EuroFund | MAEFX | Institutional

Overview

About this Fund

Capitalize on European Growth
Dedicated Global Investment Team
International Diversification in Developed Markets

Investment Approach

Invests in equities of corporations domiciled in European countries.

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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. as of Dec 31, 2019	25.17	7.12	2.59	3.54
Benchmark (%) Index: MSCI EMU Net TR Index in USD.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. as of Dec 31, 2019	23.20	9.45	5.55	3.99
Morningstar Category Avg. (%) Europe Stock as of Dec 31, 2019	24.68	9.55	5.92	5.55
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. as of Dec 31, 2019	45/109	73/95	72/79	45/53
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. as of Dec 31, 2019	2	4	4	4
Lipper Category Avg. (%) European Region Funds as of Dec 31, 2019	24.64	9.25	5.59	5.61
Lipper Ranking Rankings are based on total return excluding sales charges. as of Dec 31, 2019	57/139	92/121	94/103	51/60
Lipper Quartile Rankings are based on total return excluding sales charges. as of Dec 31, 2019	2	4	4	4

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. as of Dec 31, 2019	25.17	2.92	9.37	25.17	22.93	13.61	41.55
Benchmark (%) Index: MSCI EMU Net TR Index in USD.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. as of Dec 31, 2019	23.20	2.95	8.17	23.20	31.12	30.99	47.83
Morningstar Category Avg. (%) Europe Stock as of Dec 31, 2019	24.68	3.71	9.23	24.68	31.47	33.29	71.61
Lipper Category Avg. (%) European Region Funds as of Dec 31, 2019	24.64	3.86	9.76	24.64	30.71	31.97	75.68

Missing cumulative returns data

	2015	2016	2017	2018	2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	0.39	-7.94	22.42	-19.77	25.17
Benchmark (%) Index: MSCI EMU Net TR Index in USD<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	-2.84	-0.40	25.51	-16.90	23.20
Morningstar Category Avg. (%) Europe Stock	1.70	-1.66	23.70	-15.13	24.68

Missing calendar year returns data

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. The performance information for periods prior to the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

The Fund’s returns prior to October 23, 2018 are the returns of the Fund when it followed different investment strategies.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

EuroFund ($)

Cum. Fund Perf. Since Inception: 946.76

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Distributions

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Recent
Calendar Year

Chart
Table

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Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

Chart
Table

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Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

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

Key Facts

Size of Class (Millions) as of Jan 23, 2020 $32.3 M

Size of Fund (Millions) as of Jan 23, 2020 $113.5 M

Share Class launch date Oct 26, 1988

Asset Class Equity

Morningstar Category Europe Stock

Lipper Classification European Region Funds

Benchmark Index MSCI EMU Net TR Index in USD

CUSIP 09251N502

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Annual

Number of Holdings as of Dec 31, 2019 39

Max Offer Price as of Jan 23, 2020 $15.33

Open to New Investors Yes

Turnover Percent as of Dec 31, 2019 153%

Portfolio Characteristics

P/B Ratio The price to book (P/B) value ratio is a fundamental measure used to determine if an investment is valued appropriately. The book value of a company is a measure of how much a company's assets are worth assuming the company's debts are paid off. Negative book values are excluded from this calculation and holding price to book ratios over 25 are set to 25. as of Dec 31, 2019 3.57

P/E Ratio - Forward The forward price-to-earnings ratio is used to assess a company’s valuation. To compute this ratio, the latest closing price is divided by the company’s consensus mean EPS estimate for the next unreported fiscal year. The ratio represents a weighted harmonic mean of the forward price-to-earnings ratios of its holdings with negative values being excluded from the calculation. as of Dec 31, 2019 21.51

Average Market Cap (Millions) The average size of the securities the fund invests in. as of Dec 31, 2019 $ 69,409.0 M

Alpha (3y) Compared to MSCI Europe Gross TR Index. Alpha is calculated at the portfolio level. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. as of Dec 31, 2019 -0.18

R-Squared (3y) as of Dec 31, 2019 92.22

Beta (3y) as of Dec 31, 2019 1.02

Best 3-Month Return Over the Last 3 Years 3 months ending May 31, 2017 12.74%

Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -17.05%

Fund Standard Deviation (3y) as of Dec 31, 2019 13.31

Active Share Active Share measures the percentage of fund holdings that is different from the benchmark holdings at a point in time. It is calculated by taking the sum of the absolute value of the differences of the weight of each holding in a fund’s portfolio versus the weight of each holding in a benchmark index and dividing by two. A fund that has no holdings in common with the benchmark will have an Active Share of 100%, and a fund that has exactly the same holdings as the benchmark considered will have an Active Share of 0%. Active Share levels can vary depending on the underlying benchmark and investment universe. Funds with more concentrated benchmarks or smaller investment universes will typically have lower Active Share. Active Share is not indicative of future performance or a measure of expected return deviation from the benchmark. as of Dec 31, 2019 72.65%

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

Fees

as of current prospectus

Gross Expense Ratio	1.20%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is Oct 31, 2020.	1.20%

Net Expense Ratio excluding Investment Related Expenses is 1.20%

Ratings

Lipper Leader

Lipper Leader Ratings

Tax Efficiency EuroFund received the following Tax Efficiency ratings for the 3-, 5-, and 10-year periods, respectively: 5 (121 funds), 5 (103 funds), and 5 (60 funds). Lipper ratings for Tax Efficiency (US) reflect funds' historical success in postponing taxable distributions relative to peers. Tax Efficiency (US) offers no benefit to investors in tax-sheltered accounts such as retirement plans.

Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Dec 31, 2019 out of 121, 12,253, 121, 83 and 121 Funds, respectively in Lipper's European Region Funds classification.

Holdings

as of Dec 31, 2019

Name	Weight (%)
LVMH MOET HENNESSY LOUIS VUITTON SE	6.55
SAFRAN SA	5.27
ASML HOLDING NV	4.94
SAP SE	4.40
ALLIANZ SE	4.30

Name	Weight (%)
SANOFI SA	4.11
AIRBUS SE	4.00
ADIDAS AG	3.85
SCHNEIDER ELECTRIC SE	3.56
VINCI SA	3.43

as of Dec 31, 2019

% of Market Value

Type	Fund	Benchmark	Net

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as of Dec 31, 2019

% of Market Value

Type	Fund	Benchmark	Net

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as of Dec 31, 2019

% of Market Value

Type	Fund	Benchmark	Net

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as of Dec 31, 2019

% of Market Value

Type	Fund	Benchmark	Net

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Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

Allocations are subject to change.

Portfolio Managers

Andreas Zoellinger

Tom Joy

Portfolio Manager

Literature

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Important Information

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

The fund is actively managed and its characteristics will vary.

Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions.

International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets.

The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.

Investing involves risk, including possible loss of principal.

Fund details, holdings and characteristics are as of the date noted and subject to change.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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