Equity Dividend Fund | MADVX

Overview

A portfolio built on dividend growth

The BlackRock Equity Dividend Fund has amassed a record of strong performance through diverse market environments by focusing on companies that pay and grow their dividends.

U.S.-CENTRIC BLEND OF QUALITY, COMPANIES

Dividend-paying stocks assist investors by providing income, growth, a degree of stability

PROVEN RECORD OF SUSTAINED DIVIDEND GROWTH

Fund has delivered higher dividend growth over past decade than its benchmark, peers

HISTORY OF LOWER VOLATILITY EQUITY RETURNS

Over the past 10 years, the fund has outperformed its benchmark and peer group average

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Positioning & performance

Get an overview of Equity Dividend or deep dive into performance data.
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Market outlook

10 reasons to invest

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10 reasons to invest

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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	5.68	9.02	9.60	7.10	9.76
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.	2.86	9.87	11.35	6.13	-
Morningstar Category Avg. (%) Large Value	-0.09	7.97	9.37	5.52	-
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	204/1,368	362/1,169	498/1,030	123/756	-
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	1	2	2	1	-
Lipper Category Avg. (%) Equity Income Funds	3.14	8.29	9.29	6.40	-
Lipper Ranking Rankings are based on total return excluding sales charges.	154/518	177/427	154/312	79/208	-
Lipper Quartile Rankings are based on total return excluding sales charges.	2	2	2	2	-

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	4.77	0.97	4.22	5.68	29.59	58.14	98.51	1,205.00
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.	6.30	0.86	4.58	2.86	32.62	71.19	81.29	-
Morningstar Category Avg. (%) Large Value	4.01	0.03	2.68	-0.09	25.87	56.47	71.17	-
Lipper Category Avg. (%) Equity Income Funds	6.41	1.19	3.43	3.14	27.21	56.53	87.41	-

Missing cumulative returns data

	2011	2012	2013	2014	2015
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	5.92	12.18	24.67	9.35	-0.10
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.	0.39	17.51	32.53	13.45	-3.83
Morningstar Category Avg. (%) Large Value	-0.75	14.57	31.21	10.21	-4.05

Missing calendar year returns data

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.

Distributions

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Recent
Calendar Year

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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

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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.

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, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Size of Class (Millions) as of 28-Sep-2016 $11,068.9 M

Size of Fund (Millions) as of 28-Sep-2016 $20,771.2 M

Share Class launch date 29-Nov-1988

Asset Class Equity

Morningstar Category Large Value

Lipper Classification Equity Income Funds

Benchmark Index Russell 1000 Value Index (Total Return)

CUSIP 09251M504

Net, Including Investment Related Expenses Expenses stated as of the fund's most recent prospectus. Investment dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses are included in the Net, Including Investment Related expenses and excluded from the Net, Excluding Investment Related expenses. BlackRock may contractually agree to waive or reimburse certain fees and expenses until a specified date. Contractual waivers terminable upon 90 days’ notice by the fund's independent trustees or majority vote of outstanding fund securities. BlackRock may also voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. For LifePath Portfolios, the Net, Including Investment Related expense ratio includes a contractual waiver equal to the amount of the acquired fund fees and independent expenses of the funds. Please see the prospectus for additional information. 0.70%

Net, Excluding Investment Related Expenses 0.70%

Gross Expense Ratio 0.70%

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Quarterly

Number of Holdings as of 31-Aug-2016 88

Max Offer Price as of 28-Sep-2016 $22.26

Open to New Investors Yes

Turnover Percent as of 31-Aug-2016 25%

Portfolio Characteristics

P/E Ratio The price to earnings ratio is a fundamental measure used to determine if an investment is valued appropriately. Each holdings' P/E is the latest closing price divided by the latest 12 months' earnings per share. Negative earnings are excluded, extraordinary items are excluded, and P/E ratios over 60 are set to 60. as of 31-Aug-2016 17.38

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 31-Aug-2016 2.02

Average Market Cap (Millions) The average size of the securities the fund invests in. as of 31-Aug-2016 $125,717.2 M

Alpha (3y) Compared to . 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 31-Aug-2016 0.05

R-Squared (3y) as of 31-Aug-2016 96.60

Beta (3y) as of 31-Aug-2016 0.94

Best 3-Month Return Over the Last 3 Years 3 months ending 31-Dec-2013 9.91%

Worst 3-Month Return Over the Last 3 Years 3 months ending 29-Feb-2016 -6.40%

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

Ratings

Morningstar Rating

Overall Equity Dividend Fund received a Morningstar Rating of 4 stars for the 3-year period, 3 stars for the 5-year period and 5 stars for the 10-year period, rated against 1,179, 1,039 and 761 Large Value Funds, respectively. Performance results represent past performance and are no guarantee of future results. For each U.S.-domiciled fund with at least a 3-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) 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. Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

Overall Morningstar Rating for Equity Dividend Fund, Class Inst, as of 31-Aug-2016 rated against 1,179 Large Value Funds.

Lipper Leader

Lipper Leader Ratings

Consistent Return Equity Dividend Fund received the following Consistent Return ratings for the 3-, 5-, and 10-year periods, respectively: 4 (432 funds), 3 (312 funds), and 4 (209 funds). Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.

Expense Equity Dividend Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 4 (213 funds), 4 (136 funds), and 4 (66 funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Preservation Equity Dividend Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 5 (11,726 funds), 5 (9,838 funds), and 5 (6,212 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 31-Aug-2016 out of 432, 11,726, 432, 213 and 432 Funds, respectively in Lipper's Equity Income Funds classification.

Morningstar Analyst Rating

Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective 14-Oct-2015) ‡

Holdings

as of 31-Aug-2016

Name	Weight (%)
PFIZER INC	3.47
JPMORGAN CHASE & CO	3.19
GENERAL ELECTRIC CO	3.11
BANK OF AMERICA CORP	3.08
WELLS FARGO & COMPANY	2.83

Name	Weight (%)
CITIGROUP INC	2.24
MERCK & CO INC	2.17
MICROSOFT CORPORATION	2.14
OCCIDENTAL PETROLEUM CORPORATION	2.07
HOME DEPOT INC	1.87

as of 31-Aug-2016

% of Market Value

Type	Fund	Benchmark	Net

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Regions
Countries

as of 31-Aug-2016

% of Market Value

Type	Fund

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as of 31-Aug-2016

% of Market Value

Type	Fund

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Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.

as of 31-Aug-2016

% 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

Managing Director, Co-head and co-portfolio manager of the BlackRock Equity Dividend Fund Team

Managing Director, Lead Portfolio Manager for Equity Dividend Fund and Natural Resources Fund

Director

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 ETF 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.

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.

‡The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar’s analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analyst’s overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar’s global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A "Bronze"-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. Analyst Ratings are reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please click here.

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar's current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar's expectations not to occur or to differ significantly from what we expected.

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”).

©2016 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iTHINKING, 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-10291

Performance

Performance

Returns

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.

Distributions

Key Facts

Key Facts

Portfolio Characteristics

Portfolio Characteristics

Ratings

Ratings

Morningstar Rating

Lipper Leader

Morningstar Analyst Rating

Holdings

Holdings

Exposure Breakdowns

Exposure Breakdowns

Portfolio Managers

Portfolio Managers

Literature

Literature

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How to Buy BlackRock Funds

Important Information