BlackRock International Select Equity Class R MREFX

The investment seeks capital appreciation primarily through investment in equities of corporations domiciled in European countries. Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of foreign issuers and derivatives that provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The fund’s 80% policy is a non-fundamental policy of the fund, and may not be changed without 60 days’ prior notice to shareholders.