Form N-CSR BLACKROCK ADVANTAGE GLOB For: Jun 30

September 3, 2019 12:00 PM EDT

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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., 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 6/30/2019

Date of reporting period: 06/30/2019


Item 1 – Report to Stockholders


JUNE 30, 2019

 

ANNUAL REPORT

  LOGO

 

BlackRock Advantage Global Fund, Inc.

BlackRock EuroFund

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at www.blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

 

Not FDIC Insured • May Lose Value • No Bank Guarantee


The Markets in Review

Dear Shareholder,

Investment performance in the 12 months ended June 30, 2019 was a tale of two markets. The first half of the reporting period was characterized by restrictive monetary policy, deteriorating economic growth, equity market volatility, and rising fear of an imminent recession. During the second half of the reporting period, stocks and bonds rebounded sharply, as restrained inflation and weak economic growth led the U.S. Federal Reserve (the “Fed”) to stop raising interest rates, which led to broad-based optimism that stimulative monetary policy could help forestall a recession.

After the dust settled, the U.S. equity and bond markets posted mixed returns while weathering significant volatility. Less volatile U.S. large cap equities and U.S. bonds advanced, while equities at the high end of the risk spectrum — emerging markets, international developed, and U.S. small cap — posted relatively flat returns.

Fixed-income securities delivered modest positive returns with relatively low volatility. Short-term U.S. Treasury yields rose, while longer-term yields declined. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Investment grade and high yield corporate bonds also posted positive returns, as the credit fundamentals in corporate markets remained relatively solid.

In the U.S. equity market, volatility spiked in late 2018, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil. These risks manifested in a broad-based sell-off in December, leading to the worst December performance on record since 1931.

Volatility also rose in emerging markets, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, particularly in mainland China, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe led to modest performance for European equities.

As equity performance faltered and global economic growth slowed, the Fed shifted to a more patient perspective on the economy in January 2019. In its last four meetings, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Similarly, the European Central Bank signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.

The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world. Hopes continued to remain high thereafter, as the current economic expansion became the longest in U.S. history. Looking ahead, markets are pricing in three interest rate cuts by the Fed over the next year, as investors anticipate a steady shift toward more stimulative monetary policy.

We expect a slowing expansion with additional room to run, as opposed to an economic recession. However, escalating trade tensions and the resulting disruptions in global supply chains have become the greatest risk to the global expansion.

We believe U.S. and emerging market equities remain relatively attractive. Within U.S. equities, companies with high-quality earnings and strong balance sheets offer the most attractive risk/reward trade-off. For bonds, U.S. Treasuries are likely to help buffer against volatility in risk assets, while income from other types of bonds can continue to offer steady returns.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

 

Total Returns as of June 30, 2019
     6-month   12-month

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

  18.54%   10.42%

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

  16.98   (3.31)

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

  14.03   1.08

Emerging market equities
(MSCI Emerging Markets Index)

  10.58   1.21

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

  1.24   2.31

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

  7.45   10.38

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

  6.11   7.87

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

  4.94   6.39

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

  9.94   7.48
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
 

 

 

2    THIS PAGE IS NOT PART OF YOUR FUND REPORT


Table of Contents

 

      Page  

The Markets in Review

     2  

Annual Report:

  

Fund Summaries

     4  

About Fund Performance

     10  

Disclosure of Expenses

     10  

Derivative Financial Instruments

     10  

Financial Statements:

  

Schedules of Investments

     11  

Statements of Assets and Liabilities

     24  

Statements of Operations

     26  

Statements of Changes in Net Assets

     27  

Financial Highlights

     28  

Notes to Financial Statements

     38  

Report of Independent Registered Public Accounting Firm

     50  

Important Tax Information

     50  

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreement

     51  

Director and Officer Information

     55  

Additional Information

     59  

Glossary of Terms Used in this Report

     61  

 

 

 

LOGO

 

 

          3  


Fund Summary  as of June 30, 2019    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 12-month period ended June 30, 2019, the Fund underperformed its benchmark, the MSCI All Country World Index.

What factors influenced performance?

The Fund’s underperformance for the period was concentrated in the fourth quarter of 2018 as the market underwent a liquidity dislocation. Macro thematic and sentiment composite strategies were the most significant detractors as tightening financial conditions, deteriorating global growth, signs of stretched valuations and deleveraging in the hedge fund community led to spikes in market volatility. Higher-than-expected realized portfolio risk exposures and increased correlation of insights degraded the Fund’s ability to protect against negative market price action during this period. Insights driven by analyst revisions, which are proprietary sentiment indicators tracking upgrades and downgrades to corporate earnings from the analyst community, were some of the top detractors. With investors seemingly losing faith in the macroeconomic and earnings outlooks, text-based measures of broker and analyst sentiment as well as trend-following quality signals lost their differentiation properties and converged on the large drawdown in generic earnings momentum. Elsewhere, the macro thematic style rotation model’s preference for small cap stocks, which worked well earlier in 2018 given small caps’ relative insulation against a disruption in global trade, was a large detractor as investors rotated toward defensive large cap names in a manner that was erratic relative to past episodes of market distress.

The Fund performed well over the final six months of the period, which encompassed a market recovery. Performance benefited from retained risk in the portfolio and some reversal in the extreme trends observed over the fourth quarter of 2018. Macro thematic models began to successfully settle back towards a pro-growth/quality stance. This coincided with increasingly dovish rhetoric from central bankers, a decline in yield curves and evidence of slowing but still positive growth. The portfolio was well positioned for the extreme divergence in performance between growth and value factors, which evolved through the second quarter of 2019. Successful positioning along these dimensions was further underpinned by proprietary sentiment indicators, which regained a high level of differentiation relative to the continued sluggish performance from generic earnings momentum factors. Furthermore, strong differentiation was also evident across the fundamental model components, enabling the Fund to avoid the unusually large drawdown experienced by traditional value strategies and which challenged many other quantitative managers.

Describe recent portfolio activity.

Over the period, the Fund maintained a balanced allocation of risk across all major return drivers. However, within the macro thematic composite the investment adviser reduced the size of the long growth-short value trade due to the historic performance spread between the two factors and the potential for a rebound in value relative performance.

Describe portfolio positioning at period end.

The Fund was positioned for the continuation of a low interest rate, low inflation and moderate growth environment while staying well diversified across geographies, industries and other drivers of risk. Along the style dimension the Fund had a long stance with respect to both growth and dividend yield. On a geographical basis, the Fund remained long in Europe, although to a lesser degree following a reduction of U.K. exposure in favor of Japan.

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

 

 

4    2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of June 30, 2019 (continued)    BlackRock Advantage Global Fund, Inc.

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

 

(a)

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

(b) 

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

(c) 

A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed and emerging markets. The MSCI All Country World Index consists of 47 country indexes comprising of 23 developed and 24 emerging market country indexes.

Performance Summary for the Period Ended June 30, 2019

 

                Average Annual Total Returns (a)(b)  
                1 Year           5 Years           10 Years  
     6-Month
Total Returns
           w/o sales
charge
    w/sales
charge
           w/o sales
charge
    w/sales
charge
           w/o sales
charge
    w/sales
charge
 

Institutional

    16.89       4.03     N/A         3.97     N/A         10.59     N/A  

Investor A

    16.70         3.77       (1.68 )%        3.65       2.54       10.24       9.64

Investor C

    16.27         2.99       1.99         2.84       2.84         9.35       9.35  

Class K

    16.89         4.09       N/A         3.99       N/A         10.60       N/A  

Class R

    16.62         3.52       N/A         3.32       N/A         9.85       N/A  

MSCI All Country World Index

    16.23               5.74       N/A               6.16       N/A               10.15       N/A  

 

  (a) 

Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 10 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

 
  (b) 

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

 

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

Past performance is not indicative of future results.

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

Expense Example

 

    Actual           Hypothetical (b)           
     Beginning
Account Value
(01/01/19)
     Ending
Account Value
(06/30/19)
     Expenses
Paid During
the Period
 (a)
           Beginning
Account Value
(01/01/19)
     Ending
Account Value
(06/30/19)
     Expenses
Paid During
the Period
 (a)
       Annualized
Expense
Ratio
 

Institutional

  $ 1,000.00      $ 1,168.90      $ 3.82       $ 1,000.00      $ 1,021.27      $ 3.56          0.71

Investor A

    1,000.00        1,167.00        5.16         1,000.00        1,020.03        4.81          0.96  

Investor C

    1,000.00        1,162.70        9.17         1,000.00        1,016.32        8.55          1.71  

Class K

    1,000.00        1,168.90        3.55         1,000.00        1,021.52        3.31          0.66  

Class R

    1,000.00        1,166.20        6.50               1,000.00        1,018.79        6.06          1.21  

 

  (a) 

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

 
  (b) 

Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

 

See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.

 

 

FUND SUMMARY      5  


Fund Summary  as of June 30, 2019 (continued)    BlackRock Advantage Global Fund, Inc.

 

Portfolio Information

 

TEN LARGEST HOLDINGS

 

Security   Percent of
Net Assets
 

Amazon.com, Inc.

    2

Microsoft Corp.

    1  

Johnson & Johnson

    1  

Apple, Inc.

    1  

Facebook, Inc.

    1  

Visa, Inc.

    1  

Roche Holding AG

    1  

JPMorgan Chase & Co.

    1  

salesforce.com, Inc.

    1  

Merck & Co., Inc.

    1  

GEOGRAPHIC ALLOCATION

 

Country   Percent of
Net Assets
 

United States

    51

Japan

    6  

United Kingdom

    4  

Switzerland

    4  

China

    4  

Canada

    3  

Australia

    3  

France

    3  

Germany

    2  

Netherlands

    2  

Hong Kong

    1  

Taiwan

    1  

India

    1  

Ireland

    1  

Brazil

    1  

Italy

    1  

Sweden

    1  

Belgium

    1  

Finland

    1  

Mexico

    1  

Denmark

    1  

Other(a)

    4  

Short-Term Securities

    3  

 

  (a) 

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

 
 

 

 

6    2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of June 30, 2019    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.

On September 20, 2018, the Fund’s Board of Trustees approved certain changes to the Fund’s investment strategies. As such, the Fund transitioned from a Pan-European mandate (including the United Kingdom) to a Eurozone mandate, focusing primarily on countries that use the euro as their currency. In addition, the Fund’s benchmark was changed from the Morgan Stanley Capital International (“MSCI”) Europe Index to the MSCI EMU Index in USD. These changes became effective on October 23, 2018.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended June 30, 2019, the Fund underperformed both its new benchmark, the MSCI EMU Index, and its former benchmark, the MSCI Europe Index.

What factors influenced performance?

European equities posted a narrow loss, as gauged by the MSCI EMU Index. After falling sharply in late 2018, the markets recovered nicely in the second half of the reporting period. The gain was not sufficient to overcome the earlier weakness, however. Index performance for the full period was pressured by the combination of slowing economic growth across Europe and the ongoing uncertainty surrounding Brexit. The downturn in the euro versus the U.S. dollar was another important headwind for results.

The shortfall in the Fund’s relative performance was largely the result of individual stock selection. Sector allocation also marginally detracted from Fund returns.

Among individual stocks, STMicroelectronics NV (Switzerland) was a key detractor. The stock lagged in the summer of 2018 due to emerging concerns about global growth, destocking in some of the company’s end markets and fears of slowing smartphone sales. The Fund’s investment adviser reduced the position in the autumn before eliminating it altogether later in 2018. Danske Bank A/S (Denmark) also detracted from Fund returns. Danske came under pressure from uncertainty surrounding allegations of money laundering at its Estonian unit. As a result, the stock is no longer held in the Fund. The property company Deutsche Wohnen SE (Germany) was an additional detractor of note. The stock declined in the second quarter of 2019 after the Berlin city council proposed a five-year rent freeze in response to public protests about rental values that had significantly outpaced inflation. While this issue created near-term uncertainty, the investment adviser retained the position on the belief that the company’s net asset value should continue to rise due to population growth in Berlin, lower interest rates and the value of Berlin relative to other global cities.

On the plus side, the aerospace company Safran SA (France) was the leading contributor to Fund returns for the 12-month period. Safran generated sustainable revenue growth from high-margin services for its installed engine base, and it executed well on its introduction of a new engine. Safran has consistently delivered on sales and profit expectations, boosting its shares. A holding in luxury goods company LVMH Moet Hennessy Louis Vuitton SA (France) was another contributor of note. After pulling back significantly on fears about Chinese consumer spending in late 2018, the stock recovered on the strength of better-than-expected growth and improving sentiment surrounding China’s consumer sector. A position in another French aerospace company, Airbus SE, was an additional positive due to its robust profits, strong order growth and the announcement of a new aircraft model.

Describe recent portfolio activity.

The portfolio’s composition changed considerably in the first half of the period, reflecting the shift to the new investment mandate. Separately, the Fund moved to a more defensive posture in response to the weakening prospects for economic growth. The Fund accomplished this by reducing its weighting in the financial sector, largely by decreasing its allocation to insurance and banking stocks. The Fund also decreased its position in information technology. Conversely, the Fund added to defensive sectors such as consumer staples, health care and utilities. Although companies in these areas tend to have lower potential profit growth than the market as a whole, the investment adviser believed their earnings would be more resilient at a time of slower economic conditions.

In the second half of the period, the investment adviser maintained its key areas of conviction despite the market volatility associated with the U.S.-China trade war. At the same time, it adopted a less defensive posture as it identified stock-specific opportunities among higher-quality, cyclical companies. This included the additions of the transportation company DSV SA (Denmark), the luxury apparel producer Moncler SpA (Italy) and Symrise AG (Germany), a producer of flavors and fragrances. The Fund also added Dassault Systemes SA, a French software company that is expanding into new markets. In addition, the investment adviser increased the portfolio’s existing positions in LVMH, Airbus and the semiconductor company ASML Holdings (Netherlands).

Describe portfolio positioning at period end.

The Fund held overweight positions in the industrials, information technology and health care sectors, and was underweight in consumer staples, financials, communication services, consumer discretionary, utilities and energy. The Fund had a neutral sector weighting in real estate and materials.

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.

 

 

FUND SUMMARY      7  


Fund Summary  as of June 30, 2019 (continued)    BlackRock EuroFund

 

TOTAL RETURN BASED ON A $10,000 INVESTMENT

 

LOGO

 

(a) 

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

(b) 

Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities, including common stock and convertible securities, of companies located in Europe. The Fund currently expects that a majority of the Fund’s assets will be invested in equity securities of companies located in countries participating in the European Monetary Union (the ‘‘Eurozone’’). The Fund’s total returns prior to October 23, 2018, are the returns of the Fund when it followed different investment strategies.

(c) 

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

(d) 

MSCI EMU Index captures large and mid-cap representation across the 10 Developed Markets countries in the European Economic and Monetary Union (“EMU”). With 247 constituents, the MSCI EMU Index covers approximately 85% of the free float-adjusted market capitalization of the EMU.

Performance Summary for the Period Ended June 30, 2019

 

                Average Annual Total Returns (a)(b)  
                1 Year           5 Years           10 Years  
     6-Month
Total Returns
           w/o sales
charge
    w/sales
charge
           w/o sales
charge
    w/sales
charge
           w/o sales
charge
    w/sales
charge
 

Institutional

    18.81       (1.77 )%      N/A         (0.75 )%      N/A         5.35     N/A  

Investor A

    18.67         (2.08     (7.22 )%        (0.97     (2.03 )%        5.13       4.56

Investor C

    18.24         (2.82     (3.77       (1.75     (1.75       4.26       4.26  

Class K

    18.91         (1.70     N/A         (0.71     N/A         5.37       N/A  

Class R

    18.29         (2.66     N/A         (1.46     N/A         4.57       N/A  

MSCI EMU Index

    15.97         (0.48     N/A         1.48       N/A         5.83       N/A  

MSCI Europe Index

    15.80               1.88       N/A               1.27       N/A               6.99       N/A  

 

  (a) 

Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 10 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

 
  (b) 

Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities, including common stock and convertible securities, of companies located in Europe. The Fund currently expects that a majority of the Fund’s assets will be invested in equity securities of companies located in countries participating in the European Monetary Union (the ‘‘Eurozone’’). The Fund’s total returns prior to October 23, 2018, are the returns of the Fund when it followed different investment strategies.

 

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

Past performance is not indicative of future results.

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

Expense Example

 

    Actual           Hypothetical (b)           
     Beginning
Account Value
(01/01/19)
     Ending
Account Value
(06/30/19)
     Expenses
Paid During
the Period
 (a)
           Beginning
Account Value
(01/01/19)
     Ending
Account Value
(06/30/19)
     Expenses
Paid During
the Period
 (a)
       Annualized
Expense Ratio
 

Institutional

  $ 1,000.00      $ 1,188.10      $ 6.67       $ 1,000.00      $ 1,018.70      $ 6.16          1.23

Investor A

    1,000.00        1,186.70        7.86         1,000.00        1,017.60        7.25          1.45  

Investor C

    1,000.00        1,182.40        11.85         1,000.00        1,013.94        10.94          2.19  

Class K

    1,000.00        1,189.10        6.13         1,000.00        1,019.19        5.66          1.13  

Class R

    1,000.00        1,182.90        11.53               1,000.00        1,014.23        10.64          2.13  

 

  (a) 

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

 
  (b) 

Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

 

See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.

 

 

8    2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of June 30, 2019 (continued)    BlackRock EuroFund

 

Portfolio Information

 

TEN LARGEST HOLDINGS

 

Security

  Percent of
Net Assets
 

LVMH Moet Hennessy Louis Vuitton SE

    6

Safran SA

    5  

Sanofi

    5  

Airbus SE

    5  

SAP SE

    5  

Allianz SE, Registered Shares

    4  

ASML Holding NV

    4  

Vinci SA

    3  

Thales SA

    3  

Linde PLC

    3  

GEOGRAPHIC ALLOCATION

 

Country

  Percent of
Net Assets
 

France

    40

Germany

    25  

Netherlands

    8  

Spain

    4  

Italy

    4  

Finland

    4  

Belgium

    3  

Denmark

    2  

Luxembourg

    2  

Switzerland

    2  

Portugal

    2  

Ireland

    2  

United Kingdom

    2  

Other

    (a) 

 

  (a) 

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

 
 

 

 

FUND SUMMARY      9  


About Fund Performance

 

Institutional Shares 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. Effective November 8, 2018, the Funds adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares.

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

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

BlackRock Advisors, LLC (the “Manager”), 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 and/or reimbursement, each Fund’s performance would have been lower. With respect to any voluntary waiver and/or reimbursement, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver may be reduced or discontinued at any time. With respect to any contractual waiver and/or reimbursement, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of 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 on the previous pages (which are based on a hypothetical investment of $1,000 invested on January 1, 2019 and held through June 30, 2019) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Derivative Financial Instruments

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

 

 

10    2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments

June 30, 2019

  

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks 96.6%

 

Argentina 0.0%  

MercadoLibre, Inc.(a)

    122     $ 74,636  
   

 

 

 
Australia 3.0%  

AGL Energy Ltd.

    12,269       172,545  

ALS Ltd.

    3,174       16,397  

Altium Ltd.

    1,220       29,450  

Amcor PLC

    65,707       747,645  

Ansell Ltd.

    12,297       232,191  

Aristocrat Leisure Ltd.

    72,395       1,564,903  

AusNet Services

    71,707       94,500  

Beach Energy Ltd.

    13,028       18,323  

BHP Group Ltd.

    95,046       2,762,849  

CIMIC Group Ltd.

    15,092       474,574  

Cochlear Ltd.

    2,260       329,046  

Computershare Ltd.

    12,300       140,278  

CSL Ltd.

    4,277       647,639  

CSR Ltd.

    45,617       125,481  

Downer EDI Ltd.

    3,979       19,356  

Goodman Group

    26,284       277,816  

Harvey Norman Holdings Ltd.

    67,757       193,892  

IDP Education Ltd.

    4,209       52,336  

Macquarie Group Ltd.

    13,773       1,214,861  

Magellan Financial Group Ltd.

    4,485       161,014  

Metcash Ltd.

    19,990       36,155  

Oil Search Ltd.

    4,132       20,606  

Platinum Asset Management Ltd.

    5,339       18,216  

Qantas Airways Ltd.

    282,789       1,073,151  

QBE Insurance Group Ltd.

    12,570       104,572  

REA Group Ltd.

    3,676       248,325  

Santos Ltd.

    90,172       450,188  

Sonic Healthcare Ltd.

    3,869       73,720  

Sydney Airport

    20,753       117,244  

Treasury Wine Estates Ltd.

    2,848       29,911  

Wesfarmers Ltd.

    27,275       693,336  

Woodside Petroleum Ltd.

    47,150       1,209,329  

Woolworths Group Ltd.

    14,821       346,088  
   

 

 

 
    13,695,937  
Austria 0.1%  

Vienna Insurance Group AG Wiener Versicherung Gruppe

    1,168       29,950  

Wienerberger AG

    23,678       584,256  
   

 

 

 
    614,206  
Belgium 0.8%  

Groupe Bruxelles Lambert SA

    4,109       403,714  

Solvay SA

    7,979       828,625  

UCB SA

    26,543       2,202,792  
   

 

 

 
    3,435,131  
Brazil 0.5%  

Ambev SA

    240,772       1,121,736  

B3 SA — Brasil Bolsa Balcao

    3,200       31,217  

Cia. Hering

    23,952       185,506  

EDP — Energias do Brasil SA

    8,100       39,868  

Energisa SA

    2,300       27,600  

Iguatemi Empresa de Shopping Centers SA

    1,800       21,539  

Iochpe-Maxion SA

    2,100       12,201  

IRB Brasil Resseguros S/A

    1,000       25,651  

JBS SA

    62,709       346,537  

Lojas Renner SA

    8,160       100,216  

Petroleo Brasileiro SA

    15,700       122,740  

Porto Seguro SA

    16,422       221,016  

TIM Participacoes SA

    26,500       80,260  
   

 

 

 
    2,336,087  
Security   Shares     Value  
Canada 3.3%  

Alimentation Couche-Tard, Inc., Class B

    8,683     $ 546,421  

Bank of Nova Scotia

    15,593       837,549  

BCE, Inc.

    78,847       3,587,266  

BRP, Inc.

    3,094       110,572  

Canadian Apartment Properties REIT

    927       34,233  

Canadian Utilities Ltd., Class A

    672       18,966  

Capital Power Corp.

    662       15,241  

CGI, Inc.(a)

    8,995       691,548  

Emera, Inc.

    14,821       605,606  

Enbridge, Inc.

    29,303       1,058,393  

FirstService Corp.

    219       21,071  

Fortis, Inc.

    4,263       168,333  

Gibson Energy, Inc.

    1,183       21,094  

Great-West Lifeco, Inc.

    30,253       696,520  

H&R Real Estate Investment Trust

    3,605       62,875  

Hydro One Ltd.(b)

    11,923       207,950  

Kirkland Lake Gold Ltd.

    1,977       85,176  

Manulife Financial Corp.

    71,594       1,301,162  

Northland Power, Inc.

    18,791       365,905  

Open Text Corp.

    2,016       83,193  

Pembina Pipeline Corp.

    4,258       158,511  

Power Corp. of Canada

    7,195       154,993  

Power Financial Corp.

    62,762       1,443,543  

Quebecor, Inc., Class B

    42,761       1,018,453  

Restaurant Brands International, Inc.

    3,336       231,995  

Royal Bank of Canada

    219       17,404  

Suncor Energy, Inc.

    1,706       53,217  

TC Energy Corp.

    2,297       113,872  

TFI International, Inc.

    10,775       326,076  

Thomson Reuters Corp.

    5,849       377,323  

Toronto-Dominion Bank

    8,200       479,145  

WSP Global, Inc.

    1,114       61,325  
   

 

 

 
    14,954,931  
China 3.6%  

3SBio, Inc.(a)(b)

    16,000       27,452  

58.com, Inc. — ADR(a)

    1,140       70,874  

Agricultural Bank of China Ltd., Class H

    479,000       200,474  

Alibaba Group Holding Ltd. — ADR(a)

    21,320       3,612,674  

Angang Steel Co. Ltd., Class H

    39,000       17,793  

Anhui Conch Cement Co. Ltd., Class A

    4,900       29,634  

Anhui Conch Cement Co. Ltd., Class H

    11,000       68,830  

BAIC Motor Corp. Ltd., Class H(b)

    81,000       50,831  

Bank of China Ltd., Class A

    46,400       25,281  

Bank of China Ltd., Class H

    2,013,000       849,423  

Bank of Communications Co. Ltd., Class A

    92,500       82,469  

Bank of Communications Co. Ltd., Class H

    164,000       124,529  

Baoshan Iron & Steel Co. Ltd., Class A

    43,260       40,998  

BBMG Corp., Class H

    100,000       32,113  

BeiGene Ltd., ADR(a)

    339       42,019  

BYD Electronic International Co. Ltd.

    10,000       14,309  

China Coal Energy Co. Ltd., Class H

    200,000       83,290  

China Construction Bank Corp., Class H

    448,000       386,178  

China Everbright Bank Co. Ltd., Class A

    167,400       92,926  

China Hongqiao Group Ltd.

    65,500       46,199  

China Life Insurance Co. Ltd., Class H

    284,000       701,953  

China Oriental Group Co., Ltd.

    30,000       17,560  

China Pacific Insurance Group Co. Ltd., Class H

    23,200       90,741  

China Petroleum & Chemical Corp., Class A

    711,577       568,069  

China Petroleum & Chemical Corp., Class H

    1,208,000       822,913  

China Railway Signal & Communication Corp. Ltd., Class H(b)

    82,000       59,587  

China Reinsurance Group Corp., Class H

    397,000       70,671  

China Resources Land Ltd.

    6,000       26,417  

China Shenhua Energy Co. Ltd., Class H

    11,500       24,087  
 

 

 

SCHEDULES OF INVESTMENTS      11  


Schedule of Investments  (continued)

June 30, 2019

  

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)  

China Telecom Corp. Ltd., Class H

    36,000     $ 18,128  

China Unicom Hong Kong Ltd.

    70,000       76,538  

CNOOC Ltd.

    768,000       1,310,025  

Ctrip.com International Ltd. — ADR(a)

    946       34,917  

Dali Foods Group Co. Ltd.(b)

    89,000       59,056  

Datang International Power Generation Co. Ltd., Class H

    242,000       60,736  

Dongfang Electric Corp., Ltd., Class A(a)

    21,000       32,516  

Dongfeng Motor Group Co. Ltd., Class H

    32,000       26,239  

Geely Automobile Holdings Ltd.

    28,000       48,010  

Greentown China Holdings Ltd.

    20,000       14,246  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H

    22,000       99,298  

Guotai Junan Securities Co. Ltd., Class H(b)

    93,200       166,007  

Huadian Power International Corp. Ltd., Class H

    120,000       47,534  

Industrial & Commercial Bank of China Ltd., Class A

    34,300       29,438  

Industrial & Commercial Bank of China Ltd., Class H

    889,000       648,900  

Industrial Bank Co. Ltd., Class A

    11,200       29,857  

JD.com, Inc. — ADR(a)

    6,682       202,398  

Kaisa Group Holdings Ltd.(a)

    57,000       28,159  

KWG Group Holdings Ltd.(a)

    30,000       30,480  

Legend Holdings Corp., Class H(b)

    22,100       52,155  

Lenovo Group Ltd.

    112,000       86,720  

Li Ning Co. Ltd.

    17,000       40,202  

Logan Property Holdings Co. Ltd.

    52,000       84,085  

Maanshan Iron & Steel Co. Ltd., Class H

    84,000       33,404  

Metallurgical Corp. of China Ltd., Class H

    343,000       91,735  

NetEase, Inc. — ADR

    358       91,566  

New China Life Insurance Co. Ltd., Class H

    4,700       22,870  

Oppein Home Group, Inc., Class A

    3,200       50,265  

PetroChina Co. Ltd., Class H

    1,468,000       809,436  

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

    9,000       108,224  

Shui On Land Ltd.

    75,000       17,401  

Sinopec Engineering Group Co. Ltd., Class H

    41,500       35,173  

Sinotrans Ltd., Class H

    60,000       21,821  

Tencent Holdings Ltd.

    65,600       2,967,704  

Towngas China Co. Ltd.(a)

    27,000       19,450  

Uni-President China Holdings Ltd.

    42,000       46,784  

Vipshop Holdings Ltd. — ADR(a)

    4,931       42,555  

Yihai International Holding Ltd.(a)

    9,000       46,691  

Yum China Holdings, Inc.

    6,587       304,319  

Yuzhou Properties Co. Ltd.

    39,000       18,320  

Zhejiang Semir Garment Co. Ltd., Class A

    19,600       31,658  
   

 

 

 
    16,265,314  
Czech Republic 0.0%  

CEZ AS

    4,099       99,058  

Komercni Banka AS

    398       15,859  
   

 

 

 
    114,917  
Denmark 0.6%  

Carlsberg A/S, Class B

    13,628       1,808,397  

DSV A/S

    2,793       275,027  

Genmab A/S(a)

    613       112,717  

GN Store Nord A/S

    698       32,630  

H Lundbeck A/S

    2,085       82,585  

Royal Unibrew A/S

    1,470       107,465  

SimCorp A/S

    601       58,178  
   

 

 

 
    2,476,999  
Finland 0.7%  

Kesko OYJ, Class B

    5,333       296,658  

Kone OYJ, Class B

    36,023       2,127,278  

Tieto OYJ

    6       178  

UPM-Kymmene OYJ

    353       9,392  

Valmet OYJ

    34,762       867,219  
   

 

 

 
    3,300,725  
Security   Shares     Value  
France 2.9%  

Air Liquide SA

    1,168     $ 163,366  

Arkema SA

    5,183       481,835  

Capgemini SE

    1,887       234,616  

Christian Dior SE

    2,778       1,456,828  

Cie Generale des Etablissements Michelin SCA

    4,403       556,722  

Dassault Systemes SE

    679       108,304  

Edenred

    17,474       890,554  

Engie SA

    26,375       399,937  

Gaztransport Et Technigaz SA

    341       34,206  

Kering SA

    2,276       1,343,347  

L’Oreal SA

    14,680       4,173,935  

Lagardere SCA

    1,939       50,517  

LVMH Moet Hennessy Louis Vuitton SE

    2,484       1,056,012  

Orange SA

    5,705       89,986  

Pernod Ricard SA

    3,809       701,528  

Rubis SCA

    942       53,039  

Sartorius Stedim Biotech

    814       128,354  

Schneider Electric SE

    8,792       795,525  

TOTAL SA

    8,281       464,512  

Ubisoft Entertainment SA(a)

    691       54,042  

Vivendi SA

    628       17,234  
   

 

 

 
    13,254,399  
Germany 2.4%  

adidas AG

    6,184       1,913,145  

Allianz SE, Registered Shares

    10,733       2,588,543  

alstria office REIT-AG

    2,028       32,838  

CompuGroup Medical SE

    252       20,352  

CTS Eventim AG & Co. KGaA

    266       12,368  

Deutsche Boerse AG

    3,466       489,295  

Deutsche Post AG, Registered Shares

    18,777       617,703  

Deutsche Telekom AG, Registered Shares

    2,909       50,397  

DWS Group GmbH & Co. KGaA(b)

    160       5,585  

HeidelbergCement AG

    7,349       594,720  

Hochtief AG

    13,959       1,699,914  

Jenoptik AG

    802       25,935  

LEG Immobilien AG

    1,062       119,775  

MTU Aero Engines AG

    4,419       1,053,978  

Nemetschek SE

    288       17,350  

SAP SE

    283       38,797  

Siemens AG, Registered Shares

    1,970       234,539  

Software AG

    15,784       542,447  

Steinhoff International Holdings NV(a)(c)

    162,033       14,955  

Telefonica Deutschland Holding AG

    179,395       501,204  

TUI AG

    7       69  

Uniper SE

    1,882       57,028  

Volkswagen AG

    699       119,897  
   

 

 

 
    10,750,834  
Hong Kong 1.5%  

AIA Group Ltd.

    18,200       196,540  

Beijing Enterprises Holdings Ltd.

    3,000       15,250  

BOC Hong Kong Holdings Ltd.

    138,000       543,326  

China Agri-Industries Holdings Ltd.

    48,000       15,438  

China Mobile Ltd.

    295,500       2,690,132  

CK Asset Holdings Ltd.

    2,500       19,585  

CK Hutchison Holdings Ltd.

    106,500       1,050,489  

Hong Kong Exchanges & Clearing Ltd.

    800       28,272  

Hongkong Land Holdings Ltd.

    23,900       154,053  

Jardine Matheson Holdings Ltd.

    900       56,766  

Kingboard Laminates Holdings Ltd.

    29,500       27,066  

Melco Resorts & Entertainment Ltd. — ADR

    6,503       141,245  

MMG Ltd.(a)

    48,000       16,795  

MTR Corp. Ltd.

    14,500       97,670  

New World Development Co. Ltd.

    30,000       46,925  
 

 

 

12    2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

June 30, 2019

  

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Hong Kong (continued)  

Sands China Ltd.

    57,200     $ 273,248  

Shenzhen Investment Ltd.

    76,000       28,053  

Sinotruk Hong Kong Ltd.

    26,000       45,048  

Sun Hung Kai Properties Ltd.

    60,500       1,026,386  

Yuexiu Property Co. Ltd.

    118,000       26,744  
   

 

 

 
    6,499,031  
Hungary 0.5%  

MOL Hungarian Oil & Gas PLC

    86,321       958,264  

OTP Bank Nyrt

    25,537       1,016,919  

Richter Gedeon Nyrt

    3,613       66,573  
   

 

 

 
    2,041,756  
India 1.2%  

Aurobindo Pharma Ltd.

    22,418       197,568  

Bharat Electronics Ltd.

    15,988       26,062  

Bharat Forge Ltd.

    6,014       39,201  

Birlasoft Ltd.

    4,888       6,112  

Century Textiles & Industries Ltd.

    1,239       17,031  

Divi’s Laboratories Ltd.

    1,991       46,076  

Dr. Reddy’s Laboratories Ltd.

    608       22,526  

Escorts Ltd.

    1,665       12,933  

GAIL India Ltd.

    8,792       39,724  

HCL Technologies Ltd.

    13,466       207,732  

HDFC Bank Ltd.

    8,220       291,162  

HDFC Standard Life Insurance Co. Ltd.(b)

    18,923       127,219  

Hexaware Technologies Ltd.

    3,256       17,871  

Hindalco Industries Ltd.

    15,879       47,622  

Hindustan Petroleum Corp. Ltd.

    7,395       30,944  

Hindustan Unilever Ltd.

    20,295       525,745  

Housing Development Finance Corp. Ltd.

    19,279       612,169  

Indraprastha Gas Ltd.

    3,927       17,895  

IndusInd Bank Ltd.

    4,205       85,924  

Infosys Ltd.

    36,345       387,896  

Jubilant Life Sciences Ltd.

    1,486       11,024  

KEC International Ltd.

    2,445       11,380  

Kotak Mahindra Bank Ltd.

    9,069       194,068  

KPIT Technologies Ltd.(a)

    4,888       6,851  

Larsen & Toubro Ltd.

    5,657       127,280  

Mahindra & Mahindra Ltd.

    12,222       116,016  

Mindtree Ltd.

    4,386       58,929  

Mphasis Ltd.

    1,076       15,658  

National Aluminium Co., Ltd.

    18,292       13,082  

Nestle India Ltd.

    151       26,060  

NIIT Technologies Ltd.

    3,593       70,014  

Petronet LNG Ltd.

    9,296       33,006  

Pidilite Industries Ltd.

    4,792       84,300  

Reliance Capital Ltd.

    9,307       8,918  

Sun Pharmaceutical Industries Ltd.

    8,982       52,203  

Tata Consultancy Services Ltd.

    35,045       1,130,882  

Tata Global Beverages Ltd.

    16,645       65,008  

Tech Mahindra Ltd.

    23,607       241,730  

UltraTech Cement Ltd.

    771       50,864  

United Breweries Ltd.

    1,364       26,462  

United Spirits Ltd.(a)

    37,280       315,912  
   

 

 

 
    5,419,059  
Indonesia 0.1%  

Bank Central Asia Tbk PT

    172,300       365,634  

Bank Negara Indonesia Persero Tbk PT

    52,100       33,943  

Bank Rakyat Indonesia Persero Tbk PT

    55,900       17,258  

Bukit Asam Tbk PT

    92,500       19,402  

Pabrik Kertas Tjiwi Kimia Tbk PT

    24,400       21,732  

Telekomunikasi Indonesia Persero Tbk PT

    142,700       41,823  
   

 

 

 
    499,792  
Security   Shares     Value  
Ireland 1.1%  

AerCap Holdings NV(a)

    349     $ 18,151  

Allegion PLC

    11,465       1,267,456  

Kingspan Group PLC

    1,756       95,365  

Medtronic PLC

    36,839       3,587,750  

Smurfit Kappa Group PLC

    2,295       69,544  
   

 

 

 
    5,038,266  
Israel 0.1%  

Check Point Software Technologies Ltd.(a)

    5,390       623,138  
   

 

 

 
Italy 1.0%  

A2A SpA

    45,830       79,557  

Ferrari NV

    12,939       2,097,924  

Hera SpA

    16,214       62,019  

Interpump Group SpA

    1,103       33,940  

Mediobanca Banca di Credito Finanziario SpA

    9,253       95,415  

Moncler SpA

    41,859       1,794,133  

Terna Rete Elettrica Nazionale SpA

    24,523       156,251  
   

 

 

 
    4,319,239  
Japan 5.8%  

Advantest Corp.

    36,400       1,002,124  

AGC, Inc.

    3,500       121,246  

Aoyama Trading Co. Ltd.

    700       13,742  

Asahi Group Holdings Ltd.

    600       27,011  

Astellas Pharma, Inc.

    136,800       1,949,504  

Canon, Inc.

    2,900       84,921  

Chubu Electric Power Co., Inc.

    1,900       26,690  

Chugai Pharmaceutical Co. Ltd.

    3,300       216,126  

Citizen Watch Co. Ltd.

    4,900       25,214  

Dai-ichi Life Holdings, Inc.

    38,700       585,521  

Dentsu, Inc.

    1,000       34,973  

East Japan Railway Co.

    15,500       1,451,478  

Fancl Corp.

    800       19,788  

Fast Retailing Co. Ltd.

    400       242,119  

Fuji Media Holdings, Inc.

    1,100       15,364  

FUJIFILM Holdings Corp.

    2,600       132,001  

Honda Motor Co. Ltd.

    1,700       43,960  

ITOCHU Corp.

    10,700       204,980  

Japan Post Insurance Co. Ltd.

    16,000       296,833  

Japan Tobacco, Inc.

    66,200       1,459,290  

JXTG Holdings, Inc.

    518,900       2,586,146  

Kao Corp.

    7,100       541,761  

KDDI Corp.

    10,800       274,824  

Kirin Holdings Co. Ltd.

    71,700       1,548,183  

Lintec Corp.

    700       14,614  

LIXIL Group Corp.

    6,200       98,351  

Marubeni Corp.

    4,600       30,534  

Mitsubishi Chemical Holdings Corp.

    162,500       1,137,712  

Mitsubishi Gas Chemical Co., Inc.

    8,300       111,016  

Mitsubishi Motors Corp.

    24,700       118,637  

Mitsubishi UFJ Financial Group, Inc.

    491,400       2,340,526  

Mitsui & Co. Ltd.

    72,100       1,176,881  

Mixi, Inc.

    1,700       34,140  

MS&AD Insurance Group Holdings, Inc.

    2,500       79,466  

Nippon Telegraph & Telephone Corp.

    18,200       847,932  

Nissan Motor Co. Ltd.

    3,700       26,501  

Nisshinbo Holdings, Inc.

    1,800       13,800  

Nitto Denko Corp.

    9,600       475,166  

NTN Corp.

    6,100       18,183  

NTT DOCOMO, Inc.

    86,500       2,018,210  

Ono Pharmaceutical Co. Ltd.

    1,200       21,576  

ORIX Corp.

    10,400       155,427  

Otsuka Corp.

    600       24,196  

Otsuka Holdings Co. Ltd.

    600       19,606  

PeptiDream, Inc.(a)

    800       41,090  
 

 

 

SCHEDULES OF INVESTMENTS      13  


Schedule of Investments  (continued)

June 30, 2019

  

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)  

Pola Orbis Holdings, Inc.

    10,800     $ 302,638  

Resona Holdings, Inc.

    20,900       87,186  

Rohm Co. Ltd.

    1,100       74,113  

Ryohin Keikaku Co. Ltd.

    800       144,948  

SCSK Corp.

    1,200       59,153  

Seria Co. Ltd.

    800       18,504  

Seven & i Holdings Co. Ltd.

    1,800       60,986  

Shin-Etsu Chemical Co. Ltd.

    8,200       767,207  

Sompo Holdings, Inc.

    2,900       112,177  

Sumitomo Chemical Co. Ltd.

    76,300       355,279  

Sumitomo Corp.

    23,300       353,882  

Sundrug Co. Ltd.

    1,800       48,817  

T&D Holdings, Inc.

    22,700       247,056  

TAG Immobilien AG(a)

    5,945       137,319  

Taisei Corp.

    600       21,787  

Takashimaya Co. Ltd.

    1,500       16,462  

Takeda Pharmaceutical Co. Ltd.

    13,700       487,348  

Tokyo Electron Ltd.

    3,900       548,166  

Tokyo Tatemono Co. Ltd.

    2,100       23,379  

Trend Micro, Inc.

    2,000       89,368  

Ube Industries Ltd.

    17,300       359,924  

Ulvac, Inc.

    6,300       200,737  

Zeon Corp.

    9,200       102,645  
   

 

 

 
    26,326,444  
Luxembourg 0.0%  

Reinet Investments SCA

    1,326       21,387  
   

 

 

 
Malaysia 0.1%  

Genting Bhd

    26,800       43,940  

Public Bank Bhd

    38,200       212,712  

QL Resources Bhd

    12,500       20,693  

Tenaga Nasional Bhd

    19,800       66,382  
   

 

 

 
    343,727  
Mexico 0.7%  

Alsea SAB de CV(a)

    7,900       15,550  

America Movil SAB de CV, Series L

    1,852,300       1,348,180  

Banco del Bajio SA(b)

    9,700       19,401  

Cemex SAB de CV CPO

    366,910       154,649  

Fomento Economico Mexicano SAB de CV

    18,345       177,737  

Grupo Aeroportuario del Centro Norte SAB de CV

    4,800       29,315  

Grupo Financiero Banorte SAB de CV, Series O

    19,500       113,137  

Grupo Televisa SAB CPO

    9,890       16,721  

Megacable Holdings SAB de CV CPO

    6,900       29,313  

Mexichem SAB de CV

    12,300       25,819  

Wal-Mart de Mexico SAB de CV

    398,922       1,089,079  
   

 

 

 
    3,018,901  
Netherlands 1.9%  

Adyen NV(a)(b)

    515       397,264  

ASM International NV

    1,602       103,974  

BE Semiconductor Industries NV(c)

    16,892       433,453  

Flow Traders(b)

    629       18,367  

Heineken Holding NV

    266       27,862  

Koninklijke DSM NV

    13,259       1,635,954  

Koninklijke KPN NV

    34,920       107,232  

Koninklijke Philips NV

    2,134       92,778  

NXP Semiconductors NV

    1,154       112,642  

Randstad NV

    347       19,044  

Royal Dutch Shell PLC, Class A

    21,894       714,567  

Royal Dutch Shell PLC, Class B

    11,695       383,206  

Takeaway.com NV(a)(b)

    181       16,934  

Unilever NV CVA

    44,211       2,686,178  

Wereldhave NV

    1       26  

Wolters Kluwer NV

    23,572       1,714,893  
   

 

 

 
    8,464,374  
Security   Shares     Value  
New Zealand 0.0%  

a2 Milk Co., Ltd.(a)

    13,679     $ 133,566  
   

 

 

 
Norway 0.2%  

DNB ASA

    19,309       359,797  

Schibsted ASA, Class A

    574       15,833  

Storebrand ASA

    13,842       101,877  

Telenor ASA

    9,559       203,093  
   

 

 

 
    680,600  
Poland 0.5%  

Bank Polska Kasa Opieki SA

    12,203       365,678  

Grupa Lotos SA

    4,354       98,811  

PGE Polska Grupa Energetyczna SA(a)

    17,114       44,015  

Polski Koncern Naftowy ORLEN SA

    37,111       895,007  

Powszechna Kasa Oszczednosci Bank Polski SA

    10,388       119,234  

Powszechny Zaklad Ubezpieczen SA

    49,472       578,958  
   

 

 

 
    2,101,703  
Russia 0.3%  

Alrosa PJSC

    26,770       36,431  

Gazprom PJSC

    84,934       313,276  

Inter RAO UES PJSC

    386,000       27,650  

LUKOIL PJSC

    3,960       332,303  

Magnit PJSC — GDR

    3,609       52,601  

Magnitogorsk Iron & Steel Works PJSC

    28,400       20,207  

MMC Norilsk Nickel PJSC

    594       134,434  

Mobile TeleSystems PJSC — ADR

    5,512       51,317  

Novatek PJSC — GDR

    910       193,439  

PhosAgro PJSC, — GDR

    1,139       14,948  

Severstal PJSC

    2,180       36,798  

Surgutneftegas PJSC

    96,675       40,284  

Tatneft PJSC

    15,160       185,928  
   

 

 

 
    1,439,616  
Singapore 0.2%  

CapitaLand Mall Trust

    202,300       393,426  

Mapletree Commercial Trust

    23,800       36,776  

Oversea-Chinese Banking Corp. Ltd.

    30,000       253,056  

SATS Ltd.

    13,300       51,316  

Singapore Technologies Engineering Ltd.

    18,700       57,274  

Suntec Real Estate Investment Trust

    31,100       44,616  

United Overseas Bank Ltd.

    12,900       249,385  
   

 

 

 
    1,085,849  
South Africa 0.4%  

Barloworld Ltd.

    2,010       18,226  

Bidvest Group Ltd.

    31,477       423,577  

Clicks Group Ltd.

    2,327       33,916  

FirstRand Ltd.

    23,954       116,668  

Investec Ltd.

    9,546       62,096  

Kumba Iron Ore Ltd.

    7,303       258,901  

Mr Price Group Ltd.

    1,667       23,476  

MultiChoice Group Ltd.(a)

    845       8,037  

Naspers Ltd., Class N

    858       207,679  

Sanlam Ltd.

    1,973       10,955  

Standard Bank Group Ltd.

    27,747       387,619  

Tiger Brands Ltd.

    1,230       19,538  
   

 

 

 
    1,570,688  
South Korea 0.5%  

Amorepacific Corp.

    195       27,856  

Celltrion, Inc.(a)

    813       144,901  

Fila Korea Ltd.

    516       34,269  

Helixmith Co. Ltd.(a)

    166       24,303  

KB Financial Group, Inc.

    591       23,427  

Kia Motors Corp.

    869       33,151  

Korea Electric Power Corp.(a)

    989       21,893  

LG Electronics, Inc.

    2,875       197,818  
 

 

 

14    2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

June 30, 2019

  

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
South Korea (continued)  

LG Household & Health Care Ltd.

    46     $ 52,392  

Medy-Tox, Inc.

    53       20,686  

POSCO

    1,017       215,894  

Samsung Electronics Co. Ltd.

    33,054       1,345,969  

SillaJen, Inc.(a)

    770       33,016  

SK Innovation Co. Ltd.

    131       18,057  
   

 

 

 
    2,193,632  
Spain 0.4%  

Acciona SA

    3,123       335,168  

ACS Actividades de Construccion y Servicios SA

    5,742       229,732  

Aena SME SA(b)

    619       122,688  

Cia de Distribucion Integral Logista Holdings SA

    585       13,247  

EDP Renovaveis SA

    17       174  

Endesa SA

    11,872       305,354  

Grifols SA

    2,954       87,419  

Mediaset Espana Comunicacion SA

    65,752       478,611  

Merlin Properties Socimi SA

    2,539       35,194  

Repsol SA

    2,249       35,293  

Telefonica SA

    24,950       205,171  
   

 

 

 
    1,848,051  
Sweden 1.0%  

Fabege AB

    6,710       101,033  

Lundin Petroleum AB

    653       20,346  

Skandinaviska Enskilda Banken AB, Class A

    15,213       140,856  

Volvo AB, Class B

    251,236       3,992,059  
   

 

 

 
    4,254,294  
Switzerland 4.0%  

Barry Callebaut AG, Registered Shares

    102       204,719  

Clariant AG, Registered Shares(a)

    768       15,625  

Ferguson PLC(a)

    702       49,975  

Flughafen Zuerich AG, Registered Shares

    519       97,747  

Galenica AG(a)(b)

    516       25,929  

Givaudan SA, Registered Shares

    64       180,770  

Landis+Gyr Group AG(a)

    249       19,832  

Logitech International SA, Registered Shares

    52,221       2,087,312  

Nestle SA, Registered Shares

    37,401       3,871,834  

Novartis AG, Registered Shares

    21,455       1,958,664  

OC Oerlikon Corp. AG, Registered Shares

    8,686       106,141  

PSP Swiss Property AG, Registered Shares

    2,623       306,550  

Roche Holding AG

    18,555       5,217,437  

Sika AG, Registered Shares

    17,385       2,970,099  

Sonova Holding AG, Registered Shares

    353       80,342  

STMicroelectronics NV

    19,412       344,292  

Straumann Holding AG, Registered Shares

    214       189,107  

Sunrise Communications Group AG(a)(b)

    1,698       126,821  

Swiss Re AG

    173       17,580  

Temenos AG, Registered Shares(a)

    1,015       181,740  
   

 

 

 
    18,052,516  
Taiwan 1.3%  

Accton Technology Corp.

    5,000       21,239  

Cathay Financial Holding Co. Ltd.(a)

    279,000       386,437  

Chailease Holding Co. Ltd.

    4,000       16,576  

China Life Insurance Co. Ltd.

    22,883       18,315  

China Steel Corp.

    90,000       72,332  

Chipbond Technology Corp.

    10,000       19,500  

CTBC Financial Holding Co. Ltd.

    458,000       314,926  

Delta Electronics, Inc.

    28,000       142,308  

Fubon Financial Holding Co. Ltd.

    596,000       880,740  

Largan Precision Co. Ltd.

    3,000       374,680  

MediaTek, Inc.

    55,000       557,082  

Novatek Microelectronics Corp.

    19,000       106,023  

Quanta Computer, Inc.

    41,000       79,805  

Radiant Opto-Electronics Corp.

    27,000       90,736  
Security   Shares     Value  
Taiwan (continued)  

Realtek Semiconductor Corp.

    13,000     $ 95,749  

TaiMed Biologics, Inc.(a)

    2,000       10,244  

Taiwan Semiconductor Manufacturing Co. Ltd.

    249,000       1,904,446  

TPK Holding Co. Ltd.

    11,000       17,644  

Uni-President Enterprises Corp.

    311,000       828,405  
   

 

 

 
    5,937,187  
Thailand 0.1%  

Berli Jucker PCL — NVDR

    218,700       360,365  

Gulf Energy Development PCL

    3,700       14,840  

Gulf Energy Development PCL — NVDR

    8,300       33,299  

Muangthai Leasing PCL — NVDR

    16,600       30,608  

Thanachart Capital PCL — NVDR

    9,300       16,837  
   

 

 

 
    455,949  
Turkey 0.4%  

Akbank TAS(a)

    141,228       167,146  

BIM Birlesik Magazalar AS

    2,865       39,409  

Haci Omer Sabanci Holding AS

    165,196       244,834  

KOC Holding AS

    57,770       174,339  

Tupras Turkiye Petrol Rafinerileri AS

    757       15,015  

Turk Telekomunikasyon AS(a)

    118,022       101,362  

Turkiye Garanti Bankasi AS(a)

    271,996       427,110  

Turkiye Is Bankasi AS, Class C(a)

    532,887       555,738  

Turkiye Vakiflar Bankasi Tao, Class D

    51,942       37,524  

Yapi ve Kredi Bankasi AS(a)

    68,856       28,623  
   

 

 

 
    1,791,100  
United Kingdom 4.0%  

Anglo American PLC

    71,202       2,035,024  

Ashmore Group PLC

    3,136       20,288  

Ashtead Group PLC

    5,725       164,029  

Atlassian Corp. PLC, Class A(a)(c)

    1,643       214,970  

Auto Trader Group PLC(b)

    27,751       193,279  

Barratt Developments PLC

    25,310       184,181  

boohoo Group PLC(a)

    13,486       36,241  

Carnival PLC

    22,707       999,298  

Centrica PLC

    62,166       69,300  

Compass Group PLC

    23,453       562,210  

Diageo PLC

    87,342       3,759,220  

Dialog Semiconductor PLC(a)

    19,779       795,894  

Direct Line Insurance Group PLC

    23,450       98,848  

Electrocomponents PLC

    19,157       153,902  

Fevertree Drinks PLC

    1,496       44,036  

GlaxoSmithKline PLC

    44,047       882,914  

Halma PLC

    1,511       38,806  

IG Group Holdings PLC

    16,047       118,965  

Imperial Brands PLC

    24,392       572,362  

International Game Technology PLC

    1,530       19,844  

Intertek Group PLC

    29,040       2,030,186  

Land Securities Group PLC

    3,167       33,547  

Legal & General Group PLC

    181,850       623,020  

National Grid PLC

    73,612       782,853  

Pagegroup PLC

    6,085       39,608  

Pearson PLC

    3,017       31,389  

Petrofac Ltd.

    31,063       169,925  

Rentokil Initial PLC

    192,921       973,997  

Rightmove PLC

    17,246       117,325  

Rio Tinto Ltd.

    21,169       1,550,105  

Royal Mail PLC

    31,049       83,554  

SSP Group PLC

    4,365       38,043  

Tate & Lyle PLC

    3,889       36,458  

Taylor Wimpey PLC

    14,337       28,769  

Unilever PLC

    5,029       312,176  

Victrex PLC

    1,204       33,085  

Vodafone Group PLC

    131,607       215,712  
 

 

 

SCHEDULES OF INVESTMENTS      15  


Schedule of Investments  (continued)

June 30, 2019

  

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)  

WM Morrison Supermarkets PLC

    41,578     $ 106,426  
   

 

 

 
    18,169,789  
United States 51.4%  

AbbVie, Inc.

    13,927       1,012,771  

ACI Worldwide, Inc.(a)

    3       103  

Adobe, Inc.(a)

    3,631       1,069,874  

ADT, Inc.

    3,069       18,782  

Advance Auto Parts, Inc.(c)

    1,731       266,816  

Air Products & Chemicals, Inc.

    617       139,670  

Alexandria Real Estate Equities, Inc.

    3,957       558,293  

Alexion Pharmaceuticals, Inc.(a)

    2,208       289,204  

Align Technology, Inc.(a)

    171       46,803  

Alkermes PLC(a)

    1,820       41,023  

ALLETE, Inc.

    390       32,452  

Allstate Corp.

    18,749       1,906,586  

Ally Financial, Inc.

    1,082       33,531  

Alnylam Pharmaceuticals, Inc.(a)

    897       65,086  

Alphabet, Inc., Class A(a)

    1,486       1,609,041  

Alphabet, Inc., Class C(a)

    3,574       3,863,172  

Amazon.com, Inc.(a)

    4,323       8,186,162  

American Express Co.

    3,834       473,269  

American Financial Group, Inc.

    4,796       491,446  

AmerisourceBergen Corp.

    7,119       606,966  

Amgen, Inc.

    5,875       1,082,645  

AMN Healthcare Services, Inc.(a)

    367       19,910  

Anthem, Inc.

    2,598       733,182  

AO Smith Corp.

    11,534       543,943  

Apartment Investment & Management Co., Class A

    9,341       468,171  

Apple Hospitality REIT, Inc.

    50,284       797,504  

Apple, Inc.

    30,410       6,018,747  

Applied Materials, Inc.

    1,555       69,835  

Archer-Daniels-Midland Co.

    3,746       152,837  

AT&T, Inc.

    11,073       371,056  

Automatic Data Processing, Inc.

    9,492       1,569,312  

AutoZone, Inc.(a)

    708       778,425  

Avista Corp.

    12,438       554,735  

Bank of America Corp.

    28,045       813,305  

Bank of Hawaii Corp.

    1,319       109,358  

Bank of New York Mellon Corp.

    4,520       199,558  

Bausch Health Cos., Inc.(a)

    2,147       54,169  

BB&T Corp.

    26,220       1,288,189  

Berkshire Hathaway, Inc., Class B(a)

    6,565       1,399,461  

Bio-Rad Laboratories, Inc., Class A(a)

    248       77,522  

Biogen, Inc.(a)

    1,888       441,547  

BioMarin Pharmaceutical, Inc.(a)

    1,843       157,853  

Black Hills Corp.

    4,086       319,403  

Black Knight, Inc.(a)

    627       37,714  

Boston Properties, Inc.

    1,201       154,929  

Boyd Gaming Corp.(c)

    1,676       45,151  

Brink’s Co.

    197       15,992  

Bristol-Myers Squibb Co.

    19,667       891,898  

Brixmor Property Group, Inc.

    1,428       25,533  

Broadcom, Inc.

    5,066       1,458,299  

Brown-Forman Corp., Class B

    4,450       246,663  

Bruker Corp.

    607       30,320  

C.H. Robinson Worldwide, Inc.

    395       33,318  

Cabot Microelectronics Corp.

    272       29,942  

Cabot Oil & Gas Corp.

    10,220       234,651  

Capital One Financial Corp.

    751       68,146  

Cargurus, Inc.(a)

    1,140       41,165  

CDW Corp.

    11,780       1,307,580  

Celgene Corp.(a)

    6,653       615,003  

CenterPoint Energy, Inc.

    31,732       908,487  

Charles Schwab Corp.

    67,991       2,732,558  
Security   Shares     Value  
United States (continued)  

Chevron Corp.

    16,015     $ 1,992,907  

Church & Dwight Co., Inc.

    1,844       134,723  

Ciena Corp.(a)

    4,932       202,853  

Cigna Corp.

    2,132       335,897  

Cincinnati Financial Corp.

    667       69,148  

Cinemark Holdings, Inc.

    9,622       347,354  

Cirrus Logic, Inc.(a)

    1,400       61,180  

Cisco Systems, Inc.

    43,527       2,382,233  

Citigroup, Inc.

    1,787       125,144  

Citizens Financial Group, Inc.

    85,134       3,010,338  

Colgate-Palmolive Co.

    408       29,241  

Comcast Corp., Class A

    75,438       3,189,519  

Comerica, Inc.

    1,561       113,391  

ConocoPhillips

    30,889       1,884,229  

Consolidated Edison, Inc.

    373       32,705  

CoreSite Realty Corp.

    205       23,610  

CoStar Group, Inc.(a)

    3,170       1,756,370  

Crane Co.

    14,164       1,181,844  

CubeSmart

    664       22,204  

Cullen/Frost Bankers, Inc.

    1,293       121,102  

Curtiss-Wright Corp.

    437       55,556  

CVS Health Corp.

    3,317       180,743  

Danaher Corp.

    16,562       2,367,041  

Darden Restaurants, Inc.

    15,213       1,851,878  

Dell Technologies, Inc., Class C(a)

    19,478       989,482  

DexCom, Inc.(a)

    135       20,228  

Discover Financial Services

    30,771       2,387,522  

Dominion Energy, Inc.

    8,478       655,519  

Domino’s Pizza, Inc.

    166       46,194  

Dow, Inc.

    18,535       913,961  

DuPont de Nemours, Inc.

    1,697       127,394  

East West Bancorp, Inc.

    4,236       198,118  

EastGroup Properties, Inc.

    695       80,606  

Ecolab, Inc.

    897       177,104  

Equity LifeStyle Properties, Inc.

    5,018       608,884  

Estee Lauder Cos., Inc., Class A

    2,164       396,250  

Etsy, Inc.(a)

    321       19,700  

Evercore, Inc., Class A

    589       52,168  

Evergy, Inc.

    18,048       1,085,587  

Exact Sciences Corp.(a)

    1,207       142,474  

Extended Stay America, Inc.

    49,802       841,156  

Extra Space Storage, Inc.

    6,286       666,945  

Exxon Mobil Corp.

    5,923       453,879  

Facebook, Inc., Class A(a)

    29,874       5,765,682  

FactSet Research Systems, Inc.

    1,103       316,076  

Fidelity National Information Services, Inc.

    28,377       3,481,290  

Fifth Third Bancorp

    13,922       388,424  

First American Financial Corp.

    9,221       495,168  

First Horizon National Corp.

    6,477       96,702  

First Republic Bank

    4,415       431,125  

Fiserv, Inc.(a)

    3,948       359,900  

Fortinet, Inc.(a)

    1,401       107,639  

Fortive Corp.

    2,897       236,163  

GATX Corp.

    241       19,109  

General Mills, Inc.

    36,566       1,920,446  

Genpact Ltd.

    12,422       473,154  

Gilead Sciences, Inc.

    12,015       811,733  

GoDaddy, Inc., Class A(a)

    45,812       3,213,712  

H&R Block, Inc.

    24,713       724,091  

Hartford Financial Services Group, Inc.

    667       37,165  

HCA Healthcare, Inc.

    733       99,080  

HD Supply Holdings, Inc.(a)

    1,305       52,565  

HEICO Corp.

    1,632       218,378  

HEICO Corp., Class A

    400       41,348  

Herbalife Nutrition Ltd.(a)

    13,081       559,344  
 

 

 

16    2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

June 30, 2019

  

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United States (continued)  

Hill-Rom Holdings, Inc.

    2,079     $ 217,505  

Home Depot, Inc.

    2,481       515,974  

Hubbell, Inc.

    322       41,989  

HubSpot, Inc.(a)

    210       35,809  

Huntington Bancshares, Inc.

    30,025       414,945  

IBERIABANK Corp.

    598       45,358  

IDACORP, Inc.

    6,167       619,352  

Incyte Corp.(a)

    1,775       150,804  

Insperity, Inc.

    13,302       1,624,706  

Integra LifeSciences Holdings Corp.(a)

    393       21,949  

International Business Machines Corp.

    1,830       252,357  

Interpublic Group of Cos., Inc.

    106,845       2,413,629  

Intuit, Inc.

    6,678       1,745,162  

Investors Bancorp, Inc.

    2,050       22,857  

Ionis Pharmaceuticals, Inc.(a)

    1,262       81,109  

J.M. Smucker Co.

    499       57,480  

Johnson & Johnson

    45,070       6,277,350  

JPMorgan Chase & Co.

    41,460       4,635,228  

Kilroy Realty Corp.

    591       43,622  

Kinder Morgan, Inc.

    28,878       602,973  

L3Harris Technologies, Inc.

    6,555       1,239,747  

Lamar Advertising Co., Class A

    1,387       111,945  

Landstar System, Inc.

    11,755       1,269,422  

Las Vegas Sands Corp.

    4,912       290,250  

Liberty Media Corp. — Liberty SiriusXM, Class A(a)

    554       20,947  

Lincoln National Corp.

    5,720       368,654  

Lockheed Martin Corp.

    2,179       792,154  

Lululemon Athletica, Inc.(a)

    1,055       190,122  

Lyft, Inc., Class A(a)(c)

    685       45,011  

LyondellBasell Industries NV, Class A

    826       71,143  

Macquarie Infrastructure Corp.

    3,115       126,282  

Manhattan Associates, Inc.(a)

    659       45,688  

Masimo Corp.(a)

    1,608       239,303  

MasTec, Inc.(a)

    602       31,021  

Match Group, Inc.

    1,046       70,364  

McCormick & Co., Inc.

    568       88,046  

McDonald’s Corp.

    13,361       2,774,545  

MDU Resources Group, Inc.

    39,791       1,026,608  

Merck & Co., Inc.

    51,105       4,285,154  

Meredith Corp.

    377       20,758  

MetLife, Inc.

    23,328       1,158,702  

Mettler-Toledo International, Inc.(a)

    763       640,920  

Microsoft Corp.

    48,179       6,454,059  

Morgan Stanley

    55,096       2,413,756  

National Instruments Corp.

    17,418       731,382  

NCR Corp.(a)

    527       16,390  

Netflix, Inc.(a)

    1,951       716,641  

New Relic, Inc.(a)

    2,387       206,499  

New York Times Co., Class A

    4,506       146,986  

NIKE, Inc., Class B

    24,202       2,031,758  

Nordstrom, Inc.

    1,418       45,177  

NorthWestern Corp.

    490       35,353  

Nu Skin Enterprises, Inc., Class A

    2,503       123,448  

O’Reilly Automotive, Inc.(a)

    1,259       464,974  

OGE Energy Corp.

    638       27,153  

Omnicom Group, Inc.

    9,310       762,954  

OneMain Holdings, Inc.

    624       21,097  

Oracle Corp.

    36,547       2,082,083  

Outfront Media, Inc.

    11,149       287,533  

PACCAR, Inc.

    17,999       1,289,808  

PacWest Bancorp

    22,272       864,822  

Palo Alto Networks, Inc.(a)(c)

    2,016       410,780  

Park Hotels & Resorts, Inc.

    68,960       1,900,538  

Paychex, Inc.

    23,851       1,962,699  

Paycom Software, Inc.(a)

    195       44,210  
Security   Shares     Value  
United States (continued)  

Paylocity Holding Corp.(a)

    196     $ 18,389  

PayPal Holdings, Inc.(a)

    556       63,640  

Penske Automotive Group, Inc.

    9,318       440,741  

Penumbra, Inc.(a)(c)

    2,085       333,600  

PepsiCo, Inc.

    11,495       1,507,339  

Performance Food Group Co.(a)

    5,808       232,494  

Philip Morris International, Inc.

    25,612       2,011,310  

Pinnacle Financial Partners, Inc.

    4,084       234,748  

Pinterest, Inc., Class A(a)

    5,496       149,601  

Planet Fitness, Inc., Class A(a)

    1,520       110,109  

Portland General Electric Co.

    2,812       152,326  

PotlatchDeltic Corp.

    2       78  

PPL Corp.

    43,091       1,336,252  

Procter & Gamble Co.

    6,234       683,558  

Prologis, Inc.

    28,567       2,288,217  

Proofpoint, Inc.(a)

    171       20,563  

Prudential Financial, Inc.

    17,793       1,797,093  

QUALCOMM, Inc.

    12,858       978,108  

Quest Diagnostics, Inc.

    2,880       293,213  

Raytheon Co.

    82       14,258  

Realty Income Corp.

    2,524       174,080  

Red Hat, Inc.(a)

    1,664       312,433  

Regeneron Pharmaceuticals, Inc.(a)

    791       247,583  

Regions Financial Corp.

    8,422       125,825  

Reliance Steel & Aluminum Co.

    896       84,779  

Rexford Industrial Realty, Inc.

    1,733       69,961  

RingCentral, Inc., Class A(a)

    3,719       427,387  

RLJ Lodging Trust

    44,466       788,827  

Robert Half International, Inc.

    4,567       260,365  

Rockwell Automation, Inc.

    8,884       1,455,466  

Royal Caribbean Cruises Ltd.

    722       87,514  

Ryder System, Inc.

    20,757       1,210,133  

Ryman Hospitality Properties, Inc.

    9,559       775,139  

S&P Global, Inc.

    4,080       929,383  

salesforce.com, Inc.(a)

    29,534       4,481,194  

Seattle Genetics, Inc.(a)

    1,090       75,439  

ServiceNow, Inc.(a)

    6,961       1,911,282  

Simon Property Group, Inc.

    15,386       2,458,067  

Sinclair Broadcast Group, Inc., Class A

    12,441       667,211  

Sirius XM Holdings, Inc.(c)

    308,951       1,723,947  

Six Flags Entertainment Corp.

    1,034       51,369  

Snap-on, Inc.

    11,082       1,835,622  

Southwest Gas Holdings, Inc.(a)

    1,105       99,030  

Square, Inc., Class A(a)

    3,301       239,422  

State Street Corp.

    281       15,753  

Stifel Financial Corp.

    733       43,291  

Stryker Corp.

    8,451       1,737,357  

Sunstone Hotel Investors, Inc.

    12,152       166,604  

Synchrony Financial

    18,925       656,130  

Synovus Financial Corp.

    3,162       110,670  

Tableau Software, Inc., Class A(a)

    382       63,420  

TD Ameritrade Holding Corp.

    9,620       480,230  

TEGNA, Inc.

    1,420       21,513  

Teledyne Technologies, Inc.(a)

    310       84,900  

Texas Instruments, Inc.

    1,428       163,877  

Thermo Fisher Scientific, Inc.

    3,678       1,080,155  

TJX Cos., Inc.

    8,252       436,366  

Travelers Cos., Inc.

    11,275       1,685,838  

TriNet Group, Inc.(a)(c)

    705       47,799  

Uber Technologies, Inc.(a)(c)

    37,722       1,749,546  

UGI Corp.

    14,276       762,481  

Ulta Salon Cosmetics & Fragrance, Inc.(a)

    466       161,651  

Umpqua Holdings Corp.

    1,916       31,786  

United Technologies Corp.

    1,394       181,499  

UnitedHealth Group, Inc.

    12,456       3,039,389  
 

 

 

SCHEDULES OF INVESTMENTS      17  


Schedule of Investments  (continued)

June 30, 2019

  

BlackRock Advantage Global Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United States (continued)  

Unum Group

    46,298     $ 1,553,298  

Valero Energy Corp.

    2,073       177,470  

Veeva Systems, Inc., Class A(a)

    15,432       2,501,681  

VeriSign, Inc.(a)

    9,916       2,074,031  

Verizon Communications, Inc.

    65,217       3,725,847  

Vertex Pharmaceuticals, Inc.(a)

    2,435       446,530  

VF Corp.

    1,837       160,462  

Visa, Inc., Class A

    32,278       5,601,848  

VMware, Inc., Class A

    1,248       208,678  

Vulcan Materials Co.

    578       79,365  

W.W. Grainger, Inc.

    375       100,586  

Waste Connections, Inc.

    7,922       757,185  

Waste Management, Inc.

    427       49,263  

Watsco, Inc.

    1,871       305,965  

Webster Financial Corp.

    671       32,054  

Wells Fargo & Co.

    89,049       4,213,799  

Western Alliance Bancorp(a)

    331       14,802  

Westrock Co.

    55,345       2,018,432  

Williams Cos., Inc.

    15,950       447,238  

Woodward, Inc.

    311       35,193  

Workday, Inc., Class A(a)

    7,302       1,501,145  

Xcel Energy, Inc.

    4,949       294,416  

Xilinx, Inc.

    5,141       606,227  

Yelp, Inc.(a)

    6,789       232,048  

Yum! Brands, Inc.

    6,148       680,399  

Zendesk, Inc.(a)

    7,100       632,113  

Zions Bancorp. NA

    14,105       648,548  

Zynga, Inc., Class A(a)

    6,676       40,924  
   

 

 

 
    231,575,682  
   

 

 

 

Total Common Stocks — 96.6%
(Cost — $403,911,969)

 

    435,179,452  
 

 

 

 

Preferred Stocks — 0.6%

 

Brazil — 0.6%

 

Banco Bradesco SA, Preference Shares, 0.00%

    70,587       693,747  

Itau Unibanco Holding SA, Preference Shares, 0.00%

    195,955       1,850,370  
   

 

 

 
    2,544,117  
Germany — 0.0%  

Sartorius AG, Preference Shares, 0.00%

    204       41,837  
   

 

 

 
Russia — 0.0%  

Surgutneftegas PJSC, Preference Shares, 0.00%

    81,693       55,077  
   

 

 

 
South Korea — 0.0%  

Samsung Electronics Co. Ltd., Preference Shares, 0.00%

    1,243       41,223  
   

 

 

 

Total Preferred Stocks — 0.6%
(Cost — $2,439,802)

 

    2,682,254  
 

 

 

 

Rights — 0.0%

 

China — 0.0%

 

Legend Holdings Corp. (Expires 05/23/19)

    1,700        
   

 

 

 
Republic of Korea — 0.0%  

Helixmith Co. Ltd. (Expires 08/06/19)

    11       310  
   

 

 

 
Spain — 0.0%  

ACS Actividades de Construccion y Servicios SA (Expires 07/11/19)

    6,697       10,509  
   

 

 

 

Total Rights — 0.0%
(Cost — $11,060)

 

    10,819  
   

 

 

 

Total Long-Term Investments — 97.2%
(Cost — $406,362,831)

 

    437,872,525  
 

 

 

 
Security   Shares     Value  

Short-Term Securities — 3.4%

 

Money Market Funds — 1.1%

 

BlackRock Liquidity Funds, T-Fund, Institutional Class,
2.26%(d)(f)

    2,101,908     $ 2,101,908  

SL Liquidity Series, LLC, Money Market Series,
2.55%(d)(e)(f)

    2,915,211       2,916,085  
   

 

 

 

Total Money Market Funds — 1.1%
(Cost — $5,017,897)

 

    5,017,993  
   

 

 

 
     Par
(000)
        
Time Deposits — 2.3%  
Australia — 0.1%  

Brown Brothers Harriman & Co., 0.66%, 07/01/19

    AUD       328       230,356  
   

 

 

 
Canada — 0.3%  

Brown Brothers Harriman & Co., 0.85%, 07/01/19

    CAD       1,914       1,461,731  
   

 

 

 
Europe — 0.7%  

Citibank, London,, (0.58%), 07/01/19

    EUR       2,727       3,100,697  
   

 

 

 
Hong Kong — 0.0%  

Hongkong & Shanghai Banking Corp. Ltd., 2.10%, 07/01/19

    HKD       1,529       195,726  
   

 

 

 
Japan — 0.3%  

Sumitomo Bank Tokyo, (0.27%), 07/01/19

    JPY       165,446       1,534,535  
   

 

 

 
Norway — 0.6%  

Brown Brothers Harriman & Co., 0.55%, 07/01/19

    NOK       21,706       2,544,500  
   

 

 

 
Singapore — 0.2%  

Hongkong & Shanghai Banking Corp. Ltd., 0.86%, 07/01/19

    SGD       1,081       798,680  
   

 

 

 
United Kingdom — 0.1%  

Citibank, New York, 0.36%, 07/01/19

    GBP       568       721,675  
   

 

 

 

Total Time Deposits — 2.3%
(Cost — $10,587,901)

 

    10,587,900  
   

 

 

 

Total Short-Term Securities — 3.4%
(Cost — $15,605,798)

 

    15,605,893  
   

 

 

 

Total Investments — 100.6%
(Cost — $421,968,629)

 

    453,478,418  

Liabilities in Excess of Other Assets — (0.6)%

 

    (2,810,955
   

 

 

 

Net Assets — 100.0%

 

  $ 450,667,463  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

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

(c) 

Security, or a portion of the security, is on loan.

(d) 

Annualized 7-day yield as of period end.

(e) 

Security was purchased with the cash collateral from loaned securities.

 

 

 

18    2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

June 30, 2019

  

BlackRock Advantage Global Fund, Inc.

 

(f) 

During the year ended June 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
06/30/18
     Net
Activity
     Shares
Held at
06/30/19
     Value at
06/30/19
     Income      Net
Realized
Gain (Loss)
 (a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, T-Fund, Institutional Class

     9,847,320        (7,745,412      2,101,908      $ 2,101,908      $ 132,473      $      $  

SL Liquidity Series, LLC, Money Market Series

     3,423,052        (507,841      2,915,211        2,916,085        24,020 (b)       1,604        59  
           

 

 

    

 

 

    

 

 

    

 

 

 
   $ 5,017,993      $ 156,493      $ 1,604      $ 59  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount (000)
       Value/
Unrealized
Appreciation
(Depreciation)
 

Long Contracts

                 

Yen Denom Nikkei Index

     17          09/12/19        $ 1,680        $ 20,632  

S&P/TSX 60 Index

     3          09/19/19          448          1,894  

SPI 200 Index

     3          09/19/19          345          1,206  

Euro Stoxx 50 Index

     54          09/20/19          2,128          49,777  

FTSE 100 Index

     8          09/20/19          749          (876

MSCI Emerging Markets E-Mini Index

     21          09/20/19          1,106          38,359  

S&P 500 E-Mini Index

     48          09/20/19          7,066          102,303  
                 

 

 

 
                  $ 213,295  
                 

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 214,171      $      $      $      $ 214,171  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Liabilities — Derivative Financial Instruments                                                 

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $ 876      $      $      $      $ 876  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts, 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 June 30, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

Net Realized Gain (Loss) from:

                    

Futures contracts

   $      $      $ 53,621      $      $        $      $ 53,621  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:                                                 

Futures contracts

   $      $      $ 462,731      $      $        $      $ 462,731  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

SCHEDULES OF INVESTMENTS      19  


Schedule of Investments  (continued)

June 30, 2019

   BlackRock Advantage Global Fund, Inc.

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 11,784,148  

Average notional value of contracts — short

   $ (a) 

 

  (a) 

Derivative not held at quarter-end. The risk exposure table serves as an indicator of activity during the period.

 

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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Common Stocks:

 

Argentina

   $ 74,636        $        $        $ 74,636  

Australia

              13,695,937                   13,695,937  

Austria

     614,206                            614,206  

Belgium

              3,435,131                   3,435,131  

Brazil

     2,336,087                            2,336,087  

Canada

     14,954,931                            14,954,931  

China

     4,401,322          11,863,992                   16,265,314  

Czech Republic

              114,917                   114,917  

Denmark

     112,717          2,364,282                   2,476,999  

Finland

     296,836          3,003,889                   3,300,725  

France

              13,254,399                   13,254,399  

Germany

     548,997          10,201,837                   10,750,834  

Hong Kong

     141,245          6,357,786                   6,499,031  

Hungary

     66,573          1,975,183                   2,041,756  

India

     6,851          5,412,208                   5,419,059  

Indonesia

              499,792                   499,792  

Ireland

     4,968,722          69,544                   5,038,266  

Israel

     623,138                            623,138  

Italy

              4,319,239                   4,319,239  

Japan

              26,326,444                   26,326,444  

Luxembourg

     21,387                            21,387  

Malaysia

              343,727                   343,727  

Mexico

     3,018,901                            3,018,901  

Netherlands

     131,009          8,333,365                   8,464,374  

New Zealand

              133,566                   133,566  

Norway

              680,600                   680,600  

Poland

              2,101,703                   2,101,703  

Russia

     103,918          1,335,698                   1,439,616  

Singapore

              1,085,849                   1,085,849  

South Africa

     41,953          1,528,735                   1,570,688  

South Korea

              2,193,632                   2,193,632  

Spain

     174          1,847,877                   1,848,051  

Sweden

              4,254,294                   4,254,294  

Switzerland

              18,052,516                   18,052,516  

Taiwan

              5,937,187                   5,937,187  

Thailand

     14,840          441,109                   455,949  

Turkey

     39,409          1,751,691                   1,791,100  

United Kingdom

     318,368          17,851,421                   18,169,789  

United States

     231,575,682                            231,575,682  

Preferred Stocks

     2,544,117          138,137                   2,682,254  

Rights

     10,509          310                   10,819  

Short-Term Securities

                 

Money Market Funds

     2,101,908                            2,101,908  

Time Deposits

              10,587,900                   10,587,900  
  

 

 

      

 

 

      

 

 

      

 

 

 

Subtotal

   $ 269,068,436        $ 181,493,897        $        $ 450,562,333  
  

 

 

      

 

 

      

 

 

      

 

 

 

Investments Valued at NAV(a)

                    2,916,085  
    

 

 

 

Total

                  $ 453,478,418  
    

 

 

 

 

 

20    2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

June 30, 2019

  

BlackRock Advantage Global Fund, Inc.

 

Fair Value Hierarchy as of Period End (continued)

 

      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(b)

 

Assets:

 

Equity contracts

   $ 214,171        $        $        $ 214,171  

Liabilities:

 

Equity contracts

     (876                          (876
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 213,295        $        $        $ 213,295  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 
  (b) 

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

 

See notes to financial statements.

 

 

SCHEDULES OF INVESTMENTS      21  


Schedule of Investments

June 30, 2019

  

BlackRock EuroFund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 99.7%

 

Belgium — 2.6%  

KBC Group NV

    47,074     $ 3,089,245  
   

 

 

 
Denmark — 2.5%  

DSV A/S

    30,115       2,965,422  
   

 

 

 
Finland — 3.8%  

Konecranes OYJ(a)

    45,459       1,736,772  

Sampo OYJ, Class A

    50,425       2,380,283  

Wartsila OYJ

    21,769       316,082  
   

 

 

 
    4,433,137  
France — 40.0%  

Airbus SE

    38,601       5,462,874  

Arkema SA

    17,280       1,606,425  

Capgemini SE

    14,271       1,774,357  

Dassault Systemes SE

    13,426       2,141,519  

Eiffage SA

    15,528       1,534,624  

Ipsen SA

    9,921       1,353,181  

LVMH Moet Hennessy Louis Vuitton SE

    17,080       7,261,142  

Pernod Ricard SA

    17,102       3,149,785  

Remy Cointreau SA

    13,871       1,999,981  

Safran SA

    41,752       6,107,974  

Sanofi

    63,906       5,522,905  

Thales SA

    29,186       3,605,116  

Ubisoft Entertainment SA(b)

    18,568       1,452,176  

Vinci SA

    37,011       3,779,771  
   

 

 

 
    46,751,830  
Germany — 25.4%  

adidas AG

    8,789       2,719,054  

Allianz SE, Registered Shares

    21,467       5,177,328  

Deutsche Boerse AG

    15,447       2,180,652  

Deutsche Wohnen SE, Bearer Shares

    63,917       2,342,117  

Fresenius Medical Care AG & Co. KGaA

    20,743       1,629,014  

Knorr-Bremse AG

    23,009       2,564,027  

Linde PLC

    16,763       3,366,951  

Puma SE

    23,368       1,558,433  

SAP SE

    38,429       5,268,302  

Symrise AG

    29,789       2,868,388  
   

 

 

 
    29,674,266  
Ireland — 1.6%  

Kingspan Group PLC

    35,481       1,926,899  
   

 

 

 
Italy — 4.2%  

FinecoBank Banca Fineco SpA

    246,285       2,747,427  

Moncler SpA

    49,319       2,113,878  
   

 

 

 
    4,861,305  
Luxembourg — 2.3%  

Tenaris SA

    200,987       2,636,104  
   

 

 

 
Netherlands — 7.6%  

ASML Holding NV

    19,855       4,131,624  

IMCD NV

    25,764       2,363,358  

Koninklijke Philips NV

    54,074       2,350,917  
   

 

 

 
    8,845,899  
Portugal — 1.7%  

Galp Energia SGPS SA

    126,913       1,951,829  
   

 

 

 
Spain — 4.3%  

Amadeus IT Group SA

    25,904       2,052,775  

Iberdrola SA

    292,628       2,913,456  
   

 

 

 
    4,966,231  
Switzerland — 2.1%  

Straumann Holding AG, Registered Shares

    2,775       2,452,209  
   

 

 

 
Security   Shares     Value  
United Kingdom — 1.6%  

RELX PLC

    76,893     $ 1,864,996  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost — $100,511,206)

 

    116,419,372  
 

 

 

 

Short-Term Securities — 0.0%

 

SL Liquidity Series, LLC, Money Market Series,
2.55%(c)(d)(e)

    31,839       31,849  
   

 

 

 

Total Short-Term Securities — 0.0%
(Cost — $31,846)

 

    31,849  
 

 

 

 

Total Investments — 99.7%
(Cost — $100,543,052)

 

    116,451,221  

Other Assets Less Liabilities — 0.3%

 

    396,582  
 

 

 

 

Net Assets — 100.0%

 

  $ 116,847,803  
 

 

 

 

 

(a) 

Security, or a portion of the security, is on loan.

(b) 

Non-income producing security.

(c) 

Annualized 7-day yield as of period end.

(d) 

Security was purchased with the cash collateral from loaned securities.

 

 

 

22    2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

June 30, 2019

  

BlackRock EuroFund

 

(e) 

During the year ended June 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
06/30/18
     Net
Activity
     Shares
Held at
06/30/19
     Value at
06/30/19
     Income      Net
Realized
Gain (Loss)
 (a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, T-Fund, Institutional Class(b)

     836,840        (836,840           $      $ 13,203      $      $  

SL Liquidity Series, LLC, Money Market Series

     87,751        (55,912      31,839        31,849        9,709 (c)       (520      3  
           

 

 

    

 

 

    

 

 

    

 

 

 
   $ 31,849      $ 22,912      $ (520    $ 3  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

As of period end, the entity is no longer held by the Fund.

 
  (c) 

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

 

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Common Stocks:

 

Belgium

   $        $ 3,089,245        $        $ 3,089,245  

Denmark

              2,965,422                   2,965,422  

Finland

              4,433,137                   4,433,137  

France

     1,999,981          44,751,849                   46,751,830  

Germany

     4,122,460          25,551,806                   29,674,266  

Ireland

     1,926,899                            1,926,899  

Italy

              4,861,305                   4,861,305  

Luxembourg

              2,636,104                   2,636,104  

Netherlands

              8,845,899                   8,845,899  

Portugal

              1,951,829                   1,951,829  

Spain

              4,966,231                   4,966,231  

Switzerland

              2,452,209                   2,452,209  

United Kingdom

              1,864,996                   1,864,996