High Equity Income Fund | BMEAX

Overview

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

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	6.08	9.97	6.00	12.07
Return w/ Sales Charge (%) Max Sales Charge: 5.25	0.51	8.02	4.86	11.47
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.	8.46	10.19	7.46	13.19
Morningstar Category Avg. (%) Large Value	3.05	9.40	7.50	11.48
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	622/1236	634/1103	676/956	356/696
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	2	3	3	3
Lipper Category Avg. (%) Mid-Cap Growth Funds	11.81	16.62	10.37	14.73
Lipper Ranking Rankings are based on total return excluding sales charges.	325/542	251/475	304/418	124/248
Lipper Quartile Rankings are based on total return excluding sales charges.	3	3	3	2

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	12.90	6.59	3.45	6.08	33.01	33.80	212.57
Return w/ Sales Charge (%) Max Sales Charge: 5.25	6.97	0.99	-1.98	0.51	26.03	26.78	196.17
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.	16.24	7.18	3.84	8.46	33.79	43.31	245.28
Morningstar Category Avg. (%) Large Value	15.86	1.02	0.64	3.05	33.55	39.18	216.19
Lipper Category Avg. (%) Mid-Cap Growth Funds	26.57	7.10	6.26	11.81	58.97	64.49	298.50

Missing cumulative returns data

	2014	2015	2016	2017	2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	12.33	-1.96	6.71	17.21	-6.39
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.	13.45	-3.83	17.34	13.66	-8.27
Morningstar Category Avg. (%) Large Value	10.21	-4.05	14.81	15.94	-8.53

Missing calendar year returns data

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: 1,109.42

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

Chart
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

Chart
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 Sep 13, 2019 $217.8 M

Size of Fund (Millions) as of Sep 13, 2019 $422.6 M

Share Class launch date May 01, 1998

Asset Class Equity

Morningstar Category Large Value

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. Annual

Number of Holdings as of Aug 30, 2019 120

Max Offer Price as of Sep 13, 2019 $23.79

Open to New Investors Yes

Turnover Percent as of Aug 31, 2019 75%

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 Aug 30, 2019 1.66

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 Aug 30, 2019 12.02

Average Market Cap (Millions) The average size of the securities the fund invests in. as of Aug 30, 2019 $ 108,799.2 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 Aug 31, 2019 0.04

R-Squared (3y) as of Aug 31, 2019 90.58

Beta (3y) as of Aug 31, 2019 0.81

Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2019 9.14%

Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -10.28%

Fund Standard Deviation (3y) as of Aug 31, 2019 10.44

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 Aug 30, 2019 79.72%

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, 2020.	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: 5 (12,229 funds), 4 (10,466 funds), and 3 (7,101 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 Aug 31, 2019 out of 474, 12,229, 474, 138 and 474 Funds, respectively in Lipper's Equity Income Funds classification.

Holdings

as of Aug 30, 2019

Name	Weight (%)
WELLS FARGO	4.39
BP PLC	3.70
JPMORGAN CHASE & CO	3.25
VERIZON COMMUNICATIONS INC	3.08
FIRSTENERGY CORP	2.86

Name	Weight (%)
METLIFE INC	2.38
CITIGROUP INC	2.22
WILLIAMS INC	2.15
AT&T INC	2.11
PFIZER INC	2.06

as of Aug 30, 2019

% of Market Value

Type	Fund	Benchmark	Net

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as of Aug 30, 2019

% of Market Value

Type	Fund	Benchmark	Net

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as of Aug 30, 2019

% of Market Value

Type	Fund	Benchmark	Net

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as of Aug 30, 2019

% of Market Value

Type	Fund	Benchmark	Net

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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.

Portfolio Managers

BlackRock Fundamental Active Equity Investment Team

Kyle McClements

Portfolio Manager

Read the Team's Commentary

Literature

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Important Information

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

The fund is actively managed and its characteristics will vary.

Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions.

The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

Investing in small- and mid-cap companies may entail greater risk than large-cap companies, due to shorter operating histories, less seasoned management or lower trading volumes.

Performance may be attributable to unusually high IPO profits. There is no guarantee this level of performance will be repeated. IPO securities have no trading history and the price may be volatile.

Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.

Investing involves risk, including possible loss of principal.

Fund details, holdings and characteristics are as of the date noted and subject to change.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

© 2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

USR-9785