# EDGAR Filing Document

**Accession Number:** 0000922457
**File Stem:** 0001193125-23-061324
**Filing Date:** 2023-3
**Character Count:** 245394
**Document Hash:** b6528978ec3fdcbb4b4b2c0a3517cc90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-061324.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001193125-23-061324

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK ADVANTAGE GLOBAL FUND, INC.
- **CENTRAL INDEX KEY:** 0000922457
- **IRS NUMBER:** 223310365
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07171
- **FILM NUMBER:** 23708766

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK GLOBAL SMALLCAP FUND, INC.
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH GLOBAL SMALLCAP FUND INC
- **DATE OF NAME CHANGE:** 19941019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH SMALLCAP WORLD FUND INC
- **DATE OF NAME CHANGE:** 19940429

## Series and Classes Contracts Data

### BLACKROCK ADVANTAGE GLOBAL FUND, INC. (Series ID: S000002724)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007429 | Investor A    |  |
| C000007431 | Investor C    |  |
| C000007432 | Institutional |  |
| C000007433 | Class R       |  |
| C000199761 | Class K       |  |

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: 811-07171

Name of Fund: BlackRock Advantage Global Fund, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Advantage Global Fund, Inc., 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 06/30/2023

Date of reporting period: 12/31/2022

------

Item 1 – Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

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| | |
|:---|:---|
| ![LOGO](g428809g42l24.jpg)  | **DECEMBER 31, 2022** |

---

**2022 Semi-Annual Report**<br> **(Unaudited)**<br>

**BlackRock Advantage Global Fund, Inc.** 

**BlackRock EuroFund** 

**Not FDIC Insured • May Lose Value • No Bank Guarantee**

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended December 31, 2022, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the year as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and heightened uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a level more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but this prospect has not yet been fully priced in by markets. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit **blackrock.com** for further insight about investing in today's markets.

Sincerely,

![LOGO](g428809sig_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g428809photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of December 31, 2022** | **Total Returns as of December 31, 2022** | **Total Returns as of December 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | 2.31% | (18.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | 3.91 | (20.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | 6.36 | (14.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (2.99) | (20.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 1.32 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (5.58) | (16.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (2.97) | (13.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | 0.50 | (8.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 3.50 | (11.18) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | 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

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**Table of Contents**

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| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx428809_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx428809_2) | 4 |
|  [About Fund Performance](#tx428809_3) | 8 |
|  [Disclosure of Expenses](#tx428809_4) | 8 |
|  [Derivative Financial Instruments](#tx428809_5) | 9 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#tx428809_6) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx428809_7) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx428809_8) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx428809_9) | 26 |
|  [Financial Highlights](#tx428809_10) | 27 |
|  [Notes to Financial Statements](#tx428809_11) | 37 |
|  [Statement Regarding Liquidity Risk Management Program](#tx428809_12) | 48 |
|  [Additional Information](#tx428809_13) | 49 |
|  [Glossary of Terms Used in this Report](#tx428809_14) | 51 |

---

![LOGO](g428809g03a01.jpg)

3.0 ------

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| | |
|:---|:---|
| Fund Summary as of December 31, 2022 | **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, 2022, the Fund's Institutional, Investor A and Class K Shares outperformed the Fund's benchmark, the MSCI All Country World Index, while the Class R Shares performed in line. For the same period, the Fund's Investor C Shares underperformed the benchmark.

**What factors influenced performance?** 

The Fund navigated a rapidly shifting market backdrop over the reporting period. At the start of the period, the market's focus was on monetary policy normalization against a backdrop of persistent inflation, as global central banks focused on tamping down inflation and tightened policy. The Fed raised its benchmark overnight lending rate by 75 basis points in June, July and September 2022, making it the fastest rate hiking cycle since 1980. This resulted in a persistently inverted yield curve, often a precursor of an imminent recession. Markets staged a rally during the summer of 2022 as investors hoped for a dovish policy pivot given growth concerns, allowing equities to recover roughly half of their losses. Still, central banks reiterated their focus on bringing down inflation, causing a sell-off that saw equities set new lows. Nevertheless, despite declining manufacturing data and downgraded earnings forecasts, markets saw robust earnings at period-end and rallied off their lows for the year. November 2022 saw the greatest gains for equities as sentiment was buoyed by a below-expectations U.S. consumer price inflation readout which reignited a "past peak inflation narrative" and paved the way for a reversal in the recent underperformance of large-cap growth stocks. However, sentiment softened in December 2022 on recession fears given the policy tightening already in place.

The Fund's fundamental measures drove positive performance for the period in aggregate. In particular, contrarian quality measures, which question sustainability of company growth, proved additive. These bottom-up stock selection insights, including measures evaluating company internal financing ability and return on assets, benefited returns amid the market's broader inflationary theme. Other stability-related measures, such as insights with a preference for dividend consistency, did well amid market volatility.

Sentiment measures also proved additive throughout the period, as these were able to correctly position the portfolio as market themes shifted between rising rates and hopes for a dovish central bank policy pivot. Measures designed to capture sentiment from bond markets led contributions as rates rose sharply to combat historic inflation. Additionally, an insight that captures company linkages was additive as it correctly positioned the portfolio around the broader China re-opening theme in the fourth quarter of 2022.

On the downside, in what was ultimately a macro-led market for much of 2022, select macro thematic insights struggled. In particular, measures designed to evaluate industries and stocks that outperform on large down days in the market proved overly defensive.

Select fundamental measures also detracted from performance. While contrarian quality insights provided ballast, traditional valuation-related measures struggled amid the style volatility in the summer months. In particular, measures evaluating price, research expenditures, and other financial statement data struggled. Lastly, fundamental measures with a growth preference also struggled against the runup in value styles later in the period. Specifically, insights evaluating company benefits and culture underperformed.

**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 with enhanced data sets that capture informed investor positioning as well as news flow. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks towards social media activity as a measure of potential revenue growth. Finally, the Fund built upon its company employee-related measures by adding an insight that identify organizations at risk for emerging labor disputes.

**Describe portfolio positioning at period end.** 

At period end, the Fund's positioning with respect to sector allocation was essentially neutral. The Fund had slightly overweight allocations to the healthcare and consumer staples sectors and slight underweights to financials and utilities.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

4 2 0 2 2 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

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---

| | |
|:---|:---|
| Fund Summary as of December 31, 2022 (continued) | **BlackRock Advantage Global Fund, Inc.** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | 2.52% | (17.71)% | N/A | 4.60% | N/A | 8.06% | N/A |
|  Investor A | 2.38 | (17.93) | (22.24)% | 4.33 | 3.21% | 7.73 | 7.15% |
|  Investor C | 2.03 | (18.51) | (19.31) | 3.57 | 3.57 | 7.06 | 7.06 |
|  Class K | 2.53 | (17.67) | N/A | 4.65 | N/A | 8.08 | N/A |
|  Class R | 2.27 | (18.13) | N/A | 4.08 | N/A | 7.41 | N/A |
|  **MSCI ACWI<sup>(c)</sup>**  | 2.28 | (18.36) | N/A | 5.23 | N/A | 7.98 | N/A |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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." 

<sup>(c)</sup> 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 | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
|  | *Beginning*<br>*Account Value*<br>*(07/01/22)* | *Ending*<br>*Account Value*<br>*(12/31/22)* | *Expenses*<br>*Paid During* *the Period*<br><sup>*(a)*</sup>  | *Beginning*<br>*Account Value*<br>*(07/01/22)* | *Ending*<br> *Account Value*<br>*(12/31/22)*  | *Expenses*<br>*Paid During* *the Period*<br><sup>*(a)*</sup>  | *Annualized* <br> *Expense* <br> *Ratio*  |
|  Institutional | $1000.00 | $1025.20 | $3.62 | $1000.00 | $1021.63 | $3.62 | 0.71% |
|  Investor A | 1000.00 | 1023.80 | 4.90 | 1000.00 | 1020.37 | 4.89 | 0.96 |
|  Investor C | 1000.00 | 1020.30 | 8.71 | 1000.00 | 1016.59 | 8.69 | 1.71 |
|  Class K | 1000.00 | 1025.30 | 3.37 | 1000.00 | 1021.88 | 3.36 | 0.66 |
|  Class R | 1000.00 | 1022.70 | 6.17 | 1000.00 | 1019.11 | 6.16 | 1.21 |

---

<sup>(a)</sup> 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<sup>(a)</sup>* | *Percent of* <br> *Net Assets*  |
|  Apple, Inc. | 4.2% |
|  Microsoft Corp. | 3.7 |
|  Chevron Corp. | 1.6 |
|  Coca-Cola Co. | 1.6 |
|  Johnson & Johnson | 1.4 |
|  Visa, Inc., Class A | 1.4 |
|  General Dynamics Corp. | 1.1 |
|  Canadian Natural Resources Ltd. | 1.1 |
|  PepsiCo, Inc. | 1.1 |
|  Medtronic PLC | 1.1 |

---

**GEOGRAPHIC ALLOCATION** 

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of <br>Net Assets* |
|  United States | 60.2% |
|  Japan | 5.4 |
|  China | 4.3 |
|  Canada | 3.9 |
|  Germany | 3.1 |
|  United Kingdom | 2.9 |
|  Australia | 2.8 |
|  France | 2.6 |
|  Ireland | 2.2 |
|  Taiwan | 2.1 |
|  Netherlands | 1.2 |
|  South Korea | 1.1 |
|  Other<sup>#</sup>  | 8.3 |
|  Liabilities in Excess of Other Assets | (0.1) |

---

<sup>(a)</sup> Excludes short-term securities.

---

| | |
|:---|:---|
| <sup>#</sup> | Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.  |

---

F U N D S U M M A R Y 5

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| | |
|:---|:---|
| Fund Summary as of December 31, 2022 | **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, 2022, the Fund outperformed its benchmark, the MSCI EMU Index.

**What factors influenced performance?** 

The Fund's outperformance was primarily driven by strong stock selection, with sector allocations also making a positive contribution. Robust selection within financials, particularly banks, was a key contributor to results. Shares of rate-sensitive European banks, including FinecoBank SpA (Italy), Commerzbank AG (Germany) and CaixaBank SA (Spain) were buoyed by expectations for rising interest rates. The investment adviser had been building positions in the sector since the beginning of 2022 on the view that there was potential for earnings upgrades stemming from higher net interest income, stable costs, improved balance sheets and controlled loan losses.

The German industrial stocks Siemens AG and Schneider Electric SE also outperformed as both provided positive updates. The investment adviser believed strong trends around energy efficiency and automation indicated a favorable outlook for these types of companies. The investment adviser strove to ensure that its portfolio companies are on the right side of the energy transition. It aims to avoid heavy industries with high energy costs while investing in companies, including Siemens and Schneider, that help find solutions to energy needs.

The Fund further benefitted from the strength of select positions in the consumer sectors, led by the luxury brands company LVMH Moet Hennessy Louis Vuitton SA (France). The company continued to post positive results as strong tourism in Europe and robust sales in the United States offset the impact of COVID-19 lockdowns in China.

Teleperformance SE (France) was the largest detractor in the reporting period. The shares came under pressure following an announcement that Colombia's Ministry of Labor launched an official investigation into the company regarding its treatment of content moderators. The investment adviser took these allegations extremely seriously, and after looking deeply into the matter, determined that the company took the right steps to address the issue. The investment adviser chose to maintain the position on the belief that the stock's sharp decline did not reflect any realistic outcome.

Shares of Puma SE (Germany) also detracted, primarily as a result of weakness in Nike. The latter warned its gross margins would be squeezed by high inventory, price discounts and strength in the U.S. dollar. Elsewhere, ASM International NV (Netherlands) lagged on worries that U.S. export restrictions on China could impact the company. The stock began to recover later in the period, however, as the potential effect looked to be less than initially expected. A position in the wealth-technology platform Allfunds Group PLC (United Kingdom) hurt performance, as well. The company reported results that were below expectations due in part to weaker industry flows and poor returns for the financial market. The investment adviser maintained the position on the belief that the company's innovations have the potential to fuel organic growth.

**Describe recent portfolio activity.** 

The investment adviser sold the Fund's position in the outsourcing business Majorel Group Luxembourg SA, which pursued a merger with a U.S. competitor. While the merger ultimately collapsed in September 2022, the investment adviser believed the envisioned business combination raised questions about Majorel's strategy.

In financials, the investment adviser sold Intesa Sanpaolo SpA (Italy) and rotated into CaixaBank following a pullback in the latter. This move reduced the Fund's weighting in Italy and increased its allocation to the rate-sensitive Spanish banking sector.

The investment adviser sold the Fund's position in Puma after the company's well-regarded CEO was hired by rival Adidas, putting a dent in the investment thesis. The investment adviser used the proceeds to add a new holding in L'Oréal SA (France), which stands to benefit from China's reopening.

The Fund also participated in a rights issue that added the French automotive leasing company Ald SA to the portfolio. The investment adviser believed Ald was an attractively valued company with a catalyst for improving performance from the synergies generated by its acquisition of a competitor.

**Describe portfolio positioning at period end.** 

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

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

6 2 0 2 2 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

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| | |
|:---|:---|
| Fund Summary as of December 31, 2022 (continued) | **BlackRock EuroFund** |

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**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | 11.58% | (23.85)% | N/A | 1.75% | N/A | 3.58% | N/A |
|  Investor A | 11.42 | (24.05) | (28.04)% | 1.54 | 0.45% | 3.35 | 2.80% |
|  Investor C | 10.96 | (24.64) | (25.39) | 0.77 | 0.77 | 2.70 | 2.70 |
|  Class K | 11.55 | (23.82) | N/A | 1.88 | N/A | 3.65 | N/A |
|  Class R | 11.31 | (24.29) | N/A | 1.09 | N/A | 2.88 | N/A |
|  **MSCI EMU Index<sup>(c)</sup>**  | 9.87 | (17.86) | N/A | 0.60 | N/A | 4.53 | N/A |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities, including common stock and convertible securities, of companies located in Europe. The Fund has no limits on the geographic asset distribution of its investments within Europe. However, the Fund currently expects that a majority of the Fund's assets will be invested in equity securities of companies located in countries participating in the European Monetary Union (the ''Eurozone''). The Fund's total returns prior to October 23, 2018, are the returns of the Fund when it followed different investment strategies. 

<sup>(c)</sup> 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 | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning*<br>*Account Value*<br>*(07/01/22*<br>*)* | *Ending*<br>*Account Value*<br>*(12/31/22*<br>*)* | *Expenses*<br>*Paid During*<br>*the Period* <br>*<sup>(a)</sup>* | *Beginning*<br>*Account Value*<br>*(07/01/22*<br>*)* | *Ending*<br>*Account Value*<br>*(12/31/22*<br>*)* | *Expenses*<br>*Paid During*<br>*the Period* <br>*<sup>(a)</sup>* | *Annualized*<br>*Expense*<br>*Ratio* |
|  Institutional | $1000.00 | $1115.80 | $5.76 | $1000.00 | $1019.76 | $5.50 | 1.08% |
|  Investor A | 1000.00 | 1114.20 | 7.09 | 1000.00 | 1018.50 | 6.77 | 1.33 |
|  Investor C | 1000.00 | 1109.60 | 11.06 | 1000.00 | 1014.72 | 10.56 | 2.08 |
|  Class K | 1000.00 | 1115.50 | 5.49 | 1000.00 | 1020.01 | 5.24 | 1.03 |
|  Class R | 1000.00 | 1113.10 | 8.42 | 1000.00 | 1017.24 | 8.03 | 1.58 |

---

<sup>(a)</sup> 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<sup>(a)</sup>* | *Percent of <br>Net Assets* |
|  LVMH Moet Hennessy Louis Vuitton SE | 9.3% |
|  ASML Holding NV | 7.9 |
|  Schneider Electric SE | 4.1 |
|  TotalEnergies SE | 4.0 |
|  Siemens AG, Registered Shares | 3.9 |
|  BNP Paribas SA | 3.4 |
|  Merck KGaA | 2.9 |
|  Airbus SE | 2.9 |
|  Linde PLC | 2.8 |
|  FinecoBank Banca Fineco SpA | 2.7 |

---

**GEOGRAPHIC ALLOCATION** 

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of <br>Net Assets* |
|  France | 39.9% |
|  Netherlands | 16.7 |
|  Germany | 15.2 |
|  Italy | 6.0 |
|  United States | 5.4 |
|  United Kingdom | 4.7 |
|  Switzerland | 2.8 |
|  Denmark | 2.6 |
|  Finland | 2.4 |
|  Belgium | 2.2 |
|  Portugal | 1.8 |
|  Spain | 1.8 |
|  Sweden | 1.2 |
|  Ireland | 0.9 |
|  Liabilities in Excess of Other Assets | (3.6) |

---

<sup>(a)</sup> Excludes short-term securities.

F U N D S U M M A R Y 7

------

About Fund Performance

**Institutional and Class K Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of each Fund's Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

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

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

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

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **blackrock.com** to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the "Manager"), each Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund's expenses. Without such waiver(s) and/or reimbursement(s), each Fund's performance would have been lower. With respect to each Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

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

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

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

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

8 2 0 2 2 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

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Derivative Financial Instruments

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

D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 9

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 2.8%** | **Australia — 2.8%** | **Australia — 2.8%** |
|  AGL Energy Ltd. | 38746 | $212099 |
|  Allkem Ltd.<sup>(a)</sup>  | 1485 | 11250 |
|  AMP Ltd.<sup>(a)</sup>  | 25600 | 22767 |
|  Aristocrat Leisure Ltd. | 18648 | 384257 |
|  Bank of Queensland Ltd. | 5613 | 26247 |
|  BHP Group Ltd., Class DI | 81760 | 2532675 |
|  Charter Hall Group | 2154 | 17473 |
|  CSL Ltd. | 2121 | 413583 |
|  Flight Centre Travel Group Ltd.<sup>(a)</sup>  | 1823 | 17841 |
|  Iluka Resources Ltd. | 6985 | 44931 |
|  Incitec Pivot Ltd. | 10688 | 27208 |
|  Insignia Financial Ltd. | 14826 | 33733 |
|  Macquarie Group Ltd. | 18307 | 2066649 |
|  Medibank Pvt Ltd. | 69240 | 138136 |
|  National Australia Bank Ltd. | 13360 | 271256 |
|  Perpetual Ltd. | 785 | 13039 |
|  Qantas Airways Ltd.<sup>(a)</sup>  | 107313 | 434372 |
|  QBE Insurance Group Ltd. | 6482 | 58803 |
|  REA Group Ltd. | 3542 | 266382 |
|  Rio Tinto Ltd. | 4204 | 331803 |
|  Scentre Group | 36340 | 70738 |
|  South32 Ltd. | 72278 | 198159 |
|  Stockland | 42059 | 103585 |
|  Telstra Corp. Ltd. | 207583 | 561396 |
|  Westpac Banking Corp. | 116862 | 1850102 |
|  Woodside Energy Group Ltd. | 10470 | 253565 |
|  Worley Ltd. | 1786 | 18218 |
|  |  | 10380267 |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
|  Andritz AG | 968 | 55410 |
|  BAWAG Group AG<sup>(b)</sup>  | 455 | 24247 |
|  Erste Group Bank AG | 1 <sup>(c)</sup> | 32 |
|  OMV AG | 397 | 20422 |
|  |  | 100111 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
|  Ackermans & van Haaren NV | 97 | 16649 |
|  Ageas SA/NV | 409 | 18148 |
|  Groupe Bruxelles Lambert NV | 190 | 15184 |
|  Proximus SADP | 4662 | 45011 |
|  Solvay SA | 2973 | 300588 |
|  |  | 395580 |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
|  Ambev SA | 160624 | 439013 |
|  Auren Energia SA | 7164 | 19947 |
|  B3 SA - Brasil Bolsa Balcao | 95640 | 238968 |
|  Cielo SA | 15909 | 15829 |
|  Cogna Educacao<sup>(a)</sup>  | 29205 | 11738 |
|  CPFL Energia SA | 12233 | 76882 |
|  CSN Mineracao SA | 23762 | 18125 |
|  CVC Brasil Operadora e Agencia de Viagens SA<sup>(a)</sup>  | 16430 | 13974 |
|  Cyrela Brazil Realty SA Empreendimentos e Participacoes | 7782 | 19341 |
|  EDP - Energias do Brasil SA | 5803 | 22905 |
|  Embraer SA<sup>(a)</sup>  | 5260 | 14308 |
|  Energisa SA | 6384 | 53474 |
|  Engie Brasil Energia SA | 4736 | 34008 |
|  Equatorial Energia SA | 4315 | 22102 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
|  Marfrig Global Foods SA | 37775 | $| 61297 |
|  Minerva SA | 9765 |  | 23965 |
|  Multiplan Empreendimentos Imobiliarios SA | 4703 |  | 19487 |
|  NU Holdings Ltd., Class A<sup>(a)</sup>  | 9359 |  | 38091 |
|  Pagseguro Digital Ltd., Class A<sup>(a)</sup>  | 2967 |  | 25932 |
|  Petro Rio SA<sup>(a)</sup>  | 3052 |  | 21498 |
|  Porto Seguro SA | 9178 |  | 40154 |
|  Qualicorp Consultoria e Corretora de Seguros SA | 5785 |  | 6399 |
|  Sendas Distribuidora SA | 3000 |  | 11086 |
|  StoneCo Ltd., Class A<sup>(a)</sup>  | 6059 |  | 57197 |
|  Transmissora Alianca de Energia Eletrica SA | 2124 |  | 13978 |
|  Ultrapar Participacoes SA | 42365 |  | 100586 |
|  Vale SA | 22314 |  | 378045 |
|  Via SA<sup>(a)</sup>  | 55579 |  | 25269 |
|  XP, Inc., Class A<sup>(a)</sup>  | 3641 |  | 55853 |
|  |  |  | 1879451 |
| **Canada — 3.9%** | **Canada — 3.9%** | **Canada — 3.9%** | **Canada — 3.9%** |
|  ARC Resources Ltd. | 9247 |  | 124636 |
|  Atco Ltd., Class I | 2707 |  | 84729 |
|  Bank of Nova Scotia | 52719 |  | 2582997 |
|  Barrick Gold Corp. | 3920 |  | 67196 |
|  Birchcliff Energy Ltd. | 2547 |  | 17739 |
|  Brookfield Asset Management Ltd., Class A | 2 |  | 21 |
|  Brookfield Corp. | 1463 |  | 46008 |
|  BRP, Inc. | 770 |  | 58705 |
|  Canada Goose Holdings, Inc.<sup>(a)</sup>  | 4399 |  | 78346 |
|  Canadian National Railway Co. | 1942 |  | 230688 |
|  Canadian Natural Resources Ltd. | 74458 |  | 4134784 |
|  Canadian Utilities Ltd., Class A | 2148 |  | 58142 |
|  Cenovus Energy, Inc. | 4233 |  | 82128 |
|  Crescent Point Energy Corp. | 183983 |  | 1312611 |
|  Element Fleet Management Corp. | 3770 |  | 51371 |
|  Enerplus Corp. | 1711 |  | 30202 |
|  Fairfax Financial Holdings Ltd. | 433 |  | 256497 |
|  FirstService Corp. | 2235 |  | 273697 |
|  Fortis, Inc. | 1166 |  | 46657 |
|  Franco-Nevada Corp. | 761 |  | 103735 |
|  Great-West Lifeco, Inc. | 24554 |  | 567607 |
|  Hydro One Ltd.<sup>(b)</sup>  | 7320 |  | 196083 |
|  Imperial Oil Ltd. | 11878 |  | 578548 |
|  Lululemon Athletica, Inc.<sup>(a)</sup>  | 1159 |  | 371320 |
|  Manulife Financial Corp. | 15658 |  | 279277 |
|  Methanex Corp. | 352 |  | 13326 |
|  Onex Corp. | 5074 |  | 244669 |
|  Parex Resources, Inc. | 1973 |  | 29362 |
|  Royal Bank of Canada | 1836 |  | 172617 |
|  Stantec, Inc. | 3224 |  | 154485 |
|  Suncor Energy, Inc. | 27008 |  | 856716 |
|  TC Energy Corp. | 17871 |  | 712464 |
|  Teck Resources Ltd., Class B<sup>(a)</sup>  | 10136 |  | 383057 |
|  Tourmaline Oil Corp. | 372 |  | 18770 |
|  TransAlta Corp. | 1875 |  | 16770 |
|  West Fraser Timber Co. Ltd. | 871 |  | 62893 |
|  |  |  | 14298853 |
| **China — 4.3%** | **China — 4.3%** | **China — 4.3%** | **China — 4.3%** |
|  3SBio, Inc.<sup>(b)</sup>  | 35500 |  | 37588 |
|  Alibaba Group Holding Ltd.<sup>(a)</sup>  | 116900 |  | 1282733 |
|  ANTA Sports Products Ltd. | 6200 |  | 80642 |
|  Asymchem Laboratories Tianjin Co. Ltd., Class A | 1680 |  | 35865 |
|  Autohome, Inc., ADR | 942 |  | 28825 |

---

10 2 0 2 2 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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** |
|  BAIC Motor Corp. Ltd., Class H<sup>(b)</sup>  | 81000 | $21380 |
|  Baidu, Inc., Class A<sup>(a)</sup>  | 69280 | 987983 |
|  BeiGene Ltd.<sup>(a)</sup>  | 900 | 15275 |
|  Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 7940 | 145031 |
|  BGI Genomics Co. Ltd., Class A | 6600 | 49266 |
|  Bloomage Biotechnology Corp. Ltd., Class A | 3182 | 62012 |
|  BOC Hong Kong Holdings Ltd. | 184500 | 626340 |
|  BYD Co. Ltd., Class A | 31571 | 1165496 |
|  BYD Co. Ltd., Class H | 20000 | 490680 |
|  China Longyuan Power Group Corp. Ltd., Class H | 32000 | 38899 |
|  China Merchants Bank Co. Ltd., Class H | 10500 | 58105 |
|  China Petroleum & Chemical Corp., Class H | 38000 | 18309 |
|  China Suntien Green Energy Corp. Ltd., Class H | 56000 | 23269 |
|  CMOC Group Ltd., Class H | 30000 | 13743 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 14200 | 803724 |
|  COSCO SHIPPING Holdings Co. Ltd., Class H | 30500 | 31005 |
|  CSPC Pharmaceutical Group Ltd. | 138080 | 143751 |
|  Dali Foods Group Co. Ltd.<sup>(b)</sup>  | 89000 | 40490 |
|  Dongyue Group Ltd. | 17000 | 18619 |
|  Eve Energy Co. Ltd., Class A | 7700 | 97429 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 21300 | 213347 |
|  Ganfeng Lithium Group Co. Ltd., Class H<sup>(b)</sup>  | 2600 | 19275 |
|  Geely Automobile Holdings Ltd. | 160000 | 231125 |
|  Great Wall Motor Co. Ltd., Class H | 48500 | 62479 |
|  Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 6100 | 68812 |
|  Hithink RoyalFlush Information Network Co. Ltd., Class A | 22800 | 324106 |
|  Huadian Power International Corp. Ltd., Class H, Class H | 120000 | 49569 |
|  Imeik Technology Development Co. Ltd., Class A | 2000 | 163250 |
|  Innovent Biologics, Inc.<sup>(a)(b)</sup>  | 6500 | 27665 |
|  JD Logistics, Inc.<sup>(a)(b)</sup>  | 4900 | 9424 |
|  JD.com, Inc., Class A | 4350 | 121437 |
|  KE Holdings, Inc., ADR<sup>(a)</sup>  | 3030 | 42299 |
|  Kingdee International Software Group Co. Ltd.<sup>(a)</sup>  | 10000 | 21221 |
|  Kuaishou Technology<sup>(a)(b)</sup>  | 11200 | 100680 |
|  Lenovo Group Ltd. | 202000 | 164529 |
|  Li Ning Co. Ltd. | 15000 | 128985 |
|  LONGi Green Energy Technology Co. Ltd., Class A | 7400 | 45011 |
|  Luxshare Precision Industry Co. Ltd., Class A | 3400 | 15561 |
|  Meituan, Class B<sup>(a)(b)</sup>  | 10800 | 239283 |
|  NAURA Technology Group Co. Ltd., Class A | 2900 | 94267 |
|  NetEase, Inc. | 19710 | 285874 |
|  NXP Semiconductors NV | 9189 | 1452138 |
|  PetroChina Co. Ltd., Class A | 59900 | 43026 |
|  PetroChina Co. Ltd., Class H | 106000 | 48420 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 79000 | 519009 |
|  Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup>  | 179000 | 110768 |
|  SF Holding Co. Ltd., Class A | 2300 | 19147 |
|  SG Micro Corp., Class A | 1300 | 32353 |
|  Shandong Nanshan Aluminum Co. Ltd., Class A | 102000 | 48048 |
|  Shanghai Junshi Biosciences Co. Ltd., Class A<sup>(a)</sup>  | 4358 | 39281 |
|  Shanghai Junshi Biosciences Co. Ltd.,<br>Class H<sup>(a)(b)(d)</sup>  | 2000 | 12384 |
|  Shanghai Putailai New Energy Technology Co. Ltd., Class A | 2800 | 20962 |
|  Shenzhen Capchem Technology Co. Ltd., Class A | 18314 | 114859 |
|  Shenzhen Inovance Technology Co. Ltd., Class A | 11900 | 119268 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** | **China (continued)** |
|  Shenzhen Kangtai Biological Products Co. Ltd., Class A | 9540 | $| 43352 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 11402 |  | 519371 |
|  Sinotruk Hong Kong Ltd. | 26000 |  | 36118 |
|  StarPower Semiconductor Ltd., Class A | 1900 |  | 90281 |
|  Sunac China Holdings Ltd.<sup>(a)(e)</sup>  | 171000 |  | 34852 |
|  Sunwoda Electronic Co. Ltd., Class A | 15700 |  | 47842 |
|  Tencent Holdings Ltd. | 45300 |  | 1920736 |
|  Tianqi Lithium Corp., Class H<sup>(a)</sup>  | 3200 |  | 22815 |
|  Tibet Summit Resources Co. Ltd., Class A<sup>(a)</sup>  | 9200 |  | 30402 |
|  Uni-President China Holdings Ltd. | 42000 |  | 41922 |
|  Vipshop Holdings Ltd., ADR<sup>(a)</sup>  | 31130 |  | 424613 |
|  WuXi AppTec Co. Ltd., Class A | 3200 |  | 37262 |
|  WuXi AppTec Co. Ltd., Class H<sup>(b)</sup>  | 23616 |  | 247791 |
|  Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup>  | 37500 |  | 284021 |
|  XPeng, Inc., Class A<sup>(a)</sup>  | 4900 |  | 24146 |
|  Yadea Group Holdings Ltd.<sup>(b)</sup>  | 64000 |  | 106559 |
|  Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | 2100 |  | 15937 |
|  Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | 2000 |  | 43006 |
|  Yunnan Energy New Material Co. Ltd., Class A | 2700 |  | 51127 |
|  Zhejiang Huayou Cobalt Co. Ltd., Class A | 2500 |  | 20005 |
|  Zijin Mining Group Co. Ltd., Class A | 26700 |  | 38334 |
|  Zijin Mining Group Co. Ltd., Class H | 214000 |  | 287614 |
|  |  |  | 15692427 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
|  Tecnoglass, Inc | 825 |  | 25385 |
| **Denmark — 0.8%** | **Denmark — 0.8%** | **Denmark — 0.8%** | **Denmark — 0.8%** |
|  AP Moller - Maersk A/S, Class A | 129 |  | 284298 |
|  AP Moller - Maersk A/S, Class B | 501 |  | 1121540 |
|  Carlsberg A/S, Class B | 626 |  | 83037 |
|  DSV A/S | 230 |  | 36372 |
|  Genmab A/S<sup>(a)</sup>  | 856 |  | 361912 |
|  ISS A/S<sup>(a)</sup>  | 1073 |  | 22712 |
|  Novo Nordisk A/S, Class B | 7184 |  | 975699 |
|  |  |  | 2885570 |
| **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** |
|  Nokia OYJ | 225604 |  | 1048088 |
|  Outokumpu OYJ | 4010 |  | 20352 |
|  |  |  | 1068440 |
| **France — 2.6%** | **France — 2.6%** | **France — 2.6%** | **France — 2.6%** |
|  Engie SA | 112983 |  | 1616343 |
|  Hermes International | 867 |  | 1341987 |
|  Kering SA | 984 |  | 500785 |
|  Legrand SA | 8011 |  | 642336 |
|  L'Oreal SA | 6443 |  | 2307222 |
|  LVMH Moet Hennessy Louis Vuitton SE | 1370 |  | 996939 |
|  Pernod Ricard SA | 3549 |  | 698168 |
|  Remy Cointreau SA | 142 |  | 23943 |
|  Rexel SA | 33801 |  | 668532 |
|  Sanofi | 221 |  | 21310 |
|  Societe Generale SA | 24669 |  | 618788 |
|  SPIE SA | 5 |  | 130 |
|  Teleperformance | 429 |  | 102559 |
|  Valeo | 8781 |  | 156897 |
|  |  |  | 9695939 |

---

S C H E D U L E O F I N V E S T M E N T S 11

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Germany — 2.6%** | **Germany — 2.6%** | **Germany — 2.6%** |
|  Adidas AG | 2273 | $308051 |
|  Bayer AG, Registered Shares | 1548 | 79676 |
|  Bayerische Motoren Werke AG | 19400 | 1717578 |
|  Daimler Truck Holding AG | 505 | 15525 |
|  Deutsche Bank AG, Registered Shares | 21899 | 246179 |
|  Deutsche Lufthansa AG, Registered Shares<sup>(a)</sup>  | 38003 | 313261 |
|  DWS Group GmbH & Co. KGaA<sup>(b)</sup>  | 361 | 11650 |
|  E.ON SE | 66883 | 664951 |
|  Evonik Industries AG | 8261 | 157569 |
|  Fielmann AG | 653 | 25833 |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup>  | 207 | 8383 |
|  Freenet AG | 10679 | 232207 |
|  Hochtief AG | 370 | 20781 |
|  Hugo Boss AG | 1836 | 106139 |
|  Jenoptik AG | 4 | 109 |
|  Mercedes-Benz Group AG, Registered Shares | 43430 | 2840099 |
|  Nemetschek SE | 245 | 12526 |
|  ProSiebenSat.1 Media SE | 2682 | 23789 |
|  Scout24 SE<sup>(b)</sup>  | 3208 | 161470 |
|  Siemens AG, Registered Shares | 18743 | 2583745 |
|  thyssenkrupp AG<sup>(a)</sup>  | 7816 | 47463 |
|  TUI AG<sup>(a)(d)</sup>  | 7 | 11 |
|  Volkswagen AG | 374 | 58672 |
|  Wacker Chemie AG | 690 | 87932 |
|  |  | 9723599 |
| **Hong Kong — 0.8%** | **Hong Kong — 0.8%** | **Hong Kong — 0.8%** |
|  AIA Group Ltd. | 146800 | 1621169 |
|  ASMPT Ltd. | 1400 | 9943 |
|  Cathay Pacific Airways Ltd.<sup>(a)</sup>  | 16000 | 17431 |
|  CK Hutchison Holdings Ltd. | 16500 | 98849 |
|  Jardine Matheson Holdings Ltd. | 2400 | 122090 |
|  Kerry Properties Ltd. | 7500 | 16271 |
|  Link REIT | 71500 | 523190 |
|  New World Development Co. Ltd. | 75000 | 210388 |
|  Orient Overseas International Ltd. | 1500 | 27035 |
|  Swire Pacific Ltd., Class A | 10000 | 87659 |
|  Swire Properties Ltd. | 85000 | 215296 |
|  Yuexiu Property Co. Ltd. | 23600 | 28472 |
|  |  | 2977793 |
| **Hungary — 0.2%** | **Hungary — 0.2%** | **Hungary — 0.2%** |
|  MOL Hungarian Oil & Gas PLC | 78464 | 546836 |
|  OTP Bank Nyrt | 8499 | 230927 |
|  |  | 777763 |
| **India — 0.7%** | **India — 0.7%** | **India — 0.7%** |
|  Asian Paints Ltd. | 5276 | 196141 |
|  City Union Bank Ltd. | 6503 | 14163 |
|  HDFC Bank Ltd. | 26984 | 529252 |
|  HDFC Life Insurance Co. Ltd.<sup>(b)</sup>  | 23632 | 161427 |
|  Housing Development Finance Corp. Ltd. | 9981 | 317305 |
|  ICICI Prudential Life Insurance Co. Ltd.<sup>(b)</sup>  | 8461 | 46030 |
|  IndusInd Bank Ltd. | 5044 | 74147 |
|  Kotak Mahindra Bank Ltd. | 28527 | 627631 |
|  L&T Finance Holdings Ltd. | 21198 | 22309 |
|  Life Insurance Corp. of India | 2342 | 19366 |
|  National Aluminium Co. Ltd. | 19471 | 18911 |
|  PVR Ltd.<sup>(a)</sup>  | 669 | 13894 |
|  Reliance Industries Ltd. | 1965 | 60327 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** | **India (continued)** |
|  SBI Life Insurance Co. Ltd.<sup>(b)</sup>  | 22819 | $| 338681 |
|  Titan Co. Ltd. | 1474 |  | 46249 |
|  TVS Motor Co. Ltd. | 4578 |  | 59953 |
|  |  |  | 2545786 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |
|  Perusahaan Gas Negara Tbk PT | 139800 |  | 15797 |
| **Ireland — 2.2%** | **Ireland — 2.2%** | **Ireland — 2.2%** | **Ireland — 2.2%** |
|  Accenture PLC, Class A | 9187 |  | 2451459 |
|  Alkermes PLC<sup>(a)</sup>  | 760 |  | 19859 |
|  CRH PLC | 1955 |  | 77799 |
|  Experian PLC | 26776 |  | 906858 |
|  Flutter Entertainment PLC<sup>(a)</sup>  | 1354 |  | 183309 |
|  James Hardie Industries PLC | 10401 |  | 187200 |
|  Kingspan Group PLC | 3870 |  | 209537 |
|  Medtronic PLC | 50767 |  | 3945611 |
|  Trane Technologies PLC | 496 |  | 83373 |
|  |  |  | 8065005 |
| **Israel<sup>(a)</sup> — 0.3%** | **Israel<sup>(a)</sup> — 0.3%** | **Israel<sup>(a)</sup> — 0.3%** | **Israel<sup>(a)</sup> — 0.3%** |
|  Check Point Software Technologies Ltd. | 2627 |  | 331422 |
|  Teva Pharmaceutical Industries Ltd. | 10171 |  | 93793 |
|  Teva Pharmaceutical Industries Ltd., ADR | 49195 |  | 448659 |
|  Tower Semiconductor Ltd.<sup>(d)</sup>  | 2782 |  | 121435 |
|  |  |  | 995309 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
|  A2A SpA | 17496 |  | 23327 |
|  Banca Mediolanum SpA | 7315 |  | 60952 |
|  BPER Banca | 26925 |  | 55201 |
|  Buzzi Unicem SpA | 911 |  | 17555 |
|  Enel SpA | 23195 |  | 124746 |
|  Leonardo SpA | 3871 |  | 33386 |
|  Mediobanca Banca di Credito Finanziario SpA | 4556 |  | 43779 |
|  Moncler SpA | 1010 |  | 53668 |
|  Snam SpA | 5037 |  | 24424 |
|  Telecom Italia SpA<sup>(a)</sup>  | 64042 |  | 14842 |
|  UniCredit SpA | 1981 |  | 28109 |
|  |  |  | 479989 |
| **Japan — 5.4%** | **Japan — 5.4%** | **Japan — 5.4%** | **Japan — 5.4%** |
|  Aisin Corp. | 800 |  | 21212 |
|  Alps Alpine Co. Ltd. | 24100 |  | 217835 |
|  Amada Co. Ltd. | 41700 |  | 324732 |
|  ANA Holdings, Inc.<sup>(a)</sup>  | 11300 |  | 239311 |
|  Astellas Pharma, Inc. | 25900 |  | 393826 |
|  Benesse Holdings, Inc. | 1100 |  | 16724 |
|  Central Japan Railway Co. | 1100 |  | 135057 |
|  Chugoku Electric Power Co., Inc. | 4400 |  | 22564 |
|  Daiwa House Industry Co. Ltd. | 12900 |  | 297167 |
|  DMG Mori Co. Ltd. | 1700 |  | 22513 |
|  Dowa Holdings Co. Ltd. | 600 |  | 18934 |
|  Ebara Corp. | 500 |  | 17811 |
|  Ezaki Glico Co. Ltd. | 600 |  | 16456 |
|  Fancl Corp. | 1400 |  | 28504 |
|  FANUC Corp. | 1800 |  | 269364 |
|  Fast Retailing Co. Ltd. | 700 |  | 425973 |
|  Fuji Media Holdings, Inc. | 4200 |  | 34162 |
|  FUJIFILM Holdings Corp. | 2500 |  | 125004 |
|  Hino Motors Ltd.<sup>(a)</sup>  | 3400 |  | 12919 |
|  Honda Motor Co. Ltd. | 85600 |  | 1952451 |

---

12 2 0 2 2 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)<br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Horiba Ltd. | 400 | $17341 |
|  Hoya Corp. | 1900 | 181979 |
|  ITOCHU Corp. | 26900 | 843927 |
|  Japan Tobacco, Inc. | 146000 | 2943392 |
|  JGC Holdings Corp. | 2200 | 27887 |
|  JTEKT Corp. | 2500 | 17406 |
|  Kamigumi Co. Ltd. | 1100 | 22394 |
|  KDDI Corp. | 2800 | 84915 |
|  Kyushu Electric Power Co., Inc. | 5600 | 31653 |
|  Lawson, Inc. | 8500 | 324959 |
|  Lintec Corp. | 700 | 11362 |
|  Lion Corp. | 2400 | 27606 |
|  Mazda Motor Corp. | 6800 | 50973 |
|  Mitsubishi Chemical Group Corp. | 4100 | 21226 |
|  Mitsubishi Corp. | 28800 | 934986 |
|  Mitsubishi Electric Corp. | 1800 | 17836 |
|  Mitsubishi Estate Co. Ltd. | 9700 | 125650 |
|  Mitsubishi Gas Chemical Co., Inc. | 1200 | 16496 |
|  Mitsubishi HC Capital, Inc. | 5700 | 28036 |
|  Mitsubishi Motors Corp.<sup>(a)</sup>  | 9600 | 36457 |
|  Mitsui & Co. Ltd. | 42300 | 1232017 |
|  Mitsui Fudosan Co. Ltd. | 26000 | 475201 |
|  Mitsui Mining & Smelting Co. Ltd. | 4100 | 95960 |
|  Nabtesco Corp. | 900 | 22828 |
|  Nikon Corp. | 24200 | 213994 |
|  Nippon Shokubai Co. Ltd. | 300 | 11977 |
|  Nippon Steel Corp. | 9800 | 170041 |
|  Nippon Telegraph & Telephone Corp. | 58900 | 1679740 |
|  Nippon Television Holdings, Inc. | 2800 | 22087 |
|  Nissan Motor Co. Ltd. | 30300 | 94822 |
|  Nitto Denko Corp. | 3000 | 172784 |
|  NSK Ltd. | 3100 | 16345 |
|  Obayashi Corp. | 2400 | 18129 |
|  Omron Corp. | 4200 | 202977 |
|  Oriental Land Co. Ltd. | 500 | 72762 |
|  Pigeon Corp. | 1800 | 29500 |
|  Pola Orbis Holdings, Inc. | 1300 | 18296 |
|  Recruit Holdings Co. Ltd. | 24900 | 779419 |
|  Ricoh Co. Ltd. | 53400 | 406435 |
|  Santen Pharmaceutical Co. Ltd. | 2000 | 16297 |
|  SCREEN Holdings Co. Ltd. | 400 | 25507 |
|  Sega Sammy Holdings, Inc. | 1200 | 18119 |
|  Shin-Etsu Chemical Co. Ltd. | 300 | 36634 |
|  Skylark Holdings Co. Ltd.<sup>(a)</sup>  | 1800 | 20885 |
|  SMC Corp. | 200 | 83511 |
|  SoftBank Corp. | 19500 | 220616 |
|  SoftBank Group Corp. | 7800 | 329885 |
|  Sohgo Security Services Co. Ltd. | 600 | 16335 |
|  Subaru Corp. | 1100 | 16654 |
|  Sumitomo Chemical Co. Ltd. | 378500 | 1357159 |
|  Sumitomo Corp. | 30300 | 503680 |
|  Sundrug Co. Ltd. | 600 | 17830 |
|  Suntory Beverage & Food Ltd. | 1300 | 44268 |
|  Suzuki Motor Corp. | 3400 | 108893 |
|  Takeda Pharmaceutical Co. Ltd. | 15800 | 493697 |
|  Teijin Ltd. | 7200 | 70165 |
|  Terumo Corp. | 2700 | 76547 |
|  Tohoku Electric Power Co., Inc. | 3700 | 19381 |
|  Tokyo Tatemono Co. Ltd. | 1600 | 19370 |
|  Toshiba Corp. | 2600 | 90348 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  TOTO Ltd. | 1200 | $| 40703 |
|  Tsuruha Holdings, Inc. | 1800 |  | 139617 |
|  Yamada Holdings Co. Ltd. | 22900 |  | 81290 |
|  Yaskawa Electric Corp. | 4400 |  | 140384 |
|  |  |  | 20082089 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
|  ArcelorMittal SA | 14300 |  | 377264 |
|  RTL Group SA<sup>(a)</sup>  | 2067 |  | 87053 |
|  SES SA | 17 |  | 111 |
|  |  |  | 464428 |
| **Malaysia — 0.7%** | **Malaysia — 0.7%** | **Malaysia — 0.7%** | **Malaysia — 0.7%** |
|  CIMB Group Holdings Bhd | 268500 |  | 353337 |
|  Hong Leong Bank Bhd | 3200 |  | 14920 |
|  Inari Amertron Bhd | 15900 |  | 9422 |
|  Malayan Banking Bhd | 177800 |  | 351152 |
|  Press Metal Aluminium Holdings Bhd | 138800 |  | 153783 |
|  Public Bank Bhd | 1258400 |  | 1233927 |
|  QL Resources Bhd | 18750 |  | 23454 |
|  RHB Bank Bhd | 11900 |  | 15635 |
|  Telekom Malaysia Bhd | 92200 |  | 112976 |
|  Tenaga Nasional Bhd | 152500 |  | 333378 |
|  |  |  | 2601984 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
|  Alsea SAB de CV<sup>(a)</sup>  | 8050 |  | 15227 |
|  Fomento Economico Mexicano SAB de CV | 7365 |  | 57309 |
|  Grupo Financiero Banorte SAB de CV, Class O | 16826 |  | 120808 |
|  Grupo Mexico SAB de CV, Series B | 4078 |  | 14316 |
|  Orbia Advance Corp. SAB de CV | 12300 |  | 21777 |
|  |  |  | 229437 |
| **Netherlands — 1.2%** | **Netherlands — 1.2%** | **Netherlands — 1.2%** | **Netherlands — 1.2%** |
|  ASML Holding NV | 2613 |  | 1424743 |
|  ASR Nederland NV | 2174 |  | 103295 |
|  Heineken NV | 3435 |  | 323550 |
|  IMCD NV | 1137 |  | 162638 |
|  Koninklijke DSM NV | 420 |  | 51574 |
|  Koninklijke Philips NV | 8530 |  | 128353 |
|  Koninklijke Vopak NV | 619 |  | 18413 |
|  Randstad NV | 17645 |  | 1078151 |
|  SBM Offshore NV | 850 |  | 13373 |
|  Signify NV<sup>(b)</sup>  | 9435 |  | 317606 |
|  Stellantis NV | 12656 |  | 179846 |
|  Wereldhave NV | 1 <sup>(c)</sup> |  | 13 |
|  Wolters Kluwer NV | 6768 |  | 708171 |
|  |  |  | 4509726 |
| **Norway — 0.5%** | **Norway — 0.5%** | **Norway — 0.5%** | **Norway — 0.5%** |
|  DNB Bank ASA | 970 |  | 19158 |
|  Equinor ASA | 41604 |  | 1495258 |
|  Mowi ASA | 1558 |  | 26549 |
|  Norsk Hydro ASA | 16554 |  | 123697 |
|  Telenor ASA | 9493 |  | 88693 |
|  TOMRA Systems ASA | 850 |  | 14336 |
|  Var Energi ASA | 14032 |  | 48443 |
|  |  |  | 1816134 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |
|  Southern Copper Corp | 2177 |  | 131469 |

---

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)<br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
|  PGE Polska Grupa Energetyczna SA<sup>(a)</sup>  | 9153 | $14442 |
| **Portugal — 0.0%** |  |  |
|  EDP - Energias de Portugal SA | 2967 | 14790 |
| **Russia<sup>(e)</sup> — 0.0%** | **Russia<sup>(e)</sup> — 0.0%** | **Russia<sup>(e)</sup> — 0.0%** |
|  Alrosa PJSC<sup>(a)</sup>  | 18331 | 3 |
|  Gazprom PJSC | 16740 | 2 |
|  LUKOIL PJSC | 2916 |  |
|  MMC Norilsk Nickel PJSC | 433 |  |
|  Mobile TeleSystems PJSC | 3760 | 1 |
|  Novatek PJSC | 5450 | 1 |
|  Tatneft PJSC | 9355 | 1 |
|  |  | 8 |
| **Saudi Arabia — 0.5%** | **Saudi Arabia — 0.5%** | **Saudi Arabia — 0.5%** |
|  ACWA Power Co. | 608 | 24606 |
|  Al Rajhi Bank<sup>(a)</sup>  | 38032 | 760573 |
|  Riyad Bank | 2736 | 23265 |
|  Saudi Arabian Mining Co.<sup>(a)</sup>  | 5274 | 90544 |
|  Saudi Arabian Oil Co.<sup>(b)</sup>  | 99003 | 849835 |
|  Saudi National Bank | 9230 | 124232 |
|  Saudi Telecom Co. | 6762 | 65802 |
|  |  | 1938857 |
| **Singapore — 0.2%** | **Singapore — 0.2%** | **Singapore — 0.2%** |
|  City Developments Ltd. | 2400 | 14754 |
|  ComfortDelGro Corp. Ltd. | 24900 | 22867 |
|  Jardine Cycle & Carriage Ltd.<sup>(d)</sup>  | 17500 | 373655 |
|  JOYY, Inc., ADR | 732 | 23124 |
|  SATS Ltd.<sup>(a)</sup>  | 11200 | 23740 |
|  Singapore Airlines Ltd. | 55800 | 230391 |
|  |  | 688531 |
| **South Africa — 0.5%** | **South Africa — 0.5%** | **South Africa — 0.5%** |
|  AngloGold Ashanti Ltd. | 737 | 14360 |
|  Bidvest Group Ltd. | 1879 | 23709 |
|  Capitec Bank Holdings Ltd. | 266 | 28956 |
|  FirstRand Ltd. | 28024 | 101814 |
|  Foschini Group Ltd. | 13817 | 81345 |
|  Impala Platinum Holdings Ltd. | 2045 | 25699 |
|  MTN Group Ltd. | 5261 | 39293 |
|  Naspers Ltd., N Shares | 7192 | 1201824 |
|  Pepkor Holdings Ltd.<sup>(b)</sup>  | 19777 | 23279 |
|  Sibanye Stillwater Ltd. | 14776 | 39174 |
|  Standard Bank Group Ltd. | 6217 | 61341 |
|  Woolworths Holdings Ltd. | 19971 | 77787 |
|  |  | 1718581 |
| **South Korea — 1.1%** | **South Korea — 1.1%** | **South Korea — 1.1%** |
|  AfreecaTV Co. Ltd. | 229 | 12940 |
|  Celltrion, Inc. | 704 | 89852 |
|  Coupang, Inc.<sup>(a)</sup>  | 6250 | 91938 |
|  Dongkuk Steel Mill Co. Ltd. | 1114 | 9845 |
|  GS Engineering & Construction Corp. | 903 | 15193 |
|  HL Mando Co. Ltd. | 468 | 14935 |
|  Hugel, Inc.<sup>(a)</sup>  | 97 | 10361 |
|  Hyundai Mobis Co. Ltd. | 378 | 59958 |
|  Hyundai Motor Co. | 520 | 62235 |
|  Kakao Corp.<sup>(a)</sup>  | 4303 | 183290 |
|  Kia Corp. | 3103 | 145998 |
|  Kolon Industries, Inc. | 207 | 6754 |
|  Korea Gas Corp. | 1510 | 43408 |
|  KT Corp.<sup>(a)</sup>  | 2538 | 67930 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
|  LG Chem Ltd. | 2205 | $| 1052952 |
|  NAVER Corp. | 4006 |  | 569737 |
|  POSCO Holdings, Inc. | 901 |  | 197186 |
|  Samsung C&T Corp. | 173 |  | 15586 |
|  Samsung Electronics Co. Ltd. | 20679 |  | 907668 |
|  Samsung Engineering Co. Ltd.<sup>(a)</sup>  | 2378 |  | 42069 |
|  Samsung SDI Co. Ltd.<sup>(a)</sup>  | 69 |  | 32398 |
|  SK Hynix, Inc. | 1130 |  | 67420 |
|  SK Innovation Co. Ltd.<sup>(a)</sup>  | 1601 |  | 195589 |
|  S-Oil Corp. | 705 |  | 46921 |
|  |  |  | 3942163 |
| **Spain — 0.4%** | **Spain — 0.4%** | **Spain — 0.4%** | **Spain — 0.4%** |
|  Acciona SA | 147 |  | 27053 |
|  Amadeus IT Group SA | 647 |  | 33565 |
|  Banco Bilbao Vizcaya Argentaria SA | 121534 |  | 732031 |
|  Industria de Diseno Textil SA | 23649 |  | 628142 |
|  Merlin Properties Socimi SA | 1492 |  | 13993 |
|  Repsol SA | 1087 |  | 17302 |
|  |  |  | 1452086 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
|  Atlas Copco AB, A Shares | 71884 |  | 851710 |
|  Castellum AB | 5 |  | 61 |
|  Intrum AB | 6 |  | 73 |
|  Pandox AB<sup>(a)</sup>  | 6 |  | 67 |
|  Saab AB, Class B | 6888 |  | 271439 |
|  Telefonaktiebolaget LM Ericsson, B Shares | 18732 |  | 109758 |
|  Trelleborg AB, B Shares | 13582 |  | 313725 |
|  |  |  | 1546833 |
| **Switzerland — 0.4%** | **Switzerland — 0.4%** | **Switzerland — 0.4%** | **Switzerland — 0.4%** |
|  ABB Ltd., Registered Shares | 6041 |  | 184115 |
|  Belimo Holding AG, Registered Shares | 35 |  | 16698 |
|  Flughafen Zurich AG, Registered Shares<sup>(a)</sup>  | 134 |  | 20735 |
|  Givaudan SA, Registered Shares | 10 |  | 30629 |
|  Novartis AG, Registered Shares | 2835 |  | 256560 |
|  Roche Holding AG | 211 |  | 81762 |
|  Swatch Group AG | 1028 |  | 292179 |
|  TE Connectivity Ltd. | 3149 |  | 361505 |
|  UBS Group AG, Registered Shares | 9072 |  | 168614 |
|  |  |  | 1412797 |
| **Taiwan — 2.1%** | **Taiwan — 2.1%** | **Taiwan — 2.1%** | **Taiwan — 2.1%** |
|  ASE Technology Holding Co. Ltd. | 26000 |  | 78998 |
|  ASPEED Technology, Inc. | 1100 |  | 60048 |
|  Bizlink Holding, Inc. | 2000 |  | 15357 |
|  Cathay Financial Holding Co. Ltd. | 23357 |  | 30328 |
|  CTBC Financial Holding Co. Ltd. | 435000 |  | 312149 |
|  Delta Electronics, Inc. | 54000 |  | 500579 |
|  Eva Airways Corp. | 156000 |  | 142263 |
|  Faraday Technology Corp. | 41000 |  | 189047 |
|  Formosa Sumco Technology Corp. | 3000 |  | 13215 |
|  Global Unichip Corp. | 2000 |  | 41355 |
|  Hiwin Technologies Corp. | 3091 |  | 18295 |
|  Kinsus Interconnect Technology Corp. | 5000 |  | 16905 |
|  Largan Precision Co. Ltd. | 1000 |  | 66099 |
|  MediaTek, Inc. | 58000 |  | 1172698 |
|  momo.com, Inc. | 1560 |  | 32463 |
|  Nan Ya Printed Circuit Board Corp. | 4000 |  | 29393 |
|  Nanya Technology Corp. | 45000 |  | 74730 |
|  Novatek Microelectronics Corp. | 8000 |  | 81782 |
|  Parade Technologies Ltd. | 3000 |  | 75172 |

---

14 2 0 2 2 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)<br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
|  PharmaEssentia Corp.<sup>(a)</sup>  | 2087 | $| 32343 |
|  Realtek Semiconductor Corp. | 23000 |  | 209162 |
|  Sino-American Silicon Products, Inc. | 4000 |  | 18100 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 254000 |  | 3688959 |
|  Tung Ho Steel Enterprise Corp. | 14500 |  | 24829 |
|  Unimicron Technology Corp. | 14000 |  | 54350 |
|  Uni-President Enterprises Corp. | 251000 |  | 543293 |
|  United Microelectronics Corp. | 18000 |  | 23650 |
|  Vanguard International Semiconductor Corp. | 4000 |  | 10046 |
|  Visual Photonics Epitaxy Co. Ltd. | 7000 |  | 15643 |
|  Wisdom Marine Lines Co. Ltd. | 28000 |  | 55762 |
|  Wistron NeWeb Corp. | 6000 |  | 15300 |
|  |  |  | 7642313 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
|  Energy Absolute PCL, NVDR | 21000 |  | 58690 |
|  JMT Network Services PCL | 12400 |  | 24703 |
|  JMT Network Services PCL, NVDR | 13700 |  | 27257 |
|  Precious Shipping PCL, NVDR | 34100 |  | 15817 |
|  PTT Exploration & Production PCL, NVDR | 17200 |  | 87593 |
|  |  |  | 214060 |
| **Turkey — 0.3%** | **Turkey — 0.3%** | **Turkey — 0.3%** | **Turkey — 0.3%** |
|  Arcelik A/S | 8421 |  | 50519 |
|  Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D | 38829 |  | 37291 |
|  KOC Holding A/S | 15484 |  | 69467 |
|  Koza Altin Isletmeleri A/S | 987 |  | 29819 |
|  Migros Ticaret A/S<sup>(a)</sup>  | 4570 |  | 35798 |
|  Sok Marketler Ticaret A/S<sup>(a)(d)</sup>  | 15986 |  | 23899 |
|  Tofas Turk Otomobil Fabrikasi AS | 4207 |  | 37180 |
|  Turk Hava Yollari AO<sup>(a)</sup>  | 13601 |  | 102455 |
|  Turk Telekomunikasyon A/S<sup>(d)</sup>  | 23910 |  | 31372 |
|  Turkcell Iletisim Hizmetleri A/S | 240065 |  | 484044 |
|  Turkiye Petrol Rafinerileri A/S<sup>(a)</sup>  | 4211 |  | 119342 |
|  |  |  | 1021186 |
| **United Kingdom — 2.9%** | **United Kingdom — 2.9%** | **United Kingdom — 2.9%** | **United Kingdom — 2.9%** |
|  Anglo American PLC | 22771 |  | 892787 |
|  Aviva PLC | 26723 |  | 141756 |
|  Babcock International Group PLC<sup>(a)</sup>  | 5 |  | 17 |
|  Barclays PLC | 103312 |  | 196583 |
|  Bellway PLC | 471 |  | 10771 |
|  BP PLC | 358024 |  | 2065778 |
|  British American Tobacco PLC | 93720 |  | 3707390 |
|  BT Group PLC | 54491 |  | 73578 |
|  Centrica PLC | 135719 |  | 157849 |
|  Coca-Cola Europacific Partners PLC | 835 |  | 46192 |
|  Direct Line Insurance Group PLC | 23450 |  | 62503 |
|  Dunelm Group PLC | 8 |  | 95 |
|  easyJet PLC<sup>(a)</sup>  | 9073 |  | 35590 |
|  Endeavour Mining PLC | 1983 |  | 42443 |
|  IG Group Holdings PLC | 7006 |  | 66013 |
|  Imperial Brands PLC | 4162 |  | 103680 |
|  Intermediate Capital Group PLC | 2725 |  | 37624 |
|  ITV PLC | 22816 |  | 20634 |
|  J Sainsbury PLC | 11813 |  | 30983 |
|  Johnson Matthey PLC | 7280 |  | 186056 |
|  Kingfisher PLC | 95442 |  | 271172 |
|  Linde PLC<sup>(a)</sup>  | 2779 |  | 906454 |
|  Lloyds Banking Group PLC | 255326 |  | 139335 |
|  Nomad Foods Ltd.<sup>(a)</sup>  | 1408 |  | 24274 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Phoenix Group Holdings PLC | 4714 | $| 34532 |
|  QinetiQ Group PLC | 2988 |  | 12849 |
|  RELX PLC | 5763 |  | 159336 |
|  Rentokil Initial PLC | 12993 |  | 79826 |
|  Rightmove PLC | 81966 |  | 507077 |
|  Smiths Group PLC | 4091 |  | 78515 |
|  Subsea 7 SA | 1720 |  | 19917 |
|  Tesco PLC | 140235 |  | 377915 |
|  WPP PLC | 14618 |  | 144426 |
|  |  |  | 10633950 |
| **United States — 58.1%** | **United States — 58.1%** | **United States — 58.1%** | **United States — 58.1%** |
|  3M Co. | 9820 |  | 1177614 |
|  A O Smith Corp. | 354 |  | 20263 |
|  Abbott Laboratories | 29514 |  | 3240342 |
|  AbbVie, Inc. | 10251 |  | 1656664 |
|  Adobe, Inc.<sup>(a)</sup>  | 7786 |  | 2620223 |
|  AECOM | 2000 |  | 169860 |
|  Agilent Technologies, Inc. | 22070 |  | 3302775 |
|  AGNC Investment Corp. | 2497 |  | 25844 |
|  Alaska Air Group, Inc.<sup>(a)</sup>  | 2510 |  | 107779 |
|  Ally Financial, Inc. | 16053 |  | 392496 |
|  Alphabet, Inc., Class A<sup>(a)(d)</sup>  | 35337 |  | 3117784 |
|  Alphabet, Inc., Class C<sup>(a)</sup>  | 34962 |  | 3102178 |
|  Altria Group, Inc. | 59641 |  | 2726190 |
|  Amazon.com, Inc.<sup>(a)</sup>  | 45361 |  | 3810324 |
|  Ameren Corp. | 468 |  | 41615 |
|  American Express Co | 15137 |  | 2236492 |
|  AMETEK, Inc. | 662 |  | 92495 |
|  Amgen, Inc. | 3198 |  | 839923 |
|  Amphenol Corp., Class A | 2211 |  | 168346 |
|  Analog Devices, Inc. | 21301 |  | 3494003 |
|  ANSYS, Inc.<sup>(a)</sup>  | 341 |  | 82382 |
|  Aon PLC, Class A | 354 |  | 106250 |
|  Apple, Inc. | 119472 |  | 15522997 |
|  Applied Materials, Inc. | 14202 |  | 1382991 |
|  Aptiv PLC<sup>(a)</sup>  | 356 |  | 33154 |
|  AT&T, Inc. | 44301 |  | 815581 |
|  Baker Hughes Co. | 4475 |  | 132147 |
|  Bank of New York Mellon Corp. | 19521 |  | 888596 |
|  Becton Dickinson and Co. | 8546 |  | 2173248 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 4486 |  | 1385725 |
|  Berry Global Group, Inc. | 250 |  | 15108 |
|  Biogen, Inc.<sup>(a)</sup>  | 914 |  | 253105 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup>  | 1604 |  | 165998 |
|  Black Hills Corp. | 765 |  | 53810 |
|  Boeing Co.<sup>(a)</sup>  | 2432 |  | 463272 |
|  Boston Scientific Corp.<sup>(a)</sup>  | 41683 |  | 1928672 |
|  Box, Inc., Class A<sup>(a)</sup>  | 646 |  | 20110 |
|  Boyd Gaming Corp. | 1703 |  | 92865 |
|  Brighthouse Financial, Inc.<sup>(a)</sup>  | 4424 |  | 226818 |
|  Bristol-Myers Squibb Co. | 51353 |  | 3694848 |
|  Brixmor Property Group, Inc. | 749 |  | 16980 |
|  Brown-Forman Corp., Class B | 3501 |  | 229946 |
|  Bruker Corp. | 241 |  | 16472 |
|  Builders FirstSource, Inc.<sup>(a)</sup>  | 1937 |  | 125673 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 4701 |  | 755169 |
|  Capital One Financial Corp. | 9838 |  | 914540 |
|  Capri Holdings Ltd.<sup>(a)</sup>  | 586 |  | 33590 |
|  ChampionX Corp. | 2055 |  | 59574 |
|  Chemed Corp. | 55 |  | 28074 |

---

S C H E D U L E O F I N V E S T M E N T S 15

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Cheniere Energy, Inc. | 200 | $29992 |
|  Chevron Corp. | 33772 | 6061736 |
|  Chord Energy Corp. | 115 | 15733 |
|  Cigna Corp. | 3199 | 1059957 |
|  Cintas Corp. | 1702 | 768657 |
|  Cirrus Logic, Inc.<sup>(a)</sup>  | 196 | 14598 |
|  Cisco Systems, Inc. | 29898 | 1424341 |
|  Citigroup, Inc. | 40996 | 1854249 |
|  CME Group, Inc., Class A | 7293 | 1226391 |
|  CMS Energy Corp. | 4038 | 255727 |
|  Coca-Cola Co. | 90707 | 5769872 |
|  Cognizant Technology Solutions Corp., Class A | 14674 | 839206 |
|  Colgate-Palmolive Co. | 15164 | 1194772 |
|  Comcast Corp., Class A | 53045 | 1854984 |
|  Costco Wholesale Corp. | 694 | 316811 |
|  Coterra Energy, Inc. | 6818 | 167518 |
|  Cousins Properties, Inc. | 755 | 19094 |
|  Crown Castle, Inc. | 9173 | 1244226 |
|  CSX Corp. | 7701 | 238577 |
|  CubeSmart | 385 | 15496 |
|  CVS Health Corp. | 14335 | 1335879 |
|  Danaher Corp. | 7257 | 1926153 |
|  Delta Air Lines, Inc.<sup>(a)</sup>  | 3573 | 117409 |
|  Discover Financial Services | 3328 | 325578 |
|  Dominion Energy, Inc. | 1084 | 66471 |
|  DTE Energy Co. | 20492 | 2408425 |
|  DuPont de Nemours, Inc. | 2613 | 179330 |
|  Eaton Corp. PLC | 893 | 140156 |
|  eBay, Inc. | 3044 | 126235 |
|  Edison International | 11870 | 755169 |
|  Edwards Lifesciences Corp.<sup>(a)</sup>  | 7458 | 556441 |
|  Elevance Health, Inc. | 1542 | 791000 |
|  Eli Lilly & Co. | 2452 | 897040 |
|  Enovis Corp.<sup>(a)</sup>  | 534 | 28580 |
|  Entergy Corp. | 1803 | 202837 |
|  EOG Resources, Inc. | 7189 | 931119 |
|  EPAM Systems, Inc.<sup>(a)</sup>  | 368 | 120608 |
|  Equinix, Inc. | 1017 | 666166 |
|  Equity Residential | 12225 | 721275 |
|  Essex Property Trust, Inc. | 2326 | 492926 |
|  Estee Lauder Cos., Inc., Class A | 1486 | 368691 |
|  Exelixis, Inc.<sup>(a)</sup>  | 2834 | 45457 |
|  Expedia Group, Inc.<sup>(a)</sup>  | 7216 | 632122 |
|  Expeditors International of Washington, Inc. | 1052 | 109324 |
|  Exxon Mobil Corp. | 24092 | 2657348 |
|  Fidelity National Information Services, Inc. | 5275 | 357909 |
|  Flex Ltd.<sup>(a)</sup>  | 1834 | 39358 |
|  Fox Corp., Class A | 25698 | 780448 |
|  Fox Corp., Class B | 1998 | 56843 |
|  Garmin Ltd. | 2833 | 261458 |
|  Gartner, Inc.<sup>(a)</sup>  | 5862 | 1970453 |
|  General Dynamics Corp. | 16757 | 4157579 |
|  General Electric Co. | 8106 | 679202 |
|  General Motors Co. | 2255 | 75858 |
|  Genpact Ltd.<sup>(d)</sup>  | 4806 | 222614 |
|  Gilead Sciences, Inc. | 6930 | 594940 |
|  Global Payments, Inc. | 884 | 87799 |
|  Goldman Sachs Group, Inc. | 81 | 27814 |
|  Graco, Inc. | 289 | 19438 |
|  Halliburton Co. | 3625 | 142644 |
|  Hartford Financial Services Group, Inc. | 2055 | 155831 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Helmerich & Payne, Inc. | 533 | $26421 |
|  Hewlett Packard Enterprise Co. | 56635 | 903895 |
|  Hilton Grand Vacations, Inc.<sup>(a)</sup>  | 408 | 15724 |
|  Hologic, Inc.<sup>(a)</sup>  | 6049 | 452526 |
|  Home Depot, Inc. | 9008 | 2845267 |
|  Honeywell International, Inc. | 6803 | 1457883 |
|  HP, Inc. | 14508 | 389830 |
|  IDACORP, Inc. | 114 | 12295 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup>  | 2294 | 935860 |
|  Illinois Tool Works, Inc. | 346 | 76224 |
|  Incyte Corp.<sup>(a)</sup>  | 2754 | 221201 |
|  Integra LifeSciences Holdings Corp.<sup>(a)</sup>  | 292 | 16372 |
|  Intel Corp. | 82497 | 2180396 |
|  International Paper Co. | 1444 | 50006 |
|  Intuit, Inc. | 2087 | 812302 |
|  Invesco Ltd. | 5723 | 102957 |
|  IPG Photonics Corp.<sup>(a)</sup>  | 196 | 18555 |
|  ITT, Inc. | 473 | 38360 |
|  Johnson & Johnson | 28502 | 5034878 |
|  Johnson Controls International PLC | 389 | 24896 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup>  | 132 | 21037 |
|  JPMorgan Chase & Co. | 1364 | 182912 |
|  Juniper Networks, Inc. | 2846 | 90958 |
|  Kilroy Realty Corp. | 930 | 35963 |
|  Kimco Realty Corp. | 3257 | 68983 |
|  Kinder Morgan, Inc. | 1059 | 19147 |
|  Knight-Swift Transportation Holdings, Inc. | 2529 | 132545 |
|  Lam Research Corp. | 810 | 340443 |
|  Lennar Corp., Class A | 2683 | 242811 |
|  Lockheed Martin Corp. | 2064 | 1004115 |
|  Lowe's Cos., Inc. | 9232 | 1839384 |
|  Macy's, Inc. | 2267 | 46814 |
|  Magnolia Oil & Gas Corp., Class A | 2280 | 53466 |
|  Manhattan Associates, Inc.<sup>(a)</sup>  | 1815 | 220341 |
|  ManpowerGroup, Inc. | 206 | 17141 |
|  Marathon Petroleum Corp. | 14115 | 1642845 |
|  Marriott International, Inc., Class A | 239 | 35585 |
|  Marsh & McLennan Cos., Inc. | 1474 | 243918 |
|  Mastercard, Inc., Class A | 6147 | 2137496 |
|  Merck & Co., Inc. | 14950 | 1658702 |
|  Meta Platforms, Inc., Class A<sup>(a)(d)</sup>  | 17201 | 2069968 |
|  MetLife, Inc. | 6329 | 458030 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup>  | 1006 | 1454123 |
|  MGM Resorts International | 2887 | 96801 |
|  Microchip Technology, Inc. | 2658 | 186725 |
|  Microsoft Corp. | 57405 | 13766867 |
|  Moderna, Inc.<sup>(a)</sup>  | 1259 | 226142 |
|  Mohawk Industries, Inc.<sup>(a)</sup>  | 393 | 40172 |
|  Mondelez International, Inc., Class A | 7869 | 524469 |
|  Monolithic Power Systems, Inc. | 1230 | 434940 |
|  National Fuel Gas Co. | 273 | 17281 |
|  Newmont Corp. | 2477 | 116914 |
|  NextEra Energy, Inc. | 395 | 33022 |
|  NIKE, Inc., Class B | 3013 | 352551 |
|  NVIDIA Corp. | 1494 | 218333 |
|  Otis Worldwide Corp. | 2972 | 232737 |
|  Ovintiv, Inc. | 1101 | 55749 |
|  Owens Corning | 7002 | 597271 |
|  PACCAR, Inc. | 1594 | 157758 |
|  PacWest Bancorp | 924 | 21206 |
|  Palo Alto Networks, Inc.<sup>(a)</sup>  | 5955 | 830961 |

---

16 2 0 2 2 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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Park Hotels & Resorts, Inc. | 1556 | $18345 |
|  Paychex, Inc. | 11629 | 1343847 |
|  PayPal Holdings, Inc. | 379 | 26992 |
|  PBF Energy, Inc., Class A | 871 | 35519 |
|  Penn Entertainment, Inc.<sup>(a)</sup>  | 1520 | 45144 |
|  PepsiCo, Inc. | 21928 | 3961512 |
|  Pfizer, Inc. | 31176 | 1597458 |
|  Philip Morris International, Inc. | 14822 | 1500135 |
|  Pinnacle West Capital Corp. | 207 | 15740 |
|  PotlatchDeltic Corp. | 288 | 288 |
|  Power Integrations, Inc. | 242 | 17356 |
|  Procter & Gamble Co. | 11832 | 1793258 |
|  Prologis, Inc. | 10954 | 1234844 |
|  Public Service Enterprise Group, Inc. | 5104 | 312722 |
|  Pure Storage, Inc., Class A<sup>(a)</sup>  | 1421 | 38026 |
|  PVH Corp. | 283 | 19977 |
|  Qualcomm, Inc. | 7212 | 792887 |
|  Ralph Lauren Corp. | 1983 | 209544 |
|  Raytheon Technologies Corp. | 5764 | 581703 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup>  | 452 | 326113 |
|  Reliance Steel & Aluminum Co. | 693 | 140291 |
|  RingCentral, Inc., Class A<sup>(a)(d)</sup>  | 388 | 13735 |
|  S&P Global, Inc. | 3043 | 1019222 |
|  Salesforce, Inc.<sup>(a)</sup>  | 1613 | 213868 |
|  SBA Communications Corp. | 217 | 60827 |
|  Service Corp. International | 678 | 46877 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 1513 | 587453 |
|  Silicon Laboratories, Inc.<sup>(a)</sup>  | 127 | 17230 |
|  Simon Property Group, Inc. | 13834 | 1625218 |
|  Sirius XM Holdings, Inc.<sup>(d)</sup>  | 144875 | 846070 |
|  Snap-on, Inc. | 3598 | 822107 |
|  Southern Co. | 18815 | 1343579 |
|  Southwest Airlines Co.<sup>(a)</sup>  | 41490 | 1396968 |
|  State Street Corp. | 2013 | 156148 |
|  Steel Dynamics, Inc. | 304 | 29701 |
|  Stifel Financial Corp. | 4065 | 237274 |
|  SVB Financial Group<sup>(a)</sup>  | 303 | 69732 |
|  Synchrony Financial | 1410 | 46333 |
|  Teradata Corp.<sup>(a)</sup>  | 605 | 20364 |
|  Teradyne, Inc. | 482 | 42103 |
|  Tesla, Inc.<sup>(a)</sup>  | 13749 | 1693602 |
|  Tetra Tech, Inc. | 289 | 41960 |
|  Texas Instruments, Inc. | 13928 | 2301184 |
|  Textron, Inc. | 4299 | 304369 |
|  Thermo Fisher Scientific, Inc. | 2479 | 1365161 |
|  Timken Co. | 248 | 17526 |
|  Toll Brothers, Inc. | 517 | 25809 |
|  Travel & Leisure Co. | 5274 | 191974 |
|  Travelers Cos., Inc. | 2627 | 492536 |
|  Trex Co., Inc.<sup>(a)</sup>  | 483 | 20445 |
|  Truist Financial Corp. | 1645 | 70784 |
|  Tyson Foods, Inc., Class A | 4764 | 296559 |
|  U.S. Bancorp | 32100 | 1399881 |
|  U.S. Steel Corp. | 1118 | 28006 |
|  UFP Industries, Inc. | 206 | 16326 |
|  Ulta Beauty, Inc.<sup>(a)</sup>  | 1433 | 672177 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Union Pacific Corp. | 6578 | $1362106 |
|  United Parcel Service, Inc., Class B | 14637 | 2544496 |
|  United Rentals, Inc.<sup>(a)</sup>  | 1170 | 415841 |
|  United Therapeutics Corp.<sup>(a)</sup>  | 97 | 26975 |
|  UnitedHealth Group, Inc. | 6045 | 3204938 |
|  Univar Solutions, Inc.<sup>(a)</sup>  | 399 | 12688 |
|  Unum Group | 761 | 31224 |
|  Valero Energy Corp. | 1425 | 180776 |
|  Veeva Systems, Inc., Class A<sup>(a)</sup>  | 479 | 77301 |
|  Ventas, Inc. | 958 | 43158 |
|  Verizon Communications, Inc. | 699 | 27541 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 2273 | 656397 |
|  Viatris, Inc. | 73214 | 814872 |
|  Visa, Inc., Class A | 24007 | 4987694 |
|  Vistra Corp. | 12093 | 280558 |
|  Voya Financial, Inc. | 5884 | 361807 |
|  Walgreens Boots Alliance, Inc. | 678 | 25330 |
|  Walt Disney Co.<sup>(a)</sup>  | 7210 | 626405 |
|  Waste Management, Inc. | 126 | 19767 |
|  Waters Corp.<sup>(a)</sup>  | 982 | 336414 |
|  Wells Fargo & Co. | 13452 | 555433 |
|  West Pharmaceutical Services, Inc. | 61 | 14356 |
|  Westrock Co. | 5569 | 195806 |
|  Williams Cos., Inc. | 11897 | 391411 |
|  Workday, Inc., Class A<sup>(a)</sup>  | 6531 | 1092832 |
|  Xcel Energy, Inc. | 915 | 64151 |
|  Xylem, Inc. | 609 | 67337 |
|  Yum! Brands, Inc. | 15597 | 1997664 |
|  |  | 214067130 |
|  **Total Common Stocks — 97.2%<br>(Cost: $342,735,052)** |  | 358146058 |
|  **Preferred Securities** |  |  |
| **Preferred Stocks — 0.8%** |  |  |
| **Brazil — 0.3%** |  |  |
|  Azul SA, Preference Shares<sup>(a)</sup>  | 56962 | 117153 |
|  Banco Bradesco SA, Preference Shares | 164741 | 469922 |
|  Gerdau SA, Preference Shares | 26286 | 144488 |
|  Gol Linhas Aereas Inteligentes SA, Preference Shares<sup>(a)</sup>  | 7906 | 10527 |
|  Petroleo Brasileiro SA, Preference Shares | 42131 | 195474 |
|  Usinas Siderurgicas de Minas Gerais SA UsiminasClass A | 57846 | 77569 |
|  |  | 1015133 |
| **Germany — 0.5%** |  |  |
|  Bayerische Motoren Werke AG, Preference Shares | 228 | 19241 |
|  Fuchs Petrolub SE, Preference Shares | 2117 | 73999 |

---

S C H E D U L E O F I N V E S T M E N T S 17

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | <br> *Shares* | <br> *Shares* | *Value* | *Value* |
|  **Germany (continued)** |  |  |  |  |
|  Porsche Automobil Holding SE, Preference Shares |  | 4266 | $| 232650 |
|  Volkswagen AG, Preference Shares |  | 12436 |  | 1542680 |
|  |  |  |  | 1868570 |
|  **Total Preferred Securities — 0.8%<br>(Cost: $3,364,684)** | **Total Preferred Securities — 0.8%<br>(Cost: $3,364,684)** | **Total Preferred Securities — 0.8%<br>(Cost: $3,364,684)** |  | 2883703 |
|  **Total Long-Term Investments — 98.0%<br>(Cost: $346,099,736)** | **Total Long-Term Investments — 98.0%<br>(Cost: $346,099,736)** | **Total Long-Term Investments — 98.0%<br>(Cost: $346,099,736)** |  | 361029761 |
|  **Short-Term Securities** |  |  |  |  |
|  **Money Market Funds — 2.1%** |  |  |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%<sup>(f)(g)</sup>  |  | 6367673 |  | 6367673 |
|  SL Liquidity Series, LLC, Money Market Series, 4.49%<sup>(f)(g)(h)</sup>  |  | 1381214 |  | 1381076 |
|  |  |  |  | 7748749 |
|  | *Par*<br> *(000)* | *Par*<br> *(000)* |  |  |
|  **Time Deposits — 0.0%** | **Time Deposits — 0.0%** | **Time Deposits — 0.0%** | **Time Deposits — 0.0%** | **Time Deposits — 0.0%** |
| **Australia — 0.0%** | **Australia — 0.0%** | **Australia — 0.0%** |  |  |
|  Australia & New Zealand Banking Group Ltd., 1.74%, 01/01/23 | AUD | 2 |  | 1238 |
|  **Canada — 0.0%** |  |  |  |  |
|  Royal Bank of Canada, 3.06%, 01/04/23 | CAD | 67 |  | 49597 |
|  **Hong Kong — 0.0%** |  |  |  |  |
|  Brown Brothers Harriman & Co., 1.80%, 01/04/23 | HKD | 111 |  | 14245 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Singapore — 0.0%** |  |  |  |
|  Hongkong & Shanghai Banking Corp. Ltd.,<br>2.30%, 01/04/23 | SGD | 11 | $8334 |
|  **Sweden — 0.0%** |  |  |  |
|  Brown Brothers Harriman & Co.,<br>(12.63%), 01/03/23 | SEK | 101 | 9635 |
|  **United Kingdom — 0.0%** |  |  |  |
|  ING Bank NV, 2.47%, 01/04/23 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 4224 |
|  |  |  | 87273 |
|  **Total Short-Term Securities — 2.1%<br>(Cost: $7,835,249)** |  |  | 7836022 |
|  **Total Investments — 100.1%<br>(Cost: $353,934,985)** |  |  | 368865783 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (466453) |
|  **Net Assets — 100.0%** |  |  | $368399330 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> Rounds to less than 1,000.

<sup>(d)</sup> All or a portion of this security is on loan.

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> 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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>06/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>12/31/22* | *Shares<br>Held at<br>12/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $7775998 | $— | $(1408325)<sup>(a)</sup> | $— | $— | $6367673 | 6367673 | $89667 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 780135 | 600474 <sup>(a)</sup> |  | (358) | 825 | 1381076 | 1381214 | 29455 <sup>(b)</sup> |  |
|  |  |  |  | $(358) | $825 | $7748749 |  | $119122 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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.

18 2 0 2 2 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)<br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.** |

---

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount (000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI EAFE Index | 19 | 03/17/23 | $1852 | $(30680) |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index | 16 | 03/17/23 | 768 | (11354) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 20 | 03/17/23 | 3861 | (86103) |
|  |  |  |  | $(128137) |

---

**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<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $128137 | $— | $— | $— | $128137 |

---

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

For the period ended December 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $65892 | $— | $— | $— | $65892 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(11526) | $— | $— | $— | $(11526) |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6964788 |

---

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;10380267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;10380267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 100111 |  | 100111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 395580 |  | 395580 |

---

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)<br> December 31, 2022 | **BlackRock Advantage Global Fund, Inc.** |

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> *Level 1* | <br> *Level 2* | <br> *Level 3* | <br> *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $302489 | $1576962 | $— | $1879451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 14298853 |  |  | 14298853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 1987156 | 13670419 | 34852 | 15692427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 25385 |  |  | 25385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 2885570 |  | 2885570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 1068440 |  | 1068440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 9695939 |  | 9695939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 9723599 |  | 9723599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 2977793 |  | 2977793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 777763 |  | 777763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 2545786 |  | 2545786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 15797 |  | 15797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 6500302 | 1564703 |  | 8065005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 780081 | 215228 |  | 995309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 479989 |  | 479989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 20082089 |  | 20082089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 111 | 464317 |  | 464428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 23454 | 2578530 |  | 2601984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 229437 |  |  | 229437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 4509726 |  | 4509726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 1816134 |  | 1816134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 131469 |  |  | 131469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 14442 |  | 14442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 14790 |  | 14790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 1938857 |  | 1938857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 23124 | 665407 |  | 688531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 46988 | 1671593 |  | 1718581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 91938 | 3850225 |  | 3942163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 1452086 |  | 1452086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1546833 |  | 1546833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 361505 | 1051292 |  | 1412797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 7642313 |  | 7642313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 24703 | 189357 |  | 214060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 35798 | 985388 |  | 1021186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1019363 | 9614587 |  | 10633950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 214067130 |  |  | 214067130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 2883703 |  | 2883703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 6367673 |  |  | 6367673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 87273 |  | 87273 |
|  | $246316959  | $121132888  | $34860  | 367484707  |
|  Investments Valued at NAV<sup>(a)</sup>  |  |  |  | 1381076 |
|  |  |  |  | $368865783  |
|  Derivative Financial Instruments<sup>(b)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(128137 ) | $—  | $—  | $(128137 ) |

---

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

<sup>(b)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

20 2 0 2 2 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)<br> December 31, 2022 | **BlackRock EuroFund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Belgium — 2.2%** |  |  |
|  Azelis Group NV | 43118 | $1221384 |
|  KBC Group NV | 12123 | 780543 |
|  |  | 2001927 |
| **Denmark — 2.6%** |  |  |
|  DSV A/S | 14974 | 2367946 |
| **Finland — 2.4%** |  |  |
|  Metso Outotec OYJ | 89526 | 921891 |
|  Neste OYJ | 28365 | 1308107 |
|  |  | 2229998 |
| **France — 39.9%** |  |  |
|  Airbus SE | 21965 | 2611691 |
|  ALD SA<sup>(a)</sup>  | 39766 | 458818 |
|  BNP Paribas SA | 54665 | 3112578 |
|  Dassault Systemes SE | 24440 | 878854 |
|  Legrand SA | 19537 | 1566510 |
|  L'Oreal SA | 3990 | 1428809 |
|  LVMH Moet Hennessy Louis Vuitton SE | 11669 | 8491442 |
|  Pernod Ricard SA | 12339 | 2427358 |
|  Sanofi | 21069 | 2031610 |
|  Sartorius Stedim Biotech | 5354 | 1739878 |
|  Schneider Electric SE | 26570 | 3731347 |
|  Teleperformance | 7529 | 1799922 |
|  TotalEnergies SE | 58626 | 3680138 |
|  Vinci SA | 24135 | 2405943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36364898 |
| **Germany — 15.2%** |  |  |
|  Commerzbank AG<sup>(b)</sup>  | 145596 | 1361266 |
|  CTS Eventim AG & Co. KGaA<sup>(b)</sup>  | 23498 | 1491627 |
|  Merck KGaA | 13799 | 2662382 |
|  MTU Aero Engines AG | 10530 | 2265374 |
|  Rational AG | 1279 | 759505 |
|  Siemens AG, Registered Shares | 26006 | 3584958 |
|  Symrise AG | 15951 | 1732358 |
|  |  | 13857470 |
| **Ireland — 0.9%** |  |  |
|  Kingspan Group PLC | 15799 | 855419 |
| **Italy — 6.0%** |  |  |
|  Ferrari NV | 8151 | 1747887 |
|  FinecoBank Banca Fineco SpA | 147370 | 2447241 |
|  Moncler SpA | 24766 | 1315987 |
|  |  | 5511115 |
| **Netherlands — 16.7%** |  |  |
|  Adyen NV<sup>(a)(b)</sup>  | 924 | 1282742 |
|  ASM International NV | 8825 | 2239206 |
|  ASML Holding NV | 13169 | 7180419 |
|  BE Semiconductor Industries NV | 12368 | 753717 |
|  IMCD NV | 16735 | 2393799 |
|  QIAGEN NV<sup>(b)</sup>  | 27667 | 1390834 |
|  |  | 15240717 |
| **Portugal — 1.8%** |  |  |
|  EDP—Energias de Portugal SA | 326536 | 1627718 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Spain — 1.8%** |  |  |
|  CaixaBank SA | 407703 | $1598517 |
| **Sweden — 1.2%** |  |  |
|  Beijer Ref AB | 75222 | 1062176 |
| **Switzerland — 2.8%** |  |  |
|  Sika AG, Registered Shares | 1956 | 470229 |
|  STMicroelectronics NV | 57310 | 2036569 |
|  |  | 2506798 |
| **United Kingdom — 4.7%** |  |  |
|  Allfunds Group PLC | 93142 | 653180 |
|  Linde PLC<sup>(b)(c)</sup>  | 7866 | 2564010 |
|  RELX PLC | 37846 | 1046367 |
|  |  | 4263557 |
|  **Total Common Stocks — 98.2%<br>(Cost: $71,880,671)** | **Total Common Stocks — 98.2%<br>(Cost: $71,880,671)** | 89488256 |
|  **Rights** |  |  |
| **France — 0.0%** |  |  |
|  ALD SA, (Expires 12/28/22, Strike Price EUR 7.50) | 1 | 2 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  | 2 |
|  **Total Long-Term Investments — 98.2%<br>(Cost: $71,880,671)** |  | 89488258 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 3.9%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%<sup>(d)(e)</sup>  | 475871 | 475871 |
|  SL Liquidity Series, LLC, Money Market Series, 4.49%<sup>(d)(e)</sup>  | 3055431 | 3055126 |
|  |  | 3530997 |
|  | *Par*<br> *(000)* |  |
|  **Time Deposits — 1.5%** |  |  |
| **United States — 1.5%** |  |  |
|  Citibank, 1.10%, 01/01/23 | EUR 2,298 | 1404400 |
|  **Total Short-Term Securities — 5.4%<br>(Cost: $4,930,063)** |  | 4935397 |
|  **Total Investments — 103.6%<br>(Cost: $76,810,734)** |  | 94423655 |
|  **Liabilities in Excess of Other Assets — (3.6)%** |  | (3252214) |
|  **Net Assets — 100.0%** |  | $91171441 |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

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) (continued)<br> December 31, 2022 | **BlackRock EuroFund** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>06/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from<br>Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>12/31/22* | *Shares*<br> *Held at<br>12/31/22*  | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $492237 | $— | $(16366)<sup>(a)</sup> | $— | $— | $475871 | 475871 | $6067 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 2813256 | 241236 <sup>(a)</sup> |  | (260) | 894 | 3055126 | 3055431 | 8653 <sup>(b)</sup> |  |
|  |  |  |  | $(260) | $894 | $3530997 |  | $14720 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

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

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $— | $89488256 | $— | $89488256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 475871 |  |  | 475871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 1404400 |  | 1404400 |
|  | $475873 | $90892656 | $— | 91368529 |
|  Investments Valued at NAV<sup>(a)</sup>  |  |  |  | 3055126 |
|  |  |  |  | $94423655 |

---

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

*See notes to financial statements.* 

22 2 0 2 2 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)

December 31, 2022

---

| | | |
|:---|:---|:---|
| | BlackRock<br>Advantage Global<br>Fund, Inc. | BlackRock<br>EuroFund |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $361117034 | $90892658 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 7748749 | 3530997 |
|  Cash pledged for futures contracts | 351000 |  |
|  Foreign currency, at value<sup>(d)</sup>  | 43898 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 77049 | 315066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 8608 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 349607 | 32195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1017160 | 190203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 20788 | 1545 |
|  Prepaid expenses | 57697 | 58227 |
|  Total assets | 370791590 | 95022818 |
|  **LIABILITIES** |  |  |
|  Bank overdraft | 36831 |  |
|  Foreign bank overdraft<sup>(e)</sup>  |  | 31213 |
|  Collateral on securities loaned | 1381624 | 3054774 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 321245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 31501 | 13893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 273616 | 81608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 275996 | 54047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | 36370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 156139 | 51337 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims |  | 108511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 3373 | 2668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 27720 | 17061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 34913 | 86774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 58386 | 14337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 32147 | 13909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 43644 |  |
|  Total liabilities | 2392260 | 3851377 |
|  NET ASSETS | $368399330 | $91171441 |
|  **NET ASSETS CONSIST OF** |  |  |
|  Paid-in capital | $375310798 | $94323463 |
|  Accumulated loss | (6911468) | (3152022) |
|  NET ASSETS | $368399330 | $91171441 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $346186983 | $73280350 |
|  <sup>(b)</sup> Securities loaned, at value | $1336425 | $2872043 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $7748002 | $3530384 |
|  <sup>(d)</sup> Foreign currency, at cost | $43932 | $— |
|  <sup>(e)</sup> Foreign bank overdraft, at cost | $— | $31108 |

---

F I N A N C I A L S T A T E M E N T S 23

------

Statements of Assets and Liabilities (unaudited) (continued) December 31, 2022

---

| | | |
|:---|:---|:---|
|  | BlackRock<br>Advantage Global<br>Fund, Inc. | BlackRock<br>EuroFund |
|  **NET ASSET VALUE** |  |  |
|  **Institutional** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $53892351 | $26445844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2585576 | 1624321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $20.84 | $16.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 100 million | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 |
| **Investor A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $263438303 | $62522898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 13493432 | 3923643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $19.52 | $15.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 100 million | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 |
| **Investor C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2924623 | $1221979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 190583 | 112827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $15.35 | $10.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 100 million | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 |
| **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $46095674 | $772578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2211715 | 47567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $20.84 | $16.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 2 billion | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2048379 | $208142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 119442 | 17626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $17.15 | $11.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 100 million | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 | $0.10 |

---

*See notes to financial statements.* 

24 2 0 2 2 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 Operations (unaudited)

Six Months Ended December 31, 2022

---

| | | |
|:---|:---|:---|
|  | BlackRock<br>Advantage Global<br>Fund, Inc. | BlackRock<br>EuroFund |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $4738508 | $370157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 89667 | 6067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 4370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 29455 | 8653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (245499) | (45191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims |  | 168216 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRS compliance fee for foreign withholding tax claims |  | (108510) |
|  Total investment income | 4616501 | 399392 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 1613139 | 329699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 356054 | 81664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 288904 | 63011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 141876 | 33738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 64635 | 66548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 42366 | 39347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 42030 | 16105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 19351 | 18569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 5092 | 3893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 17041 | 11081 |
|  Total expenses | 2590488 | 663655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (692917) | (66655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (206067) | (41232) |
|  Total expenses after fees waived and/or reimbursed | 1691504 | 555768 |
|  Net investment income (loss) | 2924997 | (156376) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (13672572) | (1633446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (358) | (260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (45970) | (35220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 65892 |  |
|  | (13653008) | (1668926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup>  | 19918596 | 11470248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 825 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2838 | 21684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11526) |  |
|  | 19910733 | 11492826 |
|  Net realized and unrealized gain | 6257725 | 9823900 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $9182722 | $9667524 |
|  <sup>(a)</sup> Net of increase in deferred foreign capital gain tax of | $(35638) | $— |

---

*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 Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Global Fund, Inc. | BlackRock Advantage Global Fund, Inc. | BlackRock EuroFund | BlackRock EuroFund |
|  | Six Months Ended<br>12/31/22 | Year Ended | Six Months Ended<br>12/31/22 | Year Ended |
|  | (unaudited) | 06/30/22 | (unaudited) | 06/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2924997 | $5572262 | $(156376) | $643393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (13653008) | 9461273 | (1668926) | 9406868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 19910733 | (86437468) | 11492826 | (43244825) |
|  Net increase (decrease) in net assets resulting from operations | 9182722 | (71403933) | 9667524 | (33194564) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (1061923) | (14118216) | (201013) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (4583971) | (50223238) | (320388) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C | (38913) | (1286438) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (912633) | (8570266) | (7042) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (36382) | (633981) |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (6633822) | (74832139) | (528443) |  |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (16599195) | 36861636 | (5109821) | (52716556) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (14050295) | (109374436) | 4029260 | (85911120) |
|  Beginning of period | 382449625 | 491824061 | 87142181 | 173053301 |
|  End of period | $368399330 | $382449625 | $&nbsp;&nbsp;&nbsp;&nbsp;91171441 | $&nbsp;&nbsp;&nbsp;&nbsp;87142181 |

---

<sup>(a)</sup><sup></sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

26 2 0 2 2 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

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Global Fund, Inc. | BlackRock Advantage Global Fund, Inc. | BlackRock Advantage Global Fund, Inc. | BlackRock Advantage Global Fund, Inc. | BlackRock Advantage Global Fund, Inc. | BlackRock Advantage Global Fund, Inc. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | <br> Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $20.70 | $28.57 | $21.48 | $21.66 | $21.63 | $25.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.18 | 0.33 | 0.24 | 0.31 | 0.36 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.35 | (4.04) | 7.82 | (0.06) | 0.43 | 2.82 |
|  Net increase (decrease) from investment operations | 0.53 | (3.71) | 8.06 | 0.25 | 0.79 | 3.11 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.39) | (0.33) | (0.35) | (0.43) | (0.32) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (3.83) | (0.62) |  | (0.44) | (6.94) |
|  Total distributions | (0.39) | (4.16) | (0.97) | (0.43) | (0.76) | (7.31) |
|  **Net asset value, end of period** | $20.84 | $20.70 | $28.57 | $21.48 | $21.66 | $21.63 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 2.52 %<sup>(d)</sup> | (15.52)% | 38.23% | 1.08% | 4.03% | 12.43% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.16 %<sup>(f)</sup> | 1.10% | 1.19% | 1.15% | 1.14% | 1.16% |
|  Total expenses after fees waived and/or reimbursed | 0.71 %<sup>(f)</sup> | 0.71% | 0.71% | 0.71% | 0.72% | 0.88% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 0.71 %<sup>(f)</sup> | 0.71% | 0.71% | 0.71% | 0.72% | 0.88% |
|  Net investment income | 1.71 %<sup>(f)</sup> | 1.33% | 0.96% | 1.46% | 1.72% | 1.20% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $53892 | $62236 | $95405 | $75805 | $87759 | $114870 |
|  Portfolio turnover rate | 44% | 136% | 311% | 182% | 137% | 189% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> 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 27

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | <br> Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $19.39 | $27.02 | $20.36 | $20.55 | $20.56 | $24.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.15 | 0.27 | 0.17 | 0.24 | 0.30 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.32 | (3.80) | 7.41 | (0.05) | 0.40 | 2.67 |
|  Net increase (decrease) from investment operations | 0.47 | (3.53) | 7.58 | 0.19 | 0.70 | 2.92 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.34) | (0.27) | (0.30) | (0.38) | (0.27) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (3.83) | (0.62) |  | (0.44) | (6.94) |
|  Total distributions | (0.34) | (4.10) | (0.92) | (0.38) | (0.71) | (7.21) |
|  **Net asset value, end of period** | $19.52 | $19.39 | $27.02 | $20.36 | $20.55 | $20.56 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 2.38 %<sup>(d)</sup> | (15.73)% | 37.91% | 0.84% | 3.77% | 12.10% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.45 %<sup>(f)</sup> | 1.40% | 1.51% | 1.46% | 1.46% | 1.53% |
|  Total expenses after fees waived and/or reimbursed | 0.96 %<sup>(f)</sup> | 0.96% | 0.96% | 0.96% | 0.97% | 1.16% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 0.96 %<sup>(f)</sup> | 0.96% | 0.96% | 0.96% | 0.97% | 1.16% |
|  Net investment income | 1.48 %<sup>(f)</sup> | 1.14% | 0.71% | 1.21% | 1.48% | 1.06% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $263438 | $264270 | $327701 | $242123 | $289752 | $324978 |
|  Portfolio turnover rate | 44% | 136% | 311% | 182% | 137% | 189% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

*See notes to financial statements.* 

28 2 0 2 2 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) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $15.24 | $22.06 | $16.58 | $16.79 | $16.87 | $21.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.05 | 0.06 | (0.01) | 0.08 | 0.11 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.26 | (2.97) | 6.04 | (0.05) | 0.34 | 2.31 |
|  Net increase (decrease) from investment operations | 0.31 | (2.91) | 6.03 | 0.03 | 0.45 | 2.35 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.14) |  | (0.24) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (3.77) | (0.55) |  | (0.44) | (6.93) |
|  Total distributions | (0.20) | (3.91) | (0.55) | (0.24) | (0.53) | (6.93) |
|  **Net asset value, end of period** | $15.35 | $15.24 | $22.06 | $16.58 | $16.79 | $16.87 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 2.03 %<sup>(d)</sup> | (16.36)% | 36.88% | 0.11% | 2.99% | 11.23% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 2.29 %<sup>(f)</sup> | 2.19% | 2.42% | 2.32% | 2.28% | 2.34% |
|  Total expenses after fees waived and/or reimbursed | 1.71 %<sup>(f)</sup> | 1.71% | 1.71% | 1.71% | 1.72% | 1.95% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.71 %<sup>(f)</sup> | 1.71% | 1.71% | 1.71% | 1.72% | 1.95% |
|  Net investment income (loss) | 0.70 %<sup>(f)</sup> | 0.31% | (0.06)% | 0.46% | 0.65% | 0.23% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2925 | $3795 | $7922 | $35626 | $52125 | $90299 |
|  Portfolio turnover rate | 44% | 136% | 311% | 182% | 137% | 189% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> 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) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | <br> Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Period from<br>01/25/18<br><sup>(a)</sup><br>to 06/30/18 |
|  **Net asset value, beginning of period** | $20.71 | $28.58 | $21.48 | $21.66 | $21.63 | $23.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.19 | 0.36 | 0.27 | 0.32 | 0.41 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.34 | (4.05) | 7.81 | (0.06) | 0.39 | (1.78) |
|  Net increase (decrease) from investment operations | 0.53 | (3.69) | 8.08 | 0.26 | 0.80 | (1.49) |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.40) | (0.35) | (0.36) | (0.44) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (3.83) | (0.62) |  | (0.44) |  |
|  Total distributions | (0.40) | (4.18) | (0.98) | (0.44) | (0.77) |  |
|  **Net asset value, end of period** | $20.84 | $20.71 | $28.58 | $21.48 | $21.66 | $21.63 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 2.53 %<sup>(e)</sup> | (15.46)% | 38.34% | 1.13% | 4.09% | (6.44)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.03 %<sup>(g)</sup> | 1.00% | 1.13% | 1.09% | 1.03% | 1.07 %<sup>(g)(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.66 %<sup>(g)</sup> | 0.66% | 0.66% | 0.66% | 0.66% | 0.66 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 0.66 %<sup>(g)</sup> | 0.66% | 0.66% | 0.66% | 0.66% | 0.66 %<sup>(g)</sup> |
|  Net investment income | 1.77 %<sup>(g)</sup> | 1.45% | 1.04% | 1.53% | 1.98% | 3.09 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $46096 | $49643 | $56800 | $12108 | $10625 | $4616 |
|  Portfolio turnover rate | 44% | 136% | 311% | 182% | 137% | 189% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> 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.* 

30 2 0 2 2 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) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) | BlackRock Advantage Global Fund, Inc. (continued) |
|  | <br> Class R | <br> Class R | <br> Class R | <br> Class R | <br> Class R | <br> Class R |
| | <br> Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $17.05 | $24.24 | $18.33 | $18.52 | $18.60 | $23.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.10 | 0.18 | 0.10 | 0.18 | 0.21 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.29 | (3.33) | 6.65 | (0.06) | 0.37 | 2.47 |
|  Net increase (decrease) from investment operations | 0.39 | (3.15) | 6.75 | 0.12 | 0.58 | 2.64 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.29) | (0.21) | (0.22) | (0.31) | (0.22) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (3.83) | (0.62) |  | (0.44) | (6.94) |
|  Total distributions | (0.29) | (4.04) | (0.84) | (0.31) | (0.66) | (7.11) |
|  **Net asset value, end of period** | $17.15 | $17.05 | $24.24 | $18.33 | $18.52 | $18.60 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 2.27 %<sup>(d)</sup> | (15.94)% | 37.52% | 0.58% | 3.52% | 11.79% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.81 %<sup>(f)</sup> | 1.82% | 1.79% | 1.77% | 1.79% | 1.87% |
|  Total expenses after fees waived and/or reimbursed | 1.21 %<sup>(f)</sup> | 1.21% | 1.21% | 1.21% | 1.22% | 1.43% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.21 %<sup>(f)</sup> | 1.21% | 1.21% | 1.21% | 1.22% | 1.43% |
|  Net investment income | 1.20 %<sup>(f)</sup> | 0.85% | 0.45% | 0.98% | 1.18% | 0.80% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2048 | $2506 | $3996 | $4313 | $10407 | $16716 |
|  Portfolio turnover rate | 44% | 136% | 311% | 182% | 137% | 189% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> 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 31

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock EuroFund | BlackRock EuroFund | BlackRock EuroFund | BlackRock EuroFund | BlackRock EuroFund | BlackRock EuroFund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | <br> Six Months Ended<br> 12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $14.70 | $20.34 | $14.31 | $14.40 | $15.06 | $14.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.01) | 0.13 | 0.03 | 0.02 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.71 | (5.77) | 6.00 | (0.04) | (0.45) | 0.33 |
|  Net increase (decrease) from investment operations | 1.70 | (5.64) | 6.03 | (0.02) | (0.32) | 0.46 |
|  Distributions from net investment income<sup>(b)</sup>  | (0.12) |  |  | (0.07) | (0.34) | (0.18) |
|  **Net asset value, end of period** | $16.28 | $14.70 | $20.34 | $14.31 | $14.40 | $15.06 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 11.58 %<sup>(d)</sup> | (27.73)% | 42.14% | (0.17)% | (1.77)% | 3.12% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.35 %<sup>(f)</sup> | 1.17% | 1.18% | 1.24% | 1.23% | 1.11% |
|  Total expenses after fees waived and/or reimbursed | 1.08 %<sup>(f)</sup> | 1.10% | 1.12% | 1.18% | 1.17% | 1.08% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.04 %<sup>(f)</sup> | 1.09% | 1.12% | 1.18% | 1.17% | 1.08% |
|  Net investment income (loss) | (0.16)%<sup>(f)</sup> | 0.65% | 0.19% | 0.14% | 0.92% | 0.87% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $26446 | $25025 | $81809 | $26476 | $33178 | $43686 |
|  Portfolio turnover rate | 5% | 42% | 26% | 39% | 153% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

*See notes to financial statements.* 

32 2 0 2 2 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) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | <br> Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $14.37 | $19.93 | $14.05 | $14.11 | $14.78 | $14.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.03) | 0.09 | (0.01) | (0.00)<sup>(b)</sup> | 0.08 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.67 | (5.65) | 5.89 | (0.04) | (0.44) | 0.26 |
|  Net increase (decrease) from investment operations | 1.64 | (5.56) | 5.88 | (0.04) | (0.36) | 0.44 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.08) |  |  | (0.02) | (0.31) | (0.15) |
|  **Net asset value, end of period** | $15.93 | $14.37 | $19.93 | $14.05 | $14.11 | $14.78 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 11.42 %<sup>(e)</sup> | (27.90)% | 41.85% | (0.30)% | (2.08)% | 3.02% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.56 %<sup>(g)</sup> | 1.40% | 1.39% | 1.40% | 1.45% | 1.31% |
|  Total expenses after fees waived and/or reimbursed | 1.33 %<sup>(g)</sup> | 1.33% | 1.33% | 1.34% | 1.39% | 1.28% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.29 %<sup>(g)</sup> | 1.32% | 1.33% | 1.34% | 1.39% | 1.28% |
|  Net investment income (loss) | (0.42)%<sup>(g)</sup> | 0.48% | (0.03)% | (0.01)% | 0.56% | 1.19% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $62523 | $59981 | $87462 | $65887 | $78418 | $149540 |
|  Portfolio turnover rate | 5% | 42% | 26% | 39% | 153% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount is greater than $(0.005) per share. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> 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) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | <br> Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $9.76 | $13.63 | $9.68 | $9.79 | $10.36 | $10.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.06) | (0.06) | (0.10) | (0.08) | (0.02) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.13 | (3.81) | 4.05 | (0.03) | (0.31) | 0.18 |
|  Net increase (decrease) from investment operations | 1.07 | (3.87) | 3.95 | (0.11) | (0.33) | 0.23 |
|  Distributions from net investment income<sup>(b)</sup>  |  |  |  |  | (0.24) | (0.03) |
|  **Net asset value, end of period** | $10.83 | $9.76 | $13.63 | $9.68 | $9.79 | $10.36 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 10.96 %<sup>(d)</sup> | (28.39)% | 40.81% | (1.12)% | (2.82)% | 2.27% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 2.29 %<sup>(f)</sup> | 2.17% | 2.17% | 2.19% | 2.20% | 2.08% |
|  Total expenses after fees waived and/or reimbursed | 2.08 %<sup>(f)</sup> | 2.10% | 2.11% | 2.13% | 2.14% | 2.04% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 2.04 %<sup>(f)</sup> | 2.09% | 2.11% | 2.13% | 2.14% | 2.04% |
|  Net investment income (loss) | (1.10)%<sup>(f)</sup> | (0.45)% | (0.86)% | (0.85)% | (0.17)% | 0.43% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1222 | $1055 | $2451 | $3088 | $4179 | $7533 |
|  Portfolio turnover rate | 5% | 42% | 26% | 39% | 153% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

*See notes to financial statements.* 

34 2 0 2 2 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) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | <br> Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Period from<br>01/25/18<br><sup>(a)</sup><br>to 06/30/18 |
|  **Net asset value, beginning of period** | $14.69 | $20.30 | $14.26 | $14.34 | $15.08 | $16.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | (0.01) | 0.16 | 0.06 | 0.03 | 0.14 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.71 | (5.77) | 5.98 | (0.02) | (0.46) | (1.75) |
|  Net increase (decrease) from investment operations | 1.70 | (5.61) | 6.04 | 0.01 | (0.32) | (1.49) |
|  Distributions from net investment income<sup>(c)</sup>  | (0.15) |  |  | (0.09) | (0.42) |  |
|  **Net asset value, end of period** | $16.24 | $14.69 | $20.30 | $14.26 | $14.34 | $15.08 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 11.55 %<sup>(e)</sup> | (27.64)% | 42.36% | 0.03% | (1.70)% | (8.99)%<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.23 %<sup>(g)</sup> | 1.08% | 1.04% | 1.06% | 1.11% | 0.98 %<sup>(g)(h)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.03 %<sup>(g)</sup> | 1.01% | 0.98% | 1.00% | 1.05% | 0.95 %<sup>(g)</sup> |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 0.99 %<sup>(g)</sup> | 1.00% | 0.98% | 1.00% | 1.05% | 0.95 %<sup>(g)</sup> |
|  Net investment income (loss) | (0.12)%<sup>(g)</sup> | 0.83% | 0.34% | 0.18% | 1.00% | 3.86 %<sup>(g)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $773 | $886 | $860 | $601 | $710 | $1005 |
|  Portfolio turnover rate | 5% | 42% | 26% | 39% | 153% | 98% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> 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.* 

F I N A N C I A L H I G H L I G H T S 35

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) | BlackRock EuroFund (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R |
| | <br> Six Months Ended<br>12/31/22<br>(unaudited) | Year Ended<br>06/30/22 | Year Ended<br>06/30/21 | Year Ended<br>06/30/20 | Year Ended<br>06/30/19 | Year Ended<br>06/30/18 |
|  **Net asset value, beginning of period** | $10.61 | $14.79 | $10.46 | $10.54 | $11.14 | $10.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.04) | (0.06) | (0.04) | (0.04) | (0.01) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.24 | (4.12) | 4.37 | (0.04) | (0.33) | 0.18 |
|  Net increase (decrease) from investment operations | 1.20 | (4.18) | 4.33 | (0.08) | (0.34) | 0.27 |
|  Distributions from net investment income<sup>(b)</sup>  |  |  |  |  | (0.26) | (0.09) |
|  **Net asset value, end of period** | $11.81 | $10.61 | $14.79 | $10.46 | $10.54 | $11.14 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 11.31 %<sup>(d)</sup> | (28.26)% | 41.40% | (0.76)% | (2.66)% | 2.46% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 2.11 %<sup>(f)</sup> | 1.91% | 1.73% | 1.87% | 2.07% | 1.81% |
|  Total expenses after fees waived and/or reimbursed | 1.58 %<sup>(f)</sup> | 1.84% | 1.67% | 1.81% | 2.01% | 1.77% |
|  Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.54 %<sup>(f)</sup> | 1.83% | 1.67% | 1.81% | 2.01% | 1.77% |
|  Net investment income (loss) | (0.65)%<sup>(f)</sup> | (0.41)% | (0.32)% | (0.42)% | (0.07)% | 0.76% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $208 | $195 | $471 | $359 | $363 | $786 |
|  Portfolio turnover rate | 5% | 42% | 26% | 39% | 153% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

*See notes to financial statements.* 

36 2 0 2 2 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

------

Notes to Financial Statements (unaudited)

***1.***  ***ORGANIZATION*** 

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Herein Referred To As* | *Diversification<br>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 |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

<sup>(a)</sup> 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.

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

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

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

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

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

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

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

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

**ForeignTaxes:** 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, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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 37

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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.

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

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

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

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

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

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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

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

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

---

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

---

38 2 0 2 2 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

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Notes to Financial Statements (unaudited) (continued)

---

| | |
|:---|:---|
| | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* |
|  Income approach | (i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;<br>(ii) quoted prices for similar investments or assets in active markets; and<br>(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;<br>(ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;<br>(iii) relevant news and other public sources; and<br>(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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• 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

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

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

As of December 31, 2022, certain investments of the Funds were fair valued using NAV as a practical expedient 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 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.

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

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Notes to Financial Statements (unaudited) (continued)

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, 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<br>Loaned at Value* | *Cash Collateral<br>Received <br><sup>(a)</sup>* | *Non-Cash Collateral<br>Received, at Fair Value* | *<br><sup>(a)</sup>* | *Net<br>Amount* |
|  Advantage Global |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $387764 | $(387764) | $— |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 27636 | (27636) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 228646 | (228646) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 22058 | (22058) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 160219 | (160219) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 10630 | (10630) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 499472 | (499472) |  |  |  |
|  | $1336425 | $(1336425) | $— |  | $— |
|  EuroFund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | $2872043 | $(2872043) | $— |  | $— |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the 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.

40 2 0 2 2 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

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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:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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<br>| 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<br>| 0.25  | 0.25 <br>|

---

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, 2022, 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 | $333679 | $16521 | $5854 | $356054 |
|  EuroFund<br>| 75649  | 5508  | 507  | 81664<br>|

---

**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, 2022, 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, 2022, 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 | $245 | $3923 | $614 | $61 | $37 | $4880 |
|  EuroFund | 1042 | 2022 | 123 | 18 | 12 | 3217 |

---

For the six months ended December 31, 2022, 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 | $39634 | $239827 | $4453 | $1710 | $3280 | $288904 |
|  EuroFund | 21210 | 40570 | 614 | 183 | 434 | 63011 |

---

**Other Fees:** For the six months ended December 31, 2022, 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 | $1011 |
|  EuroFund | 511 |

---

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 41

------

Notes to Financial Statements (unaudited) (continued)

For the six months ended December 31, 2022, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Investor A* |
|  Advantage Global | $291 |
|  EuroFund | 7 |

---

**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, 2024. 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, 2022, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed<br>by the Manager* |
|  Advantage Global | $2487 |
|  EuroFund | 162 |

---

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, 2024. 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, 2022, there were no fees waived by the Manager pursuant to this arrangement.

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

---

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

---

The Manager has agreed not to reduce or discontinue this contractual expense limitation through June 30, 2024, unless approved by the Board, including a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended December 31, 2022, the Manager waived and/or reimbursed the following amounts, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed<br>by the Manager* |
|  Advantage Global | $690430 |
|  EuroFund<br>| 66493  |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific in the Statements of Operations. For the six months ended December 31, 2022, class specific expense waivers and/or reimbursements are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific | Transfer Agent Fees Waived and/or<br> Reimbursed by the Manager - Class Specific |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Advantage Global | $24946 | $173090 | $3627 | $1709 | $2695 | $206067 |
|  EuroFund<br>| 14886  | 25442  | 338  | 183  | 383  | 41232  |

---

**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.

42 2 0 2 2 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

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Notes to Financial Statements (unaudited) (continued)

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended December 31, 2022, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Advantage Global | $5619 |
|  EuroFund | 1561 |

---

**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 period ended December 31, 2022, the Funds did not participate in the Interfund Lending Program.

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

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended December 31, 2022, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Advantage Global | $21467569 | $24498765 | $(1984313) |

---

***7.***  ***PURCHASES AND SALES*** 

For the six months ended December 31, 2022, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
|  Advantage Global | $163369801 | $183040294 |
|  EuroFund | 4492909 | 11273666 |

---

***8.***  ***INCOME TAX INFORMATION*** 

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2022, 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, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring* |
|  Advantage Global | $— |
|  EuroFund | 18424399 |

---

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 43

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Notes to Financial Statements (unaudited) (continued)

As of December 31, 2022, 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<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Advantage Global | $357872384 | $39585435 | $(28720172) | $10865263 |
|  EuroFund | 77480035 | 22532943 | (5589323) | 16943620 |

---

***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, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 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, 2022, 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.

**Infectious Illness Risk:** An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

**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.

44 2 0 2 2 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

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Notes to Financial Statements (unaudited) (continued)

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 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 as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

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

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

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are 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<br> 12/31/22 | Six Months Ended<br> 12/31/22 | Year Ended<br> 06/30/22 | Year Ended<br> 06/30/22 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Advantage Global |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 123737 | $2562650 | 516799 | $12492114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 45991 | 990316 | 523855 | 13448762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (590267) | (12396771) | (1373464) | (33811641) |
|  | (420539) | $(8843805) | (332810) | $(7870765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 747487 | $14439338 | 1345196 | $30806933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 208061 | 4180976 | 1904545 | 45920653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1090521) | (21238899) | (1749712) | (40119251) |
|  | (134973) | $(2618585) | 1500029 | $36608335 |

---

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 45

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Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 12/31/22 | Six Months Ended<br> 12/31/22 | Year Ended<br> 06/30/22 | Year Ended<br> 06/30/22 |
| *Fund Name / Share Class (continued)* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Advantage Global (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1596 | $24490 | 14474 | $253356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2494 | 38913 | 66995 | 1282263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (62553) | (959737) | (191599) | (3624007) |
|  | (58463) | $(896334) | (110130) | $(2088388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 52961 | $1084480 | 437784 | $11106505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 42395 | 912633 | 333878 | 8570267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (281041) | (5776791) | (361744) | (9088358) |
|  | (185685) | $(3779678) | 409918 | $10588414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7981 | $136965 | 21288 | $436343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2061 | 36383 | 29767 | 633880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (37555) | (634141) | (68956) | (1446183) |
|  | (27513) | $(460793) | (17901) | $(375960) |
|  | (827173) | $(16599195) | 1449106 | $36861636 |
|  | Six Months Ended<br> 12/31/22 | Six Months Ended<br> 12/31/22 | Year Ended<br> 06/30/22 | Year Ended<br> 06/30/22 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  EuroFund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 20711 | $328956 | 122608 | $2411570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 10533 | 173479 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (108979) | (1663588) | (2442177) | (50674198) |
|  | (77735) | $(1161153) | (2319569) | $(48262628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 44738 | $689417 | 229654 | $4514406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 16327 | 263187 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (310634) | (4730903) | (444682) | (8307512) |
|  | (249569) | $(3778299) | (215028) | $(3793106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 16191 | $152395 | 19069 | $253465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (11489) | (115136) | (90724) | (1184488) |
|  | 4702 | $37259 | (71655) | $(931023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2820 | $43284 | 43191 | $888954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 320 | 5256 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (15919) | (247820) | (25204) | (463242) |
|  | (12779) | $(199280) | 17987 | $425712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1336 | $14526 | 8967 | $120841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2134) | (22874) | (22404) | (276352) |
|  | (798) | $(8348) | (13437) | $(155511) |
|  | (336179) | $(5109821) | (2601702) | $(52716556) |

---

As of December 31, 2022, BlackRock Financial Management, Inc., an affiliate of the Fund, owned 12,070 Class K Shares of EuroFund.

***12.***  ***FOREIGN WITHHOLDINGS TAX CLAIMS*** 

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

46 2 0 2 2 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

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Notes to Financial Statements (unaudited) (continued)

***13.***  ***SUBSEQUENT EVENTS*** 

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

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

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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 8-9, 2022 (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, 2021 through September 30, 2022 (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:

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

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

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

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

48 2 0 2 2 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

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Additional Information

**General Information** 

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

**Householding** 

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov.** Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports.**

**Availability of Proxy Voting Policies, Procedures and Voting Records** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at **blackrock.com;** and (3) on the SEC's website at **sec.gov.**

**BlackRock's Mutual Fund Family** 

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges** 

**Account Information** 

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

**Automatic Investment Plans** 

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

**Systematic Withdrawal Plans** 

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

**Retirement Plans** 

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

**BlackRock Privacy Principles** 

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

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.

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 (continued)** 

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 <sup>(a)</sup>** 

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent** 

State Street Bank and Trust Company

Boston, MA 02116

**Custodian** 

Brown Brothers Harriman & Co.

Boston, MA 02109

**Transfer Agent** 

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

<sup>(a)</sup> For BlackRock EuroFund.

**Distributor** 

BlackRock Investments, LLC

New York, NY 10022

**Independent Registered Public Accounting Firm** 

Deloitte & Touche LLP

Boston, MA 02111

**Legal Counsel** 

Sidley Austin LLP

New York, NY 10019

**Address of the Funds** 

100 Bellevue Parkway

Wilmington, DE 19809

50 2 0 2 2 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

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Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |

---

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-12/22-SAR

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| | |
|:---|:---|
| ![LOGO](g428809g42l24.jpg)  | ![LOGO](g428809leaf.jpg) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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](d445768dex99cert.htm)

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

**2** 

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d445768dex99906cert.htm)

**3** 

------

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 Advantage Global Fund, Inc.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Advantage Global Fund, Inc. |

---

Date: February 23, 2023

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 Advantage Global Fund, Inc. |

---

Date: February 23, 2023

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Advantage Global Fund, Inc. |

---

Date: February 23, 2023

**4**

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Advantage Global Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Advantage Global Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2023

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Advantage Global Fund, Inc.

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Advantage Global Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Advantage Global Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2023

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Advantage Global Fund, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Advantage Global Fund, Inc. (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: February 23, 2023

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Advantage Global Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Advantage Global Fund, Inc. (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 2022 the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: February 23, 2023

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Advantage Global Fund, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**