BlackRock Mid-Cap Growth Equity Portfolio Institutional Shares

This fund primarily allocates at least 80% of its net assets to common stock and other equity instruments issued by U.S. companies of medium market capitalization. The investment management team targets businesses they believe possess the capacity for above-average earnings expansion. For investment purposes, the fund's advisor generally considers mid-capitalization companies to be those with market valuations aligned with firms included in the Russell Midcap® Growth Index at the time of purchase. While concentrating on common stock, the fund also has the flexibility to invest in preferred stock, convertible securities, and other types of equity.