High Equity Income Fund | BMEAX

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NAV as of Aug 08, 2022 $23.39
52 WK: 22.03 - 25.78
1 Day NAV Change as of Aug 08, 2022 0.04 (0.17%)
NAV Total Return as of Aug 08, 2022 YTD: -1.89%
Morningstar Rating

4 stars
Neutral

Overview

About this Fund

1. Large cap value portfolio of high quality companies
2. Focused on income through equity and covered calls
3. 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

Growth of Hypothetical $10,000

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

High Equity Income Fund ($)

Cum. Fund Perf. Since Inception: 1,517.38

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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Calendar Year

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Table

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Ex-Date	Payable Date	Record Date	Total Distribution	Income	ST Cap Gains	LT Cap Gains	Return of Capital

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Table

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Year	Total Distribution	Income	ST Cap Gains	LT Cap Gains

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

Returns

	1y	3y	5y	10y
Total Return (%)	-1.20	7.27	6.80	10.21
Return w/ Sales Charge (%)	-6.39	5.36	5.66	9.62
Benchmark (%)	-6.82	6.87	7.17	10.50
Morningstar Category Avg. (%)	-2.60	6.62	5.61	7.27
Morningstar Ranking	6/82	22/79	14/52	3/29
Morningstar Quartile	1	1	1	1
Lipper Category Avg. (%)	-29.91	4.24	8.58	10.85
Lipper Ranking	103/462	280/442	278/407	106/254
Lipper Quartile	1	3	3	2

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	-6.16	-8.37	-9.05	-1.20	23.43	38.97	164.35
Return w/ Sales Charge (%)	-11.08	-13.18	-13.82	-6.39	16.96	31.67	150.47
Benchmark (%)	-12.86	-8.74	-12.21	-6.82	22.05	41.35	171.39
Morningstar Category Avg. (%)	-7.29	5.47	-0.69	-2.60	15.77	27.30	94.07
Lipper Category Avg. (%)	-31.93	-7.83	-21.59	-29.91	13.60	51.64	182.60

Performance data is not currently available

	2017	2018	2019	2020	2021
Total Return (%)	17.21	-6.39	21.66	-0.52	22.70
Benchmark (%)	13.66	-8.27	26.54	2.80	25.16
Morningstar Category Avg. (%)	13.46	-5.81	18.81	4.24	18.21

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.”

Key Facts

Size of Class (Millions) as of Aug 08, 2022 $286.9 M

Size of Fund (Millions) as of Aug 08, 2022 $1,521.2 M

Share Class launch date May 01, 1998

Asset Class Equity

Morningstar Category Derivative Income

Lipper Classification Equity Income Funds

Benchmark Index Russell 1000 Value Index (Total Return)

CUSIP 091929810

Distribution Frequency Monthly

Number of Holdings as of Jul 29, 2022 160

Max Offer Price as of Aug 08, 2022 $24.69

Open to New Investors Yes

Turnover Percent in the Annual Report 146%

Portfolio Characteristics

P/B Ratio as of Jul 29, 2022 1.78

P/E Ratio - Forward as of Jul 29, 2022 11.36

Average Market Cap (Millions) as of Jul 29, 2022 $ 87,650.4 M

Alpha (3y) as of Jul 31, 2022 0.08

R-Squared (3y) as of Jul 31, 2022 92.90

Beta (3y) as of Jul 31, 2022 0.92

30 Day SEC Yield as of Jun 30, 2022 6.66%

Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2021 20.18%

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

Fund Standard Deviation (3y) as of Jul 31, 2022 18.84

Active Share as of Jul 29, 2022 87.60%

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

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.

The Fund manager takes into account ESG considerations in combination with other information in the research and decision phases of the investment process. The Fund manager conducts regular portfolio reviews between with the Risk and Quantitative Analysis group and the Chief Investment Officers, which may include discussion of material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors. The Fund also includes an option overlay strategy; ESG factors are not considered in the investment process for the options overlay strategy.

Fees

as of current prospectus

Gross Expense Ratio	1.38%
Net Expense Ratio	1.10%

Net Expense Ratio excluding Investment Related Expenses is 1.10%

Acquired Fund Fees and Expenses 0.00%
Interest expense 0.00%

Ratings

Morningstar Rating

Overall

4 stars

Overall Morningstar Rating for High Equity Income Fund, Class A, as of Jul 31, 2022 rated against 79 Derivative Income Funds based on risk adjusted total return.

Lipper Leader

Lipper Leader Ratings

Preservation

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 Jul 31, 2022 out of 439, 12,360, 439, 114 and 442 Funds, respectively in Lipper's Equity Income Funds classification.

Holdings

Top

as of Jul 29, 2022

Name	Weight (%)
BP PLC	2.34
SANOFI SA	2.19
WELLS FARGO	2.18
KOMATSU LTD	1.92
ASTRAZENECA PLC	1.84

Name	Weight (%)
CITIGROUP INC	1.71
APOLLO GLOBAL MANAGEMENT INC	1.69
FIDELITY NATIONAL INFORMATION SERV	1.65
GENERAL MOTORS	1.54
COGNIZANT TECHNOLOGY SOLUTIONS COR	1.48

Exposure Breakdowns

as of Jul 29, 2022

% of Market Value

Type	Fund	Benchmark	Net

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as of Jul 29, 2022

% of Market Value

Type	Fund	Benchmark	Net

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as of Jul 29, 2022

% of Market Value

Type	Fund	Benchmark	Net

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as of Jul 29, 2022

% 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.