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

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Investor guide

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Performance

Returns

Average Annual
Cumulative
Calendar Year

as of

	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.	-7.17	8.00	6.59	10.93	9.58
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.	-8.27	6.95	5.95	11.18	9.79
Morningstar Category Avg. (%) Large Value	-5.45	11.42	7.77	12.87	-
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	343/1217	210/1077	171/919	289/668	-
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	2	1	1	2	-
Lipper Category Avg. (%) Equity Income Funds	-7.24	6.88	5.44	10.60	-
Lipper Ranking Rankings are based on total return excluding sales charges.	260/540	148/467	118/403	107/247	-
Lipper Quartile Rankings are based on total return excluding sales charges.	2	2	2	2	-

Missing average annual returns data

as of

	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.	-7.17	-8.60	-12.23	-7.17	25.96	37.60	182.06	1,468.92
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.	-8.27	-9.60	-11.72	-8.27	22.35	33.49	188.52	1,561.67
Morningstar Category Avg. (%) Large Value	7.72	7.72	0.02	-5.45	38.31	45.41	235.56	-
Lipper Category Avg. (%) Equity Income Funds	-7.24	-8.48	-11.33	-7.24	22.26	30.71	175.30	-

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.	9.35	-0.10	16.21	16.76	-7.17
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.	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.

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

Equity Dividend Fund ($)

Cum. Fund Perf. Since Inception: 1,577.99

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

Interactive chart displaying fund performance. Javascript is required.

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 Feb 19, 2019 $10,118.7 M

Size of Fund (Millions) as of Feb 19, 2019 $19,258.2 M

Share Class launch date Nov 29, 1988

Asset Class Equity

Morningstar Category Large Value

Lipper Classification Equity Income Funds

Benchmark Index Russell 1000 Value Index (Total Return)

CUSIP 09251M504

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 Jan 31, 2019 85

Max Offer Price as of Feb 19, 2019 $20.52

Open to New Investors Yes

Turnover Percent as of Jan 31, 2019 36%

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 Jan 31, 2019 2.05

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 Jan 31, 2019 13.41

Average Market Cap (Millions) The average size of the securities the fund invests in. as of Jan 31, 2019 $ 141,324.0 M

Alpha (3y) Compared to Russell 1000 Value Index (Total Return). 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 Jan 31, 2019 0.09

R-Squared (3y) as of Jan 31, 2019 94.95

Beta (3y) as of Jan 31, 2019 0.95

Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2017 9.56%

Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -12.23%

Fund Standard Deviation (3y) as of Jan 31, 2019 10.91

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 Jan 31, 2019 72.62%

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	0.73%
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 Nov 30, 2019.	0.73%

Net Expense Ratio excluding Investment Related Expenses is 0.72%

Ratings

Morningstar Rating

Overall Equity Dividend Fund received a Morningstar Rating of 4 stars for the 3-year period, 4 stars for the 5-year period and 3 stars for the 10-year period, rated against 1104, 944 and 687 Large Value Funds, respectively. Performance results represent past performance and are no guarantee of future results. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. 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 Jan 31, 2019 rated against 1104 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 (467 funds), 5 (406 funds), and 4 (247 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 (242 funds), 4 (207 funds), and 4 (102 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 (12,205 funds), 5 (10,331 funds), and 5 (6,971 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.

Total Return Equity Dividend Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 4 (467 funds), 4 (406 funds), and 3 (247 funds). Lipper ratings for Total Return reflect funds' historical total return performance relative to peers.

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 Jan 31, 2019 out of 467, 12,205, 467, 242 and 467 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 Nov 29, 2018) ‡

Holdings

as of Dec 31, 2018

Name	Weight (%)
VERIZON COMMUNICATIONS INC	4.26
PFIZER INC	4.15
JPMORGAN CHASE & CO	3.62
WELLS FARGO & COMPANY	3.41
BANK OF AMERICA CORP	2.80

Name	Weight (%)
CITIGROUP INC	2.74
ANTHEM INC	2.65
ORACLE CORPORATION	2.59
MICROSOFT CORPORATION	2.39
ASTRAZENECA PLC	2.06

as of Dec 31, 2018

% of Market Value

Type	Fund	Benchmark	Net

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as of Dec 31, 2018

% of Market Value

Type	Fund	Benchmark	Net

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as of Dec 31, 2018

% of Market Value

Type	Fund	Benchmark	Net

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as of Dec 31, 2018

% 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

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.

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.

‡Morningstar Analyst Rating^™is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

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.

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