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, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 06/30/2024

Date of reporting period: 12/31/2023

Item 1 – Reports to Stockholders

(a) The Report to Shareholders is attached herewith.

DECEMBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

 

BlackRock Advantage Global Fund, Inc.

BlackRock EuroFund

  Not FDIC Insured • May Lose Value • No Bank  Guarantee   

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended December 31, 2023. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the year before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies and small-capitalization U.S. stocks also advanced. Meanwhile, international developed market equities and emerging market stocks posted solid gains.

The 10-year U.S. Treasury yield ended 2023 where it began despite an eventful year that saw significant moves in bond markets. Overall, U.S. Treasuries gained as investors began to anticipate looser financial conditions. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

We believe developed market equities have priced in an optimistic scenario for rate cuts, which we view as premature, so we prefer an underweight stance in the near term. Nevertheless, we are overweight on Japanese stocks as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. 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, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	8.04%	26.29%
U.S. small cap equities (Russell 2000® Index)	8.18	16.93
International equities (MSCI Europe, Australasia, Far East Index)	5.88	18.24
Emerging market equities (MSCI Emerging Markets Index)	4.71	9.83
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.70	5.02
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.11	2.83
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.37	5.53
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	3.63	6.40
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.65	13.44
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Derivative Financial Instruments		9
Financial Statements:
Schedules of Investments		10
Statements of Assets and Liabilities		21
Statements of Operations		23
Statements of Changes in Net Assets		24
Financial Highlights		25
Notes to Financial Statements		35
Statement Regarding Liquidity Risk Management Program		45
Additional Information		46
Glossary of Terms Used in this Report		48

3

Fund Summary as of December 31, 2023 BlackRock Advantage Global Fund, Inc.

Investment Objective

BlackRock Advantage Global Fund, Inc.’s (the “Fund”) investment objective is to seek long-term capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended December 31, 2023, all of the Fund’s share classes outperformed its benchmark, the MSCI All Country World Index, with the exception of the Investor C Shares which underperformed.

What factors influenced performance?

The market environment during the reporting period was volatile with gains primarily seen in November and December 2023. July 2023 saw the prevailing soft landing and artificial intelligence (“AI”) narratives drive equities to new highs. However, markets pulled back August through October 2023 as concerns over higher-for-longer interest rates became the dominant theme, with bond yields rising on hawkish central bank rhetoric around inflation. Entering November 2023, investor sentiment became ebullient spurred by belief that policy makers had successfully brought inflation under control while avoiding a material increase in unemployment and economic contraction. Investors focused on “peak interest rate” and “soft landing” narratives, looking past risks including global tensions rising due to conflict in the Middle East. Results diverged globally, as U.S. stock gains were concentrated around mega-cap technology companies while international equities enjoyed broader gains which supported performance across value styles in Europe and Japan.

The Fund’s outperformance was driven by fundamental measures. Traditional valuation measures evaluating research expenditures, cash flow efficiency, and other financial statement metrics benefited from the move higher in rates that broadly rewarded value styles. Other defensive quality measures also performed well amid market volatility. Insights designed to evaluate company financing ability and equity dilution contributed to gains given a market focus on company financial health.

Macro thematic insights also contributed, as insights evaluating inventory trends helped to correctly position the portfolio. Other macro thematic insights evaluating inflation data drove a preference for technology names which benefited from enthusiasm around AI, reflected in a successful overweight to software companies.

Performance from sentiment measures was mixed but ultimately positive in aggregate. Insights evaluating informed investor positioning as well as text-based measures designed to capture management sentiment from conference calls both performed well as they continued to align with a soft landing narrative. Additionally, capturing consumer trends via alternative data proved additive across luxury goods stocks as sentiment around various brands diverged. Insights designed to evaluate consumer foot traffic, spending, and brand preference trends all outperformed.

Despite broad outperformance from stock selection, select measures struggled for traction as market leadership and sentiment shifted between the third and fourth quarter of 2023. As investors flipped from a higher-for-longer interest rate outlook to a peak-rate scenario rewarding growth the portfolio’s country positioning was challenged. In particular, an overweight to onshore China names proved detrimental as the country’s economic growth remained sluggish given limited concrete government measures to ease conditions.

Additionally, while fundamental insights contributed in aggregate, select nontraditional quality measures struggled. In this vein, insights evaluating employee sentiment, “green” patent issuance, and environmental efficiency experienced headwinds from the prevailing market style preference.

Describe recent portfolio activity.

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund developed new insights to identify firms that are leading the market in development, deployment, and monetization of AI capabilities. This included capturing hiring trends for skills associated with AI as well as executive comments highlighting AI capabilities. Additionally, the Fund developed a new insight capturing trends around GLP-1 weight loss drugs to better understand the impact on firms across sectors.

Describe portfolio positioning at period end.

At period end, the Fund’s positioning with respect to sector allocation was essentially neutral. The Fund had slightly overweight allocations to the healthcare and industrials sectors and slight underweights to utilities and consumer discretionary. In country terms, the Fund was slightly overweight in the United States and slightly underweight in Switzerland.

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.

4 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of December 31, 2023 (continued) BlackRock Advantage Global Fund, Inc.

Performance

				Average Annual Total Returns(a)(b)
				1 Year						5 Years						10 Years
	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		7.60	%		22.73	%		N/A			11.67	%		N/A			6.96	%		N/A
Investor A		7.45			22.42			15.99	%		11.38			10.18	%		6.65			6.08	%
Investor C		7.04			21.47			20.47			10.55			10.55			5.99			5.99
Class K		7.58			22.76			N/A			11.72			N/A			6.99			N/A
Class R		7.33			22.09			N/A			11.11			N/A			6.34			N/A
MSCI ACWI(c)		7.26			22.20			N/A			11.72			N/A			7.93			N/A

^(a)  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” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)  The Fund primarily intends to invest in equity securities or other financial instruments that are components of, or have characteristics similar to, the securities included in the MSCI All Country World Index. The Fund’s returns prior to October 26, 2017, are the returns of the Fund when it followed a different investment objective and different investment strategies under the name “BlackRock Global SmallCap Fund, Inc.”

^(c)  An index that captures large- and mid-cap representation across certain developed and emerging markets.

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

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual							Hypothetical 5% Return
		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
Institutional	$	1,000.00	$	1,076.00	$	3.71		$	1,000.00	$	1,021.57	$	3.61		0.71%
Investor A		1,000.00		1,074.50		5.01			1,000.00		1,020.31		4.88		0.96
Investor C		1,000.00		1,070.40		8.90			1,000.00		1,016.54		8.67		1.71
Class K		1,000.00		1,075.80		3.44			1,000.00		1,021.82		3.35		0.66
Class R		1,000.00		1,073.30		6.31			1,000.00		1,019.05		6.14		1.21

^(a)  For each class of the Fund, expenses are equal to the annualized 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).

Portfolio Information

TEN LARGEST HOLDINGS

Security(a)	Percent of Net Assets
Microsoft Corp.		4.6	%
Apple, Inc.		4.6
Amazon.com, Inc.		2.8
NVIDIA Corp.		2.5
Nestle SA, Registered Shares		1.5
Mastercard, Inc., Class A		1.5
Block, Inc., Class A		1.2
Bank of America Corp.		1.2
Siemens AG, Registered Shares		1.2
Johnson & Johnson		1.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Net Assets
United States		61.3	%
Japan		6.9
China		4.4
Switzerland		4.4
Germany		3.6
Taiwan		3.0
Brazil		2.0
United Kingdom		1.6
France		1.5
Canada		1.5
Spain		1.2
Italy		1.2
South Korea		1.1
Ireland		1.1
Other#		5.1
Other Assets Less Liabilities		0.1

^(a)  Excludes short-term securities.

^#  Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.

FUND SUMMARY 5

Fund Summary as of December 31, 2023 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, 2023, all of the Fund’s share classes underperformed its benchmark, the MSCI EMU Index.

What factors influenced performance?

Although the Fund produced a positive absolute return in the reporting period, it lagged the benchmark due to an adverse impact from individual stock selection.

LVMH Moët Hennessy Louis Vuitton SE (“LVMH”), which came under pressure from concerns about potential demand weakness in China and Europe, was the single largest detractor in the second half of 2023. The plane engine maker MTU Aero Engines AG (“MTU”) also weighed on the Fund’s results. The stock lost ground on news that the need to address a production issue will lead to increased costs. The Danish transport and logistics company DSV A/S (“DSV”) was an additional detractor of note. The company experienced a management change and entered into a joint venture that concerned investors. The payment platform provider Adyen NV (“Adyen”), which missed earnings expectations due in part to rising competition in North America, was a further detractor. The Fund maintained its holdings in LVMH, MTU, and DSV, but it sold its position in Adyen.

Positioning in the information technology sector was the largest contributor to relative performance in the second half of 2023. Holdings in the semiconductor stocks BE Semiconductor Industries NV, ASM International NV and Aixtron SE all rallied behind strong end-market demand and a broader rally in risk assets. Outside of technology, the specialty chemical producer IMCD Group NV outperformed as rising demand led to growing sales volumes. The U.K.-based analytics company Relx PLC also gained ground on the strength of accelerating organic growth. UniCredit SpA was an additional contributor. The Italian bank reported results that exceeded expectations and it announced an expansion of its share-buyback program. Holdings in the housing and construction sector also performed well, with Schneider Electric SE and Siemens AG among the top performers.

Describe recent portfolio activity.

The investment adviser added to positions in companies it viewed as having more resilient businesses, including L’Oréal SA, Schneider Electric SE and Relx PLC. It also established a new holding in the German personal-care products company Beiersdorf AG. In the investment adviser’s view, Beiersdorf AG’s category positioning—led by Nivea and a number of higher-end skincare brands—provided an opportunity for profit-margin expansion and defensive, above-average earnings growth. In addition, the investment adviser added to its position in the luxury brand Hermes International SA to capitalize on price weakness. The investment adviser funded these moves, in part, through the sale of the flavors and fragrances producer Symrise AG.

In financials, the investment adviser initiated an investment in Munich Re AG based on positive pricing trends in the reinsurance market, as well as the more supportive interest-rate outlook. On the other hand, it sold its position in the French car leasing firm ALD SA after the company lowered its guidance due to higher costs.

The investment adviser added to the Fund’s weightings in certain value-oriented stocks, including the automaker Stellantis NV, believing the company features a strong set of brands, robust cost management, and favorable geographic exposure, together with a healthy balance sheet and an attractive valuation. The Spain-based bank Banco Bilbao Vizcaya Argentaria SA, which benefitted from improved capital discipline, rising net interest income, and strength in its Mexico business, was another addition of note. The investment adviser also built a small position in the beverage company Davide Campari-Milano NV, which saw strong brand growth and declining input costs. On the other hand, it eliminated Heineken NV from the portfolio.

Describe portfolio positioning at period end.

The Fund was overweight in industrials and information technology. It was underweight in utilities, communication services, financials, materials, healthcare, energy, consumer staples, consumer discretionary, and real estate

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.

6 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of December 31, 2023 (continued) BlackRock EuroFund

Performance

				Average Annual Total Returns(a)(b)
				1 Year						5 Years						10 Years
	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		2.17	%		20.69	%		N/A			10.41	%		N/A			3.03	%		N/A
Investor A		1.99			20.29			13.98	%		10.17			8.99	%		2.81			2.26	%
Investor C		1.68			19.51			18.51			9.35			9.35			2.16			2.16
Class K		2.20			20.77			N/A			10.54			N/A			3.10			N/A
Class R		1.89			20.01			N/A			9.73			N/A			2.35			N/A
MSCI EMU Index(c)		4.32			22.94			N/A			8.79			N/A			4.03			N/A

^(a)  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” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)  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 has no limits on the geographic asset distribution of its investments within Europe. However, the Fund currently expects that a majority of the Fund’s assets will be invested in equity securities of companies located in countries participating in the European Monetary Union (the ‘‘Eurozone’’). The Fund’s total returns prior to October 23, 2018 are the returns of the Fund when it followed different investment strategies.

^(c)  An index that captures large- and mid-cap representation across certain developed markets countries in the European Economic and Monetary Union.

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

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual							Hypothetical 5% Return
		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
Institutional	$	1,000.00	$	1,021.70	$	5.67		$	1,000.00	$	1,019.53	$	5.67		1.12%
Investor A		1,000.00		1,019.90		6.94			1,000.00		1,018.27		6.93		1.37
Investor C		1,000.00		1,016.80		10.71			1,000.00		1,014.52		10.69		2.11
Class K		1,000.00		1,022.00		5.42			1,000.00		1,019.77		5.42		1.07
Class R		1,000.00		1,018.90		8.19			1,000.00		1,017.02		8.19		1.61

^(a)  For each class of the Fund, expenses are equal to the annualized 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).

Portfolio Information

TEN LARGEST HOLDINGS

Security(a)	Percent of Net Assets
ASML Holding NV		7.2	%
LVMH Moet Hennessy Louis Vuitton SE		6.1
Schneider Electric SE		5.4
Siemens AG, Registered Shares		4.6
SAP SE		4.3
Hermes International SCA		3.7
UniCredit SpA		3.3
Vinci SA		3.2
BNP Paribas SA		3.1
Linde PLC		3.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Net Assets
France		36.7	%
Germany		21.4
Netherlands		17.0
Italy		8.0
United States		3.5
Spain		3.3
United Kingdom		2.7
Switzerland		2.0
Denmark		1.7
Ireland		1.5
Belgium		1.1
Finland		1.1
Sweden		0.6
Liabilities in Excess of Other Assets		(0.6	)

^(a) Excludes short-term securities.

FUND SUMMARY 7

About Fund Performance

Institutional and Class K 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. Class K Shares performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

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 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. These shares automatically convert to Investor A Shares after approximately eight years.

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.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com 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 table(s) assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. 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”), each Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver(s) and/or reimbursement(s), each Fund’s performance would have been lower. With respect to each Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund 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 (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) 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. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. 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 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.

8 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

DERIVATIVE FINANCIAL INSTRUMENTS 9

Schedule of Investments (unaudited) December 31, 2023   BlackRock Advantage Global Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares			Value
Common Stocks
Australia — 0.8%
AGL Energy Ltd.		696		$	4,499
Aristocrat Leisure Ltd.		14,762			410,140
BHP Group Ltd., Class DI		37,512			1,281,583
CSL Ltd.		1,637			319,132
Glencore PLC		164,640			989,658
Lendlease Corp. Ltd.		3,042			15,485
					3,020,497
Austria — 0.1%
BAWAG Group AG (a)		5,072			268,416
Erste Group Bank AG		383			15,513
					283,929
Belgium — 0.0%
Syensqo SA (b)		2,062			214,568
Brazil — 1.5%
Ambev SA		202,232			568,355
B3 SA - Brasil Bolsa Balcao		9,077			27,158
Banco BTG Pactual SA		4,435			34,303
Cia Brasileira de Aluminio		76,829			80,745
Cia Brasileira de Distribuicao (b)		47,827			40,860
Cia Siderurgica Nacional SA		23,257			92,814
Cielo SA		58,803			56,673
Cogna Educacao SA (b)		804,259			576,718
CPFL Energia SA		12,233			97,009
CVC Brasil Operadora e Agencia de Viagens SA (b)		127,573			91,790
Cyrela Brazil Realty SA Empreendimentos e Participacoes		7,782			38,379
Grupo Casas Bahia SA		224,628			526,014
Klabin SA		18,777			85,892
Magazine Luiza SA (b)		662,507			294,550
Marfrig Global Foods SA		278,041			550,186
Minerva SA/Brazil		26,680			41,012
Natura & Co. Holding SA (b)		10,475			35,917
NU Holdings Ltd./Cayman Islands, Class A (b)		15,180			126,449
Pet Center Comercio e Participacoes SA		70,735			57,518
StoneCo Ltd., Class A (b)		21,482			387,320
Vale SA		40,668			644,128
XP, Inc., Class A		51,959			1,354,571
					5,808,361
Canada — 1.5%
Alamos Gold, Inc., Class A		1,211			16,286
Algonquin Power & Utilities Corp.		17,091			107,830
Bank of Nova Scotia		1,580			76,910
Barrick Gold Corp.		43,434			784,733
Brookfield Infrastructure Corp., Class A		1,016			35,839
BRP, Inc.		770			55,101
Canadian Imperial Bank of Commerce		13,175			634,365
Dollarama, Inc.		533			38,411
Emera, Inc.		401	��		15,222
Enbridge, Inc.		18,436			663,671
FirstService Corp.		1,184			191,801
Kinross Gold Corp.		5,538			33,519
Lululemon Athletica, Inc. (b)		4,936			2,523,727
Manulife Financial Corp.		10,896			240,772
Shopify, Inc., Class A (b)		2,586			201,330
Tricon Residential, Inc.		2,099			19,104
					5,638,621
China — 4.4%
3peak, Inc., Class A		683			14,028

Security	Shares		Value
China (continued)
3SBio, Inc. (a)		26,000	$	25,072
Alibaba Group Holding Ltd.		99,000		953,621
Aluminum Corp. of China Ltd., Class H		36,000		17,998
ANTA Sports Products Ltd.		24,600		239,095
Baidu, Inc., Class A (b)		44,230		658,404
BeiGene Ltd. (b)		900		12,549
Bilibili, Inc., Class Z (b)		8,040		97,645
BOC Hong Kong Holdings Ltd.		116,500		316,475
BOE Technology Group Co. Ltd., Class A		4,093,900		2,240,710
BYD Co. Ltd., Class A		86,476		2,403,153
BYD Co. Ltd., Class H		10,000		275,846
China Merchants Bank Co. Ltd., Class H		6,500		22,610
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		77,385		103,630
China Overseas Land & Investment Ltd.		10,500		18,525
China Railway Group Ltd., Class A		101,100		80,623
China Resources Land Ltd.		6,000		21,528
China Vanke Co. Ltd., Class A		97,900		143,868
China Vanke Co. Ltd., Class H		33,000		30,542
Dongyue Group Ltd.		17,000		12,310
Geely Automobile Holdings Ltd.		150,000		165,242
Great Wall Motor Co. Ltd., Class H		17,500		22,749
Gree Electric Appliances, Inc. of Zhuhai, Class A		112,032		506,175
Huadian Power International Corp. Ltd., Class H		100,000		44,439
Innovent Biologics, Inc. (a)(b)		5,000		27,382
JD.com, Inc., Class A		35,300		509,841
Kingdee International Software Group Co. Ltd. (b)		10,000		14,598
Kuaishou Technology (a)(b)		3,100		21,093
Lenovo Group Ltd.		180,000		251,899
Li Ning Co. Ltd.		14,000		37,571
Longfor Group Holdings Ltd. (a)		46,000		73,825
Meituan, Class B (a)(b)		57,330		601,895
NetEase, Inc.		15,810		285,237
NIO, Inc., Class A (b)		2,980		27,197
NXP Semiconductors NV		1,550		356,004
PetroChina Co. Ltd., Class A		142,500		141,145
PetroChina Co. Ltd., Class H		130,000		85,903
Ping An Insurance Group Co. of China Ltd., Class H		230,500		1,043,542
Poly Developments & Holdings Group Co. Ltd., Class A		169,450		235,603
Rongsheng Petrochemical Co. Ltd., Class A		21,100		30,652
SAIC Motor Corp. Ltd., Class A		31,900		60,571
Shandong Nanshan Aluminum Co. Ltd., Class A		34,600		14,270
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		902		36,813
Shenzhen Overseas Chinese Town Co. Ltd., Class A (b)		308,400		134,762
Shenzhen SC New Energy Technology Corp., Class A		3,617		37,562
Silergy Corp.		9,000		146,078
Sinotruk Hong Kong Ltd.		18,000		35,334
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		161,600		354,485
Tencent Holdings Ltd.		63,900		2,412,535
Tianqi Lithium Corp., Class H		3,200		17,680
Tongwei Co. Ltd., Class A		110,700		388,696
Uni-President China Holdings Ltd.		42,000		29,884
Vipshop Holdings Ltd., ADR (b)		1,963		34,863
Weichai Power Co. Ltd., Class A		63,900		122,319
WuXi AppTec Co. Ltd., Class H (a)		3,516		35,821
Yadea Group Holdings Ltd. (a)		58,000		102,160
Zijin Mining Group Co. Ltd., Class H		122,000		198,881
ZTE Corp., Class A		124,100		460,999
				16,793,937

10 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) December 31, 2023   BlackRock Advantage Global Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Colombia — 0.0%
Tecnoglass, Inc.		825	$	37,711
Denmark — 0.5%
AP Moller - Maersk A/S, Class A		21		37,302
AP Moller - Maersk A/S, Class B		70		126,002
DSV A/S		765		134,416
Genmab A/S (b)		309		98,525
Novo Nordisk A/S, Class B		13,965		1,447,209
				1,843,454
France — 1.5%
Aeroports de Paris		250		32,439
Credit Agricole SA		53,685		763,221
Eiffage SA		5,878		631,007
Engie SA		115,590		2,036,267
Hermes International SCA		504		1,071,259
Legrand SA		2,708		282,001
Rexel SA		25,183		691,178
Schneider Electric SE		209		42,073
SPIE SA		5		157
Valeo SE		11,338		175,236
Veolia Environnement SA		1,464		46,272
Worldline SA/France (a)(b)		1,350		23,476
				5,794,586
Germany — 3.6%
Adidas AG, Class N		3,092		628,315
Bayerische Motoren Werke AG		14,413		1,603,759
Deutsche Telekom AG, Class N, Registered Shares		40,776		980,390
Jenoptik AG		4		125
Mercedes-Benz Group AG, Class N, Registered Shares		63,933		4,411,237
SAP SE		6,512		1,002,337
Scout24 SE (a)		1,402		99,137
Siemens AG, Registered Shares		24,542		4,604,307
thyssenkrupp AG		19,420		135,094
Vonovia SE		687		21,587
Zalando SE (a)(b)		3,025		71,615
				13,557,903
Greece — 0.0%
Star Bulk Carriers Corp.		1,682		35,759
Hong Kong — 0.6%
AIA Group Ltd.		142,600		1,241,030
CK Asset Holdings Ltd.		24,000		120,458
CK Hutchison Holdings Ltd.		73,000		392,200
Galaxy Entertainment Group Ltd.		32,000		179,228
Jardine Matheson Holdings Ltd.		3,900		160,535
New World Development Co. Ltd.		93,000		144,198
Swire Properties Ltd.		24,600		49,797
Wharf Real Estate Investment Co. Ltd.		9,000		30,424
Yuexiu Property Co. Ltd.		23,600		19,245
				2,337,115
Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		13,829		112,653
India — 0.7%
Asian Paints Ltd.		1,148		46,915
Cummins India Ltd.		885		20,875
HDFC Bank Ltd.		53,995		1,105,603
ICICI Bank Ltd.		6,889		82,322
ICICI Prudential Life Insurance Co. Ltd. (a)		8,461		54,331
Kotak Mahindra Bank Ltd.		20,316		465,491
L&T Finance Holdings Ltd.		21,198		42,015

Security	Shares		Value
India (continued)
MakeMyTrip Ltd. (b)		3,544	$	166,497
National Aluminium Co. Ltd.		19,471		30,844
Polycab India Ltd.		523		34,453
Power Finance Corp. Ltd.		29,843		137,120
REC Ltd.		3,654		18,115
SBI Life Insurance Co. Ltd. (a)		19,139		329,378
				2,533,959
Ireland — 1.1%
Alkermes PLC (b)		3,614		100,252
CRH PLC		1,250		86,024
Experian PLC		24,961		1,018,292
Kingspan Group PLC (b)		1,600		138,281
Medtronic PLC		28,476		2,345,853
Trane Technologies PLC		1,308		319,021
				4,007,723
Israel(b) — 0.2%
Inmode Ltd.		650		14,456
Monday.com Ltd.		229		43,008
Wix.com Ltd.		4,530		557,281
				614,745
Italy — 1.2%
A2A SpA		17,496		35,938
Assicurazioni Generali SpA		8,098		171,091
Banca Monte dei Paschi di Siena SpA (b)		23,839		80,480
Banco BPM SpA		3,766		19,956
Enel SpA		10,436		77,642
Ferrari NV		799		269,748
Intesa Sanpaolo SpA		625,143		1,829,414
Iveco Group NV (b)		1,550		13,975
Mediobanca Banca di Credito Finanziario SpA		7,498		92,913
Moncler SpA		361		22,226
Recordati Industria Chimica e Farmaceutica SpA		1,802		97,169
UniCredit SpA		64,529		1,757,105
				4,467,657
Japan — 6.9%
Amada Co. Ltd.		32,000		332,643
Asahi Kasei Corp.		11,800		87,088
Astellas Pharma, Inc.		85,700		1,019,253
Central Japan Railway Co.		30,500		774,098
CyberAgent, Inc.		3,900		24,428
Daito Trust Construction Co. Ltd.		300		34,724
Daiwa House Industry Co. Ltd.		9,900		299,281
DMG Mori Co. Ltd.		400		7,633
ENEOS Holdings, Inc.		163,900		650,066
FANUC Corp.		4,100		120,331
Fast Retailing Co. Ltd.		2,400		593,469
Food & Life Cos. Ltd.		4,900		100,404
GLP J-REIT		22		21,900
GMO Payment Gateway, Inc.		9,900		686,111
Hitachi Ltd.		2,500		179,824
Hulic Co. Ltd.		5,500		57,454
Inpex Corp.		2,300		30,778
ITOCHU Corp.		21,600		879,981
Japan Post Holdings Co. Ltd.		175,700		1,568,555
JFE Holdings, Inc.		16,000		247,539
JGC Holdings Corp.		2,200		25,320
Kakaku.com, Inc.		15,800		195,216
Kintetsu Group Holdings Co. Ltd.		3,200		101,389
Kirin Holdings Co. Ltd.		28,200		412,852
Komatsu Ltd.		32,200		837,951

SCHEDULE OF INVESTMENTS 11

Schedule of Investments (unaudited) (continued) December 31, 2023   BlackRock Advantage Global Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Konica Minolta, Inc. (b)		11,500	$	33,596
Kubota Corp.		6,900		103,555
Kurita Water Industries Ltd.		3,000		117,016
Kyowa Kirin Co. Ltd.		12,400		208,059
Lawson, Inc.		4,200		216,940
Lixil Corp.		34,300		427,542
M3, Inc.		26,300		434,010
Makita Corp.		700		19,254
MISUMI Group, Inc.		1,200		20,260
Mitsubishi Chemical Group Corp.		75,400		460,929
Mitsubishi Corp.		33,300		530,444
Mitsubishi Electric Corp.		6,600		93,351
Mitsubishi Estate Co. Ltd.		5,100		69,911
Mitsubishi UFJ Financial Group, Inc.		97,500		836,758
Mitsui & Co. Ltd.		73,900		2,768,584
Mitsui Fudosan Co. Ltd.		37,900		926,644
Mizuho Financial Group, Inc.		49,000		835,833
MonotaRO Co. Ltd.		24,500		266,591
Nexon Co. Ltd.		900		16,370
NIDEC Corp.		31,600		1,273,705
Nihon M&A Center Holdings, Inc.		6,800		37,420
Nikon Corp.		18,500		182,602
Nintendo Co. Ltd.		15,400		801,322
Nippon Express Holdings, Inc.		1,300		73,762
Nippon Steel Corp.		14,600		333,519
Nissan Motor Co. Ltd.		40,700		159,134
Nisshin Seifun Group, Inc.		2,700		36,361
NSK Ltd.		9,300		50,256
Obic Co. Ltd.		300		51,616
Ono Pharmaceutical Co. Ltd.		18,500		329,106
Otsuka Holdings Co. Ltd.		7,500		280,477
Pan Pacific International Holdings Corp.		1,200		28,565
Panasonic Holdings Corp.		11,000		108,323
Park24 Co. Ltd. (b)		6,100		77,969
Rakuten Group, Inc. (b)		6,700		29,871
Recruit Holdings Co. Ltd.		10,800		451,560
Ricoh Co. Ltd.		22,900		175,380
Sega Sammy Holdings, Inc.		10,500		146,592
Seibu Holdings, Inc.		900		12,471
Sekisui House Ltd.		29,400		651,687
Shimadzu Corp.		3,700		103,167
Shionogi & Co. Ltd.		13,200		635,289
Shiseido Co. Ltd.		4,300		129,612
SoftBank Corp.		16,800		209,357
SoftBank Group Corp.		6,000		264,831
Subaru Corp.		2,400		43,775
Sumitomo Chemical Co. Ltd.		67,400		163,831
Sumitomo Corp.		11,000		239,378
Sumitomo Electric Industries Ltd.		2,800		35,528
Sumitomo Metal Mining Co. Ltd.		1,500		44,547
Sumitomo Mitsui Financial Group, Inc.		12,300		598,516
Sumitomo Mitsui Trust Holdings, Inc.		7,600		145,554
Sumitomo Realty & Development Co. Ltd.		1,500		44,451
Takeda Pharmaceutical Co. Ltd.		5,300		151,994
Terumo Corp.		600		19,621
Tokio Marine Holdings, Inc.		3,100		77,193
TOTO Ltd.		2,400		63,047

Security	Shares		Value
Japan (continued)
Yamada Holdings Co. Ltd.		3,400	$	10,565
Yamaha Motor Co. Ltd.		6,000		53,390
				25,999,279
Luxembourg — 0.5%
ArcelorMittal SA (b)		63,127		1,791,544
SES SA		17		112
				1,791,656
Malaysia — 0.2%
CIMB Group Holdings Bhd		224,500		285,830
Press Metal Aluminium Holdings Bhd		88,300		92,388
Public Bank Bhd		252,500		235,654
Telekom Malaysia Bhd		66,100		79,798
YTL Power International Bhd		32,100		17,723
				711,393
Mexico — 0.0%
Alsea SAB de CV (b)		2,013		7,606
Grupo Mexico SAB de CV, Series B		4,078		22,617
Orbia Advance Corp. SAB de CV		12,300		27,250
				57,473
Netherlands — 0.5%
ABN AMRO Bank NV (a)		23,596		354,848
ING Groep NV, Series N		73,354		1,099,909
Just Eat Takeaway.com NV (a)(b)		3,942		60,103
NN Group NV		5,181		204,758
Stellantis NV		11,709		274,349
Wereldhave NV		1		16
				1,993,983
Norway — 0.1%
DNB Bank ASA		15,666		333,079
Equinor ASA		1,976		62,623
Norsk Hydro ASA		3,017		20,279
Yara International ASA		442		15,703
				431,684
Peru — 0.3%
Southern Copper Corp.		11,815		1,016,917
Poland — 0.0%
KGHM Polska Miedz SA		2,642		82,414
PGE Polska Grupa Energetyczna SA (b)		9,153		20,192
Powszechny Zaklad Ubezpieczen SA		2,083		25,020
				127,626
Russia(c) — 0.0%
Alrosa PJSC (b)		18,331		2
Gazprom PJSC (b)		16,740		2
LUKOIL PJSC		2,916		—
MMC Norilsk Nickel PJSC		433		—
Mobile TeleSystems PJSC		3,760		—
Novatek PJSC		5,450		1
Tatneft PJSC		9,355		1
				6
Saudi Arabia — 0.2%
Al Rajhi Bank		18,441		427,573
Rabigh Refining & Petrochemical Co. (b)		26,880		74,635
Riyad Bank		2,736		20,817

12 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) December 31, 2023   BlackRock Advantage Global Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Saudi Arabian Mining Co. (b)		7,100	$	83,403
Saudi Telecom Co.		6,762		72,990
				679,418
Singapore — 0.2%
DBS Group Holdings Ltd.		5,600		141,617
Grab Holdings Ltd., Class A (b)		8,199		27,631
Jardine Cycle & Carriage Ltd.		1,300		29,299
Singapore Airlines Ltd.		90,100		447,376
United Overseas Bank Ltd.		2,800		60,433
UOL Group Ltd.		12,600		59,856
				766,212
South Africa — 0.0%
Foschini Group Ltd.		13,817		84,417
Pepkor Holdings Ltd. (a)		19,777		21,223
Woolworths Holdings Ltd./South Africa		16,270		64,217
				169,857
South Korea — 1.1%
Celltrion, Inc.		704		109,935
CJ Logistics Corp.		2,183		215,017
Coupang, Inc., Class A (b)		3,350		54,237
Doosan Co. Ltd.		577		41,885
GS Engineering & Construction Corp.		903		10,507
Hana Financial Group, Inc.		681		22,844
HL Mando Co. Ltd.		2,857		86,915
Hugel, Inc. (b)		97		11,224
Hyundai Mobis Co. Ltd.		133		24,367
Hyundai Motor Co.		235		36,967
KakaoBank Corp.		724		15,942
KB Financial Group, Inc.		738		30,791
KCC Corp.		525		92,717
Kia Corp.		8,205		634,519
Kolon Industries, Inc.		207		7,125
L&F Co. Ltd.		173		27,155
LG Chem Ltd.		1,450		557,704
LG Display Co. Ltd. (b)		6,280		61,831
LG H&H Co. Ltd.		272		74,715
NAVER Corp. (b)		2,489		430,647
NCSoft Corp.		99		18,413
POSCO Future M Co. Ltd.		192		53,026
POSCO Holdings, Inc.		467		179,557
Samsung Engineering Co. Ltd. (b)		1,065		23,857
Samsung SDI Co. Ltd. (b)		1,898		691,044
SK Hynix, Inc.		837		91,348
SK Innovation Co. Ltd. (b)		3,635		393,371
S-Oil Corp.		512		27,570
				4,025,230
Spain — 1.2%
Amadeus IT Group SA		370		26,574
Banco Bilbao Vizcaya Argentaria SA		230,171		2,097,838
Banco de Sabadell SA		60,934		75,007
Banco Santander SA		32,624		136,456
Bankinter SA		3,227		20,697
CaixaBank SA		74,906		308,488
Iberdrola SA		3,029		39,730
Industria de Diseno Textil SA		31,269		1,364,393
Repsol SA		39,222		581,816
				4,650,999
Sweden — 0.0%
Castellum AB (b)		5		71

Security	Shares		Value
Sweden (continued)
Fastighets AB Balder, B Shares (b)		2,162	$	15,333
H&M Hennes & Mauritz AB, B Shares		9,224		161,789
Intrum AB		6		41
Pandox AB		6		90
				��
				177,324
Switzerland — 4.4%
ABB Ltd., Class N, Registered Shares		25,809		1,145,872
Holcim AG		41,486		3,258,368
Kuehne and Nagel International AG, Registered Shares		218		75,231
Nestle SA, Registered Shares		50,526		5,856,967
Novartis AG, Class N, Registered Shares		41,776		4,219,814
SGS SA		1,683		145,295
Swiss Re AG		2,574		289,654
TE Connectivity Ltd.		12,089		1,698,504
				16,689,705
Taiwan — 3.0%
Alchip Technologies Ltd.		1,000		106,258
Asustek Computer, Inc.		3,000		47,746
AUO Corp.		919,000		542,687
China Airlines Ltd.		59,000		41,542
China Steel Corp.		22,000		19,347
Delta Electronics, Inc.		40,000		407,937
Evergreen Marine Corp. Taiwan Ltd.		19,000		88,698
FocalTech Systems Co. Ltd.		12,000		43,934
Formosa Plastics Corp.		12,000		30,954
Hon Hai Precision Industry Co. Ltd.		31,000		105,469
Innolux Corp.		637,300		296,359
Largan Precision Co. Ltd.		1,000		93,403
Makalot Industrial Co. Ltd.		2,000		23,066
MediaTek, Inc.		130,354		4,304,276
momo.com, Inc.		1,716		28,412
Novatek Microelectronics Corp.		16,000		269,108
Parade Technologies Ltd.		2,000		77,960
PharmaEssentia Corp. (b)		1,087		12,241
Phison Electronics Corp.		3,000		50,709
Quanta Computer, Inc.		30,000		218,413
Realtek Semiconductor Corp.		23,000		352,703
Taiwan Semiconductor Manufacturing Co. Ltd.		159,000		3,048,275
Tripod Technology Corp.		1,000		6,341
Uni-President Enterprises Corp.		141,000		342,084
United Microelectronics Corp.		225,000		383,361
Wan Hai Lines Ltd.		32,000		57,249
Win Semiconductors Corp.		39,000		201,508
Wistron Corp.		10,000		31,991
Wistron NeWeb Corp.		1,071		5,434
Yang Ming Marine Transport Corp.		37,000		61,757
				11,299,222
Thailand — 0.0%
JMT Network Services PCL		12,400		9,264
Precious Shipping PCL, NVDR		34,100		8,627
				17,891
Turkey — 0.2%
Arcelik A/S, Class A		8,421		36,720
Eregli Demir ve Celik Fabrikalari TAS, Class A, Registered Shares (b)		25,890		35,990
KOC Holding A/S, Class A		14,937		71,721
Migros Ticaret A/S, Class A		3,304		37,560
Sok Marketler Ticaret A/S		12,821		23,378

SCHEDULE OF INVESTMENTS 13

Schedule of Investments (unaudited) (continued) December 31, 2023   BlackRock Advantage Global Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey (continued)
Tofas Turk Otomobil Fabrikasi A/S, Class A		4,207	$	29,946
Turkcell Iletisim Hizmetleri A/S, Class A		211,233		402,127
				637,442
United Kingdom — 1.6%
Anglo American PLC		18,967		484,847
Babcock International Group PLC		5		25
Barclays PLC		168,739		330,402
BP PLC		32,636		193,468
British American Tobacco PLC		76,824		2,247,808
British Land Co. PLC		11,852		60,253
Direct Line Insurance Group PLC (b)		23,450		54,305
Dunelm Group PLC		8		112
easyJet PLC (b)		18,622		120,805
Land Securities Group PLC		1,815		16,289
NatWest Group PLC		41,171		114,678
Rightmove PLC		69,632		511,864
Smiths Group PLC		25,059		562,460
Tesco PLC		260,439		964,855
Vodafone Group PLC		486,411		424,802
				6,086,973
United States — 59.6%
3M Co.		7,936		867,564
A O Smith Corp.		1,306		107,667
AbbVie, Inc.		10,763		1,667,942
Academy Sports & Outdoors, Inc.		991		65,406
Adobe, Inc. (b)		5,205		3,105,303
AECOM		11,181		1,033,460
AES Corp.		6,822		131,323
Akamai Technologies, Inc. (b)		5,974		707,023
Alcoa Corp.		4,047		137,598
Alphabet, Inc., Class A (b)		23,854		3,332,165
Alphabet, Inc., Class C (b)		26,222		3,695,466
Altria Group, Inc.		11,687		471,454
Amazon.com, Inc. (b)		69,938		10,626,380
Amdocs Ltd.		2,928		257,342
American Airlines Group, Inc. (b)		16,866		231,739
American International Group, Inc.		3,630		245,932
American Tower Corp.		2,280		492,206
AMETEK, Inc.		9,835		1,621,693
Amgen, Inc.		3,612		1,040,328
Antero Resources Corp. (b)		911		20,661
Apartment Income REIT Corp.		570		19,796
Apple, Inc.		90,228		17,371,597
Applied Materials, Inc.		25,437		4,122,575
Archer-Daniels-Midland Co.		19,478		1,406,701
Atlassian Corp., Class A (b)		215		51,140
AutoNation, Inc. (b)		135		20,274
Avis Budget Group, Inc.		103		18,258
Baker Hughes Co., Class A		10,630		363,333
Bank of America Corp.		137,814		4,640,197
Berkshire Hathaway, Inc., Class B (b)		3,917		1,397,037
Best Buy Co., Inc.		6,178		483,614
Biogen, Inc. (b)		66		17,079
Block, Inc., Class A (b)		60,251		4,660,415
Booking Holdings, Inc. (b)		193		684,613
Boston Properties, Inc.		1,325		92,975
Box, Inc., Class A (b)		20,396		522,342
Boyd Gaming Corp.		437		27,361
Brighthouse Financial, Inc. (b)		502		26,566
Bristol-Myers Squibb Co.		40,183		2,061,790
Burlington Stores, Inc. (b)		594		115,521

Security	Shares		Value
United States (continued)
Cable One, Inc.		99	$	55,102
CACI International, Inc., Class A (b)		582		188,487
Cadence Design Systems, Inc. (b)		3,237		881,662
Caesars Entertainment, Inc. (b)		1,924		90,197
Camden Property Trust		6,095		605,173
Cardinal Health, Inc.		1,628		164,102
CarMax, Inc. (b)		576		44,202
Carvana Co., Class A (b)		466		24,670
Caterpillar, Inc.		985		291,235
Cencora, Inc.		2,612		536,453
Centene Corp. (b)		2,915		216,322
Chevron Corp.		22,906		3,416,659
Chewy, Inc., Class A (b)		2,314		54,680
Chubb Ltd.		2,502		565,452
Ciena Corp. (b)		1,467		66,030
Cintas Corp.		236		142,228
Cirrus Logic, Inc. (b)		2,049		170,456
Citigroup, Inc.		81,995		4,217,823
Coca-Cola Co.		61,452		3,621,366
ConocoPhillips		11,638		1,350,823
Coterra Energy, Inc.		804		20,518
Crowdstrike Holdings, Inc., Class A (b)		663		169,277
Cummins, Inc.		773		185,188
D.R. Horton, Inc.		19,659		2,987,775
DaVita, Inc. (b)		3,306		346,337
Dell Technologies, Inc., Class C		471		36,031
Delta Air Lines, Inc.		5,241		210,845
Dexcom, Inc. (b)		195		24,198
DocuSign, Inc. (b)		2,503		148,803
Domino’s Pizza, Inc.		127		52,353
eBay, Inc.		30,505		1,330,628
Electronic Arts, Inc.		16,657		2,278,844
Elevance Health, Inc.		2,226		1,049,693
Eli Lilly & Co.		4,475		2,608,567
EMCOR Group, Inc.		4,657		1,003,258
Equinix, Inc.		503		405,111
Equity Residential		1,076		65,808
Etsy, Inc. (b)		350		28,368
Everest Group Ltd.		325		114,913
Exelixis, Inc. (b)		3,394		81,422
Exxon Mobil Corp.		25,940		2,593,481
F5, Inc. (b)		175		31,322
FedEx Corp.		1,827		462,176
Fidelity National Information Services, Inc.		904		54,303
Flex Ltd. (b)		3,943		120,104
Flowserve Corp.		1,312		54,081
Fluor Corp. (b)		4,229		165,650
General Mills, Inc.		1,305		85,008
General Motors Co.		55,280		1,985,658
Genpact Ltd.		2,047		71,051
Gilead Sciences, Inc.		4,986		403,916
GoDaddy, Inc., Class A (b)		7,660		813,186
Graco, Inc.		2,303		199,808
HCA Healthcare, Inc.		2,347		635,286
Healthcare Realty Trust, Inc.		1,726		29,739
Hershey Co.		1,179		219,813
Hologic, Inc. (b)		5,401		385,901
Home Depot, Inc.		8,917		3,090,186
Honeywell International, Inc.		16,057		3,367,313
Host Hotels & Resorts, Inc.		2,063		40,167
HP, Inc.		132,579		3,989,302
Illinois Tool Works, Inc.		1,089		285,253

14 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) December 31, 2023   BlackRock Advantage Global Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Incyte Corp. (b)		3,936	$	247,141
Independence Realty Trust, Inc.		6,819		104,331
Insulet Corp. (b)		1,989		431,573
Intel Corp.		28,686		1,441,471
International Paper Co.		611		22,088
Invesco Ltd.		18,980		338,603
J M Smucker Co.		305		38,546
Johnson & Johnson		28,582		4,479,943
Johnson Controls International PLC		15,553		896,475
KeyCorp		54,773		788,731
Keysight Technologies, Inc. (b)		1,628		258,999
Kimberly-Clark Corp.		3,762		457,121
KLA Corp.		621		360,987
Lam Research Corp.		559		437,842
Lennar Corp., Class A		5,005		745,945
Lockheed Martin Corp.		9,643		4,370,593
Louisiana-Pacific Corp.		1,265		89,600
Manhattan Associates, Inc. (b)		6,470		1,393,120
Marathon Oil Corp.		16,907		408,473
Marathon Petroleum Corp.		10,651		1,580,182
Marsh & McLennan Cos., Inc.		2,508		475,191
Masco Corp.		1,542		103,283
Mastercard, Inc., Class A		13,582		5,792,859
Match Group, Inc. (b)		4,151		151,511
McDonald’s Corp.		7,120		2,111,151
McKesson Corp.		129		59,724
MercadoLibre, Inc. (b)		442		694,621
Merck & Co., Inc.		183		19,951
Meta Platforms, Inc., Class A (b)		2,463		871,803
MetLife, Inc.		25,645		1,695,904
Mettler-Toledo International, Inc. (b)		53		64,287
MGM Resorts International		9,076		405,516
Microsoft Corp.		46,668		17,549,035
Mid-America Apartment Communities, Inc.		467		62,793
Moderna, Inc. (b)		3,908		388,651
Molson Coors Beverage Co., Class B		1,760		107,730
Mondelez International, Inc., Class A		18,391		1,332,060
Moody’s Corp.		1,014		396,028
Morgan Stanley		5,125		477,906
Mosaic Co.		954		34,086
NetApp, Inc.		1,354		119,369
Neurocrine Biosciences, Inc. (b)		2,104		277,223
New Jersey Resources Corp.		431		19,214
Newmont Corp.		49,583		2,052,240
NIKE, Inc., Class B		10,436		1,133,037
Northrop Grumman Corp.		933		436,775
Nucor Corp.		879		152,981
NVIDIA Corp.		19,398		9,606,278
OGE Energy Corp.		519		18,129
OneMain Holdings, Inc.		4,780		235,176
O’Reilly Automotive, Inc. (b)		238		226,119
Oshkosh Corp.		3,813		413,367
Otis Worldwide Corp.		3,689		330,055
Owens Corning		1,775		263,108
Palo Alto Networks, Inc. (b)		1,825		538,156
Paramount Global, Class B		8,853		130,936
Parker-Hannifin Corp.		54		24,878
PepsiCo, Inc.		20,735		3,521,632
Pfizer, Inc.		34,014		979,263
Post Holdings, Inc. (b)		9,121		803,195

Security	Shares		Value
United States (continued)
PotlatchDeltic Corp.		2	$	98
Procter & Gamble Co.		5,970		874,844
Prologis, Inc.		4,178		556,927
Public Storage		382		116,510
PulteGroup, Inc.		5,288		545,827
Pure Storage, Inc., Class A (b)		11,930		425,424
QUALCOMM, Inc.		30,251		4,375,202
Realty Income Corp.		2,907		166,920
Regeneron Pharmaceuticals, Inc. (b)		379		332,872
Regions Financial Corp.		1,625		31,492
Reinsurance Group of America, Inc.		1,943		314,339
Roche Holding AG		95		29,519
Rockwell Automation, Inc.		222		68,927
Roku, Inc., Class A (b)		273		25,023
S&P Global, Inc.		3,782		1,666,047
Salesforce, Inc. (b)		9,623		2,532,196
SBA Communications Corp.		96		24,354
ServiceNow, Inc. (b)		1,814		1,281,573
Simon Property Group, Inc.		1,478		210,822
Skechers USA, Inc., Class A (b)		1,661		103,547
Snap-on, Inc.		39		11,265
Splunk, Inc. (b)		928		141,381
Starbucks Corp.		8,913		855,737
Summit Materials, Inc., Class A (b)		514		19,768
Synchrony Financial		5,873		224,290
Synopsys, Inc. (b)		495		254,880
Taylor Morrison Home Corp., Class A (b)		3,530		188,325
TD SYNNEX Corp.		273		29,378
Tenet Healthcare Corp. (b)		5,096		385,105
Teradata Corp. (b)		1,064		46,295
Teradyne, Inc.		2,105		228,435
Tesla, Inc. (b)		2,155		535,474
Textron, Inc.		798		64,175
TJX Cos., Inc.		43,170		4,049,778
T-Mobile U.S., Inc.		7,796		1,249,933
Toll Brothers, Inc.		10,824		1,112,599
Travelers Cos., Inc.		3,683		701,575
Truist Financial Corp.		2,835		104,668
UGI Corp.		34,307		843,952
United Airlines Holdings, Inc. (b)		34,257		1,413,444
UnitedHealth Group, Inc.		212		111,612
Unum Group		1,652		74,703
Valero Energy Corp.		1,445		187,850
VeriSign, Inc. (b)		7,324		1,508,451
Vertex Pharmaceuticals, Inc. (b)		1,483		603,418
VICI Properties, Inc.		9,272		295,591
Visa, Inc., Class A		16,664		4,338,472
Visteon Corp. (b)		127		15,862
Vulcan Materials Co.		1,342		304,647
Wayfair, Inc., Class A (b)		313		19,312
Wendy’s Co.		1,776		34,596
Westinghouse Air Brake Technologies Corp.		711		90,226
Westlake Corp.		247		34,570
Weyerhaeuser Co.		15,396		535,319
Workday, Inc., Class A (b)		3,692		1,019,214

SCHEDULE OF INVESTMENTS 15

Schedule of Investments (unaudited) (continued) December 31, 2023   BlackRock Advantage Global Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
WW Grainger, Inc.		666	$	551,908
Zillow Group, Inc., Class C (b)		2,549		147,485
				225,878,740
Total Common Stocks — 97.7% (Cost: $297,059,843)				370,312,208
Preferred Securities
Preferred Stocks — 0.5%
Brazil — 0.5%
Azul SA(b)		163,456		526,695
Banco Bradesco SA		15,087		52,611
Braskem SA, Series A(b)		155,317		684,918
Companhia Paranaense de Energia		10,896		19,372
Gerdau SA		54,836		265,351
Gol Linhas Aereas Inteligentes SA, Preference Shares(b)		21,536		39,007
Usinas Siderurgicas de Minas Gerais S/A Usiminas, Series B		147,846		282,015
				1,869,969
Total Preferred Securities — 0.5% (Cost: $1,676,448)				1,869,969
Total Long-Term Investments — 98.2% (Cost: $298,736,291)				372,182,177

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%(d)(e)		6,662,479	$	6,662,479
Total Short-Term Securities — 1.7% (Cost: $6,662,479)				6,662,479
Total Investments — 99.9% (Cost: $305,398,770)				378,844,656
Other Assets Less Liabilities — 0.1%			249,996
Net Assets — 100.0%			$	379,094,652

^(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 is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 06/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	7,182,619	$	—	$	(520,140	)(a)	$	—		$	—	$	6,662,479		6,662,479	$	164,958		$	—
SL Liquidity Series, LLC, Money Market Series(b)		165,157		—		(165,162	)(a)		(27	)		32		—		—		1,585	(c)		—
								$	(27	)	$	32	$	6,662,479			$	166,543		$	—

^(a)  Represents net amount purchased (sold).

^(b)  As of period end, the entity is no longer held.

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		14		03/15/24	$	1,577	$	53,886
MSCI Emerging Markets Index		13		03/15/24		672		27,130
S&P 500 E-Mini Index		16		03/15/24		3,856		108,065
							$	189,081

16 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) December 31, 2023   BlackRock Advantage Global Fund, Inc.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit  Contracts		Equity  Contracts		Foreign Currency  Exchange Contracts		Interest Rate  Contracts		Other  Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	189,081	$	—	$	—	$	—	$	189,081

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended December 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit  Contracts		Equity  Contracts		Foreign Currency  Exchange Contracts		Interest Rate  Contracts		Other  Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	202,722	$	—	$	—	$	—	$	202,722
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	57,856	$	—	$	—	$	—	$	57,856

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	6,831,005

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	3,020,497	$	—	$	3,020,497
Austria		—		283,929		—		283,929
Belgium		214,568		—		—		214,568
Brazil		1,868,340		3,940,021		—		5,808,361
Canada		5,638,621		—		—		5,638,621
China		435,306		16,358,631		—		16,793,937
Colombia		37,711		—		—		37,711
Denmark		—		1,843,454		—		1,843,454
France		—		5,794,586		—		5,794,586
Germany		—		13,557,903		—		13,557,903
Greece		35,759		—		—		35,759
Hong Kong		—		2,337,115		—		2,337,115
Hungary		112,653		—		—		112,653
India		166,497		2,367,462		—		2,533,959
Ireland		2,765,126		1,242,597		—		4,007,723
Israel		614,745		—		—		614,745
Italy		—		4,467,657		—		4,467,657
Japan		216,940		25,782,339		—		25,999,279

SCHEDULE  OF  INVESTMENTS 17

Schedule of Investments (unaudited) (continued) December 31, 2023   BlackRock Advantage Global Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Luxembourg	$	—	$	1,791,656	$	—	$	1,791,656
Malaysia		—		711,393		—		711,393
Mexico		57,473		—		—		57,473
Netherlands		—		1,993,983		—		1,993,983
Norway		—		431,684		—		431,684
Peru		1,016,917		—		—		1,016,917
Poland		—		127,626		—		127,626
Russia		—		—		6		6
Saudi Arabia		—		679,418		—		679,418
Singapore		27,631		738,581		—		766,212
South Africa		85,440		84,417		—		169,857
South Korea		54,237		3,970,993		—		4,025,230
Spain		—		4,650,999		—		4,650,999
Sweden		—		177,324		—		177,324
Switzerland		1,698,504		14,991,201		—		16,689,705
Taiwan		—		11,299,222		—		11,299,222
Thailand		9,264		8,627		—		17,891
Turkey		439,687		197,755		—		637,442
United Kingdom		—		6,086,973		—		6,086,973
United States		225,849,221		29,519		—		225,878,740
Preferred Securities
Preferred Stocks		—		1,869,969		—		1,869,969
Short-Term Securities
Money Market Funds		6,662,479		—		—		6,662,479
	$	248,007,119	$	130,837,531	$	6	$	378,844,656
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	189,081	$	—	$	—	$	189,081

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

18 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) December 31, 2023   BlackRock EuroFund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Belgium — 1.1%
Azelis Group NV		48,314	$	1,186,189
Denmark — 1.6%
DSV A/S		9,928		1,744,416
Finland — 1.1%
Metso OYJ		116,614		1,183,853
France — 36.7%
BNP Paribas SA		47,310		3,285,474
Capgemini SE		6,323		1,321,454
Cie de Saint-Gobain SA		24,999		1,843,609
Hermes International SCA		1,823		3,874,813
Legrand SA		11,244		1,170,908
L’Oreal SA		3,354		1,671,971
LVMH Moet Hennessy Louis Vuitton SE		7,964		6,471,043
Pernod Ricard SA		11,463		2,025,762
Safran SA		18,072		3,186,280
Sanofi SA		21,105		2,097,263
Schneider Electric SE		28,555		5,748,298
TotalEnergies SE		40,813		2,775,242
Vinci SA		27,130		3,414,181
				38,886,298
Germany — 21.4%
AIXTRON SE		36,351		1,547,735
Beiersdorf AG		12,792		1,915,663
Commerzbank AG		124,116		1,475,218
CTS Eventim AG & Co. KGaA		13,552		937,328
Merck KGaA		11,328		1,803,581
MTU Aero Engines AG, Class N		13,865		2,987,153
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class N, Registered Shares		6,048		2,508,792
SAP SE		29,925		4,606,102
Siemens AG, Registered Shares		26,107		4,897,916
				22,679,488
Ireland — 1.5%
AIB Group PLC		379,380		1,624,794
Italy — 8.0%
Davide Campari-Milano NV		84,293		951,897
Ferrari NV		7,412		2,502,339
Moncler SpA		23,542		1,449,466
UniCredit SpA		130,668		3,558,050
				8,461,752

Security	Shares		Value
Netherlands — 17.0%
ASM International NV		6,240	$	3,247,761
ASML Holding NV (a)		10,093		7,619,079
BE Semiconductor Industries NV		11,672		1,762,191
IMCD NV		18,249		3,178,311
QIAGEN NV (a)		26,300		1,143,426
Stellantis NV		47,762		1,119,094
				18,069,862
Spain — 3.3%
Banco Bilbao Vizcaya Argentaria SA		168,625		1,536,892
CaixaBank SA		474,376		1,953,639
				3,490,531
Sweden — 0.6%
Beijer Ref AB, Class B		48,811		654,992
Switzerland — 2.0%
STMicroelectronics NV		42,943		2,153,976
United Kingdom — 2.7%
Allfunds Group PLC		72,047		512,298
RELX PLC		60,089		2,383,959
				2,896,257
United States — 3.1%
Linde PLC		7,916		3,251,180
Total Long-Term Investments — 100.1% (Cost: $73,730,596)				106,283,588
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%(b)(c)		499,346		499,346
Total Short-Term Securities — 0.5% (Cost: $499,346)				499,346
Total Investments — 100.6% (Cost: $74,229,942)				106,782,934
Liabilities in Excess of Other Assets — (0.6)%				(674,415	)
Net Assets — 100.0%			$	106,108,519

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period end.

SCHEDULE OF INVESTMENTS 19

Schedule of Investments (unaudited) (continued) December 31, 2023   BlackRock EuroFund  

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 06/30/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	467,555	$	31,791	(a)	$	—	$	—		$	—	$	499,346		499,346	$	12,196		$	—
SL Liquidity Series, LLC, Money Market Series(b)		—		2	(a)		—		(2	)		—		—		—		125	(c)		—
								$	(2	)	$	—	$	499,346			$	12,321		$	—

^(a)  Represents net amount purchased (sold).

^(b)  As of period end, the entity is no longer held.

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Belgium	$	—	$	1,186,189	$	—	$	1,186,189
Denmark		—		1,744,416		—		1,744,416
Finland		—		1,183,853		—		1,183,853
France		—		38,886,298		—		38,886,298
Germany		—		22,679,488		—		22,679,488
Ireland		—		1,624,794		—		1,624,794
Italy		—		8,461,752		—		8,461,752
Netherlands		—		18,069,862		—		18,069,862
Spain		—		3,490,531		—		3,490,531
Sweden		—		654,992		—		654,992
Switzerland		—		2,153,976		—		2,153,976
United Kingdom		—		2,896,257		—		2,896,257
United States		3,251,180		—		—		3,251,180
Short-Term Securities
Money Market Funds		499,346		—		—		499,346
	$	3,750,526	$	103,032,408	$	—	$	106,782,934

See notes to financial statements.

20 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

December 31, 2023

	BlackRock Advantage Global Fund, Inc.			BlackRock EuroFund
ASSETS
Investments, at value — unaffiliated(a)		$	372,182,177	$	106,283,588
Investments, at value — affiliated(b)			6,662,479		499,346
Cash			5,737		1,211
Cash pledged for futures contracts			269,000		—
Foreign currency, at value(c)			46,803		16,675
Receivables:
Investments sold			2,734		1,825,835
Capital shares sold			49,592		2,210
Dividends — unaffiliated			474,900		73,779
Dividends — affiliated			27,325		2,051
Variation margin on futures contracts			1,490		—
Prepaid expenses			54,879		53,562
Total assets			379,777,116		108,758,257
LIABILITIES
Payables:
Accounting services fees			26,832		11,097
Capital shares redeemed			117,676		46,008
Custodian fees			133,008		26,053
Deferred foreign capital gain tax			51,508		—
Investment advisory fees			157,890		59,536
IRS compliance fee for foreign withholding tax claims			—		2,393,365
Directors’ and Officer’s fees			4,451		2,559
Other accrued expenses			14,857		18,892
Professional fees			66,014		66,991
Service and distribution fees			56,858		15,053
Transfer agent fees			43,503		10,184
Variation margin on futures contracts			9,867		—
Total liabilities			682,464		2,649,738
Commitments and contingent liabilities
NET ASSETS		$	379,094,652	$	106,108,519
NET ASSETS CONSIST OF
Paid-in capital		$	315,845,074	$	92,182,928
Accumulated earnings			63,249,578		13,925,591
NET ASSETS		$	379,094,652	$	106,108,519
(a) Investments, at cost — unaffiliated		$	298,736,291	$	73,730,596
(b) Investments, at cost — affiliated		$	6,662,479	$	499,346
(c)  Foreign currency, at cost		$	51,004	$	16,675

FINANCIAL STATEMENTS 21

Statements of Assets and Liabilities (unaudited) (continued)

December 31, 2023

	BlackRock Advantage Global Fund, Inc.			BlackRock EuroFund
NET ASSET VALUE
Institutional
Net assets		$	58,457,991	$	33,180,692
Shares outstanding			2,319,753		1,710,581
Net asset value		$	25.20	$	19.40
Shares authorized			100 million		Unlimited
Par value		$	0.10	$	0.10
Investor A
Net assets		$	272,771,333	$	70,024,340
Shares outstanding			11,582,521		3,694,272
Net asset value		$	23.55	$	18.95
Shares authorized			100 million		Unlimited
Par value		$	0.10	$	0.10
Investor C
Net assets		$	2,541,662	$	1,077,496
Shares outstanding			138,460		84,456
Net asset value		$	18.36	$	12.76
Shares authorized			100 million		Unlimited
Par value		$	0.10	$	0.10
Class K
Net assets		$	42,700,126	$	1,556,286
Shares outstanding			1,694,165		80,407
Net asset value		$	25.20	$	19.36
Shares authorized			2 billion		Unlimited
Par value		$	0.10	$	0.10
Class R
Net assets		$	2,623,540	$	269,705
Shares outstanding			127,299		19,314
Net asset value		$	20.61	$	13.96
Shares authorized			100 million		Unlimited
Par value		$	0.10	$	0.10

See notes to financial statements.

22 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended December 31, 2023

	BlackRock Advantage Global Fund, Inc.					BlackRock EuroFund
INVESTMENT INCOME
Dividends — unaffiliated			$	3,201,644		$	298,047
Dividends — affiliated				164,958			12,196
Interest — unaffiliated				7,457			—
Securities lending income — affiliated — net				1,585			125
Other income — unaffiliated				—			37,530
Foreign taxes withheld				(124,718	)		(5,371	)
Foreign withholding tax claims				—			349,912
IRS compliance fee for foreign withholding tax claims				—			(212,592	)
Total investment income				3,250,926			479,847
EXPENSES
Investment advisory				1,241,461			382,577
Service and distribution — class specific				350,287			90,513
Transfer agent — class specific				295,023			61,227
Custodian				87,058			16,158
Professional				71,139			83,919
Registration				47,338			44,768
Accounting services				39,281			18,567
Printing and postage				22,588			19,142
Directors and Officer				4,303			3,453
Miscellaneous				16,778			10,801
Total expenses				2,175,256			731,125
Less:
Fees waived and/or reimbursed by the Manager				(288,427	)		(35,581	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific				(213,574	)		(36,051	)
Total expenses after fees waived and/or reimbursed				1,673,255			659,493
Net investment income (loss)				1,577,671			(179,646	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)				10,948,507			(604,644	)
Investments — affiliated				(27	)		(2	)
Foreign currency transactions				(14,872	)		6,285
Futures contracts				202,722			—
				11,136,330			(598,361	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)				12,844,882			2,714,775
Investments — affiliated				32			—
Foreign currency translations				3,729			5,286
Futures contracts				57,856			—
				12,906,499			2,720,061
Net realized and unrealized gain				24,042,829			2,121,700
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$	25,620,500		$	1,942,054
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of			$	(18,644	)	$	—
(b) Net of increase in deferred foreign capital gain tax of			$	(542	)	$	—

See notes to financial statements.

FINANCIAL STATEMENTS 23

Statements of Changes in Net Assets

	BlackRock Advantage Global Fund, Inc.									BlackRock EuroFund
	Six Months Ended 12/31/23					Year Ended				Six Months Ended 12/31/23					Year Ended
		(unaudited)				06/30/23					(unaudited)				06/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	1,577,671			$	6,002,608				$	(179,646	)		$	1,119,949
Net realized gain (loss)			11,136,330				(12,719,901	)				(598,361	)			1,222,534
Net change in unrealized appreciation (depreciation)			12,906,499				65,824,103					2,720,061				23,711,838
Net increase in net assets resulting from operations			25,620,500				59,106,810					1,942,054				26,054,321
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional			(832,052	)			(1,061,923	)				(410,791	)			(201,013	)
Investor A			(3,851,917	)			(4,583,971	)				(802,983	)			(320,389	)
Investor C			(39,498	)			(38,913	)				(15,164	)			—
Class K			(620,100	)			(912,633	)				(18,357	)			(7,042	)
Class R			(39,975	)			(36,382	)				(3,942	)			—
Decrease in net assets resulting from distributions to shareholders			(5,383,542	)			(6,633,822	)				(1,251,237	)			(528,444	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			(33,358,773	)			(42,706,146	)				(3,190,589	)			(4,059,767	)
NET ASSETS
Total increase (decrease) in net assets			(13,121,815	)			9,766,842					(2,499,772	)			21,466,110
Beginning of period			392,216,467				382,449,625					108,608,291				87,142,181
End of period		$	379,094,652			$	392,216,467				$	106,108,519			$	108,608,291

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

24 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

 

	BlackRock Advantage Global Fund, Inc.
	Institutional
	Six Months Ended 12/31/23 (unaudited)					Year Ended 06/30/23					Year Ended 06/30/22					Year Ended 06/30/21					Year Ended 06/30/20					Year Ended 06/30/19
Net asset value, beginning of period			$	23.77				$	20.70				$	28.57				$	21.48				$	21.66				$	21.63
Net investment income(a)				0.12					0.38					0.33					0.24					0.31					0.36
Net realized and unrealized gain (loss)				1.67					3.08					(4.04	)				7.82					(0.06	)				0.43
Net increase (decrease) from investment operations				1.79					3.46					(3.71	)				8.06					0.25					0.79
Distributions(b)
From net investment income				(0.36	)				(0.39	)				(0.33	)				(0.35	)				(0.43	)				(0.32	)
From net realized gain				—					—					(3.83	)				(0.62	)				—					(0.44	)
Total distributions				(0.36	)				(0.39	)				(4.16	)				(0.97	)				(0.43	)				(0.76	)
Net asset value, end of period			$	25.20				$	23.77				$	20.70				$	28.57				$	21.48				$	21.66
Total Return(c)
Based on net asset value				7.60	%(d)				16.94	%				(15.52	)%				38.23	%				1.08	%				4.03	%
Ratios to Average Net Assets(e)
Total expenses				0.96	%(f)				1.12	%				1.10	%				1.19	%				1.15	%				1.14	%
Total expenses after fees waived and/or reimbursed				0.71	%(f)				0.71	%				0.71	%				0.71	%				0.71	%				0.72	%
Net investment income				1.02	%(f)				1.75	%				1.33	%				0.96	%				1.46	%				1.72	%
Supplemental Data
Net assets, end of period (000)			$	58,458				$	56,145				$	62,236				$	95,405				$	75,805				$	87,759
Portfolio turnover rate				67	%				102	%				136	%				311	%				182	%				137	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 25

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	BlackRock Advantage Global Fund, Inc. (continued)
	Investor A
	Six Months Ended 12/31/23 (unaudited)					Year Ended 06/30/23					Year Ended 06/30/22					Year Ended 06/30/21					Year Ended 06/30/20					Year Ended 06/30/19
Net asset value, beginning of period			$	22.24				$	19.39				$	27.02				$	20.36				$	20.55				$	20.56
Net investment income(a)				0.09					0.31					0.27					0.17					0.24					0.30
Net realized and unrealized gain (loss)				1.55					2.88					(3.80	)				7.41					(0.05	)				0.40
Net increase (decrease) from investment operations				1.64					3.19					(3.53	)				7.58					0.19					0.70
Distributions(b)
From net investment income				(0.33	)				(0.34	)				(0.27	)				(0.30	)				(0.38	)				(0.27	)
From net realized gain				—					—					(3.83	)				(0.62	)				—					(0.44	)
Total distributions				(0.33	)				(0.34	)				(4.10	)				(0.92	)				(0.38	)				(0.71	)
Net asset value, end of period			$	23.55				$	22.24				$	19.39				$	27.02				$	20.36				$	20.55
Total Return(c)
Based on net asset value				7.45	%(d)				16.65	%				(15.73	)%				37.91	%				0.84	%				3.77	%
Ratios to Average Net Assets(e)
Total expenses				1.25	%(f)				1.41	%				1.40	%				1.51	%				1.46	%				1.46	%
Total expenses after fees waived and/or reimbursed				0.96	%(f)				0.96	%				0.96	%				0.96	%				0.96	%				0.97	%
Net investment income				0.77	%(f)				1.51	%				1.14	%				0.71	%				1.21	%				1.48	%
Supplemental Data
Net assets, end of period (000)			$	272,771				$	274,647				$	264,270				$	327,701				$	242,123				$	289,752
Portfolio turnover rate				67	%				102	%				136	%				311	%				182	%				137	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

See notes to financial statements.

26 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	BlackRock Advantage Global Fund, Inc. (continued)
	Investor C
	Six Months Ended 12/31/23 (unaudited)					Year Ended 06/30/23					Year Ended 06/30/22						Year Ended 06/30/21					Year Ended 06/30/20					Year Ended 06/30/19
Net asset value, beginning of period			$	17.42				$	15.24					$	22.06				$	16.58				$	16.79				$	16.87
Net investment income (loss)(a)				—					0.12						0.06					(0.01	)				0.08					0.11
Net realized and unrealized gain (loss)				1.22					2.26						(2.97	)				6.04					(0.05	)				0.34
Net increase (decrease) from investment operations				1.22					2.38						(2.91	)				6.03					0.03					0.45
Distributions(b)
From net investment income				(0.28	)				(0.20	)					(0.14	)				—					(0.24	)				(0.09	)
From net realized gain				—					—						(3.77	)				(0.55	)				—					(0.44	)
Total distributions				(0.28	)				(0.20	)					(3.91	)				(0.55	)				(0.24	)				(0.53	)
Net asset value, end of period			$	18.36				$	17.42					$	15.24				$	22.06				$	16.58				$	16.79
Total Return(c)
Based on net asset value				7.04	%(d)				15.78	%					(16.36	)%				36.88	%				0.11	%				2.99	%
Ratios to Average Net Assets(e)
Total expenses				2.08	%(f)				2.20	%					2.19	%				2.42	%				2.32	%				2.28	%
Total expenses after fees waived and/or reimbursed				1.71	%(f)				1.71	%					1.71	%				1.71	%				1.71	%				1.72	%
Net investment income (loss)				0.01	%(f)				0.76	%					0.31	%				(0.06	)%				0.46	%				0.65	%
Supplemental Data
Net assets, end of period (000)			$	2,542				$	2,620					$	3,795				$	7,922				$	35,626				$	52,125
Portfolio turnover rate				67	%				102	%					136	%				311	%				182	%				137	%
													��

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 27

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	BlackRock Advantage Global Fund, Inc. (continued)
	Class K
	Six Months Ended 12/31/23 (unaudited)					Year Ended 06/30/23					Year Ended 06/30/22					Year Ended 06/30/21					Year Ended 06/30/20					Year Ended 06/30/19
Net asset value, beginning of period			$	23.78				$	20.71				$	28.58				$	21.48				$	21.66				$	21.63
Net investment income(a)				0.13					0.39					0.36					0.27					0.32					0.41
Net realized and unrealized gain (loss)				1.66					3.08					(4.05	)				7.81					(0.06	)				0.39
Net increase (decrease) from investment operations				1.79					3.47					(3.69	)				8.08					0.26					0.80
Distributions(b)
From net investment income				(0.37	)				(0.40	)				(0.35	)				(0.36	)				(0.44	)				(0.33	)
From net realized gain				—					—					(3.83	)				(0.62	)				—					(0.44	)
Total distributions				(0.37	)				(0.40	)				(4.18	)				(0.98	)				(0.44	)				(0.77	)
Net asset value, end of period			$	25.20				$	23.78				$	20.71				$	28.58				$	21.48				$	21.66
Total Return(c)
Based on net asset value				7.58	%(d)				16.99	%				(15.46	)%				38.34	%				1.13	%				4.09	%
Ratios to Average Net Assets(e)
Total expenses				0.82	%(f)				0.98	%				1.00	%				1.13	%				1.09	%				1.03	%
Total expenses after fees waived and/or reimbursed				0.66	%(f)				0.66	%				0.66	%				0.66	%				0.66	%				0.66	%
Net investment income				1.06	%(f)				1.81	%				1.45	%				1.04	%				1.53	%				1.98	%
Supplemental Data
Net assets, end of period (000)			$	42,700				$	56,522				$	49,643				$	56,800				$	12,108				$	10,625
Portfolio turnover rate				67	%				102	%				136	%				311	%				182	%				137	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

See notes to financial statements.

28 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	BlackRock Advantage Global Fund, Inc. (continued)
	Class R
	Six Months Ended 12/31/23 (unaudited)					Year Ended 06/30/23					Year Ended 06/30/22					Year Ended 06/30/21					Year Ended 06/30/20					Year Ended 06/30/19
Net asset value, beginning of period			$	19.51				$	17.05				$	24.24				$	18.33				$	18.52				$	18.60
Net investment income(a)				0.05					0.22					0.18					0.10					0.18					0.21
Net realized and unrealized gain (loss)				1.37					2.53					(3.33	)				6.65					(0.06	)				0.37
Net increase (decrease) from investment operations				1.42					2.75					(3.15	)				6.75					0.12					0.58
Distributions(b)
From net investment income				(0.32	)				(0.29	)				(0.21	)				(0.22	)				(0.31	)				(0.22	)
From net realized gain				—					—					(3.83	)				(0.62	)				—					(0.44	)
Total distributions				(0.32	)				(0.29	)				(4.04	)				(0.84	)				(0.31	)				(0.66	)
Net asset value, end of period			$	20.61				$	19.51				$	17.05				$	24.24				$	18.33				$	18.52
Total Return(c)
Based on net asset value				7.33	%(d)				16.34	%				(15.94	)%				37.52	%				0.58	%				3.52	%
Ratios to Average Net Assets(e)
Total expenses				1.58	%(f)				1.76	%				1.82	%				1.79	%				1.77	%				1.79	%
Total expenses after fees waived and/or reimbursed				1.21	%(f)				1.21	%				1.21	%				1.21	%				1.21	%				1.22	%
Net investment income				0.53	%(f)				1.25	%				0.85	%				0.45	%				0.98	%				1.18	%
Supplemental Data
Net assets, end of period (000)			$	2,624				$	2,283				$	2,506				$	3,996				$	4,313				$	10,407
Portfolio turnover rate				67	%				102	%				136	%				311	%				182	%				137	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 29

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	BlackRock EuroFund
	Institutional
	Six Months Ended 12/31/23 (unaudited)					Year Ended 06/30/23					Year Ended 06/30/22					Year Ended 06/30/21					Year Ended 06/30/20					Year Ended 06/30/19
Net asset value, beginning of period			$	19.23				$	14.70				$	20.34				$	14.31				$	14.40				$	15.06
Net investment income (loss)(a)				(0.02	)				0.24					0.13					0.03					0.02					0.13
Net realized and unrealized gain (loss)				0.43					4.41					(5.77	)				6.00					(0.04	)				(0.45	)
Net increase (decrease) from investment operations				0.41					4.65					(5.64	)				6.03					(0.02	)				(0.32	)
Distributions from net investment income(b)				(0.24	)				(0.12	)				—					—					(0.07	)				(0.34	)
Net asset value, end of period			$	19.40				$	19.23				$	14.70				$	20.34				$	14.31				$	14.40
Total Return(c)
Based on net asset value				2.17	%(d)				31.80	%				(27.73	)%				42.14	%				(0.17	)%				(1.77	)%
Ratios to Average Net Assets(e)
Total expenses				1.23	%(f)(g)				1.48	%				1.17	%				1.18	%				1.24	%				1.23	%
Total expenses after fees waived and/or reimbursed				1.08	%(f)(g)				1.31	%				1.10	%				1.12	%				1.18	%				1.17	%
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes				1.04	%(f)				1.04	%				1.09	%				1.12	%				1.18	%				1.17	%
Net investment income (loss)				(0.18	)%(f)				1.43	%				0.65	%				0.19	%				0.14	%				0.92	%
Supplemental Data
Net assets, end of period (000)			$	33,181				$	34,272				$	25,025				$	81,809				$	26,476				$	33,178
Portfolio turnover rate				18	%				37	%				42	%				26	%				39	%				153	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

^(g)  Professional fees were not annualized in the calculation of the expense ratios. If this expenses was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.27% and 1.12%, respectively.

See notes to financial statements.

30 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	BlackRock EuroFund (continued)
	Investor A
	Six Months Ended 12/31/23 (unaudited)					Year Ended 06/30/23					Year Ended 06/30/22					Year Ended 06/30/21					Year Ended 06/30/20					Year Ended 06/30/19
Net asset value, beginning of period			$	18.80				$	14.37				$	19.93				$	14.05				$	14.11				$	14.78
Net investment income (loss)(a)				(0.04	)				0.18					0.09					(0.01	)				(0.00	)(b)				0.08
Net realized and unrealized gain (loss)				0.41					4.33					(5.65	)				5.89					(0.04	)				(0.44	)
Net increase (decrease) from investment operations				0.37					4.51					(5.56	)				5.88					(0.04	)				(0.36	)
Distributions from net investment income(c)				(0.22	)				(0.08	)				—					—					(0.02	)				(0.31	)
Net asset value, end of period			$	18.95				$	18.80				$	14.37				$	19.93				$	14.05				$	14.11
Total Return(d)
Based on net asset value				1.99	%(e)				31.49	%				(27.90	)%				41.85	%				(0.30	)%				(2.08	)%
Ratios to Average Net Assets(f)
Total expenses				1.46	%(g)(h)				1.71	%				1.40	%				1.39	%				1.40	%				1.45	%
Total expenses after fees waived and/or reimbursed				1.33	%(g)(h)				1.56	%				1.33	%				1.33	%				1.34	%				1.39	%
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes				1.29	%(g)				1.29	%				1.32	%				1.33	%				1.34	%				1.39	%
Net investment income (loss)				(0.42	)%(g)				1.07	%				0.48	%				(0.03	)%				(0.01	)%				0.56	%
Supplemental Data
Net assets, end of period (000)			$	70,024				$	71,692				$	59,981				$	87,462				$	65,887				$	78,418
Portfolio turnover rate				18	%				37	%				42	%				26	%				39	%				153	%

^(a)  Based on average shares outstanding.

^(b)  Amount is greater than $(0.005) per share.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) Annualized.

^(h)  Professional fees were not annualized in the calculation of the expense ratios. If this expenses was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.50% and 1.37%, respectively.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 31

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	BlackRock EuroFund (continued)
	Investor C
	Six Months Ended 12/31/23 (unaudited)					Year Ended 06/30/23					Year Ended 06/30/22					Year Ended 06/30/21					Year Ended 06/30/20					Year Ended 06/30/19
Net asset value, beginning of period			$	12.73				$	9.76				$	13.63				$	9.68				$	9.79				$	10.36
Net investment income (loss)(a)				(0.07	)				0.04					(0.06	)				(0.10	)				(0.08	)				(0.02	)
Net realized and unrealized gain (loss)				0.28					2.93					(3.81	)				4.05					(0.03	)				(0.31	)
Net increase (decrease) from investment operations				0.21					2.97					(3.87	)				3.95					(0.11	)				(0.33	)
Distributions from net investment income(b)				(0.18	)				—					—					—					—					(0.24	)
Net asset value, end of period			$	12.76				$	12.73				$	9.76				$	13.63				$	9.68				$	9.79
Total Return(c)
Based on net asset value				1.68	%(d)				30.43	%				(28.39	)%				40.81	%				(1.12	)%				(2.82	)%
Ratios to Average Net Assets(e)
Total expenses				2.16	%(f)(g)				2.44	%				2.17	%				2.17	%				2.19	%				2.20	%
Total expenses after fees waived and/or reimbursed				2.07	%(f)(g)				2.32	%				2.10	%				2.11	%				2.13	%				2.14	%
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes				2.04	%(f)				2.02	%				2.09	%				2.11	%				2.13	%				2.14	%
Net investment income (loss)				(1.13	)%(f)				0.36	%				(0.45	)%				(0.86	)%				(0.85	)%				(0.17	)%
Supplemental Data
Net assets, end of period (000)			$	1,077				$	1,267				$	1,055				$	2,451				$	3,088				$	4,179
Portfolio turnover rate				18	%				37	%				42	%				26	%				39	%				153	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

^(g)  Professional fees were not annualized in the calculation of the expense ratios. If this expenses was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.20% and 2.11%, respectively.

See notes to financial statements.

32 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	BlackRock EuroFund (continued)
	Class K
	Six Months Ended 12/31/23 (unaudited)					Year Ended 06/30/23					Year Ended 06/30/22					Year Ended 06/30/21					Year Ended 06/30/20					Year Ended 06/30/19
Net asset value, beginning of period			$	19.19				$	14.69				$	20.30				$	14.26				$	14.34				$	15.08
Net investment income (loss)(a)				(0.01	)				0.23					0.16					0.06					0.03					0.14
Net realized and unrealized gain (loss)				0.43					4.42					(5.77	)				5.98					(0.02	)				(0.46	)
Net increase (decrease) from investment operations				0.42					4.65					(5.61	)				6.04					0.01					(0.32	)
Distributions from net investment income(b)				(0.25	)				(0.15	)				—					—					(0.09	)				(0.42	)
Net asset value, end of period			$	19.36				$	19.19				$	14.69				$	20.30				$	14.26				$	14.34
Total Return(c)
Based on net asset value				2.20	%(d)				31.81	%				(27.64	)%				42.36	%				0.03	%				(1.70	)%
Ratios to Average Net Assets(e)
Total expenses				1.12	%(f)(g)				1.37	%				1.08	%				1.04	%				1.06	%				1.11	%
Total expenses after fees waived and/or reimbursed				1.03	%(f)(g)				1.25	%				1.01	%				0.98	%				1.00	%				1.05	%
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes				0.99	%(f)				0.99	%				1.00	%				0.98	%				1.00	%				1.05	%
Net investment income (loss)				(0.14	)%(f)				1.40	%				0.83	%				0.34	%				0.18	%				1.00	%
Supplemental Data
Net assets, end of period (000)			$	1,556				$	1,098				$	886				$	860				$	601				$	710
Portfolio turnover rate				18	%				37	%				42	%				26	%				39	%				153	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

^(g)  Professional fees were not annualized in the calculation of the expense ratios. If this expenses was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.16% and 1.07%, respectively.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

	BlackRock EuroFund (continued)
	Class R
	Six Months Ended 12/31/23 (unaudited)					Year Ended 06/30/23					Year Ended 06/30/22					Year Ended 06/30/21					Year Ended 06/30/20					Year Ended 06/30/19
Net asset value, beginning of period			$	13.91				$	10.61				$	14.79				$	10.46				$	10.54				$	11.14
Net investment income (loss)(a)				(0.04	)				0.12					(0.06	)				(0.04	)				(0.04	)				(0.01	)
Net realized and unrealized gain (loss)				0.30					3.18					(4.12	)				4.37					(0.04	)				(0.33	)
Net increase (decrease) from investment operations				0.26					3.30					(4.18	)				4.33					(0.08	)				(0.34	)
Distributions from net investment income(b)				(0.21	)				—					—					—					—					(0.26	)
Net asset value, end of period			$	13.96				$	13.91				$	10.61				$	14.79				$	10.46				$	10.54
Total Return(c)
Based on net asset value				1.89	%(d)				31.10	%				(28.26	)%				41.40	%				(0.76	)%				(2.66	)%
Ratios to Average Net Assets(e)
Total expenses				1.89	%(f)(g)				2.20	%				1.91	%				1.73	%				1.87	%				2.07	%
Total expenses after fees waived and/or reimbursed				1.57	%(f)(g)				1.82	%				1.84	%				1.67	%				1.81	%				2.01	%
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes				1.54	%(f)				1.54	%				1.83	%				1.67	%				1.81	%				2.01	%
Net investment income (loss)				(0.66	)%(f)				0.96	%				(0.41	)%				(0.32	)%				(0.42	)%				(0.07	)%
Supplemental Data
Net assets, end of period (000)			$	270				$	279				$	195				$	471				$	359				$	363
Portfolio turnover rate				18	%				37	%				42	%				26	%				39	%				153	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Annualized.

^(g)  Professional fees were not annualized in the calculation of the expense ratios. If this expenses was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.93% and 1.61%, respectively.

See notes to financial statements.

34 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

 

1. ORGANIZATION

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

Fund Name	Herein Referred To As	Diversification Classification
BlackRock Advantage Global Fund, Inc.	Advantage Global	Diversified
BlackRock EuroFund	EuroFund	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 and Class K Shares are sold only to certain eligible investors. Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional, Class K and Class R Shares	No		No		None
Investor A Shares	Yes		No	(a)	None
Investor C Shares	No		Yes	(b)	To Investor A Shares after approximately 8 years

^(a)  Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

^(b)  A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

The Board of Trustees of the Trust and the Board of Directors of the Corporation are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Directors”.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

NOTES TO FINANCIAL STATEMENTS 35

Notes to Financial Statements (unaudited) (continued)

 

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Funds may incur charges on overdrafts, subject to certain conditions.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. 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.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• The Funds value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii)   market multiples of comparable issuers.

36 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

 

	Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)   relevant news and other public sources; and (iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

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

• Level 1 – Unadjusted price quotations in active markets/exchanges 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); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Securities Lending: 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, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan

NOTES TO FINANCIAL STATEMENTS 37

Notes to Financial Statements (unaudited) (continued)

 

and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:

	Investment Advisory Fees
Average Daily Net Assets	Advantage Global			EuroFund
First $1 billion		0.66	%		0.75%
$1 billion — $3 billion		0.62			0.71
$3 billion — $5 billion		0.59			0.68
$5 billion — $10 billion		0.57			0.65
Greater than $10 billion		0.56			0.64

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

38 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

 

Service and Distribution Fees: The Funds entered into a Distribution Agreement and Distribution and Service Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

Share Class	Service Fees			Distribution Fees
Investor A		0.25	%	N/A
Investor C		0.25		0.75%
Class R		0.25		0.25

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended December 31, 2023, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

Fund Name	Investor A			Investor C			Class R			Total
Advantage Global	$	331,748		$	12,617		$	5,922		$ 350,287
EuroFund		84,346			5,499			668		90,513

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended December 31, 2023, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended December 31, 2023, 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:

Fund Name	Institutional		Investor A		Investor C		Class K		Class R		Total
Advantage Global	$	184	$	4,186	$	367	$	59	$	31	$ 4,827
EuroFund		738		1,598		33		9		9	2,387

For the six months ended December 31, 2023, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Investor C		Class K		Class R		Total
Advantage Global	$	40,010	$	246,717	$	3,377	$	1,810	$	3,109	$ 295,023
EuroFund		21,075		39,281		339		144		388	61,227

Other Fees: For the six months ended December 31, 2023, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

Fund Name	Investor A
Advantage Global	$    764
EuroFund	197

For the six months ended December 31, 2023, affiliates received CDSCs as follows:

Fund Name	Investor C
Advantage Global	$      6

Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended December 31, 2023, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Global	$            2,399
EuroFund	173

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended December 31, 2023, there were no fees waived by the Manager pursuant to this arrangement.

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (unaudited) (continued)

 

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:

Fund Name	Institutional			Investor A			Investor C			Class K			Class R
Advantage Global		0.71	%		0.96	%		1.71	%		0.66	%	1.21%
EuroFund		1.04			1.29			2.04			0.99		1.54

The Manager has agreed not to reduce or discontinue this contractual expense limitation through June 30, 2025, unless approved by the Board, including a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended December 31, 2023, the Manager waived and/or reimbursed the following amounts, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Global	$           286,028
EuroFund	35,408

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Statements of Operations. For the six months ended December 31, 2023, class specific expense waivers and/or reimbursements were as follows:

	Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Class R		Total
Advantage Global	$	26,133	$	180,368	$	2,746	$	1,810	$	2,517	$	213,574
EuroFund		13,088		22,411		87		143		322		36,051

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for 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, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Funds. The Money Market Series may impose a discretionary liquidity fee of up to 2% of the value withdrawn, if such fee is determined to be in the best interests of the Money Market Series. 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.

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 the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment expenses), 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 BlackRock Multi-Asset 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 in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), 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 income — affiliated — net in the Statements of Operations. For the six months ended December 31, 2023, each Fund paid BIM the following amounts for securities lending agent services:

Fund Name	Amounts
Advantage Global	$	345
EuroFund		20

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. EuroFund is currently permitted to borrow under the Interfund Lending Program. Advantage Global is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

40 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

 

During the period ended December 31, 2023, the Funds did not participate in the Interfund Lending Program.

Directors and Officers: Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended December 31, 2023, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

Fund Name	Purchases		Sales		Net Realized Gain (Loss)
Advantage Global	$	20,016,625	$	32,480,954	$	3,191,127
EuroFund		—		308,381		(12,617	)

7. PURCHASES AND SALES

For the six months ended December 31, 2023, purchases and sales of investments, excluding short-term securities, were as follows:

Fund Name	Purchases		Sales
Advantage Global	$	247,378,536	$	284,954,263
EuroFund		18,398,365		24,294,320

8. INCOME TAX INFORMATION

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of June 30, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Fund Name	Non-Expiring Capital Loss Carryforwards
Advantage Global	$	(17,116,281	)
EuroFund		(17,325,944	)

As of December 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost			Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Advantage Global	$	307,895,050		$	80,730,433		$	(9,591,746	)	$	71,138,687
EuroFund		74,824,174			33,474,865			(1,516,105	)		31,958,760

9. BANK BORROWINGS

The Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2024 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended December 31, 2023, the Funds did not borrow under the credit agreement.

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (unaudited) (continued)

 

10. PRINCIPAL RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. 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 more volatile and less liquid than U.S. securities and may be 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 the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

42 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

 

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 12/31/23							Year Ended 06/30/23
Fund Name / Share Class	Shares			Amounts				Shares			Amounts
Advantage Global
Institutional
Shares sold		106,752		$	2,550,047				256,079		$	5,503,523
Shares issued in reinvestment of distributions		31,725			771,536				45,991			990,316
Shares redeemed		(180,421	)		(4,279,892	)			(946,488	)		(20,364,108	)
		(41,944	)	$	(958,309	)			(644,418	)	$	(13,870,269	)
Investor A
Shares sold		188,271		$	4,176,852				961,713		$	18,916,124
Shares issued in reinvestment of distributions		153,413			3,487,061				208,061			4,180,976
Shares redeemed		(1,108,367	)		(24,634,194	)			(2,448,975	)		(49,850,265	)
		(766,683	)	$	(16,970,281	)			(1,279,201	)	$	(26,753,165	)
Investor C
Shares sold		12,049		$	206,360				36,310		$	595,928
Shares issued in reinvestment of distributions		2,228			39,498				2,494			38,913
Shares redeemed and automatic conversion of shares		(26,275	)		(461,304	)			(137,392	)		(2,192,980	)
		(11,998	)	$	(215,446	)			(98,588	)	$	(1,558,139	)
Class K
Shares sold		55,535		$	1,323,754				368,871		$	8,218,955
Shares issued in reinvestment of distributions		25,497			620,100				42,395			912,633
Shares redeemed		(764,013	)		(17,362,479	)			(431,520	)		(9,151,527	)
		(682,981	)	$	(15,418,625	)			(20,254	)	$	(19,939	)
Class R
Shares sold		26,014		$	507,864				13,008		$	228,457
Shares issued in reinvestment of distributions		2,008			39,975				2,061			36,383
Shares redeemed		(17,720	)		(343,951	)			(45,027	)		(769,474	)
		10,302		$	203,888				(29,958	)	$	(504,634	)
		(1,493,304	)	$	(33,358,773	)			(2,072,419	)	$	(42,706,146	)

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (unaudited) (continued)

 

	Six Months Ended 12/31/23							Year Ended 06/30/23
Fund Name / Share Class	Shares			Amounts				Shares			Amounts
EuroFund
Institutional
Shares sold		85,626		$	1,654,125				285,373		$	5,270,145
Shares issued in reinvestment of distributions		19,124			360,680				10,533			173,479
Shares redeemed		(176,603	)		(3,300,824	)			(215,528	)		(3,654,878	)
		(71,853	)	$	(1,286,019	)			80,378		$	1,788,746
Investor A
Shares sold		35,614		$	647,853				125,307		$	2,160,703
Shares issued in reinvestment of distributions		35,616			656,401				16,327			263,187
Shares redeemed		(191,288	)		(3,430,857	)			(500,516	)		(8,150,313	)
		(120,058	)	$	(2,126,603	)			(358,882	)	$	(5,726,423	)
Investor C
Shares sold		636		$	7,953				35,455		$	388,635
Shares issued in reinvestment of distributions		1,222			15,161				—			—
Shares redeemed and automatic conversion of shares		(16,909	)		(206,602	)			(44,073	)		(514,401	)
		(15,051	)	$	(183,488	)			(8,618	)	$	(125,766	)
Class K
Shares sold		31,199		$	553,904				17,347		$	311,617
Shares issued in reinvestment of distributions		818			15,389				320			5,256
Shares redeemed		(8,837	)		(157,245	)			(20,786	)		(337,462	)
		23,180		$	412,048				(3,119	)	$	(20,589	)
Class R
Shares sold		1,474		$	19,806				4,503		$	56,785
Shares issued in reinvestment of distributions		290			3,942				—			—
Shares redeemed		(2,510	)		(30,275	)			(2,867	)		(32,520	)
		(746	)	$	(6,527	)			1,636		$	24,265
		(184,528	)	$	(3,190,589	)			(288,605	)	$	(4,059,767	)

As of December 31, 2023, BlackRock Financial Management, Inc., an affiliate of the Fund, owned 12,070 Class K Shares of EuroFund.

12. FOREIGN WITHHOLDINGS TAX CLAIMS

EuroFund is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

44 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock Advantage Global Fund, Inc. and BlackRock EuroFund (the “Funds”) have adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage each Funds’ liquidity risk.

The Board of Directors (the “Board”) of the Funds, on behalf of the Funds, met on November 16-17, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. A fund’s derivative exposure was also considered in such calculation.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size utilized for liquidity classifications. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM 45

Additional Information

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

General Information

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices 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 schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and 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 without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at 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 blackrock.com for more information.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.

Automatic Investment Plans

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

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.

46 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

 

BlackRock Privacy Principles (continued)

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.

Fund and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser^(a)

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent

State Street Bank and Trust Company

Boston, MA 02114

Custodian

Brown Brothers Harriman & Co.

Boston, MA 02109

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10001

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

^(a) For BlackRock EuroFund.

ADDITIONAL INFORMATION 47

Glossary of Terms Used in this Report

Portfolio Abbreviation

ADR	American Depositary Receipt
MSCI	Morgan Stanley Capital International
NVDR	Non-Voting Depositary Receipt
PCL	Public Company Limited
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SAB	Special Assessment Bonds
SCA	Societe en Commandite par Actions

48 2 0 2 3  BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

blackrock.com | 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

EGSC-12/23-SAR

  

(b) Not Applicable

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 Registrant – 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(a) 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 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 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

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: February 23, 2024

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: February 23, 2024

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock EuroFund

Date: February 23, 2024

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