Fund Description

The fund normally invests at least 80% of net assets in growth equity securities of U.S. mid-capitalization companies and in derivatives providing exposure to such securities or related market risk factors. Equity securities include primarily common stock, preferred stock, and instruments linked to common stock. For the 80% policy, holdings must have market capitalizations within the Russell Midcap Growth Index range and be included in at least one growth index as determined by BlackRock. The fund may invest in convertible securities and in new issues or IPOs. The fund may buy or sell options or futures on a security or an index of securities, and the primary purpose of using derivatives is to attempt to reduce risk to the fund as a whole, though derivatives may also be used to maintain liquidity and commit cash pending investment. Under normal market conditions, it generally does not intend to use derivatives for speculation to increase returns.