0000814507 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:ServiceMember 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:PrimeMember 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:PrimeMember bedf:C000100227Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:PrimeMember bedf:C000005780Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:PrimeMember rr:AfterTaxesOnDistributionsMember bedf:C000005780Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:PrimeMember rr:AfterTaxesOnDistributionsAndSalesMember bedf:C000005780Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:PrimeMember bedf:RussellOneThousandMember 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:PrimeMember bedf:StandardAndPoorsMember 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:ServiceMember bedf:C000038256Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:InvestorAndInstitutionalMember 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:InvestorAndInstitutionalMember bedf:C000005780Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:InvestorAndInstitutionalMember bedf:C000005781Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:InvestorAndInstitutionalMember bedf:C000005782Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:InvestorAndInstitutionalMember bedf:C000005783Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:InvestorAndInstitutionalMember bedf:C000005784Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:ServiceMember rr:AfterTaxesOnDistributionsMember bedf:C000038256Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:ServiceMember rr:AfterTaxesOnDistributionsAndSalesMember bedf:C000038256Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:ServiceMember bedf:RussellThousandValueIndexMember 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:ServiceMember bedf:StandardAndPoorsSandPFiveHundredIndexMember 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:InvestorAndInstitutionalMember rr:AfterTaxesOnDistributionsMember bedf:C000005780Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:InvestorAndInstitutionalMember rr:AfterTaxesOnDistributionsAndSalesMember bedf:C000005780Member 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:InvestorAndInstitutionalMember bedf:RussellThousandValueIndexMember 2011-11-29 2012-11-28 0000814507 bedf:S000002243Member bedf:InvestorAndInstitutionalMember bedf:StandardAndPoorsSandPFiveHundredIndexMember 2011-11-29 2012-11-28 pure iso4217:USD 485BPOS 2012-07-31 0000814507 false 2012-11-27 2012-11-28 2012-11-28 BLACKROCK EQUITY DIVIDEND FUND Fund Overview<br/><br/><b>Key Facts about BlackRock Equity Dividend Fund</b> <b>Investment Objective</b> The investment objective of BlackRock Equity Dividend Fund (the Fund) is to seek long-term total return and current income. <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold Service Shares of the Fund. <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment) <b>Example:</b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 3% of the average value of its portfolio. <b>Principal Investment Strategies of the Fund</b> The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities. Under normal circumstances, the Fund will invest at least 80% of its assets in equity securities and at least 80% of its assets in dividend paying securities. The Fund may invest in securities of companies with any market capitalization, but will generally focus on large cap securities. The Fund may also invest in convertible securities and non-convertible preferred stock. Equity securities include common stock, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock.<br/><br/>The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.<br/><br/>BlackRock chooses investments for the Fund that it believes will both increase in value over the long term and provide current income, focusing on investments that will do both instead of those that will favor current income over capital appreciation. <b>Principal Risks of Investing in the Fund</b> Fund Overview<br/><br/><b>Key Facts about BlackRock Equity Dividend Fund</b> <b>Investment Objective</b> 0.03 The investment objective of BlackRock Equity Dividend Fund (the “Fund”) is to seek long-term total return and current income. <b>Fees and Expenses of the Fund</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Funds most recent annual report, which does not include Acquired Fund Fees and Expenses. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> 0 0.01 0.0057 0.008 0.0026 0.0001 0.0164 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund's most recent annual report, which does not include Acquired Fund Fees and Expenses. <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBLACKROCKEQUITYDIVIDENDFUNDInvestorC1shares column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBLACKROCKEQUITYDIVIDENDFUNDInvestorC1shares column period compact * ~</div> 267 517 892 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBLACKROCKEQUITYDIVIDENDFUNDInvestorC1shares column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBLACKROCKEQUITYDIVIDENDFUNDInvestorC1shares column period compact * ~</div> 1944 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKEQUITYDIVIDENDFUNDInvestorC1sharesBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBLACKROCKEQUITYDIVIDENDFUNDInvestorC1shares column period compact * ~</div> You would pay the following expenses if you did not redeem your shares: 1944 892 517 167 <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 3% of the average value of its portfolio. 0.03 <b>Principal Investment Strategies of the Fund</b> The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities. Under normal circumstances, the Fund will invest at least 80% of its assets in equity securities and at least 80% of its assets in dividend paying securities. The Fund may invest in securities of companies with any market capitalization, but will generally focus on large cap securities. The Fund may also invest in convertible securities and non-convertible preferred stock. Equity securities include common stock, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock.<br/><br/>The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies. <br/><br/>BlackRock chooses investments for the Fund that it believes will both increase in value over the long term and provide current income, focusing on investments that will do both instead of those that will favor current income over capital appreciation. <b>Principal Risks of Investing in the Fund</b> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <b>Performance Information</b> Investor C1 Shares commenced operations on September 12, 2011. As a result, the chart gives you a picture of the long-term performance of the Fund for Investor A Shares, which are not offered in this prospectus. Investor A Shares would have annual returns substantially similar to Investor C1 Shares differing only to the extent that Investor A and Investor C1 Shares have different expenses. The actual return of Investor C1 Shares would generally be lower than that of Investor A Shares because Investor C1 Shares are subject to higher distribution and/or service (12b-1) fees than Investor A Shares. <br /><br />The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Value Index and the Standard & Poor’s (S&P) 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. The returns in the table for Investor C1 Shares, which commenced operations on September 12, 2011, are based on the Fund’s Institutional Shares adjusted to reflect the applicable distribution and service (12b-1) fees. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. <b>Investor A Shares<br/>ANNUAL TOTAL RETURNS<br />BlackRock Equity Dividend Fund<br />As of 12/31 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. During the ten-year period shown in the bar chart, the highest return for a quarter was 13.37% (quarter ended June 30, 2009) and the lowest return for a quarter was -19.28% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 11.73%. <b>As of 12/31/11<br />Average Annual Total Returns</b> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. year-to-date return 2012-09-30 0.1173 highest return 2009-06-30 0.1337 lowest return 2008-12-31 -0.1928 0.056 0.1292 0.2188 -0.3279 0.1447 0.1898 0.1232 0.1493 0.2593 -0.115 0.0006 -0.006 0.0004 0.0401 0.0039 0.0211 0.0114 0.0044 0.0058 0.0173 -0.0264 -0.0025 0.0613 0.0545 0.0496 0.0614 0.0389 0.0292 Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li><b>Convertible Securities Risk</b>  The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuers credit rating or the markets perception of the issuers creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock. </li></ul><ul type="square"><li><b>Equity Securities Risk</b>  Stock markets are volatile. The price of equity securities fluctuates based on changes in a companys financial condition and overall market and economic conditions.</li></ul><ul type="square"><li><b>Foreign Securities Risk</b>  Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</li></ul> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</td></tr></table><ul type="square"><li><b>Income Producing Stock Availability Risk</b>  Depending upon market conditions, income producing common stock that meets the Funds investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.</li></ul><ul type="square"><li><b>Market Risk and Selection Risk</b>  Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul><ul type="square"><li><b>Preferred Securities Risk</b>  Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a companys preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the companys financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.</li></ul> <b>Performance Information</b> The information shows you how the Funds performance has varied year by year and provides some indication of the risks of investing in the Fund. The Service Shares commenced operations on October 2, 2006. Prior to the inception of the Service Share class, the Funds performance is based on the Institutional Shares, which are offered by a separate prospectus, for each of the past ten calendar years. The returns for Service Shares, however, are adjusted to reflect the service (12b-1) fees applicable to Service Shares. The table compares the Funds performance to that of the Russell 1000<sup>®</sup> Value Index and the Standard & Poors (S&P) 500<sup>®</sup> Index, which are relevant to the Fund because they have characteristics similar to the Funds investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Funds investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Funds returns would have been lower. Updated information on the Funds performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. During the ten-year period shown in the bar chart, the highest return for a quarter was 13.34% (quarter ended June 30, 2009) and the lowest return for a quarter was 19.21% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 11.71%. <b>As of 12/31/11<br />Average Annual Total Returns</b> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investors tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The information shows you how the Funds performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. http://www.blackrock.com/funds 800-882-0052 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investors tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. year-to-date return 2012-09-30 0.1171 highest return 2009-06-30 0.1334 lowest return 2008-12-31 -0.1921 -0.1149 0.2592 0.1492 0.1237 0.1894 0.1444 -0.3272 0.2188 0.1302 0.0563 Fund Overview<br/><br/><b>Key Facts about BlackRock Equity Dividend Fund</b> <b>Investment Objective</b> The investment objective of BlackRock Equity Dividend Fund (the “Fund”) is to seek long-term total return and current income. <b>Fees and Expenses of the Fund</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 15 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-58 of the Fund’s statement of additional information. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a<br/> percentage of the value of your investment)</b> <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 3% of the average value of its portfolio. <b>Example:</b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Principal Investment Strategies of the Fund</b> The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities. Under normal circumstances, the Fund will invest at least 80% of its assets in equity securities and at least 80% of its assets in dividend paying securities. The Fund may invest in securities of companies with any market capitalization, but will generally focus on large cap securities. The Fund may also invest in convertible securities and non-convertible preferred stock. Equity securities include common stock, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock.<br/><br/>The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.<br/><br/>BlackRock chooses investments for the Fund that it believes will both increase in value over the long term and provide current income, focusing on investments that will do both instead of those that will favor current income over capital appreciation. <b>Principal Risks of Investing in the Fund</b> Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li><b>Convertible Securities Risk </b>— The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock. </li></ul> <ul type="square"><li><b>Equity Securities Risk </b>— Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li><b>Foreign Securities Risk </b>— Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include: </li></ul><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"><tr><td width="4%"></td><td valign="top" width="3%" align="left">—</td><td valign="top" align="left">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</td></tr></table><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"><tr><td width="4%"></td><td valign="top" width="3%" align="left">—</td><td valign="top" align="left">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </td></tr></table><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"><tr><td width="4%"></td><td valign="top" width="3%" align="left">—</td><td valign="top" align="left">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </td></tr></table><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"><tr><td width="4%"></td><td valign="top" width="3%" align="left">—</td><td valign="top" align="left">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </td></tr></table><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"><tr><td width="4%"></td><td valign="top" width="3%" align="left">—</td><td valign="top" align="left">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.</td></tr></table><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"><tr><td width="4%"></td><td valign="top" width="3%" align="left">—</td><td valign="top" align="left">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</td></tr></table><ul type="square"><li><b>Income Producing Stock Availability Risk </b>— Depending upon market conditions, income producing common stock that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.</li></ul><ul type="square"><li><b>Market Risk and Selection Risk </b>— Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </li></ul><ul type="square"><li><b>Preferred Securities Risk </b>— Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.</li></ul> <b>Performance Information</b> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Class R Shares commenced operations on January 3, 2003. Prior to the inception of the Class R Shares, performance is based on the Fund’s Institutional Shares. The returns for Class R Shares, however, are adjusted to reflect the distribution and service (12b-1) fees applicable to Class R Shares. The table compares the Fund’s performance to that of the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Value Index and the Standard & Poor’s (S&P) 500<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. <b>Investor A Shares<br/>ANNUAL TOTAL RETURNS<br />BlackRock Equity Dividend Fund<br />As of 12/31</b> During the ten-year period shown in the bar chart, the highest return for a quarter was 13.37% (quarter ended June 30, 2009) and the lowest return for a quarter was –19.28% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 11.73%. <b>As of 12/31/11<br />Average Annual Total Returns</b> 0.03 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 25000 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent annual report, which does not include Acquired Fund Fees and Expenses. You would pay the following expenses if you did not redeem your shares: You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0 After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. 0 0.0057 0.0025 0.002 0.0001 0.0103 Investor C1 Shares commenced operations on September 12, 2011. As a result, the chart gives you a picture of the long-term performance of the Fund for Investor A Shares, which are not offered in this prospectus. Investor A Shares would have annual returns substantially similar to Investor C1 Shares differing only to the extent that Investor A and Investor C1 Shares have different expenses. The actual return of Investor C1 Shares would generally be lower than that of Investor A Shares because Investor C1 Shares are subject to higher distribution and/or service (12b-1) fees than Investor A Shares. 105 328 569 1259 0 0.045 0.01 0 0 0.0525 0 0 0 0 0.0563 0.049 0.0366 0.0039 0.0211 0.023 0.0155 0.0153 -0.0264 -0.0025 0.0673 0.0598 0.0546 0.0389 0.0292 0.0057 0.0057 0.0057 0.0057 0.0057 0.0025 0.01 0.01 0 0.005 0.0016 0.0022 0.0016 0.0014 0.0024 0.0001 0.0001 0.0001 0.0001 0.0001 0.0099 0.018 0.0174 0.0072 0.0132 621 633 277 74 134 824 916 548 230 418 1043 1175 944 401 723 1674 1903 2052 894 1590 The Service Shares commenced operations on October 2, 2006. Prior to the inception of the Service Share class, the Funds performance is based on the Institutional Shares, which are offered by a separate prospectus, for each of the past ten calendar years. The returns for Service Shares, however, are adjusted to reflect the service (12b-1) fees applicable to Service Shares. 183 177 566 548 975 944 <b>Service Shares<br/>ANNUAL TOTAL RETURNS<br />BlackRock Equity Dividend Fund<br />As of 12/31</b> 1903 2052 -0.115 0.2593 0.1493 0.1232 0.1898 0.1447 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBLACKROCKEQUITYDIVIDENDFUNDServiceShares column period compact * ~</div> -0.3279 0.2188 0.1292 0.056 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBLACKROCKEQUITYDIVIDENDFUNDServiceShares column period compact * ~</div> 0.0006 -0.006 0.0004 0.003 0.0382 0.0592 0.0525 0.0039 0.0211 0.0116 0.0044 0.0058 0.0107 0.015 0.0256 0.0193 -0.0264 -0.0025 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBLACKROCKEQUITYDIVIDENDFUNDServiceShares column period compact * ~</div> 0.0613 0.0545 0.0496 0.0605 0.059 0.07 0.065 0.0389 0.0292 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKEQUITYDIVIDENDFUNDServiceSharesBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBLACKROCKEQUITYDIVIDENDFUNDServiceShares column period compact * ~</div> year-to-date return 2012-09-30 0.1173 highest return 2009-06-30 0.1337 lowest return 2008-12-31 -0.1928 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBLACKROCKEQUITYDIVIDENDFUND column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBLACKROCKEQUITYDIVIDENDFUND column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBLACKROCKEQUITYDIVIDENDFUND column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBLACKROCKEQUITYDIVIDENDFUND column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKEQUITYDIVIDENDFUNDBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBLACKROCKEQUITYDIVIDENDFUND column period compact * ~</div> Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li><b> Convertible Securities Risk </b> — The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.</li></ul> <ul type="square"><li><b> Equity Securities Risk </b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul> <ul type="square"><li><b> Foreign Securities Risk </b> — Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</li></ul><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.</td></tr></table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 6px"></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</td></tr></table><ul type="square"><li><b> Income Producing Stock Availability Risk </b> — Depending upon market conditions, income producing common stock that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.</li></ul> <ul type="square"><li><b> Market Risk and Selection Risk </b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul> <ul type="square"><li><b> Preferred Securities Risk </b> — Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies. </li></ul> Investor C1 Shares commenced operations on September 12, 2011. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. There is no CDSC on Investor C1 Shares after one year. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund's most recent annual report, which does not include Acquired Fund Fees and Expenses. A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. There is no CDSC on Investor C Shares after one year. The CDSC is 4.50% if shares are redeemed in less than one year. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section "Details about the Share Classes - Investor B Shares" in the Fund's prospectus for the complete schedule of CDSCs.)