N-CSRS 1 d285001dncsrs.htm BLACKROCK EUROFUND BlackRock EuroFund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-04612

 

Name of Fund:   BlackRock EuroFund

 

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 06/30/2022

Date of reporting period: 12/31/2021

 

Item 1 –

Reports to Stockholders

(a) The Report to Shareholders is attached herewith.

 

 

LOGO

  DECEMBER 31, 2021

 

  

2021 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 12-month reporting period as of December 31, 2021 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of an additional fiscal stimulus package and infrastructure bill further boosted stocks. In the United States, both large- and small-capitalization stocks posted a strong advance, and many equity indices neared or surpassed all-time highs late in the reporting period. International equities from developed markets also gained, although emerging market stocks declined, pressured by a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds, which declined.

The Fed maintained accommodative monetary policy during the reporting period by maintaining near-zero interest rates and by asserting that inflation could exceed its 2% target for a sustained period without triggering a rate increase. However, the Fed’s tone shifted late in the year, as it reduced its bond-buying program and used its market guidance to raise the prospect of higher rates in 2022.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta and Omicron variants of the coronavirus remain a threat, particularly in emerging markets. While we expect inflation to abate somewhat as supply bottlenecks are resolved, we anticipate that inflation will remain higher than the pre-COVID norm. The Fed is poised to raise interest rates next year in response, but the Fed’s policy shift means that tightening is likely to be less aggressive than what we’ve seen in previous cycles.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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,

 

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

 

Total Returns as of December 31, 2021

 

     
     6-Month     12-Month  
   

U.S. large cap equities
(S&P 500® Index)

   11.67%   28.71%
   

U.S. small cap equities
(Russell 2000® Index)

   (2.31)     14.82  
   

International equities
(MSCI Europe, Australasia, Far East Index)

   2.24   11.26
   

Emerging market equities
(MSCI Emerging Markets Index)

   (9.30)   (2.54)
   

3-month Treasury bills
(ICE BofA 3-Month U.S. Treasury Bill Index)

   0.02   0.05
   

U.S. Treasury securities
(ICE BofA 10-Year U.S. Treasury Index)

   0.44   (3.68)
   

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

   0.06   (1.54)
   

Tax-exempt municipal bonds
(S&P Municipal Bond Index)

   0.52   1.77
   

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

   1.59   5.26
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  

T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

 

Table of Contents

 

    

      Page

The Markets in Review

    2

Semi-Annual Report:

   

Fund Summary

   4

About Fund Performance

   9

Disclosure of Expenses

   9

Derivative Financial Instruments

   10

Financial Statements:

   

Schedules of Investments

  

11

Statements of Assets and Liabilities

  

24

Statements of Operations

  

26

Statements of Changes in Net Assets

  

27

Financial Highlights

   28

Notes to Financial Statements

   38

Statement Regarding Liquidity Risk Management Program

   48

Additional Information

   49

Glossary of Terms Used in this Report

   51

 

 

 

LOGO

 

 

  3

Fund Summary  as of December 31, 2021     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, 2021, the Fund underperformed its benchmark, the MSCI All Country World Index.

What factors influenced performance?

The Fund struggled against a highly changeable backdrop during the period. Initially investor preference for value styles was driven by a continuation of the strong reflationary market tone from broad economic reopening in 2021. However, a surprisingly hawkish pivot from the Fed in June 2021 prompted a rotation back toward secular growth positions. This resurrected 2020 themes, which were further supported by declining bond yields as well as concerns around the spread of the COVID-19 Delta variant strain. The pro-growth theme persisted until another sharp rotation in September 2021 to value, which was also instigated by a more hawkish Fed. The announcement of the expected tapering of Fed bond purchases resulted in a sharp spike in bond yields supporting cyclical exposures. This was compounded by the simultaneous sharp rise in commodities prices that put further pressure on inflation. Ultimately, investor attention remained on sustained robust company earnings with market dips viewed as buying opportunities. The focus was also on inflation as the Consumer Price Index reached its highest level since 1982, which led to a rotation at period end back to value styles.

Unsurprisingly, the inflection points during the period proved challenging to performance with noted weakness led by both quality and value fundamental insights, as well as macro thematic insights. Within fundamentals, valuation-based measures came under pressure beginning in June 2021 through the summer as the market rotated toward a growth preference.

Quality measures also weighed on performance as insights related to environmental, social and governance (“ESG”) factors ran against the strong commodities price inflation during the period. Specifically, this was observed across environmental transition measures that look toward “green” patent filings as well as companies that stand to benefit from the European Union’s green stimulus package. Elsewhere, luxury goods companies, which were favored quality long positions, sharply declined in the back half of the period. These stocks proved overly sensitive to regulatory uncertainty from China and the resulting concerns for Chinese consumption. Notably, a measure that penalizes companies that pay lower levels of taxes versus peers, typically growth-oriented technology stocks, and favors those with higher taxation levels, generally blue chips, also detracted from performance.

Further compounding the challenges, macro thematic positioning broadly failed to keep pace with the speed of market rotation and amid the interest rate volatility. In particular, insights looking to capture the economic recovery reopening trade were wrong-footed. Finally, a measure evaluating technology firms positioned to benefit from rising rates ran against the reemergence of 2020 themes and was a top detractor.

Sentiment-based stock selection insights were broadly additive, helping to offset the broader weakness. Most notably, trend-based sentiment measures correctly captured the evolving market backdrop. Specifically, insights evaluating text analyses of broker reports and company executive commentaries to capture both short-term results and long-term fundamentals performed well. Other faster moving alternative data insights that evaluate online search trends were able to correctly position the portfolio around the shifting market backdrop. The real time nature of these types of measures proved helpful in evaluating the quickly evolving marketplace.

Elsewhere, select macro thematic insights were additive. An insight designed to track company events such as mergers helped the portfolio capture shifts across these company actions and was a top contributor during the period.

Describe recent portfolio activity.

The Fund maintained a balanced allocation of risk across all major return drivers over the period. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities by adding an insight that captures brand sentiment around retail names. Additionally, given the dynamism of the current environment, the Fund has instituted enhanced signal constructs to best identify emerging trends, such as sentiment around supply chain disruptions and wage inflation.

Describe portfolio positioning at period end.

At period end, the Fund’s positioning with respect to both geographical and sector allocation was largely neutral. The Fund had slightly underweight allocations to the materials and consumer staples sectors and slight overweights to industrials and information technology. In country and regional terms, the Fund had a slight overweight to Canada and a slight underweight to Japan.

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  

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Fund Summary  as of December 31, 2021 (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

     5.26 %       17.89 %      N/A       13.52 %       N/A       11.92 %      N/A  

Investor A

     5.13        17.62       11.44 %      13.21        12.00 %      11.58       10.98 % 

Investor C

     4.71        16.72       15.76       12.37        12.37       10.88       10.88  

Class K

     5.27        17.99       N/A       13.56        N/A       11.95       N/A  

Class R

     5.02        17.36       N/A       12.91        N/A       11.23       N/A  

MSCI All Country World Index(c)

    5.55        18.54       N/A       14.40        N/A       11.85       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

          
     

 Beginning

Account Value

(07/01/21)

 

 

 

    

 Ending

Account Value

(12/31/21)

 

 

 

    

 Expenses

Paid During

the  Period

  

 

(a) 

           

 Beginning

Account Value

(07/01/21)

 

 

 

    

 Ending

Account Value

(12/31/21)

 

 

 

    

 Expenses

Paid During

the  Period

  

 

(a) 

     

Annualized  

Expense  

Ratio   

Institutional

     $        1,000.00       $        1,052.60       $         3.67         $        1,000.00       $        1,021.63       $         3.62       0.71%

Investor A

     1,000.00       1,051.30       4.96         1,000.00       1,020.37       4.89       0.96   

Investor C

     1,000.00       1,047.10       8.82         1,000.00       1,016.59       8.69       1.71   

Class K

     1,000.00       1,052.70       3.41         1,000.00       1,021.88       3.36       0.66   

Class R

     1,000.00       1,050.20       6.25               1,000.00       1,019.11       6.16         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 184/365 (to reflect the one-half year period shown).

 

 

 

F U N D   S U M M A R Y

   5

Fund Summary  as of December 31, 2021 (continued)    BlackRock Advantage Global Fund, Inc.

 

Portfolio Information

 

TEN LARGEST HOLDINGS

 

Security  

Percent of   

Net Assets   

 

Microsoft Corp.

   4%

Apple, Inc.

   4   

Amazon.com, Inc.

   2   

Johnson & Johnson

   2   

ASML Holding NV

   2   

NVIDIA Corp.

   1   

Alphabet, Inc., Class C

   1   

Tesla, Inc.

   1   

Intuit, Inc.

   1   

AT&T, Inc.

   1   

 

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region   Percent of   
Net Assets   

 

United States

   60%

Canada

   5   

Japan

   4   

China

   4   

Germany

   3   

France

   3   

United Kingdom

   3   

Netherlands

   2   

Taiwan

   2   

Finland

   2   

Ireland

   2   

Sweden

   1   

Norway

   1   

Denmark

   1   

Switzerland

   1   

India

   1   

South Korea

   1   

Hong Kong

   1   

Malaysia

   1   

Israel

   1   

Brazil

   1   

Other#

  —   

Liabilities in Excess of Other Assets

   (—)(a)

 

 

 

(a)

Rounds to more than (1)% of net assets.

#

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

 

 

6  

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Fund Summary  as of December 31, 2021

    

    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, 2021, the Fund outperformed its benchmark, the MSCI EMU Index.

What factors influenced performance?

The Fund’s outperformance was driven by positive effects from both stock selection and sector allocations. Generally speaking, the stocks in the portfolio benefited from robust earnings results.

Positioning in the industrials sector was the largest contributor to returns, led by the chemicals distributor IMCD NV (Netherlands). The company benefited from a supportive environment for distribution businesses given the supply constraints many industries are facing. Investments in Schneider Electric SE (France) and Kingspan Group PLC (Ireland) further helped performance in industrials.

The semiconductor supplier ASML Holding NV (Netherlands), which gained ground due to exceptional demand and a large order backlog, was also among the top contributors. STMicroelectronics NV (France) further aided Fund returns in the semiconductor space. In health care, Merck KGaA (Germany) delivered robust results in its key life sciences and performance materials businesses. Ferrari NV (Italy) was a top contributor in consumer discretionary thanks to strong third quarter 2021 orders and the presentation of a new model that was well received by investors.

On the negative side, the payment provider Worldline SA (France) was the largest detractor. The company was unable to capitalize on the shift from cash to card payments, causing its growth to come in below expectations. The investment adviser sold the stock from the portfolio. Positions in the travel-related companies MTU Aero Engines AG (Germany) and Safran SA (France) also detracted, as the broader industry experienced a sell-off late in the year due to the emergence of the Omicron variant of COVID-19.

Describe recent portfolio activity.

The Fund participated in a number of initial public offerings over the course of the period, including that of the specialty chemical and food ingredients distributor Azelis Holding SA (Belgium). The Fund also added Netherlands-listed Universal Music Group NV (“UMG”), which came to the market following a spin-off from the media giant Vivendi. UMG is the leading music business in the world, with a strong competitive positioning and exposure to the fast-growing streaming business.

The Fund also added Siemens AG (Germany) and increased its weighting in the health care sector by initiating a position in Sartorius AG (Germany). The Dutch payment company Adyen NV and the French semiconductor materials producer Soitec SA were other notable additions in the second half of 2021.

These purchases were funded through sales of Sanofi SA (France), Worldline SA and the travel-related company Amadeus IT Group SA (Spain). In addition, the Fund exited Enel SpA (Italy) in utilities and rotated to Energias de Portugal SA (Portugal) on the belief the latter is well positioned in the renewables business.

Describe portfolio positioning at period end.

The Fund was overweight in the industrials and information technology sectors, and it was underweight financials, consumer staples, utilities, energy, consumer discretionary, materials, real estate, health care and communication services.

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.

 

 

F U N D   S U M M A R Y

   7

Fund Summary  as of December 31, 2021 (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

     5.90 %        19.53 %      N/A         11.89 %      N/A         8.88 %      N/A  

Investor A

     5.77         19.30       13.04 %        11.66       10.46 %        8.65       8.07 % 

Investor C

     5.43         18.37       17.37         10.81       10.81         7.96       7.96  

Class K

     5.96         19.70       N/A         12.02       N/A         8.95       N/A  

Class R

     5.48         18.72       N/A         11.12       N/A         8.12       N/A  

MSCI EMU Index(c)

    1.62               13.54       N/A               9.94       N/A               8.67       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 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

           
     

 Beginning
Account Value
(07/01/21) 		 
 
 		     

 Ending
Account Value
(12/31/21) 		 
 
 		     

 Expenses
Paid During
the Period		  
 
(a) 		            

 Beginning
Account Value
(07/01/21) 		 
 
 		     

 Ending
Account Value
(12/31/21) 		 
 
 		     

 Expenses
Paid During
the Period		  
 
(a) 		       

 Annualized
Expense
Ratio 		 
 
 

Institutional

     $        1,000.00        $        1,059.00        $          5.45         $        1,000.00        $        1,019.91        $         5.35          1.05 % 

Investor A

     1,000.00        1,057.70        6.69         1,000.00        1,018.70        6.56          1.29  

Investor C

     1,000.00        1,054.30        10.72         1,000.00        1,014.77        10.51          2.07  

Class K

     1,000.00        1,059.60        4.93         1,000.00        1,020.42        4.84          0.95  

Class R

     1,000.00        1,054.80        9.37               1,000.00        1,016.08        9.20          1.81  

 

  (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 184/365 (to reflect the one-half year period shown).

 

Portfolio Information

 

TEN LARGEST HOLDINGS

   
Security  

Percent of   

Net Assets   

ASML Holding NV

   9%

LVMH Moet Hennessy Louis Vuitton SE

   7   

Schneider Electric SE

   5   

Siemens AG, Registered Shares

   4   

BNP Paribas SA

   4   

IMCD NV

   3   

DSV A/S

   3   

Merck KGaA

   3   

Teleperformance

   3   

Linde PLC

   2   

GEOGRAPHIC ALLOCATION

   
Country/Geographic Region  

Percent of   

Net Assets   

France

   32%

Netherlands

   21   

Germany

   18   

Italy

   5   

United Kingdom

   5   

Finland

   5   

Switzerland

   4   

Denmark

   3   

Portugal

   2   

Ireland

   2   

Belgium

   1   

Luxembourg

   1   

Europe

   1   

United States

   —(a)

Other Assets Less Liabilities

   —(a)
 

 

(a)

Rounds to less than 1% of net assets.

 

 

 

8  

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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 (or from the commencement of operations if less than 6 months) 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.

 

 

A B O U T   F U N D   P E R F O R M A N C E   /   D I S C L O S U R E   O F   E X P E N S E S

   9

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. 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.

 

 

10  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

Common Stocks

 

Argentina — 0.0%

 

Globant SA(a)

     225     $ 70,670  
   

 

 

  
Australia — 0.4%  

Aristocrat Leisure Ltd.

     7,466       236,841  

BHP Group Ltd.

     2,991       90,303  

CSL Ltd.

     2,591       547,997  

Iluka Resources Ltd.

     19,279       142,123  

Insignia Financial Ltd.

     14,826       39,066  

Medibank Pvt Ltd.

     147,589       359,468  

Metcash Ltd.

     8,431       27,577  

Perpetual Ltd.

     785       20,544  

REA Group Ltd.

     5,645       688,360  
   

 

 

  
          2,152,279  
Austria — 0.1%  

ANDRITZ AG

     968       49,787  

BAWAG Group AG(b)

     940       57,651  

Erste Group Bank AG

     2,431       113,966  

Verbund AG

     545       61,250  
   

 

 

  
      282,654  
Belgium — 0.0%  

D’ieteren Group

     104       20,274  
   

 

 

  
Brazil — 0.2%  

Ambev SA

     120,209       336,372  

B3 SA - Brasil Bolsa Balcao

     95,640       190,456  

Banco do Brasil SA

     5,894       30,462  

Cogna Educacao(a)

     29,148       12,784  

CPFL Energia SA

     4,636       22,331  

Embraer SA(a)

     13,617       60,819  

Energisa SA

     6,384       50,768  

Equatorial Energia SA

     13,177       53,433  

Klabin SA

     3,440       15,819  

Locaweb Servicos de Internet SA(a)(b)

     11,405       26,460  

Marfrig Global Foods SA

     35,118       139,148  

Minerva SA

     9,765       18,604  

Porto Seguro SA

     9,178       34,379  

Telefonica Brasil SA

     2,130       18,491  

Ultrapar Participacoes SA

     42,365       112,330  

XP, Inc., Class A(a)

     1,535       44,116  
   

 

 

  
      1,166,772  
Canada — 4.6%  

Agnico Eagle Mines Ltd.

     10,660       566,224  

Alamos Gold Inc.

     2,856       21,968  

Alimentation Couche-Tard, Inc.

     14,388       602,841  

AltaGas Ltd.

     936       20,208  

ARC Resources Ltd.

     7,546       68,603  

Aritzia Inc.(a)

     652       26,983  

Atco Ltd., Class I

     2,156       72,779  

B2Gold Corp.

     8,265       32,539  

Bank of Montreal

     3,937       423,875  

Barrick Gold Corp.

     15,665       297,833  

BCE, Inc.

     10,138       527,437  

BRP, Inc.

     770       67,446  

Canada Goose Holdings, Inc.(a)

     10,902       404,028  

Canadian Apartment Properties REIT

     961       45,552  

Canadian Natural Resources Ltd.

     36,885       1,558,562  

Canadian Pacific Railway Ltd.

     22,262       1,601,167  

Canadian Utilities Ltd., Class A

     3,456       100,242  

Cargojet, Inc.

     136       17,909  
Security   Shares     Value  

 

  

Canada (continued)

    

CI Financial Corp.

     5,214     $ 108,983  

Crescent Point Energy Corp.

     196,557       1,048,863  

Descartes Systems Group Inc. (The)(a)

     255       21,090  

Element Fleet Management Corp.

     3,770       38,387  

Emera, Inc.

     3,302       165,028  

Enbridge, Inc.

     8,661       338,306  

Fairfax Financial Holdings Ltd.

     1,431       703,921  

Finning International, Inc.

     559       14,088  

First Capital Real Estate Investment Trust

     1,358       20,247  

FirstService Corp.

     3,617       710,847  

Franco-Nevada Corp.

     6,358       879,298  

George Weston Ltd.

     893       103,536  

GFL Environmental, Inc.

     2,898       109,579  

Gildan Activewear, Inc.

     455       19,291  

Great-West Lifeco, Inc.

     24,590       737,924  

IGM Financial, Inc.

     991       35,740  

Intact Financial Corp.

     4,952       643,668  

Kirkland Lake Gold Ltd.

     1,707       71,535  

Manulife Financial Corp.

     15,411       293,734  

MEG Energy Corp.(a)

     1,895       17,528  

NexGen Energy Ltd.(a)

     9,354       40,967  

Onex Corp.

     6,904       541,863  

Open Text Corp.

     6,519       309,420  

Parex Resources, Inc.

     2,895       49,457  

Pretium Resources Inc.(a)

     1,748       24,625  

Royal Bank of Canada

     19,971       2,119,536  

Shopify, Inc., Class A(a)

     1,462       2,013,005  

Stantec, Inc.

     3,224       181,137  

TFI International, Inc.

     2,077       232,945  

Thomson Reuters Corp.

     4,510       539,332  

TMX Group Ltd.

     210       21,291  

Toromont Industries Ltd.

     95       8,589  

Tourmaline Oil Corp.

     50,494       1,630,242  

Wheaton Precious Metals Corp.

     55,643       2,387,685  

Whitecap Resources, Inc.

     6,083       36,019  

Yamana Gold, Inc.

     17,001       71,501  
   

 

 

  
          22,745,403  
China — 3.6%  

3SBio, Inc.(a)(b)

     35,500       29,584  

Alibaba Group Holding Ltd.(a)

     35,300       518,754  

Aluminum Corp. of China Ltd., Class A(a)

     222,600       214,448  

Aluminum Corp. of China Ltd., Class H(a)

     26,000       14,326  

Angang Steel Co. Ltd., Class H

     30,000       13,377  

Anta Sports Products Ltd.

     6,200       93,114  

Asymchem Laboratories Tianjin Co. Ltd., Class A

     200       13,685  

Autohome, Inc., ADR

     482       14,209  

BAIC Motor Corp. Ltd., Class H(b)

     81,000       34,794  

Baidu, Inc., ADR(a)(c)

     9,120       1,356,965  

Baidu, Inc., Class A(a)

     7,800       145,477  

BOC Hong Kong Holdings Ltd.

     205,500       673,938  

Brii Biosciences Ltd.(a)

     3,500       14,767  

BYD Co. Ltd., Class A

     28,671       1,207,460  

BYD Co. Ltd., Class H

     16,000       541,190  

China Longyuan Power Group Corp. Ltd., Class H

     32,000       74,746  

China Merchants Bank Co. Ltd., Class H

     3,500       27,228  

China Suntien Green Energy Corp. Ltd.

     56,000       43,687  

Contemporary Amperex Technology Co. Ltd., Class A

     12,600       1,163,538  

COSCO SHIPPING Holdings Co. Ltd., Class A(a)

     76,900       227,017  

COSCO SHIPPING Holdings Co. Ltd., Class H(a)

     121,000       234,614  

Country Garden Services Holdings Co. Ltd.

     5,000       30,020  

CSPC Pharmaceutical Group Ltd.

     128,080       139,465  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   11

Schedule of Investments (unaudited) (continued)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

China (continued)

    

Dali Foods Group Co. Ltd.(b)

     89,000     $ 46,568  

Dongyue Group Ltd.

     17,000       26,555  

East Money Information Co. Ltd., Class A

     16,360       95,611  

Ganfeng Lithium Co. Ltd., Class A

     11,800       265,721  

Ganfeng Lithium Co. Ltd., Class H(b)

     6,200       97,628  

Great Wall Motor Co. Ltd., Class H

     3,500       12,024  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H

     4,000       11,523  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

     3,600       64,921  

Hithink RoyalFlush Information Network Co. Ltd., Class A

     24,000       545,737  

Huadian Power International Corp. Ltd., Class H

     120,000       52,336  

Imeik Technology Development Co. Ltd.

     1,500       126,491  

Industrial Bank Co. Ltd., Class A

     6,172       18,481  

Innovent Biologics, Inc.(a)(b)

     2,500       15,481  

JD Logistics, Inc.(a)(b)

     4,900       16,644  

JD.com, Inc., ADR(a)

     616       43,163  

JiuGui Liquor Co. Ltd.

     1,300       43,453  

JOYY, Inc., ADR

     732       33,255  

KE Holdings, Inc., ADR(a)

     4,068       81,848  

Kingdee International Software Group Co. Ltd.(a)

     10,000       30,782  

Kuaishou Technology(a)(b)

     19,400       179,866  

Lenovo Group Ltd.

     202,000       232,156  

Li Auto, Inc., ADR(a)

     1,167       37,461  

Li Ning Co. Ltd.

     19,500       213,916  

Logan Group Co. Ltd.

     52,000       39,746  

Meituan, Class B(a)(b)

     31,600       913,792  

Metallurgical Corp. of China Ltd., Class H

     94,000       24,015  

NetEase, Inc.

     18,710       378,290  

Pharmaron Beijing Co. Ltd.

     700       15,555  

Ping An Insurance Group Co. of China Ltd., Class H

     74,500       536,855  

Postal Savings Bank of China Co. Ltd.,
Class H(b)

     179,000       125,702  

Shandong Nanshan Aluminum Co. Ltd., Class A

     56,700       42,181  

Shanghai Junshi Biosciences Co. Ltd.(a)

     4,470       47,094  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

     700       17,684  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

     2,979       147,873  

Shenzhen Capchem Technology Co. Ltd., Class A

     5,030       89,389  

Shenzhen Inovance Technology Co. Ltd., Class A

     16,000       172,822  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

     11,102       665,143  

Shui On Land Ltd.

     75,000       10,096  

Sinotruk Hong Kong Ltd.

     26,000       40,031  

Sunac China Holdings Ltd.

     171,000       258,677  

Tencent Holdings Ltd.

     52,500       3,063,433  

Uni-President China Holdings Ltd.

     42,000       40,713  

Vipshop Holdings Ltd., ADR(a)

     31,130       261,492  

WuXi AppTec Co. Ltd., Class H(b)

     14,616       252,540  

Wuxi Biologics Cayman, Inc.(a)(b)

     19,000       224,939  

Wuxi Lead Intelligent Equipment Co. Ltd., Class A

     7,200       84,188  

XPeng, Inc., ADR(a)

     9,723       489,359  

XPeng, Inc., Class A(a)

     900       21,431  

Xtep International Holdings Ltd.

     8,500       14,180  

Yadea Group Holdings Ltd.(b)

     64,000       124,730  

Yunnan Aluminium Co. Ltd., Class A(a)

     25,300       44,697  

Yunnan Energy New Material Co. Ltd., Class A

     2,700       106,222  

Zhejiang Huayou Cobalt Co. Ltd., Class A

     10,500       182,353  

Zijin Mining Group Co. Ltd., Class A

     168,300       257,513  

Zijin Mining Group Co. Ltd., Class H

     112,000       133,760  
   

 

 

  
          17,944,519  
Security   Shares     Value  

 

  

Colombia — 0.0%

   

Tecnoglass, Inc.

     469     $ 12,283  
   

 

 

  
Czech Republic — 0.0%            

CEZ A/S

     3,514       133,005  
   

 

 

  
Denmark — 1.0%            

AP Moeller - Maersk A/S, Class A

     91       301,898  

AP Moeller - Maersk A/S, Class B

     498       1,777,518  

Coloplast A/S, Class B

     1,285       226,257  

FLSmidth & Co. A/S

     558       20,859  

Genmab A/S(a)

     1,074       428,690  

Novo Nordisk A/S, Class B

     17,329       1,946,495  

Novozymes A/S, B Shares

     1,716       140,900  
   

 

 

  
      4,842,617  
Finland — 1.9%  

Kone OYJ, Class B

     41,412       2,971,670  

Nokia OYJ(a)

     673,343       4,264,743  

Nordea Bank Abp

     191,305       2,333,754  
   

 

 

  
      9,570,167  
France — 2.7%  

Air Liquide SA

     302       52,670  

Airbus SE(a)

     330       42,221  

AXA SA

     14,502       431,627  

Engie SA

     39,417       583,584  

Hermes International

     905       1,581,373  

Kering SA

     945       758,222  

Legrand SA

     7,861       920,688  

L’Oreal SA

     11,231       5,355,083  

LVMH Moet Hennessy Louis Vuitton SE

     573       473,546  

Pernod Ricard SA

     3,222       775,141  

Remy Cointreau SA

     142       34,516  

Rexel SA

     34,929       707,398  

Rubis SCA

     5,578       166,800  

Sanofi

     181       18,162  

Sartorius Stedim Biotech

     295       162,016  

Schneider Electric SE

     767       150,789  

Societe Generale SA

     24,709       849,216  

Sodexo SA(a)

     543       47,604  

SPIE SA

     5       130  

Teleperformance

     429       191,796  

Valeo

     8,781       264,803  
   

 

 

  
          13,567,385  

Germany — 3.2%

 

Allianz SE, Registered Shares

     2,204       519,832  

Bayerische Motoren Werke AG

     8,612       861,564  

Beiersdorf AG

     467       47,870  

Covestro AG(b)

     607       37,360  

Deutsche Post AG, Registered Shares

     25,523       1,641,659  

DWS Group GmbH & Co. KGaA(b)

     361       14,558  

Evonik Industries AG

     9,671       312,426  

Fielmann AG

     1,057       70,960  

Fraport AG Frankfurt Airport Services Worldwide(a)

     743       49,749  

Freenet AG

     7,649       202,148  

Gerresheimer AG

     177       17,018  

HelloFresh SE(a)

     5,480       419,976  

HUGO BOSS AG

     3,265       197,643  

Jenoptik AG

     4       169  

K+S AG(a)

     1,229       21,141  

MTU Aero Engines AG

     1,053       213,805  

Rheinmetall AG

     1,604       150,953  
 

 

 

12  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security

     Shares       Value  

 

  

Germany (continued)

    

SAP SE

     37,869     $ 5,329,664  

Scout24 AG(b)

     3,948       275,674  

Siemens AG, Registered Shares

     28,892       5,004,175  

Siemens Healthineers AG(b)

     1,345       100,282  

Telefonica Deutschland Holding AG

     89,988       249,608  

TUI AG(a)

     7       22  

Wacker Chemie AG

     814       121,010  
   

 

 

  
          15,859,266  

Greece — 0.0%

    

Star Bulk Carriers Corp.

     1,059       24,008  
   

 

 

  
Hong Kong — 0.6%            

AIA Group Ltd.

     157,600       1,590,632  

ASM Pacific Technology Ltd.

     1,400       15,129  

Hang Seng Bank Ltd.

     11,800       216,076  

Kerry Properties Ltd.

     7,500       19,533  

Link REIT

     67,600       595,507  

Orient Overseas International Ltd.

     1,500       36,871  

Swire Pacific Ltd., Class A

     10,000       56,880  

Swire Properties Ltd.

     85,000       213,085  

Techtronic Industries Co. Ltd.

     20,500       408,665  

Towngas China Co. Ltd.

     27,000       23,493  

Yuexiu Property Co. Ltd.

     23,600       20,814  
   

 

 

  
      3,196,685  

Hungary — 0.2%

    

MOL Hungarian Oil & Gas PLC

     79,938       620,414  

OTP Bank Nyrt(a)

     7,999       407,879  
   

 

 

  
      1,028,293  

India — 0.8%

    

Asian Paints Ltd.

     8,770       398,506  

City Union Bank Ltd.

     6,503       11,756  

HDFC Bank Ltd.

     30,478       603,380  

HDFC Life Insurance Co. Ltd.(b)

     25,344       220,902  

Housing Development Finance Corp. Ltd.

     14,725       509,472  

ICICI Prudential Life Insurance Co. Ltd.(b)

     8,461       63,695  

IndusInd Bank Ltd.

     5,044       60,026  

InterGlobe Aviation Ltd.(a)(b)

     897       24,312  

Kotak Mahindra Bank Ltd.

     30,714       739,311  

L&T Finance Holdings Ltd.(a)

     21,198       22,083  

SBI Life Insurance Co. Ltd.(b)

     22,819       365,904  

State Bank of India

     14,320       88,359  

Tata Consultancy Services Ltd.

     7,967       399,589  

Titan Co. Ltd.

     1,474       49,864  

TVS Motor Co. Ltd.

     4,578       38,474  

Wipro Ltd.

     13,413       128,528  
   

 

 

  
      3,724,161  

Ireland — 1.8%

    

Accenture PLC, Class A

     7,759       3,216,493  

Alkermes PLC(a)

     2,094       48,706  

Allegion plc

     1,021       135,221  

CRH PLC

     1,955       103,587  

Experian PLC

     26,341       1,297,449  

Flutter Entertainment PLC(a)

     2,813       448,253  

Icon PLC(a)

     145       44,907  

James Hardie Industries PLC

     15,176       610,867  

Kingspan Group PLC

     3,836       457,577  
Security   Shares     Value  

 

  

Ireland (continued)

    

Medtronic PLC

     23,439     $ 2,424,765  

Seagate Technology Holdings PLC

     1,451       163,934  
   

 

 

  
          8,951,759  

Israel — 0.5%

    

Bank Hapoalim BM

     83,596       860,367  

Bank Leumi Le-Israel BM

     14,601       156,610  

Israel Discount Bank Ltd., Class A(a)

     46,075       309,360  

Mizrahi Tefahot Bank Ltd.

     412       15,866  

Nice Ltd.(a)

     896       271,717  

Teva Pharmaceutical Industries Ltd.(a)

     20,204       165,019  

Teva Pharmaceutical Industries Ltd., ADR(a)(c)

     105,662       846,353  
   

 

 

  
      2,625,292  

Italy — 0.2%

    

Amplifon SpA

     356       19,156  

Banca Mediolanum SpA

     7,315       72,115  

BPER Banca

     35,881       74,156  

Intesa Sanpaolo SpA

     108,377       279,930  

Italgas SpA

     3,565       24,505  

Mediobanca Banca di Credito Finanziario SpA

     7,046       80,891  

Telecom Italia SpA/Milano

     349,424       171,908  

Unipol Gruppo SpA

     4,242       22,972  
   

 

 

  
      745,633  

Japan — 3.8%

    

Advantest Corp.

     600       56,820  

Ajinomoto Co., Inc.

     5,200       158,299  

Alps Alpine Co. Ltd.

     24,100       227,311  

Amada Co. Ltd.

     37,100       367,360  

Asahi Kasei Corp.

     35,500       334,422  

BayCurrent Consulting, Inc.

     100       38,543  

Benesse Holdings, Inc.

     1,800       35,347  

Bridgestone Corp.

     17,500       751,321  

Calbee, Inc.

     2,300       53,407  

Canon, Inc.

     5,500       134,165  

Casio Computer Co. Ltd.

     1,300       16,739  

Chugai Pharmaceutical Co. Ltd.

     3,200       104,307  

Daifuku Co. Ltd.

     800       65,420  

Daikin Industries Ltd.

     2,000       453,038  

DMG Mori Co. Ltd.

     1,600       27,528  

Ebara Corp.

     400       22,221  

Eisai Co. Ltd.

     700       39,737  

Fuji Media Holdings, Inc.

     4,200       40,415  

FUJIFILM Holdings Corp.

     700       51,894  

Honda Motor Co. Ltd.

     1,300       36,986  

Hoya Corp.

     6,300       934,868  

Inpex Corp.

     4,000       34,782  

Japan Post Holdings Co. Ltd.

     4,600       35,835  

Japan Tobacco, Inc.

     122,200       2,467,455  

Kaneka Corp.

     600       19,700  

Kao Corp.

     16,300       853,701  

KDDI Corp.

     5,300       154,992  

Keyence Corp.

     1,300       817,386  

Konica Minolta, Inc.

     10,900       49,737  

Kuraray Co. Ltd.

     2,200       19,132  

Lawson, Inc.

     3,000       142,348  

Lintec Corp.

     700       16,057  

Nikon Corp.

     40,300       434,119  

Nippon Shokubai Co. Ltd.

     700       32,410  

Nippon Telegraph & Telephone Corp.

     4,800       131,272  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   13

Schedule of Investments (unaudited) (continued)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

Japan (continued)

    

Nippon Television Holdings, Inc.

     2,800     $ 28,411  

Nitto Denko Corp.

     1,700       131,329  

Olympus Corp.

     12,700       292,446  

Omron Corp.

     2,100       209,259  

Recruit Holdings Co. Ltd.

     41,500       2,525,511  

Ricoh Co. Ltd.

     54,500       508,000  

Secom Co. Ltd.

     400       27,795  

Seiko Epson Corp.

     2,400       43,225  

Sekisui House Ltd.

     4,400       94,669  

Shin-Etsu Chemical Co. Ltd.

     100       17,358  

SMC Corp.

     200       135,172  

Softbank Corp.

     20,700       261,453  

SoftBank Group Corp.

     8,500       407,491  

Sumitomo Chemical Co. Ltd.

     380,000       1,792,008  

Sumitomo Corp.

     23,100       341,866  

Sumitomo Mitsui Financial Group, Inc.

     3,400       116,101  

Sumitomo Rubber Industries Ltd.

     19,500       198,903  

Suntory Beverage & Food Ltd.

     3,300       119,503  

Sysmex Corp.

     300       40,494  

Teijin Ltd.

     11,500       141,546  

Terumo Corp.

     12,700       536,456  

Tokyo Electron Ltd.

     1,900       1,093,587  

Toshiba Corp.

     2,600       106,986  

Unicharm Corp.

     5,100       221,887  

Yamada Holdings Co. Ltd.

     67,600       231,104  

Yamazaki Baking Co. Ltd.

     1,600       21,267  

ZOZO, Inc.

     1,000       31,180  
   

 

 

  
          18,834,081  

Luxembourg — 0.0%

    

APERAM SA

     3       163  

RTL Group SA(a)

     2,957       156,726  

SES SA

     17       135  
   

 

 

  
      157,024  

Malaysia — 0.6%

    

AirAsia Group Bhd(a)

     155,600       29,468  

CIMB Group Holdings Bhd

     265,500       347,294  

Hartalega Holdings Bhd

     18,100       24,895  

Hong Leong Bank Bhd

     3,200       14,295  

Inari Amertron Bhd

     15,900       15,231  

Kossan Rubber Industries

     69,100       31,846  

Malayan Banking Bhd

     272,200       542,188  

MR DIY Group M Bhd(b)

     16,400       14,211  

Press Metal Aluminium Holdings Bhd

     138,800       192,574  

Public Bank Bhd

     1,229,600       1,227,220  

QL Resources Bhd

     18,750       20,568  

RHB Bank Bhd

     11,900       15,328  

Supermax Corp. Bhd

     151,412       53,427  

Telekom Malaysia Bhd

     92,200       121,629  

Tenaga Nasional Bhd

     143,800       322,340  
   

 

 

  
      2,972,514  

Mexico — 0.1%

    

America Movil SAB de CV, Series L

     68,177       72,221  

Cemex SAB de CV(a)

     51,147       34,946  

Fomento Economico Mexicano SAB de CV

     7,365       57,307  

Grupo Financiero Banorte SAB de CV, Class O

     16,826       109,311  

Megacable Holdings SAB de CV, CPO

     6,900       23,508  

Orbia Advance Corp. SAB de CV

     12,300       31,400  
   

 

 

  
      328,693  
Security   Shares     Value  

 

  

Netherlands — 2.4%

    

ABN AMRO Bank NV(b)

     17,003     $ 249,939  

ASML Holding NV

     8,516       6,821,485  

ASR Nederland NV

     930       42,830  

Heineken NV

     4,657       524,097  

IMCD NV

     1,416       312,940  

JDE Peet’s NV

     6,214       192,335  

Koninklijke Ahold Delhaize NV

     15,215       522,123  

Koninklijke KPN NV

     37,979       118,043  

Koninklijke Philips NV

     503       18,617  

PostNL NV

     3,396       14,766  

Randstad NV

     19,404       1,323,687  

Royal Dutch Shell PLC, A Shares

     2,759       60,462  

Signify NV(b)

     10,911       506,617  

Wereldhave NV

     1       15  

Wolters Kluwer NV

     8,312       978,330  
   

 

 

  
          11,686,286  

New Zealand — 0.0%

    

Fisher & Paykel Healthcare Corp. Ltd.

     11,107       248,836  
   

 

 

  
Norway — 1.0%            

Aker BP ASA

     9,474       291,312  

DNB Bank ASA

     29,503       674,844  

Equinor ASA

     130,284       3,449,827  

Gjensidige Forsikring ASA

     762       18,487  

Mowi ASA

     2,534       59,971  

Nordic Semiconductor ASA(a)

     642       21,531  

Norsk Hydro ASA

     34,492       271,403  

Telenor ASA

     16,718       262,791  
   

 

 

  
      5,050,166  

Peru — 0.2%

    

Southern Copper Corp.

     12,269       757,120  
   

 

 

  
Poland — 0.0%            

PGE Polska Grupa Energetyczna SA(a)

     9,153       18,264  
   

 

 

  
Portugal — 0.1%            

Jeronimo Martins SGPS SA

     15,869       363,144  
   

 

 

  
Russia — 0.1%            

Alrosa AO(a)

     18,331       29,848  

LUKOIL PJSC

     2,916       259,650  

MMC Norilsk Nickel PJSC

     219       66,615  

Mobile TeleSystems PJSC, ADR

     1,880       14,946  

Novatek PJSC, GDR, Registered Shares

     634       148,232  

Tatneft PJSC

     9,936       66,011  
   

 

 

  
      585,302  

Saudi Arabia — 0.4%

    

Al Rajhi Bank

     23,573       888,991  

Riyad Bank

     2,736       19,749  

Saudi Arabian Mining Co.(a)

     2,637       55,034  

Saudi Arabian Oil Co.(b)

     88,147       840,147  

Saudi National Bank

     9,230       158,324  

Saudi Telecom Co.

     2,705       80,910  
   

 

 

  
      2,043,155  

Singapore — 0.1%

    

Jardine Cycle & Carriage Ltd.

     16,300       248,952  

United Overseas Bank Ltd.

     7,600       151,785  
   

 

 

  
      400,737  

South Africa — 0.4%

    

AngloGold Ashanti Ltd.

     1,768       37,226  

Bidvest Group Ltd.

     1,879       22,339  
 

 

 

14  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

South Africa (continued)

    

Capitec Bank Holdings Ltd.

     266     $ 34,050  

FirstRand Ltd.

     28,024       106,916  

Foschini Group Ltd.(a)

     13,817       107,432  

Gold Fields Ltd.

     3,206       35,472  

MTN Group Ltd.(a)

     5,261       56,392  

Naspers Ltd., N Shares

     7,919       1,229,116  

Pepkor Holdings Ltd.(a)(b)

     19,777       27,168  

Standard Bank Group Ltd.

     6,217       54,619  

Woolworths Holdings Ltd.

     19,971       64,995  
   

 

 

  
          1,775,725  
South Korea — 0.7%            

Dongkuk Steel Mill Co. Ltd.

     1,114       14,877  

Hugel, Inc.(a)

     97       12,515  

Hyundai Mobis Co. Ltd.

     271       57,928  

Kakao Corp.(a)

     3,079       290,757  

Kolon Industries, Inc.(a)

     207       12,329  

Korea Gas Corp.(a)

     1,510       49,657  

KT Corp.(a)

     2,538       65,105  

LG Chem Ltd.

     1,303       673,601  

NAVER Corp.

     4,100       1,301,427  

Osstem Implant Co. Ltd.

     218       26,104  

Samsung Electronics Co. Ltd.

     8,071       530,062  

Samsung Engineering Co. Ltd.(a)

     2,378       45,722  

SillaJen, Inc.(a)(d)

     770       5,095  

SK Innovation Co. Ltd.(a)

     1,499       300,147  

S-Oil Corp.

     705       50,670  
   

 

 

  
      3,435,996  
Spain — 0.2%            

Banco de Sabadell SA(a)

     37,145       24,756  

Fluidra SA

     1,099       43,830  

Industria de Diseno Textil SA

     23,202       748,265  
   

 

 

  
      816,851  
Sweden — 1.4%            

Assa Abloy AB, Class B

     19,276       587,551  

Atlas Copco AB, A Shares

     20,876       1,442,549  

Castellum AB

     5       134  

Elekta AB, -B Shares

     15,181       191,941  

H & M Hennes & Mauritz AB, B Shares

     20,224       396,837  

Hexagon AB, B Shares

     18,212       288,488  

Holmen AB

     419       20,066  

Husqvarna AB, B Shares

     3,559       56,904  

Indutrade AB

     662       20,212  

Intrum AB

     6       155  

Investment AB Latour, B Shares

     613       24,905  

Lundin Energy AB

     1,104       39,504  

Pandox AB(a)

     6       97  

Saab AB

     10,422       264,716  

Sagax AB, Class B

     676       22,739  

Samhallsbyggnadsbolaget i Norden AB

     4,442       32,572  

Spotify Technology SA(a)

     4,018       940,333  

Swedish Match AB

     129,006       1,024,138  

Tele2 AB, B Shares

     16,162       230,562  

Telefonaktiebolaget LM Ericsson, B Shares

     92,504       1,017,825  

Trelleborg AB

     16,542       434,019  
   

 

 

  
      7,036,247  
Switzerland — 0.9%            

ABB Ltd., Registered Shares

     10,028       382,195  

Givaudan SA, Registered Shares

     182       954,882  

Partners Group Holding AG

     262       432,512  

Sika AG, Registered Shares

     5,890       2,447,985  
Security   Shares     Value  

 

  

Switzerland (continued)

    

Tecan Group AG, Registered Shares

     56     $ 34,012  

VAT Group AG(b)

     319       158,072  
   

 

 

  
          4,409,658  
Taiwan — 2.4%            

Anpec Electronics Corp.

     3,000       30,068  

ASE Technology Holding Co. Ltd.

     26,000       100,469  

ASPEED Technology, Inc.

     1,000       128,944  

AU Optronics Corp.

     65,000       53,733  

Cathay Financial Holding Co. Ltd.

     87,595       197,338  

China Airlines Ltd.(a)

     62,000       61,620  

China Steel Corp.

     40,000       51,043  

CTBC Financial Holding Co. Ltd.

     471,000       441,233  

Delta Electronics, Inc.

     53,000       525,876  

Eva Airways Corp.(a)

     747,000       753,232  

Evergreen Marine Corp. Taiwan Ltd.

     84,000       430,325  

Faraday Technology Corp.

     28,000       241,222  

Global Unichip Corp.

     1,000       21,120  

Kinsus Interconnect Technology Corp.

     5,000       41,913  

Largan Precision Co. Ltd.

     1,000       88,966  

MediaTek, Inc.

     57,000       2,445,842  

momo.com Inc.

     1,300       76,110  

Nan Ya Printed Circuit Board Corp.

     4,000       82,394  

Nanya Technology Corp.

     45,000       126,748  

Novatek Microelectronics Corp.

     8,000       155,346  

Parade Technologies Ltd.

     3,000       228,240  

Realtek Semiconductor Corp.

     22,000       459,652  

Taiwan Semiconductor Manufacturing Co. Ltd.

     183,000       4,048,142  

Tung Ho Steel Enterprise Corp.

     33,500       81,240  

Unimicron Technology Corp.

     3,000       24,966  

Uni-President Enterprises Corp.

     262,000       648,664  

USI Corp.

     15,000       17,083  

Visual Photonics Epitaxy Co. Ltd.

     7,000       36,297  

Wisdom Marine Lines Co. Ltd.

     28,000       82,191  
   

 

 

  
      11,680,017  
Thailand — 0.0%            

Precious Shipping PCL, NVDR

     34,100       16,903  

PTT Exploration & Production PCL, NVDR

     14,500       51,119  
   

 

 

  
      68,022  
Turkey — 0.2%            

Akbank TAS

     63,387       34,232  

Arcelik AS

     8,421       30,809  

KOC Holding A/S

     15,484       33,218  

Koza Altin Isletmeleri AS(a)

     3,497       30,514  

Migros Ticaret AS(a)

     4,570       13,067  

Petkim Petrokimya Holding AS(a)

     72,430       42,860  

Sok Marketler Ticaret

     15,986       15,359  

Turk Hava Yollari AO(a)

     26,795       40,550  

Turk Telekomunikasyon AS

     23,910       17,405  

Turkcell Iletisim Hizmetleri A/S

     228,296       318,569  

Turkiye Garanti Bankasi A/S

     135,020       114,909  

Turkiye Petrol Rafinerileri A/S(a)

     3,558       41,549  

Yapi ve Kredi Bankasi AS

     57,729       14,750  
   

 

 

  
      747,791  
United Kingdom — 2.7%            

Anglo American PLC

     23,030       943,543  

Ashtead Group PLC

     1,413       113,908  

Aviva PLC

     40,388       225,130  

Babcock International Group PLC(a)

     5       22  

Bellway PLC

     471       21,407  

BP PLC

     375,928       1,684,391  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   15

Schedule of Investments (unaudited) (continued)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

United Kingdom (continued)

    

British American Tobacco PLC

     116,693     $ 4,333,010  

Capri Holdings Ltd.(a)

     294       19,084  

Coca-Cola European Partners PLC

     6,479       362,370  

Compass Group PLC(a)

     12,040       271,065  

Diageo PLC

     21,239           1,161,264  

Direct Line Insurance Group PLC

     23,450       88,608  

Dunelm Group PLC

     8       150  

HomeServe PLC

     13,288       157,287  

IG Group Holdings PLC

     7,079       78,247  

Imperial Brands PLC

     8,372       183,471  

Intertek Group PLC

     748       57,063  

ITV PLC(a)

     22,816       34,306  

J Sainsbury PLC

     16,372       61,198  

Janus Henderson Group PLC

     2,232       93,610  

JD Sports Fashion PLC

     42,035       123,940  

Johnson Matthey PLC

     8,600       238,976  

Kingfisher PLC

     140,146       644,636  

Lloyds Banking Group PLC

     641,014       416,269  

Marks & Spencer Group PLC(a)

     4,846       15,245  

Micro Focus International PLC

     22,584       127,880  

Phoenix Group Holdings PLC

     4,714       41,728  

RELX PLC

     5,763       188,144  

Rentokil Initial PLC

     72,263       572,015  

Rightmove PLC

     79,406       856,853  

Royal Mail PLC

     3,912       26,822  

Smiths Group PLC

     4,091       87,569  

Tate & Lyle PLC

     2,260       20,333  

Vistry Group PLC

     1,442       23,067  

WH Smith PLC(a)

     1,871       37,607  

WPP PLC

     15,761       240,004  
   

 

 

  
      13,550,222  
United States — 57.9%            

Abbott Laboratories

     20,120       2,831,689  

AbbVie, Inc.

     13,928       1,885,851  

Adobe, Inc.(a)

     4,238       2,403,200  

Advanced Micro Devices, Inc.(a)

     20,301       2,921,314  

Agilent Technologies, Inc.

     22,140       3,534,651  

Akamai Technologies, Inc.(a)

     231       27,036  

Alcoa Corp.

     2,869       170,935  

Alexandria Real Estate Equities, Inc.

     76       16,945  

Align Technology, Inc.(a)

     2,685       1,764,528  

Alleghany Corp.(a)

     1,227       819,133  

Ally Financial, Inc.

     1,865       88,793  

Alphabet, Inc., Class A(a)

     1,758       5,092,996  

Alphabet, Inc., Class C(a)

     2,115       6,119,943  

Altice USA, Inc., Class A(a)

     17,705       286,467  

Amazon.com, Inc.(a)

     2,723       9,079,408  

Ambarella, Inc.(a)

     206       41,795  

American Express Co.

     2,727       446,137  

American Homes 4 Rent, Class A

     15,981       696,931  

American International Group, Inc.

     1,568       89,156  

Ameriprise Financial, Inc.

     1,117       336,954  

Amgen, Inc.

     5,044       1,134,749  

Anthem, Inc.

     2,713       1,257,584  

Aon PLC, Class A

     77       23,143  

Apple, Inc.

     108,628       19,289,074  

Arista Networks, Inc.(a)

     972       139,725  

AT&T, Inc.

     221,682       5,453,377  

Atlassian Corp. PLC, Class A(a)

     4,717       1,798,545  

AvalonBay Communities, Inc.

     2,017       509,474  
Security   Shares     Value  

United States (continued)

    

Axon Enterprise, Inc.(a)

     4,168     $ 654,376  

Bank of America Corp.

     35,445           1,576,948  

Berkshire Hathaway, Inc., Class B(a)

     3,540       1,058,460  

Biogen, Inc.(a)

     2,058       493,755  

BioMarin Pharmaceutical, Inc.(a)

     3,975       351,191  

Blackstone Mortgage Trust, Inc., Class A

     5,351       163,848  

Booking Holdings, Inc.(a)

     648       1,554,701  

Booz Allen Hamilton Holding Corp.

     2,343       198,663  

Boston Scientific Corp.(a)

     9,255       393,152  

Brighthouse Financial, Inc.(a)

     6,247       323,595  

Bristol-Myers Squibb Co.

     39,311       2,451,041  

Brixmor Property Group, Inc.

     3,575       90,841  

Bruker Corp.

     863       72,414  

C.H. Robinson Worldwide, Inc.

     5,032       541,594  

Cadence Design Systems, Inc.(a)

     308       57,396  

Campbell Soup Co.

     7,830       340,292  

Capital One Financial Corp.

     5,839       847,180  

Caterpillar, Inc.

     4,490       928,263  

CBRE Group, Inc., Class A(a)

     8,513       923,746  

Charles Schwab Corp.

     347       29,183  

Charter Communications, Inc., Class A(a)(c)

     144       93,884  

Chesapeake Energy Corp.

     1,207       77,876  

Chevron Corp.

     640       75,104  

Cigna Corp.

     9,193       2,110,989  

Cirrus Logic, Inc.(a)

     273       25,121  

Cisco Systems, Inc.

     19,248       1,219,746  

Citigroup, Inc.

     6,111       369,043  

Clean Harbors, Inc.(a)

     439       43,799  

CMS Energy Corp.

     10,158       660,778  

Coca-Cola Co.

     347       20,546  

Colgate-Palmolive Co.

     20,336       1,735,474  

Comcast Corp., Class A

     53,722       2,703,828  

Continental Resources, Inc.

     3,170       141,889  

Costco Wholesale Corp.

     3,416       1,939,263  

Coterra Energy, Inc.

     48,656       924,464  

Credit Acceptance Corp.(a)

     207       142,350  

Crocs, Inc.(a)

     599       76,804  

Crown Castle International Corp.

     10,364       2,163,381  

CubeSmart

     8,335       474,345  

CVS Health Corp.

     22,085       2,278,289  

D.R. Horton, Inc.

     163       17,677  

Danaher Corp.

     6,415       2,110,599  

Devon Energy Corp.

     23,889       1,052,310  

Diamondback Energy, Inc.

     1,500       161,775  

Dick’s Sporting Goods, Inc.

     2,542       292,305  

Donaldson Co., Inc.

     2,405       142,520  

DTE Energy Co.

     25,154       3,006,909  

DTE Midstream LLC(a)

     349       16,745  

Duke Energy Corp.

     2,672       280,293  

East West Bancorp, Inc.

     1,911       150,357  

EastGroup Properties, Inc.

     114       25,975  

Edwards Lifesciences Corp.(a)

     184       23,837  

Electronic Arts, Inc.

     684       90,220  

Eli Lilly & Co.

     5,067       1,399,607  

Entergy Corp.

     4,908       552,886  

EOG Resources, Inc.

     27,131       2,410,047  

EQT Corp.(a)

     10,512       229,267  

Equifax, Inc.

     4,870       1,425,887  

Equitable Holdings, Inc.

     875       28,691  

Equity Residential

     11,161       1,010,070  

Essent Group Ltd.

     2,925       133,175  
 

 

 

16  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

United States (continued)

    

Essex Property Trust, Inc.

     59     $ 20,782  

Estee Lauder Cos., Inc., Class A

     9,986           3,696,817  

Etsy, Inc.(a)

     199       43,569  

Everest Re Group Ltd.

     161       44,101  

Evergy, Inc.

     4,651       319,105  

Expedia Group, Inc.(a)

     4,834       873,600  

Expeditors International of Washington, Inc.

     7,173       963,262  

Extra Space Storage, Inc.

     422       95,680  

Exxon Mobil Corp.

     3,201       195,869  

FactSet Research Systems, Inc.

     936       454,905  

Federal Realty Investment Trust

     143       19,494  

Fidelity National Financial, Inc.

     7,769       405,386  

Fidelity National Information Services, Inc.

     16,916       1,846,381  

First American Financial Corp.

     1,359       106,315  

First Horizon Corp.

     4,090       66,790  

First Republic Bank

     2,276       470,017  

Fortinet, Inc.(a)

     592       212,765  

Fortive Corp.

     204       15,563  

Fox Corp., Class A

     2,774       102,361  

Fox Corp., Class B

     1,145       39,239  

Gartner, Inc.(a)

     4,112       1,374,724  

Genuine Parts Co.

     10,148       1,422,750  

Gilead Sciences, Inc.

     5,315       385,922  

GoDaddy, Inc., Class A(a)

     3,416       289,882  

H&R Block, Inc.

     10,067       237,179  

Hartford Financial Services Group, Inc.

     1,494       103,146  

Hewlett Packard Enterprise Co.

     54,045       852,290  

Highwoods Properties, Inc.

     417       18,594  

Hologic, Inc.(a)

     1,916       146,689  

Honeywell International, Inc.

     20,902       4,358,276  

HP, Inc.

     4,034       151,961  

HubSpot, Inc.(a)

     1,076       709,245  

IDEXX Laboratories, Inc.(a)

     3,243       2,135,386  

Illumina, Inc.(a)

     791       300,928  

Incyte Corp.(a)

     1,469       107,825  

Intel Corp.

     60,255       3,103,132  

Interactive Brokers Group, Inc., Class A

     1,540       122,307  

Intercontinental Exchange, Inc.

     1,134       155,097  

International Game Technology PLC

     8,844       255,680  

Intuit, Inc.

     8,628       5,549,702  

Invesco Ltd.

     21,699       499,511  

Invitation Homes, Inc.

     5,811       263,471  

Iridium Communications, Inc.(a)

     1,543       63,710  

Iron Mountain, Inc.

     1,763       92,258  

Johnson & Johnson

     45,412       7,768,631  

JPMorgan Chase & Co.

     15,511       2,456,167  

Juniper Networks, Inc.

     9,781       349,280  

Keysight Technologies, Inc.(a)

     3,456       713,699  

Kimco Realty Corp.

     2,475       61,009  

Knight-Swift Transportation Holdings, Inc.

     634       38,636  

Kohl’s Corp.

     5,634       278,263  

Laboratory Corp. of America Holdings(a)

     4,572       1,436,568  

Landstar System, Inc.

     128       22,915  

Life Storage, Inc.

     1,308       200,359  

Lockheed Martin Corp.

     5,621       1,997,760  

Lowe’s Cos., Inc.

     5,023       1,298,345  

Lumentum Holdings, Inc.(a)

     351       37,125  

Lyft, Inc., Class A(a)

     1,685       72,000  

M&T Bank Corp.

     2,874       441,389  

Manhattan Associates, Inc.(a)

     1,844       286,724  

Marathon Oil Corp.

     9,978       163,839  
Security   Shares     Value  

 

  

United States (continued)

    

Marsh & McLennan Cos., Inc.

     12,357     $ 2,147,894  

Masco Corp.

     5,031       353,277  

MasTec, Inc.(a)

     3,261       300,925  

McKesson Corp.

     2,442       607,008  

Merck & Co., Inc.

     36,242       2,777,587  

Meritage Homes Corp.(a)

     988       120,595  

Meta Platforms, Inc., Class A(a)

     4,937       1,660,560  

MetLife, Inc.

     57,338       3,583,052  

Mettler-Toledo International, Inc.(a)

     690       1,171,075  

Microsoft Corp.

     57,995           19,504,878  

Moderna, Inc.(a)

     1,564       397,225  

Molina Healthcare, Inc.(a)

     81       25,764  

Molson Coors Beverage Co., Class B

     350       16,222  

Monolithic Power Systems, Inc.

     2,252       1,110,979  

Moody’s Corp.

     2,998       1,170,959  

Motorola Solutions, Inc.

     524       142,371  

National Vision Holdings, Inc.(a)

     7,841       376,290  

NetApp, Inc.

     1,467       134,949  

Netflix, Inc.(a)

     642       386,766  

Newmont Corp.

     982       60,904  

Nexstar Media Group, Inc., Class A

     480       72,470  

NextEra Energy, Inc.

     10,721       1,000,913  

NiSource, Inc.

     15,737       434,499  

Norfolk Southern Corp.

     103       30,664  

Northrop Grumman Corp.

     1,146       443,582  

nVent Electric PLC

     701       26,638  

NVIDIA Corp.

     22,449       6,602,475  

OGE Energy Corp.

     4,032       154,748  

Okta, Inc.(a)

     5,294       1,186,756  

Old Dominion Freight Line, Inc.

     861       308,565  

O’Reilly Automotive, Inc.(a)

     751       530,379  

Otis Worldwide Corp.

     16,912       1,472,528  

Ovintiv Inc.

     1,101       37,044  

Park Hotels & Resorts, Inc.(a)

     1,003       18,937  

Paychex, Inc.

     14,855       2,027,707  

Paycom Software, Inc.(a)

     407       168,982  

Paylocity Holding Corp.(a)

     273       64,472  

Penske Automotive Group, Inc.

     426       45,676  

Penumbra, Inc.(a)

     77       22,124  

Pfizer, Inc.

     48,397       2,857,843  

Philip Morris International, Inc.

     32,970       3,132,150  

Pinnacle Financial Partners, Inc.

     400       38,200  

PNC Financial Services Group, Inc.

     3,443       690,390  

Pool Corp.

     103       58,298  

PotlatchDeltic Corp.

     2       120  

Procter & Gamble Co.

     3,202       523,783  

Prologis, Inc.

     9,950       1,675,182  

Public Storage

     186       69,668  

Pure Storage, Inc., Class A(a)

     3,455       112,460  

Ralph Lauren Corp.

     9,578       1,138,441  

Rapid7, Inc.(a)

     150       17,653  

Regency Centers Corp.

     950       71,582  

Regeneron Pharmaceuticals, Inc.(a)

     542       342,284  

Regions Financial Corp.

     25,040       545,872  

Reliance Steel & Aluminum Co.

     1,047       169,844  

Repligen Corp.(a)

     261       69,123  

Republic Services, Inc.

     18,844       2,627,796  

RingCentral, Inc., Class A(a)

     208       38,969  

Roku, Inc.(a)

     4,184       954,789  

Royal Gold, Inc.

     2,438       256,502  

Ryder System, Inc.

     5,556       457,981  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   17

Schedule of Investments (unaudited) (continued)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

United States (continued)

    

S&P Global, Inc.

     10,186     $     4,807,079  

salesforce.com, Inc.(a)

     4,802       1,220,332  

Santander Consumer USA Holdings, Inc.

     1,264       53,113  

Sarepta Therapeutics, Inc.(a)

     475       42,774  

SBA Communications Corp.

     6,960       2,707,579  

Schlumberger NV

     21,566       645,902  

Seagen, Inc.(a)

     108       16,697  

Service Corp. International

     16,403       1,164,449  

ServiceNow, Inc.(a)

     5,960       3,868,696  

Signature Bank

     879       284,330  

Simon Property Group, Inc.

     3,140       501,678  

Sirius XM Holdings, Inc.(c)

     154,878       983,475  

SiteOne Landscape Supply, Inc.(a)

     552       133,739  

Skechers USA, Inc., Class A(a)

     13,956       605,690  

SLM Corp.

     1,840       36,193  

Snap-on, Inc.

     5,305       1,142,591  

Southern Co.

     17,909       1,228,199  

Stifel Financial Corp.

     4,336       305,341  

Sun Communities, Inc.

     2,138       448,916  

Sunnova Energy International, Inc.(a)

     449       12,536  

SVB Financial Group(a)

     36       24,417  

Switch, Inc., Class A

     880       25,203  

Tandem Diabetes Care, Inc.(a)

     2,174       327,230  

Tapestry, Inc.

     12,855       521,913  

TE Connectivity Ltd.

     185       29,848  

Tesla, Inc.(a)

     5,540       5,854,561  

Texas Instruments, Inc.

     4,800       904,656  

Texas Pacific Land Corp.

     16       19,982  

Thermo Fisher Scientific, Inc.

     1,340       894,102  

TransUnion

     167       19,803  

Travel + Leisure Co.

     372       20,560  

Travelers Cos., Inc.

     23,451       3,668,440  

Truist Financial Corp.

     1,581       92,568  

Twilio, Inc., Class A(a)

     135       35,551  

Twitter, Inc.(a)

     8,662       374,372  

U.S. Bancorp

     16,952       952,194  

UDR, Inc.

     659       39,533  

UGI Corp.

     10,561       484,855  

Ulta Beauty, Inc.(a)

     1,556       641,601  

Under Armour, Inc., Class A(a)

     7,452       157,908  

Union Pacific Corp.

     2,774       698,854  

United Parcel Service, Inc., Class B

     10,953       2,347,666  

United Rentals, Inc.(a)

     43       14,288  

United Therapeutics Corp.(a)

     194       41,920  

UnitedHealth Group, Inc.

     2,722       1,366,825  

Unum Group

     761       18,698  

Valvoline, Inc.

     759       28,303  

Ventas, Inc.

     4,256       217,567  

Vertex Pharmaceuticals, Inc.(a)

     1,848       405,821  

Visa, Inc., Class A

     18,036       3,908,582  

VMware, Inc., Class A

     1,214       140,678  

Voya Financial, Inc.

     13,545       898,169  

W.R. Berkley Corp.

     522       43,008  

Walgreens Boots Alliance, Inc.

     2,615       136,398  

Walmart, Inc.

     35,303       5,107,991  

Waste Connections, Inc.

     6,909       941,489  

Waters Corp.(a)

     139       51,791  

Wendy’s Co.

     2,950       70,357  

Western Alliance Bancorp

     637       68,573  

Western Digital Corp.(a)

     1,662       108,379  
Security   Shares     Value  

 

  

United States (continued)

    

Willis Towers Watson PLC

     4,748     $ 1,127,603  

Wintrust Financial Corp.

     469       42,595  

Workday, Inc., Class A(a)

     9,194       2,511,617  

Xerox Holdings Corp.

     2,807       63,550  

Xilinx, Inc.

     252       53,432  

XPO Logistics, Inc.(a)

     3,784       292,995  

Zebra Technologies Corp., Class A(a)

     79       47,021  

Zoetis, Inc.

     1,291       315,043  

Zscaler, Inc.(a)

     795       255,457  
   

 

 

  
        286,633,317  
   

 

 

  

Total Common Stocks — 97.4%
(Cost: $395,989,685)

       482,262,293  
   

 

 

  

Preferred Securities

    
Preferred Stocks — 0.5%            
Brazil — 0.2%            

Azul SA, Preference Shares(a)

     15,504       67,840  

Banco Bradesco SA, Preference Shares

     308,456       1,069,358  

Braskem SA, Preference Shares,
Class A(a)

     2,889       30,532  

Lojas Americanas SA, Preference Shares

     13,932       14,675  
   

 

 

  
      1,182,405  
   

 

 

  
Germany — 0.3%            

Bayerische Motoren Werke AG, Preference Shares

     228       18,907  

Fuchs Petrolub SE, Preference Shares

     2,117       95,665  

Henkel AG & Co. KGaA, Preference Shares

     4,896       395,064  

Sartorius AG, Preference Shares

     1,037       701,365  
   

 

 

  
      1,211,001  
   

 

 

  

Total Preferred Securities — 0.5%
(Cost: $2,441,015)

 

     2,393,406  
   

 

 

  

Total Long-Term Investments — 97.9%
(Cost: $398,430,700)

 

     484,655,699  
   

 

 

  

Short-Term Securities

    

Money Market Funds — 2.6%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(e)(f)

     9,934,539       9,934,539  

SL Liquidity Series, LLC, Money Market Series, 0.15%(e)(f)(g)

     2,799,119       2,799,399  
   

 

 

  
      12,733,938  
   

 

 

  
    

Par

(000)

         

Time Deposits — 0.0%

 

Australia — 0.0%        

Brown Brothers Harriman & Co., 0.01%, 01/05/22

   NZD  2       1,293  
   

 

 

  

Canada — 0.0%

    

Brown Brothers Harriman & Co., 0.01%, 01/01/22

   CAD 24       19,283  
   

 

 

  

Europe — 0.0%

    

BNP Paribas SA, (0.91%), 01/01/22

   EUR 2       2,706  
   

 

 

  

Hong Kong — 0.0%

    

Hongkong & Shanghai Banking Corp. Ltd., 0.01%, 01/03/22

   HKD 119       15,276  
   

 

 

  
 

 

 

18  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

South Africa — 0.0%

    

Brown Brothers Harriman & Co.,
4.00%, 01/04/22

   ZAR  45     $ 2,795  
   

 

 

  
United Kingdom — 0.0%            

Citibank NA, New York, 0.01%, 01/03/22

   GBP      13       17,083  
   

 

 

  
      58,436  
   

 

 

  

Total Short-Term Securities — 2.6%
(Cost: $12,792,414)

       12,792,374  
   

 

 

  

Total Investments — 100.5%
(Cost: $411,223,114)

       497,448,073  
Liabilities in Excess of Other Assets — (0.5)%     (2,324,555)  
   

 

 

  

Net Assets — 100.0%

     $  495,123,518  
   

 

 

  

    

(a)

Non-income producing security.

(b)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c)

All or a portion of this security is on loan.

(d)

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

(e)

Affiliate of the Fund.

(f)

Annualized 7-day yield as of period end.

(g)

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   

Value at

06/30/21

     

Purchases

at Cost

     

Proceeds

from Sales

     

Net

Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

     

Value at

12/31/21

     

Shares

Held at

12/31/21

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $  15,097,478      $ —      $  (5,162,939 )(a)     $ —      $ —      $ 9,934,539        9,934,539      $ 220      $ —  

SL Liquidity Series, LLC, Money Market Series

      1,213,407        1,586,329 (a)       —        (291 )       (46 )       2,799,399        2,799,119        2,062 (b)       —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  
            $ (291 )     $ (46 )     $ 12,733,938         $ 2,282      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 
  (b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of 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

      22        03/18/22      $ 2,554      $ 54,796  

MSCI Emerging Markets Index

      19        03/18/22        1,165        8,540  

S&P 500 E-Mini Index

      24        03/18/22        5,710        83,274  
           

 

 

  
            $ 146,610  
           

 

 

  

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)

    $ —      $ —      $ 146,610      $ —      $ —      $  —      $ 146,610  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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).

 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   19

Schedule of Investments (unaudited) (continued)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

 

For the period ended December 31, 2021, 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

    $ —      $ —      $ 592,969      $ —      $ —      $ —      $ 592,969  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                     

Futures contracts

    $ —      $ —      $     145,573      $ —      $ —      $ —      $  145,573  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

   

Futures contracts:

   

Average notional value of contracts — long

    $ 9,208,047  

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

                  

Argentina

    $ 70,670        $ —        $ —        $ 70,670  

Australia

      —          2,152,279          —          2,152,279  

Austria

      —          282,654          —          282,654  

Belgium

      —          20,274          —          20,274  

Brazil

      183,264          983,508          —          1,166,772  

Canada

        22,745,403          —          —            22,745,403  

China

      2,665,111          15,279,408          —          17,944,519  

Colombia

      12,283          —          —          12,283  

Czech Republic

      133,005          —          —          133,005  

Denmark

      —          4,842,617          —          4,842,617  

Finland

      —          9,570,167          —          9,570,167  

France

      —          13,567,385          —          13,567,385  

Germany

      —          15,859,266          —          15,859,266  

Greece

      24,008          —          —          24,008  

Hong Kong

      —          3,196,685          —          3,196,685  

Hungary

      —          1,028,293          —          1,028,293  

India

      —          3,724,161          —          3,724,161  

Ireland

      6,034,026          2,917,733          —          8,951,759  

Israel

      846,353          1,778,939          —          2,625,292  

Italy

      —          745,633          —          745,633  

Japan

      —          18,834,081          —          18,834,081  

Luxembourg

      —          157,024          —          157,024  

Malaysia

      337,521          2,634,993          —          2,972,514  

Mexico

      328,693          —          —          328,693  

Netherlands

      118,043            11,568,243          —          11,686,286  

New Zealand

      —          248,836          —          248,836  

Norway

      —          5,050,166          —          5,050,166  

Peru

      757,120          —          —          757,120  

Poland

      —          18,264          —          18,264  

Portugal

      363,144          —          —          363,144  

Russia

      14,946          570,356          —          585,302  

Saudi Arabia

      178,073          1,865,082          —          2,043,155  

Singapore

      —          400,737          —          400,737  

 

 

20  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

December 31, 2021

   

BlackRock Advantage Global Fund, Inc.

 

Fair Value Hierarchy as of Period End (continued)

 

         
      Level 1        Level 2        Level 3        Total  

Common Stocks (continued)

                  

South Africa

    $ 255,984        $ 1,519,741        $ —        $ 1,775,725  

South Korea

      —          3,430,901          5,095          3,435,996  

Spain

      —          816,851          —          816,851  

Sweden

      940,333          6,095,914          —          7,036,247  

Switzerland

      —          4,409,658          —          4,409,658  

Taiwan

      —          11,680,017          —          11,680,017  

Thailand

      —          68,022          —          68,022  

Turkey

      470,660          277,131          —          747,791  

United Kingdom

      632,501          12,917,721          —          13,550,222  

United States

      286,633,317          —          —            286,633,317  

Preferred Securities

                  

Preferred Stocks

      —          2,393,406          —          2,393,406  

Short-Term Securities

                  

Money Market Funds

      9,934,539          —          —          9,934,539  

Time Deposits

      —          58,436          —          58,436  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   333,678,997        $   160,964,582        $           5,095          494,648,674  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                     2,799,399  
                 

 

 

  
                  $ 497,448,073  
                 

 

 

  

Derivative Financial Instruments(b)

                  

Assets

                  

Equity Contracts

    $ 146,610        $ —        $ —        $ 146,610  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 
  (b)

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

 

See notes to financial statements.

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   21

Schedule of Investments (unaudited)

December 31, 2021

   

BlackRock EuroFund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    

Belgium — 1.1%

    

Azelis Group NV(a)

     49,392     $ 1,410,562  
   

 

 

  

Denmark — 3.0%

    

DSV A/S

     17,428       4,061,217  
   

 

 

  
Finland — 4.5%            

Kone OYJ, Class B

     37,016       2,656,219  

Metso Outotec OYJ

     161,895       1,719,348  

Neste OYJ

     31,733       1,561,764  
   

 

 

  
      5,937,331  
France — 31.9%            

BNP Paribas SA

     67,721       4,682,300  

Dassault Systemes SE

     38,174       2,265,449  

Eiffage SA

     12,480       1,286,734  

Kering SA

     2,203       1,767,580  

LVMH Moet Hennessy Louis Vuitton SE

     12,085       9,987,450  

Pernod Ricard SA

     13,408       3,225,665  

Safran SA

     22,811       2,792,595  

Sartorius Stedim Biotech

     5,748       3,156,834  

Schneider Electric SE

     31,599       6,212,218  

Soitec SA(a)

     5,091       1,247,351  

Teleperformance

     7,835       3,502,840  

Vinci SA

     23,383       2,469,591  
   

 

 

  
          42,596,607  
Germany — 18.2%            

Adidas AG

     6,562       1,889,497  

Allianz SE, Registered Shares

     12,684       2,991,631  

CTS Eventim AG & Co. KGaA(a)

     23,200       1,695,756  

Merck KGaA

     14,154       3,641,216  

MTU Aero Engines AG

     11,729       2,381,501  

Puma SE

     15,110       1,845,297  

Rational AG

     1,720       1,759,153  

Siemens AG, Registered Shares

     34,403       5,958,695  

Symrise AG

     14,628       2,163,403  
   

 

 

  
      24,326,149  
Ireland — 1.6%            

Kingspan Group PLC

     17,887       2,133,650  
   

 

 

  
Italy — 5.3%            

Ferrari NV

     8,857       2,279,844  

FinecoBank Banca Fineco SpA

     152,921       2,678,032  

Moncler SpA

     28,889       2,087,757  
   

 

 

  
      7,045,633  
Luxembourg — 0.9%            

Majorel Group Luxembourg SA(a)

     36,286       1,151,767  
   

 

 

  
Netherlands — 21.4%            

Adyen NV(a)(b)

     1,138       2,987,250  
Security   Shares     Value  

Netherlands (continued)

    

ASM International NV

     5,959     $ 2,630,406  

ASML Holding NV

     15,130       12,119,430  

BE Semiconductor Industries NV

     25,671       2,182,360  

IMCD NV

     18,680       4,128,338  

QIAGEN NV(a)

     30,953       1,716,361  

Universal Music Group NV

     98,705       2,784,667  
   

 

 

  
      28,548,812  
Portugal — 1.9%            

EDP - Energias de Portugal SA

     471,630       2,590,806  
   

 

 

  
Switzerland — 3.9%            

Sika AG, Registered Shares

     5,143       2,137,519  

STMicroelectronics NV

     62,272       3,062,221  
   

 

 

  
      5,199,740  
United Kingdom — 5.3%            

Allfunds Group PLC(a)

     97,559       1,921,082  

Linde PLC(a)

     9,515       3,301,777  

RELX PLC

     54,864       1,791,140  
   

 

 

  
      7,013,999  
   

 

 

  

Total Long-Term Investments — 99.0%
(Cost: $82,402,007)

 

       132,016,273  
   

 

 

  

Short-Term Securities

    

Money Market Funds — 0.3%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(c)(d)

     431,419       431,419  
   

 

 

  
    

Par

(000)

         

Time Deposits — 0.7%

    
Europe — 0.7%            

Brown Brothers Harriman & Co., (0.70%), 01/01/22

   DKK 738       840,678  
   

 

 

  

Total Short-Term Securities — 1.0%
(Cost: $1,272,097)

 

     1,272,097  
   

 

 

  

Total Investments — 100.0%
(Cost: $83,674,104)

 

     133,288,370  

Other Assets Less Liabilities — 0.0%

 

     35,478  
   

 

 

  

Net Assets — 100.0%

     $ 133,323,848  
   

 

 

  

 

(a)

Non-income producing security.

(b)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c)

Affiliate of the Fund.

(d)

Annualized 7-day yield as of period end.

 

 

 

22  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)    BlackRock EuroFund

December 31, 2021

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                       
Affiliated Issuer   

Value at

06/30/21

       

Purchases

at Cost

       

Proceeds

from Sales

  

  

  

Net

Realized
Gain (Loss)

       

Change in

Unrealized

Appreciation

(Depreciation)

  

  

  

Value at

12/31/21

       

Shares

Held at

12/31/21

        Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $  562,543        $ —        $ (131,124)(a)     $ —        $              —     $  431,419          431,419        $ (1 )     $ —  
                

 

 

       

 

    

 

 

            

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

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

    $ —        $ 1,410,562        $             —        $ 1,410,562  

Denmark

      —          4,061,217          —          4,061,217  

Finland

      —          5,937,331          —          5,937,331  

France

      —          42,596,607          —          42,596,607  

Germany

      —          24,326,149          —          24,326,149  

Ireland

      —          2,133,650          —          2,133,650  

Italy

      —          7,045,633          —          7,045,633  

Luxembourg

      1,151,767          —          —          1,151,767  

Netherlands

      2,784,667          25,764,145          —          28,548,812  

Portugal

      —          2,590,806          —          2,590,806  

Switzerland

      —          5,199,740          —          5,199,740  

United Kingdom

      1,921,082          5,092,917          —          7,013,999  

Short-Term Securities

                  

Money Market Funds

      431,419          —          —          431,419  

Time Deposits

      —          840,678          —          840,678  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $     6,288,935        $ 126,999,435        $             —        $   133,288,370  
  

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   23

Statements of Assets and Liabilities (unaudited)

December 31, 2021

 

    

BlackRock

Advantage Global

Fund, Inc.

     

BlackRock

EuroFund

  

ASSETS

       

Investments, at value — unaffiliated(a)(b)

     $ 484,714,135      $ 132,856,951  

Investments, at value — affiliated(c)

       12,733,938        431,419  

Cash

       6,476        60  

Cash pledged for futures contracts

       484,000        —  

Foreign currency, at value(d)

       47,732        253  

Receivables:

       

Securities lending income — affiliated

       1,217        —  

Capital shares sold

       115,070        39,636  

Dividends — unaffiliated

       681,632        193,591  

Dividends — affiliated

       38        2  

Prepaid expenses

       46,573        47,754  
   

 

 

     

 

 

  

Total assets

       498,830,811        133,569,666  
   

 

 

     

 

 

  

LIABILITIES

       

Collateral on securities loaned

       2,799,736        —  

Payables:

       

Investments purchased

       270        —  

Accounting services fees

       23,384        8,598  

Capital shares redeemed

       211,892        31,771  

Custodian fees

       176,941        1,699  

Deferred foreign capital gain tax

       66,608        —  

Dividends on short sales

       1,719        871  

Investment advisory fees

       188,324        76,329  

Directors’ and Officer’s fees

       2,834        2,712  

Other accrued expenses

       30,402        9,257  

Other affiliate fees

       786        156  

Printing fees

       15,962        12,781  

Professional fees

       15,359        42,975  

Service and distribution fees

       72,589        20,341  

Transfer agent fees

       75,925        38,328  

Variation margin on futures contracts

       24,562        —  
   

 

 

     

 

 

  

Total liabilities

       3,707,293        245,818  
   

 

 

     

 

 

  

NET ASSETS

     $ 495,123,518      $ 133,323,848  
   

 

 

     

 

 

  

NET ASSETS CONSIST OF

       

Paid-in capital

     $ 408,479,868      $ 103,743,023  

Accumulated earnings

       86,643,650        29,580,825  
   

 

 

     

 

 

  

NET ASSETS

     $ 495,123,518      $ 133,323,848  
   

 

 

     

 

 

  

(a)   Investments, at cost — unaffiliated

     $ 398,489,137      $ 83,242,685  

(b)   Securities loaned, at value

     $ 2,654,907      $ —  

(c)   Investments, at cost — affiliated

     $ 12,733,977      $ 431,419  

(d)   Foreign currency, at cost

     $ 48,541      $ 253  

 

 

24  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

December 31, 2021

 

   

BlackRock

Advantage Global

Fund, Inc.

     

BlackRock

EuroFund

  

 

  

NET ASSET VALUE

       

Institutional

       

Net assets

     $ 98,207,261      $ 38,105,805  
   

 

 

     

 

 

  

Shares outstanding

       3,807,410        1,768,753  
   

 

 

     

 

 

  

Net asset value

     $ 25.79      $ 21.54  
   

 

 

     

 

 

  

Shares authorized

       100 million        Unlimited  
   

 

 

     

 

 

  

Par value

            $ 0.10      $ 0.10  
   

 

 

     

 

 

  
Investor A                   

Net assets

     $ 326,505,220      $ 91,160,600  
   

 

 

     

 

 

  

Shares outstanding

       13,497,672        4,323,876  
   

 

 

     

 

 

  

Net asset value

     $ 24.19      $ 21.08  
   

 

 

     

 

 

  

Shares authorized

       100 million        Unlimited  
   

 

 

     

 

 

  

Par value

     $ 0.10      $ 0.10  
   

 

 

     

 

 

  
Investor C                   

Net assets

     $ 5,911,575      $ 1,990,897  
   

 

 

     

 

 

  

Shares outstanding

       309,834        138,586  
   

 

 

     

 

 

  

Net asset value

     $ 19.08      $ 14.37  
   

 

 

     

 

 

  

Shares authorized

       100 million        Unlimited  
   

 

 

     

 

 

  

Par value

     $ 0.10      $ 0.10  
   

 

 

     

 

 

  
Class K                   

Net assets

     $ 61,014,467      $ 1,517,228  
   

 

 

     

 

 

  

Shares outstanding

       2,365,608        70,541  
   

 

 

     

 

 

  

Net asset value

     $ 25.79      $ 21.51  
   

 

 

     

 

 

  

Shares authorized

       2 billion        Unlimited  
   

 

 

     

 

 

  

Par value

     $ 0.10      $ 0.10  
   

 

 

     

 

 

  
Class R                   

Net assets

     $ 3,484,995      $ 549,318  
   

 

 

     

 

 

  

Shares outstanding

       163,647        35,211  
   

 

 

     

 

 

  

Net asset value

     $ 21.30      $ 15.60  
   

 

 

     

 

 

  

Shares authorized

       100 million        Unlimited  
   

 

 

     

 

 

  

Par value

     $ 0.10      $ 0.10  
   

 

 

     

 

 

  

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

   25

Statements of Operations (unaudited)

Six Months Ended December 31, 2021

 

   

BlackRock

Advantage Global

Fund, Inc.

    

BlackRock

EuroFund

  

 

  

INVESTMENT INCOME

      

Dividends — unaffiliated

            $ 4,630,274     $ 563,170  

Dividends — affiliated

       220       (1 ) 

Securities lending income — affiliated — net

       2,062       —  

Foreign withholding tax claims

       56,223       89,283  

Foreign taxes withheld

       (260,097 )      (72,883 ) 
   

 

 

    

 

 

  

Total investment income

       4,428,682       579,569  
   

 

 

    

 

 

  

EXPENSES

      

Investment advisory

       2,093,667       531,651  

Service and distribution — class specific

       452,359       125,688  

Transfer agent — class specific

       315,302       79,414  

Custodian

       229,002       20,252  

Professional

       68,405       48,788  

Registration

       44,837       45,402  

Accounting services

       44,563       21,317  

Directors and Officer

       4,845       4,446  

Miscellaneous

       42,327       29,821  
   

 

 

    

 

 

  

Total expenses

       3,295,307       906,779  

Less:

      

Fees waived and/or reimbursed by the Manager

       (901,580 )      (42,572 ) 

Transfer agent fees waived and/or reimbursed — class specific

       (206,631 )      —  
   

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

       2,187,096       864,207  
   

 

 

    

 

 

  

Net investment income (loss)

       2,241,586       (284,638 ) 
   

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

      

Net realized gain (loss) from:

      

Investments — unaffiliated

       16,872,943       8,593,786  

Investments — affiliated

       (291 )      —  

Foreign currency transactions

       (25,638 )      124,368  

Futures contracts

       592,969       —  
   

 

 

    

 

 

  
      17,439,983       8,718,154  
   

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on:

      

Investments — unaffiliated(a)

       4,879,403       256,038  

Investments — affiliated

       (46 )      —  

Foreign currency translations

       (6,414 )      (12,190 ) 

Futures contracts

       145,573       —  
   

 

 

    

 

 

  
      5,018,516       243,848  
   

 

 

    

 

 

  

Net realized and unrealized gain

       22,458,499       8,962,002  
   

 

 

    

 

 

  

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

     $ 24,700,085     $ 8,677,364  
   

 

 

    

 

 

  

(a)   Net of reduction in deferred foreign capital gain tax of

     $ 70,874     $ —  

See notes to financial statements.

 

 

26  

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Statements of Changes in Net Assets

 

                BlackRock Advantage Global Fund, Inc.                   BlackRock EuroFund  
   

 

 

      

 

  
   

Six Months Ended

12/31/21

            Year Ended          

Six Months Ended

12/31/21

            Year Ended  
                (unaudited)            06/30/21           (unaudited)            06/30/21  

 

  

INCREASE (DECREASE) IN NET ASSETS

                               

OPERATIONS

                      

Net investment income (loss)

                $ 2,241,586                 $ 3,185,477         $ (284,638 )       $ 25,043  

Net realized gain

         17,439,983          81,888,204           8,718,154          7,193,178  

Net change in unrealized appreciation (depreciation)

         5,018,516          47,798,581           243,848          32,945,770  
     

 

 

       

 

 

        

 

 

       

 

 

  

Net increase in net assets resulting from operations

         24,700,085          132,872,262           8,677,364          40,163,991  
     

 

 

       

 

 

        

 

 

       

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS(a)

                      

Institutional

         (14,118,216 )         (3,176,488 )          —          —  

Investor A

         (50,223,238 )         (11,106,083 )          —          —  

Investor C

         (1,286,438 )         (373,623 )          —          —  

Class K

         (8,570,266 )         (566,796 )          —          —  

Class R

         (633,981 )         (162,627 )          —          —  
     

 

 

       

 

 

        

 

 

       

 

 

  

Decrease in net assets resulting from distributions to shareholders

         (74,832,139 )         (15,385,617 )          —          —  
     

 

 

       

 

 

        

 

 

       

 

 

  

CAPITAL SHARE TRANSACTIONS

                      

Net increase (decrease) in net assets derived from capital share transactions

         53,431,511          4,363,008           (48,406,817 )         36,478,327  
     

 

 

       

 

 

        

 

 

       

 

 

  

NET ASSETS

                      

Total increase (decrease) in net assets

         3,299,457          121,849,653           (39,729,453 )         76,642,318  

Beginning of period

         491,824,061          369,974,408           173,053,301          96,410,983  
     

 

 

       

 

 

        

 

 

       

 

 

  

End of period

       $   495,123,518        $ 491,824,061         $   133,323,848        $   173,053,301  
     

 

 

       

 

 

        

 

 

       

 

 

  

 

(a)

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

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

   27

Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock Advantage Global Fund, Inc.  
    Institutional  
    Six Months Ended
12/31/21		     Year Ended June 30,  
     (unaudited)     2021     2020      2019      2018      2017  

Net asset value, beginning of period

                      $ 28.57     $ 21.48     $ 21.66      $ 21.63      $ 25.83      $ 21.85  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

       0.14       0.24       0.31        0.36        0.29        0.11  

Net realized and unrealized gain (loss)

       1.24       7.82       (0.06 )       0.43        2.82        4.15  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase from investment operations

       1.38       8.06       0.25        0.79        3.11        4.26  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

                 

From net investment income

       (0.33 )      (0.35 )      (0.43 )       (0.32 )       (0.37 )       (0.28 ) 

From net realized gain

       (3.83 )      (0.62 )      —        (0.44 )       (6.94 )       —  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

       (4.16 )      (0.97 )      (0.43 )       (0.76 )       (7.31 )       (0.28 ) 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of period

     $ 25.79     $ 28.57     $ 21.48      $ 21.66      $ 21.63      $ 25.83  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

                 

Based on net asset value

       5.26 %(d)      38.23 %      1.08 %       4.03 %       12.43 %       19.60 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(e)

                 

Total expenses

       1.12 %(f)      1.19 %      1.15 %       1.14 %       1.16 %       1.17 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

       0.71 %(f)      0.71 %      0.71 %       0.72 %       0.88 %       1.13 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

       1.09 %(f)      0.96 %      1.46 %       1.72 %       1.20 %       0.47 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

     $  98,207     $  95,405     $  75,805      $  87,759      $  114,870      $  258,047  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

       77 %      311 %      182 %       137 %       189 %       59 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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)

Aggregate total return.

(e)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f)

Annualized.

See notes to financial statements.

 

 

28  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Advantage Global Fund, Inc. (continued)  
    Investor A  
    Six Months Ended
12/31/21		     Year Ended June 30,  
    (unaudited)     20 21     2020      2019      2018      2017  
               

Net asset value, beginning of period

     $ 27.02     $ 20.36     $ 20.55      $ 20.56      $ 24.85      $ 21.00  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

                        0.10       0.17       0.24        0.30        0.25        0.01  

Net realized and unrealized gain (loss)

       1.17       7.41       (0.05 )       0.40        2.67        3.99  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase from investment operations

       1.27       7.58       0.19        0.70        2.92        4.00  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

                 

From net investment income

       (0.27 )      (0.30 )      (0.38 )       (0.27 )       (0.27 )       (0.15 ) 

From net realized gain

       (3.83 )      (0.62 )      —        (0.44 )       (6.94 )       —  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

       (4.10 )      (0.92 )      (0.38 )       (0.71 )       (7.21 )       (0.15 ) 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of period

     $ 24.19     $ 27.02     $ 20.36      $ 20.55      $ 20.56      $ 24.85  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

                 

Based on net asset value

       5.13 %(d)      37.91 %      0.84 %       3.77 %       12.10 %       19.10 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(e)

                 

Total expenses

       1.43 %(f)      1.51 %      1.46 %       1.46 %       1.53 %       1.54 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

       0.96 %(f)      0.96 %      0.96 %       0.97 %       1.16 %       1.50 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

       0.84 %(f)      0.71 %      1.21 %       1.48 %       1.06 %       0.06 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

     $  326,505     $  327,701     $  242,123      $  289,752      $  324,978      $  395,690  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

       77 %      311 %      182 %       137 %       189 %       59 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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)

Aggregate total return.

(e)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f)

Annualized.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   29

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Advantage Global Fund, Inc. (continued)  
    Investor C  
    Six Months Ended
12/31/21		     Year Ended June 30,  
    (unaudited)     2021     2020      2019      2018      2017  
               

Net asset value, beginning of period

                      $ 22.06     $ 16.58     $ 16.79      $ 16.87      $ 21.45      $ 18.15  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)(a)

       0.01       (0.01 )      0.08        0.11        0.04        (0.16 ) 

Net realized and unrealized gain (loss)

       0.92       6.04       (0.05 )       0.34        2.31        3.46  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase from investment operations

       0.93       6.03       0.03        0.45        2.35        3.30  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

                 

From net investment income

       (0.14 )      —       (0.24 )       (0.09 )       —        —  

From net realized gain

       (3.77 )      (0.55 )      —        (0.44 )       (6.93 )       —  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

       (3.91 )      (0.55 )      (0.24 )       (0.53 )       (6.93 )       —  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of period

     $ 19.08     $ 22.06     $ 16.58      $ 16.79      $ 16.87      $ 21.45  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

                 

Based on net asset value

       4.71 %(d)      36.88 %      0.11 %       2.99 %       11.23 %       18.18 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(e)

                 

Total expenses

       2.25 %(f)      2.42 %      2.32 %       2.28 %       2.34 %       2.32 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

       1.71 %(f)      1.71 %      1.71 %       1.72 %       1.95 %       2.29 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)

       0.10 %(f)      (0.06 )%      0.46 %       0.65 %       0.23 %       (0.81 )% 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

     $  5,912     $  7,922     $  35,626      $  52,125      $  90,299      $  135,507  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

       77 %      311 %      182 %       137 %       189 %       59 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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)

Aggregate total return.

(e)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f)

Annualized.

See notes to financial statements.

 

 

30  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Advantage Global Fund, Inc. (continued)  
    Class K  
    Six Months Ended          Period from  
    12/31/21        Year Ended June 30,          01/25/18 (a) 
     (unaudited)      2021      2020      2019             to 06/30/18  

Net asset value, beginning of period

                      $ 28.58      $ 21.48      $ 21.66      $ 21.63                   $ 23.12  
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Net investment income(b)

      0.15        0.27        0.32        0.41          0.29  

Net realized and unrealized gain (loss)

       1.24        7.81        (0.06 )       0.39          (1.78 ) 
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Net increase (decrease) from investment operations

       1.39        8.08        0.26        0.80          (1.49 ) 
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Distributions(c)

                 

From net investment income

       (0.35 )       (0.36 )       (0.44 )       (0.33 )         —  

From net realized gain

       (3.83 )       (0.62 )       —        (0.44 )         —  
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Total distributions

       (4.18 )       (0.98 )       (0.44 )       (0.77 )         —  
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Net asset value, end of period

     $ 25.79      $ 28.58      $ 21.48      $ 21.66        $ 21.63  
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Total Return(d)

                 

Based on net asset value

       5.27 %(e)       38.34 %       1.13 %       4.09 %         (6.44 )%(e) 
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Ratios to Average Net Assets(f)

                 

Total expenses

       1.03 %(g)       1.13 %       1.09 %       1.03 %         1.07 %(g)(h) 
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Total expenses after fees waived and/or reimbursed

       0.66 %(g)       0.66 %       0.66 %       0.66 %         0.66 %(g) 
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Net investment income

       1.13 %(g)       1.04 %       1.53 %       1.98 %         3.09 %(g) 
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Supplemental Data

                  

Net assets, end of period (000)

     $  61,014      $  56,800      $  12,108      $  10,625        $  4,616  
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

Portfolio turnover rate

       77 %       311 %       182 %       137 %         189 % 
   

 

 

     

 

 

     

 

 

     

 

 

       

 

 

  

 

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

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

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Aggregate total return.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

(h)

Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.07%.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   31

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Advantage Global Fund, Inc. (continued)  
    Class R  
   

Six Months Ended

12/31/21

     Year Ended June 30,  
     (unaudited)     2021     2020      2019      2018      2017  

Net asset value, beginning of period

     $  24.24     $ 18.33     $ 18.52      $ 18.60      $ 23.07      $ 19.48  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)(a)

       0.07       0.10       0.18        0.21        0.17        (0.07 ) 

Net realized and unrealized gain (loss)

       1.03       6.65       (0.06 )       0.37        2.47        3.70  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase from investment operations

                        1.10       6.75       0.12        0.58        2.64        3.63  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions(b)

                 

From net investment income

       (0.21 )      (0.22 )      (0.31 )       (0.22 )       (0.17 )       (0.04 ) 

From net realized gain

       (3.83 )      (0.62 )      —        (0.44 )       (6.94 )       —  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total distributions

       (4.04 )      (0.84 )      (0.31 )       (0.66 )       (7.11 )       (0.04 ) 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of period

     $ 21.30     $ 24.24     $ 18.33      $ 18.52      $ 18.60      $ 23.07  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(c)

                 

Based on net asset value

       5.02 %(d)      37.52 %      0.58 %       3.52 %       11.79 %       18.67 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(e)

                

Total expenses

       1.87 %(f)      1.79 %      1.77 %       1.79 %       1.87 %       1.92 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

       1.21 %(f)      1.21 %      1.21 %       1.22 %       1.43 %       1.88 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)

       0.59 %(f)      0.45 %      0.98 %       1.18 %       0.80 %       (0.33 )% 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

     $ 3,485     $  3,996     $  4,313      $  10,407      $  16,716      $  19,642  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

       77 %      311 %      182 %       137 %       189 %       59 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(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)

Aggregate total return.

(e)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f)

Annualized.

See notes to financial statements.

 

 

32  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock EuroFund  
    Institutional  
   

Six Months Ended

12/31/21

     Year Ended June 30,  
     (unaudited)     2021     2020      2019      2018      2017  

Net asset value, beginning of period

     $ 20.34     $ 14.31     $ 14.40      $ 15.06      $ 14.78      $ 13.25  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)(a)

      (0.02 )      0.03       0.02        0.13        0.13        0.16 (b)  

Net realized and unrealized gain (loss)

                        1.22       6.00       (0.04 )       (0.45 )       0.33        1.67  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

       1.20       6.03       (0.02 )       (0.32 )       0.46        1.83  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions from net investment income(c)

      —       —       (0.07 )       (0.34 )       (0.18 )       (0.30 ) 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of period

     $ 21.54     $ 20.34     $ 14.31      $ 14.40      $ 15.06      $ 14.78  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(d)

                

Based on net asset value

       5.90 %(e)      42.14 %      (0.17 )%       (1.77 )%       3.12 %       14.14 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(f)

                

Total expenses

       1.11 %(g)       1.18 %      1.24 %       1.23 %       1.11 %       1.10 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

       1.05 %(g)      1.12 %      1.18 %       1.17 %       1.08 %       1.10 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)

       (0.19 )%(g)      0.19 %      0.14 %       0.92 %       0.87 %       1.19 %(b)  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

     $  38,106     $  81,809     $  26,476      $  33,178      $  43,686      $  146,685  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

       22 %      26 %      39 %       153 %       98 %       93 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Based on average shares outstanding.

(b)

Net investment income per share and the ratio of net investment income to average net assets include $0.01 per share and 0.10%, respectively, resulting from a special dividend.

(c)

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

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Aggregate total return.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   33

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock EuroFund (continued)  
    Investor A  
   

Six Months Ended

12/31/21

    

Year Ended June 30,

  
     (unaudited)     2021     2020      2019      2018      2017  

Net asset value, beginning of period

     $ 19.93     $ 14.05     $ 14.11      $ 14.78      $ 14.49      $ 12.98  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)(a)

                       (0.05 )      (0.01 )      (0.00 )(b)       0.08        0.18        0.13 (c) 

Net realized and unrealized gain (loss)

       1.20       5.89       (0.04 )       (0.44 )       0.26        1.64  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

       1.15       5.88       (0.04 )       (0.36 )       0.44        1.77  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions from net investment income(d)

      —       —       (0.02 )       (0.31 )       (0.15 )       (0.26 ) 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of period

     $ 21.08     $ 19.93     $ 14.05      $ 14.11      $ 14.78      $ 14.49  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(e)

                

Based on net asset value

       5.77 %(f)      41.85 %      (0.30 )%       (2.08 )%       3.02 %       13.92 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(g)

                

Total expenses

       1.35 %(h)      1.39 %      1.40 %       1.45 %       1.31 %       1.32 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

       1.29 %(h)      1.33 %      1.34 %       1.39 %       1.28 %       1.32 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)

       (0.49 )%(h)      (0.03 )%      (0.01 )%       0.56 %       1.19 %       0.97 %(c)  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

                 

Net assets, end of period (000)

     $  91,161     $  87,462     $  65,887      $  78,418      $  149,540      $  165,427  
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

       22 %      26 %      39 %       153 %       98 %       93 % 
   

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Based on average shares outstanding.

(b)

Amount is greater than $(0.005) per share.

(c)

Net investment income per share and the ratio of net investment income to average net assets include $0.01 per share and 0.10%, respectively, resulting from a special dividend.

(d)

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

(e)

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

(f)

Aggregate total return.

(g)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h)

Annualized.

See notes to financial statements.

 

 

34  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock EuroFund (continued)  
    Investor C  
   

Six Months Ended

12/31/21

     Year Ended June 30,  
     (unaudited)     2021      2020      2019      2018      2017  

Net asset value, beginning of period

     $ 13.63     $ 9.68      $ 9.79      $ 10.36      $ 10.16      $ 9.17  
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)(a)

       (0.09 )      (0.10 )       (0.08 )       (0.02 )       0.05        0.01 (b)  

Net realized and unrealized gain (loss)

       0.83       4.05        (0.03 )       (0.31 )       0.18        1.15  
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

                    0.74       3.95        (0.11 )       (0.33 )       0.23        1.16  
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Distributions from net investment income(c)

       —       —        —        (0.24 )       (0.03 )       (0.17 ) 
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of period

     $ 14.37     $ 13.63      $ 9.68      $ 9.79      $ 10.36      $ 10.16  
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(d)

                 

Based on net asset value

       5.43 %(e)      40.81 %       (1.12 )%       (2.82 )%       2.27 %       12.94 % 
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(f)

                  

Total expenses

       2.13 %(g)      2.17 %       2.19 %       2.20 %       2.08 %       2.13 % 
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived and/or reimbursed

       2.07 %(g)      2.11 %       2.13 %       2.14 %       2.04 %       2.13 % 
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income (loss)

       (1.25 )%(g)      (0.86 )%       (0.85 )%       (0.17 )%       0.43 %       0.14 %(b) 
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

                  

Net assets, end of period (000)

     $  1,991     $  2,451      $  3,088      $  4,179      $  7,533      $  8,038  
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate

       22 %      26 %       39 %       153 %       98 %       93 % 
   

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Based on average shares outstanding.

(b)

Net investment income per share and the ratio of net investment income to average net assets include $0.01 per share and 0.10%, respectively, resulting from a special dividend.

(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)

Aggregate total return.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   35

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock EuroFund (continued)  
    Class K  
    Six Months Ended           Period from  
    12/31/21       Year Ended June 30,         01/25/18 (a) 
     (unaudited)     2021     2020     2019     to 06/30/18  

Net asset value, beginning of period

                  $  20.30     $  14.26     $  14.34     $  15.08       $ 16.57  
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

Net investment income (loss)(b)

      (0.02 )      0.06       0.03       0.14         0.26  

Net realized and unrealized gain (loss)

       1.23       5.98       (0.02 )      (0.46 )        (1.75 ) 
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

Net increase (decrease) from investment operations

       1.21       6.04       0.01       (0.32 )        (1.49 ) 
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

Distributions from net investment income(c)

      —       —       (0.09 )      (0.42 )        —  
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

Net asset value, end of period

     $ 21.51     $ 20.30     $ 14.26     $ 14.34       $ 15.08  
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

Total Return(d)

             

Based on net asset value

       5.96 %(e)      42.36 %      0.03 %      (1.70 )%        (8.99 )%(e) 
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

Ratios to Average Net Assets(f)

             

Total expenses

       1.01 %(g)      1.04 %      1.06 %      1.11 %        0.98 %(g)(h) 
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

Total expenses after fees waived and/or reimbursed

       0.95 %(g)      0.98 %      1.00 %      1.05 %        0.95 %(g) 
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

Net investment income (loss)

       (0.16 )%(g)      0.34 %      0.18 %      1.00 %        3.86 %(g) 
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

Supplemental Data

              

Net assets, end of period (000)

     $ 1,517     $ 860     $ 601     $ 710              $ 1,005  
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

Portfolio turnover rate

       22 %      26 %      39 %      153 %        98 % 
   

 

 

    

 

 

    

 

 

    

 

 

      

 

 

  

 

(a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

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

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Aggregate total return.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

(h)

Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.99%.

See notes to financial statements.

 

 

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock EuroFund (continued)  
    Class R  
   

Six Months Ended

12/31/21

    

Year Ended June 30,

  
     (unaudited)     2021     2020     2019     2018     2017  

Net asset value, beginning of period

                      $  14.79     $  10.46     $  10.54     $  11.14     $  10.96     $ 9.89  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)(a)

      (0.08 )      (0.04 )      (0.04 )      (0.01 )      0.09       0.05 (b) 

Net realized and unrealized gain (loss)

       0.89       4.37       (0.04 )      (0.33 )      0.18       1.24  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

       0.81       4.33       (0.08 )      (0.34 )      0.27       1.29  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions from net investment income(c)

      —       —       —       (0.26 )      (0.09 )      (0.22 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

     $  15.60     $ 14.79     $ 10.46     $ 10.54     $ 11.14     $ 10.96  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return(d)

             

Based on net asset value

       5.48 %(e)      41.40 %      (0.76 )%      (2.66 )%      2.46 %      13.42 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratios to Average Net Assets(f)

             

Total expenses

       1.87 %(g)      1.73 %      1.87 %      2.07 %      1.81 %      1.83 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

       1.81 %(g)      1.67 %      1.81 %      2.01 %      1.77 %      1.83 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income (loss)

       (1.01 )%(g)      (0.32 )%      (0.42 )%      (0.07 )%      0.76 %      0.54 %(b) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

              

Net assets, end of period (000)

     $ 549     $ 471     $ 359     $ 363     $ 786     $ 1,017  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

       22 %      26 %      39 %      153 %      98 %      93 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Based on average shares outstanding.

(b)

Net investment income per share and the ratio of net investment income to average net assets include $0.01 per share and 0.10%, respectively, resulting from a special dividend.

(c)

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

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Aggregate total return.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

   37

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. BlackRock Advantage Global Fund, Inc. is organized as a Maryland corporation. BlackRock EuroFund 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 open-end equity, multi-asset, index and money market 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, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

 

 

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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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investments to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

   39

Notes to Financial Statements (unaudited) (continued)

 

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 Global Valuation Committee and third-party pricing services utilize one or a combination of, but not limited to, the following inputs.

 

   
    

Standard Inputs Generally Considered By 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.

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 involve 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 Global 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 Global 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.

As of December 31, 2021, certain investments of Advantage Global were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 

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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

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

 

         

Fund Name/Counterparty

   
 Securities
Loaned at Value		  
 		    

 Cash Collateral

Received

  

(a) 

    

 Non-Cash Collateral

Received at Fair Value

  

 

    

 Net

Amount

  

 

Advantage Global

        

BofA Securities, Inc.

   $ 973,639     $ (973,639 )    $ —     $ —  

Citigroup Global Markets, Inc.

     92,580       (92,580 )      —       —  

Deutsche Bank Securities, Inc.

     862,982       (862,982 )      —       —  

J.P. Morgan Securities LLC

     725,706       (725,706 )      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

  
  $ 2,654,907     $ (2,654,907 )    $ —     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

  (a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

 

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.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

     0.85 %      0.75%  

$1 billion — $3 billion

     0.80       0.71     

$3 billion — $5 billion

     0.77       0.68     

$5 billion — $10 billion

     0.74       0.65     

Greater than $10 billion

     0.72       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.

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, 2021, 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

    $ 409,192      $ 33,797      $ 9,370      $452,359

EuroFund

      113,310        11,048        1,330      125,688

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, 2021, 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, 2021, 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

    $ 368      $ 4,354      $ 982      $ 18      $ 25      $ 5,747

EuroFund

      1,042        2,024        172        6        18      3,262

For the six months ended December 31, 2021, 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

    $ 47,712      $ 253,093      $ 7,431      $ 605      $ 6,461      $ 315,302

EuroFund

      29,427        47,387        1,496        92        1,012      79,414

Other Fees: For the six months ended December 31, 2021, 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

   $        676

EuroFund

   208

 

 

42  

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Notes to Financial Statements (unaudited) (continued)

 

For the six months ended December 31, 2021, affiliates received CDSCs as follows:

 

 

  
Fund Name   Investor A      Investor C  

 

  

Advantage Global

   $ —      $ 28  

EuroFund

     700        —  

 

  

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, 2023. 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, 2021, the amounts waived were as follows:

 

 

  
Fund Name   Fees Waived and/or Reimbursed
by the Manager		  

 

  

Advantage Global

   $  1,160  

EuroFund

     40  

 

  

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, 2023. 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, 2021, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

With respect to EuroFund, the Manager voluntarily agreed to waive a portion of its investment advisory fees equal to the annual rate of 0.06% of the Fund’s average daily net assets. The voluntary waiver may be reduced or discontinued at any time. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. During the six months ended December 31, 2021, the Manager waived $42,532 pursuant to this agreement.

With respect to Advantage Global, 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 the 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%

 

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2023, 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 Advantage Global. For the six months ended December 31, 2021, the Manager waived and/or reimbursed $900,420 which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

These amounts waived and/or reimbursed are included in transfer agent fees waived and/or reimbursed — class specific in the Statements of Operations. For the six months ended December 31, 2021, class specific expense waivers and/or reimbursements are as follows:

 

 

  
      

Transfer Agent Fees Waived and/or

Reimbursed - Class Specific

  
    

 

 

  
Fund Name      Institutional        Investor A        Investor C        Class K        Class R        Total  

 

  

Advantage Global

      $ 23,507        $ 171,253        $ 5,742        $ 605        $ 5,524        $  206,631  

 

  

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, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds. 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

 

 

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   43

Notes to Financial Statements (unaudited) (continued)

 

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, 2021, each Fund paid BIM the following amounts for securities lending agent services:

 

 

  
Fund Name   Amounts  

 

  

Advantage Global

   $ 360  

 

  

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.

During the six months ended December 31, 2021, 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.

 

7.

PURCHASES AND SALES

For the six months ended December 31, 2021, purchases and sales of investments, excluding short-term investments, were as follows:

 

 

  
Fund Name   Purchases      Sales  

 

  

Advantage Global

   $  364,700,443      $  378,146,432  

EuroFund

     30,099,017        75,778,205  

 

  

 

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 fiscal 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, 2021, 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, 2021, the EuroFund had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

 

 

  
    EuroFund  

 

  

Non-expiring capital loss carryforwards

   $  27,181,381  

 

  

As of December 31, 2021, 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

   $  415,836,901      $ 95,797,956      $ (14,040,174 )    $ 81,757,782  

EuroFund

     84,879,298        50,243,708        (1,834,636 )      48,409,072  

 

  

 

9.

BANK BORROWINGS

The Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), are a party to a 364-day, $2.25 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

 

 

44  

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Notes to Financial Statements (unaudited) (continued)

 

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) one-month London Interbank Offered Rate (“LIBOR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2022 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, 2021, the Funds did not borrow under the credit agreement.

 

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 redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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.

Concentration 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.

Certain 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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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 Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

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. In addition, 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. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates will cease to be published or no longer will be representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

 

 

  
   

Six Months Ended

12/31/21

         

Year Ended

06/30/21

  
 

 

 

       

 

 

  
Fund Name / Share Class   Shares      Amounts           Shares      Amounts   

 

  

Advantage Global

           

Institutional

           

Shares sold

     221,449     $ 5,757,931          353,005     $ 8,961,654  

Shares issued in reinvestment of distributions

     523,855       13,448,762          122,734       3,013,121  

Shares redeemed

     (276,819 )      (7,224,489 )         (666,077 )      (16,543,928 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    468,485     $ 11,982,204          (190,338 )    $ (4,569,153 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  

Investor A

           

Shares sold and automatic conversion of shares

     188,932     $ 4,702,072          1,602,254     $ 35,969,989  

Shares issued in reinvestment of distributions

     1,904,545       45,920,653          434,436       10,100,634  

Shares redeemed

     (724,181 )      (17,847,151 )         (1,800,248 )      (42,539,915 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    1,369,296     $ 32,775,574          236,442     $ 3,530,708  
 

 

 

    

 

 

       

 

 

    

 

 

  

Investor C

           

Shares sold

     2,407     $ 47,085          20,365     $ 401,104  

Shares issued in reinvestment of distributions

     66,995       1,282,263          19,276       367,401  

Shares redeemed and automatic conversion of shares

     (118,744 )      (2,359,924 )         (1,829,663 )      (33,139,792 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    (49,342 )    $ (1,030,576 )         (1,790,022 )    $ (32,371,287 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  

Class K

           

Shares sold

     327,678     $ 8,497,211          1,547,022     $ 42,438,784  

Shares issued in reinvestment of distributions

     333,878       8,570,267          23,087       566,795  

Shares redeemed

     (283,430 )      (7,309,807 )         (146,256 )      (3,754,533 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    378,126     $ 9,757,671          1,423,853     $     39,251,046  
 

 

 

    

 

 

       

 

 

    

 

 

  

Class R

           

Shares sold

     12,672     $ 273,995          35,430     $ 758,871  

Shares issued in reinvestment of distributions

     29,767       633,880          7,784       162,607  

Shares redeemed

     (43,648 )      (961,237 )         (113,713 )      (2,399,784 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    (1,209 )    $ (53,362 )         (70,499 )    $ (1,478,306 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    2,165,356     $     53,431,511          (390,564 )    $ 4,363,008  
 

 

 

    

 

 

       

 

 

    

 

 

  

 

 

46  

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Notes to Financial Statements (unaudited) (continued)

 

 

  
   

Six Months Ended

12/31/21

           

Year Ended

06/30/21

  
 

 

 

       

 

 

  
Fund Name / Share Class   Shares      Amounts             Shares      Amounts   

 

  

EuroFund

           

Institutional

           

Shares sold

     60,814     $ 1,288,098          2,405,942     $ 47,228,958  

Shares issued in reinvestment of distributions

     —       —          —       —  

Shares redeemed

     (2,313,686 )      (48,437,657 )         (234,616 )      (4,179,416 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    (2,252,872 )    $ (47,149,559 )         2,171,326     $ 43,049,542  
 

 

 

    

 

 

       

 

 

    

 

 

  

Investor A

           

Shares sold and automatic conversion of shares

     145,011     $ 2,985,832          266,022     $ 4,557,168  

Shares issued in reinvestment of distributions

     —       —          —       —  

Shares redeemed

     (209,375 )      (4,317,197 )         (568,313 )      (9,533,418 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    (64,364 )    $ (1,331,365 )         (302,291 )    $ (4,976,250 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  

Investor C

           

Shares sold

     13,666     $ 195,185          22,480     $ 275,997  

Shares issued in reinvestment of distributions

     —       —          —       —  

Shares redeemed and automatic conversion of shares

     (54,860 )      (766,717 )         (161,601 )      (1,858,944 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    (41,194 )    $ (571,532 )         (139,121 )    $ (1,582,947 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  

Class K

           

Shares sold

     34,272     $ 722,684          8,761     $ 160,552  

Shares issued in reinvestment of distributions

     —       —          —       —  

Shares redeemed

     (6,090 )      (128,209 )         (8,545 )      (149,452 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    28,182     $ 594,475          216     $ 11,100  
 

 

 

    

 

 

       

 

 

    

 

 

  

Class R

           

Shares sold

     3,840     $ 58,589          4,460     $ 56,788  

Shares issued in reinvestment of distributions

     —       —          —       —  

Shares redeemed

     (490 )      (7,425 )         (6,936 )      (79,906 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    3,350     $ 51,164          (2,476 )    $ (23,118 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    (2,326,898 )    $     (48,406,817 )         1,727,654     $     36,478,327  
 

 

 

    

 

 

       

 

 

    

 

 

  

As of December 31, 2021, BlackRock Financial Management, Inc., an affiliate of the Fund, owned 12,070 Class K Shares of EuroFund.

 

12.

SUBSEQUENT EVENTS

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

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

   47

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 9-10, 2021 (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, 2020 through September 30, 2021 (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. 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 (“RATS”). 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). 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 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.

 

 

48   2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Additional Information

 

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

 

 

A D D I T I O N A L   I N F O R M A T I O N

   49

Additional Information  (continued)

 

BlackRock Privacy Principles

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

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

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

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

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

Fund and Service Providers

 

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited(a)

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent

State Street Bank and Trust Company

Boston, MA 02111

Custodian

Brown Brothers Harriman & Co.

Boston, MA 02109

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

 

(a)

For BlackRock EuroFund.

Distributor

BlackRock Investments, LLC

New York, NY 10022

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

 

 

 

50  

2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Glossary of Terms Used in this Report

 

 

Currency Abbreviation
CAD    Canadian Dollar
DKK    Danish Krone
EUR    Euro
GBP    British Pound
HKD    Hong Kong Dollar
NZD    New Zealand Dollar
ZAR    South African Rand
Portfolio Abbreviation
ADR    American Depositary Receipt
CPO    Certificates of Participation (Ordinary)
GDR    Global 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

 

 

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T

   51

 

 

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-12/21-SAR

 

 

LOGO

   LOGO           

(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 –

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

 

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, 2022

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, 2022

 

  By:     

/s/ Trent Walker                            

       Trent Walker
       Chief Financial Officer (principal financial officer) of
       BlackRock EuroFund

Date: February 23, 2022