Shareholder Report
Jun. 30, 2026
USD ($)
Holding
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $183 | 1.63% |
How did the Fund perform last year?
- For the reporting period ended June 30, 2026, the Fund's Investor C Shares returned 24.00%.
- For the same period, the Fund’s benchmark, the Russell 1000 Index returned 22.01% and the Russell 1000 Value Index returned 27.09%.
What contributed to performance?
The largest positive contributor to the Fund’s performance was the allocation to the information technology sector, highlighted by holdings within the technology hardware, storage & peripherals industry. Positioning in both the consumer discretionary and materials sectors also contributed notably, particularly in the automobiles and containers & packaging subsectors, respectively.
What detracted from performance?
The largest detractor from performance was the allocation to the financials sector, where exposure to the financial services industry weighed most heavily on results. While there were no other detractors at the sector level during the period, exposure to the professional services and software industries also detracted from total return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: July 1, 2016 through June 30, 2026
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
| 1 Year | 5 Years | 10 Years | |||
| 24.00 | % | 10.68 | % | 10.55 | % |
| 23.00 | 10.68 | 10.55 | |||
| 22.01 | 12.66 | 15.29 | |||
| 27.09 | 11.17 | 11.52 |
Key Fund statistics
| $1,997,153,597 |
| 52 |
| $7,973,483 |
| 91% |
What did the Fund invest in?
(as of June 30, 2026)
Sector allocation
| Sector(a) | Percent of Net Assets |
|
| 17.6 | % | |
| 17.6 | ||
| 15.1 | ||
| 12.9 | ||
| 12.0 | ||
| 5.6 | ||
| 4.7 | ||
| 4.0 | ||
| 3.9 | ||
| 3.6 | ||
| 2.8 | ||
| 0.6 | ||
| (0.4 | ) |
Ten largest holdings
| Security(b) | Percent of Net Assets |
|
| 8.4 | % | |
| 6.4 | ||
| 3.2 | ||
| 3.0 | ||
| 2.8 | ||
| 2.7 | ||
| 2.7 | ||
| 2.7 | ||
| 2.6 | ||
| 2.5 |
| For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
| Excludes short-term securities. |
Ten largest holdings
| Security(b) | Percent of Net Assets |
|
| 8.4 | % | |
| 6.4 | ||
| 3.2 | ||
| 3.0 | ||
| 2.8 | ||
| 2.7 | ||
| 2.7 | ||
| 2.7 | ||
| 2.6 | ||
| 2.5 |
Material fund changes
This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after June 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after June 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $90 | 0.80% |
How did the Fund perform last year?
- For the reporting period ended June 30, 2026, the Fund's Investor A Shares returned 25.01%.
- For the same period, the Fund’s benchmark, the Russell 1000 Index returned 22.01% and the Russell 1000 Value Index returned 27.09%.
What contributed to performance?
The largest positive contributor to the Fund’s performance was the allocation to the information technology sector, highlighted by holdings within the technology hardware, storage & peripherals industry. Positioning in both the consumer discretionary and materials sectors also contributed notably, particularly in the automobiles and containers & packaging subsectors, respectively.
What detracted from performance?
The largest detractor from performance was the allocation to the financials sector, where exposure to the financial services industry weighed most heavily on results. While there were no other detractors at the sector level during the period, exposure to the professional services and software industries also detracted from total return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: July 1, 2016 through June 30, 2026
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
| 1 Year | 5 Years | 10 Years | |||
| 25.01 | % | 11.58 | % | 11.27 | % |
| 18.45 | 10.39 | 10.67 | |||
| 22.01 | 12.66 | 15.29 | |||
| 27.09 | 11.17 | 11.52 |
Key Fund statistics
| $1,997,153,597 |
| 52 |
| $7,973,483 |
| 91% |
What did the Fund invest in?
(as of June 30, 2026)
Sector allocation
| Sector(a) | Percent of Net Assets |
|
| 17.6 | % | |
| 17.6 | ||
| 15.1 | ||
| 12.9 | ||
| 12.0 | ||
| 5.6 | ||
| 4.7 | ||
| 4.0 | ||
| 3.9 | ||
| 3.6 | ||
| 2.8 | ||
| 0.6 | ||
| (0.4 | ) |
Ten largest holdings
| Security(b) | Percent of Net Assets |
|
| 8.4 | % | |
| 6.4 | ||
| 3.2 | ||
| 3.0 | ||
| 2.8 | ||
| 2.7 | ||
| 2.7 | ||
| 2.7 | ||
| 2.6 | ||
| 2.5 |
| For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
| Excludes short-term securities. |
Ten largest holdings
| Security(b) | Percent of Net Assets |
|
| 8.4 | % | |
| 6.4 | ||
| 3.2 | ||
| 3.0 | ||
| 2.8 | ||
| 2.7 | ||
| 2.7 | ||
| 2.7 | ||
| 2.6 | ||
| 2.5 |
Material fund changes
This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after June 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after June 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $62 | 0.55% |
How did the Fund perform last year?
- For the reporting period ended June 30, 2026, the Fund's Institutional Shares returned 25.30%.
- For the same period, the Fund’s benchmark, the Russell 1000 Index returned 22.01% and the Russell 1000 Value Index returned 27.09%.
What contributed to performance?
The largest positive contributor to the Fund’s performance was the allocation to the information technology sector, highlighted by holdings within the technology hardware, storage & peripherals industry. Positioning in both the consumer discretionary and materials sectors also contributed notably, particularly in the automobiles and containers & packaging subsectors, respectively.
What detracted from performance?
The largest detractor from performance was the allocation to the financials sector, where exposure to the financial services industry weighed most heavily on results. While there were no other detractors at the sector level during the period, exposure to the professional services and software industries also detracted from total return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: July 1, 2016 through June 30, 2026
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
| 1 Year | 5 Years | 10 Years | |||
| 25.30 | % | 11.87 | % | 11.57 | % |
| 22.01 | 12.66 | 15.29 | |||
| 27.09 | 11.17 | 11.52 |
Key Fund statistics
| $1,997,153,597 |
| 52 |
| $7,973,483 |
| 91% |
What did the Fund invest in?
(as of June 30, 2026)
Sector allocation
| Sector(a) | Percent of Net Assets |
|
| 17.6 | % | |
| 17.6 | ||
| 15.1 | ||
| 12.9 | ||
| 12.0 | ||
| 5.6 | ||
| 4.7 | ||
| 4.0 | ||
| 3.9 | ||
| 3.6 | ||
| 2.8 | ||
| 0.6 | ||
| (0.4 | ) |
Ten largest holdings
| Security(b) | Percent of Net Assets |
|
| 8.4 | % | |
| 6.4 | ||
| 3.2 | ||
| 3.0 | ||
| 2.8 | ||
| 2.7 | ||
| 2.7 | ||
| 2.7 | ||
| 2.6 | ||
| 2.5 |
| For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
| Excludes short-term securities. |
Ten largest holdings
| Security(b) | Percent of Net Assets |
|
| 8.4 | % | |
| 6.4 | ||
| 3.2 | ||
| 3.0 | ||
| 2.8 | ||
| 2.7 | ||
| 2.7 | ||
| 2.7 | ||
| 2.6 | ||
| 2.5 |
Material fund changes
This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after June 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after June 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $131 | 1.17% |
How did the Fund perform last year?
- For the reporting period ended June 30, 2026, the Fund's Class R Shares returned 24.54%.
- For the same period, the Fund’s benchmark, the Russell 1000 Index returned 22.01% and the Russell 1000 Value Index returned 27.09%.
What contributed to performance?
The largest positive contributor to the Fund’s performance was the allocation to the information technology sector, highlighted by holdings within the technology hardware, storage & peripherals industry. Positioning in both the consumer discretionary and materials sectors also contributed notably, particularly in the automobiles and containers & packaging subsectors, respectively.
What detracted from performance?
The largest detractor from performance was the allocation to the financials sector, where exposure to the financial services industry weighed most heavily on results. While there were no other detractors at the sector level during the period, exposure to the professional services and software industries also detracted from total return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: July 1, 2016 through June 30, 2026
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
| 1 Year | 5 Years | 10 Years | |||
| 24.54 | % | 11.17 | % | 10.88 | % |
| 22.01 | 12.66 | 15.29 | |||
| 27.09 | 11.17 | 11.52 |
Key Fund statistics
| $1,997,153,597 |
| 52 |
| $7,973,483 |
| 91% |
What did the Fund invest in?
(as of June 30, 2026)
Sector allocation
| Sector(a) | Percent of Net Assets |
|
| 17.6 | % | |
| 17.6 | ||
| 15.1 | ||
| 12.9 | ||
| 12.0 | ||
| 5.6 | ||
| 4.7 | ||
| 4.0 | ||
| 3.9 | ||
| 3.6 | ||
| 2.8 | ||
| 0.6 | ||
| (0.4 | ) |
Ten largest holdings
| Security(b) | Percent of Net Assets |
|
| 8.4 | % | |
| 6.4 | ||
| 3.2 | ||
| 3.0 | ||
| 2.8 | ||
| 2.7 | ||
| 2.7 | ||
| 2.7 | ||
| 2.6 | ||
| 2.5 |
| For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
| Excludes short-term securities. |
Ten largest holdings
| Security(b) | Percent of Net Assets |
|
| 8.4 | % | |
| 6.4 | ||
| 3.2 | ||
| 3.0 | ||
| 2.8 | ||
| 2.7 | ||
| 2.7 | ||
| 2.7 | ||
| 2.6 | ||
| 2.5 |
Material fund changes
This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after June 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after June 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $53 | 0.47% |
How did the Fund perform last year?
- For the reporting period ended June 30, 2026, the Fund's Class K Shares returned 25.46%.
- For the same period, the Fund’s benchmark, the Russell 1000 Index returned 22.01% and the Russell 1000 Value Index returned 27.09%.
What contributed to performance?
The largest positive contributor to the Fund’s performance was the allocation to the information technology sector, highlighted by holdings within the technology hardware, storage & peripherals industry. Positioning in both the consumer discretionary and materials sectors also contributed notably, particularly in the automobiles and containers & packaging subsectors, respectively.
What detracted from performance?
The largest detractor from performance was the allocation to the financials sector, where exposure to the financial services industry weighed most heavily on results. While there were no other detractors at the sector level during the period, exposure to the professional services and software industries also detracted from total return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: July 1, 2016 through June 30, 2026
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
| 1 Year | 5 Years | 10 Years | |||
| 25.46 | % | 11.97 | % | 11.68 | % |
| 22.01 | 12.66 | 15.29 | |||
| 27.09 | 11.17 | 11.52 |
Key Fund statistics
| $1,997,153,597 |
| 52 |
| $7,973,483 |
| 91% |
What did the Fund invest in?
(as of June 30, 2026)
Sector allocation
| Sector(a) | Percent of Net Assets |
|
| 17.6 | % | |
| 17.6 | ||
| 15.1 | ||
| 12.9 | ||
| 12.0 | ||
| 5.6 | ||
| 4.7 | ||
| 4.0 | ||
| 3.9 | ||
| 3.6 | ||
| 2.8 | ||
| 0.6 | ||
| (0.4 | ) |
Ten largest holdings
| Security(b) | Percent of Net Assets |
|
| 8.4 | % | |
| 6.4 | ||
| 3.2 | ||
| 3.0 | ||
| 2.8 | ||
| 2.7 | ||
| 2.7 | ||
| 2.7 | ||
| 2.6 | ||
| 2.5 |
| For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
| Excludes short-term securities. |
Ten largest holdings
| Security(b) | Percent of Net Assets |
|
| 8.4 | % | |
| 6.4 | ||
| 3.2 | ||
| 3.0 | ||
| 2.8 | ||
| 2.7 | ||
| 2.7 | ||
| 2.7 | ||
| 2.6 | ||
| 2.5 |
Material fund changes
This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after June 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
The Fund's Board previously approved certain changes to the Fund’s investment strategy and investment process. Under normal circumstances, the Fund seeks to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in large cap value equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective on October 28, 2025.
This is a summary of certain changes to the Fund since June 30, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after June 30, 2026 at blackrock.com/fundreports or upon request by contacting us at (800) 441-7762.