High Equity Income Fund | BMEAX

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NAV as of Jun 22, 2021 $24.58
52 WK: 18.49 - 25.38
1 Day NAV Change as of Jun 22, 2021 0.00 (0.00%)
NAV Total Return as of Jun 22, 2021 YTD: 16.32%
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: 1,487.94

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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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 (%)	49.75	8.87	10.32	8.58
Return w/ Sales Charge (%)	41.88	6.93	9.13	7.99
Benchmark (%)	56.09	10.96	11.74	10.99
Morningstar Category Avg. (%)	-	-	-	-
Morningstar Ranking	10/197	40/113	7/70	3/16
Morningstar Quartile	1	2	1	1
Lipper Category Avg. (%)	76.81	20.88	19.82	13.79
Lipper Ranking	233/477	332/453	265/393	205/238
Lipper Quartile	2	3	3	4

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	11.46	6.13	11.46	49.75	29.04	63.39	127.68
Return w/ Sales Charge (%)	5.61	0.56	5.61	41.88	22.27	54.82	115.72
Benchmark (%)	11.26	5.88	11.26	56.09	36.63	74.21	183.72
Morningstar Category Avg. (%)	-	-	-	-	23.89	36.74	72.25
Lipper Category Avg. (%)	1.49	-1.85	1.49	76.81	77.94	150.07	268.71

Performance data is not currently available

	2016	2017	2018	2019	2020
Total Return (%)	6.71	17.21	-6.39	21.66	-0.52
Benchmark (%)	17.34	13.66	-8.27	26.54	2.80
Morningstar Category Avg. (%)	7.25	13.46	-5.81	18.81	4.24

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 Jun 22, 2021 $202.8 M

Size of Fund (Millions) as of Jun 23, 2021 $516.5 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 May 28, 2021 146

Max Offer Price as of Jun 22, 2021 $25.94

Open to New Investors Yes

Turnover Percent in the Annual Report 79%

Portfolio Characteristics

P/B Ratio as of May 28, 2021 2.01

P/E Ratio - Forward as of May 28, 2021 13.87

Average Market Cap (Millions) as of May 28, 2021 $ 99,896.5 M

Alpha (3y) as of May 31, 2021 -0.09

R-Squared (3y) as of May 31, 2021 95.07

Beta (3y) as of May 31, 2021 0.92

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 May 31, 2021 18.93

Active Share as of May 28, 2021 85.43%

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

Sustainability Characteristics

Sustainability Characteristics can help investors integrate non-financial, sustainability considerations into their investment process. These metrics enable investors to evaluate funds based on their environmental, social, and governance (ESG) risks and opportunities. This analysis can provide insight into the effective management and long-term financial prospects of a fund.

The metrics below have been provided for transparency and informational purposes only. The existence of an ESG rating is not indicative of how or whether ESG factors will be integrated into a fund. The metrics are based on MSCI ESG Fund Ratings and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodology behind Sustainability Characteristics, using links below.

MSCI ESG Fund Rating (AAA-CCC) as of Jun 07, 2021 A

MSCI ESG Quality Score (0-10) as of Jun 07, 2021 6.0

MSCI ESG Quality Score - Peer Percentile as of Jun 07, 2021 23.33%

MSCI ESG % Coverage as of Jun 07, 2021 68.32%

Fund Lipper Global Classification as of Jun 07, 2021 Equity US Income

MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES) as of Jun 07, 2021 168.89

Funds in Peer Group as of Jun 07, 2021 300

All data is from MSCI ESG Fund Ratings as of Jun 07, 2021, based on holdings as of Feb 28, 2021. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch.

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.

Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of May 28, 2021 0.00%

MSCI - UN Global Compact Violators as of May 28, 2021 1.91%

MSCI - Nuclear Weapons as of May 28, 2021 0.00%

MSCI - Thermal Coal as of May 28, 2021 0.00%

MSCI - Civilian Firearms as of May 28, 2021 0.00%

MSCI - Oil Sands as of May 28, 2021 0.00%

MSCI - Tobacco as of May 28, 2021 3.05%

Business Involvement Coverage as of May 28, 2021 97.39%

Percentage of Fund not covered as of May 28, 2021 2.61%

BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 1.11% and for Oil Sands 3.13%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.

Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

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	1.41%
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 May 31, 2021 rated against 43 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 May 31, 2021 out of 456, 12,155, 456, 124 and 456 Funds, respectively in Lipper's Equity Income Funds classification.

Holdings

Top

as of May 28, 2021

Name	Weight (%)
BAE SYSTEMS PLC	2.59
WELLS FARGO	2.45
CISCO SYSTEMS INC	2.19
APOLLO GLOBAL MANAGEMENT INC CLASS	2.08
GENERAL MOTORS	1.97

Name	Weight (%)
AT&T INC	1.62
RAYTHEON TECHNOLOGIES CORP	1.61
VODAFONE GROUP PLC	1.57
BP PLC	1.55
BRITISH AMERICAN TOBACCO PLC	1.51

Exposure Breakdowns

as of May 28, 2021

% of Market Value

Type	Fund	Benchmark	Net

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as of May 28, 2021

% of Market Value

Type	Fund	Benchmark	Net

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as of May 28, 2021

% of Market Value

Type	Fund	Benchmark	Net

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as of May 28, 2021

% 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.