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. as of Dec 31, 2019	21.66	10.11	6.91	10.49
Return w/ Sales Charge (%) Max Sales Charge: 5.25 as of Dec 31, 2019	15.28	8.14	5.76	9.89
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. as of Dec 31, 2019	26.54	9.68	8.29	11.80
Morningstar Category Avg. (%) Large Value as of Dec 31, 2019	25.04	9.97	7.99	10.90
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. as of Dec 31, 2019	1035/1209	481/1091	719/945	427/690
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. as of Dec 31, 2019	4	2	4	3
Lipper Category Avg. (%) Mid-Cap Growth Funds as of Dec 31, 2019	33.99	16.90	11.12	13.13
Lipper Ranking Rankings are based on total return excluding sales charges. as of Dec 31, 2019	435/529	251/475	317/410	155/246
Lipper Quartile Rankings are based on total return excluding sales charges. as of Dec 31, 2019	4	3	4	3

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. as of Dec 31, 2019	21.66	3.23	6.99	21.66	33.49	39.67	171.14
Return w/ Sales Charge (%) Max Sales Charge: 5.25 as of Dec 31, 2019	15.28	-2.19	1.37	15.28	26.48	32.32	156.90
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. as of Dec 31, 2019	26.54	2.75	7.41	26.54	31.94	48.90	205.05
Morningstar Category Avg. (%) Large Value as of Dec 31, 2019	25.04	2.70	7.38	25.04	32.99	46.84	181.48
Lipper Category Avg. (%) Mid-Cap Growth Funds as of Dec 31, 2019	33.99	1.44	7.85	33.99	60.24	70.19	246.48

Missing cumulative returns data

	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. (%) Large Value	-4.05	14.81	15.94	-8.53	25.04

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: 1,244.89

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 Jan 21, 2020 $221.9 M

Size of Fund (Millions) as of Jan 21, 2020 $427.8 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 Dec 31, 2019 116

Max Offer Price as of Jan 21, 2020 $24.90

Open to New Investors Yes

Turnover Percent as of Dec 31, 2019 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 Dec 31, 2019 1.86

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 Dec 31, 2019 13.57

Average Market Cap (Millions) The average size of the securities the fund invests in. as of Dec 31, 2019 $ 125,415.0 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 Dec 31, 2019 0.17

R-Squared (3y) as of Dec 31, 2019 92.59

Beta (3y) as of Dec 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 Dec 31, 2019 10.17

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 Dec 31, 2019 80.80%

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 (12,253 funds), 4 (10,475 funds), and 4 (7,095 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 Dec 31, 2019 out of 475, 12,253, 475, 133 and 475 Funds, respectively in Lipper's Equity Income Funds classification.

Holdings

as of Dec 31, 2019

Name	Weight (%)
WELLS FARGO	4.83
VERIZON COMMUNICATIONS INC	4.43
JPMORGAN CHASE & CO	3.64
FIRSTENERGY CORP	2.71
BP PLC	2.58

Name	Weight (%)
METLIFE INC	2.48
WILLIAMS INC	2.37
CITIGROUP INC	2.31
PFIZER INC	2.07
CISCO SYSTEMS INC	2.01

as of Dec 31, 2019

% of Market Value

Type	Fund	Benchmark	Net

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as of Dec 31, 2019

% of Market Value

Type	Fund	Benchmark	Net

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as of Dec 31, 2019

% of Market Value

Type	Fund	Benchmark	Net

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as of Dec 31, 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”).

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