53e25b8","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":"3f399602-76fc-4961-a5eb-188227f4921e","block_type":"box","text":"Preferred Securities Risk","page_number":5,"box":{"x":81,"y":121,"width":189,"height":9}},{"id":"f2680da6-0125-4a7f-8e5c-98037ab982dc","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":"2b203ded-3ad4-42f5-a300-0c27b68134e9","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":"20237dea-75b9-4859-a53c-2c8f1bf5bc50","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":"6b2e4159-62dc-4be5-b299-6ac3c5234ea3","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":"94db7767-5e6d-4526-a1ce-f6ad21e2d0e2","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":"504b5e71-f4a7-4dd1-8017-4605dc0e4e3e","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":"43da0aa4-8b59-4525-bc87-3a70f844679a","block_type":"box","text":"larger companies.","page_number":5,"box":{"x":82,"y":210,"width":129,"height":12}},{"id":"01a4b4f7-efb0-4b75-b545-609635daf601","block_type":"box","text":"Risk of Investing in the United States","page_number":5,"box":{"x":81,"y":230,"width":283,"height":11}},{"id":"5db0d6f0-2c8b-4efa-b106-55f91c417196","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":"faf393cf-f730-4bdc-9e07-b9eeefc86b57","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":"58421485-1310-47bf-b4c1-90e6380f92d4","block_type":"box","text":"exposure.","page_number":5,"box":{"x":81,"y":262,"width":70,"height":9}},{"id":"ecc2f5fd-37f7-4976-8303-746a4a3c4a65","block_type":"box","text":"Sector Risk","page_number":5,"box":{"x":81,"y":280,"width":88,"height":9}},{"id":"585b28c9-1726-4376-aaaf-a90e36354b49","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":"2e403116-80d2-4b1f-8b29-6b98be1a4a45","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":"b35e114e-b01b-410b-b7b8-48a46bc6b47a","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":"a15d758e-21fd-493b-86b6-2ebfde48249f","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":"c8ce41ba-9db7-41a4-9300-76b516eed7cd","block_type":"box","text":"sector.","page_number":5,"box":{"x":81,"y":340,"width":48,"height":8}},{"id":"4ce99544-6714-4fe6-ba91-07341325b294","block_type":"box","text":"Performance Information","page_number":5,"box":{"x":61,"y":378,"width":224,"height":11}},{"id":"78a92832-823d-4032-a404-bbcd07fa70fe","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":"8addb4e4-f9ec-4988-b9c9-3067cfd00f38","block_type":"box","text":"indication of the risks of investing in the Fund. The table compares the Fund’s per formance to that of the Russell","page_number":5,"box":{"x":62,"y":419,"width":830,"height":11}},{"id":"097decf0-bd71-4d9a-a294-c7895707760c","block_type":"box","text":"1000 Index and the Russell Midcap Growth Index. The Russell Midcap Growth Index is relevant to the Fund because it","page_number":5,"box":{"x":62,"y":434,"width":867,"height":11}},{"id":"32f76d81-7e6f-42af-9ea9-44843f1198bc","block_type":"box","text":"has characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been","page_number":5,"box":{"x":61,"y":449,"width":865,"height":11}},{"id":"650b11bf-d85f-42a9-80d4-94e557851210","block_type":"box","text":"paid by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of the","page_number":5,"box":{"x":62,"y":463,"width":818,"height":12}},{"id":"9762e478-d841-4a04-b392-3c6dba2ac91b","block_type":"box","text":"dividends and distributions. As with all such investments, past per formance (before and after taxes) is not an","page_number":5,"box":{"x":61,"y":478,"width":805,"height":11}},{"id":"d3da24de-2457-4fb9-bc6b-cc16a0ca140d","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":493,"width":836,"height":11}},{"id":"4d87e6bc-3a44-4922-aeb2-ebe0842e69d1","block_type":"box","text":"reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower. 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