Mid-Cap Value Fund - blackrock.com

[Pages:3]Mid-Cap Value Fund

MDRFX

As of 12/31/2021 | Class K: MJRFX | Class R: MRRFX | Institutional: MARFX | Investor A: MDRFX | Investor C: MCRFX

Mid-cap value portfolio of high quality companies

Invests in companies identified as emerging dividend growers

Seeks attractive long-term returns

Rated against 391 Mid-Cap Value Funds, as of 12/31/2021 based on risk adjusted total return. Overall Ratings are determined monthly and subject to change. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

ANNUALIZED PERFORMANCE

With Sales Charge Investor A Without Sales Charge Investor A Benchmark Morningstar Average

1 Year 19.46 1 Year 26.07 28.34 29.32

3 Year 18.15 3 Year 20.30 19.62 18.85

5 Year 10.08 5 Year 11.27 11.22 10.60

10 Year 11.44 10 Year 12.04 13.44 12.30

CALENDAR YEAR PERFORMANCE

Without Sales Charge

2017 2018 2019 2020 2021 YTD 4Q2021

Investor A

8.55

-9.74 29.24

6.85

26.07 26.07

5.26

Benchmark

13.34 -12.29 27.06 4.96 28.34 28.34 8.54

Morningstar Average

13.22 -12.86 25.18 2.63 29.32 29.32 8.09

Performance data shown represents past performance which is no guarantee of future results. Investment returns and

principal values may fluctuate so that an investor's shares, when redeemed, may be worth more or less than their

original cost. Current performance may be lower or higher than that shown. All returns assume reinvestment of all

dividend and capital gain distributions. Refer to for current month-end performance. Index performance

is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. Returns with sales

charge reflect the deduction of current maximum initial sales charge of 5.25%. The calendar year performance shown

does not reflect the deduction of the sales load. If reflected, the performance would have been lower. Please see the

fund prospectus for more details.

MORNINGSTAR RANKINGS

1 Year

3 Year

5 Year

10 Year

Morningstar Ranking

315/413

100/391

108/351

153/265

Quartile Rank

4

2

2

3

Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall

ranking. For periods not shown, Morningstar does not provide rankings based on synthetic performance.

Key Risks: 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. International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. 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. Any loss on short positions may or may not be offset by investing short-sale proceeds in other investments. 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.

The Fund's information prior to June 12, 2017 is the information for the Fund when it followed different investment strategies under the name "BlackRock Mid Cap Value Opportunities Fund."

KEY FACTS

Size of Fund (Millions)

$657.4M

Fund Launch Date

02/01/1995

Share Class Launch Date

02/01/1995

Morningstar Category

Mid-Cap Value

Number Of Holdings

100

Benchmark

Russell MidCap Value Index

ANNUAL EXPENSES

Gross Expense Ratio

1.19%

Net Expense Ratio

1.00%

The Net Expense Ratio excluding Investment

Related Expenses is 0.99% Investment Related

Expenses include acquired fund fees of 0.01%,

and interest expense (cost of borrowing securities

to seek to enhance return or reduce risk) of 0.00%,

and certain other expenses, if applicable.

Expenses stated as of the fund's most recent

prospectus. The difference between gross and net

expense ratios are due to contractual and/or

voluntary waivers, if applicable.

PORTFOLIO MANAGEMENT

Tony DeSpirito

David Zhao

TOP HOLDINGS (%)2

SS&C TECHNOLOGIES HOLDINGS INC 2.54

COGNIZANT TECHNOLOGY SOLUTIONS

CORPORATION

2.21

AMERICAN INTERNATIONAL GROUP INC 2.13

EQUITABLE HOLDINGS INC

2.06

FLEETCOR TECHNOLOGIES INC

2.06

APOLLO ASSET MANAGEMENT INC

1.93

CIGNA CORP

1.90

KOMATSU LTD

1.86

RALPH LAUREN CORP

1.86

BAE SYSTEMS PLC

1.83

Total of Portfolio

20.38

TOP SECTORS (%)2

Financials Information Technology Health Care Consumer Discretionary Industrials Utilities Energy Communication Materials Cash and/or Derivatives Consumer Staples Other

PORTFOLIO CHARACTERISTICS

Forward Price to Earnings Price to Book Ratio Average Market Capitalization (millions)

Fund Benchmark Active

24.2

16.4

7.8

11.7

10.3

1.4

10.8

8.0

2.8

9.7

10.5

-0.8

9.6

15.5

-5.9

6.9

7.3

-0.4

5.3

5.0

0.3

4.8

3.5

1.3

4.7

7.5

-2.8

4.4

0.0

4.4

4.1

4.3

-0.2

3.8

11.7

-7.9

13.82x 1.91x $29,110.0M

MARKET CAPITALIZATION (%)2

Cash and Derivatives Large Cap ->$10bn Mid Cap - $2-$10bn Small Cap - ................
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