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 |
|---|---|---|
Class K Shares | $ |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Class K Shares returned 11.31%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 20.23%.
What contributed to performance?
The Fund’s semiconductor-related holdings including Taiwan Semiconductor Manufacturing Company Limited, Advantest Corp. and BE Semiconductor Industries NV led positive contributions over the period. Sentiment towards the industry improved in the fourth quarter of 2025 following impressive earnings reports. These businesses play an integral role in the global supply chain for advanced nodes and test equipment needed to meet accelerating AI-related chip demand. Murata Manufacturing Co., Ltd. benefited as demand for electronic components used in AI servers and data center infrastructure strengthened.
Holdings of European banks ABN Amro Bank N.V., CaixaBank S.A. and Lloyds Banking Group plc also contributed as the sector delivered resilient earnings, supported by healthy deposit and loan growth. The Fund remains overweight European banks reflecting conviction in their earnings outlook.
What detracted from performance?
Cochlear Limited was among the leading detractors after reducing earnings guidance, citing softer-than-expected sales growth and weaker services revenue. Investors reacted negatively to the weaker earnings outlook. Holdings of London Stock Exchange Group plc detracted concerns over AI-driven disruption to its data and analytics franchise. The Fund exited both positions.
MTU Aero Engines AG was another laggard as questions were raised regarding earnings durability after a strong rise in the share price. The conflict in Iran weighed on the stock as higher oil prices sparked concerns around aircraft utilization. However, the company continues to appear attractively valued despite near-term uncertainty.
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
Class K Shares | MSCI EAFE Index (Net) | |
|---|---|---|
Jul 16 | $ | $ |
Aug 16 | $ | $ |
Sep 16 | $ | $ |
Oct 16 | $ | $ |
Nov 16 | $ | $ |
Dec 16 | $ | $ |
Jan 17 | $ | $ |
Feb 17 | $ | $ |
Mar 17 | $ | $ |
Apr 17 | $ | $ |
May 17 | $ | $ |
Jun 17 | $ | $ |
Jul 17 | $ | $ |
Aug 17 | $ | $ |
Sep 17 | $ | $ |
Oct 17 | $ | $ |
Nov 17 | $ | $ |
Dec 17 | $ | $ |
Jan 18 | $ | $ |
Feb 18 | $ | $ |
Mar 18 | $ | $ |
Apr 18 | $ | $ |
May 18 | $ | $ |
Jun 18 | $ | $ |
Jul 18 | $ | $ |
Aug 18 | $ | $ |
Sep 18 | $ | $ |
Oct 18 | $ | $ |
Nov 18 | $ | $ |
Dec 18 | $ | $ |
Jan 19 | $ | $ |
Feb 19 | $ | $ |
Mar 19 | $ | $ |
Apr 19 | $ | $ |
May 19 | $ | $ |
Jun 19 | $ | $ |
Jul 19 | $ | $ |
Aug 19 | $ | $ |
Sep 19 | $ | $ |
Oct 19 | $ | $ |
Nov 19 | $ | $ |
Dec 19 | $ | $ |
Jan 20 | $ | $ |
Feb 20 | $ | $ |
Mar 20 | $ | $ |
Apr 20 | $ | $ |
May 20 | $ | $ |
Jun 20 | $ | $ |
Jul 20 | $ | $ |
Aug 20 | $ | $ |
Sep 20 | $ | $ |
Oct 20 | $ | $ |
Nov 20 | $ | $ |
Dec 20 | $ | $ |
Jan 21 | $ | $ |
Feb 21 | $ | $ |
Mar 21 | $ | $ |
Apr 21 | $ | $ |
May 21 | $ | $ |
Jun 21 | $ | $ |
Jul 21 | $ | $ |
Aug 21 | $ | $ |
Sep 21 | $ | $ |
Oct 21 | $ | $ |
Nov 21 | $ | $ |
Dec 21 | $ | $ |
Jan 22 | $ | $ |
Feb 22 | $ | $ |
Mar 22 | $ | $ |
Apr 22 | $ | $ |
May 22 | $ | $ |
Jun 22 | $ | $ |
Jul 22 | $ | $ |
Aug 22 | $ | $ |
Sep 22 | $ | $ |
Oct 22 | $ | $ |
Nov 22 | $ | $ |
Dec 22 | $ | $ |
Jan 23 | $ | $ |
Feb 23 | $ | $ |
Mar 23 | $ | $ |
Apr 23 | $ | $ |
May 23 | $ | $ |
Jun 23 | $ | $ |
Jul 23 | $ | $ |
Aug 23 | $ | $ |
Sep 23 | $ | $ |
Oct 23 | $ | $ |
Nov 23 | $ | $ |
Dec 23 | $ | $ |
Jan 24 | $ | $ |
Feb 24 | $ | $ |
Mar 24 | $ | $ |
Apr 24 | $ | $ |
May 24 | $ | $ |
Jun 24 | $ | $ |
Jul 24 | $ | $ |
Aug 24 | $ | $ |
Sep 24 | $ | $ |
Oct 24 | $ | $ |
Nov 24 | $ | $ |
Dec 24 | $ | $ |
Jan 25 | $ | $ |
Feb 25 | $ | $ |
Mar 25 | $ | $ |
Apr 25 | $ | $ |
May 25 | $ | $ |
Jun 25 | $ | $ |
Jul 25 | $ | $ |
Aug 25 | $ | $ |
Sep 25 | $ | $ |
Oct 25 | $ | $ |
Nov 25 | $ | $ |
Dec 25 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
May 26 | $ | $ |
Jun 26 | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund's returns for the period between October 23, 2018 and February 24, 2025, are the returns of the Fund when it followed different investment strategies and process under the name BlackRock EuroFund. The Fund’s returns shown prior to October 23, 2018 are the returns of the Fund when it followed different investment strategies.
Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
What did the Fund invest in?
(as of June 30, 2026)
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Fujikura Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
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 net expense ratio decreased from the prior fiscal year end primarily due to a change in the Fund’s expense limitation during the prior fiscal year and an increase in average net assets.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MKEFX-06/26-AR
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 |
|---|---|---|
Class R Shares | $ |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Class R Shares returned 10.65%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 20.23%.
What contributed to performance?
The Fund’s semiconductor-related holdings including Taiwan Semiconductor Manufacturing Company Limited, Advantest Corp. and BE Semiconductor Industries NV led positive contributions over the period. Sentiment towards the industry improved in the fourth quarter of 2025 following impressive earnings reports. These businesses play an integral role in the global supply chain for advanced nodes and test equipment needed to meet accelerating AI-related chip demand. Murata Manufacturing Co., Ltd. benefited as demand for electronic components used in AI servers and data center infrastructure strengthened.
Holdings of European banks ABN Amro Bank N.V., CaixaBank S.A. and Lloyds Banking Group plc also contributed as the sector delivered resilient earnings, supported by healthy deposit and loan growth. The Fund remains overweight European banks reflecting conviction in their earnings outlook.
What detracted from performance?
Cochlear Limited was among the leading detractors after reducing earnings guidance, citing softer-than-expected sales growth and weaker services revenue. Investors reacted negatively to the weaker earnings outlook. Holdings of London Stock Exchange Group plc detracted concerns over AI-driven disruption to its data and analytics franchise. The Fund exited both positions.
MTU Aero Engines AG was another laggard as questions were raised regarding earnings durability after a strong rise in the share price. The conflict in Iran weighed on the stock as higher oil prices sparked concerns around aircraft utilization. However, the company continues to appear attractively valued despite near-term uncertainty.
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
Class R Shares | MSCI EAFE Index (Net) | |
|---|---|---|
Jul 16 | $ | $ |
Aug 16 | $ | $ |
Sep 16 | $ | $ |
Oct 16 | $ | $ |
Nov 16 | $ | $ |
Dec 16 | $ | $ |
Jan 17 | $ | $ |
Feb 17 | $ | $ |
Mar 17 | $ | $ |
Apr 17 | $ | $ |
May 17 | $ | $ |
Jun 17 | $ | $ |
Jul 17 | $ | $ |
Aug 17 | $ | $ |
Sep 17 | $ | $ |
Oct 17 | $ | $ |
Nov 17 | $ | $ |
Dec 17 | $ | $ |
Jan 18 | $ | $ |
Feb 18 | $ | $ |
Mar 18 | $ | $ |
Apr 18 | $ | $ |
May 18 | $ | $ |
Jun 18 | $ | $ |
Jul 18 | $ | $ |
Aug 18 | $ | $ |
Sep 18 | $ | $ |
Oct 18 | $ | $ |
Nov 18 | $ | $ |
Dec 18 | $ | $ |
Jan 19 | $ | $ |
Feb 19 | $ | $ |
Mar 19 | $ | $ |
Apr 19 | $ | $ |
May 19 | $ | $ |
Jun 19 | $ | $ |
Jul 19 | $ | $ |
Aug 19 | $ | $ |
Sep 19 | $ | $ |
Oct 19 | $ | $ |
Nov 19 | $ | $ |
Dec 19 | $ | $ |
Jan 20 | $ | $ |
Feb 20 | $ | $ |
Mar 20 | $ | $ |
Apr 20 | $ | $ |
May 20 | $ | $ |
Jun 20 | $ | $ |
Jul 20 | $ | $ |
Aug 20 | $ | $ |
Sep 20 | $ | $ |
Oct 20 | $ | $ |
Nov 20 | $ | $ |
Dec 20 | $ | $ |
Jan 21 | $ | $ |
Feb 21 | $ | $ |
Mar 21 | $ | $ |
Apr 21 | $ | $ |
May 21 | $ | $ |
Jun 21 | $ | $ |
Jul 21 | $ | $ |
Aug 21 | $ | $ |
Sep 21 | $ | $ |
Oct 21 | $ | $ |
Nov 21 | $ | $ |
Dec 21 | $ | $ |
Jan 22 | $ | $ |
Feb 22 | $ | $ |
Mar 22 | $ | $ |
Apr 22 | $ | $ |
May 22 | $ | $ |
Jun 22 | $ | $ |
Jul 22 | $ | $ |
Aug 22 | $ | $ |
Sep 22 | $ | $ |
Oct 22 | $ | $ |
Nov 22 | $ | $ |
Dec 22 | $ | $ |
Jan 23 | $ | $ |
Feb 23 | $ | $ |
Mar 23 | $ | $ |
Apr 23 | $ | $ |
May 23 | $ | $ |
Jun 23 | $ | $ |
Jul 23 | $ | $ |
Aug 23 | $ | $ |
Sep 23 | $ | $ |
Oct 23 | $ | $ |
Nov 23 | $ | $ |
Dec 23 | $ | $ |
Jan 24 | $ | $ |
Feb 24 | $ | $ |
Mar 24 | $ | $ |
Apr 24 | $ | $ |
May 24 | $ | $ |
Jun 24 | $ | $ |
Jul 24 | $ | $ |
Aug 24 | $ | $ |
Sep 24 | $ | $ |
Oct 24 | $ | $ |
Nov 24 | $ | $ |
Dec 24 | $ | $ |
Jan 25 | $ | $ |
Feb 25 | $ | $ |
Mar 25 | $ | $ |
Apr 25 | $ | $ |
May 25 | $ | $ |
Jun 25 | $ | $ |
Jul 25 | $ | $ |
Aug 25 | $ | $ |
Sep 25 | $ | $ |
Oct 25 | $ | $ |
Nov 25 | $ | $ |
Dec 25 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
May 26 | $ | $ |
Jun 26 | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class R Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Average annual total returns reflect reductions for distribution and service fees.
The Fund's returns for the period between October 23, 2018 and February 24, 2025, are the returns of the Fund when it followed different investment strategies and process under the name BlackRock EuroFund. The Fund’s returns shown prior to October 23, 2018 are the returns of the Fund when it followed different investment strategies.
What did the Fund invest in?
(as of June 30, 2026)
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Fujikura Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MREFX-06/26-AR
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 |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Institutional Shares returned 11.19%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 20.23%.
What contributed to performance?
The Fund’s semiconductor-related holdings including Taiwan Semiconductor Manufacturing Company Limited, Advantest Corp. and BE Semiconductor Industries NV led positive contributions over the period. Sentiment towards the industry improved in the fourth quarter of 2025 following impressive earnings reports. These businesses play an integral role in the global supply chain for advanced nodes and test equipment needed to meet accelerating AI-related chip demand. Murata Manufacturing Co., Ltd. benefited as demand for electronic components used in AI servers and data center infrastructure strengthened.
Holdings of European banks ABN Amro Bank N.V., CaixaBank S.A. and Lloyds Banking Group plc also contributed as the sector delivered resilient earnings, supported by healthy deposit and loan growth. The Fund remains overweight European banks reflecting conviction in their earnings outlook.
What detracted from performance?
Cochlear Limited was among the leading detractors after reducing earnings guidance, citing softer-than-expected sales growth and weaker services revenue. Investors reacted negatively to the weaker earnings outlook. Holdings of London Stock Exchange Group plc detracted concerns over AI-driven disruption to its data and analytics franchise. The Fund exited both positions.
MTU Aero Engines AG was another laggard as questions were raised regarding earnings durability after a strong rise in the share price. The conflict in Iran weighed on the stock as higher oil prices sparked concerns around aircraft utilization. However, the company continues to appear attractively valued despite near-term uncertainty.
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
Institutional Shares | MSCI EAFE Index (Net) | |
|---|---|---|
Jul 16 | $ | $ |
Aug 16 | $ | $ |
Sep 16 | $ | $ |
Oct 16 | $ | $ |
Nov 16 | $ | $ |
Dec 16 | $ | $ |
Jan 17 | $ | $ |
Feb 17 | $ | $ |
Mar 17 | $ | $ |
Apr 17 | $ | $ |
May 17 | $ | $ |
Jun 17 | $ | $ |
Jul 17 | $ | $ |
Aug 17 | $ | $ |
Sep 17 | $ | $ |
Oct 17 | $ | $ |
Nov 17 | $ | $ |
Dec 17 | $ | $ |
Jan 18 | $ | $ |
Feb 18 | $ | $ |
Mar 18 | $ | $ |
Apr 18 | $ | $ |
May 18 | $ | $ |
Jun 18 | $ | $ |
Jul 18 | $ | $ |
Aug 18 | $ | $ |
Sep 18 | $ | $ |
Oct 18 | $ | $ |
Nov 18 | $ | $ |
Dec 18 | $ | $ |
Jan 19 | $ | $ |
Feb 19 | $ | $ |
Mar 19 | $ | $ |
Apr 19 | $ | $ |
May 19 | $ | $ |
Jun 19 | $ | $ |
Jul 19 | $ | $ |
Aug 19 | $ | $ |
Sep 19 | $ | $ |
Oct 19 | $ | $ |
Nov 19 | $ | $ |
Dec 19 | $ | $ |
Jan 20 | $ | $ |
Feb 20 | $ | $ |
Mar 20 | $ | $ |
Apr 20 | $ | $ |
May 20 | $ | $ |
Jun 20 | $ | $ |
Jul 20 | $ | $ |
Aug 20 | $ | $ |
Sep 20 | $ | $ |
Oct 20 | $ | $ |
Nov 20 | $ | $ |
Dec 20 | $ | $ |
Jan 21 | $ | $ |
Feb 21 | $ | $ |
Mar 21 | $ | $ |
Apr 21 | $ | $ |
May 21 | $ | $ |
Jun 21 | $ | $ |
Jul 21 | $ | $ |
Aug 21 | $ | $ |
Sep 21 | $ | $ |
Oct 21 | $ | $ |
Nov 21 | $ | $ |
Dec 21 | $ | $ |
Jan 22 | $ | $ |
Feb 22 | $ | $ |
Mar 22 | $ | $ |
Apr 22 | $ | $ |
May 22 | $ | $ |
Jun 22 | $ | $ |
Jul 22 | $ | $ |
Aug 22 | $ | $ |
Sep 22 | $ | $ |
Oct 22 | $ | $ |
Nov 22 | $ | $ |
Dec 22 | $ | $ |
Jan 23 | $ | $ |
Feb 23 | $ | $ |
Mar 23 | $ | $ |
Apr 23 | $ | $ |
May 23 | $ | $ |
Jun 23 | $ | $ |
Jul 23 | $ | $ |
Aug 23 | $ | $ |
Sep 23 | $ | $ |
Oct 23 | $ | $ |
Nov 23 | $ | $ |
Dec 23 | $ | $ |
Jan 24 | $ | $ |
Feb 24 | $ | $ |
Mar 24 | $ | $ |
Apr 24 | $ | $ |
May 24 | $ | $ |
Jun 24 | $ | $ |
Jul 24 | $ | $ |
Aug 24 | $ | $ |
Sep 24 | $ | $ |
Oct 24 | $ | $ |
Nov 24 | $ | $ |
Dec 24 | $ | $ |
Jan 25 | $ | $ |
Feb 25 | $ | $ |
Mar 25 | $ | $ |
Apr 25 | $ | $ |
May 25 | $ | $ |
Jun 25 | $ | $ |
Jul 25 | $ | $ |
Aug 25 | $ | $ |
Sep 25 | $ | $ |
Oct 25 | $ | $ |
Nov 25 | $ | $ |
Dec 25 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
May 26 | $ | $ |
Jun 26 | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
The Fund's returns for the period between October 23, 2018 and February 24, 2025, are the returns of the Fund when it followed different investment strategies and process under the name BlackRock EuroFund. The Fund’s returns shown prior to October 23, 2018 are the returns of the Fund when it followed different investment strategies.
What did the Fund invest in?
(as of June 30, 2026)
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Fujikura Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
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 net expense ratio decreased from the prior fiscal year end primarily due to a change in the Fund’s expense limitation during the prior fiscal year and an increase in average net assets.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MAEFX-06/26-AR
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 |
|---|---|---|
Investor A Shares | $ |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Investor A Shares returned 10.96%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 20.23%.
What contributed to performance?
The Fund’s semiconductor-related holdings including Taiwan Semiconductor Manufacturing Company Limited, Advantest Corp. and BE Semiconductor Industries NV led positive contributions over the period. Sentiment towards the industry improved in the fourth quarter of 2025 following impressive earnings reports. These businesses play an integral role in the global supply chain for advanced nodes and test equipment needed to meet accelerating AI-related chip demand. Murata Manufacturing Co., Ltd. benefited as demand for electronic components used in AI servers and data center infrastructure strengthened.
Holdings of European banks ABN Amro Bank N.V., CaixaBank S.A. and Lloyds Banking Group plc also contributed as the sector delivered resilient earnings, supported by healthy deposit and loan growth. The Fund remains overweight European banks reflecting conviction in their earnings outlook.
What detracted from performance?
Cochlear Limited was among the leading detractors after reducing earnings guidance, citing softer-than-expected sales growth and weaker services revenue. Investors reacted negatively to the weaker earnings outlook. Holdings of London Stock Exchange Group plc detracted concerns over AI-driven disruption to its data and analytics franchise. The Fund exited both positions.
MTU Aero Engines AG was another laggard as questions were raised regarding earnings durability after a strong rise in the share price. The conflict in Iran weighed on the stock as higher oil prices sparked concerns around aircraft utilization. However, the company continues to appear attractively valued despite near-term uncertainty.
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
Investor A Shares | MSCI EAFE Index (Net) | |
|---|---|---|
Jul 16 | $ | $ |
Aug 16 | $ | $ |
Sep 16 | $ | $ |
Oct 16 | $ | $ |
Nov 16 | $ | $ |
Dec 16 | $ | $ |
Jan 17 | $ | $ |
Feb 17 | $ | $ |
Mar 17 | $ | $ |
Apr 17 | $ | $ |
May 17 | $ | $ |
Jun 17 | $ | $ |
Jul 17 | $ | $ |
Aug 17 | $ | $ |
Sep 17 | $ | $ |
Oct 17 | $ | $ |
Nov 17 | $ | $ |
Dec 17 | $ | $ |
Jan 18 | $ | $ |
Feb 18 | $ | $ |
Mar 18 | $ | $ |
Apr 18 | $ | $ |
May 18 | $ | $ |
Jun 18 | $ | $ |
Jul 18 | $ | $ |
Aug 18 | $ | $ |
Sep 18 | $ | $ |
Oct 18 | $ | $ |
Nov 18 | $ | $ |
Dec 18 | $ | $ |
Jan 19 | $ | $ |
Feb 19 | $ | $ |
Mar 19 | $ | $ |
Apr 19 | $ | $ |
May 19 | $ | $ |
Jun 19 | $ | $ |
Jul 19 | $ | $ |
Aug 19 | $ | $ |
Sep 19 | $ | $ |
Oct 19 | $ | $ |
Nov 19 | $ | $ |
Dec 19 | $ | $ |
Jan 20 | $ | $ |
Feb 20 | $ | $ |
Mar 20 | $ | $ |
Apr 20 | $ | $ |
May 20 | $ | $ |
Jun 20 | $ | $ |
Jul 20 | $ | $ |
Aug 20 | $ | $ |
Sep 20 | $ | $ |
Oct 20 | $ | $ |
Nov 20 | $ | $ |
Dec 20 | $ | $ |
Jan 21 | $ | $ |
Feb 21 | $ | $ |
Mar 21 | $ | $ |
Apr 21 | $ | $ |
May 21 | $ | $ |
Jun 21 | $ | $ |
Jul 21 | $ | $ |
Aug 21 | $ | $ |
Sep 21 | $ | $ |
Oct 21 | $ | $ |
Nov 21 | $ | $ |
Dec 21 | $ | $ |
Jan 22 | $ | $ |
Feb 22 | $ | $ |
Mar 22 | $ | $ |
Apr 22 | $ | $ |
May 22 | $ | $ |
Jun 22 | $ | $ |
Jul 22 | $ | $ |
Aug 22 | $ | $ |
Sep 22 | $ | $ |
Oct 22 | $ | $ |
Nov 22 | $ | $ |
Dec 22 | $ | $ |
Jan 23 | $ | $ |
Feb 23 | $ | $ |
Mar 23 | $ | $ |
Apr 23 | $ | $ |
May 23 | $ | $ |
Jun 23 | $ | $ |
Jul 23 | $ | $ |
Aug 23 | $ | $ |
Sep 23 | $ | $ |
Oct 23 | $ | $ |
Nov 23 | $ | $ |
Dec 23 | $ | $ |
Jan 24 | $ | $ |
Feb 24 | $ | $ |
Mar 24 | $ | $ |
Apr 24 | $ | $ |
May 24 | $ | $ |
Jun 24 | $ | $ |
Jul 24 | $ | $ |
Aug 24 | $ | $ |
Sep 24 | $ | $ |
Oct 24 | $ | $ |
Nov 24 | $ | $ |
Dec 24 | $ | $ |
Jan 25 | $ | $ |
Feb 25 | $ | $ |
Mar 25 | $ | $ |
Apr 25 | $ | $ |
May 25 | $ | $ |
Jun 25 | $ | $ |
Jul 25 | $ | $ |
Aug 25 | $ | $ |
Sep 25 | $ | $ |
Oct 25 | $ | $ |
Nov 25 | $ | $ |
Dec 25 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
May 26 | $ | $ |
Jun 26 | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund's returns for the period between October 23, 2018 and February 24, 2025, are the returns of the Fund when it followed different investment strategies and process under the name BlackRock EuroFund. The Fund’s returns shown prior to October 23, 2018 are the returns of the Fund when it followed different investment strategies.
What did the Fund invest in?
(as of June 30, 2026)
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Fujikura Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MDEFX-06/26-AR
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 |
|---|---|---|
Investor C Shares | $ |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Investor C Shares returned 10.18%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 20.23%.
What contributed to performance?
The Fund’s semiconductor-related holdings including Taiwan Semiconductor Manufacturing Company Limited, Advantest Corp. and BE Semiconductor Industries NV led positive contributions over the period. Sentiment towards the industry improved in the fourth quarter of 2025 following impressive earnings reports. These businesses play an integral role in the global supply chain for advanced nodes and test equipment needed to meet accelerating AI-related chip demand. Murata Manufacturing Co., Ltd. benefited as demand for electronic components used in AI servers and data center infrastructure strengthened.
Holdings of European banks ABN Amro Bank N.V., CaixaBank S.A. and Lloyds Banking Group plc also contributed as the sector delivered resilient earnings, supported by healthy deposit and loan growth. The Fund remains overweight European banks reflecting conviction in their earnings outlook.
What detracted from performance?
Cochlear Limited was among the leading detractors after reducing earnings guidance, citing softer-than-expected sales growth and weaker services revenue. Investors reacted negatively to the weaker earnings outlook. Holdings of London Stock Exchange Group plc detracted concerns over AI-driven disruption to its data and analytics franchise. The Fund exited both positions.
MTU Aero Engines AG was another laggard as questions were raised regarding earnings durability after a strong rise in the share price. The conflict in Iran weighed on the stock as higher oil prices sparked concerns around aircraft utilization. However, the company continues to appear attractively valued despite near-term uncertainty.
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
Investor C Shares | MSCI EAFE Index (Net) | |
|---|---|---|
Jul 16 | $ | $ |
Aug 16 | $ | $ |
Sep 16 | $ | $ |
Oct 16 | $ | $ |
Nov 16 | $ | $ |
Dec 16 | $ | $ |
Jan 17 | $ | $ |
Feb 17 | $ | $ |
Mar 17 | $ | $ |
Apr 17 | $ | $ |
May 17 | $ | $ |
Jun 17 | $ | $ |
Jul 17 | $ | $ |
Aug 17 | $ | $ |
Sep 17 | $ | $ |
Oct 17 | $ | $ |
Nov 17 | $ | $ |
Dec 17 | $ | $ |
Jan 18 | $ | $ |
Feb 18 | $ | $ |
Mar 18 | $ | $ |
Apr 18 | $ | $ |
May 18 | $ | $ |
Jun 18 | $ | $ |
Jul 18 | $ | $ |
Aug 18 | $ | $ |
Sep 18 | $ | $ |
Oct 18 | $ | $ |
Nov 18 | $ | $ |
Dec 18 | $ | $ |
Jan 19 | $ | $ |
Feb 19 | $ | $ |
Mar 19 | $ | $ |
Apr 19 | $ | $ |
May 19 | $ | $ |
Jun 19 | $ | $ |
Jul 19 | $ | $ |
Aug 19 | $ | $ |
Sep 19 | $ | $ |
Oct 19 | $ | $ |
Nov 19 | $ | $ |
Dec 19 | $ | $ |
Jan 20 | $ | $ |
Feb 20 | $ | $ |
Mar 20 | $ | $ |
Apr 20 | $ | $ |
May 20 | $ | $ |
Jun 20 | $ | $ |
Jul 20 | $ | $ |
Aug 20 | $ | $ |
Sep 20 | $ | $ |
Oct 20 | $ | $ |
Nov 20 | $ | $ |
Dec 20 | $ | $ |
Jan 21 | $ | $ |
Feb 21 | $ | $ |
Mar 21 | $ | $ |
Apr 21 | $ | $ |
May 21 | $ | $ |
Jun 21 | $ | $ |
Jul 21 | $ | $ |
Aug 21 | $ | $ |
Sep 21 | $ | $ |
Oct 21 | $ | $ |
Nov 21 | $ | $ |
Dec 21 | $ | $ |
Jan 22 | $ | $ |
Feb 22 | $ | $ |
Mar 22 | $ | $ |
Apr 22 | $ | $ |
May 22 | $ | $ |
Jun 22 | $ | $ |
Jul 22 | $ | $ |
Aug 22 | $ | $ |
Sep 22 | $ | $ |
Oct 22 | $ | $ |
Nov 22 | $ | $ |
Dec 22 | $ | $ |
Jan 23 | $ | $ |
Feb 23 | $ | $ |
Mar 23 | $ | $ |
Apr 23 | $ | $ |
May 23 | $ | $ |
Jun 23 | $ | $ |
Jul 23 | $ | $ |
Aug 23 | $ | $ |
Sep 23 | $ | $ |
Oct 23 | $ | $ |
Nov 23 | $ | $ |
Dec 23 | $ | $ |
Jan 24 | $ | $ |
Feb 24 | $ | $ |
Mar 24 | $ | $ |
Apr 24 | $ | $ |
May 24 | $ | $ |
Jun 24 | $ | $ |
Jul 24 | $ | $ |
Aug 24 | $ | $ |
Sep 24 | $ | $ |
Oct 24 | $ | $ |
Nov 24 | $ | $ |
Dec 24 | $ | $ |
Jan 25 | $ | $ |
Feb 25 | $ | $ |
Mar 25 | $ | $ |
Apr 25 | $ | $ |
May 25 | $ | $ |
Jun 25 | $ | $ |
Jul 25 | $ | $ |
Aug 25 | $ | $ |
Sep 25 | $ | $ |
Oct 25 | $ | $ |
Nov 25 | $ | $ |
Dec 25 | $ | $ |
Jan 26 | $ | $ |
Feb 26 | $ | $ |
Mar 26 | $ | $ |
Apr 26 | $ | $ |
May 26 | $ | $ |
Jun 26 | $ | $ |
See “Average annual total returns” for additional information on fund performance.
Average annual total returns
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |||
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $ |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund's returns for the period between October 23, 2018 and February 24, 2025, are the returns of the Fund when it followed different investment strategies and process under the name BlackRock EuroFund. The Fund’s returns shown prior to October 23, 2018 are the returns of the Fund when it followed different investment strategies.
What did the Fund invest in?
(as of June 30, 2026)
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Fujikura Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | |
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | |
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
Additional information
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Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
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MCEFX-06/26-AR