BlackRocks purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of June 30, 2019, the firm managed approximately $6.84 trillion in assets on behalf of investors worldwide.

YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior days close.

Overall Morningstar Rating for Equity Dividend Fund as of Jul 31, 2019 rated against 1,094 Large Value Funds.

Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Apr 09, 2019)

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.

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

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

Total return represents changes to the NAV and accounts for distributions from the fund.

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.

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

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

Rankings are based on total return excluding sales charges.

Rankings are based on total return excluding sales charges.

Total return represents changes to the NAV and accounts for distributions from the fund.

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.

Total return represents changes to the NAV and accounts for distributions from the fund.

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.

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 investors 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 $10,000The 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.

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.

Interactive chart displaying fund performance. Javascript is required.

Interactive chart displaying fund performance. Javascript is required.

Total DistributionCurrent 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.

Interactive chart displaying fund performance. Javascript is required.

Total DistributionCurrent year distributions are not classified as Income, Short-Term Capital Gains, Long-Term Capital Gains, or Return of Capital until calendar year-end.

Past distributions are not indicative of future distributions.Click here, for the most recent distributions.

Key FactsKey FactsSize of Class (Millions)as of Aug 30, 2019$9,756.3 MSize of Fund (Millions)as of Aug 30, 2019$18,797.2 MShare Class launch dateNov 29, 1988Asset ClassEquityMorningstar CategoryLarge ValueLipper ClassificationEquity Income FundsBenchmark IndexRussell 1000 Value Index (Total Return)CUSIP09251M504Distribution FrequencyHow often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly.QuarterlyNumber of Holdingsas of Jul 31, 201986Max Offer Priceas of Aug 30, 2019$19.35Open to New InvestorsYesTurnover Percentas of Jul 31, 201936%Portfolio CharacteristicsPortfolio CharacteristicsP/B RatioThe price to book (P/B) value ratio is a fundamental measure used to determine if an investment is valued appropriately. The book value of a company is a measure of how much a companys assets are worth assuming the companys debts are paid off. Negative book values are excluded from this calculation and holding price to book ratios over 25 are set to 25.as of Jul 31, 20191.95P/E Ratio – ForwardThe forward price-to-earnings ratio is used to assess a companys valuation. To compute this ratio, the latest closing price is divided by the companys consensus mean EPS estimate for the next unreported fiscal year. The ratio represents a weighted harmonic mean of the forward price-to-earnings ratios of its holdings with negative values being excluded from the calculation.as of Jul 31, 201913.83Average Market Cap (Millions)The average size of the securities the fund invests in.as of Jul 31, 2019$ 136,352.9 MAlpha (3y)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 funds alpha.>

Compared to Russell 1000 Value Index (Total Return).br/br/Alpha is calculated at the portfolio level.br/br/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 funds alpha.as of Jul 31, 20190.16R-Squared (3y)as of Jul 31, 201995.68Beta (3y)as of Jul 31, 20190.95Best 3-Month Return Over the Last 3 Years3 months ending Mar 31, 201910.27%Worst 3-Month Return Over the Last 3 Years3 months ending Dec 31, 2018-12.23%Fund Standard Deviation (3y)as of Jul 31, 201911.69Active ShareActive 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 funds 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 Jul 31, 201977.13%

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

Net Expense RatioThe 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.

Net Expense Ratio excluding Investment Related Expenses is 0.72%

Acquired Fund Fees and ExpensesInvestment related expense that reflects the Funds pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, exchange traded funds, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund.0.01%

Interest expenseInvestment related expense that reflects the cost of borrowing securities to seek to enhance return or reduce risk. The amount of Interest Expense (if any) will fluctuate with each Funds use of certain investments.0.00%

OverallEquity 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 1094, 956 and 697 Large Value Funds, respectively. Performance results represent past performance and are no guarantee of future results.br /br /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 products 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.br /br /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 Aug 31, 2019 rated against 1094 Large Value Funds.

Consistent ReturnEquity Dividend Fund received the following Consistent Return ratings for the 3-, 5-, and 10-year periods, respectively: 4 (472 funds), 5 (419 funds), and 4 (249 funds).br /br /Lipper ratings for Consistent Return reflect funds historical risk-adjusted returns, adjusted for volatility, relative to peers.

ExpenseEquity Dividend Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 4 (244 funds), 4 (211 funds), and 4 (102 funds).br /br /Lipper ratings for Expense reflect funds expense minimization relative to peers with similar load structures.

PreservationEquity Dividend Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 5 (12,230 funds), 5 (10,426 funds), and 5 (7,101 funds).br /br /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 ReturnEquity Dividend Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 4 (472 funds), 4 (419 funds), and 4 (249 funds).br /br /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 Jul 31, 2019 out of 472, 12,230, 472, 244 and 472 Funds, respectively in Lippers Equity Income Funds classification.

Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Apr 09, 2019) ‡

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.

BlackRock Fundamental Active Equity Investment Team

Antonio (Tony) DeSpirito, Managing Director, is Director of Investments, U.S. Fundamental Equities. In addition, he is head of the U.S. Income & Value Team and is the lead Portfolio Manager for the BlackRock Equity Dividend portfolios.

Prior to joining BlackRock in 2014, Mr. DeSpirito worked at Pzena Investment Management, where he served as Managing Principal, portfolio manager, and a member of the firms Executive Committee. Mr. DeSpirito was responsible for a suite of long-only value products and two hedge fund portfolios. Having managed value equity assets since 1996, Mr. DeSpirito served as a portfolio manager for the John Hancock Classic Value, PACE Large Company Value, and Vanguard Windsor funds.

Mr. DeSpirito earned a BS degree in economics with a concentration in finance, summa cum laude, from the Wharton School of the University of Pennsylvania in 1990, and a JD degree, magna cum laude, from Harvard Law School in 1993.

Franco Tapia, CFA, Managing Director, is Co-Director of Research for the US Income & Value team within the Fundamental Active Equity business of BlackRocks Active Equities Group. Mr. Tapia is a Portfolio Manager for the BlackRock Equity Dividend portfolios. He also has partial research coverage for the consumer sectors.

Prior to joining BlackRock, Franco was a Senior Equity Research Analyst and Portfolio Manager at Pzena Investment Management covering IT services & hardware, EM banks, US REITs, US P&C insurance and US retail as well as being an EM & US small cap generalist. Prior to his role at Pzena, Franco worked as a consultant at the Boston Consulting Group, and earlier as a financial advisor within the Private Client Group at Morgan Stanley. Franco began his career as a consultant at what is now IBM Strategy and Analysis.

Franco holds a MBA from The Wharton School of the University of Pennsylvania, where he graduated as a Palmer Scholar. Franco also holds a BA of Arts with a major in Economics from Harvard University where he graduated with honors.

David Zhao, Managing Director, is Co-Director of Research for the US Income & Value team within the Fundamental Active Equity business of BlackRocks Active Equities Group. Mr. Zhao is a Portfolio Manager for the BlackRock Equity Dividend portfolios.

He also has partial research coverage for the information technology and telecoms sectors. Prior to joining BlackRock, David was a Global Equity Senior Research Analyst and Principal at Pzena Investment Management covering technology, US banks/brokers, medical technology, non-life insurance, financial technology and select industrials. David began his career as an Analyst at Lehman Brothers covering technology M and later within the Institutional Equities Corporate Strategy Group.

David holds a BA of Arts with degrees in Economics and Computer Information Systems and graduated Cum Laude from Northwestern University.

Share this fund with your financial planner to find out how it can fit in your portfolio.

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 theiShares FundandBlackRock Fundprospectus 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 Morningstars 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 Groups conviction in a funds prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Groups 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 Morningstars Analyst Rating, including its methodology, please go /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 Funds 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).