High Equity Income Fund

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NAV as of Jul 06, 2020 $19.28
52 WK: 14.63 - 23.70
1 Day NAV Change as of Jul 06, 2020 0.18 (0.94%)
NAV Total Return as of Jul 06, 2020 YTD: -14.87% YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.
Neutral

Overview

About this Fund

Large-cap value portfolio of high quality companies
Focused on income through equity and covered calls
Seeks high income and lower volatility equity returns

Investment Approach

The Fund seeks high current income with consideration for capital appreciation by investing in common stocks that pay dividends and have the potential for capital appreciation. The fund also utilizes an option writing (selling) strategy to enhance distributions paid to the Fund's shareholders. The Fund invests, under normal market conditions, at least 80% of its total assets in dividend paying equities.

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Performance

Returns

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-9.44	0.65	2.12	9.08
Return w/ Sales Charge (%) Max Sales Charge: 5.25	-14.20	-1.14	1.02	8.49
Benchmark (%) Index: Russell 1000 Value Index (Total Return).<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	-8.84	1.82	4.64	10.41
Morningstar Category Avg. (%) Options-based	-0.12	4.86	4.84	5.56
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	172/185	72/117	43/65	3/17
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	4	3	3	1
Lipper Category Avg. (%) Mid-Cap Growth Funds	12.20	14.55	11.09	14.21
Lipper Ranking Rankings are based on total return excluding sales charges.	396/489	357/449	353/391	180/241
Lipper Quartile Rankings are based on total return excluding sales charges.	4	4	4	3

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-15.97	-0.01	13.50	-9.44	1.96	11.04	138.43
Return w/ Sales Charge (%) Max Sales Charge: 5.25	-20.38	-5.26	7.54	-14.20	-3.39	5.21	125.90
Benchmark (%) Index: Russell 1000 Value Index (Total Return).<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	-16.26	-0.66	14.29	-8.84	5.57	25.46	169.23
Morningstar Category Avg. (%) Options-based	-3.84	1.02	10.65	-0.12	15.30	26.67	71.72
Lipper Category Avg. (%) Mid-Cap Growth Funds	6.29	2.87	31.74	12.20	51.61	70.86	283.51

Performance data is not currently available

	2015	2016	2017	2018	2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-1.96	6.71	17.21	-6.39	21.66
Benchmark (%) Index: Russell 1000 Value Index (Total Return)<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	-3.83	17.34	13.66	-8.27	26.54
Morningstar Category Avg. (%) Options-based	-0.51	5.45	9.08	-5.51	14.59

Performance data is not currently available

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

The Fund's returns prior to June 12, 2017 are the returns of the Fund when it followed different investment strategies under the name “BlackRock U.S. Opportunities Portfolio.”

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

High Equity Income Fund ($)

Cum. Fund Perf. Since Inception: 1,030.17

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Distributions

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Recent
Calendar Year

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Table

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Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

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Table

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Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Key Facts

Size of Class (Millions) as of Jul 06, 2020 $171.8 M

Size of Fund (Millions) as of Jul 06, 2020 $326.1 M

Share Class launch date May 01, 1998

Asset Class Equity

Morningstar Category Options-based

Lipper Classification Equity Income Funds

Benchmark Index Russell 1000 Value Index (Total Return)

CUSIP 091929810

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Monthly

Number of Holdings as of May 29, 2020 115

Max Offer Price as of Jul 06, 2020 $20.35

Open to New Investors Yes

Turnover Percent in the Annual Report as of Jun 30, 2020 79%

Portfolio Characteristics

P/B Ratio The price to book (P/B) value ratio is a fundamental measure used to determine if an investment is valued appropriately. The book value of a company is a measure of how much a company's assets are worth assuming the company's debts are paid off. Negative book values are excluded from this calculation and holding price to book ratios over 25 are set to 25. as of May 29, 2020 1.51

P/E Ratio - Forward The forward price-to-earnings ratio is used to assess a company’s valuation. To compute this ratio, the latest closing price is divided by the company’s consensus mean EPS estimate for the next unreported fiscal year. The ratio represents a weighted harmonic mean of the forward price-to-earnings ratios of its holdings with negative values being excluded from the calculation. as of May 29, 2020 14.63

Average Market Cap (Millions) The average size of the securities the fund invests in. as of May 29, 2020 $ 86,327.9 M

Alpha (3y) Compared to S&P United States SmallCap Index. Alpha is calculated at the portfolio level. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. as of May 31, 2020 -0.13

R-Squared (3y) as of May 31, 2020 98.06

Beta (3y) as of May 31, 2020 0.88

Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 13.50%

Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -25.96%

Fund Standard Deviation (3y) as of May 31, 2020 16.13

Active Share Active Share measures the percentage of fund holdings that is different from the benchmark holdings at a point in time. It is calculated by taking the sum of the absolute value of the differences of the weight of each holding in a fund’s portfolio versus the weight of each holding in a benchmark index and dividing by two. A fund that has no holdings in common with the benchmark will have an Active Share of 100%, and a fund that has exactly the same holdings as the benchmark considered will have an Active Share of 0%. Active Share levels can vary depending on the underlying benchmark and investment universe. Funds with more concentrated benchmarks or smaller investment universes will typically have lower Active Share. Active Share is not indicative of future performance or a measure of expected return deviation from the benchmark. as of May 29, 2020 83.34%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

as of current prospectus

Gross Expense Ratio	1.37%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is Jan 31, 2021.	1.10%

Net Expense Ratio excluding Investment Related Expenses is 1.10%

Ratings

Lipper Leader

Lipper Leader Ratings

Preservation High Equity Income Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 4 (12,347 funds), 4 (10,459 funds), and 3 (7,108 funds). Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds.

Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of May 31, 2020 out of 453, 12,347, 454, 128 and 453 Funds, respectively in Lipper's Equity Income Funds classification.

Holdings

Top

as of May 29, 2020

Name	Weight (%)
VERIZON COMMUNICATIONS INC	5.18
SANOFI SA	2.93
FIRSTENERGY CORP	2.80
WELLS FARGO	2.59
PFIZER INC	2.54

Name	Weight (%)
WILLIAMS INC	2.38
CVS HEALTH CORP	2.23
UNILEVER ADR REPRESENTING NV	2.17
BP PLC	2.06
CISCO SYSTEMS INC	2.04

Exposure Breakdowns

as of May 29, 2020

% of Market Value

Type	Fund	Benchmark	Net

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as of May 29, 2020

% of Market Value

Type	Fund	Benchmark	Net

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as of May 29, 2020

% of Market Value

Type	Fund	Benchmark	Net

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as of May 29, 2020

% of Market Value

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Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

Allocations are subject to change.