Blackrock Eurofund
09/02/2026 | Press release | Distributed by Public on 09/02/2026 09:08
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04612
Name of Fund: BlackRock International Select Equity Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock International Select Equity Fund, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code: (800) 441-7762
Date of fiscal year end: 06/30/2026
Date of reporting period: 06/30/2026
Item 1 - Report to Stockholders
(a) The Report to Shareholders is attached herewith.
BlackRock International Select Equity Fund
Class K Shares | MKEFX
Annual Shareholder Report - June 30, 2026
This annual shareholder report contains important information about BlackRock International Select Equity Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K Shares
|
$85
|
0.80%
|
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
Table Summary
|
Class K Shares
|
MSCI EAFE Index (Net)
|
|
|
Jul 16
|
$10,295
|
$10,507
|
|
Aug 16
|
$10,174
|
$10,514
|
|
Sep 16
|
$10,242
|
$10,643
|
|
Oct 16
|
$9,804
|
$10,426
|
|
Nov 16
|
$9,539
|
$10,218
|
|
Dec 16
|
$9,915
|
$10,567
|
|
Jan 17
|
$10,278
|
$10,874
|
|
Feb 17
|
$10,255
|
$11,030
|
|
Mar 17
|
$10,634
|
$11,333
|
|
Apr 17
|
$11,152
|
$11,622
|
|
May 17
|
$11,561
|
$12,048
|
|
Jun 17
|
$11,422
|
$12,027
|
|
Jul 17
|
$11,778
|
$12,374
|
|
Aug 17
|
$11,793
|
$12,369
|
|
Sep 17
|
$12,187
|
$12,677
|
|
Oct 17
|
$12,125
|
$12,869
|
|
Nov 17
|
$12,025
|
$13,004
|
|
Dec 17
|
$12,138
|
$13,213
|
|
Jan 18
|
$12,936
|
$13,876
|
|
Feb 18
|
$12,099
|
$13,249
|
|
Mar 18
|
$12,115
|
$13,011
|
|
Apr 18
|
$12,193
|
$13,308
|
|
May 18
|
$11,927
|
$13,009
|
|
Jun 18
|
$11,794
|
$12,850
|
|
Jul 18
|
$12,021
|
$13,166
|
|
Aug 18
|
$11,802
|
$12,912
|
|
Sep 18
|
$11,755
|
$13,024
|
|
Oct 18
|
$10,621
|
$11,987
|
|
Nov 18
|
$10,339
|
$11,972
|
|
Dec 18
|
$9,750
|
$11,391
|
|
Jan 19
|
$10,389
|
$12,139
|
|
Feb 19
|
$10,761
|
$12,449
|
|
Mar 19
|
$10,995
|
$12,527
|
|
Apr 19
|
$11,496
|
$12,880
|
|
May 19
|
$10,817
|
$12,261
|
|
Jun 19
|
$11,593
|
$12,988
|
|
Jul 19
|
$11,197
|
$12,824
|
|
Aug 19
|
$11,019
|
$12,491
|
|
Sep 19
|
$11,173
|
$12,849
|
|
Oct 19
|
$11,569
|
$13,311
|
|
Nov 19
|
$11,868
|
$13,461
|
|
Dec 19
|
$12,223
|
$13,899
|
|
Jan 20
|
$12,028
|
$13,608
|
|
Feb 20
|
$11,255
|
$12,378
|
|
Mar 20
|
$9,385
|
$10,726
|
|
Apr 20
|
$10,109
|
$11,419
|
|
May 20
|
$10,865
|
$11,916
|
|
Jun 20
|
$11,597
|
$12,322
|
|
Jul 20
|
$12,142
|
$12,609
|
|
Aug 20
|
$12,857
|
$13,257
|
|
Sep 20
|
$12,532
|
$12,913
|
|
Oct 20
|
$11,833
|
$12,397
|
|
Nov 20
|
$13,955
|
$14,319
|
|
Dec 20
|
$14,614
|
$14,985
|
|
Jan 21
|
$14,077
|
$14,825
|
|
Feb 21
|
$14,622
|
$15,158
|
|
Mar 21
|
$14,955
|
$15,506
|
|
Apr 21
|
$16,013
|
$15,973
|
|
May 21
|
$16,810
|
$16,494
|
|
Jun 21
|
$16,509
|
$16,308
|
|
Jul 21
|
$17,094
|
$16,431
|
|
Aug 21
|
$17,338
|
$16,721
|
|
Sep 21
|
$16,338
|
$16,235
|
|
Oct 21
|
$17,289
|
$16,635
|
|
Nov 21
|
$16,818
|
$15,860
|
|
Dec 21
|
$17,493
|
$16,673
|
|
Jan 22
|
$15,736
|
$15,867
|
|
Feb 22
|
$14,703
|
$15,586
|
|
Mar 22
|
$14,866
|
$15,687
|
|
Apr 22
|
$13,402
|
$14,672
|
|
May 22
|
$13,549
|
$14,782
|
|
Jun 22
|
$11,922
|
$13,410
|
|
Jul 22
|
$13,223
|
$14,078
|
|
Aug 22
|
$11,930
|
$13,410
|
|
Sep 22
|
$10,816
|
$12,155
|
|
Oct 22
|
$11,751
|
$12,809
|
|
Nov 22
|
$13,638
|
$14,252
|
|
Dec 22
|
$13,326
|
$14,263
|
|
Jan 23
|
$15,000
|
$15,418
|
|
Feb 23
|
$14,828
|
$15,096
|
|
Mar 23
|
$15,344
|
$15,471
|
|
Apr 23
|
$15,459
|
$15,907
|
|
May 23
|
$15,139
|
$15,234
|
|
Jun 23
|
$15,788
|
$15,927
|
|
Jul 23
|
$16,116
|
$16,443
|
|
Aug 23
|
$15,213
|
$15,813
|
|
Sep 23
|
$14,081
|
$15,273
|
|
Oct 23
|
$13,662
|
$14,654
|
|
Nov 23
|
$15,484
|
$16,014
|
|
Dec 23
|
$16,094
|
$16,864
|
|
Jan 24
|
$16,210
|
$16,961
|
|
Feb 24
|
$17,457
|
$17,272
|
|
Mar 24
|
$18,081
|
$17,840
|
|
Apr 24
|
$17,258
|
$17,383
|
|
May 24
|
$18,180
|
$18,056
|
|
Jun 24
|
$17,573
|
$17,765
|
|
Jul 24
|
$17,740
|
$18,286
|
|
Aug 24
|
$18,380
|
$18,881
|
|
Sep 24
|
$18,596
|
$19,055
|
|
Oct 24
|
$17,665
|
$18,019
|
|
Nov 24
|
$17,274
|
$17,917
|
|
Dec 24
|
$17,263
|
$17,509
|
|
Jan 25
|
$18,610
|
$18,429
|
|
Feb 25
|
$18,981
|
$18,787
|
|
Mar 25
|
$17,853
|
$18,711
|
|
Apr 25
|
$18,678
|
$19,568
|
|
May 25
|
$19,865
|
$20,463
|
|
Jun 25
|
$20,850
|
$20,914
|
|
Jul 25
|
$19,977
|
$20,621
|
|
Aug 25
|
$20,104
|
$21,500
|
|
Sep 25
|
$20,821
|
$21,911
|
|
Oct 25
|
$20,939
|
$22,169
|
|
Nov 25
|
$20,322
|
$22,307
|
|
Dec 25
|
$20,726
|
$22,976
|
|
Jan 26
|
$21,798
|
$24,175
|
|
Feb 26
|
$21,488
|
$25,293
|
|
Mar 26
|
$19,344
|
$22,691
|
|
Apr 26
|
$21,140
|
$24,381
|
|
May 26
|
$21,864
|
$25,129
|
|
Jun 26
|
$23,209
|
$25,146
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
11.31%
|
7.05%
|
8.78%
|
|
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
20.23
|
9.05
|
9.66
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$122,679,857
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
46
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$412,378
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
84%
|
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.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of June 30, 2026)
Geographic allocation
Ten largest holdings
Table Summary
|
Country/Geographic Region
|
Percent of Net Assets
|
|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
18.7%
|
|
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.5
|
|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
10.4
|
|
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.7
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.6
|
|
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.1
|
|
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.1
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.3
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.7
|
Table Summary
|
SecurityFootnote Reference(b)
|
Percent of Net Assets
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0%
|
|
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.4
|
|
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.0
|
|
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.7
|
|
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Fujikura Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Advantest Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
| 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.
BlackRock International Select Equity Fund
Class K Shares | MKEFX
Annual Shareholder Report - June 30, 2026
MKEFX-06/26-AR
BlackRock International Select Equity Fund
Class R Shares | MREFX
Annual Shareholder Report - June 30, 2026
This annual shareholder report contains important information about BlackRock International Select Equity Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class R Shares
|
$142
|
1.35%
|
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
Table Summary
|
Class R Shares
|
MSCI EAFE Index (Net)
|
|
|
Jul 16
|
$10,283
|
$10,507
|
|
Aug 16
|
$10,162
|
$10,514
|
|
Sep 16
|
$10,222
|
$10,643
|
|
Oct 16
|
$9,778
|
$10,426
|
|
Nov 16
|
$9,515
|
$10,218
|
|
Dec 16
|
$9,883
|
$10,567
|
|
Jan 17
|
$10,235
|
$10,874
|
|
Feb 17
|
$10,203
|
$11,030
|
|
Mar 17
|
$10,576
|
$11,333
|
|
Apr 17
|
$11,083
|
$11,622
|
|
May 17
|
$11,487
|
$12,048
|
|
Jun 17
|
$11,342
|
$12,027
|
|
Jul 17
|
$11,694
|
$12,374
|
|
Aug 17
|
$11,694
|
$12,369
|
|
Sep 17
|
$12,077
|
$12,677
|
|
Oct 17
|
$12,014
|
$12,869
|
|
Nov 17
|
$11,901
|
$13,004
|
|
Dec 17
|
$12,006
|
$13,213
|
|
Jan 18
|
$12,799
|
$13,876
|
|
Feb 18
|
$11,954
|
$13,249
|
|
Mar 18
|
$11,965
|
$13,011
|
|
Apr 18
|
$12,038
|
$13,308
|
|
May 18
|
$11,766
|
$13,009
|
|
Jun 18
|
$11,620
|
$12,850
|
|
Jul 18
|
$11,829
|
$13,166
|
|
Aug 18
|
$11,610
|
$12,912
|
|
Sep 18
|
$11,558
|
$13,024
|
|
Oct 18
|
$10,431
|
$11,987
|
|
Nov 18
|
$10,139
|
$11,972
|
|
Dec 18
|
$9,562
|
$11,391
|
|
Jan 19
|
$10,174
|
$12,139
|
|
Feb 19
|
$10,539
|
$12,449
|
|
Mar 19
|
$10,754
|
$12,527
|
|
Apr 19
|
$11,237
|
$12,880
|
|
May 19
|
$10,571
|
$12,261
|
|
Jun 19
|
$11,312
|
$12,988
|
|
Jul 19
|
$10,915
|
$12,824
|
|
Aug 19
|
$10,732
|
$12,491
|
|
Sep 19
|
$10,872
|
$12,849
|
|
Oct 19
|
$11,258
|
$13,311
|
|
Nov 19
|
$11,537
|
$13,461
|
|
Dec 19
|
$11,870
|
$13,899
|
|
Jan 20
|
$11,677
|
$13,608
|
|
Feb 20
|
$10,915
|
$12,378
|
|
Mar 20
|
$9,090
|
$10,726
|
|
Apr 20
|
$9,798
|
$11,419
|
|
May 20
|
$10,528
|
$11,916
|
|
Jun 20
|
$11,226
|
$12,322
|
|
Jul 20
|
$11,741
|
$12,609
|
|
Aug 20
|
$12,428
|
$13,257
|
|
Sep 20
|
$12,117
|
$12,913
|
|
Oct 20
|
$11,430
|
$12,397
|
|
Nov 20
|
$13,480
|
$14,319
|
|
Dec 20
|
$14,102
|
$14,985
|
|
Jan 21
|
$13,576
|
$14,825
|
|
Feb 21
|
$14,091
|
$15,158
|
|
Mar 21
|
$14,413
|
$15,506
|
|
Apr 21
|
$15,411
|
$15,973
|
|
May 21
|
$16,173
|
$16,494
|
|
Jun 21
|
$15,873
|
$16,308
|
|
Jul 21
|
$16,420
|
$16,431
|
|
Aug 21
|
$16,646
|
$16,721
|
|
Sep 21
|
$15,669
|
$16,235
|
|
Oct 21
|
$16,570
|
$16,635
|
|
Nov 21
|
$16,109
|
$15,860
|
|
Dec 21
|
$16,742
|
$16,673
|
|
Jan 22
|
$15,057
|
$15,867
|
|
Feb 22
|
$14,048
|
$15,586
|
|
Mar 22
|
$14,199
|
$15,687
|
|
Apr 22
|
$12,793
|
$14,672
|
|
May 22
|
$12,932
|
$14,782
|
|
Jun 22
|
$11,365
|
$13,410
|
|
Jul 22
|
$12,600
|
$14,078
|
|
Aug 22
|
$11,365
|
$13,410
|
|
Sep 22
|
$10,292
|
$12,155
|
|
Oct 22
|
$11,183
|
$12,809
|
|
Nov 22
|
$12,975
|
$14,252
|
|
Dec 22
|
$12,675
|
$14,263
|
|
Jan 23
|
$14,263
|
$15,418
|
|
Feb 23
|
$14,081
|
$15,096
|
|
Mar 23
|
$14,564
|
$15,471
|
|
Apr 23
|
$14,682
|
$15,907
|
|
May 23
|
$14,360
|
$15,234
|
|
Jun 23
|
$14,971
|
$15,927
|
|
Jul 23
|
$15,272
|
$16,443
|
|
Aug 23
|
$14,413
|
$15,813
|
|
Sep 23
|
$13,340
|
$15,273
|
|
Oct 23
|
$12,932
|
$14,654
|
|
Nov 23
|
$14,649
|
$16,014
|
|
Dec 23
|
$15,211
|
$16,864
|
|
Jan 24
|
$15,320
|
$16,961
|
|
Feb 24
|
$16,497
|
$17,272
|
|
Mar 24
|
$17,074
|
$17,840
|
|
Apr 24
|
$16,290
|
$17,383
|
|
May 24
|
$17,150
|
$18,056
|
|
Jun 24
|
$16,573
|
$17,765
|
|
Jul 24
|
$16,725
|
$18,286
|
|
Aug 24
|
$17,314
|
$18,881
|
|
Sep 24
|
$17,510
|
$19,055
|
|
Oct 24
|
$16,627
|
$18,019
|
|
Nov 24
|
$16,257
|
$17,917
|
|
Dec 24
|
$16,232
|
$17,509
|
|
Jan 25
|
$17,493
|
$18,429
|
|
Feb 25
|
$17,836
|
$18,787
|
|
Mar 25
|
$16,763
|
$18,711
|
|
Apr 25
|
$17,537
|
$19,568
|
|
May 25
|
$18,644
|
$20,463
|
|
Jun 25
|
$19,562
|
$20,914
|
|
Jul 25
|
$18,721
|
$20,621
|
|
Aug 25
|
$18,844
|
$21,500
|
|
Sep 25
|
$19,505
|
$21,911
|
|
Oct 25
|
$19,603
|
$22,169
|
|
Nov 25
|
$19,015
|
$22,307
|
|
Dec 25
|
$19,389
|
$22,976
|
|
Jan 26
|
$20,382
|
$24,175
|
|
Feb 26
|
$20,085
|
$25,293
|
|
Mar 26
|
$18,061
|
$22,691
|
|
Apr 26
|
$19,737
|
$24,381
|
|
May 26
|
$20,407
|
$25,129
|
|
Jun 26
|
$21,645
|
$25,146
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
Class R Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
10.65%
|
6.40%
|
8.03%
|
|
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
20.23
|
9.05
|
9.66
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$122,679,857
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
46
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$412,378
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
84%
|
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.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of June 30, 2026)
Geographic allocation
Ten largest holdings
Table Summary
|
Country/Geographic Region
|
Percent of Net Assets
|
|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
18.7%
|
|
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.5
|
|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
10.4
|
|
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.7
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.6
|
|
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.1
|
|
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.1
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.3
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.7
|
Table Summary
|
SecurityFootnote Reference(b)
|
Percent of Net Assets
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0%
|
|
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.4
|
|
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.0
|
|
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.7
|
|
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Fujikura Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Advantest Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
| 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.
BlackRock International Select Equity Fund
Class R Shares | MREFX
Annual Shareholder Report - June 30, 2026
MREFX-06/26-AR
BlackRock International Select Equity Fund
Institutional Shares | MAEFX
Annual Shareholder Report - June 30, 2026
This annual shareholder report contains important information about BlackRock International Select Equity Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$90
|
0.85%
|
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
Table Summary
|
Institutional Shares
|
MSCI EAFE Index (Net)
|
|
|
Jul 16
|
$10,295
|
$10,507
|
|
Aug 16
|
$10,174
|
$10,514
|
|
Sep 16
|
$10,242
|
$10,643
|
|
Oct 16
|
$9,804
|
$10,426
|
|
Nov 16
|
$9,539
|
$10,218
|
|
Dec 16
|
$9,915
|
$10,567
|
|
Jan 17
|
$10,278
|
$10,874
|
|
Feb 17
|
$10,255
|
$11,030
|
|
Mar 17
|
$10,634
|
$11,333
|
|
Apr 17
|
$11,152
|
$11,622
|
|
May 17
|
$11,561
|
$12,048
|
|
Jun 17
|
$11,422
|
$12,027
|
|
Jul 17
|
$11,778
|
$12,374
|
|
Aug 17
|
$11,793
|
$12,369
|
|
Sep 17
|
$12,187
|
$12,677
|
|
Oct 17
|
$12,125
|
$12,869
|
|
Nov 17
|
$12,025
|
$13,004
|
|
Dec 17
|
$12,138
|
$13,213
|
|
Jan 18
|
$12,944
|
$13,876
|
|
Feb 18
|
$12,099
|
$13,249
|
|
Mar 18
|
$12,107
|
$13,011
|
|
Apr 18
|
$12,193
|
$13,308
|
|
May 18
|
$11,919
|
$13,009
|
|
Jun 18
|
$11,786
|
$12,850
|
|
Jul 18
|
$12,005
|
$13,166
|
|
Aug 18
|
$11,786
|
$12,912
|
|
Sep 18
|
$11,739
|
$13,024
|
|
Oct 18
|
$10,605
|
$11,987
|
|
Nov 18
|
$10,324
|
$11,972
|
|
Dec 18
|
$9,738
|
$11,391
|
|
Jan 19
|
$10,373
|
$12,139
|
|
Feb 19
|
$10,743
|
$12,449
|
|
Mar 19
|
$10,976
|
$12,527
|
|
Apr 19
|
$11,474
|
$12,880
|
|
May 19
|
$10,799
|
$12,261
|
|
Jun 19
|
$11,570
|
$12,988
|
|
Jul 19
|
$11,168
|
$12,824
|
|
Aug 19
|
$10,992
|
$12,491
|
|
Sep 19
|
$11,144
|
$12,849
|
|
Oct 19
|
$11,538
|
$13,311
|
|
Nov 19
|
$11,843
|
$13,461
|
|
Dec 19
|
$12,189
|
$13,899
|
|
Jan 20
|
$11,995
|
$13,608
|
|
Feb 20
|
$11,220
|
$12,378
|
|
Mar 20
|
$9,347
|
$10,726
|
|
Apr 20
|
$10,074
|
$11,419
|
|
May 20
|
$10,833
|
$11,916
|
|
Jun 20
|
$11,551
|
$12,322
|
|
Jul 20
|
$12,092
|
$12,609
|
|
Aug 20
|
$12,810
|
$13,257
|
|
Sep 20
|
$12,479
|
$12,913
|
|
Oct 20
|
$11,777
|
$12,397
|
|
Nov 20
|
$13,892
|
$14,319
|
|
Dec 20
|
$14,546
|
$14,985
|
|
Jan 21
|
$14,013
|
$14,825
|
|
Feb 21
|
$14,546
|
$15,158
|
|
Mar 21
|
$14,885
|
$15,506
|
|
Apr 21
|
$15,926
|
$15,973
|
|
May 21
|
$16,725
|
$16,494
|
|
Jun 21
|
$16,419
|
$16,308
|
|
Jul 21
|
$17,008
|
$16,431
|
|
Aug 21
|
$17,242
|
$16,721
|
|
Sep 21
|
$16,249
|
$16,235
|
|
Oct 21
|
$17,194
|
$16,635
|
|
Nov 21
|
$16,725
|
$15,860
|
|
Dec 21
|
$17,387
|
$16,673
|
|
Jan 22
|
$15,644
|
$15,867
|
|
Feb 22
|
$14,610
|
$15,586
|
|
Mar 22
|
$14,772
|
$15,687
|
|
Apr 22
|
$13,319
|
$14,672
|
|
May 22
|
$13,472
|
$14,782
|
|
Jun 22
|
$11,850
|
$13,410
|
|
Jul 22
|
$13,141
|
$14,078
|
|
Aug 22
|
$11,858
|
$13,410
|
|
Sep 22
|
$10,744
|
$12,155
|
|
Oct 22
|
$11,672
|
$12,809
|
|
Nov 22
|
$13,553
|
$14,252
|
|
Dec 22
|
$13,240
|
$14,263
|
|
Jan 23
|
$14,908
|
$15,418
|
|
Feb 23
|
$14,729
|
$15,096
|
|
Mar 23
|
$15,241
|
$15,471
|
|
Apr 23
|
$15,363
|
$15,907
|
|
May 23
|
$15,038
|
$15,234
|
|
Jun 23
|
$15,680
|
$15,927
|
|
Jul 23
|
$16,006
|
$16,443
|
|
Aug 23
|
$15,103
|
$15,813
|
|
Sep 23
|
$13,989
|
$15,273
|
|
Oct 23
|
$13,574
|
$14,654
|
|
Nov 23
|
$15,371
|
$16,014
|
|
Dec 23
|
$15,980
|
$16,864
|
|
Jan 24
|
$16,095
|
$16,961
|
|
Feb 24
|
$17,331
|
$17,272
|
|
Mar 24
|
$17,957
|
$17,840
|
|
Apr 24
|
$17,141
|
$17,383
|
|
May 24
|
$18,047
|
$18,056
|
|
Jun 24
|
$17,446
|
$17,765
|
|
Jul 24
|
$17,611
|
$18,286
|
|
Aug 24
|
$18,245
|
$18,881
|
|
Sep 24
|
$18,459
|
$19,055
|
|
Oct 24
|
$17,528
|
$18,019
|
|
Nov 24
|
$17,149
|
$17,917
|
|
Dec 24
|
$17,134
|
$17,509
|
|
Jan 25
|
$18,468
|
$18,429
|
|
Feb 25
|
$18,835
|
$18,787
|
|
Mar 25
|
$17,718
|
$18,711
|
|
Apr 25
|
$18,535
|
$19,568
|
|
May 25
|
$19,711
|
$20,463
|
|
Jun 25
|
$20,696
|
$20,914
|
|
Jul 25
|
$19,822
|
$20,621
|
|
Aug 25
|
$19,948
|
$21,500
|
|
Sep 25
|
$20,658
|
$21,911
|
|
Oct 25
|
$20,774
|
$22,169
|
|
Nov 25
|
$20,155
|
$22,307
|
|
Dec 25
|
$20,564
|
$22,976
|
|
Jan 26
|
$21,625
|
$24,175
|
|
Feb 26
|
$21,318
|
$25,293
|
|
Mar 26
|
$19,186
|
$22,691
|
|
Apr 26
|
$20,964
|
$24,381
|
|
May 26
|
$21,690
|
$25,129
|
|
Jun 26
|
$23,012
|
$25,146
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
11.19%
|
6.99%
|
8.69%
|
|
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
20.23
|
9.05
|
9.66
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$122,679,857
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
46
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$412,378
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
84%
|
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.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of June 30, 2026)
Geographic allocation
Ten largest holdings
Table Summary
|
Country/Geographic Region
|
Percent of Net Assets
|
|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
18.7%
|
|
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.5
|
|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
10.4
|
|
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.7
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.6
|
|
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.1
|
|
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.1
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.3
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.7
|
Table Summary
|
SecurityFootnote Reference(b)
|
Percent of Net Assets
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0%
|
|
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.4
|
|
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.0
|
|
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.7
|
|
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Fujikura Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Advantest Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
| 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.
BlackRock International Select Equity Fund
Institutional Shares | MAEFX
Annual Shareholder Report - June 30, 2026
MAEFX-06/26-AR
BlackRock International Select Equity Fund
Investor A Shares | MDEFX
Annual Shareholder Report - June 30, 2026
This annual shareholder report contains important information about BlackRock International Select Equity Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor A Shares
|
$116
|
1.10%
|
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
Table Summary
|
Investor A Shares
|
MSCI EAFE Index (Net)
|
|
|
Jul 16
|
$9,745
|
$10,507
|
|
Aug 16
|
$9,636
|
$10,514
|
|
Sep 16
|
$9,694
|
$10,643
|
|
Oct 16
|
$9,278
|
$10,426
|
|
Nov 16
|
$9,030
|
$10,218
|
|
Dec 16
|
$9,386
|
$10,567
|
|
Jan 17
|
$9,721
|
$10,874
|
|
Feb 17
|
$9,699
|
$11,030
|
|
Mar 17
|
$10,057
|
$11,333
|
|
Apr 17
|
$10,541
|
$11,622
|
|
May 17
|
$10,928
|
$12,048
|
|
Jun 17
|
$10,794
|
$12,027
|
|
Jul 17
|
$11,137
|
$12,374
|
|
Aug 17
|
$11,144
|
$12,369
|
|
Sep 17
|
$11,517
|
$12,677
|
|
Oct 17
|
$11,457
|
$12,869
|
|
Nov 17
|
$11,353
|
$13,004
|
|
Dec 17
|
$11,459
|
$13,213
|
|
Jan 18
|
$12,219
|
$13,876
|
|
Feb 18
|
$11,422
|
$13,249
|
|
Mar 18
|
$11,429
|
$13,011
|
|
Apr 18
|
$11,504
|
$13,308
|
|
May 18
|
$11,248
|
$13,009
|
|
Jun 18
|
$11,121
|
$12,850
|
|
Jul 18
|
$11,331
|
$13,166
|
|
Aug 18
|
$11,121
|
$12,912
|
|
Sep 18
|
$11,075
|
$13,024
|
|
Oct 18
|
$9,999
|
$11,987
|
|
Nov 18
|
$9,729
|
$11,972
|
|
Dec 18
|
$9,176
|
$11,391
|
|
Jan 19
|
$9,771
|
$12,139
|
|
Feb 19
|
$10,126
|
$12,449
|
|
Mar 19
|
$10,342
|
$12,527
|
|
Apr 19
|
$10,805
|
$12,880
|
|
May 19
|
$10,172
|
$12,261
|
|
Jun 19
|
$10,890
|
$12,988
|
|
Jul 19
|
$10,511
|
$12,824
|
|
Aug 19
|
$10,342
|
$12,491
|
|
Sep 19
|
$10,481
|
$12,849
|
|
Oct 19
|
$10,851
|
$13,311
|
|
Nov 19
|
$11,137
|
$13,461
|
|
Dec 19
|
$11,459
|
$13,899
|
|
Jan 20
|
$11,274
|
$13,608
|
|
Feb 20
|
$10,548
|
$12,378
|
|
Mar 20
|
$8,793
|
$10,726
|
|
Apr 20
|
$9,473
|
$11,419
|
|
May 20
|
$10,177
|
$11,916
|
|
Jun 20
|
$10,857
|
$12,322
|
|
Jul 20
|
$11,367
|
$12,609
|
|
Aug 20
|
$12,031
|
$13,257
|
|
Sep 20
|
$11,722
|
$12,913
|
|
Oct 20
|
$11,065
|
$12,397
|
|
Nov 20
|
$13,051
|
$14,319
|
|
Dec 20
|
$13,654
|
$14,985
|
|
Jan 21
|
$13,152
|
$14,825
|
|
Feb 21
|
$13,654
|
$15,158
|
|
Mar 21
|
$13,971
|
$15,506
|
|
Apr 21
|
$14,944
|
$15,973
|
|
May 21
|
$15,686
|
$16,494
|
|
Jun 21
|
$15,400
|
$16,308
|
|
Jul 21
|
$15,949
|
$16,431
|
|
Aug 21
|
$16,165
|
$16,721
|
|
Sep 21
|
$15,230
|
$16,235
|
|
Oct 21
|
$16,111
|
$16,635
|
|
Nov 21
|
$15,671
|
$15,860
|
|
Dec 21
|
$16,289
|
$16,673
|
|
Jan 22
|
$14,651
|
$15,867
|
|
Feb 22
|
$13,685
|
$15,586
|
|
Mar 22
|
$13,832
|
$15,687
|
|
Apr 22
|
$12,472
|
$14,672
|
|
May 22
|
$12,603
|
$14,782
|
|
Jun 22
|
$11,088
|
$13,410
|
|
Jul 22
|
$12,294
|
$14,078
|
|
Aug 22
|
$11,088
|
$13,410
|
|
Sep 22
|
$10,045
|
$12,155
|
|
Oct 22
|
$10,911
|
$12,809
|
|
Nov 22
|
$12,665
|
$14,252
|
|
Dec 22
|
$12,379
|
$14,263
|
|
Jan 23
|
$13,925
|
$15,418
|
|
Feb 23
|
$13,762
|
$15,096
|
|
Mar 23
|
$14,235
|
$15,471
|
|
Apr 23
|
$14,344
|
$15,907
|
|
May 23
|
$14,041
|
$15,234
|
|
Jun 23
|
$14,639
|
$15,927
|
|
Jul 23
|
$14,934
|
$16,443
|
|
Aug 23
|
$14,096
|
$15,813
|
|
Sep 23
|
$13,047
|
$15,273
|
|
Oct 23
|
$12,659
|
$14,654
|
|
Nov 23
|
$14,336
|
$16,014
|
|
Dec 23
|
$14,899
|
$16,864
|
|
Jan 24
|
$15,001
|
$16,961
|
|
Feb 24
|
$16,157
|
$17,272
|
|
Mar 24
|
$16,730
|
$17,840
|
|
Apr 24
|
$15,968
|
$17,383
|
|
May 24
|
$16,809
|
$18,056
|
|
Jun 24
|
$16,251
|
$17,765
|
|
Jul 24
|
$16,392
|
$18,286
|
|
Aug 24
|
$16,982
|
$18,881
|
|
Sep 24
|
$17,178
|
$19,055
|
|
Oct 24
|
$16,306
|
$18,019
|
|
Nov 24
|
$15,952
|
$17,917
|
|
Dec 24
|
$15,932
|
$17,509
|
|
Jan 25
|
$17,172
|
$18,429
|
|
Feb 25
|
$17,514
|
$18,787
|
|
Mar 25
|
$16,464
|
$18,711
|
|
Apr 25
|
$17,227
|
$19,568
|
|
May 25
|
$18,317
|
$20,463
|
|
Jun 25
|
$19,215
|
$20,914
|
|
Jul 25
|
$18,403
|
$20,621
|
|
Aug 25
|
$18,523
|
$21,500
|
|
Sep 25
|
$19,182
|
$21,911
|
|
Oct 25
|
$19,276
|
$22,169
|
|
Nov 25
|
$18,703
|
$22,307
|
|
Dec 25
|
$19,075
|
$22,976
|
|
Jan 26
|
$20,052
|
$24,175
|
|
Feb 26
|
$19,768
|
$25,293
|
|
Mar 26
|
$17,788
|
$22,691
|
|
Apr 26
|
$19,431
|
$24,381
|
|
May 26
|
$20,096
|
$25,129
|
|
Jun 26
|
$21,321
|
$25,146
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
10.96%
|
6.72%
|
8.45%
|
|
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.14
|
5.58
|
7.87
|
|
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
20.23
|
9.05
|
9.66
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$122,679,857
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
46
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$412,378
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
84%
|
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.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of June 30, 2026)
Geographic allocation
Ten largest holdings
Table Summary
|
Country/Geographic Region
|
Percent of Net Assets
|
|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
18.7%
|
|
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.5
|
|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
10.4
|
|
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.7
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.6
|
|
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.1
|
|
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.1
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.3
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.7
|
Table Summary
|
SecurityFootnote Reference(b)
|
Percent of Net Assets
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0%
|
|
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.4
|
|
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.0
|
|
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.7
|
|
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Fujikura Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Advantest Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
| 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.
BlackRock International Select Equity Fund
Investor A Shares | MDEFX
Annual Shareholder Report - June 30, 2026
MDEFX-06/26-AR
BlackRock International Select Equity Fund
Investor C Shares | MCEFX
Annual Shareholder Report - June 30, 2026
This annual shareholder report contains important information about BlackRock International Select Equity Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Table Summary
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor C Shares
|
$195
|
1.85%
|
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
Table Summary
|
Investor C Shares
|
MSCI EAFE Index (Net)
|
|
|
Jul 16
|
$10,273
|
$10,507
|
|
Aug 16
|
$10,153
|
$10,514
|
|
Sep 16
|
$10,207
|
$10,643
|
|
Oct 16
|
$9,760
|
$10,426
|
|
Nov 16
|
$9,487
|
$10,218
|
|
Dec 16
|
$9,860
|
$10,567
|
|
Jan 17
|
$10,216
|
$10,874
|
|
Feb 17
|
$10,182
|
$11,030
|
|
Mar 17
|
$10,549
|
$11,333
|
|
Apr 17
|
$11,049
|
$11,622
|
|
May 17
|
$11,450
|
$12,048
|
|
Jun 17
|
$11,305
|
$12,027
|
|
Jul 17
|
$11,650
|
$12,374
|
|
Aug 17
|
$11,650
|
$12,369
|
|
Sep 17
|
$12,028
|
$12,677
|
|
Oct 17
|
$11,961
|
$12,869
|
|
Nov 17
|
$11,839
|
$13,004
|
|
Dec 17
|
$11,951
|
$13,213
|
|
Jan 18
|
$12,731
|
$13,876
|
|
Feb 18
|
$11,895
|
$13,249
|
|
Mar 18
|
$11,895
|
$13,011
|
|
Apr 18
|
$11,962
|
$13,308
|
|
May 18
|
$11,695
|
$13,009
|
|
Jun 18
|
$11,550
|
$12,850
|
|
Jul 18
|
$11,762
|
$13,166
|
|
Aug 18
|
$11,539
|
$12,912
|
|
Sep 18
|
$11,483
|
$13,024
|
|
Oct 18
|
$10,357
|
$11,987
|
|
Nov 18
|
$10,078
|
$11,972
|
|
Dec 18
|
$9,493
|
$11,391
|
|
Jan 19
|
$10,100
|
$12,139
|
|
Feb 19
|
$10,467
|
$12,449
|
|
Mar 19
|
$10,685
|
$12,527
|
|
Apr 19
|
$11,155
|
$12,880
|
|
May 19
|
$10,490
|
$12,261
|
|
Jun 19
|
$11,224
|
$12,988
|
|
Jul 19
|
$10,834
|
$12,824
|
|
Aug 19
|
$10,651
|
$12,491
|
|
Sep 19
|
$10,788
|
$12,849
|
|
Oct 19
|
$11,167
|
$13,311
|
|
Nov 19
|
$11,442
|
$13,461
|
|
Dec 19
|
$11,763
|
$13,899
|
|
Jan 20
|
$11,568
|
$13,608
|
|
Feb 20
|
$10,823
|
$12,378
|
|
Mar 20
|
$9,011
|
$10,726
|
|
Apr 20
|
$9,699
|
$11,419
|
|
May 20
|
$10,421
|
$11,916
|
|
Jun 20
|
$11,098
|
$12,322
|
|
Jul 20
|
$11,614
|
$12,609
|
|
Aug 20
|
$12,290
|
$13,257
|
|
Sep 20
|
$11,969
|
$12,913
|
|
Oct 20
|
$11,281
|
$12,397
|
|
Nov 20
|
$13,299
|
$14,319
|
|
Dec 20
|
$13,918
|
$14,985
|
|
Jan 21
|
$13,391
|
$14,825
|
|
Feb 21
|
$13,895
|
$15,158
|
|
Mar 21
|
$14,205
|
$15,506
|
|
Apr 21
|
$15,191
|
$15,973
|
|
May 21
|
$15,936
|
$16,494
|
|
Jun 21
|
$15,626
|
$16,308
|
|
Jul 21
|
$16,177
|
$16,431
|
|
Aug 21
|
$16,383
|
$16,721
|
|
Sep 21
|
$15,431
|
$16,235
|
|
Oct 21
|
$16,314
|
$16,635
|
|
Nov 21
|
$15,856
|
$15,860
|
|
Dec 21
|
$16,475
|
$16,673
|
|
Jan 22
|
$14,801
|
$15,867
|
|
Feb 22
|
$13,815
|
$15,586
|
|
Mar 22
|
$13,952
|
$15,687
|
|
Apr 22
|
$12,577
|
$14,672
|
|
May 22
|
$12,703
|
$14,782
|
|
Jun 22
|
$11,167
|
$13,410
|
|
Jul 22
|
$12,370
|
$14,078
|
|
Aug 22
|
$11,155
|
$13,410
|
|
Sep 22
|
$10,100
|
$12,155
|
|
Oct 22
|
$10,960
|
$12,809
|
|
Nov 22
|
$12,714
|
$14,252
|
|
Dec 22
|
$12,416
|
$14,263
|
|
Jan 23
|
$13,964
|
$15,418
|
|
Feb 23
|
$13,792
|
$15,096
|
|
Mar 23
|
$14,262
|
$15,471
|
|
Apr 23
|
$14,365
|
$15,907
|
|
May 23
|
$14,044
|
$15,234
|
|
Jun 23
|
$14,629
|
$15,927
|
|
Jul 23
|
$14,927
|
$16,443
|
|
Aug 23
|
$14,079
|
$15,813
|
|
Sep 23
|
$13,024
|
$15,273
|
|
Oct 23
|
$12,623
|
$14,654
|
|
Nov 23
|
$14,285
|
$16,014
|
|
Dec 23
|
$14,839
|
$16,864
|
|
Jan 24
|
$14,932
|
$16,961
|
|
Feb 24
|
$16,072
|
$17,272
|
|
Mar 24
|
$16,630
|
$17,840
|
|
Apr 24
|
$15,862
|
$17,383
|
|
May 24
|
$16,688
|
$18,056
|
|
Jun 24
|
$16,130
|
$17,765
|
|
Jul 24
|
$16,270
|
$18,286
|
|
Aug 24
|
$16,855
|
$18,881
|
|
Sep 24
|
$17,050
|
$19,055
|
|
Oct 24
|
$16,185
|
$18,019
|
|
Nov 24
|
$15,834
|
$17,917
|
|
Dec 24
|
$15,813
|
$17,509
|
|
Jan 25
|
$17,044
|
$18,429
|
|
Feb 25
|
$17,383
|
$18,787
|
|
Mar 25
|
$16,342
|
$18,711
|
|
Apr 25
|
$17,099
|
$19,568
|
|
May 25
|
$18,180
|
$20,463
|
|
Jun 25
|
$19,072
|
$20,914
|
|
Jul 25
|
$18,266
|
$20,621
|
|
Aug 25
|
$18,385
|
$21,500
|
|
Sep 25
|
$19,039
|
$21,911
|
|
Oct 25
|
$19,133
|
$22,169
|
|
Nov 25
|
$18,564
|
$22,307
|
|
Dec 25
|
$18,934
|
$22,976
|
|
Jan 26
|
$19,903
|
$24,175
|
|
Feb 26
|
$19,621
|
$25,293
|
|
Mar 26
|
$17,656
|
$22,691
|
|
Apr 26
|
$19,286
|
$24,381
|
|
May 26
|
$19,947
|
$25,129
|
|
Jun 26
|
$21,163
|
$25,146
|
See "Average annual total returns" for additional information on fund performance.
Average annual total returns
Table Summary
|
Average Annual Total Returns
|
1 Year
|
5 Years
|
10 Years
|
|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
10.18%
|
5.94%
|
7.78%
|
|
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.24
|
5.94
|
7.78
|
|
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
20.23
|
9.05
|
9.66
|
Key Fund statistics
Table Summary
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$122,679,857
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
46
|
|
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$412,378
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
84%
|
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.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of June 30, 2026)
Geographic allocation
Ten largest holdings
Table Summary
|
Country/Geographic Region
|
Percent of Net Assets
|
|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
18.7%
|
|
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.5
|
|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
10.4
|
|
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.7
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.6
|
|
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
7.4
|
|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.1
|
|
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.1
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.3
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.7
|
Table Summary
|
SecurityFootnote Reference(b)
|
Percent of Net Assets
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.0%
|
|
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.4
|
|
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.0
|
|
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.7
|
|
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Fujikura Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.6
|
|
Advantest Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.4
|
|
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
|
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.2
|
| 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.
BlackRock International Select Equity Fund
Investor C Shares | MCEFX
Annual Shareholder Report - June 30, 2026
MCEFX-06/26-AR
(b) Not Applicable
Item 2 - Code of Ethics - The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 - Audit Committee Financial Expert - The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Neil A. Cotty
Henry R. Keizer
Henry R. Keizer
Kenneth L. Urish
Claire A. Walton
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
Item 4 - Principal Accountant Fees and Services -
The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:
|
|
(a) Audit Fees
|
(b) Audit-Related Fees1
|
(c) Tax Fees2
|
(d) All Other Fees
|
||||
|
Entity Name
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
|
BlackRock International Select Equity Fund
|
$36,771
|
$36,593
|
$0
|
$0
|
$16,300
|
$16,300
|
$416
|
$0
|
The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):
|
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
|
(b) Audit-Related Fees1
|
$0
|
$0
|
|
(c) Tax Fees2
|
$0
|
$0
|
|
(d) All Other Fees3
|
$2,277,000
|
$2,149,000
|
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Non-audit fees of $2,277,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
|
Entity Name
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
|
BlackRock International Select Equity Fund
|
$16,716
|
$16,300
|
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
|
Current Fiscal Year End
|
Previous Fiscal Year End
|
|
$2,277,000
|
$2,149,000
|
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.
(i) - Not Applicable
(j) - Not Applicable
Item 5 - Audit Committee of Listed Registrant - Not Applicable
Item 6 - Investments
(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.
(b) The registrant's Financial Highlights are attached herewith.
June
30,
2026
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2026
Annual
Financial
Statements
and
Additional
Information
BlackRock
Advantage
Global
Fund,
Inc.
BlackRock
International
Select
Equity
Fund
Table
of
Contents
Page
2
Derivative
Financial
Instruments
.............................................................................................
3
Schedules
of
Investments
.................................................................................................
4
Statements
of
Assets
and
Liabilities
...........................................................................................
13
Statements
of
Operations
.................................................................................................
15
Statements
of
Changes
in
Net
Assets
..........................................................................................
16
Financial
Highlights
.....................................................................................................
17
Notes
to
Financial
Statements
..............................................................................................
27
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
38
Important
Tax
Information
.................................................................................................
39
Additional
Information
....................................................................................................
40
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreement
..................................................................
42
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
46
Derivative
Financial
Instruments
3
Derivative
Financial
Instruments
The
Funds
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
Pursuant
to
Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Funds
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk. The
Funds'
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser's
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds'
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
June
30,
2026
BlackRock
Advantage
Global
Fund,
Inc.
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Australia
-
2.3%
BHP
Group
Ltd.
...............
46,821
$
1,951,170‌
CSL
Ltd.
....................
6,571
524,266‌
Fortescue
Ltd.
................
200,506
2,668,792‌
Glencore
plc
.................
151,131
1,030,476‌
Macquarie
Group
Ltd.
...........
16,620
2,889,288‌
QBE
Insurance
Group
Ltd.
.......
22,379
389,286‌
Rio
Tinto
plc
.................
31,293
2,960,468‌
Santos
Ltd.
..................
301,061
1,493,529‌
13,907,275‌
Brazil
-
0.6%
B3
SA
-
Brasil
Bolsa
Balcao
.......
538,622
1,514,982‌
Lojas
Renner
SA
..............
266,819
763,920‌
MBRF
Global
Foods
Co.
SA
......
232,645
793,164‌
Seguridade
Participacoes
SA
......
76,859
581,844‌
3,653,910‌
Canada
-
2.2%
Barrick
Mining
Corp.
............
109,433
4,023,925‌
Brookfield
Corp.
,
Class
A
.........
36,194
1,544,226‌
Power
Corp.
of
Canada
.........
23,520
1,466,341‌
Suncor
Energy,
Inc.
............
73,485
3,953,397‌
TELUS
Corp.
................
249,168
2,635,304‌
13,623,193‌
China
-
3.6%
Alibaba
Group
Holding
Ltd.
.......
330,300
3,959,786‌
Aluminum
Corp.
of
China
Ltd.
,
Class
H
654,000
628,116‌
Focus
Media
Information
Technology
Co.
Ltd.
,
Class
A
............
1,337,251
955,145‌
Huaneng
Power
International,
Inc.
,
Class
A
..................
1,360,800
1,523,912‌
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.
,
Class
A
(a)
.................
684,000
450,062‌
Luzhou
Laojiao
Co.
Ltd.
,
Class
A
...
168,350
1,927,100‌
Midea
Group
Co.
Ltd.
,
Class
A
.....
194,220
2,163,610‌
PetroChina
Co.
Ltd.
,
Class
H
......
348,000
375,583‌
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.
,
Class
A
............
163,002
2,629,808‌
Tencent
Holdings
Ltd.
...........
106,900
5,899,015‌
Zhejiang
China
Commodities
City
Group
Co.
Ltd.
,
Class
A
.......
772,700
1,159,521‌
ZTE
Corp.
,
Class
H
............
254,800
747,978‌
22,419,636‌
Denmark
-
0.0%
Danske
Bank
A/S
..............
4,861
260,562‌
Finland
-
0.3%
Nordea
Bank
Abp
.............
110,678
2,100,327‌
France
-
2.1%
AXA
SA
....................
99,370
4,979,375‌
Carrefour
SA
.................
45,757
849,478‌
Cie
de
Saint-Gobain
SA
.........
7,391
670,234‌
Engie
SA
...................
21,474
675,884‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,639
906,466‌
Publicis
Groupe
SA
............
31,105
3,073,886‌
Sanofi
SA
...................
17,700
1,513,414‌
12,668,737‌
Germany
-
0.8%
BASF
SE
...................
22,952
1,226,856‌
Deutsche
Bank
AG
(Registered)
....
66,211
2,242,368‌
Deutsche
Post
AG
.............
17,124
1,041,078‌
Security
Shares
Shares
Value
Germany
(continued)
Innio
NV
(a)
...................
10,438
$
412,823‌
4,923,125‌
Guatemala
-
0.2%
Millicom
International
Cellular
SA
...
12,825
1,163,997‌
Hong
Kong
-
0.8%
AIA
Group
Ltd.
...............
518,520
4,747,172‌
India
-
1.0%
Alkem
Laboratories
Ltd.
.........
2,627
154,611‌
Birlasoft
Ltd.
.................
20,414
61,880‌
DLF
Ltd.
....................
84,015
551,423‌
Larsen
&
Toubro
Ltd.
...........
31,235
1,369,568‌
Lupin
Ltd.
...................
9,404
240,360‌
Multi
Commodity
Exchange
of
India
Ltd.
.....................
18,705
562,298‌
SBI
Life
Insurance
Co.
Ltd.
(b)
(c)
.....
9,831
183,497‌
Tata
Consultancy
Services
Ltd.
....
67,294
1,446,383‌
Vedanta
Ltd.
.................
505,366
1,504,818‌
Voltas
Ltd.
..................
13,026
176,151‌
6,250,989‌
Indonesia
-
0.0%
Bank
Mandiri
Persero
Tbk.
PT
.....
874,700
188,661‌
Ireland
-
0.7%
Accenture
plc
,
Class
A
..........
17,706
2,203,335‌
AerCap
Holdings
NV
...........
14,309
2,085,966‌
4,289,301‌
Italy
-
2.2%
Banca
Monte
dei
Paschi
di
Siena
SpA
120,301
1,495,031‌
Enel
SpA
...................
402,649
4,618,541‌
Generali
....................
53,282
2,597,652‌
Intesa
Sanpaolo
SpA
...........
230,806
1,586,396‌
Nexi
SpA
(b)
(c)
.................
78,242
316,756‌
Saipem
SpA
.................
372,086
1,870,660‌
UniCredit
SpA
................
11,072
992,259‌
13,477,295‌
Japan
-
3.8%
ENEOS
Holdings,
Inc.
..........
337,700
2,499,780‌
Fujitsu
Ltd.
..................
41,000
814,670‌
Hitachi
Ltd.
..................
55,800
1,544,326‌
Kioxia
Holdings
Corp.
(a)
..........
900
523,107‌
Mitsubishi
Heavy
Industries
Ltd.
....
69,200
1,572,411‌
Murata
Manufacturing
Co.
Ltd.
.....
49,200
3,531,813‌
NEC
Corp.
..................
90,100
2,175,222‌
Nintendo
Co.
Ltd.
..............
17,000
714,680‌
Obayashi
Corp.
...............
25,700
519,359‌
SoftBank
Group
Corp.
..........
6,700
248,525‌
Sony
Group
Corp.
.............
124,000
2,495,384‌
Tokyo
Electron
Ltd.
............
14,100
6,836,444‌
23,475,721‌
Malaysia
-
0.0%
YTL
Corp.
Bhd.
...............
159,600
80,265‌
Mexico
-
0.1%
Wal-Mart
de
Mexico
SAB
de
CV
(d)
...
105,036
308,546‌
Netherlands
-
0.3%
Argenx
SE
(a)
.................
209
193,714‌
Koninklijke
Philips
NV
...........
22,809
620,283‌
Nebius
Group
NV
,
Class
A
(a)
......
2,900
800,893‌
1,614,890‌
Schedule
of
Investments
(continued)
June
30,
2026
BlackRock
Advantage
Global
Fund,
Inc.
Schedules
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Norway
-
0.2%
DNB
Bank
ASA
...............
39,906
$
1,188,091‌
Poland
-
0.1%
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
.................
16,914
464,409‌
Russia
-
0.0%
(a)(e)
Alrosa
PJSC
.................
18,331
2‌
Mobile
TeleSystems
PJSC
........
3,760
1‌
3‌
Singapore
-
0.1%
DBS
Group
Holdings
Ltd.
........
11,600
587,364‌
South
Korea
-
2.4%
KCC
Corp.
..................
618
197,369‌
Kia
Corp.
...................
12,603
1,138,274‌
LG
Display
Co.
Ltd.
(a)
...........
23,808
179,385‌
NAVER
Corp.
................
5,131
665,766‌
Samsung
Electronics
Co.
Ltd.
.....
30,253
6,713,057‌
SK
Hynix,
Inc.
................
3,391
5,983,700‌
14,877,551‌
Spain
-
0.9%
Banco
de
Sabadell
SA
..........
546,029
1,934,820‌
Iberdrola
SA
.................
150,164
3,737,519‌
5,672,339‌
Sweden
-
0.3%
Svenska
Handelsbanken
AB
,
Class
A
115,882
1,705,240‌
Switzerland
-
1.1%
ABB
Ltd.
(Registered)
...........
61,330
6,671,437‌
Taiwan
-
3.8%
Asustek
Computer,
Inc.
(a)
.........
57,000
1,264,979‌
Bizlink
Holding,
Inc.
............
13,286
814,169‌
Chroma
ATE,
Inc.
..............
48,000
3,335,686‌
Hon
Hai
Precision
Industry
Co.
Ltd.
..
303,000
2,417,847‌
MediaTek,
Inc.
................
7,354
1,002,091‌
Quanta
Computer,
Inc.
(a)
.........
461,000
5,374,571‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
117,000
9,230,163‌
23,439,506‌
United
Kingdom
-
3.0%
AstraZeneca
plc
..............
9,746
1,819,620‌
BAE
Systems
plc
..............
114,294
2,800,961‌
BP
plc
.....................
266,026
1,639,717‌
HSBC
Holdings
plc
............
101,377
1,916,968‌
Imperial
Brands
plc
............
20,333
751,485‌
International
Consolidated
Airlines
Group
SA
.................
159,412
1,008,954‌
Intertek
Group
plc
.............
19,005
1,462,968‌
NatWest
Group
plc
.............
47,451
418,705‌
Next
plc
....................
12,112
2,336,924‌
Reckitt
Benckiser
Group
plc
.......
55,520
3,616,217‌
Smiths
Group
plc
..............
21,632
734,833‌
18,507,352‌
United
States
-
64.4%
3M
Co.
.....................
44,212
7,158,365‌
AbbVie,
Inc.
.................
11,595
2,917,766‌
Advanced
Micro
Devices,
Inc.
(a)
....
1,562
907,381‌
AECOM
....................
14,885
1,038,973‌
Alexandria
Real
Estate
Equities,
Inc.
.
35,673
1,885,318‌
Alphabet,
Inc.
,
Class
A
..........
40,615
14,514,582‌
Alphabet,
Inc.
,
Class
C
..........
34,036
12,025,940‌
Altria
Group,
Inc.
..............
81,244
5,845,506‌
Security
Shares
Shares
Value
United
States
(continued)
Amazon.com,
Inc.
(a)
............
45,739
$
10,901,433‌
AMETEK,
Inc.
................
21,932
5,306,228‌
Amgen,
Inc.
.................
4,081
1,477,812‌
Analog
Devices,
Inc.
............
9,798
3,891,472‌
Annaly
Capital
Management,
Inc.
...
46,410
1,037,728‌
Anthropic
PBC
,
Series
H
,
(Acquired
05/28/26
,
cost
$
1,520,234
)
(a)
(e)
(f)
..
2,581
1,520,234‌
Apple,
Inc.
..................
109,987
31,825,838‌
Applied
Materials,
Inc.
..........
16,292
11,779,116‌
AT&T,
Inc.
...................
62,842
1,300,829‌
Bank
of
America
Corp.
..........
195,334
11,130,131‌
Booking
Holdings,
Inc.
..........
19,873
3,542,164‌
BorgWarner,
Inc.
..............
36,578
2,428,779‌
Bristol-Myers
Squibb
Co.
.........
58,740
3,384,599‌
Broadcom,
Inc.
...............
33,399
12,616,472‌
Caterpillar,
Inc.
...............
5,361
5,708,929‌
Cerebras
Systems,
Inc.
,
Class
A
(a)
(d)
.
853
188,513‌
Charles
Schwab
Corp.
(The)
......
37,759
3,484,023‌
Chevron
Corp.
................
46,561
7,717,951‌
Citigroup,
Inc.
................
39,130
5,476,635‌
CME
Group,
Inc.
,
Class
A
........
5,860
1,294,064‌
Coinbase
Global,
Inc.
,
Class
A
(a)
....
1,711
250,131‌
Comcast
Corp.
,
Class
A
.........
165,329
4,058,827‌
Conagra
Brands,
Inc.
...........
212,758
2,863,723‌
CoreWeave,
Inc.
,
Class
A
(a)
.......
8,224
818,617‌
Crown
Castle,
Inc.
.............
26,688
2,021,082‌
Danaher
Corp.
...............
8,111
1,544,983‌
Devon
Energy
Corp.
............
26,988
1,115,144‌
Eli
Lilly
&
Co.
................
5,119
6,139,882‌
Equinix,
Inc.
.................
1,289
1,343,641‌
Experian
plc
.................
48,218
1,625,121‌
Exxon
Mobil
Corp.
.............
18,194
2,487,484‌
Gilead
Sciences,
Inc.
...........
9,621
1,215,517‌
Goldman
Sachs
Group,
Inc.
(The)
..
4,557
4,608,813‌
HCA
Healthcare,
Inc.
...........
1,500
584,835‌
Honeywell
Aerospace,
Inc.
(a)
......
13,753
3,040,403‌
Honeywell
International,
Inc.
......
13,753
3,079,185‌
Host
Hotels
&
Resorts,
Inc.
.......
52,389
1,242,143‌
Intuit,
Inc.
...................
6,627
1,729,647‌
JPMorgan
Chase
&
Co.
.........
32,035
10,486,017‌
Lam
Research
Corp.
...........
14,722
6,379,484‌
Lockheed
Martin
Corp.
..........
8,679
4,421,603‌
LyondellBasell
Industries
NV
,
Class
A
49,534
2,607,965‌
MasTec,
Inc.
(a)
................
7,716
3,210,319‌
Meta
Platforms,
Inc.
,
Class
A
......
11,302
6,366,304‌
Micron
Technology,
Inc.
..........
8,204
9,469,795‌
Microsoft
Corp.
...............
52,552
19,602,947‌
Moderna,
Inc.
(a)
...............
4,367
305,821‌
Monday.com
Ltd.
(a)
.............
5,645
408,642‌
Morgan
Stanley
...............
29,888
6,247,787‌
Motorola
Solutions,
Inc.
.........
11,797
4,899,176‌
Newmont
Corp.
...............
22,981
2,146,425‌
Northrop
Grumman
Corp.
........
4,645
2,365,745‌
NVIDIA
Corp.
................
152,632
30,540,137‌
Oracle
Corp.
.................
3,760
551,028‌
Pfizer,
Inc.
..................
339,656
8,178,916‌
Procter
&
Gamble
Co.
(The)
......
44,267
6,491,313‌
Quantinuum,
Inc.
,
Class
A
(a)
.......
2,331
190,536‌
Regeneron
Pharmaceuticals,
Inc.
...
944
588,622‌
RTX
Corp.
..................
17,600
3,339,248‌
Sempra
....................
9,512
881,858‌
ServiceNow,
Inc.
(a)
.............
23,299
2,313,125‌
Shell
plc
....................
196,934
7,651,869‌
Skyworks
Solutions,
Inc.
.........
35,597
2,413,477‌
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
June
30,
2026
BlackRock
Advantage
Global
Fund,
Inc.
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Space
Exploration
Technologies
Corp.
,
Class
A
(a)
.................
27,327
$
4,669,091‌
Take-Two
Interactive
Software,
Inc.
(a)
.
11,099
2,774,528‌
Tesla,
Inc.
(a)
..................
10,969
4,613,561‌
Texas
Instruments,
Inc.
..........
19,103
5,694,031‌
Thermo
Fisher
Scientific,
Inc.
......
1,830
917,489‌
TransDigm
Group,
Inc.
..........
4,628
6,164,681‌
Travelers
Cos.,
Inc.
(The)
........
2,997
989,370‌
United
Parcel
Service,
Inc.
,
Class
B
.
21,146
2,273,195‌
UnitedHealth
Group,
Inc.
.........
10,971
4,559,877‌
US
Bancorp
.................
27,058
1,634,303‌
Veeva
Systems,
Inc.
,
Class
A
(a)
....
6,952
1,233,771‌
VeriSign,
Inc.
................
8,355
2,101,784‌
Verizon
Communications,
Inc.
.....
97,601
4,132,426‌
Vertex
Pharmaceuticals,
Inc.
(a)
.....
876
435,135‌
Warner
Bros
Discovery,
Inc.
(a)
.....
13,490
359,643‌
396,687,003‌
Total
Common
Stocks
-
97.3%
(Cost:
$
435,196,813
)
.............................
598,953,897‌
Preferred
Securities
Preferred
Stocks
-
0.1%
Brazil
-
0.0%
Marcopolo
SA
(Preference)
.......
233,505
269,587‌
Usinas
Siderurgicas
de
Minas
Gerais
S
(Preference)
(a)
..............
127,667
208,479‌
478,066‌
Germany
-
0.1%
Volkswagen
AG
(Preference)
......
6,540
524,648‌
Total
Preferred
Securities
-
0.1%
(Cost:
$
1,057,377
)
..............................
1,002,714‌
Total
Long-Term
Investments
-
97
.4
%
(Cost:
$
436,254,190
)
.............................
599,956,611‌
Short-Term
Securities
Money
Market
Funds
-
1.4%
(g)(h)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.82
%
(i)
.....
206,438‌
206,500‌
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
3.54
%
......
8,344,343‌
8,344,343‌
Total
Short-Term
Securities
-
1
.4
%
(Cost:
$
8,550,841
)
..............................
8,550,843‌
Total
Investments
-
98.8%
(Cost:
$
444,805,031
)
.............................
608,507,454‌
Other
Assets
Less
Liabilities
-
1.2
%
...................
7,090,779‌
Net
Assets
-
100.0%
..............................
$
615,598,233‌
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$1,520,234,
representing
0.25%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$1,520,234.
(g)
Affiliate
of
the
Fund.
(h)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(continued)
June
30,
2026
BlackRock
Advantage
Global
Fund,
Inc.
Schedules
of
Investments
7
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
June
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(i)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
06/30/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/26
Shares
Held
at
06/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
-
$
206,563
(a)
$
-
$
(
65
)
$
2
$
206,500
206,438
$
5,788
(b)
$
-
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
9,845,942
-
(
1,501,599
)
(a)
-
-
8,344,343
8,344,343
277,366
-
$
(
65
)
$
2
$
8,550,843
$
283,154
$
-
-
-
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
June
30,
2026
BlackRock
Advantage
Global
Fund,
Inc.
8
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund's
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
EAFE
Index
.........................................................
19
09/18/26
$
2,988
$
(
4,198
)
MSCI
Emerging
Markets
Index
.................................................
15
09/18/26
1,318
(
10,890
)
S&P
500
E-Mini
Index
.......................................................
21
09/18/26
7,926
2,965
$
(
12,123
)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
-
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
-
$
-
$
2,965
$
-
$
-
$
-
$
2,965
Liabilities
-
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
-
$
-
$
15,088
$
-
$
-
$
-
$
15,088
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day's
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
June
30,
2026,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
-
$
-
$
1,880,027
$
-
$
-
$
-
$
1,880,027
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
-
$
-
$
(
203,705
)
$
-
$
-
$
-
$
(
203,705
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
-
long
..................................................................................
$
11,158,480
Schedule
of
Investments
(continued)
June
30,
2026
BlackRock
Advantage
Global
Fund,
Inc.
Schedules
of
Investments
9
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund's
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
-
$
13,907,275
$
-
$
13,907,275
Brazil
...............................................
3,653,910
-
-
3,653,910
Canada
.............................................
13,623,193
-
-
13,623,193
China
...............................................
-
22,419,636
-
22,419,636
Denmark
.............................................
-
260,562
-
260,562
Finland
..............................................
-
2,100,327
-
2,100,327
France
..............................................
-
12,668,737
-
12,668,737
Germany
............................................
412,823
4,510,302
-
4,923,125
Guatemala
...........................................
1,163,997
-
-
1,163,997
Hong
Kong
...........................................
-
4,747,172
-
4,747,172
India
...............................................
-
6,250,989
-
6,250,989
Indonesia
............................................
-
188,661
-
188,661
Ireland
..............................................
4,289,301
-
-
4,289,301
Italy
................................................
-
13,477,295
-
13,477,295
Japan
...............................................
-
23,475,721
-
23,475,721
Malaysia
.............................................
-
80,265
-
80,265
Mexico
..............................................
308,546
-
-
308,546
Netherlands
...........................................
800,893
813,997
-
1,614,890
Norway
..............................................
-
1,188,091
-
1,188,091
Poland
..............................................
-
464,409
-
464,409
Russia
..............................................
-
-
3
3
Singapore
............................................
-
587,364
-
587,364
South
Korea
..........................................
-
14,877,551
-
14,877,551
Spain
...............................................
-
5,672,339
-
5,672,339
Sweden
.............................................
-
1,705,240
-
1,705,240
Switzerland
...........................................
-
6,671,437
-
6,671,437
Taiwan
..............................................
-
23,439,506
-
23,439,506
United
Kingdom
........................................
-
18,507,352
-
18,507,352
United
States
..........................................
385,889,779
9,276,990
1,520,234
396,687,003
Preferred
Securities
Brazil
...............................................
478,066
-
-
478,066
Germany
............................................
-
524,648
-
524,648
Short-Term
Securities
Money
Market
Funds
......................................
8,550,843
-
-
8,550,843
$
419,171,351
$
187,815,866
$
1,520,237
$
608,507,454
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
2,965
$
-
$
-
$
2,965
Liabilities
Equity
contracts
...........................................
(
15,088
)
-
-
(
15,088
)
$
(
12,123
)
$
-
$
-
$
(
12,123
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
June
30,
2026
BlackRock
International
Select
Equity
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Austria
-
3.2%
Erste
Group
Bank
AG
...........
29,784
$
3,986,229‌
Belgium
-
1.7%
UCB
SA
....................
6,919
2,071,349‌
Denmark
-
1.2%
Chemometec
A/S
..............
25,637
1,423,841‌
Finland
-
1.3%
Kone
OYJ
,
Class
B
............
27,863
1,584,987‌
France
-
8.7%
Airbus
SE
...................
11,131
2,476,556‌
Engie
SA
...................
102,007
3,210,622‌
Safran
SA
...................
9,445
3,722,096‌
TotalEnergies
SE
..............
16,661
1,288,320‌
10,697,594‌
Germany
-
10.4%
MTU
Aero
Engines
AG
..........
6,325
2,635,648‌
Siemens
AG
(Registered)
........
4,298
1,381,838‌
Siemens
Energy
AG
............
21,820
4,159,798‌
Symrise
AG
,
Class
A
...........
19,372
1,943,203‌
Talanx
AG
...................
20,473
2,589,519‌
12,710,006‌
Ireland
-
3.1%
AIB
Group
plc
................
324,954
3,819,018‌
Italy
-
7.4%
Intesa
Sanpaolo
SpA
...........
351,084
2,413,102‌
Poste
Italiane
SpA
(a)
............
64,695
2,117,690‌
UniCredit
SpA
................
50,207
4,499,489‌
9,030,281‌
Japan
-
18.7%
Advantest
Corp.
...............
20,300
4,176,287‌
Fujikura
Ltd.
.................
110,000
4,360,606‌
Hitachi
Ltd.
..................
57,700
1,596,911‌
Micronics
Japan
Co.
Ltd.
.........
16,300
1,730,458‌
Mitsubishi
UFJ
Financial
Group,
Inc.
.
149,200
2,972,502‌
Murata
Manufacturing
Co.
Ltd.
.....
20,500
1,471,589‌
Renesas
Electronics
Corp.
.......
89,700
2,768,936‌
Rigaku
Holdings
Corp.
..........
64,300
1,002,410‌
Tokyo
Electron
Ltd.
............
6,000
2,909,125‌
22,988,824‌
Netherlands
-
13.5%
ABN
AMRO
Bank
NV
,
CVA
(a)
......
104,028
4,424,502‌
ASM
International
NV
...........
3,428
3,942,137‌
ASML
Holding
NV
.............
2,739
5,423,702‌
BE
Semiconductor
Industries
NV
...
8,516
2,812,428‌
16,602,769‌
Norway
-
1.3%
Kongsberg
Gruppen
ASA
........
52,461
1,580,958‌
Singapore
-
0.7%
Sea
Ltd.
,
ADR,
Class
A
(b)
.........
8,583
822,509‌
Spain
-
2.1%
CaixaBank
SA
................
184,158
2,609,182‌
Sweden
-
1.7%
Sandvik
AB
..................
51,073
2,109,068‌
Switzerland
-
7.4%
ABB
Ltd.
(Registered)
...........
23,886
2,598,303‌
Belimo
Holding
AG
(Registered)
....
2,605
2,929,004‌
Security
Shares
Shares
Value
Switzerland
(continued)
Cie
Financiere
Richemont
SA
(Registered)
...............
5,596
$
1,291,716‌
Galderma
Group
AG
............
9,804
2,229,896‌
9,048,919‌
Taiwan
-
4.9%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
77,000
6,074,552‌
United
Kingdom
-
7.6%
Halma
plc
...................
46,437
2,427,187‌
Lloyds
Banking
Group
plc
........
3,381,161
4,948,424‌
NatWest
Group
plc
.............
150,410
1,327,211‌
Wise
Group
plc
,
Class
A
(b)
........
50,715
607,945‌
9,310,767‌
United
States
-
3.1%
Mastercard,
Inc.
,
Class
A
.........
4,520
2,321,472‌
Novartis
AG
(Registered)
........
9,100
1,422,261‌
3,743,733‌
Total
Long-Term
Investments
-
98.0%
(Cost:
$
89,441,734
)
..............................
120,214,586‌
Short-Term
Securities
Money
Market
Funds
-
0.3%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
3.54
%
(c)
(d)
....
404,083‌
404,083‌
Total
Short-Term
Securities
-
0
.3
%
(Cost:
$
404,083
)
................................
404,083‌
Total
Investments
-
98.3%
(Cost:
$
89,845,817
)
..............................
120,618,669‌
Other
Assets
Less
Liabilities
-
1.7
%
...................
2,061,188‌
Net
Assets
-
100.0%
..............................
$
122,679,857‌
Schedule
of
Investments
(continued)
June
30,
2026
BlackRock
International
Select
Equity
Fund
Schedules
of
Investments
11
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
June
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(a)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
06/30/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/26
Shares
Held
at
06/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
............
$
-
$
-
$
-
$
-
$
-
$
-
-
$
166
(b)
$
-
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
390,906
13,177
(c)
-
-
-
404,083
404,083
15,372
-
$
-
$
-
$
404,083
$
15,538
$
-
-
-
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
Represents
net
amount
purchased
(sold).
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(continued)
June
30,
2026
BlackRock
International
Select
Equity
Fund
12
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund's
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund's
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
For
the
period
ended
June
30,
2026,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
-
$
-
$
(
88,656
)
$
-
$
-
$
-
$
(
88,656
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
-
long
..................................................................................
$
1,168,020
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Austria
..............................................
$
-
$
3,986,229
$
-
$
3,986,229
Belgium
.............................................
-
2,071,349
-
2,071,349
Denmark
.............................................
-
1,423,841
-
1,423,841
Finland
..............................................
-
1,584,987
-
1,584,987
France
..............................................
-
10,697,594
-
10,697,594
Germany
............................................
-
12,710,006
-
12,710,006
Ireland
..............................................
-
3,819,018
-
3,819,018
Italy
................................................
-
9,030,281
-
9,030,281
Japan
...............................................
-
22,988,824
-
22,988,824
Netherlands
...........................................
-
16,602,769
-
16,602,769
Norway
..............................................
1,580,958
-
-
1,580,958
Singapore
............................................
822,509
-
-
822,509
Spain
...............................................
-
2,609,182
-
2,609,182
Sweden
.............................................
-
2,109,068
-
2,109,068
Switzerland
...........................................
-
9,048,919
-
9,048,919
Taiwan
..............................................
-
6,074,552
-
6,074,552
United
Kingdom
........................................
-
9,310,767
-
9,310,767
United
States
..........................................
2,321,472
1,422,261
-
3,743,733
Short-Term
Securities
Money
Market
Funds
......................................
404,083
-
-
404,083
$
5,129,022
$
115,489,647
$
-
$
120,618,669
Statements
of
Assets
and
Liabilities

June
30,
2026
13
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
BlackRock
Advantage
Global
Fund,
Inc.
BlackRock
International
Select
Equity
Fund
ASSETS
Investments,
at
value
-
unaffiliated
(a)
(b)
........................................................................
$
599,956,611‌
$
120,214,586‌
Investments,
at
value
-
affiliated
(c)
...........................................................................
8,550,843‌
404,083‌
Cash
..............................................................................................
4,121‌
9,519‌
Cash
pledged:
Futures
contracts
.....................................................................................
595,000‌
-‌
Foreign
currency,
at
value
(d)
................................................................................
3,976,139‌
1,729,044‌
Receivables:
-‌
-‌
Investment
s
sold
.....................................................................................
4,551,967‌
573,471‌
Securities
lending
income
-
affiliated
.......................................................................
1,626‌
-‌
Capital
shares
sold
....................................................................................
1,787,908‌
4,544‌
Dividends
-
unaffiliated
................................................................................
1,142,484‌
189,255‌
Dividends
-
affiliated
..................................................................................
23,520‌
1,210‌
From
the
Manager
....................................................................................
41,638‌
5,039‌
Variation
margin
on
futures
contracts
........................................................................
70,211‌
-‌
Prepaid
e
xpenses
......................................................................................
93,843‌
63,051‌
Other
assets
..........................................................................................
5,339‌
-‌
Total
a
ssets
..........................................................................................
620,801,250‌
123,193,802‌
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
206,573‌
-‌
Payables:
-‌
-‌
Investments
purchased
.................................................................................
4,131,141‌
-‌
Accounting
services
fees
................................................................................
9,836‌
8,920‌
Capital
shares
redeemed
................................................................................
74,462‌
185,486‌
Custodian
fees
.......................................................................................
35,002‌
7,594‌
Foreign
taxes
........................................................................................
5,915‌
-‌
Interest
expense
.....................................................................................
484‌
76‌
Investment
advisory
fees
................................................................................
330,430‌
61,347‌
Directors'
and
Officer's
fees
..............................................................................
690‌
549‌
Other
affiliate
fees
....................................................................................
378‌
-‌
Printing
and
postage
fees
...............................................................................
58,037‌
31,291‌
Professional
fees
.....................................................................................
42,435‌
129,505‌
Service
and
distribution
fees
..............................................................................
72,052‌
15,824‌
Transfer
agent
fees
...................................................................................
203,210‌
26,757‌
Other
accrued
expenses
................................................................................
32,247‌
20,362‌
Variation
margin
on
futures
contracts
........................................................................
125‌
26,234‌
Total
li
abilities
.........................................................................................
5,203,017‌
513,945‌
Commitments
and
contingent
liabilities
-‌
-‌
NET
ASSETS
.........................................................................................
$
615,598,233‌
$
122,679,857‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
391,535,128‌
$
83,124,948‌
Accumulated
earnings
...................................................................................
224,063,105‌
39,554,909‌
NET
ASSETS
.........................................................................................
$
615,598,233‌
$
122,679,857‌
(a)
Investments,
at
cost
-
unaffiliated
...................................................................
$
436,254,190‌
$
89,441,734‌
(b)
Securities
loaned,
at
value
........................................................................
$
206,141‌
$
-‌
(c)
Investments,
at
cost
-
affiliated
.....................................................................
$
8,550,841‌
$
404,083‌
(d)
Foreign
currency,
at
cost
.........................................................................
$
4,044,593‌
$
1,729,047‌
Statements
of
Assets
and
Liabilities
(continued)
June
30,
2026
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
14
See
notes
to
financial
statements.
BlackRock
Advantage
Global
Fund,
Inc.
BlackRock
International
Select
Equity
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................
$
218,975,218‌
$
40,154,085‌
Shares
outstanding
...................................................................................
6,254,769‌
1,624,080‌
Net
asset
value
.....................................................................................
$
35.01‌
$
24.72‌
Shares
authorized
...................................................................................
100
million
Unlimited
Par
value
.........................................................................................
$
0.10‌
$
0.10‌
Investor
A
Net
assets
.........................................................................................
$
343,067,673‌
$
77,783,049‌
Shares
outstanding
...................................................................................
10,677,886‌
3,237,800‌
Net
asset
value
.....................................................................................
$
32.13‌
$
24.02‌
Shares
authorized
...................................................................................
100
million
Unlimited
Par
value
.........................................................................................
$
0.10‌
$
0.10‌
Investor
C
Net
assets
.........................................................................................
$
3,164,812‌
$
1,046,800‌
Shares
outstanding
...................................................................................
136,851‌
69,756‌
Net
asset
value
.....................................................................................
$
23.13‌
$
15.01‌
Shares
authorized
...................................................................................
100
million
Unlimited
Par
value
.........................................................................................
$
0.10‌
$
0.10‌
Class
K
Net
assets
.........................................................................................
$
45,991,337‌
$
3,277,048‌
Shares
outstanding
...................................................................................
1,313,110‌
132,794‌
Net
asset
value
.....................................................................................
$
35.02‌
$
24.68‌
Shares
authorized
...................................................................................
2.0
billion
Unlimited
Par
value
.........................................................................................
$
0.10‌
$
0.10‌
Class
R
Net
assets
.........................................................................................
$
4,399,193‌
$
418,875‌
Shares
outstanding
...................................................................................
162,567‌
24,946‌
Net
asset
value
.....................................................................................
$
27.06‌
$
16.79‌
Shares
authorized
...................................................................................
100
million
Unlimited
Par
value
.........................................................................................
$
0.10‌
$
0.10‌
Statements
of
Operations

Year
Ended
June
30,
2026
15
Statements
of
Operations
See
notes
to
financial
statements.
BlackRock
Advantage
Global
Fund,
Inc.
BlackRock
International
Select
Equity
Fund
INVESTMENT
INCOME
-
-
Dividends
-
unaffiliated
.............................................................................
$
16,638,228‌
$
2,324,216‌
Dividends
-
affiliated
...............................................................................
277,366‌
15,372‌
Interest
-
unaffiliated
...............................................................................
21,380‌
12,084‌
Securities
lending
income
-
affiliated
-
net
...............................................................
5,788‌
166‌
Foreign
taxes
withheld
..............................................................................
(
1,136,079‌
)
(
225,926‌
)
Foreign
withholding
tax
claims
.........................................................................
108,311‌
2,098‌
Total
investment
income
...............................................................................
15,914,994‌
2,128,010‌
EXPENSES
Investment
advisory
................................................................................
3,556,354‌
860,946‌
Service
and
distribution
-
class
specific
..................................................................
836,691‌
193,821‌
Transfer
agent
-
class
specific
........................................................................
805,975‌
121,469‌
Professional
.....................................................................................
197,961‌
270,566‌
Printing
and
postage
...............................................................................
75,067‌
62,993‌
Custodian
.......................................................................................
68,611‌
38,420‌
Registration
.....................................................................................
67,636‌
67,737‌
Accounting
services
................................................................................
50,975‌
32,774‌
Directors
and
Officer
...............................................................................
10,654‌
8,080‌
Miscellaneous
....................................................................................
50,711‌
25,451‌
Total
expenses
excluding
interest
expense
...................................................................
5,720,635‌
1,682,257‌
Interest
expense
..................................................................................
3,118‌
2,607‌
Total
e
xpenses
.....................................................................................
5,723,753‌
1,684,864‌
Less:
-‌
-‌
Fees
waived
and/or
reimbursed
by
the
Manager
.............................................................
(
507,250‌
)
(
448,568‌
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
-
class
specific
........................................
(
554,842‌
)
(
65,752‌
)
Total
ex
penses
after
fees
waived
and/or
reimbursed
............................................................
4,661,661‌
1,170,544‌
Net
investment
income
................................................................................
11,253,333‌
957,466‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
134,861,198‌
$
11,252,034‌
Net
realized
gain
(loss)
from:
Investments
-
unaffiliated
.........................................................................
$
72,825,686‌
$
12,787,791‌
Investments
-
affiliated
...........................................................................
(
65‌
)
-‌
Foreign
currency
transactions
.......................................................................
(
175,747‌
)
(
80,275‌
)
Futures
contracts
................................................................................
1,880,027‌
(
88,656‌
)
74,529,901‌
12,618,860‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
.........................................................................
60,643,130‌
(
1,357,795‌
)
Investments
-
affiliated
...........................................................................
2‌
-‌
Foreign
currency
translations
........................................................................
(
108,130‌
)
(
9,031‌
)
Futures
contracts
................................................................................
(
203,705‌
)
-‌
60,331,297‌
(1,366,826‌)
Net
realized
and
unrealized
gain
.........................................................................
134,861,198‌
11,252,034‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
................................................
$
146,114,531‌
$
12,209,500‌
Statements
of
Changes
in
Net
Assets

2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
16
See
notes
to
financial
statements.
BlackRock
Advantage
Global
Fund,
Inc.
BlackRock
International
Select
Equity
Fund
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/26
Year
Ended
06/30/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
11,253,333‌
$
4,885,124‌
$
957,466‌
$
539,954‌
Net
realized
gain
................................................
74,529,901‌
36,245,135‌
12,618,860‌
23,637,763‌
Net
change
in
unrealized
appreciation
(depreciation)
........................
60,331,297‌
16,313,435‌
(
1,366,826‌
)
(
5,887,564‌
)
Net
increase
in
net
assets
resulting
from
operations
...........................
146,114,531‌
57,443,694‌
12,209,500‌
18,290,153‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
12,885,466‌
)
(
7,995,890‌
)
(
3,993,440‌
)
(
377,300‌
)
Investor
A
....................................................
(
25,928,930‌
)
(
36,823,700‌
)
(
8,049,117‌
)
(
777,864‌
)
Investor
C
....................................................
(
248,104‌
)
(
396,309‌
)
(
154,527‌
)
(
14,125‌
)
Class
K
......................................................
(
2,679,405‌
)
(
3,539,209‌
)
(
370,922‌
)
(
31,699‌
)
Class
R
......................................................
(
350,386‌
)
(
409,531‌
)
(
54,741‌
)
(
4,673‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(42,092,291‌)
(49,164,639‌)
(12,622,747‌)
(1,205,661‌)
CAPITAL
SHARE
TRANSACTIONS
$
-‌
$
-‌
$
-‌
$
-‌
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
38,267,702‌
82,497,163‌
3,583,058‌
(4,980,529‌)
NET
ASSETS
Total
increase
in
net
assets
...........................................
142,289,942‌
90,776,218‌
3,169,811‌
12,103,963‌
Beginning
of
year
..................................................
473,308,291‌
382,532,073‌
119,510,046‌
107,406,083‌
End
of
year
......................................................
$
615,598,233‌
$
473,308,291‌
$
122,679,857‌
$
119,510,046‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
17
Financial
Highlights
BlackRock
Advantage
Global
Fund,
Inc.
Institutional
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Net
asset
value,
beginning
of
year
.............................
$
28.89
‌
$
28.62
‌
$
23.77
‌
$
20.70
‌
$
28.57
‌
Net
investment
income
(a)
...................................
0
.72
‌
0
.41
‌
0
.28
‌
0
.38
‌
0
.33
‌
Net
realized
and
unrealized
gain
(loss)
..........................
7
.93
‌
3
.58
‌
4
.93
‌
3
.08
‌
(
4
.04
)
Net
increase
(decrease)
from
investment
operations
..................
8.65
‌
3.99
‌
5.21
‌
3.46
‌
(3.71
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
(
0
.43
)
(
0
.38
)
(
0
.36
)
(
0
.39
)
(
0
.33
)
From
net
realized
gain
.....................................
(
2
.10
)
(
3
.34
)
-
‌
-
‌
(
3
.83
)
Total
distributions
..........................................
(2.53
)
(3.72
)
(0.36
)
(0.39
)
(4.16
)
Net
asset
value,
end
of
year
.................................
$
35.01
‌
$
28.89
‌
$
28.62
‌
$
23.77
‌
$
20.70
‌
Total
Return
(c)
Based
on
net
asset
value
....................................
31.50
%
14.73
%
22.20
%
(d)
16.94
%
(15.52
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................................
0.94
%
0.94
%
0.98
%
1.12
%
1.10
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.71
%
0.71
%
0.71
%
0.71
%
0.71
%
Net
investment
income
.....................................
2.28
%
1.48
%
1.12
%
1.75
%
1.33
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
218,975
‌
$
155,176
‌
$
65,667
‌
$
56,145
‌
$
62,236
‌
Portfolio
turnover
rate
.......................................
143
%
160
%
152
%
102
%
136
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
a
settlement
of
litigation,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
a
settlement
of
litigation,
the
Fund's
total
return
is
22.12%.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
18
BlackRock
Advantage
Global
Fund,
Inc.
Investor
A
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Net
asset
value,
beginning
of
year
.............................
$
26.71
‌
$
26.71
‌
$
22.24
‌
$
19.39
‌
$
27.02
‌
Net
investment
income
(a)
...................................
0
.57
‌
0
.27
‌
0
.20
‌
0
.31
‌
0
.27
‌
Net
realized
and
unrealized
gain
(loss)
..........................
7
.31
‌
3
.38
‌
4
.60
‌
2
.88
‌
(
3
.80
)
Net
increase
(decrease)
from
investment
operations
..................
7.88
‌
3.65
‌
4.80
‌
3.19
‌
(3.53
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
(
0
.36
)
(
0
.31
)
(
0
.33
)
(
0
.34
)
(
0
.27
)
From
net
realized
gain
.....................................
(
2
.10
)
(
3
.34
)
-
‌
-
‌
(
3
.83
)
Total
distributions
..........................................
(2.46
)
(3.65
)
(0.33
)
(0.34
)
(4.10
)
Net
asset
value,
end
of
year
.................................
$
32.13
‌
$
26.71
‌
$
26.71
‌
$
22.24
‌
$
19.39
‌
Total
Return
(c)
Based
on
net
asset
value
....................................
31.14
%
14.48
%
21.87
%
(d)
16.65
%
(15.73
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................................
1.15
%
1.20
%
1.26
%
1.41
%
1.40
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.96
%
0.96
%
0.96
%
0.96
%
0.96
%
Net
investment
income
.....................................
1.96
%
1.05
%
0.85
%
1.51
%
1.14
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
343,068
‌
$
280,951
‌
$
287,093
‌
$
274,647
‌
$
264,270
‌
Portfolio
turnover
rate
.......................................
143
%
160
%
152
%
102
%
136
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
a
settlement
of
litigation,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
a
settlement
of
litigation,
the
Fund's
total
return
is
21.78%.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
19
Financial
Highlights
BlackRock
Advantage
Global
Fund,
Inc.
Investor
C
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Net
asset
value,
beginning
of
year
.............................
$
19.87
‌
$
20.74
‌
$
17.42
‌
$
15.24
‌
$
22.06
‌
Net
investment
income
(a)
...................................
0
.27
‌
0
.05
‌
0
.02
‌
0
.12
‌
0
.06
‌
Net
realized
and
unrealized
gain
(loss)
..........................
5
.33
‌
2
.58
‌
3
.58
‌
2
.26
‌
(
2
.97
)
Net
increase
(decrease)
from
investment
operations
..................
5.60
‌
2.63
‌
3.60
‌
2.38
‌
(2.91
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
(
0
.24
)
(
0
.16
)
(
0
.28
)
(
0
.20
)
(
0
.14
)
From
net
realized
gain
.....................................
(
2
.10
)
(
3
.34
)
-
‌
-
‌
(
3
.77
)
Total
distributions
..........................................
(2.34
)
(3.50
)
(0.28
)
(0.20
)
(3.91
)
Net
asset
value,
end
of
year
.................................
$
23.13
‌
$
19.87
‌
$
20.74
‌
$
17.42
‌
$
15.24
‌
Total
Return
(c)
Based
on
net
asset
value
....................................
30.21
%
13.61
%
20.91
%
(d)
15.78
%
(16.36
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................................
1.95
%
2.06
%
2.10
%
2.20
%
2.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.71
%
1.71
%
1.71
%
1.71
%
1.71
%
Net
investment
income
.....................................
1.27
%
0.27
%
0.10
%
0.76
%
0.31
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
3,165
‌
$
2,053
‌
$
2,473
‌
$
2,620
‌
$
3,795
‌
Portfolio
turnover
rate
.......................................
143
%
160
%
152
%
102
%
136
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
a
settlement
of
litigation,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
a
settlement
of
litigation,
the
Fund's
total
return
is
20.86%.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
20
BlackRock
Advantage
Global
Fund,
Inc.
Class
K
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Net
asset
value,
beginning
of
year
.............................
$
28.91
‌
$
28.63
‌
$
23.78
‌
$
20.71
‌
$
28.58
‌
Net
investment
income
(a)
...................................
0
.74
‌
0
.39
‌
0
.27
‌
0
.39
‌
0
.36
‌
Net
realized
and
unrealized
gain
(loss)
..........................
7
.91
‌
3
.62
‌
4
.95
‌
3
.08
‌
(
4
.05
)
Net
increase
(decrease)
from
investment
operations
..................
8.65
‌
4.01
‌
5.22
‌
3.47
‌
(3.69
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
(
0
.44
)
(
0
.39
)
(
0
.37
)
(
0
.40
)
(
0
.35
)
From
net
realized
gain
.....................................
(
2
.10
)
(
3
.34
)
-
‌
-
‌
(
3
.83
)
Total
distributions
..........................................
(2.54
)
(3.73
)
(0.37
)
(0.40
)
(4.18
)
Net
asset
value,
end
of
year
.................................
$
35.02
‌
$
28.91
‌
$
28.63
‌
$
23.78
‌
$
20.71
‌
Total
Return
(c)
Based
on
net
asset
value
....................................
31.50
%
14.82
%
22.22
%
(d)
16.99
%
(15.46
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................................
0.76
%
0.82
%
0.84
%
0.98
%
1.00
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.66
%
0.66
%
0.66
%
0.66
%
0.66
%
Net
investment
income
.....................................
2.33
%
1.39
%
1.10
%
1.81
%
1.45
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
45,991
‌
$
31,024
‌
$
24,606
‌
$
56,522
‌
$
49,643
‌
Portfolio
turnover
rate
.......................................
143
%
160
%
152
%
102
%
136
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
a
settlement
of
litigation,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
a
settlement
of
litigation,
the
Fund's
total
return
is
22.05%.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
21
Financial
Highlights
BlackRock
Advantage
Global
Fund,
Inc.
Class
R
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Net
asset
value,
beginning
of
year
.............................
$
22.84
‌
$
23.35
‌
$
19.51
‌
$
17.05
‌
$
24.24
‌
Net
investment
income
(a)
...................................
0
.42
‌
0
.19
‌
0
.12
‌
0
.22
‌
0
.18
‌
Net
realized
and
unrealized
gain
(loss)
..........................
6
.20
‌
2
.90
‌
4
.04
‌
2
.53
‌
(
3
.33
)
Net
increase
(decrease)
from
investment
operations
..................
6.62
‌
3.09
‌
4.16
‌
2.75
‌
(3.15
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
................................
(
0
.30
)
(
0
.26
)
(
0
.32
)
(
0
.29
)
(
0
.21
)
From
net
realized
gain
.....................................
(
2
.10
)
(
3
.34
)
-
‌
-
‌
(
3
.83
)
Total
distributions
..........................................
(2.40
)
(3.60
)
(0.32
)
(0.29
)
(4.04
)
Net
asset
value,
end
of
year
.................................
$
27.06
‌
$
22.84
‌
$
23.35
‌
$
19.51
‌
$
17.05
‌
Total
Return
(c)
Based
on
net
asset
value
....................................
30.83
%
14.15
%
21.59
%
(d)
16.34
%
(15.94
)%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................................
1.53
%
1.54
%
1.60
%
1.76
%
1.82
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
1.21
%
1.21
%
1.21
%
1.21
%
1.21
%
Net
investment
income
.....................................
1.70
%
0.87
%
0.61
%
1.25
%
0.85
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
4,399
‌
$
4,105
‌
$
2,693
‌
$
2,283
‌
$
2,506
‌
Portfolio
turnover
rate
.......................................
143
%
160
%
152
%
102
%
136
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
received
from
a
settlement
of
litigation,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
a
settlement
of
litigation,
the
Fund's
total
return
is
21.49%.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
22
BlackRock
International
Select
Equity
Fund
Institutional
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Net
asset
value,
beginning
of
year
..............................
$
24.81
‌
$
21.20
‌
$
19.23
‌
$
14.70
‌
$
20.34
‌
Net
investment
income
(a)
....................................
0
.23
‌
0
.15
‌
0
.25
‌
0
.24
‌
0
.13
‌
Net
realized
and
unrealized
gain
(loss)
...........................
2
.24
‌
3
.73
‌
1
.96
‌
4
.41
‌
(
5
.77
)
Net
increase
(decrease)
from
investment
operations
...................
2.47
‌
3.88
‌
2.21
‌
4.65
‌
(5.64
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
.................................
(
0
.26
)
(
0
.27
)
(
0
.24
)
(
0
.12
)
-
‌
From
net
realized
gain
......................................
(
2
.30
)
-
‌
-
‌
-
‌
-
‌
Total
distributions
...........................................
(2.56
)
(0.27
)
(0.24
)
(0.12
)
-
‌
Net
asset
value,
end
of
year
..................................
$
24.72
‌
$
24.81
‌
$
21.20
‌
$
19.23
‌
$
14.70
‌
Total
Return
(c)
Based
on
net
asset
value
.....................................
11.19
%
18.52
%
11.65
%
31.80
%
(27.73
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
............................................
1.29
%
1.32
%
1.27
%
1.48
%
1.17
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.85
%
0.95
%
1.09
%
1.31
%
1.10
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
.........
0.85
%
0.94
%
1.04
%
1.04
%
1.09
%
Net
investment
income
......................................
1.01
%
0.69
%
1.29
%
1.43
%
0.65
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
40,154
‌
$
37,980
‌
$
31,712
‌
$
34,272
‌
$
25,025
‌
Portfolio
turnover
rate
........................................
84
%
89
%
32
%
37
%
42
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
23
Financial
Highlights
BlackRock
International
Select
Equity
Fund
Investor
A
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Net
asset
value,
beginning
of
year
..............................
$
24.17
‌
$
20.69
‌
$
18.80
‌
$
14.37
‌
$
19.93
‌
Net
investment
income
(a)
....................................
0
.16
‌
0
.09
‌
0
.21
‌
0
.18
‌
0
.09
‌
Net
realized
and
unrealized
gain
(loss)
...........................
2
.20
‌
3
.63
‌
1
.90
‌
4
.33
‌
(
5
.65
)
Net
increase
(decrease)
from
investment
operations
...................
2.36
‌
3.72
‌
2.11
‌
4.51
‌
(5.56
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
.................................
(
0
.21
)
(
0
.24
)
(
0
.22
)
(
0
.08
)
-
‌
From
net
realized
gain
......................................
(
2
.30
)
-
‌
-
‌
-
‌
-
‌
Total
distributions
...........................................
(2.51
)
(0.24
)
(0.22
)
(0.08
)
-
‌
Net
asset
value,
end
of
year
..................................
$
24.02
‌
$
24.17
‌
$
20.69
‌
$
18.80
‌
$
14.37
‌
Total
Return
(c)
Based
on
net
asset
value
.....................................
10.96
%
18.18
%
11.36
%
31.49
%
(27.90
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
............................................
1.55
%
1.54
%
1.50
%
1.71
%
1.40
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
1.10
%
1.20
%
1.34
%
1.56
%
1.33
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
.........
1.10
%
1.19
%
1.29
%
1.29
%
1.32
%
Net
investment
income
......................................
0.75
%
0.43
%
1.08
%
1.07
%
0.48
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
77,783
‌
$
76,535
‌
$
71,961
‌
$
71,692
‌
$
59,981
‌
Portfolio
turnover
rate
........................................
84
%
89
%
32
%
37
%
42
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
24
BlackRock
International
Select
Equity
Fund
Investor
C
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Net
asset
value,
beginning
of
year
..............................
$
16.05
‌
$
13.87
‌
$
12.73
‌
$
9.76
‌
$
13.63
‌
Net
investment
income
(loss)
(a)
................................
0
.01
‌
(
0
.05
)
0
.04
‌
0
.04
‌
(
0
.06
)
Net
realized
and
unrealized
gain
(loss)
...........................
1
.36
‌
2
.42
‌
1
.28
‌
2
.93
‌
(
3
.81
)
Net
increase
(decrease)
from
investment
operations
...................
1.37
‌
2.37
‌
1.32
‌
2.97
‌
(3.87
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
.................................
(
0
.11
)
(
0
.19
)
(
0
.18
)
-
‌
-
‌
From
net
realized
gain
......................................
(
2
.30
)
-
‌
-
‌
-
‌
-
‌
Total
distributions
...........................................
(2.41
)
(0.19
)
(0.18
)
-
‌
-
‌
Net
asset
value,
end
of
year
..................................
$
15.01
‌
$
16.05
‌
$
13.87
‌
$
12.73
‌
$
9.76
‌
Total
Return
(c)
Based
on
net
asset
value
.....................................
10.18
%
17.34
%
10.52
%
30.43
%
(28.39
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
............................................
2.45
%
2.47
%
2.34
%
2.44
%
2.17
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
1.85
%
1.95
%
2.09
%
2.32
%
2.10
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
.........
1.85
%
1.94
%
2.03
%
2.02
%
2.09
%
Net
investment
income
(loss)
..................................
0.05
%
(0.32
)%
0.33
%
0.36
%
(0.45
)%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
1,047
‌
$
1,077
‌
$
1,173
‌
$
1,267
‌
$
1,055
‌
Portfolio
turnover
rate
........................................
84
%
89
%
32
%
37
%
42
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
25
Financial
Highlights
BlackRock
International
Select
Equity
Fund
Class
K
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Net
asset
value,
beginning
of
year
..............................
$
24.76
‌
$
21.16
‌
$
19.19
‌
$
14.69
‌
$
20.30
‌
Net
investment
income
(a)
....................................
0
.23
‌
0
.19
‌
0
.35
‌
0
.23
‌
0
.16
‌
Net
realized
and
unrealized
gain
(loss)
...........................
2
.26
‌
3
.68
‌
1
.87
‌
4
.42
‌
(
5
.77
)
Net
increase
(decrease)
from
investment
operations
...................
2.49
‌
3.87
‌
2.22
‌
4.65
‌
(5.61
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
.................................
(
0
.27
)
(
0
.27
)
(
0
.25
)
(
0
.15
)
-
‌
From
net
realized
gain
......................................
(
2
.30
)
-
‌
-
‌
-
‌
-
‌
Total
distributions
...........................................
(2.57
)
(0.27
)
(0.25
)
(0.15
)
-
‌
Net
asset
value,
end
of
year
..................................
$
24.68
‌
$
24.76
‌
$
21.16
‌
$
19.19
‌
$
14.69
‌
Total
Return
(c)
Based
on
net
asset
value
.....................................
11.31
%
18.54
%
11.71
%
31.81
%
(27.64
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
............................................
1.22
%
1.23
%
1.15
%
1.37
%
1.08
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.80
%
0.89
%
1.03
%
1.25
%
1.01
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
.........
0.80
%
0.88
%
0.98
%
0.99
%
1.00
%
Net
investment
income
......................................
1.03
%
0.87
%
1.77
%
1.40
%
0.83
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
3,277
‌
$
3,562
‌
$
2,256
‌
$
1,098
‌
$
886
‌
Portfolio
turnover
rate
........................................
84
%
89
%
32
%
37
%
42
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
26
BlackRock
International
Select
Equity
Fund
Class
R
Year
Ended
06/30/26
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Net
asset
value,
beginning
of
year
..............................
$
17.68
‌
$
15.22
‌
$
13.91
‌
$
10.61
‌
$
14.79
‌
Net
investment
income
(loss)
(a)
................................
0
.08
‌
0
.03
‌
0
.12
‌
0
.12
‌
(
0
.06
)
Net
realized
and
unrealized
gain
(loss)
...........................
1
.52
‌
2
.66
‌
1
.40
‌
3
.18
‌
(
4
.12
)
Net
increase
(decrease)
from
investment
operations
...................
1.60
‌
2.69
‌
1.52
‌
3.30
‌
(4.18
)
Distributions
(b)
-
-
-
-
-
From
net
investment
income
.................................
(
0
.19
)
(
0
.23
)
(
0
.21
)
-
‌
-
‌
From
net
realized
gain
......................................
(
2
.30
)
-
‌
-
‌
-
‌
-
‌
Total
distributions
...........................................
(2.49
)
(0.23
)
(0.21
)
-
‌
-
‌
Net
asset
value,
end
of
year
..................................
$
16.79
‌
$
17.68
‌
$
15.22
‌
$
13.91
‌
$
10.61
‌
Total
Return
(c)
Based
on
net
asset
value
.....................................
10.65
%
17.96
%
11.09
%
31.10
%
(28.26
)%
Ratios
to
Average
Net
Assets
(d)
Total
expen
ses
............................................
1.99
%
1.95
%
1.92
%
2.20
%
1.91
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
1.35
%
1.45
%
1.59
%
1.82
%
1.84
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
.........
1.35
%
1.44
%
1.53
%
1.54
%
1.83
%
Net
investment
income
(loss)
..................................
0.54
%
0.20
%
0.88
%
0.96
%
(0.41
)%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
419
‌
$
357
‌
$
304
‌
$
279
‌
$
195
‌
Portfolio
turnover
rate
........................................
84
%
89
%
32
%
37
%
42
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
27
Notes
to
Financial
Statements
1.
ORGANIZATION
BlackRock
Advantage
Global
Fund,
Inc.,
(the
"Corporation")
and
BlackRock International
Select
Equity
Fund (the
"Trust")
are
each
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
open-end
management
investment
companies.
The
Corporation
is
organized
as
a
Maryland
corporation.
The
Trust
is
organized
as
a
Massachusetts
business
trust.
The
following
are
referred
to
herein
collectively
as
the
"Funds"
or
individually
as
a
"Fund":
Each
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
and
Class
K
Shares
are
sold
only
to
certain
eligible
investors.
Investor
A,
Investor
C
and
Class
R
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
and
Class
R
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Class
R
Shares
are
sold
only
to
certain
employer-sponsored
retirement
plans.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Board
of
Trustees
of
the
Trust
and
the
Board
of
Directors
of
the
Corporation
are
collectively
referred
to
throughout
this
report
as
the
"Board,"
and
the
directors/trustees
thereof
are
collectively
referred
to
throughout
this
report
as
"Directors".
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager") or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("U.S.
GAAP"),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets.
Foreign
Currency
Translation:
Each
Fund's
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
("NYSE").
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Advantage
Global
Fund,
Inc.
.........................................
Advantage
Global
Diversified
BlackRock
International
Select
Equity
Fund
.......................................
International
Select
Equity
Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
("CDSC")
Conversion
Privilege
Institutional,
Class
K
and
Class
R
Shares
.............................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
28
are
presented
as
"Foreign
taxes
withheld",
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2026
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Consistent
with
U.S.
GAAP
accrual
requirements
for
uncertain
tax
positions,
each
Fund
recognizes
tax
reclaims
when
the
Fund
determines
that
it
is
more
likely
than
not
that
each
Fund
will
sustain
its
position
that
it
is
due
the
reclaim.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction's
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Cash:
The
Funds
may
maintain
cash
at
their
custodian,
which
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
Distributions:
Distributions
paid
by
the
Funds
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund's
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Funds'
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since
each
Fund has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within each
Fund's
financial
statements.
Recent
Accounting
Standard:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Tax
Disclosures
("ASU
2023-09")
during
the
period.
ASU
2023-09
enhances
income
tax
disclosures,
including
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
Funds'
adoption
of
the
new
standard
did
not
have
a
material
impact
on
financial
statement
disclosures
and
did
not
affect
each
Fund's
financial
position
or
results
of
operations.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS
Investment
Valuation
Policies:
Each
Fund's
investments
are
valued
at
fair
value
(also
referred
to
as
"market
value"
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
each
Fund's
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager's
policies.
If
a
security's
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager's
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
"Valuation
Committee")
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund's
assets
and
liabilities:
Equity
investments
(except
ETF
options,
equity
index
options
or
those
that
are
customized) traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded
or,
if
a
reported
closing
price
is
not
available,
the
last
traded
price
on
the
exchange
or
market
on
which
the
security
or
instrument
is
primarily
traded
at
the
time
of
valuation
or
last
available
bid
(long
positions)
or
ask
(short
positions)
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
net
asset
value
("NAV").
Futures
contracts
are valued
based
on
that
day's
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
("Systematic
Fair
Value
Price").
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which occurs
after
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with
the
Manager's
policies
and
procedures
as
reflecting
fair
value
("Fair
Valued
Investments").
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
Notes
to
Financial
Statements
(continued)
29
Notes
to
Financial
Statements
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm's-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
("Private
Company"
or
collectively,
the
"Private
Companies")
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs:
(i)
recent
market
transactions,
including
secondary
market
transactions,
merger
or
acquisition
activity
and
subsequent
rounds
of
financing
in
the
underlying investment
or
comparable
issuers
(ii)
recapitalizations
and
other
transactions
across
the
capital
structure
(iii)
market
or
relevant
indices
multiples
of
comparable
issuers
(iv)
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks
(v)
quoted
prices
for
similar
investments
or
assets
in
active
markets
(vi)
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
recovery
rates,
liquidation
amounts
and/
or default
rates
(vii) audited
or
unaudited
financial
statements,
investor
communications
and
Private
Company
financial
or
operational
metrics
(viii) relevant
market
news
and
other
public
sources.
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
a
market
approach to
determine the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
("OPM"),
a
probability
weighted
expected
return
model
("PWERM"),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involves
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure.
Private
Companies
are
not
subject
to
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund. Certain
information
made
available
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows:
Level
1
-
Unadjusted
price
quotations
in
active
markets/exchanges
that
each
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
-
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3 -
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for the
asset
or
liability
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer's
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions.
Securities
Lending:
The
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
30
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund,
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Funds
are
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
do
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
("BIM"),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds'
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statements
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
-
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
"MSLA"),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty's
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties'
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party's
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks, each
Fund benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM's
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by each
Fund.
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedules
of
Investments.
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
("OTC").
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract's
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
("variation
margin").
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
As
of
period
end,
the
following
table
is
a
summary
of
the
Funds'
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Fund
Name/Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
(b)
Advantage
Global
J.P.
Morgan
Securities
LLC
......................
$
186,524‌
$
(186,009‌)
$
-‌
$
515‌
Morgan
Stanley
..............................
19,617‌
(19,617‌)
-‌
-‌
$
206,141‌
$
(205,626‌)
$
-‌
$
515‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds'
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
June
30,
2026.
Additional
collateral
is
delivered
to
the
Funds
subsequent
to
period
end
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(continued)
31
Notes
to
Financial
Statements
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES
Investment
Advisory:
Each
Fund
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds'
investment
adviser
and
an
indirect,
majority-owned
subsidiary
of
BlackRock,
Inc.
("BlackRock"),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of
each
Fund's
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of
each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund's
net
assets:
With
respect
to
International
Select
Equity,
the
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
("BIL"),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
the
Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
International
Select
Equity
to
the
Manager.
Service
and
Distribution
Fees:
The
Funds
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plans
with
BlackRock
Investments,
LLC
("BRIL"),
an
affiliate
of
the
Manager. Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, each
Fund
pays
BRIL
ongoing
service
and
distribution fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of each
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services
to
the
Funds.
The
ongoing
service
and/or
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution
related
services
to
shareholders.
For
the year
ended
June
30,
2026,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
year
ended June
30,
2026,
the
Funds
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Funds.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the year
ended
June
30,
2026,
each
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
-
class
specific
in
the
Statements
of
Operations:
For
the
year ended
June
30,
2026,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the
year
ended
June
30,
2026
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
each
Fund's Investor
A
Shares
as
follows:
For
the year
ended
June
30,
2026,
affiliates
received
CDSCs
as
follows:
Investment
Advisory
Fees
Average
Daily
Net
Assets
Advantage
Global
International
Select
Equity
First
$1
billion
...........................................................................................
0.66%
0.75%
$1
billion
-
$3
billion
.......................................................................................
0.62
0.71
$3
billion
-
$5
billion
.......................................................................................
0.59
0.68
$5
billion
-
$10
billion
......................................................................................
0.57
0.65
Greater
than
$10
billion
.....................................................................................
0.56
0.64
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0.25‌
%
-‌
%
Investor
C
.................................................................................................
0.25‌
0.75‌
Class
R
..................................................................................................
0.25‌
0.25‌
Fund
Name
Investor
A
Investor
C
Class
R
Total
Advantage
Global
.....................................................................
$
791,454‌
$
24,792‌
$
20,445‌
$
836,691‌
International
Select
Equity
................................................................
183,060‌
8,807‌
1,954‌
193,821‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Total
Advantage
Global
.....................................................
$
503‌
$
5,659‌
$
368‌
$
72‌
$
89‌
$
6,691‌
International
Select
Equity
................................................
1,244‌
3,237‌
138‌
22‌
31‌
4,672‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Total
Advantage
Global
.....................................................
$
322,711‌
$
465,214‌
$
4,712‌
$
2,202‌
$
11,136‌
$
805,975‌
International
Select
Equity
................................................
36,426‌
80,953‌
2,184‌
729‌
1,177‌
121,469‌
Fund
Name
Other
Fees
Advantage
Global
........................................................................................................
$
5,768‌
International
Select
Equity
...................................................................................................
768‌
Fund
Name
Investor
A
Investor
C
Advantage
Global
.............................................................................................
$
-‌
$
233‌
International
Select
Equity
........................................................................................
311‌
10‌
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
32
Expense
Limitations,
Waivers,
and
Reimbursements:
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
"affiliated
money
market
fund
waiver")
through
June
30,
2027.
The
contractual
agreement
may
be
terminated
upon
90
days'
notice
by
a
majority
of
the
directors
who
are
not
"interested
persons"
of
the
Funds,
as
defined
in
the
1940
Act
("Independent
Directors"),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the year
ended
June
30,
2026
,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
each
Fund's
assets
invested
in
affiliated
equity
and
fixed-
income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2027.
The
contractual
agreement
may
be
terminated
upon
90
days'
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
For
the
year
ended
June
30,
2026,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
net
total
annual
operating
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses
("expense
limitation").
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2027,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund. For
the
year
ended
June
30,
2026,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager
are
included
in
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
-
class
specific
in
the
Statements
of
Operations.
For
the year
ended
June
30,
2026, class
specific
expense
waivers
and/or
reimbursements
were
as
follows:
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
("SEC")
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
"collateral
investment
fees").
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional,
managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
the
Funds
bear
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
reinvested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
the
money
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Advantage
Global
........................................................................................................
$
5,784‌
International
Select
Equity
...................................................................................................
329‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Advantage
Global
..........................................................
0.71‌
%
0.96‌
%
1.71‌
%
0.66‌
%
1.21‌
%
International
Select
Equity
.....................................................
0.85‌
1.10‌
1.85‌
0.80‌
1.35‌
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Advantage
Global
..........................................................................................................
$
501,466‌
International
Select
Equity
.....................................................................................................
448,239‌
Fund
Name/Share
Class
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Advantage
Global
Institutional
.......................................................................................................
$
233,154‌
Investor
A
........................................................................................................
306,923‌
Investor
C
........................................................................................................
3,472‌
Class
K
.........................................................................................................
2,202‌
Class
R
.........................................................................................................
9,091‌
$
554,842‌
International
Select
Equity
Institutional
.......................................................................................................
17,956‌
Investor
A
........................................................................................................
44,342‌
Investor
C
........................................................................................................
1,744‌
Class
K
.........................................................................................................
729‌
Class
R
.........................................................................................................
981‌
$
65,752‌
Notes
to
Financial
Statements
(continued)
33
Notes
to
Financial
Statements
market
fund
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund's
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund's
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
The
money
market
fund
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
the
money
market
fund
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits the
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the current securities
lending
agreement, each
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
Complex
in
a
calendar
year
exceeds a
specific
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Prior
to
January
1,
2026,
Advantage
Global
retained
81%
of
securities
lending
income
(which
excluded
collateral
investment
fees)
and
this
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock
Multi-Asset
Complex
in a
calendar
year
exceeded
a
specific
threshold,
the
Fund
would
retain
for
the
remainder
of
that
calendar
year
84%
of
securities
lending
income
(which
excluded
collateral
investment
fees
),
and
this
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Pursuant
to
the
securities
lending
agreement
effective
as
of
January
1,
2025,
identical
securities
lending
arrangements
were
in
place
for
International
Select
Equity
for
the
calendar
year
ended
December
31,
2025.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
-
affiliated
-
net
in
the Statements
of
Operations.
For
the year
ended
June
30,
2026, each
Fund
paid
BIM
the
following
amounts
for
securities
lending
agent
services:
Directors
and
Officers:
Certain
directors
and/or
officers
of
the
Funds
are
directors
and/or
officers
of
BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the
Funds'
Chief
Compliance
Officer,
which
is
included
in
Directors
and
Officer
in
the
Statements
of
Operations.
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
year
ended
June
30,
2026,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES
For
the year
ended
June
30,
2026,
purchases
and
sales
of
investments,
including
paydowns/payups and
mortgage
dollar
rolls,
and excluding
short-term
securities,
were
as
follows:
8.
INCOME
TAX
INFORMATION
It
is
each
Fund's
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns. No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on each
Fund's
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on each
Fund's
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
June
30,
2026,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds' financial
statements.
Management's
analysis
is
based
on
the
tax
laws
and
judicial
Fund
Name
Amounts
Advantage
Global
........................................................................................................
$
1,290‌
International
Select
Equity
...................................................................................................
30‌
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
Advantage
Global
.....................................................................
$
136,168,082‌
$
136,023,027‌
$
14,941,655‌
International
Select
Equity
................................................................
1,462,937‌
40,652‌
(1,439‌)
Other
Securities
Fund
Name
Purchases
Sales
Advantage
Global
.....................................................................................
$
761,868,804‌
$
758,103,300‌
International
Select
Equity
................................................................................
93,816,520‌
102,975,760‌
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
34
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds'
NAV.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAVs
per
share.
As
of
period
end,
permanent
differences
attributable
to
distributions
in
connection
with
fund
share
redemptions were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
June
30,
2026,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:
(a)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
future
and
foreign
currency
exchange
contracts
and
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies.
As
of
June
30,
2026, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
BANK
BORROWINGS
Each
of
the
Trust
and
the
Corporation
on
behalf
of
the
Funds,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
("Participating
Funds"), is
party
to
a
364-day,
$2.40
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
("OBFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
("SOFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y) 0.80%
per
annum.
The
agreement
expires
in
April
2027
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
year ended
June
30,
2026,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
PRINCIPAL
RISKS
In
the
normal
course
of
business, each
Fund
invests in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments. Each
Fund's
prospectus
provides
details
of
the
risks
to
which each
Fund
is
subject.
Fund
Name
Paid-in
Capital
Accumulated
Earnings
(Loss)
International
Select
Equity
.....................................................................
$
348,513‌
$
(348,513‌)
Fund
Name
Year
Ended
06/30/26
Year
Ended
06/30/25
Advantage
Global
Ordinary
income
......................................................................................
$
24,378,124‌
$
14,995,078‌
Long-term
capital
gains
.................................................................................
17,714,167‌
34,169,561‌
$
42,092,291‌
$
49,164,639‌
International
Select
Equity
Ordinary
income
......................................................................................
$
1,105,799‌
$
1,205,661‌
Long-term
capital
gains
.................................................................................
11,516,948‌
-‌
$
12,622,747‌
$
1,205,661‌
Fund
Name
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Net
Unrealized
Gains
(Losses)
(a)
Total
Advantage
Global
..........................................................
$
39,745,976‌
$
24,339,681‌
$
159,977,448‌
$
224,063,105‌
International
Select
Equity
.....................................................
572,206‌
8,317,490‌
30,665,213‌
39,554,909‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Advantage
Global
.................................................
$
448,454,750‌
$
173,639,999‌
$
(13,604,617‌)
$
160,035,382‌
International
Select
Equity
...........................................
89,958,117‌
33,513,914‌
(2,853,553‌)
30,660,361‌
Notes
to
Financial
Statements
(continued)
35
Notes
to
Financial
Statements
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund's
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests.
A
Fund's
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/
or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund's
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore a
Fund's
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds'
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker's
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker's
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedules
of
Investments
Certain
Funds invest
a
significant
portion
of their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
"debt
ceiling."
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
Certain
Funds
invest a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds'
investments.
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
These
events
and
actions
have
adversely
affected,
and
may
in
the
future
adversely
affect,
the
value
and
exchange
rate
of
the
Euro
and
may
continue
to
significantly
affect
the
economies
of
every
country
in
Europe,
including
countries
that
do
not
use
the
Euro
and
non-European
Union
member
states.
The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching.
In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but
have
been,
and
may
continue
to
be,
Notes
to
Financial
Statements
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
36
significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund's
NAV,
increase
the
fund's
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
CAPITAL
SHARE
TRANSACTIONS
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Year
Ended
06/30/26
Year
Ended
06/30/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Advantage
Global
Institutional
Shares
sold
..........................................
1,721,319‌
$
55,464,509‌
4,673,940‌
$
125,753,188‌
Shares
issued
in
reinvestment
of
distributions
.....................
420,530‌
12,510,757‌
273,252‌
7,443,385‌
Shares
redeemed
......................................
(1,257,561‌)
(39,996,185‌)
(1,871,345‌)
(51,387,479‌)
884,288‌
$
27,979,081‌
3,075,847‌
$
81,809,094‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
1,242,498‌
$
36,013,959‌
442,585‌
$
11,458,394‌
Shares
issued
in
reinvestment
of
distributions
.....................
870,300‌
23,794,001‌
1,330,479‌
33,541,369‌
Shares
redeemed
......................................
(1,954,401‌)
(57,442,963‌)
(2,001,839‌)
(51,550,090‌)
158,397‌
$
2,364,997‌
(228,775‌)
$
(6,550,327‌)
Investor
C
Shares
sold
..........................................
56,650‌
$
1,213,678‌
14,753‌
$
288,688‌
Shares
issued
in
reinvestment
of
distributions
.....................
12,556‌
248,104‌
21,035‌
396,309‌
Shares
redeemed
and
automatic
conversion
of
shares
...............
(35,640‌)
(759,808‌)
(51,734‌)
(994,515‌)
33,566‌
$
701,974‌
(15,946‌)
$
(309,518‌)
Class
K
Shares
sold
..........................................
382,256‌
$
12,427,701‌
307,126‌
$
8,677,399‌
Shares
issued
in
reinvestment
of
distributions
.....................
90,064‌
2,679,405‌
129,927‌
3,539,209‌
Shares
redeemed
......................................
(232,475‌)
(7,417,684‌)
(223,255‌)
(6,035,725‌)
239,845‌
$
7,689,422‌
213,798‌
$
6,180,883‌
Class
R
Shares
sold
..........................................
20,243‌
$
498,832‌
80,139‌
$
1,707,007‌
Shares
issued
in
reinvestment
of
distributions
.....................
15,194‌
350,386‌
18,969‌
409,531‌
Shares
redeemed
......................................
(52,580‌)
(1,316,990‌)
(34,740‌)
(749,507‌)
(17,143‌)
$
(467,772‌)
64,368‌
$
1,367,031‌
1,298,953‌
$
38,267,702‌
3,109,292‌
$
82,497,163‌
International
Select
Equity
Institutional
Shares
sold
..........................................
124,078‌
$
2,792,156‌
195,815‌
$
4,503,485‌
Shares
issued
in
reinvestment
of
distributions
.....................
121,292‌
2,740,579‌
15,740‌
329,132‌
Shares
redeemed
......................................
(152,388‌)
(3,467,561‌)
(176,538‌)
(3,814,000‌)
92,982‌
$
2,065,174‌
35,017‌
$
1,018,617‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
197,467‌
$
4,407,000‌
86,651‌
$
1,917,380‌
Shares
issued
in
reinvestment
of
distributions
.....................
302,536‌
6,654,265‌
30,956‌
631,816‌
Shares
redeemed
......................................
(428,100‌)
(9,409,428‌)
(430,151‌)
(9,123,647‌)
71,903‌
$
1,651,837‌
(312,544‌)
$
(6,574,451‌)
Investor
C
Shares
sold
..........................................
26,985‌
$
355,859‌
24,490‌
$
353,130‌
Shares
issued
in
reinvestment
of
distributions
.....................
10,993‌
154,527‌
1,038‌
14,122‌
Shares
redeemed
and
automatic
conversion
of
shares
...............
(35,289‌)
(492,848‌)
(43,033‌)
(610,874‌)
2,689‌
$
17,538‌
(17,505‌)
$
(243,622‌)
Class
K
Shares
sold
..........................................
67,228‌
$
1,518,192‌
55,138‌
$
1,208,110‌
Shares
issued
in
reinvestment
of
distributions
.....................
15,072‌
339,913‌
1,362‌
28,422‌
Shares
redeemed
......................................
(93,335‌)
(2,085,556‌)
(19,298‌)
(420,468‌)
(11,035‌)
$
(227,451‌)
37,202‌
$
816,064‌
Notes
to
Financial
Statements
(continued)
37
Notes
to
Financial
Statements
As
of
June
30,
2026,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned 12,070 Class
K Shares
of
International
Select
Equity.
12.
Foreign
Withholdings
Tax
Claims
The
Internal
Revenue
Service
("IRS")
has
issued
guidance
to
address
U.S.
income
tax
liabilities
attributable
to
fund
shareholders
resulting
from
the
recovery
of
foreign
taxes
withheld
in
prior
calendar
years.
These
withheld
foreign
taxes
were
passed
through
to
shareholders
in
the
form
of
foreign
tax
credits
in
the
year
the
taxes
were
withheld.
Assuming
there
are
sufficient
foreign
taxes
paid
which each
of
Advantage
Global
and
International
Select
Equity
is
able
to
pass
through
to
shareholders
as
a
foreign
tax
credit
in
the
current
year,
each
of
the
Funds
will
be
able
to
offset
the
prior
years'
withholding
taxes
recovered
against
the
foreign
taxes
paid
in
the
current
year.
Accordingly,
no
federal
income
tax
liability
is
recorded
by
the
Fund.
Certain
of
the
outstanding
foreign
tax
reclaims
are
not
deemed
by
the
Funds
to
meet
the
recognition
criteria
under
U.S.
GAAP
as
of
June
30,
2026 and
have
not
been
recorded
in
the
applicable
Fund's
net
asset
value.
The
recognition
by
the
Fund(s)
of
these
amounts
would
have
a
positive
impact
on
the
applicable
Fund's
performance.
If
a
Fund
receives
a
tax
refund
that
has
not
been
previously
recorded,
investors
in
the
Fund
at
the
time
the
claim
is
successful
will
benefit
from
any
resulting
increase
in
the
Fund's
NAV.
Investors
who
sold
their
shares
prior
to
such
time
will
not
benefit
from
such
NAV
increase.
During
the
year
ended
June
30,
2025,
International
Select
Equity
filed
a
closing
agreement
with
the
IRS
related
to
the
recovery
of
foreign
taxes
received
in
fiscal
years
June
30,
2023,
and
June
30,
2024,
and
the
related
tax
compliance
fee,
including
interest,
was
paid
to
the
IRS.
13.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Year
Ended
06/30/26
Year
Ended
06/30/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Class
R
Shares
sold
..........................................
4,472‌
$
70,092‌
1,585‌
$
24,625‌
Shares
issued
in
reinvestment
of
distributions
.....................
3,531‌
54,741‌
312‌
4,673‌
Shares
redeemed
......................................
(3,240‌)
(48,873‌)
(1,682‌)
(26,435‌)
4,763‌
$
75,960‌
215‌
$
2,863‌
161,302‌
$
3,583,058‌
(257,615‌)
$
(4,980,529‌)
Report
of
Independent
Registered
Public
Accounting
Firm
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
38
To
the
Shareholders
and
the
Board
of
Directors/Trustees
of
BlackRock
Advantage
Global
Fund,
Inc.
and
BlackRock
International
Select
Equity
Fund:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
BlackRock
Advantage
Global
Fund,
Inc.
and
BlackRock
International
Select
Equity
Fund
(the
"Funds"),
including
the
schedules
of
investments,
as
of
June
30,
2026,
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes
(collectively
referred
to
as
the
"financial
statements
and
financial
highlights").
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
June
30,
2026,
and
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds'
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
their
internal
control
over
financial
reporting.
As
part
of
our
audits,
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds'
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
June
30,
2026,
by
correspondence
with
custodians
or
counterparties;
when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
Deloitte
&
Touche
LLP
Boston,
Massachusetts
August
21,
2026
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(Unaudited)
39
Important
Tax
Information
The
following
amounts,
or maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
June
30,
2026:
The
following
amounts,
or
maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
June
30,
2026:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
capital
gain
dividends,
subject
to
a
long-term
capital
gains
tax
rate
as
noted
below,
for
the
fiscal
year
ended
June
30,
2026:
The
Fund
intends
to
pass
through
to
its
shareholders
the
following
amount,
or
maximum
amount
allowable
by
law,
of
foreign
source
income
earned
and
foreign
taxes
paid
for
the
fiscal
year
ended
June
30,
2026
:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
June
30,
2026:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
June
30,
2026
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
June
30,
2026:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends
and qualified
short-term
capital
gains
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
June
30,
2026:
Fund
Name
Qualified
Dividend
Income
Advantage
Global
..................................................................................................
$
13,242,641‌
International
Select
Equity
.............................................................................................
2,306,363‌
Fund
Name
Qualified
Business
Income
Advantage
Global
..................................................................................................
$
57,104‌
Fund
Name
20%
Rate
Long-Term
Capital
Gain
Dividends
Advantage
Global
..................................................................................................
$
17,714,167‌
International
Select
Equity
.............................................................................................
11,753,527‌
Fund
Name
Foreign
Source
Income
Earned
Foreign
Taxes
Paid
International
Select
Equity
..........................................................................
$
1,124,377‌
$
192,783‌
Fund
Name
Federal
Obligation
Interest
Advantage
Global
..................................................................................................
$
99,428‌
International
Select
Equity
.............................................................................................
3,366‌
Fund
Name
Dividends-Received
Deduction
Advantage
Global
..................................................................................................
8
.92‌
%
International
Select
Equity
.............................................................................................
4
.28‌
Fund
Name
Interest
Dividends
Advantage
Global
..................................................................................................
$
209,532‌
International
Select
Equity
.............................................................................................
11,936‌
Fund
Name
Interest-Related
Dividends
Qualified
Short-Term
Capital
Gains
Advantage
Global
...............................................................................
$
206,136‌
$
17,851,856‌
International
Select
Equity
..........................................................................
7,661‌
-‌
Additional
Information
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
40
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
Compensation
to
the
independent
directors/trustees
of
the
Corporation
and
Trust
is
paid
by
the
Corporation
and
Trust,
on
behalf
of
the
Funds.
General
Information
Quarterly
performance,
shareholder
reports,
semi-annual
and
annual
financial
statements,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock's
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock's
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock's
website
in
this
report.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
of
quarterly
statements,
annual
and
semi-annual
shareholder
reports
and
prospectuses
by
enrolling
in
the
electronic
delivery
program.
To
enroll
in
electronic
delivery:
Shareholders
Who
Hold
Accounts
with
Investment
Advisors,
Banks
or
Brokerages:
Please
contact
your
financial
advisor.
Please
note
that
not
all
investment
advisors,
banks
or
brokerages
may
offer
this
service.
Shareholders
Who
Hold
Accounts
Directly
with
BlackRock:
1.
Access
the
BlackRock
website
at
blackrock.com
2.
Select
"Access
Your
Account"
3.
Next,
select
"eDelivery"
in
the
"Related
Resources"
box
and
follow
the
sign-up
instructions.
BlackRock's
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
41
Additional
Information
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
(a)
BlackRock
International
Limited
Edinburgh,
EH3
5PP
United
Kingdom
Accounting
Agent
and
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Westborough,
MA
01581
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02110
Legal
Counsel
Ropes
&
Gray
LLP
New
York,
NY
10036
Address
of
the
Funds
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
International
Select
Equity
Fund.
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreement
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
42
The
Board
of
Trustees
of
BlackRock
International
Select
Equity
Fund
("International
Select
Equity
Fund")
met
on
April
22,
2026
and
May
19-20,
2026
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
"International
Select
Equity
Fund
Advisory
Agreement")
between
International
Select
Equity
Fund
and
BlackRock
Advisors,
LLC
(the
"Manager"),
the
Fund's
investment
advisor.
The
Board
of
Trustees
of
International
Select
Equity
Fund
also
considered
the
approval
to
continue
the
sub-advisory
agreement
(the
"International
Select
Equity
Fund
Sub-Advisory
Agreement")
between
the
Manager
and
BlackRock
International
Limited
(the
"Sub-Advisor"),
with
respect
to
International
Select
Equity
Fund.
The
Board
of
Directors
of
BlackRock
Advantage
Global
Fund,
Inc.
("Advantage
Global
Fund")
met
on
April
22,
2026
and
May
19-20,
2026
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
"Advantage
Global
Fund
Advisory
Agreement")
between
Advantage
Global
Fund
and
the
Manager,
the
Fund's
investment
advisor.
International
Select
Equity
Fund
and
Advantage
Global
Fund
are
referred
to
herein
individually
as
a
"Fund"
or
collectively
as
the
"Funds."
The
Manager
and
the
Sub-Advisor
are
referred
to
herein
as
"BlackRock."
The
International
Select
Equity
Fund
Advisory
Agreement,
the
International
Select
Equity
Fund
Sub-Advisory
Agreement
and
the
Advantage
Global
Fund
Advisory
Agreement
are
referred
to
herein
individually
as
an
"Agreement"
or
collectively
as
the
"Agreements."
For
simplicity:
(a)
the
Board
of
Trustees
of
International
Select
Equity
Fund
and
the
Board
of
Directors
of
Advantage
Global
Fund
are
referred
to
herein
individually
as
the
"Board"
and
collectively
as
the
"Boards"
and
the
members
are
referred
to
as
"Board
Members";
and
(b)
the
meeting
held
on
April
22,
2026
is
referred
to
as
the
"April
Meeting"
and
the
meetings
held
on
May
19-20,
2026
are
referred
to
as
the
"May
Meeting."
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
"1940
Act"),
each
Board
considers
the
approval
of
the
continuation
of
the
pertinent
Agreement
for
each
Fund
on
an
annual
basis.
The
Board
Members
who
are
not
"interested
persons"
of
the
pertinent
Fund,
as
defined
in
the
1940
Act,
are
considered
independent
Board
Members
(the
"Independent
Board
Members").
Each
Board's
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock's
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
Each
Board
had
four
quarterly
meetings
during
the
year,
as
well
as
numerous
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
each
Board
similarly
met
throughout
the
year.
Each
Board
also
held
the
April
Meeting
to
consider
specific
information
regarding
the
renewal
of
the
Agreements.
In
considering
the
renewal
of
the
Agreements,
the
Boards
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Funds
by
BlackRock,
BlackRock's
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
each
Fund's
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock's
management.
During
the
year,
each
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Funds
and
their
shareholders.
BlackRock
also
provided
additional
information
to
each
Board
in
response
to
specific
questions
and
requests
from
the
Board.
Among
the
matters
each
Board
considered
were:
(a)
investment
performance
for
one-year,
three-
year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management's
and
portfolio
managers'
investment
performance
analyses,
and
the
reasons
for
any
material
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
each
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
each
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
each
Fund's
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock's
and
each
Fund's
development
and
application
of
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
applicable;
(g)
BlackRock's
and
other
service
providers'
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock's
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock's
implementation
of
each
Fund's
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
("ETF"),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
each
Fund;
(l)
BlackRock's
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals'
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock's
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
each
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
each
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
("Broadridge"),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund's
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
("Expense
Peers")
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
("Performance
Peers");
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge's
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees,
as
applicable;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Funds;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund's
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock's
and
the
Funds'
operations.
At
the
April
Meeting,
each
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting,
and
such
responses
were
reviewed
by
the
Board
Members.
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreement
(continued)
43
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreement
At
the
May
Meeting,
each
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Funds;
(d)
each
Fund's
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock's
relationship
with
the
Funds;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
Each
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
or
benefits
that
inure
to
BlackRock
or
its
affiliates
including
relating
to,
as
applicable,
securities
lending
and
cash
management
activities
of
each
Fund.
Each
Board
noted
the
willingness
of
BlackRock's
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Boards
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
each
Board's
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
Each
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
each
Board
compared
each
Fund's
performance
to
the
performance
of
a
comparable
group
of
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
Throughout
the
year,
the
Boards
met
with
BlackRock's
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
Each
Board
also
reviewed
the
materials
provided
by
each
Fund's
portfolio
management
team
discussing
the
Fund's
performance,
investment
strategies
and
outlook.
Each
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
each
Fund's
portfolio
management
team
(including
the
tenure
of
or
changes
in
the
portfolio
management
team);
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
certain
trading,
portfolio
management,
operations
and/or
information
systems
owned
by
BlackRock;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
Each
Board
also
considered
BlackRock's
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks,
the
role
of
BlackRock's
Risk
&
Quantitative
Analysis
Group,
and
BlackRock's
policies
and
procedures
for
third-party
vendor
oversight.
Each
Board
engaged
in
a
review
of
BlackRock's
compensation
structure
with
respect
to
each
Fund's
portfolio
management
team
and
BlackRock's
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
each
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
the
Funds
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Funds
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Funds.
In
particular,
BlackRock
and
its
affiliates
provide
the
Funds
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information,
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
net
asset
value;
and
services
related
to
the
valuation
and
pricing
of
the
Fund's
portfolio
holdings;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
each
Fund's
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Fund's
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Funds,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund's
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Boards
reviewed
the
structure
and
duties
of
BlackRock's
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock's
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Boards
also
considered
the
operation
of
BlackRock's
business
continuity
plans.
The
Board
of
International
Select
Equity
Fund
noted
that
the
engagement
of
the
Sub-Advisor
with
respect
to
International
Select
Equity
Fund
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
located
outside
of
the
United
States.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
International
Select
Equity
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
the
Funds
Each
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
pertinent
Fund
throughout
the
year
and
at
the
April
Meeting.
Each
Board
was
provided
with
Fund
performance
reporting
and
analysis
of
the
pertinent
Fund,
relative
to
applicable
performance
metrics,
by
BlackRock
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
each
Board
was
also
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Funds'
performance
as
of
December
31,
2025,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
each
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
pertinent
Fund
as
compared
to
its
Performance
Peers.
Each
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
Each
Board
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
each
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
Each
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
of
International
Select
Equity
Fund
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
the
International
Select
Equity
Fund
ranked
in
the
third,
second
and
first
quartiles,
respectively,
against
its
Performance
Peers.
The
Board
and
BlackRock
reviewed
the
International
Select
Equity
Fund's
underperformance
relative
to
its
Performance
Peers
during
the
applicable
period.
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreement
(continued)
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
44
The
Board
of
Advantage
Global
Fund
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
Advantage
Global
Fund
ranked
in
the
first
quartile
against
its
Performance
Peers.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Costs
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Funds
Each
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund's
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
Each
Board
also
compared
each
Fund's
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund's
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Boards
considered
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Funds
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
The
Boards
also
noted
that
while
they
found
the
expense
comparison
provided
by
Broadridge
generally
useful,
they
recognized
that
the
comparison
is
subject
to
Broadridge's
defined
peer
selection
criteria
and
methodology.
The
Boards
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
Each
Board
reviewed
BlackRock's
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
Each
Board
reviewed
BlackRock's
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2025
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
Each
Board
reviewed
BlackRock's
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
Each
Board
reviewed
BlackRock's
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
Each
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
Each
Board
thus
recognized
the
limitations
of
calculating
and
comparing
profitability
at
the
individual
fund
level.
Each
Board
received
and
reviewed
statements
relating
to
BlackRock's
financial
condition.
Each
Board
reviewed
BlackRock's
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
Each
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
BlackRock's
technology
business,
BlackRock's
expense
management,
and
the
relative
product
mix.
Each
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
information
for
other
advisors
is
not
publicly
available.
Each
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Boards
further
considered
factors
including
but
not
limited
to
BlackRock's
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Funds,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
of
International
Select
Equity
Fund
noted
that
International
Select
Equity
Fund's
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
International
Select
Equity
Fund's
Expense
Peers.
The
Board
additionally
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund's
total
expenses
as
a
percentage
of
the
Fund's
average
daily
net
assets
on
a
class-by-class
basis.
The
Board
of
Advantage
Global
Fund
noted
that
Advantage
Global
Fund's
contractual
management
fee
rate
ranked
in
the
second
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
Advantage
Global
Fund's
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund's
total
expenses
as
a
percentage
of
the
Fund's
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
Each
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
any
economies
of
scale
might
benefit
the
pertinent
Fund
in
a
variety
of
ways
as
the
assets
of
the
Fund
increase.
Each
Board
considered
multiple
factors,
including
the
advisory
fee
rate
and
breakpoints,
unitary
fee
structure,
fee
waivers,
and/or
expense
caps,
as
applicable.
Each
Board
considered
the
pertinent
Fund's
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
Each
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
"fall-out"
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock's
respective
relationships
with
the
Funds,
both
tangible
and
intangible,
such
as
BlackRock's
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock's
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock's
affiliates
as
service
providers
to
the
Funds,
including
for
administrative,
distribution,
securities
lending,
and
cash
management
services.
The
Boards
also
noted
the
revenue
received
by
BlackRock
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock's
technology
platform
to
service
accounts
managed
by
BlackRock
and/or
its
affiliates.
With
respect
to
securities
lending,
during
the
year
the
Boards
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
The
Boards
considered
BlackRock's
overall
operations
and
its
efforts
to
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreement
(continued)
45
Disclosure
of
Investment
Advisory
Agreements
and
Sub-Advisory
Agreement
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Boards
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
Throughout
the
year,
the
Boards
also
received
information
and
reporting,
as
applicable,
regarding
BlackRock's
soft
dollar,
brokerage,
and
trade
execution
practices.
Conclusion
At
the
May
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board's
year-long
deliberative
process,
the
Board
of
International
Select
Equity
Fund,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
International
Select
Equity
Fund
Advisory
Agreement
between
the
Manager
and
International
Select
Equity
Fund,
for
a
one-year
term
ending
June
30,
2027,
and
the
International
Select
Equity
Fund
Sub-
Advisory
Agreement
between
the
Manager
and
the
Sub-Advisor,
with
respect
to
International
Select
Equity
Fund,
for
a
one-year
term
ending
June
30,
2027.
At
the
May
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board's
year-long
deliberative
process,
the
Board
of
Advantage
Global
Fund,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advantage
Global
Fund
Advisory
Agreement
between
the
Manager
and
Advantage
Global
Fund
for
a
one-year
term
ending
June
30,
2027.
Based
upon
their
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Boards,
including
the
Independent
Board
Members,
were
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Boards
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Glossary
of
Terms
Used
in
these
Financial
Statements
2026
BlackRock
Annual
Financial
Statements
and
Additional
Information
46
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
MSCI
Morgan
Stanley
Capital
International
PJSC
Public
Joint
Stock
Company
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds'
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - See Item 7
Item 9 - Proxy Disclosures for Open-End Management Investment Companies - See Item 7
Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - See Item 7
Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract - See Item 7
Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable
Item 13 - Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not Applicable
Item 15 - Submission of Matters to a Vote of Security Holders - There have been no material changes to these procedures.
Item 16 - Controls and Procedures
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies -Not Applicable
Item 18 - Recovery of Erroneously Awarded Compensation - Not Applicable
Item 19 - Exhibits attached hereto
(a)(1) Code of Ethics - See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed - Not Applicable
(a)(3) Section 302 Certifications are attached.
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 - Not Applicable
(a)(5) Change in registrant's independent public accountant - Not Applicable
(b) Section 906 Certifications are attached.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock International Select Equity Fund
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock International Select Equity Fund
Date: August 21, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock International Select Equity Fund
Date: August 21, 2026
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock International Select Equity Fund
Date: August 21, 2026
Blackrock Eurofund published this content on September 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 02, 2026 at 15:09 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]