Blackrock Eurofund N-CSRS Certified semi-annual shareholder report (management investment company)

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 EuroFund

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock EuroFund, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code:  (800) 441-7762

Date of fiscal year end: 06/30/2016

Date of reporting period: 12/31/2015

Item 1 – Report to Stockholders

DECEMBER 31, 2015

  SEMI-ANNUAL REPORT (UNAUDITED)  

BlackRock EuroFund

BlackRock Global SmallCap Fund, Inc.

Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents

	Page
The Markets in Review		3
Semi-Annual Report:
Fund Summaries		4
About Fund Performance		8
Disclosure of Expenses		9
Derivative Financial Instruments		9
Financial Statements:
Schedules of Investments		10
Statements of Assets and Liabilities		18
Statements of Operations		20
Statements of Changes in Net Assets		21
Financial Highlights		23
Notes to Financial Statements		32
Officers and Directors		41
Additional Information		42

2 SEMI-ANNUAL REPORT DECEMBER 31, 2015

The Markets in Review

Dear Shareholder,

Diverging monetary policies and shifting economic outlooks across regions have been the overarching themes driving financial markets over the past couple of years. With U.S. growth outpacing the global economic recovery in 2015 while inflationary pressures remained low, investors spent most of the year anticipating a short-term rate hike from the Federal Reserve (the “Fed”), which ultimately came to fruition in December. In contrast, the European Central Bank (“ECB”) and the Bank of Japan moved to a more accommodative stance during the year. In this environment, the U.S. dollar strengthened considerably, causing profit challenges for U.S. exporters and high levels of volatility in emerging market currencies and commodities. Oil prices were particularly volatile and below the historical norm due to an ongoing imbalance in global supply and demand.

Market volatility broadly increased in the middle of 2015, beginning with a sharp, but temporary, selloff in June as Greece’s long-brewing debt troubles came to an impasse. Just as these concerns abated, Chinese equities tumbled amid weakness in the country’s economy. This, combined with a depreciation of the yuan and declining confidence in China’s policymakers, stoked worries about the potential impact to the broader world economy, causing heightened volatility to spread throughout markets globally. Given a dearth of meaningful growth across most of the world, financial markets became more reliant on central bank policies to drive performance. In that vein, risk assets (such as equities and high yield bonds) rallied in October when China’s central bank provided more stimulus, the ECB hinted at further easing, and soft U.S. data pushed back expectations for a Fed rate hike. As the period came to a close, however, the ECB disappointed investors with its subdued policy changes. The Fed’s December rate hike had a positive impact on the markets as it removed a source of uncertainty, but this was counteracted by the dampening effect of a stronger U.S. dollar, falling oil prices and tighter credit conditions.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of December 31, 2015
	6-month			12-month
U.S. large cap equities (S&P 500® Index)		0.15	%		1.38	%
U.S. small cap equities (Russell 2000® Index)		(8.75	)		(4.41	)
International equities (MSCI Europe, Australasia, Far East Index)		(6.01	)		(0.81	)
Emerging market equities (MSCI Emerging Markets Index)		(17.35	)		(14.92	)
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.04			0.05
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		1.43			0.91
U.S. investment-grade bonds (Barclays U.S. Aggregate Bond Index)		0.65			0.55
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.31			3.32
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		(6.79	)		(4.43	)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of December 31, 2015 BlackRock EuroFund

Investment Objective

BlackRock EuroFund’s (the “Fund”) investment objective is to seek capital appreciation primarily through investment in equities of corporations domiciled in European countries.

Portfolio Management Commentary

How did the Fund perform?

• For the six-month period ended December 31, 2015, the Fund underperformed its benchmark, the Morgan Stanley Capital International (“MSCI”) Europe Index.

What factors influenced performance?

• The Fund’s performance was driven by stock selection; the positive contribution was slightly offset by the adverse impact of its sector allocations. The Fund was underweight in consumer staples, which was the best-performing sector in the market. In particular, the Fund’s lack of a position in defensive stocks such as Nestle SA (Switzerland) detracted from performance. An overweight exposure in the energy sector, which underperformed due to the continued decline in oil prices, also hindered returns. The Fund’s position in Royal Dutch Shell PLC (United Kingdom) delivered the largest individual negative performance in energy. Among individual stocks, the mining company BHP Billiton PLC (United Kingdom) — which lost ground due to falling commodity prices and a dam burst in Brazil — was the largest detractor in the period.

• The Fund’s positioning in the industrials sector made the largest contribution to performance. The low-cost airline Ryanair Holdings PLC (Ireland) and the toll road operator Alantia SpA (Italy) were the Fund’s leading contributors in the group. Ryanair benefited from a new high in passenger traffic, while Atlantia delivered solid second quarter results behind improved motorway traffic volumes. Stock selection in the financials sector also proved successful, with positions in Hargreaves

Lansdown PLC (United Kingdom), AXA SA (France) and London Stock Exchange Group PLC finishing among the top contributors. The investment advisor’s decision to avoid the Spanish banks Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA also helped returns. The Fund further benefited from an overweight position in information technology (“IT”) and an underweight position in the lagging materials sector.

Describe recent portfolio activity.

• Throughout the period, the investment advisor increased the Fund’s weighting in the IT sector by participating in two initial public offerings. The Fund added the technology payments operator Worldpay Group PLC (United Kingdom), which is one of the few payment companies that operates globally across different platforms (online, offline mobile) and across the value chain. It also added the German online real estate marketplace leader Scout24 AG (Germany). The Fund increased its exposure to the consumer staples sector by buying Anheuser-Busch InBev SA (Belgium) and British American Tobacco PLC. The Fund exited its position in SABMiller PLC (United Kingdom) after the strong performance that accompanied its acquisition by Anheuser-Busch InBev.

Describe portfolio positioning at period end.

• Relative to the MSCI Europe Index, the Fund ended the period with overweight positions in the IT, telecommunications services, consumer discretionary, financials and energy sectors, and it was underweight in consumer staples, materials, healthcare, utilities and industrials.

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.

Portfolio Information

Ten Largest Holdings Percent of
Net Assets

Royal Dutch Shell PLC, Class B	4	%
Novo Nordisk A/S, Class B	3
BT Group PLC	3
Prudential PLC	3
Lloyds Banking Group	3
Anheuser-Busch InBev SA	3
ING Groep NV CVA	3
AXA SA	3
British American Tobacco PLC.	3
SAP SE	3

Geographic Allocation Percent of
Net Assets

United Kingdom	32	%
Germany	13
France	13
Netherlands	13
Sweden	6
Ireland	5
Switzerland	5
Belgium	5
Italy	4
Denmark	4

4 SEMI-ANNUAL REPORT DECEMBER 31, 2015

BlackRock EuroFund

Total Return Based on a $10,000 Investment

¹  Assuming maximum sales charge, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.

²  Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities, including common stock and convertible securities, of companies located in Europe. The Fund currently expects that a majority of the Fund’s assets will be invested in equity securities of companies in Western European countries, but may also invest in emerging markets in Eastern European countries.

³  A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe.

Performance Summary for the Period Ended December 31, 2015

				Average Annual Total Returns4
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		(6.53	)%		0.39	%		N/A			4.38	%		N/A			3.36	%		N/A
Investor A		(6.67	)		0.17			(5.09	)%		4.17			3.05	%		3.16			2.60	%
Investor C		(7.05	)		(0.62	)		(1.60	)		3.28			3.28			2.29			2.29
Class R		(6.85	)		(0.17	)		N/A			3.61			N/A			2.60			N/A
MSCI Europe Index		(6.42	)		(2.84	)		N/A			3.88			N/A			3.36			N/A

⁴  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 8 for a detailed description of share classes, including any related sales charges and fees.

N/A — Not applicable as share class and index do not have a sales charge.

Past performance is not indicative of future results.

Expense Example

	Actual						Hypothetical6
	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period5		Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period5		Annualized Expense Ratio
Institutional	$	1,000.00	$	934.70	$	5.11	$	1,000.00	$	1,019.86	$	5.33		1.05	%
Investor A	$	1,000.00	$	933.30	$	5.98	$	1,000.00	$	1,018.95	$	6.24		1.23	%
Investor C	$	1,000.00	$	929.50	$	9.99	$	1,000.00	$	1,014.78	$	10.43		2.06	%
Class R	$	1,000.00	$	931.50	$	8.21	$	1,000.00	$	1,016.64	$	8.57		1.69	%

⁵ For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

⁶ Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 9 for further information on how expenses were calculated.

SEMI-ANNUAL REPORT DECEMBER 31, 2015 5

Fund Summary as of December 31, 2015 BlackRock Global SmallCap Fund, Inc.

Investment Objective

BlackRock Global SmallCap Fund, Inc.’s (the “Fund”) investment objective is to seek long-term growth of capital by investing primarily in a portfolio of equity securities of small cap issuers located in various foreign countries and in the United States.

Portfolio Management Commentary

How did the Fund perform?

• For the six-month period ended December 31, 2015, the Fund underperformed its benchmark, the MSCI All Country World Small Cap Index, as well as the broad-market MSCI World Index. The following discussion of relative performance pertains to the MSCI All Country World Small Cap Index.

What factors influenced performance?

• Stock selection in the consumer discretionary sector, particularly within the specialty retail and hotels, restaurants & leisure industries, was the most significant detractor from performance during the period. Stock selection in the materials and consumer staples sectors hindered performance as well. The combination of stock selection and a small overweight in the underperforming energy sector also weighed on returns, as did stock selection in industrials and an underweight position in utilities.

• The largest contributor to relative performance was the combination of an overweight position and stock selection within the health care sector. An overweight position in the health care equipment & supplies industry, as well as selection in both the life sciences & tools and providers & services industries, were the most notable sources of outperformance. The Fund’s overweight position in the information technology sector, together with positive stock selection in the group, also aided performance. Stock selection in both the utilities and telecommunications sectors further contributed to the Fund’s six-month results.

Describe recent portfolio activity.

• The Fund added to new and existing positions in the financials, consumer staples, health care, technology and utilities sectors, while it

exited positions in the materials, consumer discretionary, telecommunications, energy and industrials sectors. Regionally, this activity resulted in small increases to the Fund’s weightings in the United States, United Kingdom and emerging markets, along with marginal decreases in both Europe and Japan.

Describe portfolio positioning at period end.

• The Fund continued to emphasize high-quality, reasonably valued companies with strong balance sheets, effective management teams and the potential for rising market share and sustainable growth. The investment advisor took a more defensive approach, emphasizing individual companies whose earnings are not wholly dependent on broader economic growth trends. Relative to the MSCI All Country World Small Cap Index, the Fund ended the period with overweights in the health care and information technology sectors and underweight positions in the consumer discretionary, utilities, materials, industrials and consumer staples sectors.

• The Fund remained well-balanced between the growth and value styles, and it was substantially diversified across sectors and regions. The investment advisor became increasingly selective in the U.S. and European markets at a time in which divergent central bank policies, elevated profit margins and above-average valuations needed to be weighed against fundamentals and the prospect of sustainable, longer-term growth. Despite Japan’s strong performance during 2015, the Fund remains underweight in the country given the better representation of higher-quality companies available elsewhere in the global markets.

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.

Portfolio Information

Ten Largest Holdings Percent of
Net Assets

NuVasive, Inc.	2	%
Insulet Corp.	1
Teleflex, Inc.	1
CyrusOne, Inc	1
Owens & Minor, Inc	1
Quotient Ltd.	1
Tanger Factory Outlet Centers, Inc.	1
Cable One, Inc.	1
Supervalu, Inc.	1
Yelp, Inc.	1

Geographic Allocation Percent of
Net Assets

United States	64	%
United Kingdom	7
Japan	6
Canada	5
India	3
Switzerland	3
France	2
Italy	2
China	2
Other1	13
Liabilities in Excess of Other Assets	(7	)

¹  Includes holdings within countries that are 1% or less of net assets. Please refer to the Schedule of Investments for such countries.

6 SEMI-ANNUAL REPORT DECEMBER 31, 2015

BlackRock Global SmallCap Fund, Inc.

Total Return Based on a $10,000 Investment

¹  Assuming maximum sales charge, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.

²  The Fund invests in a diversified portfolio primarily consisting of equity securities of small cap issuers located in various foreign countries and in the United States.

³  A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

⁴  A free float-adjusted market capitalization weighted index that is designed to measure equity market results of smaller capitalization companies in both developed and emerging markets.

Performance Summary for the Period Ended December 31, 2015

				Average Annual Total Returns5
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		(10.05	)%		(5.58	)%		N/A			6.27	%		N/A			6.50	%		N/A
Investor A		(10.16	)		(5.85	)		(10.79	)%		5.94			4.81	%		6.18			5.61	%
Investor B		(10.64	)		(6.77	)		(10.74	)		4.96			4.66			5.42			5.42
Investor C		(10.52	)		(6.59	)		(7.47	)		5.08			5.08			5.31			5.31
Class R		(10.36	)		(6.20	)		N/A			5.53			N/A			5.76			N/A
MSCI World Index		(3.41	)		(0.87	)		N/A			7.59			N/A			4.98			N/A
MSCI All Country World Small Cap Index		(6.79	)		(1.04	)		N/A			6.30			N/A			6.51			N/A

⁵  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 8 for a detailed description of share classes, including any related sales charges and fees.

N/A — Not applicable as share class and index do not have a sales charge.

Past performance is not indicative of future results.

Expense Example

	Actual						Hypothetical7
	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period6		Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period6		Annualized Expense Ratio
Institutional	$	1,000.00	$	899.50	$	5.11	$	1,000.00	$	1,019.76	$	5.43		1.07	%
Investor A	$	1,000.00	$	898.40	$	6.68	$	1,000.00	$	1,018.10	$	7.10		1.40	%
Investor B	$	1,000.00	$	893.60	$	11.57	$	1,000.00	$	1,012.92	$	12.30		2.43	%
Investor C	$	1,000.00	$	894.80	$	10.48	$	1,000.00	$	1,014.08	$	11.14		2.20	%
Class R	$	1,000.00	$	896.40	$	8.39	$	1,000.00	$	1,016.29	$	8.92		1.76	%

⁶  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

⁷  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 9 for further information on how expenses were calculated.

SEMI-ANNUAL REPORT DECEMBER 31, 2015 7

About Fund Performance

• Institutional Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors.

• Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

• Investor B Shares (available only in BlackRock Global SmallCap, Inc.) are subject to a maximum CDSC of 4.50% declining to 0% after six years. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares automatically convert to Investor A Shares after approximately eight years. (There is no initial sales charge for automatic share conversions.) These shares are only available through exchanges and dividend reinvestments by existing shareholders and for purchase by certain employer-sponsored retirement plans.

• Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries.

• Class R Shares are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/funds to obtain performance data current to the most recent month end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), the Funds’ investment advisor, has voluntarily waived a portion of the Funds’ expenses. Without such waiver, the Funds’ performance would have been lower. The Manager is under no obligation to waive or to continue waiving its fees and such voluntary waiver may be reduced or discontinued at any time. See Note 5 of the Notes to Financial Statements for additional information on waivers.

8 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Disclosure of Expenses

Shareholders of these Funds may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other Fund expenses. The expense examples shown on previous pages (which are based on a hypothetical investment of $1,000 invested on July 1, 2015 and held through December 31, 2015) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. Derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities 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. Derivative financial instruments also 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 derivative financial instrument. The Funds’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial 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.

SEMI-ANNUAL REPORT DECEMBER 31, 2015 9

Schedule of Investments December 31, 2015 (Unaudited) BlackRock EuroFund (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Belgium — 4.7%
Anheuser-Busch InBev SA		101,507	$	12,632,255
KBC Groep NV		111,268		6,957,159
				19,589,414
Denmark — 3.7%
Carlsberg A/S, Class B		10,542		933,933
Novo Nordisk A/S, Class B		251,833		14,580,680
				15,514,613
Finland — 0.5%
Wartsila OYJ		47,117		2,151,263
France — 12.9%
AXA SA		414,337		11,321,159
Bouygues SA		70,037		2,777,010
Cap Gemini SA		57,637		5,347,883
LVMH Moet Hennessy Louis Vuitton SA		62,494		9,815,947
Pernod Ricard SA		45,135		5,147,393
Renault SA		91,666		9,175,351
Safran SA		30,231		2,076,953
Unibail-Rodamco SE		33,825		8,589,215
				54,250,911
Germany — 13.1%
adidas AG		43,236		4,196,444
Bayer AG, Registered Shares		60,894		7,605,072
Continental AG		26,832		6,490,923
Covestro AG (a)(b)		26,696		975,814
Daimler AG, Registered Shares		85,455		7,140,104
Deutsche Telekom AG, Registered Shares		450,626		8,093,534
Fresenius SE & Co. KGaA		42,756		3,045,603
SAP SE		133,917		10,626,731
Scout24 AG (a)(b)		52,570		1,863,675
TUI AG		280,396		5,006,493
				55,044,393
Ireland — 4.9%
Bank of Ireland (b)		21,396,701		7,834,493
CRH PLC (c)		221,419		6,410,457
Ryanair Holdings PLC — ADR		76,373		6,603,210
				20,848,160
Italy — 4.2%
Atlantia SpA		270,006		7,143,927
Intesa Sanpaolo SpA		3,177,115		10,551,195
				17,695,122
Netherlands — 12.7%
ASML Holding NV		72,738		6,462,880
Heineken NV		55,223		4,705,931
ING Groep NV CVA		836,965		11,324,166
Koninklijke KPN NV		2,564,527		9,699,967
RELX NV		229,005		3,856,969
Royal Dutch Shell PLC, Class B		767,514		17,492,351
				53,542,264

Common Stocks	Shares		Value
Sweden — 6.6%
Assa Abloy AB		415,306	$	8,693,478
Electrolux AB, Class B		218,132		5,262,958
Hexagon AB, Class B		154,936		5,731,520
Lundin Petroleum AB (b)		324,842		4,687,266
Nordea Bank AB		331,908		3,641,613
				28,016,835
Switzerland — 4.9%
Cie Financiere Richemont SA, Registered Shares		44,736		3,201,886
Novartis AG, Registered Shares		105,960		9,114,602
Zurich Insurance Group AG (b)		31,850		8,182,259
				20,498,747
United Kingdom — 31.8%
Associated British Foods PLC		132,720		6,530,768
AstraZeneca PLC		130,429		8,810,128
Barclays PLC		435,832		1,402,842
BG Group PLC		244,072		3,538,028
BHP Billiton PLC		379,185		4,228,599
BP PLC		818,305		4,252,470
British American Tobacco PLC		200,720		11,146,782
BT Group PLC		1,991,896		13,830,873
Carnival PLC		102,577		5,843,409
Hargreaves Lansdown PLC		274,211		6,087,651
Imperial Tobacco Group PLC		198,781		10,499,139
Lloyds Banking Group PLC		11,940,345		12,847,734
London Stock Exchange Group PLC		207,812		8,407,674
Merlin Entertainments PLC (a)		890,279		5,969,370
Prudential PLC		603,996		13,607,721
Tesco PLC (b)		1,546,321		3,397,692
Vodafone Group PLC		2,411,195		7,818,943
Worldpay Group PLC (a)(b)		1,291,736		5,851,844
				134,071,667
Total Long-Term Investments (Cost — $407,087,962) — 100.0%				421,223,389
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (d)(e)		336,491		336,491

Short-Term Securities	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.39% (d)(e)(f)		1,034	$	1,034,491
Total Short-Term Securities (Cost — $1,370,982) — 0.3%				1,370,982
Total Investments (Cost — $408,458,944) — 100.3%				422,594,371
Liabilities in Excess of Other Assets — (0.3)%				(1,144,651	)
Net Assets — 100.0%			$	421,449,720

Portfolio Abbreviations

ADR	American Depositary Receipts
CVA	Certificaten Van Aandelen (Dutch Certificate)
GDR	Global Depositary Receipt

See Notes to Financial Statements.

10 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Euro Fund

Notes to Schedule of Investments

(a) 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.

(b) Non-income producing security.

(c) Security, or a portion of security, is on loan.

(d) During the period ended December 31, 2015, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/Beneficial Interest Held at June  30, 2015		Net Activity			Shares/Beneficial Interest Held at December  31, 2015		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		2,077,341		(1,740,850	)		336,491	$	483
BlackRock Liquidity Series, LLC, Money Market Series		—	$	1,034,491		$	1,034,491	$	438	1
1   Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and other payments to and from borrowers of securities, and less the collateral investment expenses.

(e) Current yield as of period end.

(f) Security was purchased with the cash collateral from loaned securities. The Fund may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2			Level 3	Total
Assets:
Investments:
Common Stocks:
Belgium		—	$	19,589,414		—	$	19,589,414
Denmark		—		15,514,613		—		15,514,613
Finland		—		2,151,263		—		2,151,263
France		—		54,250,911		—		54,250,911
Germany	$	975,814		54,068,579		—		55,044,393
Ireland		6,603,210		14,244,950		—		20,848,160
Italy		—		17,695,122		—		17,695,122
Netherlands		11,324,166		42,218,098		—		53,542,264
Sweden		—		28,016,835		—		28,016,835
Switzerland		—		20,498,747		—		20,498,747
United Kingdom		5,851,844		128,219,823		—		134,071,667
Short-Term Securities		336,491		1,034,491		—		1,370,982
Total	$	25,091,525	$	397,502,846		—	$	422,594,371
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1		Level 2			Level 3	Total
Liabilities:
Collateral on securities loaned at value		—	$	(1,034,491	)	—	$	(1,034,491	)
Foreign currency overdraft		—		(413	)	—		(413	)
Total		—	$	(1,034,904	)	—	$	(1,034,904	)

See Notes to Financial Statements.

SEMI-ANNUAL REPORT DECEMBER 31, 2015 11

Schedule of Investments (concluded)   BlackRock Euro Fund

Transfers between Level 1 and Level 2 were as follows:

	Transfers Into Level 11		Transfers Out of Level 12			Transfers Into Level 22		Transfers Out of Level 21
Assets:
Investments:
Common Stocks:
France		—	$	(5,912,261	)	$	5,912,261		—
Netherlands	$	13,758,591		—			—	$	(13,758,591	)
Total	$	13,758,591	$	(5,912,261	)	$	5,912,261	$	(13,758,591	)
1    Systematic Fair Value Prices were not utilized at period end for these investments.
2    External pricing service used to reflect any significant market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Schedule of Investments December 31, 2015 (Unaudited) BlackRock Global SmallCap Fund, Inc. (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Argentina — 0.3%
Arcos Dorados Holdings, Inc., Class A (a)(b)		992,552	$	3,086,837
Australia — 0.8%
Orocobre Ltd. (a)(b)		3,359,540		5,630,622
Pancontinental Oil & Gas NL (a)		17,119,600		37,425
Parnell Pharmaceuticals Holdings Ltd. (a)		560,849		2,170,486
				7,838,533
Austria — 0.8%
Schoeller-Bleckmann Oilfield Equipment AG (b)		129,100		7,081,199
Belgium — 0.5%
Ontex Group NV		123,280		4,383,238
Brazil — 0.5%
Companhia Hering SA		1,129,731		4,343,307
Canada — 5.1%
Africa Oil Corp. (a)(b)		4,092,100		5,944,295
Continental Gold, Inc. (a)(b)		4,218,883		4,786,909
Diagnocure, Inc. (a)(c)		4,675,280		422,353
Dollarama, Inc.		83,700		4,835,570
Element Financial Corp.		562,100		6,784,036
Entertainment One Ltd.		1,341,000		3,302,826
Lundin Mining Corp. (a)		1,596,100		4,383,306
Methanex Corp.		165,100		5,449,951
Mogo Finance Technology, Inc. (a)		513,496		1,458,437
Painted Pony Petroleum Ltd. (a)		1,059,625		2,664,953
Torex Gold Resources, Inc. (a)(b)		5,747,900		5,234,049
Trevali Mining Corp. (a)(b)		1,236,123		455,606
Trevali Mining Corp.		4,848,800		1,787,156
				47,509,447
Chile — 0.4%
Embotelladora Andina SA — ADR		193,600		3,370,576
China — 1.6%
Colour Life Services Group Co. Ltd. (b)		2,246,000		1,912,758
Daphne International Holdings Ltd. (a)(b)		5,166,300		862,638
Far East Horizon Ltd.		8,361,000		7,746,283
Huaneng Renewables Corp. Ltd., Class H		15,336,000		4,551,315
				15,072,994
Denmark — 0.4%
ALK-Abello A/S		25,890		3,294,486
Finland — 0.2%
Ferratum OYJ (a)		62,390		2,024,894
France — 2.0%
Elior SCA (d)		293,220		6,143,138
Elis SA		426,877		7,063,872
GameLoft SE (a)(b)		328,083		2,156,855
Saft Groupe SA		18,000		548,616
UbiSoft Entertainment SA (a)		79,700		2,306,606
				18,219,087
Georgia — 0.6%
BGEO Group PLC		190,582		5,342,870
Germany — 1.0%
Rheinmetall AG		83,400		5,543,750
Vossloh AG (a)(b)		51,087		3,295,847
				8,839,597
Hong Kong — 1.3%
Chow Sang Sang Holdings International Ltd. (b)		1,265,000		2,078,828

Common Stocks	Shares		Value
Hong Kong (continued)
Clear Media Ltd.		2,015,000	$	2,076,713
EVA Precision Industrial Holdings Ltd.		18,236,000		3,227,436
Melco International Development Ltd. (b)		3,131,000		4,677,521
				12,060,498
India — 2.8%
Container Corp. of India		154,650		3,065,166
Indiabulls Real Estate Ltd. (a)		4,212,500		4,047,455
MakeMyTrip Ltd. (a)(b)		271,100		4,652,076
Oberoi Realty Ltd.		1,380,700		5,588,415
Yes Bank Ltd.		476,300		5,196,798
Zee Entertainment Enterprises Ltd.		578,000		3,810,166
				26,360,076
Indonesia — 1.2%
Bank Tabungan Negara Persero Tbk PT		88,551,700		8,252,775
Tower Bersama Infrastructure Tbk PT (a)		7,402,076		3,131,208
				11,383,983
Ireland — 0.9%
Ryanair Holdings PLC — ADR		100,981		8,730,817
Italy — 1.8%
Banca Mediolanum SpA		669,300		5,317,014
Banca Popolare di Milano Scarl		2,574,510		2,549,950
Beni Stabili SpA SIIQ		4,423,800		3,334,300
Credito Valtellinese (a)		3,195,100		3,762,463
Massimo Zanetti Beverage Group SpA (a)(b)(d)		186,940		1,928,375
				16,892,102
Japan — 5.9%
Asics Corp.		152,050		3,154,656
Bank of Yokohama Ltd.		705,000		4,321,366
Credit Saison Co. Ltd.		168,600		3,321,791
Don Quijote Holdings Co. Ltd.		130,700		4,590,019
JGC Corp.		408,000		6,244,938
Mitsui Chemicals, Inc.		2,110,000		9,357,865
NGK Insulators Ltd.		240,400		5,418,660
Nomura Real Estate Holdings, Inc.		186,600		3,461,844
Pioneer Corp. (a)(b)		552,300		1,520,433
Rohm Co. Ltd.		107,500		5,444,967
Tokyo Broadcasting System Holdings, Inc.		521,300		8,253,718
				55,090,257
Luxembourg — 0.9%
B&M European Value Retail SA		311,725		1,308,325
Eurofins Scientific SE		7,875		2,746,958
Stabilus SA (a)		110,686		4,626,930
				8,682,213
Netherlands — 0.4%
Intertrust NV (a)(d)		173,900		3,828,852
Norway — 0.3%
Hoegh Liquified Natural Gas Holdings Ltd. (b)		243,100		2,580,147
Panama — 0.1%
Copa Holdings SA, Class A		25,200		1,216,152
Poland — 0.6%
Alior Bank SA (a)		301,000		5,102,800
Russia — 0.4%
Globaltrans Investment PLC — GDR (a)		852,397		3,878,406
South Korea — 0.4%
GS Holdings Corp. (a)		76,600		3,282,213

SEMI-ANNUAL REPORT DECEMBER 31, 2015 13

See Notes to Financial Statements.

Schedule of Investments (continued) BlackRock Global SmallCap Fund, Inc.

Common Stocks	Shares		Value
Sweden — 1.3%
Hoist Finance AB (a)(b)(d)		806,300	$	8,399,928
SSAB AB, A Shares (a)(b)		1,223,900		3,251,664
				11,651,592
Switzerland — 2.8%
Aryzta AG (a)		74,322		3,759,859
EFG International AG (a)		604,800		6,370,447
Leonteq AG (a)(b)		50,700		7,323,615
OC Oerlikon Corp. AG, Registered Shares (a)		180,400		1,605,819
Straumann Holding AG, Registered Shares		16,300		4,947,169
Valiant Holding AG		18,336		2,153,584
				26,160,493
Taiwan — 0.5%
Mercuries Life Insurance Co. Ltd.		8,881,000		4,844,369
United Kingdom — 6.6%
Arrow Global Group PLC		1,931,600		7,510,452
Atlas Mara Co-Nvest Ltd. (a)		702,525		3,699,922
Aveva Group PLC		118,800		2,823,695
Babcock International Group PLC		220,300		3,296,821
Balfour Beatty PLC (a)		1,353,400		5,390,556
Crest Nicholson Holdings PLC		416,900		3,415,908
De La Rue PLC		489,900		3,194,354
Exova Group PLC		1,902,419		4,044,590
IMI PLC		180,500		2,290,414
Intertek Group PLC		159,600		6,528,687
Michael Page International PLC		543,300		3,881,520
Nomad Foods Ltd. (a)		236,246		2,787,703
Poundland Group PLC		751,200		2,300,109
Rentokil Initial PLC		1,166,500		2,736,888
Virgin Money Holdings UK PLC		1,272,887		7,134,402
				61,036,021
United States — 57.4%
Albemarle Corp.		114,300		6,401,943
AMC Entertainment Holdings, Inc., Class A		95,058		2,281,392
ARRIS Group, Inc. (a)		301,047		9,203,007
Axiall Corp.		66,564		1,025,086
Blackhawk Network Holdings, Inc. (a)		106,176		4,694,041
Bottomline Technologies, Inc. (a)		260,082		7,732,238
Burlington Stores, Inc. (a)		87,273		3,744,012
Cable One, Inc.		24,088		10,446,002
CARBO Ceramics, Inc. (b)		69,600		1,197,120
Chart Industries, Inc. (a)		245,489		4,408,982
Cypress Semiconductor Corp. (a)		715,000		7,014,150
CyrusOne, Inc.		353,339		13,232,546
Deckers Outdoor Corp. (a)		14,707		694,170
DSP Group, Inc. (a)		331,849		3,132,655
DSW, Inc., Class A		149,897		3,576,542
DXP Enterprises, Inc. (a)		132,200		3,014,160
E*Trade Financial Corp. (a)		100,100		2,966,964
Endologix, Inc. (a)(b)		565,324		5,596,708
Essent Group Ltd. (a)		297,200		6,505,708
First Solar, Inc. (a)		89,000		5,873,110
Five Below, Inc. (a)		197,200		6,330,120
Flowers Foods, Inc.		263,560		5,663,904
GNC Holdings, Inc., Class A		123,000		3,815,460
Halyard Health, Inc. (a)		269,375		8,999,819
Haynes International, Inc.		100,300		3,680,007
Heritage Insurance Holdings, Inc.		63,600		1,387,752

Common Stocks	Shares		Value
United States (continued)
IDEX Corp.		98,350	$	7,534,593
Insulet Corp. (a)		362,921		13,722,043
Insys Therapeutics, Inc. (a)		265,403		7,598,488
Invacare Corp.		487,527		8,478,095
Itron, Inc. (a)		199,500		7,217,910
j2 Global, Inc.		73,300		6,034,056
Jack Henry & Associates, Inc.		72,500		5,659,350
KBR, Inc.		430,800		7,289,136
KLX, Inc. (a)		245,300		7,552,787
Kraton Performance Polymers, Inc. (a)		210,300		3,493,083
La Quinta Holdings, Inc. (a)		80,589		1,096,816
Live Nation Entertainment, Inc. (a)		188,700		4,636,359
LKQ Corp. (a)		260,985		7,732,986
ManpowerGroup, Inc.		55,500		4,678,095
Marcus & Millichap, Inc. (a)		296,543		8,641,263
Match Group, Inc. (a)(b)		588,900		7,979,595
Mentor Graphics Corp.		265,000		4,881,300
Merit Medical Systems, Inc. (a)		377,073		7,009,787
MRC Global, Inc. (a)		256,600		3,310,140
MSC Industrial Direct Co., Inc., Class A		80,000		4,501,600
Murphy USA, Inc. (a)		49,800		3,024,852
Netscout Systems, Inc. (a)		147,400		4,525,180
New Relic, Inc. (a)(b)		93,800		3,417,134
Nordson Corp.		77,400		4,965,210
NuVasive, Inc. (a)		293,922		15,904,119
Oasis Petroleum, Inc. (a)(b)		68,800		507,056
Opus Bank		168,800		6,240,536
OSI Systems, Inc. (a)		90,100		7,988,266
Owens & Minor, Inc.		325,570		11,714,009
Pacific Biosciences of California, Inc. (a)(b)		696,932		9,150,717
Party City Holdco, Inc. (a)(b)		235,815		3,044,372
Pebblebrook Hotel Trust		286,166		8,018,371
People’s United Financial, Inc.		373,200		6,027,180
Performance Sports Group Ltd. (a)		541,941		5,218,892
Pfenex, Inc. (a)		685,025		8,480,609
Pinnacle Foods, Inc.		96,309		4,089,280
Pitney Bowes, Inc.		284,411		5,873,087
Prestige Brands Holdings, Inc. (a)		150,021		7,723,081
PrivateBancorp, Inc.		120,000		4,922,400
PTC, Inc. (a)		230,500		7,982,215
QLIK Technologies, Inc. (a)		245,200		7,763,032
Quotient Ltd. (a)		715,768		11,452,288
Rouse Properties, Inc. (b)		531,792		7,742,892
Semtech Corp. (a)		251,401		4,756,507
Silver Bay Realty Trust Corp.		613,598		9,608,945
SM Energy Co.		303,600		5,968,776
Smart & Final Stores, Inc. (a)		299,300		5,450,253
South Jersey Industries, Inc.		155,500		3,657,360
Stratasys Ltd. (a)(b)		45,600		1,070,688
Supervalu, Inc. (a)		1,446,181		9,805,107
Synovus Financial Corp.		145,700		4,717,766
Tanger Factory Outlet Centers, Inc.		322,737		10,553,500
Teleflex, Inc.		103,654		13,625,318
TimkenSteel Corp.		126,889		1,063,330
Triumph Group, Inc.		159,800		6,352,050
Ultimate Software Group, Inc. (a)		23,900		4,672,689
Urban Outfitters, Inc. (a)(b)		74,239		1,688,937
Verint Systems, Inc. (a)		184,464		7,481,860
VWR Corp. (a)(b)		313,772		8,882,885

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Schedule of Investments (continued) BlackRock Global SmallCap Fund, Inc.

Common Stocks	Shares		Value
United States (continued)
Yelp, Inc. (a)		336,039	$	9,677,923
Zynga, Inc., Class A (a)		1,809,100		4,848,388
				531,322,140
Total Common Stocks — 99.8%				924,510,196
Warrants — 0.0%
United Kingdom — 0.0%
Atlas Mara Co-Nvest Ltd.		549,800		68,725
Total Long-Term Investments (Cost — $881,065,164) — 99.8%				924,578,921

Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (e)(f)		2,138,415	$	2,138,415
	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.39% (e)(f)(g)	$	60,583		60,582,770
Total Short-Term Securities (Cost — $62,721,185) — 6.8%				62,721,185
Total Investments (Cost — $943,786,349) — 106.6%				987,300,106
Liabilities in Excess of Other Assets — (6.6)%				(61,052,254	)
Net Assets — 100.0%			$	926,247,852

Notes to Schedule of Investments

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) During the period ended December 31, 2015, investments in issuers (whereby the Fund held 5% or more of the companies’ outstanding securities) that were considered to be an affiliate, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at June 30, 2015		Shares Purchased		Shares Sold			Shares Held at December 31, 2015		Value at December 31, 2015		Income		Realized Loss
Diagnocure, Inc.		4,745,180		—		(69,900	)		4,675,280	$	422,353		—	$	(308,957	)

(d) 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.

(e) During the period ended December 31, 2015, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/Beneficial Interest Held at June  30, 2015		Net Activity		Shares/Beneficial Interest Held at December 31, 2015		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		122,722		2,015,693		2,138,415	$	1,763
BlackRock Liquidity Series, LLC, Money Market Series	$	33,012,761	$	27,570,009	$	60,582,770	$	325,595	1
1    Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and other payments to and from borrowers of securities, and less the collateral investment expenses.

(f) Current yield as of period end.

(g) Security was purchased with the cash collateral from loaned securities. The Fund may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT DECEMBER 31, 2015 15

Schedule of Investments (continued) BlackRock Global SmallCap Fund, Inc.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Argentina	$	3,086,837		—		—	$	3,086,837
Australia		7,838,533		—		—		7,838,533
Austria		—	$	7,081,199		—		7,081,199
Belgium		—		4,383,238		—		4,383,238
Brazil		4,343,307		—		—		4,343,307
Canada		42,419,465		5,089,982		—		47,509,447
Chile		3,370,576		—		—		3,370,576
China		—		15,072,994		—		15,072,994
Cyprus		3,878,406		—		—		3,878,406
Denmark		—		3,294,486		—		3,294,486
Finland		—		2,024,894		—		2,024,894
France		—		18,219,087		—		18,219,087
Georgia		—		5,342,870		—		5,342,870
Germany		—		8,839,597		—		8,839,597
Hong Kong		—		12,060,498		—		12,060,498
India		4,652,076		21,708,000		—		26,360,076
Indonesia		—		11,383,983		—		11,383,983
Ireland		8,730,817		—		—		8,730,817
Italy		5,317,014		11,575,088		—		16,892,102
Japan		—		55,090,257		—		55,090,257
Luxembourg		1,308,325		7,373,888		—		8,682,213
Netherlands		3,828,852		—		—		3,828,852
Norway		—		2,580,147		—		2,580,147
Panama		1,216,152		—		—		1,216,152
Poland		5,102,800		—		—		5,102,800
South Korea		—		3,282,213		—		3,282,213
Sweden		—		11,651,592		—		11,651,592
Switzerland		6,370,447		19,790,046		—		26,160,493
Taiwan		—		4,844,369		—		4,844,369
United Kingdom		12,598,264		48,437,757		—		61,036,021
United States		531,322,140		—		—		531,322,140
Warrants		—		68,725		—		68,725
Short-Term Securities		2,138,415		60,582,770		—		62,721,185
Total	$	647,522,426	$	339,777,680		—	$	987,300,106

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3	Total
Assets:
Foreign currency at value	$	90		—		—	$	90
Liabilities:
Collateral on securities loaned at value		—	$	(60,582,770	)	—		(60,582,770	)
Total	$	90	$	(60,582,770	)	—	$	(60,582,680	)

See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Schedule of Investments (concluded) BlackRock Global SmallCap Fund, Inc.

Transfers between Level 1 and Level 2 were as follows:

	Transfers Into Level 11		Transfers Out of Level 12			Transfers Into Level 22		Transfers Out of Level 21
Assets:
Investments:
Common Stocks:
China		—	$	(1,861,102	)	$	1,861,102		—
Cyprus	$	2,871,361		—			—	$	(2,871,361	)
Denmark		—		(3,010,948	)		3,010,948		—
France		—		(9,646,544	)		9,646,544		—
Indonesia		—		(5,180,030	)		5,180,030		—
Italy		—		(3,187,775	)		3,187,775		—
Poland		5,304,528		—			—		(5,304,528	)
Switzerland		—		(1,643,954	)		1,643,954		—
United Kingdom		—		(19,866,675	)		19,866,675		—
Total	$	8,175,889	$	(44,397,028	)	$	44,397,028	$	(8,175,889	)
1    Systematic Fair Value Prices were not utilized at period end for these investments.
2    External pricing service used to reflect any significant market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT DECEMBER 31, 2015 17

Statements of Assets and Liabilities

December 31, 2015 (Unaudited)	BlackRock EuroFund			BlackRock Global SmallCap Fund, Inc.
Assets
Investments at value — unaffiliated1,2	$	421,223,389		$	924,156,568
Investments at value — affiliated3		1,370,982			63,143,538
Foreign currency at value4		—			90
Receivables:
Investments sold		1,251,982			6,410,153
Dividends		769,607			904,295
Capital shares sold		725,983			2,658,216
Securities lending income — affiliated		29			99,475
Prepaid expenses		53,045			64,619
Total assets		425,395,017			997,436,954
Liabilities
Collateral on securities loaned at value		1,034,491			60,582,770
Foreign bank overdraft4		413			—
Payables:
Capital shares redeemed		2,324,679			5,784,141
Investment advisory fees		271,947			677,636
Investments purchased		66,875			3,265,242
Service and distribution fees		62,661			331,836
Officer’s and Directors’ fees		5,226			7,817
Other affiliates		631			3,045
Other accrued expenses		178,374			536,615
Total liabilities		3,945,297			71,189,102
Net Assets	$	421,449,720		$	926,247,852
Net Assets Consist of
Paid-in capital	$	528,823,020		$	911,341,513
Undistributed (distributions in excess of) net investment income		984,560			(13,330,815	)
Accumulated net realized loss		(122,439,964	)		(15,254,870	)
Net unrealized appreciation (depreciation)		14,082,104			43,492,024
Net Assets	$	421,449,720		$	926,247,852
1    Investments at cost — unaffiliated	$	407,087,962		$	867,928,540
2    Securities loaned at value	$	973,993		$	57,624,077
3    Investments at cost — affiliated	$	1,370,982		$	75,857,809
4    Foreign currency at cost	$	(413	)	$	91

See Notes to Financial Statements.
18	SEMI-ANNUAL REPORT	DECEMBER 31, 2015

Statements of Assets and Liabilities (concluded)

December 31, 2015 (Unaudited)	BlackRock EuroFund		BlackRock Global SmallCap Fund, Inc.
Net Asset Value
Institutional
Net assets	$	181,504,832	$	214,589,268
Shares outstanding		12,729,629		9,721,084
Net asset value	$	14.26	$	22.07
Par value	$	0.10	$	0.10
Shares authorized		Unlimited		100 million
Investor A
Net assets	$	222,144,715	$	417,876,071
Shares outstanding		15,875,245		19,667,776
Net asset value	$	13.99	$	21.25
Par value	$	0.10	$	0.10
Shares authorized		Unlimited		100 million
Investor B
Net assets		—	$	1,246,748
Shares outstanding		—		63,807
Net asset value		—	$	19.54
Par value		—	$	0.10
Shares authorized		—		100 million
Investor C
Net assets	$	16,659,005	$	271,060,344
Shares outstanding		1,679,135		14,700,947
Net asset value	$	9.92	$	18.44
Par value	$	0.10	$	0.10
Shares authorized		Unlimited		100 million
Class R
Net assets	$	1,141,168	$	21,475,421
Shares outstanding		106,791		1,087,701
Net asset value	$	10.69	$	19.74
Par value per share	$	0.10	$	0.10
Shares authorized		Unlimited		100 million

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	DECEMBER 31, 2015	19

Statements of Operations

Six Months Ended December 31, 2015 (Unaudited)	BlackRock EuroFund			BlackRock Global SmallCap Fund, Inc.
Investment Income
Dividends — unaffiliated	$	3,845,448		$	4,800,643
Securities lending — affiliated — net		438			325,595
Dividends — affiliated		483			1,763
Foreign taxes withheld		(124,749	)		(30,264	)
Total income		3,721,620			5,097,737
Expenses
Investment advisory		1,735,556			4,296,648
Service — Investor A		303,271			560,206
Service and distribution — Investor B		—			7,706
Service and distribution — Investor C		88,701			1,475,331
Service and distribution — Class R		2,888			60,396
Transfer agent — Institutional		174,697			154,599
Transfer agent — Investor A		126,346			464,039
Transfer agent — Investor B		—			3,749
Transfer agent — Investor C		16,217			378,248
Transfer agent — Class R		1,815			37,956
Accounting services		73,876			144,164
Custodian		64,492			120,612
Professional		55,844			73,692
Registration		42,354			55,722
Printing		20,056			31,740
Officer and Directors		15,364			19,504
Miscellaneous		15,178			20,152
Total expenses		2,736,655			7,904,464
Less fees waived by the Manager		(282	)		(1,096	)
Total expenses after fees waived		2,736,373			7,903,368
Net investment income (loss)		985,247			(2,805,631	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		(16,780,527	)		3,837,030
Investments — affiliated		—			(308,957	)
Foreign currency transactions		(322,399	)		(119,470	)
		(17,102,926	)		3,408,603
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(16,096,681	)		(111,887,418	)
Investments — affiliated		—			298,914
Foreign currency translations		(39,918	)		(10,735	)
		(16,136,599	)		(111,599,239	)
Net realized and unrealized loss		(33,239,525	)		(108,190,636	)
Net Decrease in Net Assets Resulting from Operations	$	(32,254,278	)	$	(110,996,267	)

See Notes to Financial Statements.
20	SEMI-ANNUAL REPORT	DECEMBER 31, 2015

Statements of Changes in Net Assets

	BlackRock EuroFund
Increase (Decrease) in Net Assets:	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
Operations
Net investment income	$	985,247		$	8,228,877
Net realized loss		(17,102,926	)		(14,384,504	)
Net change in unrealized appreciation (depreciation)		(16,136,599	)		(17,741,375	)
Net decrease in net assets resulting from operations		(32,254,278	)		(23,897,002	)
Distributions to Shareholders1
From net investment income:
Institutional		(2,952,513	)		(7,567,115	)
Investor A		(3,544,726	)		(4,208,952	)
Investor C		(227,669	)		(487,187	)
Class R		(17,596	)		(29,498	)
Decrease in net assets resulting from distributions to shareholders		(6,742,504	)		(12,292,752	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital transactions		(38,834,943	)		128,896,263
Net Assets
Total increase (decrease) in net assets		(77,831,725	)		92,706,509
Beginning of period		499,281,445			406,574,936
End of period	$	421,449,720		$	499,281,445
Undistributed net investment income, end of period	$	984,560		$	6,741,817

¹  Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	DECEMBER 31, 2015	21

Statements of Changes in Net Assets

	BlackRock Global SmallCap Fund, Inc.
Increase (Decrease) in Net Assets:	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
Operations
Net investment loss	$	(2,805,631	)	$	(2,017,274	)
Net realized gain		3,408,603			116,689,720
Net change in unrealized appreciation (depreciation)		(111,599,239	)		(157,259,253	)
Net decrease in net assets resulting from operations		(110,996,267	)		(42,586,807	)
Distributions to Shareholders1
From net investment income:
Institutional		—			(1,114,270	)
Investor A		—			(1,069,605	)
Class R		—			(4,597	)
From net realized gain:
Institutional		(10,362,846	)		(39,378,923	)
Investor A		(20,728,610	)		(65,151,603	)
Investor B		(69,998	)		(458,909	)
Investor C		(15,477,586	)		(48,850,849	)
Class R		(1,196,436	)		(4,023,638	)
Decrease in net assets resulting from distributions to shareholders		(47,835,476	)		(160,052,394	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital transactions		(1,328,462	)		60,558,897
Net Assets
Total decrease in net assets		(160,160,205	)		(142,080,304	)
Beginning of period		1,086,408,057			1,228,488,361
End of period	$	926,247,852		$	1,086,408,057
Distributions in excess of net investment income, end of period	$	(13,330,815	)	$	(10,525,184	)
1    Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.
22	SEMI-ANNUAL REPORT	DECEMBER 31, 2015

Financial Highlights BlackRock EuroFund

				Institutional
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	15.51		$	16.68		$	13.62		$	11.29		$	13.97		$	10.41
Net investment income1		0.04			0.28			0.61			0.27			0.16			0.36
Net realized and unrealized gain (loss)		(1.06	)		(1.00	)		2.65			2.22			(2.43	)		3.41
Net increase (decrease) from investment operations		(1.02	)		(0.72	)		3.26			2.49			(2.27	)		3.77
Distributions from net investment income2		(0.23	)		(0.45	)		(0.20	)		(0.16	)		(0.41	)		(0.21	)
Redemption fee		—			—			—			—			—			0.00	3
Net asset value, end of period	$	14.26		$	15.51		$	16.68		$	13.62		$	11.29		$	13.97
Total Return4
Based on net asset value		(6.53)%	5		(4.10)%			24.06%			22.10%			(15.99)%			36.42%	6
Ratios to Average Net Assets
Total expenses		1.05%	7		1.00%			1.02%			1.07%			1.17%			1.05%
Total expenses after fees waived		1.05%	7		1.00%			1.02%			1.07%			1.17%			1.05%
Net investment income		0.57%	7		1.81%			3.81%			2.09%			1.40%			2.80%
Supplemental Data
Net assets, end of period (000)	$	181,505		$	221,463		$	187,718		$	88,713		$	81,040		$	114,551
Portfolio turnover rate		50%			117%			129%			115%			162%			148%

¹  Based on average shares outstanding.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is less than $0.005 per share.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.

⁷  Annualized.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	DECEMBER 31, 2015	23

Financial Highlights (continued) BlackRock EuroFund

	Investor A
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	15.23		$	16.37		$	13.35		$	11.08		$	13.71		$	10.22
Net investment income1		0.03			0.29			0.52			0.20			0.14			0.33
Net realized and unrealized gain (loss)		(1.05	)		(1.03	)		2.65			2.22			(2.39	)		3.35
Net increase (decrease) from investment operations		(1.02	)		(0.74	)		3.17			2.42			(2.25	)		3.68
Distributions from net investment income2		(0.22	)		(0.40	)		(0.15	)		(0.15	)		(0.38	)		(0.19	)
Redemption fee		—			—			—			—			—			0.00	3
Net asset value, end of period	$	13.99		$	15.23		$	16.37		$	13.35		$	11.08		$	13.71
Total Return4
Based on net asset value		(6.67)%	5		(4.30)%			23.83%			21.89%			(16.18)%			36.15%	6
Ratios to Average Net Assets
Total expenses		1.23%	7		1.22%			1.23%			1.29%			1.33%			1.25%
Total expenses after fees waived		1.23%	7		1.22%			1.23%			1.29%			1.33%			1.25%
Net investment income		0.37%	7		1.88%			3.30%			1.62%			1.21%			2.56%
Supplemental Data
Net assets, end of period (000)	$	222,145		$	258,675		$	195,548		$	149,426		$	176,609		$	210,047
Portfolio turnover rate		50%			117%			129%			115%			162%			148%

¹  Based on average shares outstanding.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is less than $0.005 per share.

⁴  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.

⁷  Annualized.

See Notes to Financial Statements.
24	SEMI-ANNUAL REPORT	DECEMBER 31, 2015

Financial Highlights (continued) BlackRock EuroFund

	Investor C
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	10.82		$	11.76		$	9.67		$	8.05		$	10.06		$	7.54
Net investment income (loss)1		(0.02	)		0.08			0.31			0.09			0.03			0.16
Net realized and unrealized gain (loss)		(0.74	)		(0.70	)		1.88			1.58			(1.75	)		2.47
Net increase (decrease) from investment operations		(0.76	)		(0.62	)		2.19			1.67			(1.72	)		2.63
Distributions from net investment income2		(0.14	)		(0.32	)		(0.10	)		(0.05	)		(0.29	)		(0.11	)
Redemption fee		—			—			—			—			—			0.00	3
Net asset value, end of period	$	9.92		$	10.82		$	11.76		$	9.67		$	8.05		$	10.06
Total Return4
Based on net asset value		(7.05)%	5		(5.09)%			22.76%			20.83%			(16.88)%			35.01%	6
Ratios to Average Net Assets
Total expenses		2.06%	7		2.05%			2.07%			2.14%			2.22%			2.11%
Total expenses after fees waived		2.06%	7		2.05%			2.07%			2.14%			2.22%			2.11%
Net investment income (loss)		(0.45)%	7		0.70%			2.72%			0.99%			0.30%			1.66%
Supplemental Data
Net assets, end of period (000)	$	16,659		$	18,021		$	21,838		$	13,982		$	13,470		$	22,169
Portfolio turnover rate		50%			117%			129%			115%			162%			148%

¹  Based on average shares outstanding.

²  Distributions for annual periods determined in accordance with federal income tax regulations.

³  Amount is less than $0.005 per share.

⁴  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.

⁷  Annualized.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	DECEMBER 31, 2015	25

Financial Highlights (concluded) BlackRock EuroFund

	Class R
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	11.66		$	12.58		$	10.32		$	8.57		$	10.72		$	8.02
Net investment income (loss)1		(0.00	)2		0.12			0.33			0.13			0.04			0.19
Net realized and unrealized gain (loss)		(0.80	)		(0.73	)		2.04			1.69			(1.87	)		2.65
Net increase (decrease) from investment operations		(0.80	)		(0.61	)		2.37			1.82			(1.83	)		2.84
Distributions from net investment income3		(0.17	)		(0.31	)		(0.11	)		(0.07	)		(0.32	)		(0.14	)
Redemption fee		—			—			—			—			—			0.00	4
Net asset value, end of period	$	10.69		$	11.66		$	12.58		$	10.32		$	8.57		$	10.72
Total Return5
Based on net asset value		(6.85)%	6		(4.68)%			23.05%			21.32%			(16.81)%			35.54%	7
Ratios to Average Net Assets
Total expenses		1.69%	8		1.69%			1.79%			1.80%			1.96%			1.85%
Total expenses after fees waived		1.69%	8		1.69%			1.79%			1.80%			1.96%			1.85%
Net investment income (loss)		(0.08)%	8		1.03%			2.77%			1.34%			0.46%			1.90%
Supplemental Data
Net assets, end of period (000)	$	1,141		$	1,122		$	1,471		$	1,564		$	1,405		$	2,275
Portfolio turnover rate		50%			117%			129%			115%			162%			148%

¹  Based on average shares outstanding.

²  Amount is greater than $(0.005) per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Amount is less than $0.005 per share.

⁵  Where applicable, assumes the reinvestment of distributions.

⁶  Aggregate total return.

⁷  Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.

⁸  Annualized.

See Notes to Financial Statements.
26	SEMI-ANNUAL REPORT	DECEMBER 31, 2015

Financial Highlights BlackRock Global SmallCap Fund, Inc.

	Institutional
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	25.78		$	30.82		$	25.94		$	21.87		$	24.41		$	18.32
Net investment income (loss)1		(0.01	)		0.08			0.09			0.18			0.07			0.13
Net realized and unrealized gain (loss)		(2.60	)		(1.17	)		8.09			4.58			(2.31	)		6.13	2
Net increase (decrease) from investment operations		(2.61	)		(1.09	)		8.18			4.76			(2.24	)		6.26
Distributions:3
From net investment income		—			(0.11	)		(0.24	)		(0.69	)		(0.30	)		(0.17	)
From net realized gain		(1.10	)		(3.84	)		(3.06	)		—			—			—
Total distributions		(1.10	)		(3.95	)		(3.30	)		(0.69	)		(0.30	)		(0.17	)
Net asset value, end of period	$	22.07		$	25.78		$	30.82		$	25.94		$	21.87		$	24.41
Total Return4
Based on net asset value		(10.05)%	5		(2.45)%			33.28%			22.20%			(9.11)%			34.25%	6
Ratios to Average Net Assets
Total expenses		1.07%	7		1.05%			1.03%			1.02%			1.12%			1.08%
Total expenses after fees waived		1.07%	7		1.05%			1.03%			1.02%			1.12%			1.08%
Net investment income (loss)		(0.06)%	7		0.29%			0.31%			0.76%			0.30%			0.58%
Supplemental Data
Net assets, end of period (000)	$	214,589		$	265,841		$	320,705		$	244,523		$	186,022		$	461,012
Portfolio turnover rate		33%			73%			77%			73%			73%			82%

¹  Based on average shares outstanding.

²  Includes a redemption fee, which is less than $0.005 per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Where applicable, assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.

⁷  Annualized.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	DECEMBER 31, 2015	27

Financial Highlights (continued) BlackRock Global SmallCap Fund, Inc.

	Investor A
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	24.90		$	29.95		$	25.33		$	21.40		$	23.91		$	17.95
Net investment income (loss)1		(0.05	)		(0.00	)2		(0.00	)2		0.08			0.02			0.06
Net realized and unrealized gain (loss)		(2.50	)		(1.15	)		7.87			4.49			(2.29	)		6.01	3
Net increase (decrease) from investment operations		(2.55	)		(1.15	)		7.87			4.57			(2.27	)		6.07
Distributions:4
From net investment income		—			(0.06	)		(0.19	)		(0.64	)		(0.24	)		(0.11	)
From net realized gain		(1.10	)		(3.84	)		(3.06	)		—			—			—
Total distributions		(1.10	)		(3.90	)		(3.25	)		(0.64	)		(0.24	)		(0.11	)
Net asset value, end of period	$	21.25		$	24.90		$	29.95		$	25.33		$	21.40		$	23.91
Total Return5
Based on net asset value		(10.16)%	6		(2.74)%			32.81%			21.78%			(9.44)%			33.88%	7
Ratios to Average Net Assets
Total expenses		1.40%	8		1.38%			1.37%			1.40%			1.42%			1.38%
Total expenses after fees waived		1.40%	8		1.38%			1.37%			1.40%			1.42%			1.38%
Net investment income (loss)		(0.39)%	8		(0.02)%			(0.01)%			0.35%			0.08%			0.27%
Supplemental Data
Net assets, end of period (000)	$	417,876		$	474,107		$	520,436		$	364,036		$	326,001		$	360,144
Portfolio turnover rate		33%			73%			77%			73%			73%			82%

¹  Based on average shares outstanding.

²  Amount is greater than $(0.005) per share.

³  Includes a redemption fee, which is less than $0.005 per share.

⁴  Distributions for annual periods determined in accordance with federal income tax regulations.

⁵  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

⁶  Aggregate total return.

⁷  Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.

⁸  Annualized.

See Notes to Financial Statements.
28	SEMI-ANNUAL REPORT	DECEMBER 31, 2015

Financial Highlights (continued) BlackRock Global SmallCap Fund, Inc.

	Investor B
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	23.13		$	28.19		$	24.05		$	20.15		$	22.45		$	16.93
Net investment loss1		(0.16	)		(0.24	)		(0.25	)		(0.16	)		(0.19	)		(0.14	)
Net realized and unrealized gain (loss)		(2.33	)		(1.08	)		7.48			4.27			(2.11	)		5.66	2
Net increase (decrease) from investment operations		(2.49	)		(1.32	)		7.23			4.11			(2.30	)		5.52
Distributions from:3
From net investment income		—			—			(0.03	)		(0.21	)		—			—
From net realized gain		(1.10	)		(3.74	)		(3.06	)		—			—			—
Total distributions		(1.10	)		(3.74	)		(3.09	)		(0.21	)		—			—
Net asset value, end of period	$	19.54		$	23.13		$	28.19		$	24.05		$	20.15		$	22.45
Total Return4
Based on net asset value		(10.64)	%5		(3.62)%			31.74%			20.55%			(10.25)%			32.60%	6
Ratios to Average Net Assets
Total expenses		2.43%	7		2.28%			2.22%			2.43%			2.39%			2.29%
Total expenses after fees waived		2.43%	7		2.28%			2.22%			2.43%			2.39%			2.29%
Net investment (loss)		(1.43)%	7		(0.99)%			(0.94)%			(0.74)%			(0.92)%			(0.67)%
Supplemental Data
Net assets, end of period (000)	$	1,247		$	1,825		$	4,467		$	7,355		$	11,968		$	25,054
Portfolio turnover rate		33%			73%			77%			73%			73%			82%

¹  Based on average shares outstanding.

²  Includes a redemption fee, which is less than $0.005 per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.

⁷  Annualized.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	DECEMBER 31, 2015	29

Financial Highlights (continued) BlackRock Global SmallCap Fund, Inc.

	Investor C
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	21.86		$	26.92		$	23.13		$	19.57		$	21.83		$	16.45
Net investment loss1		(0.12	)		(0.19	)		(0.21	)		(0.10	)		(0.15	)		(0.11	)
Net realized and unrealized gain (loss)		(2.20	)		(1.07	)		7.15			4.11			(2.08	)		5.49	2
Net increase (decrease) from investment operations		(2.32	)		(1.26	)		6.94			4.01			(2.23	)		5.38
Distributions:3
From net investment income		—			—			(0.09	)		(0.45	)		(0.03	)		—
From net realized gain		(1.10	)		(3.80	)		(3.06	)		—			—			—
Total distributions		(1.10	)		(3.80	)		(3.15	)		(0.45	)		(0.03	)		—
Net asset value, end of period	$	18.44		$	21.86		$	26.92		$	23.13		$	19.57		$	21.83
Total Return4
Based on net asset value		(10.52)%	5		(3.53)%			31.79%			20.80%			(10.19)%			32.71%	6
Ratios to Average Net Assets
Total expenses		2.20%	7		2.17%			2.16%			2.21%			2.27%			2.21%
Total expenses after fees waived		2.20%	7		2.17%			2.16%			2.21%			2.27%			2.21%
Net investment (loss)		(1.19)%	7		(0.81)%			(0.82)%			(0.45)%			(0.78)%			(0.57)%
Supplemental Data
Net assets, end of period (000)	$	271,060		$	318,616		$	348,937		$	273,018		$	251,459		$	345,372
Portfolio turnover rate		33%			73%			77%			73%			73%			82%

¹  Based on average shares outstanding.

²  Includes a redemption fee, which is less than $0.005 per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

⁵  Aggregate total return.

⁶  Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.

⁷  Annualized.

See Notes to Financial Statements.
30	SEMI-ANNUAL REPORT	DECEMBER 31, 2015

Financial Highlights (concluded) BlackRock Global SmallCap Fund, Inc.

	Class R
	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30,
				2015			2014			2013			2012			2011
Per Share Operating Performance
Net asset value, beginning of period	$	23.27		$	28.30		$	24.13		$	20.38		$	22.72		$	17.09
Net investment loss1		(0.08	)		(0.10	)		(0.10	)		(0.01	)		(0.08	)		(0.03	)
Net realized and unrealized gain (loss)		(2.35	)		(1.09	)		7.47			4.28			(2.14	)		5.71	2
Net increase (decrease) from investment operations		(2.43	)		(1.19	)		7.37			4.27			(2.22	)		5.68
Distributions:3
From net investment income		—			(0.00	)4		(0.14	)		(0.52	)		(0.12	)		(0.05	)
From net realized gain		(1.10	)		(3.84	)		(3.06	)		—			—			—
Total distributions		(1.10	)		(3.84	)		(3.20	)		(0.52	)		(0.12	)		(0.05	)
Net asset value, end of period	$	19.74		$	23.27		$	28.30		$	24.13		$	20.38		$	22.72
Total Return5
Based on net asset value		(10.36)%	6		(3.08)%			32.32%			21.28%			(9.76)%			33.24%	7
Ratios to Average Net Assets
Total expenses		1.76%	8		1.73%			1.72%			1.79%			1.83%			1.81%
Total expenses after fees waived		1.76%	8		1.73%			1.72%			1.79%			1.83%			1.81%
Net investment (loss)		(0.75)%	8		(0.39)%			(0.38)%			(0.04)%			(0.37)%			(0.16)%
Supplemental Data
Net assets, end of period (000)	$	21,475		$	26,019		$	33,944		$	29,112		$	28,861		$	46,316
Portfolio turnover rate		33%			73%			77%			73%			73%			82%

¹  Based on average shares outstanding.

²  Includes a redemption fee, which is less than $0.005 per share.

³  Distributions for annual periods determined in accordance with federal income tax regulations.

⁴  Amount is greater than $(0.005) per share.

⁵  Where applicable, assumes the reinvestment of distributions.

⁶  Aggregate total return.

⁷  Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.

⁸  Annualized.

See Notes to Financial Statements.
	SEMI-ANNUAL REPORT	DECEMBER 31, 2015	31

Notes to Financial Statements (Unaudited)

1. Organization:

BlackRock EuroFund and BlackRock Global SmallCap Fund, Inc. are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. BlackRock EuroFund is organized as a Massachusetts business trust. BlackRock Global SmallCap Fund, Inc. is organized as a Maryland corporation. The following are referred to herein collectively as the “Funds” or individually, a “Fund”:

Fund Name	Herein Referred To As	Diversification Classification
BlackRock EuroFund	EuroFund	Diversified
BlackRock Global SmallCap Fund, Inc.	Global SmallCap	Diversified

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 Shares are sold only to certain eligible investors. Investor B Shares are only available through exchanges and distribution reinvestments by current holders and for purchase by certain employer-sponsored retirement plans. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are available 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 B shareholders may vote on material changes to the Investor A distribution and service plan). The Boards of Directors and Boards of Trustees of the Funds are collectively referred to throughout this report as the “Board of Directors” or the “Board,” and the directors and trustees thereof are collectively referred to throughout this report as “Directors.”

Share Class	Initial Sales Charge	CDSC	Conversion Privilege
Institutional and Class R Shares	No	No	None
Investor A Shares	Yes	No1	None
Investor B Shares	No	Yes	To Investor A Shares after approximately 8 years
Investor C Shares	No	Yes	None

¹  Investor A Shares may be subject to a CDSC for certain redemptions where no initial sales charge was paid at the time of purchase.

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 open-end funds referred to as the Equity-Bond 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:

Foreign Currency: Each Fund’s books and records are maintained in U.S. dollars. 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 changes in the exchange rates from the changes in the market prices of investments held or sold 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 federal income tax purposes.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. 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, some of the dividend income received from a real estate investment trust may be

32 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Notes to Financial Statements (continued)

redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Distributions: Distributions paid by the Funds are recorded on the ex-dividend date. The character and timing of distributions are determined in accordance with 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. 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. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on its relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

3. Investment Valuation and Fair Value Measurements:

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Funds for all financial instruments.

Fair Value Inputs and Methodologies: The following methods (or “techniques”) and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at the official close price each day, if available. For equity investments traded on more than one exchange, the official close price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

• Investments in open-end U.S. mutual funds are valued at NAV each business day.

• The Funds value their investment in BlackRock Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act. The Funds may withdraw up to 25% of their investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

• 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 business on the NYSE. Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

SEMI-ANNUAL REPORT DECEMBER 31, 2015 33

Notes to Financial Statements (continued)

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such instruments, or in the event that the 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay 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 Global Valuation Committee, or its delegate, deems relevant consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

• Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access

• Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments)

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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3. The fair value hierarchy for each Fund’s investments has been included in the Schedules of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities.

4. Securities and Other Investments:

Warrants: Warrants entitle a Fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and a Fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Certain 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 a 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 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 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 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. 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.

The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and

34 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Notes to Financial Statements (continued)

collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

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 a Fund 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.

As of period end, the following table is a summary of the Funds’ securities lending agreements by counterparty which are subject to offset under an MSLA:

EuroFund
Counterparty	Securities Loaned at Value			Cash  Collateral Received1			Net Amount
Credit Suisse Securities (USA) LLC		$	973,993	$	(973,993	)		—
Global SmallCap
Counterparty	Securities Loaned at Value			Cash  Collateral Received1			Net Amount
Barclays Capital, Inc.		$	526,386	$	(526,386	)		—
Citigroup Global Markets, Inc.			41,212		(41,212	)		—
Credit Suisse Securities (USA) LLC			5,751,088		(5,751,088	)		—
Deutsche Bank Securities, Inc.			4,208,325		(4,208,325	)		—
Goldman Sachs & Co.			7,235,249		(7,235,249	)		—
JP Morgan Securities LLC			19,837,923		(19,837,923	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.			11,276,127		(11,276,127	)		—
Morgan Stanley & Co. LLC			3,566,465		(3,566,465	)		—
Morgan Stanley & Co. LLC (US Equity Sec Lending)			2,167,037		(2,167,037	)		—
Nomura Securities International, Inc.			10,098		(10,098	)		—
SG Americas Securities LLC			54,276		(54,276	)		—
State Street Bank & Trust Co.			5,148		(5,148	)		—
UBS Securities LLC			2,944,743		(2,944,743	)		—
Total		$	57,624,077	$	(57,624,077	)		—

¹ Collateral with a value of $1,034,491 and $60,582,770 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes in the table above.

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, the Funds benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

SEMI-ANNUAL REPORT DECEMBER 31, 2015 35

Notes to Financial Statements (continued)

5. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration 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 based on a percentage of each Fund’s average daily net assets at the following annual rates:

	Investment Advisory Fee
Average Daily Net Assets	EuroFund		Global SmallCap
First $1 Billion		0.75%		0.85%
$1 — $3 Billion		0.71%		0.80%
$3 — $5 Billion		0.68%		0.77%
$5 to $10 Billion		0.65%		0.74%
Greater than $10 Billion		0.64%		0.72%

The Manager voluntarily 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. These amounts are shown as fees waived by the Manager in the Statements of Operations. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with each Fund’s investments in other affiliated investment companies, if any.

The Manager, with respect to EuroFund, entered into a sub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL, for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Fund to the Manager.

For the six months ended December 31, 2015, the Funds reimbursed the Manager for certain accounting services, which is included in accounting services in the Statements of Operations. The reimbursements were as follows:

	EuroFund		Global SmallCap
Amount reimbursed	$	2,208	$	5,704

Each Fund entered into a Distribution Agreement and a Distribution and Service Plan 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:

	Investor A			Investor  B1		Investor C		Class R
Service Fee		0.25	%		0.25%		0.25%		0.25%
Distribution Fee		—			0.75%		0.75%		0.25%

¹  For Global SmallCap.

Pursuant to sub-agreements with BRIL, broker-dealers and 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 the shareholders.

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 sub-accounts they service. 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 six months ended December 31, 2015, Global SmallCap paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

	Institutional
Global SmallCap	$	59

36 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Notes to Financial Statements (continued)

The Manager maintains a call center, which is responsible for providing certain shareholder services to the Funds, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the six months ended December 31, 2015, 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:

	Institutional		Investor A		Investor B		Investor C		Class R
EuroFund	$	1,598	$	2,605		—	$	213		—
Global SmallCap	$	617	$	1,288	$	106	$	2,334	$	146

For the six months ended December 31, 2015, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

	Investor A
EuroFund	$	3,447
Global SmallCap	$	29,434

For the six months ended December 31, 2015, affiliates received CDSCs as follows:

	Investor A		Investor B		Investor C
EuroFund	$	1,795		—	$	1,965
Global SmallCap	$	1,739		—	$	14,689

The U.S. Securities and Exchange Commission 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 expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment advisor to the private investment company will not charge any advisory fees with respect to shares purchased by the Funds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2015, each Fund retains 80% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the Equity-Bond Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income as follows: 85% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by each Fund is shown as securities lending — affiliated-net in the Statements of Operations. For the six months ended December 31, 2015, each Fund paid BIM the following amounts for securities lending agent services:

EuroFund	Global SmallCap
$71	$61,420

Certain officers and/or directors of the Funds are officers and/or directors 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 officer and directors in the Statements of Operations.

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment advisor, common officers, or common trustees. For the six months ended December 31, 2015, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

	Purchases		Sales
EuroFund		—	$	951,762
Global SmallCap	$	6,871,005	$	2,116,580

SEMI-ANNUAL REPORT DECEMBER 31, 2015 37

Notes to Financial Statements (continued)

7. Purchases and Sales:

For the six months ended December 31, 2015, purchases and sales of investments, excluding short-term securities, were as follows:

	EuroFund		Global SmallCap
Purchases	$	224,891,933	$	330,622,706
Sales	$	264,033,816	$	387,301,874

8. Income Tax Information:

It is the Funds’ 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 their taxable income to their shareholders. Therefore, no 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 remains open for each of the four years ended June 30, 2015. 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 December 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of June 30, 2015, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Expires June 30,	EuroFund
No expiration date1	$	12,683,358
2017		3,846,553
2018		85,950,061
Total	$	102,479,972

¹  Must be utilized prior to losses subject to expiration.

As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

	EuroFund			Global SmallCap
Tax cost	$	411,316,671		$	958,191,288
Gross unrealized appreciation	$	41,998,418		$	158,600,833
Gross unrealized depreciation		(30,720,718	)		(129,492,015	)
Net unrealized appreciation	$	11,277,700		$	29,108,818

9. Bank Borrowings:

The Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.1 billion credit agreement with a group of lenders, under which the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.6 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 0.06% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (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. The agreement expires in April 2016 unless extended or renewed. Participating Funds paid administration, legal and arrangement fees, which, if applicable, are included in miscellaneous expenses in the Statements of Operations, and along with commitment 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 six months ended December 31, 2015, the Funds did not borrow under the credit agreement.

10. Principal Risks:

In the normal course of business, certain Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer to meet all its obligations, including the ability to pay principal and interest when due (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers of securities owned by

38 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Notes to Financial Statements (continued)

the Funds. Changes arising from the general economy, the overall market and local, regional or global political or/and social instability, as well as currency, interest rate and price fluctuations, may also affect the securities’ value.

Counterparty Credit Risk: Similar to issuer 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. 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.

Concentration Risk: Certain Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Funds concentrate their investments in this manner, they assume the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

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. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

11. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Six Months Ended December 31, 2015						Year Ended June 30, 2015
EuroFund	Shares			Amount			Shares			Amount
Institutional
Shares sold		585,499		$	8,790,422			9,413,729		$	152,763,697
Shares issued in reinvestment of distributions		189,648			2,672,138			492,169			7,052,700
Shares redeemed		(2,320,628	)		(33,691,722	)		(6,884,957	)		(108,231,919	)
Net increase (decrease)		(1,545,481	)	$	(22,229,162	)		3,020,941		$	51,584,478
Investor A
Shares sold		2,416,114		$	35,269,138			8,095,239		$	126,015,479
Shares issued in reinvestment of distributions		232,920			3,221,308			253,377			3,569,808
Shares redeemed		(3,758,935	)		(55,399,351	)		(3,309,727	)		(50,043,050	)
Net increase (decrease)		(1,109,901	)	$	(16,908,905	)		5,038,889		$	79,542,237
Investor C
Shares sold		207,158		$	2,186,967			487,106		$	5,245,801
Shares issued in reinvestment of distributions		19,635			192,629			40,855			410,575
Shares redeemed		(213,137	)		(2,196,058	)		(719,794	)		(7,649,825	)
Net increase (decrease)		13,656		$	183,538			(191,833	)	$	(1,993,449	)
Class R
Shares sold		18,917		$	213,069			73,567		$	837,099
Shares issued in reinvestment of distributions		1,644			17,357			2,689			29,064
Shares redeemed		(10,051	)		(110,840	)		(96,831	)		(1,103,166	)
Net increase (decrease)		10,510		$	119,586			(20,575	)	$	(237,003	)
Total Net Increase (Decrease)		(2,631,216	)	$	(38,834,943	)		7,847,422		$	128,896,263

SEMI-ANNUAL REPORT DECEMBER 31, 2015 39

Notes to Financial Statements (concluded)

	Six Months Ended December 31, 2015						Year Ended June 30, 2015
Global SmallCap	Shares			Amount			Shares			Amount
Institutional
Shares sold		1,398,905		$	33,478,896			3,759,262		$	101,806,319
Shares issued in reinvestment of distributions		426,656			9,258,442			1,438,466			34,134,551
Shares redeemed		(2,416,012	)		(57,135,745	)		(5,293,193	)		(138,781,007	)
Net decrease		(590,451	)	$	(14,398,407	)		(95,465	)	$	(2,840,137	)
Investor A
Shares sold		2,084,298		$	48,354,320			4,352,168		$	114,243,644
Shares issued in reinvestment of distributions		925,893			19,341,920			2,665,903			61,207,844
Shares redeemed		(2,381,160	)		(54,736,165	)		(5,353,423	)		(139,031,234	)
Net increase		629,031		$	12,960,075			1,664,648		$	36,420,254
Investor B
Shares sold		200		$	4,033			8,687		$	224,215
Shares issued in reinvestment of distributions		3,433			65,985			19,602			419,890
Shares redeemed		(18,736	)		(397,601	)		(107,867	)		(2,610,051	)
Net decrease		(15,103	)	$	(327,583	)		(79,578	)	$	(1,965,946	)
Investor C
Shares sold		1,156,468		$	23,379,450			2,423,033		$	55,817,938
Shares issued in reinvestment of distributions		779,383			14,130,223			2,179,352			44,108,405
Shares redeemed		(1,808,043	)		(36,402,507	)		(2,991,313	)		(68,468,383	)
Net increase		127,808		$	1,107,166			1,611,072		$	31,457,960
Class R
Shares sold		199,530		$	4,314,884			274,501		$	6,795,070
Shares issued in reinvestment of distributions		61,633			1,196,295			187,426			4,027,774
Shares redeemed		(291,576	)		(6,180,892	)		(543,044	)		(13,336,078	)
Net decrease		(30,413	)	$	(669,713	)		(81,117	)	$	(2,513,234	)
Total Net Increase (Decrease)		120,872		$	(1,328,462	)		3,019,560		$	60,558,897

12. 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.

40 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Officers and Directors

Robert M. Hernandez, Chair of the Board and Director

Fred G. Weiss, Vice Chair of the Board and Director

James H. Bodurtha, Director

Bruce R. Bond, Director

Valerie G. Brown, Director

Donald W. Burton, Director

Honorable Stuart E. Eizenstat, Director

Robert Fairbairn, Director

Kenneth A. Froot, Director

Henry Gabbay, Director

John F. O’Brien, Director

Donald C. Opatrny, Director

Roberta Cooper Ramo, Director

David H. Walsh, Director

John M. Perlowski, Director, President and Chief Executive Officer

Jennifer McGovern, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Charles Park, Chief Compliance Officer

Fernanda Piedra, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

Investment Advisor BlackRock Advisors, LLC Wilmington, DE 19809	Custodian Brown Brothers Harriman & Co. Boston, MA 02109	Accounting Agent State Street Bank and Trust Company Boston, MA 02110	Legal Counsel Willkie Farr & Gallagher LLP New York, NY 10019	Address of the Funds 100 Bellevue Parkway Wilmington, DE 19809
Sub-Advisors BlackRock International Limited1 Edinburgh, EH3 8BL, United Kingdom	Transfer Agent BNY Mellon Investment Servicing (US) Inc. Wilmington, DE 19809	Distributor BlackRock Investments, LLC New York, NY 10022	Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116

¹  For EuroFund only.

SEMI-ANNUAL REPORT DECEMBER 31, 2015 41

Additional Information

General Information

Householding

The Funds 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 Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

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 http://www.blackrock.com for more information.

42 SEMI-ANNUAL REPORT DECEMBER 31, 2015

Additional Information (concluded)

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM EST on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at http://www.blackrock.com/funds.

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.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

SEMI-ANNUAL REPORT DECEMBER 31, 2015 43

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.

EGSC-12/15-SAR

Item 2 –  Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrants – Not Applicable

Item 6 –  Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 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 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 –  Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – 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 of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(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 second fiscal quarter of 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 12 – Exhibits attached hereto

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(b) –  Certifications – Attached hereto

2

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 EuroFund

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock EuroFund

Date: March 1, 2016

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 EuroFund

Date: March 1, 2016

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock EuroFund

Date: March 1, 2016

3