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AUGUST 28, 2026
Summary Prospectus
BlackRock Equity Dividend Fund | Service Shares Service Shares: MSDVX
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders and other information about the Fund, including the Fund’s statement of additional information, online at https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 537-4942 or by sending an e-mail request to prospectus.request@blackrock.com , or from your financial professional. The Fund’s prospectus and statement of additional information, both dated August 28, 2025, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.
This Summary Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.
Not FDIC Insured • May Lose Value • No Bank Guarantee
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Summary Prospectus
Key Facts About BlackRock Equity Dividend Fund
Investment Objective
The investment objective of BlackRock Equity Dividend Fund (the “Fund”) is to seek long-term total return and current income.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell Service Shares of the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” You may pay other fees, such as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Service Shares Management Fee 1 0.56% Distribution and/or Service (12b-1) Fees 0.25% Other Expenses 0.19% Acquired Fund Fees and Expenses 2 0.01% Total Annual Fund Operating Expenses 2 1.01% Fee Waivers and/or Expense Reimbursements 1,3 (0.04)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1,3 0.97% 1 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s assets estimated to be attributable to investments in other equity and fixed income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. 2 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. 3 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 29, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.96% of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. Example: 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:
1 Year 3 Years 5 Years 10 Years Service Shares $99 $318 $554 $1,233
Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its por tfolio). A higher por tfolio turnover rate 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 per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was 75% of the average value of its por tfolio.
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Principal Investment Strategies of the Fund
The Fund seeks to achieve its objective by investing primarily in a diversified por tfolio of equity securities. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such 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 conver tible securities and non-conver tible preferred stock. Equity securities include common stock, preferred stock, or securities or other instruments whose price is linked to the value of common stock. For purposes of the Fund’s 80% policy, dividend-paying equity securities are securities of companies that pay out a por tion of their profits to shareholders of such securities on a periodic basis (i.e., at least once within the company’s latest fiscal year).
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. The Fund may invest in the securities of foreign issuers in the form of American Depositary Receipts, European Depositary Receipts or other securities conver tible into securities of foreign issuers.
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.
Principal Risks of Investing in the Fund
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 par t or all of your investment in the Fund or your investment may not per form as well as other similar investments. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks of investing in the Fund. The relative significance of each risk factor below may change over time and you should review each risk factor carefully. Equity Securities Risk — 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. Income Producing Stock Availability Risk — 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. Investment Style Risk — Under cer tain market conditions, value investments have per formed better during periods of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underper form other equity funds that use different investment styles. Foreign Securities Risk — 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: 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. Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio. The economies of cer tain 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. The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets. 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. Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.
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The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full, which will adversely affect the Fund’s net asset value. Convertible Securities Risk — The market value of a conver tible security per forms like that of a regular debt security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible securities are subject to the risk that the issuer will not be able to pay interest, principal 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 creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the conver tible security. Large-Capitalization Companies Risk — Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The per formance of large-capitalization companies could trail the overall per formance of the broader securities markets. Market Risk and Selection Risk — 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. An investor could lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market movements and over longer periods during market downturns. Securities or other investments held by the Fund may underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events. This means you may lose money. Recent policy initiatives under taken by the U.S. government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. Operational and Technology Risks — The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. Preferred Securities Risk — 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 securities of larger companies. Risk of Investing in the United States — Cer tain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.
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Performance Information
The information shows you how the Fund’s per formance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s per formance to that of the Standard & Poor’s (S&P) 500 Index and the Russell 1000 Value Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. To the extent that dividends and distributions have been paid by the Fund, the per formance information for the Fund in the char t and table assumes reinvestment of the dividends and distributions. As with all such investments, past per formance (before and after taxes) is not an indication of future results. The table includes all applicable fees. If the Fund’s investment manager and its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s per formance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at 800-882-0052.
Service Shares ANNUAL TOTAL RETURNS BlackRock Equity Dividend Fund As of 12/31
15.95% 16.47%
-7.45%
27.10%
3.64%
20.00%
-4.25%
12.28% 9.41%
21.37%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
During the ten-year period shown in the bar char t, the highest return for a quar ter was 17.31% (quar ter ended December 31, 2020) and the lowest return for a quar ter was -24.40% (quar ter ended March 31, 2020). The year-to date return as of June 30, 2026 was 12.27%.
For the periods ended 12/31/25 Average Annual Total Returns 1 Year 5 Years 10 Years BlackRock Equity Dividend Fund — Service Shares Return Before Taxes 21.37% 11.37% 10.93% Return After Taxes on Distributions 18.39% 8.56% 8.17% Return After Taxes on Distributions and Sale of Fund Shares 14.31% 8.39% 8.14% S&P 500 Index (Reflects no deduction for fees, expenses or taxes) 17.88% 14.42% 14.82% Russell 1000 Value Index (Reflects no deduction for fees, expenses or taxes) 15.91% 11.33% 10.53%
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.
Investment Manager
The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).
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Portfolio Managers
Portfolio Manager
Portfolio Manager of the Fund Since Title Cem Inal 2025 Managing Director of BlackRock, Inc. David Zhao 2017 Managing Director of BlackRock, Inc.
Purchase and Sale of Fund Shares
You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell shares you should contact your Financial Intermediary or, if you hold your shares through the Fund, you should contact the Fund by phone at (800) 537-4942, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:
Service Shares Minimum Initial Investment $5,000 Minimum Additional Investment There is no minimum amount for additional investments.
Tax Information
The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to U.S. federal income tax when distributions are received from such tax-deferred arrangements.
Payments to Broker/Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.
These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial professional to recommend the Fund over another investment.
Ask your individual financial professional or visit your Financial Intermediary’s website for more information.
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INVESTMENT COMPANY ACT FILE # 811-5178 SPRO-EQD-SVC-0826
NM1026U-5993062-8/8
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"text": "Annual Fund Operating Expenses"
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"text": "percentage of the value of your investment) Service Shares"
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"text": "Acquired Fund Fees and Expenses"
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"text": "waive the management fee with respect to any por tion of the Fund\u2019s assets estimated to be attributable to investments in other equity and fixed"
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"text": "income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through"
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"text": "June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the"
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"text": "The contractual agreements may be terminated upon 90 days\u2019 notice by a majority of the non-interested trustees of the Fund or by a vote of a"
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"text": "majority of the outstanding voting securities of the Fund."
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"text": "The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund\u2019s most recent"
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"text": "Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses."
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"text": "waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense"
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"text": "Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 0.96%"
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"text": "of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days\u2019 notice by a majority of the non"
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"text": "interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund."
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"text": "Example:"
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"text": "This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other"
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"text": "mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then"
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"text": "redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%"
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"text": "return each year and that the Fund\u2019s operating expenses remain the same. Although your actual costs may be higher"
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"text": "or lower, based on these assumptions your costs would be:"
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"text": "1 Year 3 Years 5 Years 10 Years"
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"text": "Service Shares $99 $318 $554 $1,233"
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"text": "Portfolio Turnover:"
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"text": "The Fund pays transaction costs, such as commissions, when it buys and sells securities (or \u201cturns over\u201d its"
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"text": "por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when"
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"text": "shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the"
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"text": "Example, affect the Fund\u2019s per formance. During the most recent fiscal year, the Fund\u2019s por tfolio turnover rate was"
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"text": "75% of the average value of its por tfolio."
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"text": "Principal Investment Strategies of the Fund"
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"text": "The Fund seeks to achieve its objective by investing primarily in a diversified por tfolio of equity securities. Under"
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"text": "normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment"
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"text": "purposes, in dividend-paying equity securities and derivatives that provide investment exposure to such securities or to"
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"text": "one or more market risk factors associated with such securities. The Fund may invest in securities of companies with"
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"text": "any market capitalization, but will generally focus on large cap securities. The Fund may also invest in conver tible"
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"text": "securities and non-conver tible preferred stock. Equity securities include common stock, preferred stock, or securities"
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"text": "or other instruments whose price is linked to the value of common stock. For purposes of the Fund\u2019s 80% policy,"
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"text": "such securities on a periodic basis (i.e., at least once within the company\u2019s latest fiscal year)."
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"text": "Principal Risks of Investing in the Fund"
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"text": "Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive"
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"text": "on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your"
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"text": "\u2014 Stock markets are volatile. The price of equity securities fluctuates based on changes in a"
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